Aimco misses estimates, raises guidance

• Q3 pro forma FFO of $0.55 down from $0.57 one year ago. Adjusted FFO of $0.45 slips from $0.48.
• Same-store average rent for apartments of $1,666 up 5% Y/Y. Average daily occupancy of 95.7% flat.
• Same-store revenue up 5% Y/Y; expenses up 2.4%; NOI up 6.3%.
• Full-year pro forma guidance is lifted to $2.29-$2.33 per share from $2.26-$2.34. AFFO of $1.96-$2 from $1.94-$2.02.
• Earnings call tomorrow at 1 ET
• Previously: Apartment Investment misses by $0.01, beats on revenue (Oct. 27)
• AIV flat after hours