Aimco's (AIV) Q2 FFO And Revenues Increase, Beat Estimates
Zacks Investment Research | Jul 27, 2017 11:14PM ET
Apartment Investment and Management Company (NYSE:AIV) — better known as Aimco — reported second-quarter 2017 pro forma funds from operations (“FFO”) of 61 cents per share, beating the Zacks Consensus Estimate by a cent. The figure also represents a 3.4% increase from the year-ago quarter tally of 59 cents.
Results display growth in same-store property net operating income (NOI) and increased contribution from development, redevelopment and acquisition communities. Lesser general and administrative costs, lower interest expense and other expenses also contributed to higher funds from operations. However, the positive was partially offset by the loss of income from apartment sales in 2016, reduced earnings from exiting the Asset Management business and lower tax benefits.
Total revenue of $249.1 million outpaced the Zacks Consensus Estimate of $241.37 million. In addition, the reported figure came in higher than the prior-year quarter tally of $251.2 million.
Apartment Investment and Management Company Price, Consensus and EPS Surprise
We now look forward to the earnings releases of other REITs like Boston Properties, Inc. (NYSE:BXP) , AvalonBay Communities, Inc. (NYSE:AVB) and Condor Hospitality Trust, Inc. (NYSE:CDOR) . Boston Properties and AvalonBay Communities are scheduled to announce results on Aug 1 and Aug 2. Condor Hospitality Trust is slated to release quarterly numbers on Aug 7.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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