1315_Nareit Testimonials_REITworld_Considine_2023-12-06_v2 - Clip

Terry Considine, CEO of Apartment Income REIT Corp. (NYSE: AIRC), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

Considine said 2023 has produced sector-leading operating results for the REIT, within a broader context of a deceleration of inflation and of rent growth. “Our diversified portfolio has had the right exposures and our expertise in retaining customers means we don’t have to seek new customers to the same extent as our competitors,” he noted.

Looking to 2024, Considine said he expects Treasury rates to remain “stubbornly high,” which could create opportunities for accretive acquisitions.

As for where he sees the greatest potential for growth in 2024, Considine pointed to increased business with existing customers and noted that the REIT’s customer retention rate is currently 62%. “Our opportunity is to see that grow to 63%, 64%, or 65% and higher, which gives us both better pricing and fewer new units that we have to lease to others,” he said.