Associated Estates Realty Corporation reported its results for the fourth quarter. Associated Estates Realty is a fully integrated multifamily real estate company engaged in property acquisition, advisory, development, construction, management, disposition, operation, and ownership activities.
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Associated Estates Realty Earnings Cheat Sheet for the Fourth Quarter
Results: The company’s funds from operations (FFO) rose 8.3% from the year earlier quarter to 26 cents. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It fell short of the consensus estimate of 27 cents per share.
Quoting Management: “Fundamentals in the apartment business remain strong and Associated Estates is well positioned for 2012 and beyond,” said Jeffrey I. Friedman, president and chief executive officer.
Looking Forward: Expectations for the first quarter of the next fiscal year have not changed from 29 cents. The average estimate hasn’t changed from $1.04 per share for the fiscal year.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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