"While the gap between prevailing estimates and the guidance range was smaller for (AIMCO) than for others, the spread was still negative, and collectively the incremental news from the apartment sector was that a recovery is still not visible at this time," the analysts write in their REIT report.
They note AIMCO's 2003 funds from operation would be in the range of $4.20 per share to $4.42 per share, compared with the prevailing consensus of $4.41 per share. The analysts were estimating $4.44 per share.
They say its total FFO per share is expected to decline 7.5%, while its operating FFO is expected to decline 4.5%.
Although AIMCO likely won't be on a buying spree this year like it has in the past, that should be offset by less anticipated dilution from lower 2003 asset sales.
"We maintain our Buy rating," they note.
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