Camden Property Trust (CPT) announced on Thursday that its funds from operations (FFO) for the recent period stood at $181.5 million, equating to $1.65 per share. This is a decrease from the previous year's FFO of $191.2 million, or $1.73 per share.
Core FFO, a key performance metric excluding certain items, was reported at $188.1 million or $1.71 per share, slightly under last year's $190.7 million or $1.73 per share.
The company disclosed a net loss of $4.2 million, or $0.04 per share, marking a notable decline from the profit of $47.9 million, or $0.44 per share, recorded in the previous year. This contrasts with analysts’ predictions, as compiled by Thomson Reuters, which projected earnings of $0.37 per share for the period.
Revenue for the period was reported at $387.2 million, down from $390.8 million in the same timeframe last year.
Looking forward, Camden Property Trust projects FFO ranging from $1.65 to $1.69 per share and anticipates earnings between $0.34 to $0.38 per share for the upcoming fourth quarter.
For the full fiscal year 2024, the company forecasts its FFO to be between $6.67 and $6.71 per share, with projected earnings ranging from $1.46 to $1.50 per share.
