October 10, 2008 / 12:17 PM / 10 years ago

CORRECTED - CORRECTED-UPDATE 1-Aimco says Q3 FFO may beat forecast

(Corrects second bullet point and paragraph 6 to show that the company has recommended to the board, and not set, the declaration of a special dividend. Also dropping incorrect reference to the dividend in the headline)

* Q3 FFO to meet or exceed forecast

* Recommends special quarterly dividend of $1.80 a share

* Sees drop in transaction income in 2009

(Recasts, Adds details)

Oct 10 (Reuters) - Apartment Investment and Management Co (AIV.N), one of the largest U.S. apartment landlords, said it expects third-quarter funds from operation to meet or exceed its previous forecast and set a special dividend for the quarter.

The company had forecast third-quarter FFO of 81 cents to 85 cents a share, excluding charges from the hurricane impact.

Aimco expects its share of the casualty expenses, net of third party insurance coverage, from Hurricane Ike and Tropical Storm Fay, to be about 3 cents to 6 cents a share.

However, the company said it expects the economy to soften further in 2009 and sees a drop in transaction income, due to lower promote income than earned in 2008.

Analysts, on average, expect third quarter FFO of 82 cents a share, according to Reuters Estimates.

Aimco also recommended its board declare a special quarterly dividend of $1.80 a share.

Shares of the company closed at $20.75 Thursday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Anil D’Silva)

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