DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Monday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.

The Denver-based real estate investment trust said it had funds from operations of $94 million, or 60 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 60 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $81.5 million, or 52 cents per share.

The real estate investment trust posted revenue of $247.7 million in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $243.7 million.

For the current quarter ending in July, Apartment Investment Management expects its per-share funds from operations to range from 57 cents to 61 cents.

The company expects full-year funds from operations in the range of $2.39 to $2.49 per share.

The company’s shares have declined nearly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. In the final minutes of trading on Monday, shares hit $41.20, a fall of slightly more than 6 percent in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on AIV at

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