DENVER ( TheStreet) -- Apartment Investment and Management ( AIV), one of the largest U.S. apartment landlords, saw its funds from operations nearly halved in the second quarter.

During the quarter, funds from operations, a key metric for real estate investment trusts, fell 48% to $38.7 million, or 34 cents a share, compared with $74.6 million, or 59 cents, in the year-ago period.

Revenue slipped 6% to $334.8 million from $356.6 million last year.

Looking ahead, Aimco expects full-year funds from operations in a range of $1.70 to $1.90 a share, from prior forecast of $1.65 to $1.95 a share.

Earlier this week, rivals Equity Residential ( EQR) and AvalonBay Communities ( AVB), posted better-than-expected results, but both voiced concerns about rising unemployment and its effects on apartment rentals.

Immediately after the opening bell, shares in the company were changing hands more than 2% higher, at $9.38.

--Reported by Jeanine Poggi in New York.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More from Earnings

Walmart Snags Top Spot on Fortune 500 List for Sixth-Straight Year

Walmart Snags Top Spot on Fortune 500 List for Sixth-Straight Year

Listen: Should You Buy Cisco Now?

Listen: Should You Buy Cisco Now?

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

J.C. Penney Gets Obliterated After Issuing Weak Outlook

J.C. Penney Gets Obliterated After Issuing Weak Outlook