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 ...

Table of Contents Page 2 CEO Commentary Wes Powell, Aimco President and Chief Executive Officer, comments: "In the second quarter, Aimco continued to produce solid results and made steady progress toward our 2024 plans and objectives. "Aimco's diversified portfolio of apartment communities continued to perform well during the second quarter with NOI up 4.1% year- over-year. Nearly 66% of residents whose leases were expiring signed renewals during the quarter and average monthly revenue per apartment home gr ...

DENVER, Aug. 7, 2024  /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today second quarter results for 2024, updated guidance, and provided highlights on recent and planned activities.Financial Results and HighlightsAimco's net loss attributable to common stockholders per share, on a fully dilutive basis, was $(0.43) for the quarter ended June 30, 2024, due primarily to a non-cash impairment charge related to its passive equity investment in IQHQ.Second quarter 20 ...

DENVER, July 25, 2024 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it plans to report 2024 second quarter results on Wednesday, August 7, 2024, after the market closes. The Company's earnings release will be available in the Investor Relations section of its website at investors.aimco.com.About AimcoAimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's m ...

Marcus Lindstrom One apartment REIT after another beat on 1Q24 earnings which was surprising as the sector is undergoing a massive new supply wave with development deliveries as much as 5% of existing inventory hitting the sector in 2024 and the first half of 2025. So how has the sector been able to absorb the new supply so well? In examining the data, it seems there is a perfect storm of demand drivers: Strong employment Low savings rate High cost of houses High cost of construction Mortgage rates Th ...

Financial Performance - Rental and other property revenues for the three months ended March 31, 2024, were $50,203 thousand, up 13.4% from $44,268 thousand in the same period of 2023 [21]. - Total revenues increased to $50,203 thousand in Q1 2024, up 13.9% from $44,268 thousand in Q1 2023, driven by higher rental and other property revenues [30]. - Net income for the three months ended March 31, 2024, was a loss of $7,196 thousand, compared to a loss of $5,753 thousand in the same period of 2023, reflecting an increase in losses of approximately 25.2% [30]. - Net income attributable to Aimco for Q1 2024 was a loss of $10,186 thousand, compared to a loss of $8,817 thousand in Q1 2023, indicating a decline of 15.5% [21]. - Consolidated net losses subject to tax were $6.6 million for the three months ended March 31, 2024, compared to $4.9 million for the same period in 2023 [56]. - For the three months ended March 31, 2024, net income was $(7,196) thousand, compared to $(5,753) thousand for the same period in 2023 [162]. - EBITDAre for the three months ended March 31, 2024, was $23,127 thousand, an increase from $16,270 thousand in 2023, reflecting a growth of 42% [162]. - Adjusted EBITDAre for the three months ended March 31, 2024, was $17,964 thousand, up from $13,901 thousand in 2023, representing a 29% increase [162]. Assets and Liabilities - Total assets increased to $2,119,891 thousand as of March 31, 2024, compared to $2,089,475 thousand at December 31, 2023, reflecting a growth of 1.4% [18]. - Total liabilities increased to $1,541,313 thousand as of March 31, 2024, compared to $1,497,865 thousand at the end of 2023, reflecting a rise in total indebtedness [28]. - Total equity decreased to $405,420 thousand as of March 31, 2024, from $419,978 thousand at December 31, 2023, a decline of 3.5% [19]. - Cash and cash equivalents slightly decreased to $121,814 thousand as of March 31, 2024, from $122,601 thousand at December 31, 2023 [18]. - Cash and cash equivalents at the end of the period were $140,403 thousand, down from $188,634 thousand at the end of Q1 2023, indicating a decrease of 25.5% [25]. - Non-recourse property debt remained stable at $845,671 thousand as of March 31, 2024, compared to $846,298 thousand at December 31, 2023 [19]. - Non-recourse property debt and construction loans, net, totaled $1,182.0 million as of March 31, 2024, compared to $1,147.7 million as of December 31, 2023, indicating an increase of 2.9% [101]. Cash Flow - Net cash provided by operating activities was $21,712 thousand for Q1 2024, significantly higher than $5,599 thousand in Q1 2023, indicating improved cash flow from operations [25]. - Net cash used in investing activities for the three months ended March 31, 2024, was $41.1 million, a decrease of $22.1 million compared to the same period in 2023 [172]. - The company reported a net cash decrease of $1.136 million, contrasting with a decrease of $41.132 million in the same period last year [33]. - As of March 31, 2024, available liquidity was $290.4 million, including $121.8 million in cash and cash equivalents [163]. Capital Expenditures - Capital expenditures for Q1 2024 were $40,936 thousand, a decrease of 36.8% from $64,814 thousand in Q1 2023, suggesting a reduction in investment activities [25]. - The company invested $42.8 million in development and redevelopment activities during the three months ended March 31, 2024, a decrease of 33.9% compared to $64.8 million in the same period of 2023 [126]. - The company had remaining commitments for construction-related contracts of $42.4 million as of March 31, 2024, with $91.7 million undrawn on non-recourse construction loans [64]. Property and Development - The company owned or leased a portfolio of 5,600 apartment homes across 21 consolidated stabilized operating properties as of March 31, 2024 [39]. - The Development and Redevelopment segment includes 10 rental communities, with 3 currently under construction as of March 31, 2024 [92]. - The company has three active development and redevelopment multifamily projects in varying phases of construction and lease-up, all on track according to budget and lease-up metrics [126]. - Construction at Upton Place in Upper Northwest Washington, D.C. is nearing completion, with 100 of the 624 units leased at rates above underwriting [131]. Shareholder Information - The company reported a weighted-average common shares outstanding of 140,594 thousand for Q1 2024, down from 145,827 thousand in Q1 2023, a decrease of 3.6% [21]. - The net income (loss) attributable to Aimco Operating Partnership per common unit was $(0.07) for Q1 2024, compared to $(0.06) for Q1 2023, indicating a slight deterioration in per unit performance [30]. - Basic earnings per share for the first quarter of 2024 was $(0.07), consistent with the $(0.06) reported in the first quarter of 2023 [72]. - For the three months ended March 31, 2024, net loss attributable to Aimco common stockholders per share was ($0.07), compared to ($0.06) for the same period in 2023 [129]. Other Financial Metrics - The company recognized an income tax benefit of $2.7 million for the three months ended March 31, 2024, compared to a benefit of $4.2 million in the same period of 2023 [57]. - Interest expense rose by $3.6 million, or 37.5%, due to increased non-recourse construction loan interest for development properties [148]. - Depreciation and amortization expense increased by $3.2 million, or 19.6%, primarily due to increases at Upton Place and The Benson Hotel [145]. - Proportionate property net operating income for the Operating segment was $27,136 thousand for the three months ended March 31, 2024, compared to $25,486 thousand for the same period in 2023, reflecting a 6.5% increase [96].