X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.