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Though Cautious, REIT CEOs Upbeat for Long Term

A trio of CEOs from national apartment REITs met recently for Bank of America's annual Multifamily REIT Roundtable.

By Sule Aygoren Carranza | Updated on February 05, 2008

Sule Aygoren Carranza is managing editor of Real Estate Forum.

NEW YORK CITY-A trio of CEOs from national apartment REITs met here recently for Bank of America’s annual Multifamily REIT Roundtable. Tim Naughton, president of AvalonBay Communities of Alexandria, VA; Richard Campo, chairman and chief executive officer of Houston-based Camden Properties Trust and Keith Guericke, president and chief executive officer of Essex Property Trust of Palo Alto, CA were among those who attended.

The executives expect fundamentals to moderate this year, with near full occupancies, the slowdown in the for-sale market and declining job growth sending same-store NOI growth on a downward path–between 3.5% and 4.25% in 2008 compared to 5.5% to 6.5% in 2007. Since rents aren’t on the upswing, BofA reports, “the management teams appear set to attack expenses more aggressively.”

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