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Apartment Investment and Management lifts FY'19 guidance with Q2 results

Apartment Investment and Management Co. disclosed second-quarter pro forma funds from operations of 60.0 cents per share, a 2% decrease on a per-share basis from 61.0 cents per share in the prior-year period.

Adjusted FFO for the second quarter declined 6% year over year on a per-share basis to 51 cents per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the second quarter was 61 cents.

For the quarter, total revenues amounted to $224.2 million, a decrease of 10.4% from $250.2 million in the year-ago period.

The multifamily real estate investment trust forecasts pro forma FFO per share in the range of $2.44 to $2.52 for the full year, compared with previous guidance in the range of $2.41 to $2.51.

The company also expects adjusted FFO for the full year at between $2.15 and $2.23 per share, compared with a prior range of $2.12 to $2.22 per share.

For the third quarter, pro forma FFO is expected in a range of 60 cents to 64 cents per share, and AFFO is projected to range from 52 cents to 56 cents per share.

The S&P Global Market Intelligence consensus FFO-per-share estimates for the third quarter and full year are 63 cents and $2.49, respectively.