Camden Property Trust (CPT) has reported 32.51 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $40.89 million, or $0.45 a share in the quarter, compared with $60.59 million, or $0.67 a share for the same period last year.    

Revenue during the quarter went up marginally by 1 percent to $217.14 million from $214.98 million in the previous year period.

Cost of revenue went down marginally by 1.67 percent or $1.37 million during the quarter to $80.64 million. Gross margin for the quarter expanded 101 basis points over the previous year period to 62.86 percent.

Total expenses were $155.08 million for the quarter, up 12.86 percent or $17.68 million from year-ago period. Operating margin for the quarter contracted 751 basis points over the previous year period to 28.58 percent.

However, the adjusted EBITDA for the quarter stood at $126.40 million compared with $131.19 million in the prior year period. At the same time, adjusted EBITDA margin contracted 281 basis points in the quarter to 58.21 percent from 61.02 percent in the last year period.

For fiscal year 2017, Camden Property Trust forecasts revenue to grow in the range of 2.30 percent to 3.30 percent, the company expects diluted earnings per share to be in the range of $1.59 to $1.79.

For the first-quarter, the company expects diluted earnings per share to be in the range of $0.36 to $0.40.

Revenue from real estate activities during the quarter went up marginally by 1 percent or $2.15 million to $217.14 million.

Income from operating leases during the quarter was almost stable at $186.46 million, when compared with the previous year period.

Revenue from other real estate activities during the quarter was $30.68 million, up 4.52 percent or $1.33 million from year-ago period.

"We are pleased to report another solid quarter of results for our company," said Richard J. Campo, Camden's chairman and chief executive officer. "2016 was a successful year for Camden as we further improved our balance sheet and the quality of our portfolio through strategic capital recycling. We expect demand for apartments to remain steady in 2017, but revenue growth to moderate due to increased levels of new supply in many of our markets."

Investments stood at $100 million as on Dec. 31, 2016.

Total assets were almost stable over the past one year at $6,028.15 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,855.56 million as on Dec. 31, 2016, down 6.84 percent or $209.79 million from year-ago.

Return on assets moved down 25 basis points to 1.08 percent in the quarter. At the same time, return on equity moved down 77 basis points to 1.32 percent in the quarter.