Camden Property Trust on Aug. 3 reported second-quarter FFO of $53.4 million, or 89 cents per diluted share, compared to $47.0 million, or 80 cents per diluted share, in the year-ago period.

The Thomson First Call mean FFO-per-share estimate for the quarter was 88 cents.

In a news release, the company raised its 2006 FFO-per-share guidance to a range of $3.60 to $3.75 on a diluted basis, with 93 cents to 97 cents expected in the third quarter. Camden's previously reported 2006 FFO guidance was $3.50 to $3.70 per diluted share.

The Thomson First Call current mean FFO-per-share estimates for the third quarter and full year 2006 are 94 cents and $3.65, respectively.

Camden based its projections on same-property revenue growth of 5.75% to 6.75% same-property expense growth between 4.5% and 5.5%, same-property NOI growth between 7.0% and 8.0%, acquisitions of $100 million to $200 million, dispositions of $200 million to $400 million and future development starts of $150 million to $200 million.

During the second quarter, Camden held 50,732 apartments for inclusion in its consolidated same-property results. Second-quarter same-property NOI growth was 8.7% year over year with revenues rising 7.5% and expenses increasing 5.5%.

Same-property physical occupancy levels for the combined portfolio averaged 95.7% during the second quarter of 2006, compared to 95.3% in the second quarter of 2005.

The company's current development pipeline includes 11 wholly owned communities with 3,901 apartment homes and a total budgeted cost of $721.0 million, and two joint venture communities with 561 apartment homes and a total budgeted cost of $150.0 million.

During the quarter, Camden disposed of three wholly owned apartment communities resulting in a gain on sale of $23.7 million. In addition, the company sold a 4.7-acre parcel of undeveloped land for a gain of $800,000.

At June 30, Camden had three operating communities consisting of 1,260 apartment homes classified as held for sale.