Apartment Investment Management: 3Q Earnings Snapshot
DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $99.3 million, or 63 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 61 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $567 million, or $3.61 per share.
The real estate investment trust posted revenue of $242.5 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $241.2 million.
For the current quarter ending in December, Apartment Investment Management expects its per-share funds from operations to be 63 cents.
The company expects full-year funds from operations to be $2.47 per share.
The company’s shares have declined nearly 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2 percent. In the final minutes of trading on Thursday, shares hit $43, a drop of 3 percent in the last 12 months.