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Apartment Investment & Management Co., the second-biggest U.S. apartment manager by revenue, said first-quarter earnings excluding extraordinary items fell as occupancy decreased amid reduced demand for apartments in the recession.
Funds from operations dropped to 45 cents a share from 51 cents a year earlier, the Denver-based company said Friday in a statement. It was projected to have funds from operations of 35 cents, according to the median estimate of 14 analysts in a Bloomberg survey.
