Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and potential of various real estate investment trusts (REITs) and related securities [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary provided by Hoya Capital is intended for informational and educational purposes, emphasizing that it should not be considered as investment advice [2]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies, as well as in ETFs [2]. - The article notes that past performance of market data does not guarantee future results, indicating the inherent volatility and unpredictability of the real estate market [3].

Core Points - Aimco has successfully closed the sale of its interest in two investments in Miami, Florida for a gross price of $204 million [1] - The company retired $110 million of debt with a weighted average rate of 8.6% and received net proceeds of approximately $90 million from the sale [1] - Aimco plans to return the net proceeds to shareholders, declaring a special cash dividend of $0.60 per share to be paid on January 31, 2025 [2] Company Insights - Aimco's President and CEO highlighted the sales as a significant milestone, emphasizing the value created through the redevelopment of The Hamilton and the planning of 3333 Biscayne Boulevard [3] - Aimco focuses on value-add and opportunistic investments in the U.S. multifamily sector, aiming to enhance outcomes through its human capital [4]

Financial Performance - Rental and other property revenues for the three months ended September 30, 2024, were $53,158,000, up 11.5% from $47,701,000 in the same period of 2023[13] - Total operating expenses rose to $54,632,000 for the three months ended September 30, 2024, compared to $44,330,000 in the prior year, marking an increase of 23.2%[13] - Net loss attributable to Aimco for the three months ended September 30, 2024, was $(21,936,000), compared to a loss of $(2,260,000) in the same period of 2023[13] - The company reported a net income (loss) per common share – basic of $(0.16) for the three months ended September 30, 2024, compared to $(0.02) in the same period of 2023[13] - The net loss for the three months ended September 30, 2024, is $23,724,000, compared to a net income of $447,000 for the same period in 2023[14] - Net income for the nine months ended September 30, 2024, was a loss of $88,364,000 compared to a loss of $3,952,000 in 2023[16] - Total revenues for the nine months ended September 30, 2024, increased to $154,508,000 from $137,643,000 in 2023, representing a growth of approximately 12.2%[18] - Operating expenses for the nine months ended September 30, 2024, rose to $156,092,000, up from $130,241,000 in 2023, indicating an increase of about 20%[18] Assets and Liabilities - Total real estate assets increased to $2,311,637,000 as of September 30, 2024, compared to $2,214,623,000 at December 31, 2023, reflecting a growth of 4.4%[12] - Total liabilities increased to $1,600,216,000 as of September 30, 2024, from $1,497,865,000 at December 31, 2023, representing a rise of 6.8%[12] - Cash and cash equivalents decreased to $82,620,000 as of September 30, 2024, down from $122,601,000 at December 31, 2023[12] - Total equity decreased to $292,047,000 as of September 30, 2024, from $419,978,000 at December 31, 2023, indicating a decline of 30.4%[12] - Total assets decreased to $2,067,572,000 as of September 30, 2024, from $2,089,475,000 at the end of 2023, a decline of about 1%[17] Shareholder Information - Weighted-average common shares outstanding decreased to 136,749 for the three months ended September 30, 2024, from 143,299 in the same period of 2023[13] - Common stock repurchased during the nine months ended September 30, 2024, totaled $35,741,000, indicating a significant reduction in outstanding shares[15] - The number of common shares issued decreased from 141,995,000 as of September 30, 2023, to 136,914,000 as of September 30, 2024[14] - The weighted-average common units outstanding decreased to 146,683 for the nine months ended September 30, 2024, from 152,199 in 2023, indicating a reduction of about 3.6%[18] Cash Flow and Investments - Cash provided by operating activities was $46,156,000 for the nine months ended September 30, 2024, compared to $42,551,000 in 2023, reflecting a growth of approximately 3.8%[16] - The company reported a net cash used in investing activities of $114,359,000 for the nine months ended September 30, 2024, compared to $264,124,000 in 2023, showing a significant reduction in cash outflow[16] - The company recognized a non-cash impairment charge of $47.0 million on its investment in IQHQ during the second quarter of 2024, leading to unrealized losses of $0.6 