Camden Property Trust: Doubling Down On The Sun Belt

Camden Property Trust remains a "Buy" as it reallocates capital from Southern California to the Sun Belt, capitalizing on depressed valuations. CPT is executing a counter-cyclical strategy, selling $1.5–$2 billion in assets to reinvest $1.1 billion in the Sun Belt and repurchase $650 million in stock. Despite near-term rent and occupancy pressures, CPT's strong balance sheet, 4.2% dividend yield, and prudent capital allocation support its investment case.