AEC BASHES IN HEADS OF NON-BELIEVERS

First Quarter Same Community Revenue up 5.9 Percent
First Quarter Same Community NOI up 9.4 Percent
Quarter-End Same Community Physical Occupancy 97.3 Percent

Unadjusted FFO per share, $0.25, versus $0.23 for the same period 2011. Adjusted FFO per share of $0.29, thanks to loan prepayment costs totaling about $2 million.

Dividend has been raised by 5.9%, to $0.18 quarterly.

Funds available for distribution to shareholders are up 31% from 2011, to $11.728 million. Which, thanks to depreciation and one time expenses, still led the company to generate a $0.05 loss on the books this quarter (totally meaningless). What is meaningful is that all that cash flow is subsequently tax free.

Fuck you, fuck you, and fuck you.

Company apartments are full, almost literally, and they are looking ahead to continue ambitious acquisition and construction plans.

Now I’m going to go down some scotch before this erection wears off…