This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Three apartment properties in Alabama and Georgia, known as the Tusk Multifamily Portfolio, have moved into special servicing, according to a Morningstar Credit report shared with Multifamily Dive.  The sponsor of the loan is listed as Moshie Horn, according to a filing with the Securities and Exchange Commission. Horn is listed as principal of Tusk Equity Pa ...

Core Viewpoint - Aimco has concluded its strategic review process and is seeking shareholder approval for a "Plan of Sale and Liquidation," which is expected to provide significant liquidating distributions to shareholders, estimated between $5.75 and $7.10 per share [1][4][6]. Financial Performance - Aimco reported third-quarter revenue of $18.2 million, a 1.2% increase year-over-year, driven by a 3.0% rise in average monthly revenue per apartment home to $2,531 [11][12]. - The net income attributable to common stockholders per share was $2.04 for the three months ended September 30, 2025, compared to $1.80 for the nine months ended [12][50]. - Property Net Operating Income (NOI) from stabilized properties was $11.6 million in Q3 2025, down 3.4% year-over-year, with total year-to-date NOI at $35.3 million, a decrease of 1.9% [12][18]. Strategic Actions - Aimco has sold its Boston portfolio for $740 million, with $490 million from four properties sold in September 2025, and a special dividend of $2.23 per share was distributed to shareholders [20][21]. - The company is actively marketing its remaining properties and has a contract to sell the Brickell Assemblage in Miami for $520 million, with closing targeted for December 2025 [5][24]. Shareholder Returns - Aimco has returned a total of $2.83 per share to shareholders in special dividends during 2025, including the recent $2.23 per share distribution [2][32]. - The total estimated distribution to shareholders, including previous dividends, is projected to be between $8.60 and $9.95 per share, reflecting approximately 170% of Aimco's share price following the 2020 spinoff [6][12]. Future Outlook - The Board of Directors plans to seek shareholder approval for the liquidation plan in early 2026, which aims to maximize shareholder value through the orderly sale of remaining assets [4][16]. - Aimco's current portfolio includes 15 stabilized multifamily communities and various development projects, with expectations for occupancy stabilization in early 2026 for some properties [4][19].

Financial Performance & Guidance - The company raised its 2025 full-year earnings guidance for Core FFO from $6.75 to $6.81 per share[7] - The company's 2025 core FFO guidance excludes approximately $0.11 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs[33] - The midpoint of 2025 same property revenue growth guidance is 1%[34] - The company reported Core FFO per diluted share of $1.70 and Core AFFO per diluted share of $1.43 in 2Q25[158] Portfolio & Capital Recycling - The company disposed of four operating properties to-date in 2025 for a total of $174 million[7] - The company completed three acquisitions to-date in 2025 for a total of $338 million[7] - The company commenced construction on one new development community with a total expected cost of $184 million[7] - Since 2011, the company has completed $4.2 billion in developments and $3 billion in acquisitions, while disposing of $4 billion in assets[73] Capital Structure & Liquidity - The company established a $600 million commercial paper program to supplement its existing unsecured line of credit[7] - The company has approximately $0.7 billion available under its $1.2 billion unsecured credit facility and commercial paper program[27, 162] - The company's total market capitalization is $16 billion[22, 161]

Core Insights - The article discusses the recent acquisitions by Stockdale Capital Partners in the multifamily real estate sector, highlighting the current market conditions that present both challenges and opportunities for investment firms [1][2]. Group 1: Acquisitions - Stockdale Capital Partners has acquired two properties: Amelia at Farmer's Market in Dallas and The Quincy at Kierland in Scottsdale, Arizona, expanding its multifamily division [2][5]. - The purchase price for The Quincy at Kierland was reported at $110 million, while the price for Amelia at Farmer's Market was withheld [1][5]. Group 2: Market Conditions - The article notes a glut of newly built apartments, leading to competitive markets where operators must offer concessions to retain residents [1]. - Stockdale's Managing Director, Chase Jensen, indicates that rising loan maturities, declining supply, and future rent growth create favorable conditions for acquisitions [3]. Group 3: Property Features - Amelia at Farmer's Market is a 297-unit class A community featuring luxury amenities such as a rooftop infinity-edge pool and a state-of-the-art health studio [4]. - The Quincy at Kierland consists of 266 units with high-end finishes and amenities including a resort-style pool, fitness center, and business center [6].

