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Alexander Goldfarb

Managing Director and Senior Research Analyst at Piper Sandler Companies

Alexander Goldfarb is a Managing Director and Senior Research Analyst at Piper Sandler Companies, specializing in REITs and real estate investment trusts within the finance sector. He covers 33 companies including BXP, Essex Property Trust, Newmark Group, Mid-America Apartment Communities, AvalonBay Communities, and others, with a performance track record showing a 47.59% success rate, average return of -2.12%, and rating distribution of 42.7% Buy, 53.9% Hold, and 3.4% Sell over 89 ratings. Goldfarb joined Piper Sandler in 2009 after serving as Managing Director and Senior REIT Analyst at Sandler O’Neill + Partners, Director and Senior REIT Analyst at UBS for two years, and Vice President and REIT Analyst at Lehman Brothers for five years. He holds an MBA from Babson College's F.W. Olin Graduate School of Business and a bachelor’s degree from Wheaton College.

Alexander Goldfarb's questions to CAMDEN PROPERTY TRUST (CPT) leadership

Question · Q4 2025

Alexander Goldfarb followed up on the lack of rent growth, asking if the traditional 20% rent-to-income ratio still holds, or if inflationary pressures on other living costs might necessitate a lower ratio for residents.

Answer

Chairman and CEO Ric Campo affirmed that the 20% rent-to-income ratio remains a good and affordable benchmark. He noted that residents' real wages have increased 4%-5% annually, suggesting that current consumer sentiment about affordability is more psychological, influenced by high single-family home prices and a general narrative of expense, despite flat rents and lower gas prices.

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