Associated Estates Realty Corp. (AEC) reported third-quarter funds from operations or FFO of $4.26 million or $0.26 per common share, compared with $5.05 million or $0.31 per common share for the third quarter ended September 30, 2008.
Two analysts polled by Thomson Reuters estimated FFO of $0.25 per share. Analysts' estimates typically exclude one-time items.
Net loss applicable to common share holders was $3.9 million or $0.23 per share for the third quarter ended September 30, 2009, compared with a net loss of $4.2 million or $0.26 per share for the third quarter ended September 30, 2008.
Total revenue for the third quarter of 2009 was $32.9 million compared with $34.1 million for the third quarter of 2008, a decrease of 3.5 percent. Analysts expected revenue of $31.93 million.
For fiscal 2009, the company lowered its adjusted FFO guidance to a range between $1.17 and $1.20 per share from its prior guidance range of $1.17 to $1.23 per share.
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