You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: The theme for our on-hold music today was coping with the chaos.
Last year when the pandemic began, we held a companywide conference call to share some of the lessons learned from the great financial crisis.
I started the call with the first line of the famous retro kicking palm if looks like this.
If you can keep your head when all about you are losing theirs and blaming it on you.
We went on to lay on a list of suggestions to help cope with the chaos that we knew it was headed our way.
Among other ideas, a few suggestions were included in our on-hold music today.
We knew that Queen and David Boy and our teams are going to find themselves under pressure.
And we new when that happened, we told them just to take the advice from the Eagles and take it easy.
We encourage them to embrace innovation, tail path, and as Boston reminds us, don't look back.
We said we rely on Camden's values and culture and do things our way because like Bon Jove, we were born follow.
And finally, we encourage them to get on board the REO speed wagon and roll with the changes.
At the end of the call, we showed a video that was produced by our Dallas Texas operations group during the great financial crisis.
That seem just as appropriate for what we faced at the beginning of the pandemic.
We thought you might find that interesting today.
So go ahead and roll the video.
When we held our first quarter earnings call, we are beginning to see an acceleration in both occupancy and pricing power across our markets.
The actual rate of acceleration that occurred since the call, which far exceeded our estimates and resulted in the improved earnings guidance we released last night.
Across the board, we are seeing a very strong performance and continued improvements in our operating fundamentals.
And in almost all cases where current rental rates exceed the pandemic levels.
The outlook from our third-party economists and data providers is also quite positive.
And they expect the apartment business will continue to thrive as we move into the second half of 2021 and into 2022.
Despite the ongoing levels of high supply in many markets, demand has been greater than anticipated, allowing positive absorption of newly delivered apartment homes.
Our occupation is currently 97%, leasing activity is strong, and turnover remains low.
So overall, I would say our outlook for Camden in the multifamily industry is very good.
We are excited to have entered the national market with the acquisition of two high-quality apartment properties.
Our acquisition and development teams continue to work hard and smart to find opportunities in a very competitive environment.
I want to give a shout out to our amazing Camden team members for doing a great job in taking advantage of this strong market.
Great customer service and sales acum is very important in a market like this.
We must deliver great customer service and support the Camden value proposition when asking for and getting double-digit rental increases from our customers.
Next up is our co-founder, Keith Oden.
Now for a few details on our second quarter operating results.
Same-property revenue growth was 4.1% for the quarter and was positive in all markets, both year-over-year and sequentially.
We have remarkable growth in Phoenix and Tampa both at 9.1%, Southeast Florida at 8.6%, Atlanta at 5.7% and Raleigh at 4.6%.
We thought the April new lease and renewal numbers we reported on last quarter's call were pretty good at nearly 5%.
But as Ric mentioned, pricing power continues to accelerate.
For the second quarter of '21, signed new leases were 9.3% and renewals were 6.7% for a blended rate of 8%.
For leases which were signed earlier and became effective during the end -- during the second quarter, new lease growth was 5.4% with renewals at 4% for a blended rate of 4.7%.
July 2021 looks to be one of the best months we've ever had with new signed -- signed new leases trending at 18.7%, renewals at 10.5% and a blended rate of 14.6%.
Renewal offers for August and September were sent out with an average increase of around 11%.
Occupancy has also continued to improve, going from 96% in the first quarter this year to 96.9% in the second quarter and is currently at 97.1% for July.
Net turnover ticked up slightly in the second quarter to 45% versus 41% last year due to the aggressive pricing increases we instituted, but it remains well below long-term historical levels.
Move-outs to home purchases also ticked up slightly from 16.9% in the first quarter this year to 17.7% in the second quarter, which reflects normal seasonal patterns in our markets.
So despite the constant headlines regarding increased number of single-family home sales, it really has not had an effect on our portfolio performance as the move-outs to purchase homes are still slightly below our long-term average of about 18%.
It's something we discuss internally often.
Our purpose or why is to improve the lives of our teammates, customers and shareholders, one experience at a time.
In our companywide meeting at the beginning of the pandemic, we shared the Star Wars video, and we emphasize that the chaotic months ahead would provide an extraordinary number of opportunities to improve lives one experience at a time.
We focused our efforts on improving our teammates lives who likewise focus their attention on improving our residents' lives.
The results have been truly amazing, and we could not be more proud of how Team Camden has performed throughout the COVID months.
Improving the lives of our team and customers has in turn improved the lives of shareholders, including the approximately 500 Camden employees who participated in the employee share purchase plan this year.
Before I move on to our financial results and guidance, a brief update on our recent real estate activities.
During the second quarter of 2021, as previously mentioned, we entered the Nashville market with a $186 million purchase of Camden Music Row, a recently constructed, 430-unit, 18-story community and the $105 million purchase of Camden Franklin Park, a recently constructed 328-unit, 5-story community.
Both assets were purchased at just under a 4% yield.
