Associated Estates Realty Corp Earnings Cheat Sheet: FFO Rises

Associated Estates Realty Corporation’s (NASDAQ:AEC) second quarter grew from a year earlier. Associated Estates Realty Corporation is a fully integrated multifamily real estate company engaged in property acquisition, advisory, development, construction, management, disposition, operation and ownership activities.

Get more Earnings Cheat Sheets with our in depth coverage of earnings season >>

Associated Estates Realty Earnings Cheat Sheet for the Second Quarter

Results: Funds from Operations (FFO) rose to 27 cents per share from 17 cents per share in the same quarter a year earlier.

Revenue: Rose 30.6% to $45.5 million from the year earlier quarter.

Actual vs. Wall St. Expectations: AEC beat the mean analyst estimate of 26 cents per share. It beat the average revenue estimate of $40.1 million.

Quoting Management: “Operating fundamentals are strong. Our results continue to exceed expectations,” said Jeffrey I. Friedman, president and chief executive officer. “Our portfolio is well positioned to benefit from increased apartment demand,” Friedman added.

Key Stats:

Revenue has risen the past four quarters. Revenue increased 31.6% to $43.4 million in the first quarter. The figure rose 40.9% in the fourth quarter of the last fiscal year from the year earlier and climbed 22.6% in the third quarter of the last fiscal year from the year-ago quarter.

The company topped expectations last quarter after falling short of forecasts in the first quarter with FFO of 23 cents versus a mean estimate of 25 cents per share.

Competitors to Watch: Colonial Properties Trust (NYSE:CLP), UDR, Inc. (NYSE:UDR), Camden Property Trust (NYSE:CPT), Equity Residential (NYSE:EQR), BRE Properties, Inc. (NYSE:BRE), Mid-America Apartment (NYSE:MAA), AvalonBay Communities, Inc. (NYSE:AVB), Home Properties, Inc. (NYSE:HME), Post Properties, Inc. (NYSE:PPS), and Apartment Investment and Management Co. (NYSE:AIV).

Get more Earnings Cheat Sheets with our in depth coverage of earnings season >>

(Source: Xignite Financials)

More from The Cheat Sheet