Apartment Income REIT provides Q3 outlook with Q2 results, lifts dividend

Apartment Income REIT Corp. reported Nareit funds from operations for the second quarter of 28 cents per share, while pro forma FFO totaled 52 cents per share.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 50 cents.

Total revenues for the quarter came to $178.3 million, a fall of 1.8% year over year from $181.6 million.

In the third quarter, the company expects pro forma FFO between 51 cents and 55 cents per share.

The company expects pro forma FFO per share in the range of $2.09 to $2.15 for the full year, compared with previous guidance in the range of $1.96 to $2.06.

The S&P Capital IQ consensus FFO-per-share estimates for the third quarter and 2021 are 50 cents and $2.02, respectively.

The company's board increased its quarterly cash dividend to 44 cents per share from 43 cents, payable Aug. 27 to stockholders of record Aug. 13.