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$AIV 2Q15 Q&A: Joseph of Citi asked about acquisitions of leaseup and construction vs. stabilized assets. John said, AIV looks at leaseup risk together with development risk. Company look for a return on a asset that would be somewhere in the 50-75 BP ahead on the completed asset ahead of one that was stabilized and already done.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.