Apartment Investment & Management Company (AIV) has reported an 136.03 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $164.41 million, or $1.03 a share in the quarter, compared with $69.66 million, or $0.43 a share for the same period last year.
Revenue during the quarter went up marginally by 1.47 percent to $249.49 million from $245.88 million in the previous year period.
Cost of revenue dropped 3.39 percent or $3.01 million during the quarter to $85.60 million. Gross margin for the quarter expanded 173 basis points over the previous year period to 65.69 percent.
Total expenses were $189.40 million for the quarter, up 4.99 percent or $9.01 million from year-ago period. Operating margin for the quarter contracted 255 basis points over the previous year period to 24.09 percent.
Operating income for the quarter was $60.09 million, compared with $65.48 million in the previous year period.
For financial year 2017, the company forecasts diluted earnings per share to be $0.43.
For the first-quarter, The company forecasts diluted earnings per share to be $0.06 .
Revenue from real estate activities during the quarter went up marginally by 1.47 percent or $3.62 million to $249.49 million.
Income from operating leases during the quarter went up marginally by 2.68 percent or $6.42 million to $246.06 million.
Revenue from other real estate activities during the quarter was $3.43 million, down 44.95 percent or $2.80 million from year-ago period.
Chairman and Chief Executive Officer Terry Considine comments: "2016 was another good year for Aimco with strong Same Store NOI growth of 6.2%; faster than planned lease-up of Indigo and One Canal contributing an additional $0.01 per share of AFFO; average monthly revenue per apartment home better by 8%; and 12% dividend growth."
Real estate investments stood at $14.98 million as on Dec. 31, 2016, down 2.72 percent or $0.42 million from year-ago.
Debt remains almost stable
Total debt was at $3,884.63 million as on Dec. 31, 2016, up 0.92 percent or $35.49 million from year-ago. Shareholders equity stood at $1,944.97 million as on Dec. 31, 2016.
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