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Aimco (AIV) Provides Update on Damages by Hurricane Irma
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Based on preliminary assessments, Apartment Investment and Management Company (AIV - Free Report) — 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.
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.
New Report: An Investor’s Guide to Cybersecurity
Cyberattacks have become more frequent and destructive than ever. In fact, they’re expected to cause $6 trillion per year in damage by 2020. The cybersecurity industry is expanding quickly in response to these threats. In fact, a projected $170 billion per year will be spent to protect consumer and corporate assets. Zacks has just released Cybersecurity: An Investor’s Guide to Locking Down Profits which reveals 4 promising investment candidates.
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Aimco (AIV) Provides Update on Damages by Hurricane Irma
Based on preliminary assessments, Apartment Investment and Management Company (AIV - Free Report) — 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. (UMH - Free Report) , Preferred Apartment Communities, Inc. and Seritage Growth Properties (SRG - Free Report) . 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.
New Report: An Investor’s Guide to Cybersecurity
Cyberattacks have become more frequent and destructive than ever. In fact, they’re expected to cause $6 trillion per year in damage by 2020.
The cybersecurity industry is expanding quickly in response to these threats. In fact, a projected $170 billion per year will be spent to protect consumer and corporate assets. Zacks has just released Cybersecurity: An Investor’s Guide to Locking Down Profits which reveals 4 promising investment candidates.
Download the new report now>>