Apartment Investment & Management Co. (AIV) announced that its third-quarter net loss attributable to common stockholders was $40.5 million, compared to net income of $159.5 million for the third quarter 2008. Loss per share attributable to common stockholders was $0.35, compared to earnings of $1.35 per share in third quarter 2008.
FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts was $22.3 million, or $0.19 per share, compared with $73.0 million, or $0.60 per share, in third quarter 2008.
FFO, before operating real estate impairments and preferred stock redemption related gains, was $47.4 million, or $0.41 per share, down from $0.62 per share in third quarter 2008.
Third quarter 2009 operating real estate impairments totaled $0.22 per share and resulted from the expected fourth quarter sale of four specific assets.
Total revenues for the quarter declined to $319.35 million from $344.41 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share on revenues of $310.79 million for the quarter. Analysts' estimates typically exclude special items.
For the fourth quarter 2009, FFO is expected to range from $0.32 to $0.40 per share, inclusive of dilution from 2009 asset sales. Analysts expect the company to report earnings of $0.37 per share for the fourth-quarter.
For the full year 2009, Same Store net operating income is expected to decline 4.0% to 5.0% compared to full year 2008.
Aimco's previously provided guidance for full year 2009 FFO, before operating real estate impairments and preferred stock redemption related gains, was a range of $1.55 to $1.75 per share, including $0.15 per share of dilution from 2009 property sales. The company is narrowing its full year 2009 FFO guidance to $1.61 to $1.69 per share. Analysts expect the company to report earnings of $1.54 per share for fiscal 2009.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.