million and $48.1 million for the three and nine months ended September 30, 2024[135] Real Estate Operations - Aimco's portfolio includes 5,600 apartment homes across 21 consolidated stabilized operating properties as of September 30, 2024[25] - Total lease income for the three months ended September 30, 2024, was $51.053 million, a 7.8% increase from $47.577 million in the same period of 2023[82] - Fixed lease income for the nine months ended September 30, 2024, reached $139.096 million, compared to $127.150 million in 2023, reflecting a year-over-year increase of 9.4%[82] - The company operates 21 residential apartment communities with 5,600 stabilized apartment homes as of January 1, 2023[90] Development and Redevelopment - The Development and Redevelopment segment consists of 10 properties, including two under construction and two substantially completed as of September 30, 2024[89] - Capital investment in development and redevelopment activities for the three months ended September 30, 2024, was $29.6 million, a decrease of 60.3% compared to $74.4 million in the same period of 2023[116] - The company has a pipeline of future value-add opportunities in Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range[115] Tax and Compliance - The company recognized an income tax benefit of $3.8 million for Q3 2024, down from $6.2 million in Q3 2023[47] - Aimco is required to distribute at least 90% of its taxable income to holders of its Common Stock as a REIT[173] - There were no changes in Aimco's internal control over financial reporting during the quarter ended September 30, 2024[163] Miscellaneous - Aimco secured a $55.5 million preferred equity commitment for a luxury waterfront rental development in Miami, Florida[35] - The company had remaining commitments for construction-related contracts of $163.7 million[58] - Aimco's cash and cash equivalents, along with restricted cash, totaled $110.4 million as of September 30, 2024[162]

Financial Performance - Aimco reported a net loss attributable to common stockholders of $(0.16) per share for Q3 2024, impacted by increased interest expenses and depreciation despite higher contributions from multifamily property operations[3]. - Net income (loss) attributable to Aimco for Q3 2024 was $(21,936,000), compared to $(2,260,000) in Q3 2023, indicating a significant decline[10]. - Adjusted EBITDAre for Q3 2024 was $19,201,000, down from $73,176,000 for the twelve months ended September 30, 2023[12]. - Cash and cash equivalents decreased to $82,620,000 as of September 30, 2024, from $122,601,000 at the end of 2023, a decline of 32.6%[11]. - Aimco's cash and restricted cash position is reported at $(110.4) million, indicating a need for liquidity management[33]. Revenue and Occupancy - Revenue from Stabilized Operating Properties increased by 4.1% year-over-year to $39.3 million, with average monthly revenue per apartment home rising by 2.4% to $2,415 and average daily occupancy increasing by 160 basis points to 96.8%[3][12]. - Total revenues for Q3 2024 reached $39.281 million, a 4.1% increase compared to Q3 2023[40]. - Average revenue per apartment home in Q3 2024 was $2,418, up from $2,358 in Q3 2023, indicating a 2.5% increase[40]. - Daily occupancy rate for Q3 2024 was 96.8%, slightly improved from 95.2% in Q3 2023[40]. - The median annual household income of new residents was $137,000 in Q3 2024, resulting in a rent-to-income ratio of 19.3%, a decline of 70 basis points from the previous quarter[14]. Operating Expenses - Total operating expenses increased to $54,632,000 in Q3 2024 from $44,330,000 in Q3 2023, representing a 23.2% rise[10]. - Operating expense growth, net of utility reimbursements, was 6.3% in Q3 2024, with a forecast range of 5.50% to 6.50% for the full year[24]. - Interest expense for Q3 2024 was $19,031,000, significantly higher than $8,252,000 in Q3 2023, marking an increase of 130.5%[10]. - Aimco's total expenses for utility reimbursements in September 2024 were $67.1 million, compared to $54.6 million in September 2023, marking a significant increase[51]. Debt and Financing - Aimco's total non-recourse fixed-rate debt was $773.5 million as of September 30, 2024, with a weighted average maturity of 6.5 years[19]. - Total indebtedness rose to $1,250,619,000 in Q3 2024, up from $1,147,741,000 at the end of 2023, reflecting an increase of 9.0%[11]. - Non-recourse construction loans increased to $405,840,000 in Q3 2024 from $301,443,000 at the end of 2023, an increase of 34.5%[11]. - Aimco secured commitments for $56 million of preferred equity and a $172 million construction loan for the financing of its 34th Street development in