Core Insights - Matt Ferrari has launched PXV Multifamily after nearly a decade at TruAmerica Multifamily, where he significantly contributed to the firm's growth, increasing its assets under management (AUM) from $6.2 billion to $15.2 billion [3] - PXV Multifamily will target a wide range of assets, including middle-market value-add properties and institutional quality opportunities, with a goal to build over $2 billion in AUM within the next 36 months [6] Company Background - Ferrari previously served as investments director for AvalonBay Communities and began his career at Archstone as operations director, managing multifamily and retail assets in New York City [4] - BroadVail Capital Partners is funding PXV Multifamily, marking its entry into the conventional multifamily sector after closing $4 billion in other real estate sectors [6] Market Outlook - Ferrari believes the multifamily investment market is poised for a turnaround, with resetting values, increased transaction activity, and improved operating fundamentals [6] - He noted that the influx of new entrants during the past cycle, many of whom are not operators and took on excessive leverage, has led to mismanagement in the market, creating investment opportunities [7]

Core Insights - AvalonBay reported lower-than-expected results for Q3, primarily due to a decline in Net Operating Income (NOI) [1] - Apartment demand has softened this year, attributed to reduced job growth, lower consumer confidence, and decreased government hiring [2] - The company revised its full-year 2025 Funds From Operations (FFO) outlook down by 1.2% due to declining rental rates and slight occupancy dip [4] Financial Performance - The company underperformed its outlook by five cents, with three cents attributed to same-store portfolio results, including one cent from lower revenue and two cents from higher operating expenses [3] - AvalonBay has $3 billion in projects under construction expected to create value in 2026 and 2027, and is on track to start $1.7 billion worth of development projects this year [5] Market Trends - Development economics are more favorable in suburban submarkets compared to urban areas, although project approvals can be more challenging [6] - Urban areas are encouraging the conversion of outdated offices to multifamily units, potentially leading to quicker supply materialization due to shorter build cycles [7] Regional Performance - Rental rates began to decline below midyear expectations in August, particularly in Denver, Southern California (notably Los Angeles), and the mid-Atlantic region [8] - AvalonBay has been reducing its exposure in lower-performing regions in California and the mid-Atlantic, including recent asset sales in Washington, D.C. [8]

Financial Performance & Outlook - 3Q25 Core FFO per share增长0.4%，年初至今增长2.3%[9] - 3Q25 Same Store Residential Revenue增长2.3%，年初至今增长2.7%[9] - 2025全年Core FFO per share增长预期中点为2.2%，低于先前预期的3.5%[29] - 2025全年Same Store Residential Revenue增长预期为2.5%，低于先前预期的2.8%和初始预期的3.0%[29] - 运营费用增长预期上调，当前预期为3.8%，高于先前预期的3.1%和初始预期的4.1%[29] Capital Allocation & Development - 2025年至今已筹集20亿美元资本[9] - 30亿美元的开发项目正在进行中，预计稳定后将带来增量收益和价值创造[8] - 股票回购金额为1.5亿美元，加权平均股价为193美元[9] - 开发启动金额为4.35亿美元，年初至今为10亿美元[9] Strategic Focus - 2025年战略重点领域取得重大进展，增加了郊区和扩张区域的配置[8] - 预计2025年运营举措带来的增量NOI为900万美元，已完成超过8000万美元的运行率增量NOI的一半[8]

