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DENVER-Denver-based Apartment Investment & Management Co.’s third quarter results, as predicted by the company, fell from the same period a year earlier.Net Income was $40.6 million, compared with $46.3 million in the third quarter 2002 for the largest apartment REIT.

Earnings per share were 15 cents on a diluted basis, compared with 26 cents in the same period last year, based on Net Income attributable to common stockholders. Also, diluted Funds From Operations, were $86.4 million, or 80 cents per share, compared with $121.9 million, or $1.06 per share, in the third quarter 2002. Adjusted Funds from Operations, were $71. 3 million, or 66 cents per share, compared with $92.4 million, or 85 cents per share, in the third quarter 2002.

The third quarter and first nine months results include non-cash charges of $5.5 million and $7.7 million, respectively, for the treatment of issuance costs associated with preferred share redemptions in the second and third quarters.

“On a per share basis, FFO and AFFO are lower year to date, primarily because the apartment recession has resulted in lower rents and occupancies which, in turn, have driven higher marketing, turnover and capital replacement spending,” says Terry Considine, chairman and CEO of the company.

“It also bears noting, year to date, that transaction income is substantially lower, whether from AIMCO Capital development and equity placement fees, or from accretion, net of provisions, relating to AIMCO’s large portfolio of notes receivable,” he adds.

He says it is encouraging that the decline in revenue abated during the third quarter, “but it is premature to know if this improvement will be sustained.”

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