Miami[20]. Capital Allocation and Strategy - Aimco plans to prioritize return of capital to stockholders as part of its capital allocation strategy[23]. - The company has no acquisitions planned for 2024 but is considering dispositions, including recent agreements to sell properties in Miami[24]. - Aimco's commitment to simplify its portfolio and monetize certain assets aims to unlock embedded value and improve market positioning[23]. - Aimco's strategy includes potential future construction on land parcels held for development, enhancing growth opportunities[53]. Development and Future Projects - Aimco began construction on a $240 million ultra-luxury residential tower in Miami, with initial occupancy projected for mid-2027 and expected NOI yields exceeding 7% at stabilization[3][6]. - The development pipeline includes 12,700,000 square feet of future projects, with an estimated total future cost of $1.7 billion[38]. - The company plans to start vertical construction on several projects in 2025, including 3333 Biscayne Boulevard with 650 multifamily units[39]. - Aimco is expanding its market presence with new developments in Southeast Florida and Colorado's Front Range, including multiple projects scheduled for 2025 to 2028[39]. Portfolio and Asset Management - Aimco's total capital additions for Q3 2024 amounted to $34.4 million, with $29.6 million allocated to development and redevelopment projects[35]. - Aimco's total unconsolidated properties include 142 apartment homes and 6 properties, contributing to a total portfolio of 7,065 apartment homes[34]. - Aimco's pipeline size at period end included 12.7 million gross square feet and 5,858 multifamily units[24]. - Aimco sold a majority of its partnership interest in St. George Villas, a 40-unit property, with the remaining 1% under contract for disposition in Q1 2025[43].

Financial Results and Highlights - Aimco reported a net loss attributable to common stockholders per share of $(0.16) for Q3 2024, impacted by higher interest expenses and depreciation despite increased contributions from multifamily property operations [2] - Revenue from Stabilized Operating Properties increased by 4.1% year-over-year to $39.3 million, with average monthly revenue per apartment home rising by 2.4% to $2,415 and average daily occupancy increasing by 160 basis points to 96.8% [2][10] - NOI for Q3 2024 was $27.4 million, up 1.6% year-over-year, while year-to-date NOI reached $81.1 million, a 4.0% increase compared to the same period in 2023 [10][2] Development and Redevelopment Activities - Aimco began construction on a $240 million ultra-luxury residential tower in Miami's Edgewater neighborhood, expected to be completed by mid-2027 with projected NOI yields exceeding 7% at stabilization [2][5] - The company has two multifamily development projects under construction and two that are substantially completed, with all projects on track for delivery by year-end 2024 [12][6] - Aimco's total direct project costs for Upton Place and Strathmore Square are now expected to be $6 million less than prior estimates, enhancing the value of these projects [6] Capital Allocation and Stockholder Returns - Aimco announced agreements to sell its interests in two Miami investments for a total of $203.8 million, which will provide approximately $90 million to return to stockholders in Q1 2025 after retiring associated liabilities [8][17] - The company repurchased 4.5 million shares of common stock year-to-date at an average cost of $7.98 per share, continuing its strategy to utilize excess capital effectively [9][23] - Aimco's focus on prudent capital allocation includes monetizing assets when opportunities arise and investing in high-return projects [7][16] Market Outlook and Guidance - For the full year 2024, Aimco expects revenue growth between 3.75% and 4.25% and NOI growth between 2.50% and 3.75%, reflecting an increase of over 200 basis points at the mid-point compared to initial expectations [4][28] - The company continues to see strong consumer demand and limited new supply in its markets, contributing to positive revenue trends [4][10] - Aimco's strategic focus on reducing exposure to development activity and simplifying its portfolio is aimed at unlocking embedded value and enhancing stockholder returns [26][32]

DENVER, Oct. 28, 2024 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it plans to report 2024 third quarter results on Thursday, November 7, 2024, after the market closes. Aimco's earnings release will be available in the Investor Relations section of its website at investors.aimco.com. About Aimco Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's missi ...

