Opinions

Derek Warren Camden Property Trust CPT-N PAST TOP PICK Sep 24, 2013

(A Top Pick July 31/13. Down 8.85%.) Great US apartment company that is diversified and increasing the in-development work, especially in the Texas area. Has been a little bit weak in the last while. Yield of around 3%-4% and growth at around 5% plus they are doing development that has a good return as well.

Derek Warren

Owned

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$63.360

Stock price when the opinion was issued

Financial Services

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TOP PICK

US apartments actually underperformed last year and he thinks it is time to be getting back in. This company is developing in geographical areas where people want to live. Recently reported income growth of over 6%. Trading at 10% below NAV. Yield of 3.58%.

PAST TOP PICK

(Top Pick July 31/13, Up 7.01%) He took a little bit of profit. Focuses on the Texas market which has done so well. This one is very high end, luxury development. Still building brand new developments.

BUY

Stay in REITs, because interest rates have peaked. Sell REITs when rates rise. He likes CPT, whichi s based in the sunbelt, which is attracting people from the higher-taxed coastal states. A great business that's growing nicely.

HOLD

In US Sun Belt, no pricing power given so much supply. Already priced into the stock. Pretty attractive cap rate of 6-7% for quality real estate. No turnaround in 2024, perhaps in 2025. Better upside than a year ago. Constructive about US apartments in latter half of 2025.

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Derek Warren Camden Property Trust CPT-N PAST TOP PICK Sep 24, 2013

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