Camden Property misses FFO estimates on declining rental rates

July 30 (Reuters) - Real estate investment trust Camden Property CPT.N on Thursday posted second-quarter core adjusted funds from operations below analysts' estimates, pressured by declining rents on new leases and muted growth in property revenue.

U.S. apartment landlords are facing pressure from a surge in new housing supply, while slowing rent growth, rising operating costs and elevated interest rates continue to weigh on the sector.

Here are some details:

• Effective new lease rates at Camden Property continued to deteriorate in the second quarter, falling 3.3% compared with a 2.1% decline in the same period a year earlier.

• For the quarter ended June 30, it reported core adjusted FFO of $1.39 per share, down 2.7% from last year and below expectations of $1.67 apiece, as per data compiled by LSEG.

• Its total quarterly revenue declined 0.1% to $392.94 million in the second quarter, in-line with analysts estimates.

• Meanwhile, expenses rose 2.4% during the same period.

• Camden reaffirmed its 2026 core FFO guidance range of $6.68 per share to $6.82 per share.

(Reporting by Megha Kumari and Aishwarya Jain in Bengaluru; Editing by Shailesh Kuber)

((Megha.Kumari@thomsonreuters.com;))