DENVER, Oct. 9, 2024 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it is under agreement to sell, for $204 million, its interests in two real estate investments in the Edgewater neighborhood of Miami, Florida. The two investments include the recently completed redevelopment of a 276-unit waterfront apartment building, known as The Hamilton, and Aimco's partnership interest in a 2.8-acre development site at 3333 Biscayne Boulevard.The Hamilton, where A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13232 (Apartment Investment and Management Company) Commission File Number: 0-56223 (Aimco OP L.P.) Apartment Investment and Manag ...

[Earnings Release and Outlook](index=3&type=section&id=Earnings%20Release%20and%20Outlook) This section details Aimco's Q2 2024 financial performance, strategic initiatives, and updated full-year guidance, highlighting operational strengths despite a net loss [Financial Results and Highlights](index=3&type=section&id=Financial%20Results%20and%20Highlights) Aimco reported a net loss of $(0.43) per share for Q2 2024 due to an impairment charge, but saw positive operational performance with a 4.1% year-over-year increase in Stabilized Operating Properties NOI Q2 2024 Key Performance Indicators | Metric | Value | Note | | :--- | :--- | :--- | | Net Loss per Share (diluted) | $(0.43) | Primarily due to a non-cash impairment charge on IQHQ investment | | Stabilized Operating Properties NOI Growth (YoY) | 4.1% | Revenue increased 4.6%, expenses increased 5.7% | | Average Monthly Revenue per Apartment Home | $2,392 | An increase of 4.4% YoY | | Common Stock Repurchased (Q2) | 3.0 million shares | At an average cost of $8.02 per share | - Construction at key development projects, including Upton Place, Strathmore Square, and Oak Shore, advanced as planned, with Upton Place substantially complete and leasing exceeding initial underwriting[9](index=9&type=chunk) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO Wes Powell highlighted solid Q2 results driven by NOI growth, strong leasing, on-schedule development, and active asset marketing, with significant stock repurchases returning capital to shareholders - Full-year guidance for 2024 has been revised upwards, with NOI growth now expected to be between **1.50% and 2.75%**, an increase of over 100 basis points at the midpoint[6](index=6&type=chunk) - Active development projects are progressing on schedule and budget, with over **600 new apartment homes** brought online and **250 new leases** executed year-to-date through July[7](index=7&type=chunk) - The company is advancing the sale of its two-property assemblage in Miami's Brickell neighborhood and The Hamilton redevelopment, with a preference for returning net proceeds to stockholders[8](index=8&type=chunk)[10](index=10&type=chunk) - Year-to-date as of July 31, 2024, Aimco has repurchased **4.2 million shares** at an average price of **$7.93 per share**, signaling confidence in the stock's value[10](index=10&type=chunk) [Operating Property Results](index=4&type=section&id=Operating%20Property%20Results) Aimco's Stabilized Operating Properties showed strong Q2 2024 performance with a 4.1% year-over-year NOI increase, driven by 4.6% revenue growth and stable occupancy, despite a 5.7% rise in expenses Stabilized Operating Properties Performance (Q2 2024 vs Q2 2023) | Metric | Q2 2024 | Q2 2023 | Variance | | :--- | :--- | :--- | :--- | | Revenue | $38.7M | $37.0M | +4.6% | | Expenses | $12.2M | $11.5M | +5.7% | | Net Operating Income (NOI) | $26.5M | $25.5M | +4.1% | | Average Daily Occupancy | 96.3% | 96.2% | +0.1% | - Leasing activity remained robust, with effective rents on all new and renewal leases increasing by an average of **3.5%** over the previous lease, and a strong renewal rate of **65.8%**[14](index=14&type=chunk) - The financial profile of new residents is strong, with a median annual household income of **$126,000** and a rent-to-income ratio of **20.0%**[14](index=14&type=chunk) [Value Add and Opportunistic Investments](index=4&type=section&id=Value%20Add%20and%20Opportunistic%20Investments) Aimco is actively pursuing value-add and opportunistic investments, focusing on development projects with high