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 (-) 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.
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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 (-) 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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卡姆登房地產信託公司(CPT-Free Report)在去年12月宣佈了對其所希望的子市場的幾筆收購，以及對其他市場的處置和退出。
該公司於2019年12月5日收購了位於北卡羅來納州羅利的一個公寓社區。以前在格倫伍德被稱為卡羅萊尼人，186個家庭社區將更名為卡姆登卡羅萊尼亞州。該社區包括一座豪華的中高層建築，於2017年完工，擁有超過2萬平方英尺的室內和室外休閒空間。
另一項收購包括一個豪華的552套住宅小區，位於德克薩斯州休斯敦的一處佔地2.25英畝的開發用地。該社區以前有三處房產--Willowick公園的Aria、Willowick公園的奧林匹亞和Willowick公園的鄉鎮住宅--社區將更名為Camden高地村。
Camden花了大約2.22億美元購買這些財產。該公司董事長兼首席執行官理查德·坎波(Richard J.Campo)表示：“我們相信，這些資產的收購價遠低於重置成本，預計這些收購將產生大約5%的穩定收益率。”
與此同時，Camden還出售了位於德克薩斯州Corpus Christi的投資組合，並退出了該市場。這些舉措幫助它獲得了大約7，500萬美元的淨收益。出售的資產包括兩個擁有632套公寓的全資社區和一個擁有270套公寓的合資社區。
值得注意的是，該公司一直在進行收購，以改善其整體投資組合。事實上，它收購了四個社區，包括1380套公寓，總費用為4.4億美元，並於2019年以3 700萬美元購買了3塊未開發的土地。除此之外，卡姆登剝離非核心資產和退出市場的努力可能會提高其整體投資組合質量，併為收購提供資金。
該公司目前擁有ZackRank#3(持有)。在過去的一年裏，卡姆登的股價上漲了19.6%，超過了該行業24.5%的漲勢。
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公寓投資和管理公司(-)目前的ZackRank為2(購買)。Zack對其2020年每股運營基金(FFO)的預測已在一個月內上調0.8%，至2.64美元。在過去的一年裏，這隻股票上漲了13%。
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精神地產資本公司(-)目前的ZackRank為2。在過去的30天裏，對其2020年FFO的一致估計已經小幅上升到3.17美元。該公司的股票在過去一年裏上漲了37.6%。
在過去的60天裏，股權住宅(-)FFO的股價預期在過去60天裏略微向北移動至3.62美元。ZackRank#2公司的股價在一年內上漲了22.3%。
注：本報告中列出的任何與收益相關的內容都代表運營基金(FFO)，這是一種廣泛使用的衡量REITs績效的指標。
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