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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