WASHINGTON (dpa-AFX) - Associated Estates Realty Corporation (AEC) reported first-quarter net loss applicable to the company of $2.1 million or $0.05 per share, narrower than $3.1 million or $0.07 per share in the prior year quarter.
Funds from operations or FFO for the quarter rose to $10.7 million or $0.25 per share from $9.5 million or $0.23 per share in the previous year quarter.
Funds from operations as adjusted was $12.1 million or $0.29 per share, up from $9.5 million or $0.23 per share in the previous year quarter.
Analysts polled by Thomson Reuters expected the company to report profit of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue increased to $42.93 million from $42.25 million last year, while nine analysts estimated revenue of $42.20 million for the quarter.
Associated Estates Realty reaffirmed its full year 2012 FFO as adjusted guidance range to $1.23 to $1.27 per share. Analysts currently expect the company to report 2012 profit per share of $1.24.
Further, the company increased its dividend from $0.17 per share per quarter to $0.18 per share per quarter, effective with the dividend payable on May 1, 2012.
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