Aimco (NYSE: AIV) reported Q3 EPS of $0.03, $0.04 worse than the analyst estimate of $0.07. AFFO was $0.56.

Chairman and Chief Executive Officer Terry Considine comments: “Business is good! Aimco had a strong third quarter. Third quarter Same Store revenue was up 3.8% year-over-year and NOI was up 4.1%. Year-to-date, Same Store results lead peers in revenue growth, expense control, NOI increases, and NOI margin. In redevelopment, Aimco invested $71 million at properties throughout the portfolio and welcomed the first residents at Parc Mosaic in Boulder, Colorado.”

“In portfolio management, we continue to seek accretive investment opportunities where the land value is a significant percentage of the total investment. We closed one such investment in the third quarter at 1001 Brickell Bay Drive in Miami, the waterfront land and office building contiguous to our Yacht Club community. Aimco now has the ability to combine two fully entitled land parcels and increase entitled density by 10%.”

Chief Financial Officer Paul Beldin adds: “In the third quarter, Aimco lowered its annual cost of leverage by approximately 10 basis points and extended the duration of its balance sheet. Aimco financed $668 million worth of property debt at a weighted-average interest rate of 3.34% and a weighted-average maturity of 11.4 years. Aimco also rate-locked a property loan for $100 million at a 3.21% interest rate and an eleven-year term to maturity.”

“Third quarter 2019 AFFO of $0.56 per share and Pro forma FFO of $0.64 per share were $0.02 ahead of the midpoint of our respective guidance ranges due to timing of offsite costs and casualty losses, and a greater than anticipated tax benefit. Based on our year-to-date results I am increasing, for the second time this year, Pro forma FFO and AFFO guidance by $0.01 at their respective midpoints. These results have Aimco well-positioned to achieve the 6%-8% 2020 AFFO growth presented a month ago in our preliminary 2020 Outlook.”

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