AvalonBay, Equity Residential starting to see positive signs

10/30/2009 | NYTimes.com

Two big apartment REITs, AvalonBay and Equity Residential, started sounding optimistic for the first time in several quarters during recent earnings season conference calls. "While we expect operating performance to remain weak near term, there are signs that the weakness in both the economy and in some of our operating metrics are beginning to moderate," said Bryce Blair, chairman and CEO of AvalonBay. Equity Residential said it had been more successful than it had expected to be at holding down operating expenses in the quarter that just ended.

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