DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Denver, said it had funds from operations of $96.1 million, or 65 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 65 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 $133.5 million, or 90 cents per share.
The real estate investment trust posted revenue of $230 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $230.5 million.
For the year, the company reported funds from operations of $370.7 million, or $2.50 per share. Revenue was reported as $914.3 million.
Apartment Investment Management expects full-year funds from operations in the range of $2.62 to $2.72 per share.
The company's shares have risen 3% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 2%. In the final minutes of trading on Thursday, shares hit $53.19, a rise of 4.5% in the last 12 months.