Apartment Investment & Management Co. swung to a fourth-quarter loss absent $60.7 million in income from properties that had been sold, but the real-estate investment trust reported a key performance metric improved more than expected.
Denver-based AIMCO reported a fourth-quarter loss of $21.5 million, compared with a year-earlier profit of $6.2 million. On a per-share basis, which includes preferred dividends, its loss widened to 33 cents from 6 cents. Revenue increased 2.3 percent to $293.5 million. Analysts expected a 35-cent loss on $287 million in revenue.
Funds from operations — a key measure of profitability for real estate investment trusts — grew to 25 cents from 13 cents. Pro forma FFO, which excludes operating real estate impairment and preferred equity redemption-related amounts, was 39 cents, edging out the company’s October forecast of 34 cents to 38 cents.
AIMCO, which focuses on owning and managing apartment communities in the 20 largest U.S. markets, reported average daily occupancy rose to 96.7 percent from 95.3 percent a year earlier and 96 percent in the prior quarter. Average rent dipped 0.8 percent from a year earlier but was up 0.1 percent from the prior quarter.
