Barclays Maintains an 'Underweight' on Apartment Investment Management (AIV); Refinancing Activity Leads to Charges

Barclays maintains an 'Underweight' on Apartment Investment Management (NYSE: AIV), PT $23.

Barclays analyst says, "AIMCO announced that it completed $674 million of refinancing activity (14% of its debt), which will lead to $0.15 per share in prepayment charges ($0.14) and the writeoff of deferred financing costs ($0.01). As a result, it is lowering 2Q11 and FY11 FFO guidance by $0.15 per share to $0.18-$0.22 and $1.34-$1.44, respectively. The charges buy the company a slightly better maturity profile, with a weighted average maturity of 8.4 years, up from 8.0 years previously."

"We are reducing our 2Q11 and FY 2011 FFO estimate by $0.15 to account for the charges. Our 2011E FFO is now $1.39 (was $1.54), and our 2Q11 estimate is now $0.21 (was $0.36)."

For more ratings news on Apartment Investment Management click here and for the rating history of Apartment Investment Management click here.

Shares of Apartment Investment Management closed at $26.13 yesterday.

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