Apartment Investment and Management pany(US:AIV)2024-05-08 20:25Financial 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].