Posted on April - 25 - 2010
Associated Estates Realty Corp. reports larger first-quarter loss
Associated Estates Realty Corp. (NYSE: AEC) has reported a bigger first-quarter loss than it posted in the year-earlier period, when the real estate investment trust realized a gain from the disposition of a property.
Associated Estates said the loss in the latest first quarter totaled $4 million, or 19 cents a share. In last year’s first quarter, the REIT lost $936,000, or six cents a share, which included a gain of 14 cents a share on the property sale.
Funds from operations, a common measurement of REIT performance, were down 27%, to $4.3 million from $5.9 million in the first quarter of 2009. However, on a per-share basis, funds from operations fell 44%, to 20 cents from 36 cents, because of a 29% increase in shares outstanding this year.
Revenue at Associated Estates slipped 1.8%, to $33 million from $32.4 million.
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