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DENVER—Shares of Apartment Investment and Management Co. were up late Friday morning after the multifamily REIT’s first-quarter pro forma funds from operations beat analysts’ estimates. Pro forma FFO for the three months that ended March 31 was 50 cents per share, at the upper end of AIV’s guidance; Zacks Investment Research reported a consensus estimate of 49 cents per share. The REIT said its pro forma FFO rose 4% year over year, while adjusted FFO saw a 13% increase from 12 months ago.

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