Lehman Brothers Holdings Inc., whose $22 billion purchase of Archstone Inc. at the height of the property boom helped sink the bank, is now trying to sell the apartment owner at another peak in potentially the largest initial public offering of a real estate investment trust.
Archstone announced the plan last month after shares of U.S. apartment REITs reached a record following an almost 300 percent rally since March 2009. Investors have turned less bullish because of the prospect rent increases will slow as the Federal Reserve pushes mortgage rates to record lows and more Americans buy homes. A Bloomberg apartment REIT Index had its worst losing streak this month since 2008 and has declined 2.9 percent since the Aug. 10 announcement through yesterday.
