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

The Houston-based real estate investment trust said it had funds from operations of $164.9 million, or $1.70 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.67 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 $42.4 million, or 40 cents per share.

The real estate investment trust, based in Houston, posted revenue of $388.8 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $390.7 million.

For the current quarter ending in June, Camden expects its per-share funds from operations to range from $1.65 to $1.69.

The company expects full-year funds from operations in the range of $6.60 to $6.90 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CPT at https://www.zacks.com/ap/CPT