$CPT -Private market sells us that NAV here is ~$125. Good mgmt track record; should trade at a premium. Baird & $BAC putting out usual sellside nonsense today (how is it worth 10% less than yesterday $BAC?). $BAC thinks it knows better than $billions in private mkt skin in game
https://twitter.com/TargetPrices/status/1359166495633383430
participants. Haha. Notes from call: There is a strong bid for Class B value add (apartment classes explained here) apartments in the private market. The cap rate spread between Class B 'value add' apartments and Class A apartments has narrowed considerably over the last couple
of years. Camden plans to take advantage of the relative strength of the Class B pricing by selling Class B and rotating the proceeds into Class A assets. This will reduce associated capital expenditures over the life of the asset. Overall this makes sense to rotate into higher
quality assets given the narrowed valuation differential. Philosophically/strategically similar to what $MAA is doing by opportunistically selling older assets & doing development. #reits #multifamily
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