Aimco rounds out 'solid' year.
Apartment Investment and Management Company announced its third quarter 2010 results.
Chairman and chief executive officer Terry Considine commented: "Aimco's business plan is straightforward: own and operate B/B+ quality apartments in the 20 largest U.S. markets to generate predictable returns for shareholders."
Third quarter 2010 Conventional Same Store, Total Same Store and Total Portfolio net operating income were all higher than in third quarter 2009. Total Portfolio income is stable with full year 2010 Total Portfolio net operating income expected to be 1.0% to 1.5% higher than in 2009, and 0.5% to 1.0% higher than in 2008.
Conventional Same Store operating margins continue to improve, reflecting our focus on providing excellent service to our customers, maintaining our properties and controlling our costs.
Third quarter Pro forma FFO of $0.40 per share exceeded the upper end of our guidance range by $0.04 per share, primarily as a result of better than expected operating results, driven in large part by a reduction in previously estimated real estate tax obligations due to successful appeals settled during the third quarter.
Chief financial officer Ernie Freedman said: "We are pleased to see that the steps we have taken to simplify our business over the last several years are paying off, with just 0.1% of year-to-date Pro forma FFO generated by transactional activities, and with a reduction in off-site costs, including G&A, of 14% year-to-date. Our balance sheet is sound.
"In July, we repaid our Term Debt in full, we have no property debt maturities during the balance of 2010, and we continue to make progress on refinancing 2011 to 2014 maturities.
"Aimco is rounding out 2010 with solid financial results, a strong balance sheet and a focus on future growth opportunities."
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|Title Annotation:||Apartment Investment and Management Co. (Denver, Colorado)'s financial news|
|Comment:||Aimco rounds out 'solid' year.(Apartment Investment and Management Co. (Denver, Colorado)'s financial news)|
|Publication:||Real Estate Weekly|
|Article Type:||Brief article|
|Date:||Nov 3, 2010|
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