Oct 31 (Reuters) - Real estate investment trust Camden Property Trust missed Wall Street estimates for third-quarter funds from operations (FFO) on Thursday, hurt by easing rental growth rates in key markets such as Austin, Atlanta and Nashville, which are seeing high supply.
Supply of rental properties across the United States remains high, with about 16% of Camden's portfolio in markets where supply exceeds demand, pushing rental growth rates down.
Weighted average monthly rental rates in Austin were down 3.7% compared to last year, while those in Nashville and Atlanta were down 3.4% and 2.8%, respectively.
Camden reported core adjusted FFO, a key measure of performance for a REIT, of $1.48 per share in the quarter ended Sept. 30, compared with analysts' average estimate of $1.68 per share, according to data compiled by LSEG.
The REIT, which manages more than 60,000 apartment units across the United States, saw occupancy - the percentage of rental units in a property that are currently occupied by tenants - increase to 95.3% in the third quarter from 94.9% compared to last year.
Camden posted a same-property rental growth rate of 0.2%, compared to last year.
The company expects full-year 2024 adjusted FFO to be in the range of $6.79 to $6.83 per share, with its midpoint at $6.81 per share, compared with analysts' average estimate of $6.75 per share.
(Reporting by Ananta Agarwal and Aishwarya Jain in Bengaluru; Editing by Mohammed Safi Shamsi)
((Ananta.agarwal@thomsonreuters.com;))
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