UPDATE 1- Aimco fourth-quarter FFO falls

* FFO, ex items, 36 cents/shr

* Shares unchanged in pre-market activity

NEW YORK Feb 5 (Reuters) - Apartment Investment and Management Co (AIV.N) (Aimco), one of the largest U.S. apartment landlords, said fourth-quarter funds from operations fell but beat analyst's forecast by a penny a share.

FFO, a performance measurement for real estate investment trusts, rose to $30.2 million, or 26 cents per share, from $28.9 million, or 32 cents per share, a year earlier, the Denver-based company said on Friday.

FFO excludes the profit-reducing effect of depreciation.

Excluding mostly non-cash impairment charges, FFO was 36 cents per share. Analysts on average had expected 35 cents, according Thomson Reuters I/B/E/S.

The company had projected FFO in the range of 32 cents to 40 cents per share.

Aimco expects first-quarter FFO of 26 cents to 30 cents per share. It expects 2010 FFO in range of $1.25 to $1.35 per share. Analysts expected first-quarter FFO of 32 cents per share and full-year FFO of $1.26 per share. (Reporting by Ilaina Jonas; Editing by Derek Caney)