Feb. 3, 2023
Camden Property Trust on Thursday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The Houston-based real estate investment trust said it had net income of $45.7 million, or 42 cents per share.
The company posted revenue of $375.9 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $375 million.
For the year, the company reported funds from operations of $719.6 million, or $6.59 per share. Revenue was reported as $1.42 billion.
The company said it had fourth-quarter funds from operations of $191.6 million, or $1.74 per share. The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.76 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.