Apartment Investment Management: 4Q Earnings Snapshot
DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Monday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $96.3 million, or 63 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $5.2 million, or 3 cents per share.
The real estate investment trust posted revenue of $232 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $237.2 million.
For the year, the company reported funds from operations of $385.6 million, or $2.47 per share. Revenue was reported as $972.4 million.
For the current quarter ending in April, Apartment Investment Management expects its per-share funds from operations to range from 58 cents to 62 cents.
The company expects full-year funds from operations in the range of $2.41 to $2.51 per share.
The company’s shares have increased 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 9 percent. In the final minutes of trading on Monday, shares hit $49.41, an increase of 22 percent in the last 12 months.