Camden Property Trust (CPT) has reported an increase in first-quarter Funds from Operations (FFO) of $183.8 million, or $1.67 per share, up from $183.01 per share or $1.66 per share in the same quarter last year.
The Core FFO stood at $187.6 million or $1.7 per share, an increase from $183.04 million or $1.66 per share the previous year. Meanwhile, Core Adjusted Funds from Operations (AFFO) rose to $165.57 million or $1.5 per share from $165.4 million or $1.5 per share in the prior year.
The company's earnings totalled $83.8 million or $0.77 per share, a significant jump compared to $41.9 million or $0.39 per share from the same quarter last year. Analyst predictions from Thomson Reuters had estimated earnings at $0.41 per share for this particular period.
In terms of property revenue, it rose to $383.1 million from $378.1 million in the previous year. Looking ahead, Camden Property Trust expects a FFO ranging from $1.64 to $1.68 per share and a Core FFO between $1.65 and $1.69 per share for Q2. The estimated earnings are projected to be between $0.34 and $0.38 per share for the same period.