Camden Property Trust lifts core FFO guidance midpoint after mixed Q3 results
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Camden Property Trust (NYSE:CPT) nudged up the midpoint of its 2024 guidance range for core funds from operations after delivering mixed Q3 results.
The apartment REIT now expects 2024 core FFO per share of $6.79 - $6.83, compared with the $6.78 average analyst estimate and the previous view of $6.74 - $6.84. The midpoint, in turn, was pulled up to $6.81 from $6.79.
For Q4, it sees core FFO per share at $1.68-$1.72, in-line with the $1.71 consensus.
Q3 core FFO per share of $1.71, topping the $1.68 consensus, held steady from the prior quarter and slipped from $1.73 in the year-earlier period.
Q3 property revenue of $387.2M, vs. $389.4M expected, was virtually unchanged from Q2 and edged down from $390.8M in Q3 of last year.
(NYSE:CPT) shares retreated 1.3% in after-hours trading.
Total property expenses were $143.4M, up from $138.9M in Q2 and $140.1M a year before.
Occupancy of 95.5% compared with 95.3% in Q2 and 95.5% in Q3 2023.
Conference call on Nov. 1 at 11:00 a.m. ET.
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