Apartment Investment and Management Co.'s (AIV) fourth-quarter net loss narrowed to $6.73 million or $0.06 per share from $9.90 million or $0.11 per share a year ago.
Funds from operations or FFO stood at $16.1 million or $0.14 per share as against a loss of $43.9 million or $0.48 per share in fourth quarter 2008.
Adjusted funds from operations was $15.3 million or $0.13 per share versus a loss of $56.0 million or $0.61 per share last year.
On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.36 for the quarter. Analysts' estimate typically excludes one-time items.
Total revenues for the fourth quarter of 2009 declined to $302.81 million from $304.26 million in the comparable period. Five analysts estimated revenues of $295.70 million for the quarter.
Looking ahead to the first quarter of 2010, FFO per share is expected to range from $0.26 to $0.30. Eleven analysts anticipate earnings per share of $0.32 for the first quarter.
Full year 2010 FFO is expected to range between $1.25 and $1.35 per share. Seventeen analysts estimate earnings per share of $1.26 for 2010.
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