Thanks for the question, David. That is how I see it, on the assumption that P/E ratios stay constant. Any significant secular trends could have "temporary" impacts that last awhile.
To summarize, if I buy I get 4% + 3% + inflation as a reasonable expectation over time? Is that about right? So a 2% inflation => about 9% return? 7% plus inflation is nothing to sneeze at.
Thanks for the detailed look, Paul. I love the format, and the way it gives you control to tell your narrative. In some sense, it reminds of SA started out being, being paywalls, and redirection.
Camden, itself, was never in my wheelhouse, because I loathe anything Florida and Texas, but you have opened my eyes to the merits of such.
Again, this will never be the jewel of my multi-family eye, that is Essex is for me, but at its current price level price level seems more compelling than my second favorite, Avalon Bay.
Do you have any thoughts of whether Camden will look to be aggressive acquirers of multi-family? The current over supply in the Sunbelt has left some smaller developers far over their heads.
Compression in cap rates, major increase in interest rates in conjunction with supply chain constraints, labor costs, doubling in insurance costs, has eradicated any perceived equity on most new projects underwritten a few years ago.
Congratulations on the additional format and forum.
First the Wolverines got you a National Championship, and a month later you are spreading your wings.
Thanks, Lawrence. Like many blue-chip REITs, Camden has talked for over a year about being ready to pounce on opportunities. But in the recent call, they commented that it looks to them like the much-ballyhooed implosion of multifamily is not going to happen. A lot of lenders seem to have learned that taking their lumps and working things out with solid owners works better than foreclosing. That said, we know they are looking and will see if they find anything.
As to recent events: Who's got it better than us?!
Well, a new platform, same great analysis. Your articles never disappoint. The sources and uses of cash graphs are quite revealing. Just a great way to portray it. Thanks RPD (aka JaxBill)
Thanks for the question, David. That is how I see it, on the assumption that P/E ratios stay constant. Any significant secular trends could have "temporary" impacts that last awhile.
Paul
To summarize, if I buy I get 4% + 3% + inflation as a reasonable expectation over time? Is that about right? So a 2% inflation => about 9% return? 7% plus inflation is nothing to sneeze at.
Thanks for the detailed look, Paul. I love the format, and the way it gives you control to tell your narrative. In some sense, it reminds of SA started out being, being paywalls, and redirection.
Camden, itself, was never in my wheelhouse, because I loathe anything Florida and Texas, but you have opened my eyes to the merits of such.
Again, this will never be the jewel of my multi-family eye, that is Essex is for me, but at its current price level price level seems more compelling than my second favorite, Avalon Bay.
Do you have any thoughts of whether Camden will look to be aggressive acquirers of multi-family? The current over supply in the Sunbelt has left some smaller developers far over their heads.
Compression in cap rates, major increase in interest rates in conjunction with supply chain constraints, labor costs, doubling in insurance costs, has eradicated any perceived equity on most new projects underwritten a few years ago.
Congratulations on the additional format and forum.
First the Wolverines got you a National Championship, and a month later you are spreading your wings.
Thanks, Lawrence. Like many blue-chip REITs, Camden has talked for over a year about being ready to pounce on opportunities. But in the recent call, they commented that it looks to them like the much-ballyhooed implosion of multifamily is not going to happen. A lot of lenders seem to have learned that taking their lumps and working things out with solid owners works better than foreclosing. That said, we know they are looking and will see if they find anything.
As to recent events: Who's got it better than us?!
Paul
Well, a new platform, same great analysis. Your articles never disappoint. The sources and uses of cash graphs are quite revealing. Just a great way to portray it. Thanks RPD (aka JaxBill)
Thanks Bill! The plan is to continue the analysis.
You are welcome.
Paul