WASHINGTON (dpa-AFX) - Camden Property Trust (CPT) Thursday reported a rise in fourth-quarter funds from operations or FFO to $85.9 million or $0.97 per share, from $64.3 million or $0.84 per share for the same quarter last year.
On average, 19 analysts polled by Thomson Reuters expected FFO of $0.96 per share for the quarter. Analysts estimates typically exclude special items.
Earnings for the quarter surged to $142.2 million or $1.60 per share, when compared with $46.8 million or $0.62 per share a year ago. The company added that the latest quarter net income includes a $17.2 million or $0.20 per share gain on acquisition of controlling interests in joint ventures, an $82.5 million or $0.94 per share gain on sale of discontinued operations with $14.5 million or $0.17 per share gains on the sale of unconsolidated joint venture properties.
Total property revenues for the quarter rose to $191.43 million from $158.88 million in the prior year. Nine analysts had a consensus revenue estimate of $195.85 million for the quarter.
Looking forward to the first quarter, the company expects FFO of $0.28 to $0.32 per share and earnings of $0.92 to $0.96 per share. Analysts currently estimate FFO of $0.94 per share.
Meanwhile, for the full-year 2013, the company expects FFO of $3.85 to $4.05 per share, and earnings of $1.38 to $1.58 per share. Analysts currently estimate FFO of $3.94 per share.
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