Miller Tabak makes sell recommendations on trio of apartment REITs

• Equity Residential (EQR -1.7%), UDR (UDR -1.6%), and Aimco (AIV -2.9%) are all downgraded to Sell at Miller Tabak. The declines in the trio today are roughly in-line with the rest of the apartment REIT sector, with the 10-year Treasury yield up another four basis points to 2.36%.
• The downgraded trio has outperformed the broader REIT sector this year, with EQR +5.2%, UDR +8.7%, and AIV -3% versus the IYR's 5.4% decline.