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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (53132)1/8/2014 2:08:10 PM
From: Spekulatius1 Recommendation

Recommended By
tsigprofit

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CPT and MAA look pretty good to me too. CPT's management appears to be keenly focused on capital allocation;they run their business with low leverage and are stingy with issuing stock, when it's trading below NAV. The stock appears to have outperformed most peers over the long run, including MAA (which itself has outperformed peers)

I like how they sell older properties (on average 26 year old, even though cap rates are higher at ~6.5% compared to ~5% for young units) and recycle the capital into building new units themselves at similar cap rates, This capital recycling reduces the need to issue new capital:

seekingalpha.com
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