Apartment Investment & Management Co. (AIV) reported that its first-quarter net income attributable to common stockholders was $5.0 million or $0.03 per share, compared to a loss of $10.6 million or $0.09 per share in the same quarter last year.
Funds from Operations or FFO for the quarter rose to $0.48 from $0.40 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Pro forma Funds from Operations for the quarter was $0.48 per share, compared to $0.40 per share last year.
Adjusted Funds From Operations or AFFO for the quarter rose to $0.38 per share from $0.29 per share last year.
Total revenues for the quarter rose to $255.45 million from $252.32 million in the prior year quarter. Seven analysts had consensus revenue estimate of $253.15 million for the quarter.
In addition, the company said its Board declared a quarterly of $0.24 per share of Class A Common Stock, payable on May 31, to stockholders of record on May 17, 2013.
For the second-quarter the company expects Pro forma FFO per share of $0.45 - $0.49. Analysts expect the company to report earnings of $0.50 per share for the second-quarter.
Looking ahead for fiscal 2013, the company anticipates results to be in the range $0.05 per share - $0.21 per share, Pro forma FFO per share of $1.94 - $2.10, and AFFO per share of $1.45 - $1.63. Analysts currently expect the company to report earnings of $2.02 per share for fiscal 2013.
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