Aimco (AIV) Provides Update On Damages By Hurricane Irma

Based on preliminary assessments, Apartment Investment and Management Company (NYSE:AIV) — better know as Aimco — announced that six Florida-based properties experienced minor damages due to Hurricane Irma. Costs to repair these damages have been estimated to be around $1.5-$2.5 million.

These costs are mainly limited to clean-up, landscaping repairs, roofing and minor water intrusion repairs. According to Paul Beldin, the company’s executive vice president and chief financial officer, “Neither Aimco teammates nor Aimco residents sustained serious injuries.” Moreover, the company’s assets too did not sustain any structural or severe damages.

Aimco has five apartment communities and 2,638 apartment homes in Miami, FL, as of Jun 30, 2017.

This residential real estate investment trust (REIT) witnessed a dip in leasing activity due to the storm and prior evacuations. Nonetheless, it anticipates that leasing has been delayed to later periods.

The company’s second-quarter results reflected strong leasing improvement. Aimco closed a significant portion of its leasing transactions for the year during the recently reported quarter, which contributed to growth in revenues.

Aimco has underperformed the industry it belongs to, year to date. The company’s shares have gained 0.3%, while the industry registered growth of 5.5%, during this time period.



Aimco currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for funds from operation (FFO) per share estimates for third-quarter 2017 moved 1.6% upward to 62 cents over the past 60 days. However, the 2017 estimate edged down a cent to $2.44 during the same time frame.

Stocks to Consider

Better-ranked stocks in the REIT space include UMH Properties, Inc. (NYSE:UMH) , Preferred Apartment Communities, Inc. (NYSE:APTS) and Seritage Growth Properties (NYSE:SRG) . All three stocks carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

UMH Properties’ FFO per share estimates for 2017 inched up 1.3% to 77 cents in a month’s time.

Preferred Apartment Communities’ FFO per share estimates for 2017 remained unchanged at $1.46 during the same time period.

Seritage’s FFO per share estimates for 2017 inched up 0.5% to $2.01 over the past 60 days.

Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

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Apartment Investment and Management Company (AIV): Free Stock Analysis Report

Preferred Apartment Communities, Inc. (APTS): Free Stock Analysis Report

Seritage Growth Properties (SRG): Free Stock Analysis Report

UMH Properties, Inc. (UMH): Free Stock Analysis Report

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