(RTTNews) - Apartment Investment Management Co. (AIV: News ) Friday reported a loss for the third quarter, compared to a profit last year, hurt mainly by a decline in revenues, higher operating expenses and lower gain on dispositions of unconsolidated real estate compared to the previous year. Funds from operations or FFO for the quarter was down as well from the previous year. The company said it is narrowing its FFO guidance for the fiscal 2009.

Loss from continuing operations for the third quarter was $78.67 million or $0.64 per share, compared to an income of $75.12 million or $0.40 per share in the previous year.

Net loss attributable to shareholders was $40.49 million or $0.35 per share, compared to an income of $159.54 million or $1.35 per share last year.

FFO was $22.3 million or $0.19 per share, compared to $73.0 million or $0.60 per share in third quarter last year. Adjusted FFO was $28.8 million or $0.25 per share, compared to $49.1 million or $0.41 per share last year.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $319.35 million from $344.41 million a year ago. Analysts had a consensus revenue estimate of $310.79 million for the quarter.

Total same store revenues declined 2.9% to $177.7 million from $182.9 million in the previous year.

Rental and other property revenues declined to $307.91 million from $310.56 million last year. Property management revenues were $1.11 million, down from $1.23 million in the previous year. Asset management and tax credit revenues declined to $10.32 million from $32.62 million a year ago.
Total operating expenses increased to $319.59 million from $292.72 million last year.

Interest income declined to $1.96 million from $5.82 million in the previous year.

Gain on dispositions of unconsolidated real estate for the quarter was $3.34 million, compared to $99.95 million a year ago.

For the nine-month period, net loss was $108.11 million or $0.94 per share, compared to net income of $360.46 million or $2.93 per share in the same period of the previous year. Total revenues for the period declined to $0.96 billion from $1.01 billion last year.

Looking forward to the fourth quarter, FFO is expected to range from $0.32 to $0.40 per share. Analysts expect earnings of $0.37 per share for the next quarter.

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