HOUSTON (AP) — HOUSTON (AP) — Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The Houston-based real estate investment trust said it had funds from operations of $183.8 million, or $1.67 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.66 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.

The company said it had net income of $83.9 million, or 77 cents per share.

The real estate investment trust, based in Houston, posted revenue of $383.1 million in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $386.8 million.

Camden expects full-year funds from operations to be $1.64 to $1.68 per share.

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