barriers to entry and strategic dispositions, investing $29.8 million in Q2 development activities [Development and Redevelopment](index=4&type=section&id=Development%20and%20Redevelopment) Aimco's active development projects are progressing on schedule and budget, with significant leasing activity at newly delivered properties like Upton Place, Strathmore Square, and Oak Shore, and continued investment in a substantial future pipeline - **Upton Place (Washington D.C.):** Substantially complete with all **689 apartment homes** delivered; as of July 31, 2024, **240 units** were leased and **150 occupied**, with **88%** of the **105K sq ft** of retail space also leased[19](index=19&type=chunk) - **Strathmore Square (Bethesda, MD):** Construction is on plan; as of July 31, 2024, **175 of 220 homes** were delivered and **40 units** were leased at rates ahead of projections[19](index=19&type=chunk) - **Oak Shore (Corte Madera, CA):** Construction is ongoing; as of July 31, 2024, **13 of 24 residences** were delivered, with **7 occupied** and **2 pre-leased**[19](index=19&type=chunk) - In Q2 2024, Aimco invested **$3.3 million** in planning and entitlement for future pipeline projects in South Florida and Colorado[19](index=19&type=chunk) [Investment & Disposition Activity](index=5&type=section&id=Investment%20%26%20Disposition%20Activity) Aimco is actively marketing three properties for sale in the Miami market: the two-property Brickell Assemblage and The Hamilton, engaging in discussions with interested parties without commenting on specifics until definitive agreements are in place - The company is focused on monetizing assets when accretive uses for the proceeds are identified, aligning with its capital allocation strategy[16](index=16&type=chunk)[17](index=17&type=chunk) [Balance Sheet and Financing Activity](index=5&type=section&id=Balance%20Sheet%20and%20Financing%20Activity) Aimco maintains a strong balance sheet with $259.4 million in liquidity as of June 30, 2024, well-managed debt that is 100% fixed-rate or hedged, and no significant debt maturities until May 2026 Net Leverage as of June 30, 2024 (Aimco Share) | Debt Type | Amount (in thousands) | | :--- | :--- | | Total non-recourse fixed rate debt | $774,474 | | Total non-recourse floating rate debt | $90,660 | | Total non-recourse construction loan debt | $337,539 | | Cash and restricted cash | $(108,995) | | **Net Leverage** | **$1,093,678** | - As of June 30, 2024, Aimco had access to **$259.4 million** in liquidity, comprising **$88.5 million** in cash, **$20.9 million** in restricted cash, and **$150.0 million** in borrowing capacity[18](index=18&type=chunk) - Including contractual extensions, less than **1% ($9.4 million)** of total debt matures before May 2026, providing significant financial flexibility[21](index=21&type=chunk) [Public Market Equity](index=6&type=section&id=Public%20Market%20Equity) Aimco demonstrated its commitment to enhancing shareholder value through significant common stock repurchases, buying back 3.0 million shares in Q2, while the Board reviews strategic actions to maximize value and return capital - In Q2 2024, Aimco repurchased **3.0 million shares** at an average price of **$8.02 per share**[25](index=25&type=chunk) - Year-to-date as of July 31, 2024, repurchases totaled **4.2 million shares** at an average cost of **$7.93 per share**[25](index=25&type=chunk) - The Board of Directors is actively considering strategic actions to maximize stockholder value, with a focus on portfolio simplification and returning capital to shareholders following contemplated asset sales[22](index=22&type=chunk)[23](index=23&type=chunk) [2024 Outlook](index=7&type=section&id=2024%20Outlook) Aimco updated its full-year 2024 forecast, projecting a larger net loss per share due to a Q2 impairment charge, but raising its guidance for Net Operating Income (NOI) growth and narrowing revenue and expense growth ranges Updated 2024 Full-Year Guidance | Metric | 2024 Forecast | Prior Forecast | | :--- | :--- | :--- | | Net loss per share – diluted | $(0.80) - $(0.75) | $(0.50) - $(0.40) | | Revenue Growth | 3.25% - 3.75% | 1.75% - 3.75% | | Operating Expense Growth | 6.00% - 7.50% | 6.00% - 