Apartment Investment and Management pany(US:AIV)2024-11-07 21:45Financial 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]