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DENVER-Apartment Investment & Management Co., one of the nation’s largest multifamily rental REITs, met expectations in the third quarter in a tough market, according to a UBS Warburg LLC, REIT Research report. AIMCO’s funds from operations in the third quarter were $1.09 per share, meeting Warburg’s and Wall Street’s expectations, according to the report by Stuart Seeley, Kevin O’Shea and Harmon Handorf.

The reports notes net operating income on a same-store basis was down 3.6% and dropped 4.1% excluding one-time benefits from changing the accounting for leasing commissions.

While the company’s same-store performance is down 360 basis points, it is better by 310 basis points for its apartment peer group, the report notes.

The report also notes that management at AIMCO lowered its top end of the 2002 guidance range to $4.64 to $4.74 per share, from $4.64 to $4.84 per share.

“Management did not provide guidance for 2003, which is not surprising given the lack of visibility for overall drivers of multifamily fundamentals,” UBS Warburg notes. “We are reducing our 2002 estimates from $4.71 to $4.68 and our fourth quarter 2002 estimates from $1.12 to $1.09.”

But more significantly, it is reducing its 2003 estimates by $0.34 a share to $4.44 per share for next year.

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