8.00% | | Net Operating Income Growth | 1.50% - 2.75% | -0.75% - 2.75% | - The updated guidance does not include any potential gains from transactions in 2024, such as the planned Miami asset sales[26](index=26&type=chunk)[28](index=28&type=chunk) [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) This section presents Aimco's detailed financial statements, including income and balance sheet data, reflecting the company's Q2 2024 performance and financial position [Consolidated Statements of Operations](index=10&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2024, Aimco reported a net loss of $61.1 million, or $(0.43) per diluted share, primarily due to a $47.3 million non-cash impairment charge on its IQHQ equity investment, despite total revenues growing to $51.1 million Q2 2024 Statement of Operations Highlights (in thousands) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Rental and other property revenues | $51,148 | $45,674 | | Total operating expenses | $52,244 | $43,704 | | Realized and unrealized losses on equity investments | $(47,264) | $1,094 | | **Net income (loss)** | **$(61,103)** | **$144** | | **Net loss attributable to Aimco** | **$(60,526)** | **$(3,602)** | | **Net loss per share – diluted** | **$(0.43)** | **$(0.02)** | - The primary driver for the Q2 2024 net loss was a **$47.3 million** non-cash impairment charge on the company's passive equity investment in IQHQ[44](index=44&type=chunk) [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, Aimco's balance sheet showed total assets of $2.06 billion and total liabilities of $1.56 billion, with total Aimco equity decreasing to $253.5 million due to net loss and share repurchases, and total indebtedness increasing to $1.21 billion Balance Sheet Summary (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net real estate | $1,675,129 | $1,633,821 | | **Total assets** | **$2,057,114** | **$2,089,475** | | Total indebtedness | $1,211,315 | $1,147,741 | | **Total liabilities** | **$1,564,360** | **$1,497,865** | | **Total Aimco equity** | **$253,536** | **$349,652** | [Supplemental Information](index=12&type=section&id=Supplemental%20Information) This section provides detailed supplemental financial and operational schedules, including non-GAAP reconciliations, debt profiles, portfolio overviews, and development project specifics [Schedule 1 – EBITDAre and Adjusted EBITDAre](index=12&type=section&id=Schedule%201%20%E2%80%93%20EBITDAre%20and%20Adjusted%20EBITDAre) This schedule reconciles Net Income (Loss) to non-GAAP measures, showing Aimco's Q2 2024 Net Loss of $61.1 million translated to an EBITDAre of $(24.1) million, and an Adjusted EBITDAre of $19.1 million after further adjustments EBITDAre and Adjusted EBITDAre Reconciliation (Q2 2024, in thousands) | Metric | Amount | | :--- | :--- | | Net Income (loss) | $(61,103) | | Adjustments (Interest, Tax, D&A, etc.) | $36,959 | | **EBITDAre** | **$(24,144)** | | Further Adjustments (NCI, IQHQ losses, etc.) | $43,244 | | **Adjusted EBITDAre** | **$19,100** | [Schedule 2 – Aimco Leverage and Maturities](index=13&type=section&id=Schedule%202%20%E2%80%93%20Aimco%20Leverage%20and%20Maturities) This schedule details Aimco's debt profile, showing a total non-recourse debt (Aimco share) of $1.2 billion with a weighted average maturity of 4.8 years, a well-staggered maturity schedule, and net leverage of $1.09 billion - Total Aimco Share of non-recourse debt is **$1.20 billion** with a weighted average maturity of **4.8 years** (**5.4 years** including extensions)[48](index=48&type=chunk)[50](index=50&type=chunk) - The debt maturity profile is favorable, with no significant maturities until 2025, and including extension options, only **0.8%** of debt matures before May 2026[49](index=49&type=chunk)[50](index=50&type=chunk) [Schedule 3 – Aimco Portfolio](index=14&type=section&id=Schedule%203%20%E2%80%93%20Aimco%20Portfolio) As of Q2 2024, Aimco's total portfolio comprises 39 properties, including 6,951 apartment homes, over 436,000 square feet of commercial space, and 106 hotel keys, diversified across stabilized properties, development projects, and land Total Portfolio Overview | Category | Count | | :--- | :--- | | Number