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Text: The theme for our precall music today was Camden Cares.
For many years, our Camden Cares initiatives have provided assistance to people in need among Camden's family or Camden residents as well as the communities where we live and work.
Our music today included a song by the late rate Bill Withers with this great wisdom.
"lean on me, when you're not strong, I'll be your friend.
I'll help you carry on, for it won't be long till I'm going to need somebody to lean on".
These words capture the spirit of all that our Camden associates do for others in need under our Camden Cares banner.
Camden's why, our purpose is to improve the lives of our teammates, customers and our shareholders one experience at a time.
At the outset of the pandemic, it was clear that the disruption from COVID-19 was going to be massive and leave millions needing someone to lean on.
We encouraged our teams to view the widespread chaos as an opportunity to go big on our pledge to improve people's lives, one experience at a time.
And not surprisingly, team Camden responded in truly extraordinary ways that we captured in this brief video.
We are pleased to report another very strong quarter of results and another raise to our 2021 earnings guidance.
We are seeing high levels of rent growth along with sustained occupancy levels over 97% for our portfolio which bodes well for the remainder of the year.
Camden is always focused on operating in markets with high employment and population growth and strong migration patterns, and this strategy has clearly paid off as evidenced by the ULI PwC report that was issued for 2021 real estate trends at the ULI Fall Conference in Chicago last week.
Camden's markets -- eight of Camden's markets ranked in the top 10 for 2022 investor demand.
We're very fortunate today to be in a really strong apartment market and in the right markets.
So at this point, I will go ahead and turn over the call to Keith Oden.
Same property revenue growth exceeded expectations yet again at 5.1% for the quarter and was positive in all markets, both year-over-year and sequentially.
We posted double-digit growth in Phoenix and South Florida, both at 10.1%, followed by Tampa at 9.5%.
Year-to-date, same-property revenue growth is 2.9%, and we expect strong performance in the fourth quarter across our portfolio, resulting in our revised 2021 guidance range of 4% to 4.5% for full year revenue growth.
New lease and renewal gains are still strong with double-digit growth posted in both categories.
For 3Q '21, signed new leases were 19.8% and renewals were 12.1% for a blended rate of 16% flat.
For leases, which were signed earlier and became effective during the third quarter, new lease growth was 16.6% with renewals at 8.5% for a blended rate of 12.2%.
October 2021 remained strong with signed new leases trending at 18.3%, renewals at 13.8% and a blended rate of 16.5%.
Renewal offers for November and December were sent out with an average increase of 15% to 16%.
Occupancy has also been very strong and was 97.3% for the third quarter of '21 and is still holding at 97.3% for October to date.
Net turnover remains low at 47% for the third quarter of '21 versus 49% in the third quarter of last year.
And move-outs to home purchases moderated from 17.7% in the second quarter of '21 to 15% in the third quarter of '21, trending below our long-term average of about 18%.
It's worth noting that these strong results have continued into what has historically been a seasonally weaker period for our portfolio.
This marks our third straight quarter in which we increased our same-property NOI and FFO per share guidance.
Our team is focused on finishing the year strong, which will position us for another solid year in 2022.
Before I move on to our financial results and guidance, a brief update on our recent real estate activities.
During the third quarter of 2021, we purchased Camden Central, a recently constructed 368 unit, 15-story community in St. Petersburg, Florida.
And subsequent to quarter end, we purchased Camden Greenville, a recently constructed 558 unit mid-rise community in Dallas.
The combined purchase price for these two acquisitions is approximately $342 million and both assets were purchased at just under a 4% yield.
Also during the quarter, we stabilized Camden Downtown, a 271 unit, $132 million new development in Houston.
And subsequent to quarter end, we stabilized ahead of schedule Camden North End II, a 343-unit, $79 million new development in Phoenix.
Additionally, during the quarter, we completed construction on Camden Lake Eola, a $125 million new development in Orlando.
Subsequent to quarter end, we purchased five acres of land in Denver for future development purposes.
