EQR and Avalon Bay give lower than expected forecasts
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NEW YORK (Reuters) – Shares of apartment landlords fell on Thursday
after two large apartment real estate investment trusts (REITs) issued
lower-than-expected forecasts for 2009, citing the weak U.S. job market.
“It is jobs that are the single most important determinant to the
health of the multifamily industry, and today’s jobless claim data is
further evidence of just how bad the job picture currently is,” said
David Neithercut, CEO of Equity Residential EQR.N, the largest U.S.
apartment REIT.
The U.S. government said on Thursday the number of U.S. workers
filing new claims for jobless benefits last week hit a 26-year high.U.S. apartment stocks fall on weaker outlook | Reuters
