Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its third quarter 2012 results.
Chairman and Chief Executive Officer Terry Considine comments: “We are on track for the solid execution of our 2012 plans. Conventional Same Store operating income year-to-date has increased 6.7% over last year due to consistent renewal rent gains and good success in controlling costs. Our portfolio is much improved with average rents of $1,332, up 8% year-over-year, due to investment in property upgrades, sale of lower-rated properties, and the quality of our acquisitions. We have restarted our redevelopment program with clear plans, high-quality locations and attractive expected returns. Our balance sheet is much improved with leverage reduced by approximately $700 million.”
Chief Financial Officer Ernie Freedman adds: “Third quarter Pro forma FFO of $0.46 per share exceeded the midpoint of our guidance range by $0.01 per share, primarily as a result of better than expected property operating results. At the midpoint of our guidance, we are projecting full year FFO and AFFO per share growth of approximately 11% and 31%, respectively.”
Financial ResultsThird Quarter Pro forma FFO Up 12%, AFFO Up 38%
|Net income (loss) per common share||$||0.17||$||(0.12||)||$||0.11||$||(0.67||)|
|Funds from Operations (FFO)||$||0.38||$||0.41||$||1.15||$||1.09|
|Add back (deduct) preferred equity redemption related amounts||$||0.08||$||—||$||0.17||$||(0.02||)|
|Pro forma Funds from Operations (Pro forma FFO)||$||0.46||$||0.41||$||1.32||$||1.07|
|Deduct Aimco's share of Capital Replacements||$||(0.13||)||$||(0.17||)||$||(0.36||)||$||(0.40||)|
|Adjusted Funds From Operations (AFFO)||$||0.33||$||0.24||$||0.96||$||0.67|
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