Barclays Maintains an 'Underweight' on Apartment Investment Management (AIV); Property Tours in the Southeast

Barclays maintains an 'Underweight' on Apartment Investment Management (NYSE: AIV), PT $23.

Barclays analyst says, "Last week, we attended a property tour of assets in AIV's Miami and Atlanta portfolios. Our key takeaway was that the company continues to be conservative on rental rate increases, in contrast to several of its peers. Instead of pushing rents past market levels to test renter demand, AIV is instead pricing its units for high occupancy and low turnover. In part this stems from management's caution on the apartment market recovery. But it also results from the company's positioning in these two markets: shadow condo supply overhangs its A-quality Miami portfolio, while B-quality price points may be a drag on growth in Atlanta, where we believe A-quality assets are currently outperforming."

For more ratings news on Apartment Investment Management click here and for the rating history of Apartment Investment Management click here.

Shares of Apartment Investment Management closed at $24.86 yesterday.

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