Associated Estates Realty Corporation (NASDAQ:AEC) reported a lower net income in third quarter, missing analysts’ estimates. Associated Estates Realty is a fully integrated multifamily real estate company engaged in property acquisition, advisory, development, construction, management, disposition, operation, and ownership activities.
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Associated Estates Realty Corporation Earnings Cheat Sheet
Results: Net income for Associated Estates Realty Corporation fell to $2.1 million (4 cents per share) vs. $12.2 million (29 cents per share) a year earlier. This is a decline of 82.8% from the year-earlier quarter.
Revenue: Rose 4.6% to $45.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Associated Estates Realty Corporation fell short of the mean analyst estimate of 31 cents per share. It beat the average revenue estimate of $43.1 million.
Quoting Management: “Fundamentals are very positive and demand for our apartment units remains strong. Physical occupancy was over 97 percent at quarter end,” said Jeffrey I. Friedman, President and Chief Executive Officer.
The company has now missed analyst estimates for the last four quarters. It fell short by one cent in the second quarter, by one cent in the first quarter, and by one cent in the fourth quarter of the last fiscal year.
Looking Forward: Expectations for the fourth quarter have not changed from 33 cents. For the fiscal year, the average estimate has been unchanged at $1.25 a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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