Apartment Investment & Management (NYSE:AIV) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.
Stable Rent Performance
Jana Galan – Bank of America Merrill Lynch: Keith, you mentioned in your comments that you expect rent growth to be similar to 2012 levels. Are you expecting roughly the same performance from each market or are you seeing an acceleration in certain markets and deceleration in others?
Keith M. Kimmel – EVP, Property Operations: Jana, this is, Keith. We have an expectation that there will be some acceleration and some that will hold the line within our assumptions for our guidance in 2013. One that – couple that I just point out that stand out, the Bay area is one that has been of question about whether or not you can continue to have a strong growth, and I would tell you, it’s in the upper third of our guidance is that we anticipate having a strong performance there as well as Miami and Denver kind of standouts at the top third.
Jana Galan – Bank of America Merrill Lynch: Can you share any comments on the B price points versus A price points within your portfolio?
Keith M. Kimmel – EVP, Property Operations: Certainly, Jana, the As and Bs have been really almost on top of each other most recently. We use new lease rates as a barometer for that, they’ve been quite tight, the Cs have been the laggard.