Alan George, chief investment officer of Equity Residential, discusses dispositions of non-core assets and acquisition strategy over the short-term. On new acquisitions, Mr. George indicates yields are about 200 basis points higher than market peak and that their focus is on replacement cost and long-term expected return. As we continue to hear from other sources as well, Mr. George also indicates they have easy access to inexpensive capital. Question - is there a market bubble and will the equity markets continue to be as friendly? REITs' have certainly been a large beneficiary of the rising market. Once that spigot is tightened, will the debt markets really be back open?
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