1315_Nareit Testimonials_Considine_2023-06-15_v2
06/20/2023
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Nareit Staff
Terry Considine, CEO of Apartment Income REIT Corp. (NYSE: AIRC), participated in a video interview at Nareit’s REITweek: 2023 Investor Conference, held in New York June 6-8.
Considine discussed some of the key fundamentals that have underpinned AIR’s performance so far in 2023, described a typical AIR tenant and how that profile has evolved over the years, and whether growth opportunities exist for AIR amid the current market uncertainty.
Key takeaways from Considine’s interview include:
- AIR has a focus on property operations and customer satisfaction “that has been rewarded in competitive markets.”
- A typical AIR tenant is older with higher income that averages around $250,000, with a median income of about $175,000. Tenants tend to stay longer “and that’s the secret to building community and lower costs.”
- AIR is excited about growth opportunities and has just announced a $1 billion transaction to access capital to grow and make acquisitions at a time when pricing “is quite attractive.”