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Camden Announces Property Buyouts and Disposition for December
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Camden Property Trust (CPT - Free Report) announced a couple of acquisitions in its desired sub-markets as well as dispositions and exit from other markets in December.
The company acquired an apartment community in Raleigh, NC, on Dec 5, 2019. Previously known as The Carolinian on Glenwood, the 186-home community will be renamed Camden Carolinian. The community comprises a luxury mid-rise building completed in 2017 and has more than 20,000 square feet of indoor and outdoor amenity space.
The other purchase comprised a luxury 552-home apartment community, with an adjacent 2.25-acre development site in Houston, TX. Formerly operated as three properties — Aria at Willowick Park, Olympia at Willowick Park, and The Townhomes at Willowick Park — the community will be renamed Camden Highland Village.
Camden shelled out approximately $222 million for the purchase of these properties. Per Richard J. Campo, the company’s chairman and CEO, “We believe the purchase price of these assets is significantly below replacement cost and expect these acquisitions to produce a stabilized yield of approximately 5%.”
Meanwhile, Camden also sold its portfolio based in Corpus Christi, TX, and exited that market. The moves helped it in reaping net proceeds of approximately $75 million. The assets sold comprised two wholly-owned communities with 632 apartment homes, and one joint-venture community with 270 apartment homes.
Notably, the company has been making acquisitions to improve its overall portfolio. In fact, it acquired four communities, comprising 1,380 apartment homes, for a total cost of $440 million and purchased three undeveloped land parcels for $37 million in 2019. Apart from these, Camden’s efforts to shed non-core properties and exit markets will likely enhance its overall portfolio quality, and provide capital for acquisitions.
The company currently has a Zacks Rank #3 (Hold). Shares of Camden have gained 19.6% in the past year, underperforming its industry’s rally of 24.5%.
Stocks to Consider
Apartment Investment and Management Company (AIV - Free Report) currently carries a Zacks Rank of 2 (Buy). The Zacks Consensus Estimate for its 2020 funds from operations (FFO) per share has been revised 0.8% upward to $2.64 in a month. The stock has rallied 13% in the past year.
Spirit Realty Capital, Inc. currently carries a Zacks Rank of 2. The consensus estimate for its 2020 FFO per share has moved marginally upward to $3.17 over the past 30 days. The company’s shares have gained 37.6% over the past year.
Equity Residential’s (EQR - Free Report) FFO per share estimates for the next year have moved slightly north to $3.62 over the past 60 days. Shares of the Zacks Rank #2 company have gained 22.3% in a year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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This outperformance has not just been a recent phenomenon. From 2000 – Q3 2019, while the S&P averaged +5.6% per year, our top strategies averaged up to +54.1% per year.
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Camden Announces Property Buyouts and Disposition for December
Camden Property Trust (CPT - Free Report) announced a couple of acquisitions in its desired sub-markets as well as dispositions and exit from other markets in December.
The company acquired an apartment community in Raleigh, NC, on Dec 5, 2019. Previously known as The Carolinian on Glenwood, the 186-home community will be renamed Camden Carolinian. The community comprises a luxury mid-rise building completed in 2017 and has more than 20,000 square feet of indoor and outdoor amenity space.
The other purchase comprised a luxury 552-home apartment community, with an adjacent 2.25-acre development site in Houston, TX. Formerly operated as three properties — Aria at Willowick Park, Olympia at Willowick Park, and The Townhomes at Willowick Park — the community will be renamed Camden Highland Village.
Camden shelled out approximately $222 million for the purchase of these properties. Per Richard J. Campo, the company’s chairman and CEO, “We believe the purchase price of these assets is significantly below replacement cost and expect these acquisitions to produce a stabilized yield of approximately 5%.”
Meanwhile, Camden also sold its portfolio based in Corpus Christi, TX, and exited that market. The moves helped it in reaping net proceeds of approximately $75 million. The assets sold comprised two wholly-owned communities with 632 apartment homes, and one joint-venture community with 270 apartment homes.
Notably, the company has been making acquisitions to improve its overall portfolio. In fact, it acquired four communities, comprising 1,380 apartment homes, for a total cost of $440 million and purchased three undeveloped land parcels for $37 million in 2019. Apart from these, Camden’s efforts to shed non-core properties and exit markets will likely enhance its overall portfolio quality, and provide capital for acquisitions.
The company currently has a Zacks Rank #3 (Hold). Shares of Camden have gained 19.6% in the past year, underperforming its industry’s rally of 24.5%.
Stocks to Consider
Apartment Investment and Management Company (AIV - Free Report) currently carries a Zacks Rank of 2 (Buy). The Zacks Consensus Estimate for its 2020 funds from operations (FFO) per share has been revised 0.8% upward to $2.64 in a month. The stock has rallied 13% in the past year.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Spirit Realty Capital, Inc. currently carries a Zacks Rank of 2. The consensus estimate for its 2020 FFO per share has moved marginally upward to $3.17 over the past 30 days. The company’s shares have gained 37.6% over the past year.
Equity Residential’s (EQR - Free Report) FFO per share estimates for the next year have moved slightly north to $3.62 over the past 60 days. Shares of the Zacks Rank #2 company have gained 22.3% in a year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through Q3 2019, while the S&P 500 gained +39.6%, five of our strategies returned +51.8%, +57.5%, +96.9%, +119.0%, and even +158.9%.
This outperformance has not just been a recent phenomenon. From 2000 – Q3 2019, while the S&P averaged +5.6% per year, our top strategies averaged up to +54.1% per year.
See their latest picks free >>