DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Denver, said it had funds from operations of $93.3 million, or 63 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 61 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 $39.2 million, or 26 cents per share.
The real estate investment trust posted revenue of $218.8 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $219.8 million.
The company’s shares have fallen 28% since the beginning of the year, while the Standard & Poor’s 500 index has risen 2%. In the final minutes of trading on Monday, shares hit $37.34, a drop of 25% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIV at https://www.zacks.com/ap/AIV
The Associated Press