On the financing side, during the quarter, we issued approximately $222 million of shares under our existing ATM program.
We used the proceeds of the issuance to fund in part the previously discussed acquisitions.
Turning to financial results.
Last night, we reported funds from operations for the third quarter of 2021 of $142.2 million or $1.36 per share, exceeding the midpoint of our guidance range by $0.03 per share, which resulted primarily from approximately $0.01 in higher same-store NOI, resulting from $0.02 of higher revenue driven by higher rental rates, higher occupancy and lower bad debt, partially offset by $0.01 of higher operating expenses entirely driven by higher-than-anticipated amounts of self-insured expenses.
-- approximately $0.015 and better-than-anticipated results from our non-same-store development and acquisition communities and approximately $0.01 from the timing of our third quarter acquisition.
This $0.035 aggregate outperformance was partially offset by $0.005 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 our continued 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 same-store revenue guidance from 3.75% to 4.25%.
And we have increased the midpoint of our full year same-store NOI guidance from 3.75% to 4.5%.
We are maintaining the midpoint of our same-store expense guidance at 3.75% as the higher-than-expected third quarter insurance expenses are anticipated to be entirely offset by lower-than-expected property tax expenses in the fourth quarter.
We are now anticipating that our full year property tax growth rate will be approximately 1.6%, which includes $1.8 million of property tax refunds anticipated in the fourth quarter.
Our 4.25% same-store revenue growth assumption is based upon occupancy averaging approximately 97% for the remainder of the year with the blend of new lease and renewals averaging approximately 16%.
Last night, we also increased the midpoint of our full year 2021 FFO guidance by $0.10 per share.
Our new 2021 FFO guidance is $5.34 to $5.40 with the midpoint of $5.37 per share.
This $0.10 per share increase results from -- are anticipated 75 basis points or approximately $0.05 increase in 2021 same-store operating results, $0.01 of this increase already occurred in the third quarter, an approximate $0.05 increase from our non-same-store development and acquisition communities, of which $0.025 already occurred in the third quarter and an approximate $0.02 increase in FFO from later and lower-than-anticipated fourth quarter disposition activities.
We now anticipate approximately $110 million of dispositions in early November and approximately $220 million of dispositions in early December as compared to our previous expectations of $450 million of dispositions, all occurring in early November.
This $0.12 aggregate increase in FFO is partially offset by an approximate $0.02 impact from our third quarter ATM activity.
Last night, we also provided earnings guidance for the fourth quarter of 2021.
We expect FFO per share for the fourth quarter to be within the range of $1.46 to $1.52.
The midpoint of $1.49 represents $0.13 per share improvement from the third quarter, which is anticipated to result from an $0.11 per share or approximate 7.5% expected sequential increase in same-store NOI, driven by both a 2.5% or $0.055 per share sequential increase in same-store revenue, resulting primarily from higher rental rates and a 6.5% decrease in sequential same-store expenses driven primarily by $0.025 fourth quarter decrease in property taxes, combined with a fourth quarter, $0.015 decrease in property insurance expenses and $0.015 third to fourth quarter seasonal decrease in utility, repair and maintenance, unit turnover and personnel expenses, a $0.03 per share increase in NOI from our development communities in lease-up and our nonsame-store communities and $0.02 per share increase in FFO resulting from the full quarter contribution of our recent acquisitions.
This aggregate $0.16 increase is partially offset by $0.015 decrease in NOI from our planned fourth quarter disposition activities and $0.015 per share incremental impact from our third quarter ATM activity.
Our balance sheet remains strong with net debt-to-EBITDA at 4.4 times and a total fixed charge coverage ratio at 5.8 times.
As of today, we have approximately $1.1 billion of liquidity, comprised of approximately $200 million in cash and cash equivalents and no amounts outstanding under our $900 million unsecured credit facility.
At quarter end, we had $242 million left to spend over the next three years under our existing development pipeline.
At this time, we will open the call up to questions.

user
qtrly ffo per share $1.36.
sees q4 ffo per share $1.46 - $1.52.

assistant