DENVER (AP) _ Apartment Investment and Management Co. (AIV) on Thursday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $90.1 million, or 61 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 59 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 a loss of $25 million, or 17 cents per share.
The real estate investment trust posted revenue of $215.5 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $215.7 million.
The company's shares have declined 40% since the beginning of the year, while the Standard & Poor's 500 index has climbed 2.5%. In the final minutes of trading on Thursday, shares hit $30.83, a decline of 43% 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
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