Camden Property Trust (CPT) Pitched Long by Leslie Sturgeon at Sohn New York 2026

Leslie Sturgeon, Founder and CEO of Maynard Capital Management, pitched Camden Property Trust (CPT) long at the 2026 Sohn New York Conference on May 12, presenting the Sun Belt apartment REIT as a concession-rolloff story trading at trough multiples. Sturgeon outlined a base case of $141 per share, 40 percent total shareholder return, driven by rent recovery as one-month free-rent promotions expire and the company’s forward multiple re-rates from 15x to 18.5x FFO. The pitch centered on a mean-reversion thesis: supply pressures that crushed the stock are now reversing, and the market has not priced the normalization.

The setup: oversupply crushed the stock, now reversing

Camden operates 171 properties across Sun Belt markets with 62 percent occupancy and a median tenant income of $118,000. The company sits at the epicenter of the multifamily supply wave that began in 2021. Since December 2021, CPT has underperformed the S&P 500 by 97 percentage points and the MSCI US REIT Index by 42 percentage points, delivering negative 32 percent total return while the broader index climbed 65 percent. Enterprise value dropped 31 percent over the period.