Camden Property Trust (CPT) Thursday reported a rise in first-quarter funds from operations or FFO to $86.6 million or $0.97 per share, from $68.5 million or $0.83 per share for the same quarter last year.
On average, 19 analysts polled by Thomson Reuters expected FFO of $0.95 per share for the quarter. Analysts estimates typically exclude special items.
Earnings for the quarter dropped to $63.4 million or $0.72 per share, when compared with $88.7 million or $1.07 per share a year ago.
Total property revenues for the quarter rose to $196.19 million from $169.69 million in the prior year. Nine analysts had a consensus revenue estimate of $195.45 million for the quarter.
Looking forward to the second quarter, the company expects FFO of $0.34 to $0.38 per share and earnings of $0.96 to $1.00 per share. Analysts currently estimate FFO of $0.98 per share.
Meanwhile, for the full-year 2013, the company expects FFO of $3.89 to $4.05 per share, and earnings of $1.79 to $1.95 per share. Analysts currently estimate FFO of $3.97 per share.
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