Apartment Investment & Management Q2 Profit Rises

(RTTNews) - Apartment Investment & Management Co. (AIV) reported that its second-quarter net income attributable to common stockholders was $10.1 million or $0.07 per share, compared to $523 thousand or breakeven per share in the same quarter last year.

Funds from Operations or FFO for the quarter rose to $0.49 from $0.38 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Pro forma Funds from Operations for the quarter was $0.49 per share, compared to $0.46 per share last year.

Adjusted Funds From Operations or AFFO for the quarter rose to $0.37 per share from $0.34 per share last year.

Total revenues for the quarter rose to $259.66 million from $253.29 million in the prior year quarter. Three analysts had consensus revenue estimate of $264.51 million for the quarter.

For the third-quarter the company expects Pro forma FFO per share of $0.48 - $0.52 and net income per share in the range of $0.01 to $0.05. Analysts expect the company to report earnings of $0.50 per share for the third quarter.

Looking ahead for fiscal 2013, the company anticipates results to be in the range $0.18 per share - $0.26 per share, Pro forma FFO per share of $1.99 - $2.07, and AFFO per share of $1.48 - $1.56. Analysts currently expect the company to report earnings of $2.03 per share for fiscal 2013.

Earlier, the company expected earnings 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.

As previously announced, Aimco's Board of Directors declared a quarterly cash dividend of $0.24 per share of Class A Common Stock, payable on August 30, 2013, to stockholders of record on August 16, 2013.