of Properties | 39 | | Apartment Homes | 6,951 | | Office and Retail Sq Ft | 436,200 | | Hotel Keys | 106 | | Development Land (Acres) | 24.7 | [Schedule 4 – Aimco Capital Additions](index=15&type=section&id=Schedule%204%20%E2%80%93%20Aimco%20Capital%20Additions) Aimco's capital additions totaled $36.8 million in Q2 2024 and $82.7 million for the first six months of the year, with the majority, $29.8 million for the quarter, directed towards development and redevelopment projects Capital Additions (in thousands) | Category | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Capital Replacements and Casualty | $4,319 | $7,046 | | Development and Redevelopment | $29,809 | $72,568 | | **Total Capital Additions** | **$36,785** | **$82,655** | [Schedule 5 – Aimco Development and Redevelopment Projects](index=16&type=section&id=Schedule%205%20%E2%80%93%20Aimco%20Development%20and%20Redevelopment%20Projects) This schedule outlines Aimco's active and pipeline development projects, including 933 units across three active projects with estimated direct costs of $648.2 million, and a substantial future pipeline of nearly 6,000 multifamily units [Active Development Project Summaries](index=16&type=section&id=Active%20Development%20Project%20Summaries) Aimco has three active development projects in lease-up or under construction: Upton Place (689 units), Strathmore Square (220 units), and Oak Shore (24 units), with a total planned direct capital investment of $456.1 million and projected NOI stabilization between 2025 and 2026 Active Projects Leasing Status (as of July 31, 2024) | Project Name | Location | Units | % Leased or Pre-Leased | | :--- | :--- | :--- | :--- | | Upton Place | Washington, D.C. | 689 | 28% | | Strathmore Square | Bethesda, MD | 220 | 11% | | Oak Shore | Corte Madera, CA | 24 | 38% | - The total estimated direct costs for the development portfolio (including active projects and those in occupancy stabilization) is **$648.2 million**, with an estimated stabilized NOI of **$44.1 million**[58](index=58&type=chunk) [Development and Redevelopment Pipeline Projects](index=17&type=section&id=Development%20and%20Redevelopment%20Pipeline%20Projects) Aimco controls a significant future development pipeline totaling 13.3 million gross square feet, planned to deliver 5,972 multifamily units and nearly 1.7 million square feet of commercial space, primarily in Southeast Florida, D.C. Metro, and Colorado Total Future Pipeline Summary | Metric | Total | | :--- | :--- | | Gross Sq Ft | 13,260,000 | | Multifamily Units | 5,972 | | Leasable Commercial Sq Ft | 1,693,500 | - The earliest potential construction starts for pipeline projects are in late 2024, with the majority planned for 2025 and beyond[63](index=63&type=chunk) [Schedule 6 – Stabilized Operating Properties](index=18&type=section&id=Schedule%206%20%E2%80%93%20Stabilized%20Operating%20Properties) This schedule details operating results for Aimco's 21 stabilized properties (5,600 homes), showing Q2 2024 total NOI grew 4.1% year-over-year to $26.5 million, driven by strong revenue growth in Boston and Southeast Florida, despite a sequential decrease from Q1 2024 Stabilized Properties NOI Growth by Market (Q2 2024 vs Q2 2023) | Market | NOI Growth (YoY) | | :--- | :--- | | Boston | 4.0% | | Chicago | 4.2% | | New York City | 11.6% | | SE Florida | 6.2% | | Other Markets | -4.4% | | **Total** | **4.1%** | - Year-to-date, total NOI for the stabilized portfolio was up **5.3%** compared to the first half of 2023[66](index=66&type=chunk) [Schedule 7 – Acquisitions, Dispositions, and Leased Communities](index=19&type=section&id=Schedule%207%20%E2%80%93%20Acquisitions%2C%20Dispositions%2C%20and%20Leased%20Communities) Transaction activity was minimal in early 2024, with Aimco selling a majority of its partnership interest in St. George Villas, a 40-unit income-restricted property, in February, and the remaining 1% interest under contract for disposition in Q1 2025 - In February 2024, Aimco sold most of its interest in St. George Villas, a **40-unit property** in South Carolina[68](index=68&type=chunk) [Schedule 8 – Net Asset Value Components](index=20&type=section&id=Schedule%208%20%E2%80%93%20Net%20Asset%20Value%20Components) This