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AIMCO Increases FFO 8% Despite Flat Markets

DENVER-Apartment Investment and Management Co., which would be the largest multifamily rental REIT in the US after its acquisition of Casden Properties, sees rent growth of just 2% in 2001.

By John Rebchook | Updated on February 15, 2002

DENVER-Locally-based Apartment Investment and Management Co., one of the nation’s largest apartment REITs, reports that its funds from operations for the fourth quarter of 2001 equals $134 million, or $1.30 per share, up 8.1% from the fourth quarter of 2000. Adjusted funds from operations, which measures economic profitability, came to $116 million or $1.13 per share, an increase of 3%.

AIMCO is in the process of buying Casden Properties, creating the nation’s largest apartment REIT.

Capital replacement costs were $110 per unit for the fourth quarter of 2001 compared to $75 per unit in the fourth quarter of 2000. Capital replacement costs for all of 2001 was $367 per unit, compared with $300 per unit in 2000.

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