Apartment Investment & Management (NYSE:AIV) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Revenue Growth Details
Karin Ford – KeyBanc Capital Markets: You noted in your comments that your revenue growth in 1Q ’13 was higher than it was in ’12 and it looks like that held true for how much you guys were pushing rents in 1Q ’13. It seems fairly unique relative to the rest of your apartment peers. What do you think is different about Aimco that’s allowing you to do that?
Terry Considine – Chairman and CEO: Karin, I think you’ve made us all pause and catch our breath to think about it. We focus each day and each week property-by-property and unit-by-unit type trying to find the right price or a rental rate that will optimize the margin contribution. So, it’s balancing both the revenue receipt and the cost avoided. And with the diversified portfolio we look for a greater steadiness in predictability. We like where we are. The renewal rates have been quite steady in this plus or minus 5% range for the last couple of years and we’d expect our revenue to come in consistent with guidance.
Karin Ford – KeyBanc Capital Markets: My second question is on the GSEs and their plans to pull back on the multifamily lending side. Could you just talk about what impact looking forward do you think that might have on cap rates and does that potentially hit Class B and C properties, more so than Class A properties?