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NYC apartment

This Apartment REIT Sees More Trouble Ahead


Nov 12, 2020 by Matthew DiLallo

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Operating results in the quarter were challenging and widely varying. Our suburban portfolio continues to fare relatively well with occupancy similar to last year, rates down only modestly and recovery under way in some markets. However, the approximately 23% of our portfolio located in the urban cores of New York, San Francisco and Boston continues to struggle with pandemic-related reductions in economic activity, which have led to declines in occupancy, lower resident renewal levels, and a related drop in rental rates.

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