WASHINGTON (dpa-AFX) - Camden Property Trust (CPT) reported first-quarter Funds From Operations or FFO of $68.6 million or $0.83 per share, higher than $54.1 million or $0.72 per share in the year-ago quarter.
Net income attributable to common shareholders soared to $88.8 million or $1.07 per share from $7.3 million or $0.10 per share in the comparable quarter last year.
Total property revenues for the quarter increased to $178.65 million from $157.60 million in the prior-year quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share on revenues of $148.44 million. Analysts' estimates typically exclude special items.
Looking ahead to the second quarter, the company expects FFO in a range of $0.85 to $0.89 per share and earnings in the range of $0.26 to $0.30 per share. Analysts expect the company to report earnings of $0.86 per share for the quarter.
For fiscal 2012, the company now projects FFO in a range of $3.35 to $3.55 per share, and earnings in the range of $1.85 to $2.02 per share. Street is looking for full-year 2012 earnings of $3.47 per share.
Earlier, the company anticipated fiscal 2012 FFO of $3.30 to $3.55 per share, and earnings of $0.95 to $1.20 per share.
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