Also, during the quarter, we stabilized both Camden RiNo, a 233-unit $7 million new development in Denver, generating an approximate 6% yield in Camden Cypress Creek II, a 234-unit joint venture in Houston, Texas, generating an approximate 7.75% yield.
Clearly, our development program continues to create significant value for our shareholders.
Additionally, during the quarter, we began leasing at Camden Hillcrest, a 132-unit, $95 million new development in San Diego.
On the financing side, during the quarter, we issued approximately $360 million of shares under our existing ATM program.
We used the proceeds of the issuance to fund our entrance into Nashville.
Our existing ATM program is now fully utilized.
And in line with best corporate practices, we will file a new ATM program next week.
In the quarter, we collected 98.7% of our scheduled rents with only 1.3% delinquent.
Turning to bad debt.
In accordance with GAAP, certain uncollected revenue is recognized by us as income in the current month.
We then evaluate this uncollected revenue and establish what we believe to be an appropriate reserve, which serves as a corresponding offset to property revenues in the same period.
When a resident moves out OMS money, we typically have previously reserved all past due amounts, and there will be no future impact to the income statement.
We reevaluate our reserves monthly for collectibility.
For multifamily residents, we have currently reserved $11 million as uncollectible revenue against a receivable of $12 million.
Turning to financial results.
What a difference a year or a quarter can make.
Last night, we reported funds from operations for the second quarter of 2021 of $131.2 million or $1.28 per share, exceeding the midpoint of our guidance range by $0.03 per share.
This $0.03 per share outperformance for the second quarter resulted primarily from approximately $0.03 in higher same-store NOI, resulting from $0.025 of higher revenue, driven by higher rental rates, higher occupancy and lower bad debt and $0.05 of lower operating expenses driven by a combination of lower water expense and lower salaries due to open positions on site and approximately $0.02 in better-than-anticipated results from our non-same-store and development communities.
This $0.05 aggregate outperformance was partially offset by $0.01 of higher overhead costs, primarily associated with our employee stock purchase plan, combined with a $0.01 impact from our higher share count resulting from our recent ATM activity.
Last night, based upon our year-to-date operating performance and our expectations for the remainder of the year, we also updated and revised our 2021 full year same-store guidance.
Taking into consideration the previously mentioned significant improvement in new leases, renewals and occupancy, and our resulting expectations for the remainder of the year, we have increased the midpoint of our full year revenue growth from 1.6% to 3.75%.
Additionally, as a result of our slightly better-than-expected second quarter same-store expense performance and our anticipation of the trend continuing throughout the year, we decreased the midpoint of our full year expense growth from 3.9% to 3.75%.
The result of both of these changes is a 350 basis point increase to the midpoint of our 2021 same-store NOI guidance from 0.25% to 3.75%.
Our 3.75% same-store revenue growth assumptions are based upon occupancy averaging approximately 97% for the remainder of the year, with the blend of new lease and renewals averaging approximately 11%.
Last night, we also increased the midpoint of our full year 2021 FFO guidance by $0.18 per share.
Our new 2021 FFO guidance is $5.17 to $5.37 with a midpoint of $5.27 per share.
This $0.18 per share increase results from our anticipated 350 basis points or $0.21 increase in 2021 same-store operating results, $0.03 of this increase occurred in the second quarter, with the remainder anticipated over the third and fourth quarters and an approximate $0.06 increase from our non-same-store and development communities.
This $0.27 aggregate increase in FFO is partially offset by an approximate $0.09 impact from our second quarter ATM activity.
We have made no changes to our full year guidance of $450 million of acquisitions and $450 million of dispositions.
Last night, we also provided earnings guidance for the third quarter of 2021.
We expect FFO per share for the third quarter to be within the range of $1.30 to $1.36.
The midpoint of $1.33 represents a $0.05 per share improvement from the second quarter, which is anticipated to result from a $0.04 per share or approximate 2.5% expected sequential increase in same-store NOI, driven primarily by higher rental rates, partially offset by our normal second to third quarter seasonal increase in utility, repair and maintenance, unit turnover and personnel expenses.
A $0.015 per share increase in NOI from our development communities in lease-up, our other nonsame-store communities and the incremental contributions from our joint venture communities.
And a $0.02 per share increase in FFO resulting from the full quarter contributions of our recent acquisitions.
This aggregate $0.075 increase is partially offset by $0.025 incremental impact from our second quarter ATM activity.
Our balance sheet remains strong with net debt-to-EBITDA at 4.6 times and a total fixed charge coverage ratio at 5.4 times.
As of today, we have approximately $1.2 billion of liquidity, comprised of approximately $300 million in cash and cash equivalents and no amounts outstanding under our $900 million unsecured facility.
At quarter-end, we had $302 million left to spend over the next three years under our existing development pipeline, and we have no scheduled debt maturities until 2022.
Our current excess cash is invested with various banks, earning approximately 25 basis points.

user
qtrly ffo per share $1.28.
sees q3 ffo per share $1.30 - $1.36.
sees 2021 ffo per share $5.17 - $5.37.

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