Apartment Investment Management: 2Q Earnings Snapshot
DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Thursday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $88.6 million, or 60 cents per share, in the period.
The average estimate of eight 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 $59.2 million, or 40 cents per share.
The real estate investment trust posted revenue of $224.2 million in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $229.1 million.
For the current quarter ending in October, Apartment Investment Management expects its per-share funds from operations to range from 60 cents to 64 cents.
The company expects full-year funds from operations in the range of $2.44 to $2.52 per share.
The company’s shares have risen almost 10% since the beginning of the year, while the Standard & Poor’s 500 index has risen 18%. In the final minutes of trading on Thursday, shares hit $49.61, a climb of 12% in the last 12 months.