Apartment Investment and Management Co. (AIV) Wednesday reported a rise in Funds from Operations for the fourth quarter, due mainly to higher income from discontinued operations and a modest rise in rental revenues.
The Colorado-based REIT company reported fourth-quarter Funds from Operations or FFO of $52.5 million or $0.43 per share, up from $41.4 million or $0.35 per share last year.
Adjusted proforma FFO for the quarter was $24.3 million or $0.20 per share, compared to $29.6 million or $0.25 per share in the prior year.
On average, 18 analysts polled by Thomson Reuters expected earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the 2011 quarter include income from discontinued operations of $30.6 million, compared to $6.6 million last year.
REIT companies normally add depreciation and other items that reduce net earnings. Apartment Investment and Management Co. or Aimco, reported a net loss to common shares of $23.4 million or $0.19 per share for the quarter, compared to a net loss of $38.4 million or $0.33 per share last year.
Revenue for the quarter rose to $272.9 million from $271 million in the similar quarter last year.
Conventional portfolio average daily occupancy dropped to 95.3 percent from 96.8 percent last year, while average rent per unit improved to $1,124 from $1,076.
Affordable portfolio average month-end occupancy dropped 0.2 percent from last year to 97.7 percent, while average rent per unit increased 3 percent to $888 per unit.
Aimco declared a quarterly cash dividend of $0.18 per share on its Class A common stock, which is a 50 percent increase compared to the the prior four quarters. The dividend is payable February 29 to shareholders of record on February 21.
Looking ahead, Aimco expects first-quarter FFO in the range of $0.33 to $0.37 per share. Analysts currently expect FFO of $0.41 per share for the quarter.
The company expects net loss for the period to range between $0.35 and $0.31 per share.
For fiscal year 2012, Aimco expects FFO of $1.72 to $1.82 per share and adjusted FFO of $1.17 to $1.29 per share. Analysts currently expect FFO of $1.76 per share for the year.
The company anticipates full year net loss between $1.00 and $0.90 per share.
AIV is trading at $25.14, up $0.23 or 0.92%, on the NYSE.
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