Aimco (NYSE: AIV) reported Q1 EPS of $1.88, which may not compare to the the analyst estimate of $0.06. FFO was $0.61 and AFFO was $0.55.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco has started 2019 with solid results, the product of an intentional strategy to create Net Asset Value per share. In our Same Store portfolio, we maintained 97.0% occupancy for the entire quarter, increased net operating income by 5.5%, and posted peer-leading net operating income margins of 73.2%. In Redevelopment, we started the renovation of 707 Leahy, located in Redwood City, California; adding another start to this highly accretive business. In Portfolio Management, we sold seven apartment communities at prices above our internal estimated gross asset values for proceeds sufficient to complete the paired trade funding for the value-creating share repurchases in last year’s fourth quarter. And last month, we acquired One Ardmore, the fifth and final community in the Philadelphia portfolio acquisition announced one year ago.”

Chief Financial Officer Paul Beldin adds: “First quarter 2019 AFFO of $0.55 per share and Pro forma FFO of $0.61 per share were $0.02 and $0.01 ahead of the midpoint of our respective guidance ranges due to better than expected operating results at our Same Store, Redevelopment and Acquisition communities and the timing of general and administrative expenses. First quarter Same Store revenuegrowth of 4.2% was ahead of the assumptions underpinning the midpoint of our full-year 2019 revenuegrowth guidance of 3.3%, leaving us well positioned as we enter the important summer leasing season.”

“Aimco’s balance sheet is safe and liquid, which creates opportunity and flexibility. Aimco used proceeds from first quarter sales to pay down borrowings on our revolving credit facility, ending the quarter with cash on hand of $198 million and the capacity to borrow $723 million under our revolving credit facility. On April 1, we prepaid, at par, $168 million of property-level debt maturing during the third quarter of 2019. This repayment of debt added $740 million of property value to Aimco’s pool of unencumbered properties, now estimated at $3.3 billion.”

For earnings history and earnings-related data on Aimco (AIV) click here.