schedule presents the pre-tax components of Aimco's Net Asset Value (NAV), including $106.2 million in annualized NOI from stabilized properties, $44.1 million in projected NOI from development projects, and $154.0 million in land investments, offset by over $1.2 billion in property and construction debt Key NAV Components (in millions) | Category | Value | | :--- | :--- | | **Assets** | | | Annualized NOI for Stabilized Properties | $106.2 | | Projected Annual NOI for Development Projects | $44.1 | | Land, Planning and Entitlement Investment | $154.0 | | Cash and cash equivalents | $88.5 | | **Liabilities** | | | Non-recourse property debt, net | $851.4 | | Non-recourse construction loans, net | $371.6 | | Preferred equity interests | $174.8 | - Aimco notes that the value of its Brickell Assemblage is estimated to be **$125 - $175 million** higher than the value implied by a capitalization of its current NOI, based on comparable sales[71](index=71&type=chunk) [Glossary and Reconciliations of Non-GAAP Financial and Operating Measures](index=21&type=section&id=Glossary%20and%20Reconciliations%20of%20Non-GAAP%20Financial%20and%20Operating%20Measures) This section defines non-GAAP financial measures and other terms, such as EBITDAre and Property NOI, and provides detailed reconciliations of segment NOI to consolidated GAAP financial statements, ensuring clarity on key metric calculations - Key non-GAAP measures defined include EBITDAre (Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate) and Property NOI (Net Operating Income)[80](index=80&type=chunk)[89](index=89&type=chunk) - The section provides detailed reconciliations of segment NOI to GAAP revenues and expenses, clarifying adjustments for items like utility reimbursements[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)

Core Viewpoint - Aimco reported a net loss of $(0.43) per share for Q2 2024, primarily due to a non-cash impairment charge related to its investment in IQHQ, while showing growth in revenue and net operating income from its stabilized properties [2][3][29]. Financial Results and Highlights - Aimco's revenue for Q2 2024 was $38.7 million, a 4.6% increase year-over-year, with net operating income (NOI) rising 4.1% to $26.5 million [2][8]. - Average monthly revenue per apartment home increased by 4.4% to $2,392, with effective rents on all leases up 3.5% compared to previous leases [2][8]. - Expenses rose by 5.7% year-over-year, mainly due to higher real estate taxes [8]. CEO Commentary - The CEO highlighted solid performance and progress towards 2024 objectives, with NOI growth of 4.1% year-over-year and a leasing renewal rate of nearly 66% [3][4]. - Full-year guidance was revised to expect revenue growth between 3.25% and 3.75% and NOI growth of 1.50% to 2.75% [3][4]. Operating Property Results - Average daily occupancy for stabilized properties was 96.3%, with a slight increase from the previous year [8]. - Year-to-date effective rents were 3.7% higher than previous leases, with a median annual household income of new residents at $126,000, resulting in a rent-to-income ratio of 20.0% [8]. Development and Redevelopment - Aimco has two multifamily development projects under construction and a pipeline of future opportunities totaling approximately 13 million gross square feet [9][10]. - As of July 31, 2024, Aimco has delivered all 689 apartment homes at Upton Place, with 240 units leased at rates ahead of projections [10]. Investment & Disposition Activity - Aimco is actively marketing three assets for sale in the Miami market, including The Brickell Assemblage and The Hamilton [11]. - The company aims to unlock value from its assets and prioritize returning capital to stockholders [5][11]. Balance Sheet and Financing Activity - As of June 30, 2024, Aimco had access to $259.4 million in liquidity, including $88.5 million in cash [12]. - Aimco's net leverage was reported at $1.09 billion, with 100% of total debt either fixed rate or hedged [12][14]. Public Market Equity - In Q2 2024, Aimco repurchased 3.0 million shares at an average price of $8.02 per share, totaling 4.2 million shares repurchased year-to-date at an average cost of $7.93 [13][14].