Camden Property Trust cuts annual FFO forecast on lower rental occupancy
Oct 26 (Reuters) - Real estate investment trust (REIT) Camden Property Trust cut its full-year forecast for funds from operations(FFO) and same-property revenue growth on Thursday, on subdued rent growth, lower occupancy and higher delinquency rates.
Shares of the company fell 1.7% after the bell.
Camden Property, which owns and manages multi-family apartments in the U.S., now expects the midpoint of its full-year FFO to be $6.78 per share, compared with its prior midpoint of $6.85.
The firm also expects the midpoint of its revenue growth range to be at 5%, compared with 5.65% earlier.
Occupancy rates in the third quarter fell by one percentage point to 95.6%.
"Recent trends in September and October reflect stronger seasonality than we have experienced over the past few years," said Chairman and CEO Richard J. Campo in a statement
The company expects fourth-quarter FFO in the range of $1.70 to $1.74 per share, compared with analysts' expectations of $1.79, according to LSEG data.
Camden reported core adjusted FFO of $1.49 per share, compared with $1.45 per share last year.
(Reporting by Ananta Agarwal and Aatrayee Dasgupta in Bengaluru; Editing by Devika Syamnath)
