July 31 (Reuters) - Camden Property Trust raised its full-year core funds from operations (FFO) forecast on Thursday, benefiting from rising rental rates amid a shrinking supply of homes.
Shares of the Houston-based real estate investment trust rose 1.8% in after-hours trading.
Higher interest rates and persistent inflation have deterred prospective homebuyers, steering them toward rental options, while affordable housing demand has increased due to a shortage of single-family homes.
Camden owns and manages about 60,000 apartment units across the United States through more than 175 properties.
The company now expects core FFO for 2025 to be between $6.76 and $6.86 per share, compared to its previous forecast of $6.63 and $6.93 per share.
Core adjusted FFO, a key performance measure for REITs, for the second quarter ended June 30, was $1.43 per share, compared with analysts' average estimate of $1.69 per share, according to data compiled by LSEG.
(Reporting by Utkarsh Shetti and Anshuman Tripathy in Bengaluru; Editing by Mohammed Safi Shamsi)
((UtkarshUmesh.Shetti@thomsonreuters.com;))
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