Apartment Investment and Management pany(AIV) - 2025 Q3 - Quarterly Results

Financial Performance - Aimco's net income attributable to common stockholders per share was $2.04 for Q3 2025, compared to $1.80 for the nine months ended September 30, 2025[20]. - Aimco's diluted net income per share for Q3 2025 was $1.80, with a full-year forecast of $4.75 to $4.95, down from the prior forecast of $5.20 to $5.40[40]. - Net income attributable to Aimco for Q3 2025 was $286,713, compared to a net loss of $21,936 in Q3 2024[66]. - The company reported a net income (loss) from continuing operations of $(79,314) for Q3 2025, compared to $(27,347) in Q3 2024[66]. - The company’s total income (loss) before income tax benefit for the three months ended September 30, 2025, was $(79,430,000), compared to $(31,161,000) in the same period of 2024, indicating a significant decline[126]. Revenue and Operating Income - Rental and other property revenues for Q3 2025 were $35,132, a slight decrease of 0.6% compared to $35,328 in Q3 2024[66]. - Aimco's property net operating income (NOI) for Q3 2025 was $35.305 million, representing a 7.1% increase from Q2 2025[92]. - Stabilized Operating properties generated a Property NOI of $11,625,000 for the three months ended September 30, 2025, compared to $12,035,000 in the same period of 2024, a decline of 3.4%[127]. - Total rental income for the nine months ended September 30, 2025, was $103,847,000, compared to $101,637,000 for the same period in 2024, reflecting a year-over-year increase of 2.2%[127]. Expenses and Impairments - Total operating expenses increased significantly to $98,011 in Q3 2025 from $46,784 in Q3 2024, primarily due to a $57,373 impairment on real estate[66]. - The company reported an impairment on real estate of $57,373,000 for the three months ended September 30, 2025, compared to $0 in the same period of 2024[126]. - Interest expense for the three months ended September 30, 2025, was $14,033,000, down from $16,323,000 in the same period of 2024, indicating a decrease of 14.0%[126]. - General and administrative expenses for the three months ended September 30, 2025, were $7,523,000, slightly down from $7,750,000 in the same period of 2024, a decrease of 2.9%[126]. Asset and Liability Management - Total assets increased to $2,076,769 as of September 30, 2025, up from $1,956,910 at the end of 2024[68]. - Total liabilities increased to $1,821,512 as of September 30, 2025, compared to $1,644,613 at the end of 2024[68]. - The company’s total indebtedness remained stable at $828,532 as of September 30, 2025, compared to $829,666 at the end of 2024[68]. - Aimco's net leverage stood at $743,923, indicating a solid financial position amidst ongoing market challenges[71]. Shareholder Returns and Distributions - Aimco has returned $2.83 per share to shareholders during the calendar year, including a $0.60 per share dividend paid in Q1 2025[7]. - Aimco's total distribution estimate, including previous special dividends, is between $8.60 and $9.95 per share, reflecting approximately 170% of Aimco's share price following the 2020 Spinoff[13]. - Year-to-date, Aimco has paid $2.83 per share in special cash dividends, with a special cash dividend of $2.23 per share declared on September 15, 2025[36]. Portfolio and Development Activities - Aimco's current portfolio includes 15 fully stabilized multifamily communities with 2,524 apartment homes and three recently completed Class A development projects with 933 apartment homes[10]. - Aimco's active development projects include Upton Place with 689 units, currently 76% pre-leased, and expected to stabilize in Q1 2026[83]. - Aimco's development pipeline includes 30.37 acres with a total of 7,740,000 gross square feet planned, comprising 3,708 multifamily units and 1,011,000 commercial square feet[89]. - Aimco's total capital additions for the third quarter of 2025 amounted to $30.995 million, with $25.044 million allocated to development and redevelopment projects[81]. Sales and Dispositions - Aimco sold four suburban Boston properties for $490 million in September 2025, distributing $2.23 per share to stockholders as a special cash dividend[20]. - Aimco's dispositions for 2025 are projected to total $1.26 billion, including a $740 million sale of the Boston portfolio and a $520 million sale of the Brickell Assemblage[43]. - The company disposed of its Suburban Boston portfolio for proceeds of $740 million, with a cap rate of 6.6%[94]. - Aimco is under contract to sell its Brickell Assemblage for expected proceeds of $520 million, with net proceeds from the sale of the final suburban Boston property at $70.9 million[102].