DENVER (AP) — DENVER (AP) — Apartment Investment and Management Co. (AIV) on Monday reported third-quarter net income of $286.7 million, after reporting a loss in the same period a year earlier.
The Denver-based company said it had net income of $2.04 per share. Losses, adjusted to account for discontinued operations, were 60 cents per share.
The real estate investment trust posted revenue of $35.1 million in the period.
Apartment Investment Management expects full-year earnings to be $4.75 to $4.95 per share.
Apartment Investment Management shares have dropped 41% since the beginning of the year, while the S&P’s 500 index has climbed 16%. In the final minutes of trading on Monday, shares hit $5.38, a fall of 37% in the last 12 months.
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