DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Thursday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Denver, said it had funds from operations of $90.9 million, or 61 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 61 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $271.6 million, or $1.88 per share.
The real estate investment trust posted revenue of $230.2 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $229.3 million.
For the current quarter ending in July, Apartment Investment Management expects its per-share funds from operations to range from 57 cents to 61 cents.
The company expects full-year funds from operations in the range of $2.41 to $2.51 per share.
The company's shares have climbed slightly more than 8% since the beginning of the year, while the Standard & Poor's 500 index has risen 16%. In the final minutes of trading on Thursday, shares hit $49.04, an increase of 17% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIV at https://www.zacks.com/ap/AIV