Associated Estates Realty Posts Flat Q2 FFO, Lowers 2014 Outlook - Quick Facts

(RTTNews) - Associated Estates Realty Corp. (AEC) said its second-quarter net income applicable to common shares was $62.1 million or $1.07 per common share, up from $1.6 million or $0.03 per share in the year-ago period. The increase in net income primarily reflects gains of $59.9 million, or $1.03 per share, associated with the sale of three properties in the latest quarter.

Funds from Operations or FFO for the quarter were $17.80 million or $0.31 per share, compared to $15.43 million or $0.31 per share in the same period last year. On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $032 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter rose to $47.90 million from $43.48 million in the same period last year. Analysts had a consensus revenue estimate of $48.85 million.

For fiscal 2014, the company lowered its FFO outlook to a range of $1.26 to $1.30 per share from the prior range of $1.27 to 1.31 per share. Street expects the company to earn $1.28 per share for the year.

The company now projects full-year same community property net operating income growth of 3.20 to 3.90 percent, down from the prior range of 3.40 to 4.40 percent.