AvalonBay, Equity Residential wait for Lehman to sell their shares

05/15/2013 | Wall Street Journal, The

Lehman Brothers Holdings has not sold the 10% stake it received in Equity Residential and AvalonBay Communities as part of the Archstone transaction. The uncertainty of what it will do is impacting both REITs. "We recognize the Street would like Lehman out of our stock, and believe me we would like Lehman out of our stock," said David Neithercut, Equity Residential's CEO, during the REIT's earnings call.

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