Camden Property Trust beats FFO estimates on strong rental demand

Camden Property Trust beats FFO estimates on strong rental demand
Camden Property Trust beats FFO estimates on strong rental demand

Multifamily real estate investment trust Camden Property Trust topped Wall Street estimates for first-quarter funds from operations (FFO) on Thursday, helped by strong demand for rental space in markets including Southern California and the southeast Florida.

Camden owns 172 properties containing 58,634 apartments in 15 major markets across the United States, according to its latest annual report.

The Houston, Texas-based company reported FFO, a key performance metric for REITs, of $1.67 per share in the quarter ended March 31, compared with analysts’ average estimate of 1 $.66 per share, according to LSEG data.

The REIT reported real estate revenue of $383 million, up from $378 million last year.

However, the company maintained its FFO forecast for the full year, saying it expects higher interest charges for the rest of the year, with low chances that the Federal Reserve American reduces its rates.

The company’s shares were down about 5% after the market closed.

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