AIMCO 1Q FFO Down, Slashes Dividend By 60 Pct
Stock quotes in this article:
AIV
DENVER (AP) Apartment Investment and Management Co. said Friday that its first-quarter funds from operations declined partly due to lower occupancy. The apartment operator slashed its quarterly dividend by 60 percent.
Its funds from operations fell to $51.9 million, or 45 cents per share, compared with $67.3 million, or 51 cents per share. Funds from operations, also known as FFO, was 42 cents per share without real estate impairment recoveries. Excluding capital replacement expenditures, FFO dropped to $35 million, or 30 cents per share, from $46.7 million, or 36 cents per share. The company previously forecast first-quarter FFO in a range of 30 cents to 36 cents per share, excluding charges. Funds from operations, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, to net income. Analysts polled by Thomson Reuters predicted FFO of 34 cents per share. Results were hindered by a drop in occupancy, which fell to 93.5 percent from 94.8 percent.- Loading Comments...
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