Financial Performance - Net Income per diluted share was $0.12 in 3Q 2025, a 100% increase compared to $0.06 in 3Q 2024[8] - FFO per diluted share was $0.62 in 3Q 2025, a 3% increase compared to $0.60 in 3Q 2024[8] - FFOA per diluted share was $0.65 in 3Q 2025, a 5% increase compared to $0.62 in 3Q 2024[8] - The company raised its full-year 2025 guidance for Net Income and FFOA per diluted share by $0.02 to a midpoint of $0.58 and $2.54, respectively[11] - Total revenue increased by $11.7 million YOY, or 2.8%, to $431.9 million in 3Q 2025[12] Same-Store Results - Same-Store revenue grew by 2.6% YOY in 3Q 2025[9] - Same-Store expense increased by 3.1% YOY in 3Q 2025[9] - Same-Store NOI grew by 2.3% YOY in 3Q 2025[9] - Physical occupancy for Same-Store communities was 96.6% in 3Q 2025, a 0.3% increase YOY[16] - The company updated its full-year 2025 Same-Store revenue growth guidance to 2.20% to 2.60%, a 0.10% decrease from the prior midpoint[11] Capital Activities - The company repurchased approximately 651 thousand shares of its common stock for $25.0 million during 3Q 2025 and an additional 277 thousand shares for $10.0 million subsequent to quarter-end[9] - The company extended the maturity date of its $350.0 million senior unsecured term loan from January 31, 2027, to January 31, 2029[9] - Total indebtedness as of September 30, 2025, was $5.8 billion, with $485.9 million, or 8.9%, maturing through 2026[24]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net loss of $7.8 million, or a loss of $0.31 per diluted share, on total revenues of $62.8 million, compared to a net loss of $8.9 million, or a loss of $0.35 per diluted share, on total revenue of $64.1 million in Q3 2024 [4] - The company's NOI for Q3 2025 was $38.8 million on 35 properties, an increase from $38.1 million for Q3 2024 on 36 properties [4] - Core FFO for Q3 2025 was $17.7 million or $0.70 per diluted share, compared to $0.69 per diluted share in Q3 2024 [5] - The company paid a dividend of $0.51 per share for Q3, with a 1.37x coverage by core FFO and a payout ratio of 73.2% [6] Business Line Data and Key Metrics Changes - Same-store rent and occupancy decreased by 0.3% and 1.3% respectively, while same-store revenues decreased by 0.6% and same-store expenses decreased by 6.2%, leading to a 3.5% increase in same-store NOI compared to Q3 2024 [5] - The company completed 365 full and partial upgrades during the quarter, leasing 297 upgraded units with an average monthly rent premium of $72 and a 20.1% return on investment [5] Market Data and Key Metrics Changes - Same-store total revenue was down 60 basis points, with five of the ten markets averaging at least 1% growth, particularly Atlanta and South Florida at +2.8% each [9] - Same-store operating expenses decreased by 6.3% year-over-year, with payroll and R&M down 7.5% and 6.1% respectively [9] - The portfolio's same-store NOI margin registered at 62.2%, with seven of ten markets achieving year-over-year NOI growth of at least 2.5% [10] Company Strategy and Development Direction - The company aims to achieve $170 million of NOI by 2027, focusing on capital recycling and growth strategies [31][50] - The company plans to acquire a 321-unit multifamily community in North Las Vegas, which is expected to generate a 7% same-store NOI CAGR over the next five years [19] - The company is prioritizing stock buybacks in the low $30s while also seeking external growth through strategic acquisitions [21][49] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding expense control and the potential for exceeding expectations in core FFO [26] - The company anticipates a steeper recovery in the market, with expectations for improved performance heading into 2026 [21] - Management noted that the rental market fundamentals are coalescing to support a more bullish outlook for multifamily housing [14] Other Important Information - The company reported a NAV range per share of $43.40 to $56.24, with a midpoint of $49.82, based on stable cap rates [7] - The company has increased its dividend per share by 157.3% since inception [6] Q&A Session Summary Question: Sustainability of Operating Expense Control - Management indicated continued improvement in non-controllable expenses like insurance and real estate taxes, while payroll and R&M are expected to remain consistent [26][27] Question: NAV Discount and Shareholder Value - Management emphasized the company's growth potential and alignment with shareholder interests, stating that they are confident in closing the NAV discount through operational performance [30][32] Question: New Lease Rates and Renewals - New leases were down 4.06% while renewals were up 1.94%, resulting in a blended negative of 44 basis points for the quarter [37] Question: Capital Expenditure Trends - Management noted that maintenance CapEx is currently elevated but expected to moderate as they streamline spending [44][46] Question: Rationale for Acquiring New Assets - Management clarified that acquiring new assets does not conflict with stock buyback strategies, as they see potential for value-add in the new acquisition [49]

Core Insights - A $63.5 million loan backed by a Texas portfolio has entered special servicing following the appointment of a receiver, indicating potential issues with the properties involved [1][2] Company Overview - Nitya Capital, founded by Swapnil Agarwal, is the borrower for the loan backing the Muse in Dallas and Eden Pointe in Houston [2] - The Muse property, built in 1969 and renovated in 2018, is one of the largest communities in the Dallas metro with 804 units and an average unit size of 926 square feet [4][5] - Eden Pointe, a 197-unit garden-style multifamily property, was built in 1972 and renovated in 2019 and 2020, with an average unit size of 1,028 square feet [5][6] Financial Performance - The loan for the properties was originated in October 2023, with an appraisal value of $97.6 million at that time [3] - The 2024 net cash flow for the properties is projected to be 11% above initial expectations, supported by strong occupancy rates [3] Operational Issues - Agarwal stated that the properties are not entering special servicing due to performance issues but rather due to code violations at the Muse, which are being addressed [3][4] - Nitya has invested approximately $1.5 million in renovations for the Muse and $1.4 million for Eden Pointe since their acquisitions [4][6] Management - KPM Property Management is responsible for managing both properties, as indicated on their respective websites [6]