AIMCO 1Q FFO Down, Slashes Dividend By 60 Pct

The real estate investment trust, known as Aimco, also cut its quarterly dividend to 10 cents from 25 cents. The dividend is payable on May 29 to shareholders of record on May 15.

Aimco's first-quarter loss attributable to common stockholders narrowed to $37.7 million, or 33 cents per share, compared with a loss of $38.9 million, or 30 cents per share, a year earlier.

Loss from continuing operations was $36.3 million, or 33 cents per share.

For the period ended March 31, revenue rose to $349.3 million from $347.8 million as rental and other property revenues improved.

Aimco maintained its forecast for full-year FFO of $1.65 to $1.95 per share. It expects second-quarter FFO of 37 cents to 43 cents per share, prior to operating real estate impairments.

Analysts forecast 2009 FFO of $1.65 per share and second-quarter FFO of 44 cents per share.

Shares of Apartment Investment and Management shed 9 cents to $7.21 in afternoon trading.