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 This material may not be published, broadcast, rewritten, or redistributed.

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