Following the conference calls, UBS says it remains high on AIMCO, which trades under the symbol AIV.

''Overall, we believe that AIMCO's strategy of buying well and operating a middle-market multifamily portfolio, which is highly diversified by both geography and price points, represents a solid investment, particularly during a period of economic uncertainty,'' according to UBS.

AIMCO's management, during the call, says it has not yet realized operating efficiencies on properties it acquired late in the latest cycle. It also notes that the nation's economic weakness would make the operating environment more challenging.

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