Aimco Provides Recent Highlights and Fourth Quarter Financial Results
Aimco (NYSE: AIV) reported Q4 and FY 2022 results, highlighting strategic actions post its spin-off from AIR Communities. In 2022, Aimco made investments totaling $669 million in apartment projects and exited assets worth nearly $1 billion at an average cap rate of 3.9%. The company’s NOI rose 14.2% year-over-year to over $94 million, with average revenue per apartment home at $2,170. Aimco forecasts 2023 NOI growth of 5-7% and plans to invest $20-25 million in development pipeline projects. Despite facing economic challenges, Aimco remains focused on maximizing shareholder value, maintaining a solid balance sheet, and pursuing accretive investments.
- NOI increased by 14.2% to over $94 million in 2022.
- Average monthly revenue per home rose by $215 to $2,170.
- Acquired $25 million of Aimco shares at an average cost of $7.21.
- Secured a $1 billion partnership with Alaska Permanent Fund for future developments.
- Net income per share was $(1.34) in Q4 2022, down from $(0.01) in Q4 2021 due to a non-cash impairment.
- Occupancy dropped to 97.4%, down from 98.8% year-over-year.
Dear fellow and prospective stockholders,
Aimco’s mission is to make real estate investments, primarily focused on the multifamily sector within targeted US markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate. Our capital allocation is balanced between a geographically diversified portfolio of stabilized, cash flowing, apartment properties and the investment in (and management of) dynamic real estate development projects located in
Today, I am excited to report on the team’s many accomplishments during 2022 and to highlight our plans for the year ahead.
During 2022, Aimco made accretive investments in our development projects and pipeline by completing construction on, and leasing up,
In addition to investing in future growth opportunities we acquired
We took advantage of strong valuations early in the year and monetized a sizeable portion of our assets, exiting investments valued at nearly
Our portfolio of stabilized apartment communities delivered strong growth as evidenced by average monthly revenue up by more than
We proactively fortified our balance sheet by refinancing or retiring more than
Finally, we committed to important changes to our corporate governance provisions that will bring us to a best-in-class standard within the REIT industry and we achieved an all-time Aimco record employee engagement score of 4.5 out of 5 stars.
2022 proved to be a good year for Aimco but our focus is on the road ahead.
Notwithstanding a higher interest rate environment and diverging views regarding the likelihood, and relative severity, of an economic downturn, the rental housing sector has proven quite enduring over time and a lingering supply and demand imbalance provides additional support to the Aimco strategy.
During 2023, Aimco will continue our in-progress development projects, invest in the advancement of planning and entitlement efforts related to certain of our pipeline assets, asset manage our portfolio of stabilized apartment properties, look to reduce our exposure to alternative assets and maintain our strong balance sheet.
Our active development and redevelopment projects have a total planned investment value of
Our future development pipeline totals approximately 14 million square feet and has the potential to deliver approximately 6,500 new apartment homes and 1.7 million square feet of commercial space over the next ten years or so. These opportunities are high quality and well located with approximately
Beyond 2023, Aimco targets that between
With regard to the timing and funding of Aimco’s future development starts it is important to note that: 1) we will be guided by the projected risk adjusted returns on Aimco’s equity as compared to alternative uses of capital, 2) Aimco’s net cost to carry our current development pipeline is approximately
Our portfolio of over 5,500 stabilized apartment homes is diversified by geography and generates average monthly revenue per home of
Turning to acquisitions and dispositions, given the forementioned depth and quality of our development pipeline, we are not planning any new acquisitions in 2023. Similarly, we do not forecast any real estate dispositions during the year but continue to advance plans to monetize our position in Parkmerced given various accretive uses of that capital, including share repurchases, reducing leverage, and investing in the pipeline.
Our balance sheet is solid. Aimco’s property debt is primarily fixed rate loans on stabilized properties with an average term to maturity of 8.2 years and refunding requirements of less than
The Aimco team remains our most important asset and I am thankful for the team's good results, camaraderie, and commitment to excellence. As we continue to simplify our business and optimize results, we are narrowing our focus and plan to close our
As always, the future is far from certain. However, Aimco’s strategic focus on rental housing and the specific actions taken over the past two years have positioned us to withstand market turbulence and given us the ability to prudently allocate capital to new opportunities should they be presented.
Above all else, the Aimco management team and Board remain steadfast in our commitment to actively explore all paths that would allow stockholders to realize the full value of their investment.
I thank you for your interest in Aimco!
Chief Executive Officer
Financial Results and Recent Highlights
-
Net income attributable to common stockholders per share, on a fully dilutive basis, was
for the quarter ended$(1.34) December 31, 2022 , compared to net income per share of for the same period in 2021, due primarily to a non-cash impairment charge related to the Parkmerced mezzanine investment.$(0.01) -
As of
February 14, 2023 , total shareholder return ("TSR") since theDecember 15, 2020 separation from AIR Communities was40.5% and year-to-date was7.7% . -
In the fourth quarter, Aimco and its joint venture partner began construction on the 220-apartment home development at
Strathmore Square inBethesda, Maryland . -
In 2022 and through
February 14, 2023 , Aimco has repurchased more than 4.2 million shares of its common stock at a weighted average price of approximately per share.$7.24 -
Fourth Quarter 2022 Revenue and NOI from Aimco’s
Stabilized Operating Properties were up9.5% and10.0% , respectively, year over year, with average revenue per apartment home of , up$2,170 year over year.$215
Value Add, Opportunistic & Alternative Investments:
Development and Redevelopment
Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco’s Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.
As of
-
In
Miami, Florida , construction is nearing completion and fully renovated apartment homes are being leased at TheHamilton . Demand for rental housing inSoutheast Florida remains robust, especially for unique luxury properties such as TheHamilton . The building welcomed its first residents inOctober 2022 and at year end the building was50% occupied at rental rates significantly ahead of our underwritten projections. As ofFebruary 15, 2023 ,75% of the building’s 276 units were leased or pre-leased. -
In
Bethesda, Maryland , construction began on the first phase ofStrathmore Square which will contain 220 highly tailored apartment homes when complete in 2025. This infill project is located adjacent to the Grosvenor-Strathmore Metro station and the Strathmore Performing Arts Campus, and is 1.5 miles from TheNational Institutes of Health main campus. Funding for the project is fully secured with Aimco’s equity commitment projected to be$164.0 million .$31.5 million -
In upper northwest
Washington D.C. , construction atUpton Place continues on schedule and on budget. The neighboring apartment community,City Ridge , is leasing up well and at rents that provide a positive indicator forUpton Place . Aimco plans to start pre-leasing Upton’s 689 apartment homes during the summer of 2023 in anticipation of initial delivery in the fourth quarter of 2023. To date,80% of the project's 105K square feet of retail space has been leased. -
In
Corte Madera, California , construction is ongoing at Oak Shore where 16 luxury single family rental homes and eight accessory dwelling units are being developed. TheMarin County submarket is significantly supply constrained with for-sale starter homes generally priced near . Aimco expects to deliver the first homes in the third quarter with pre-leasing efforts having begun in the first quarter of 2023.$2 million -
In
Aurora, Colorado ,The Benson Hotel andFaculty Club , a 106-key boutique hotel and event center, is slated for completion at the end ofMarch 2023 . As the only ‘on campus’ accommodations, The Benson will serve the surrounding Anschutz Medical Campus which includesThe University of Colorado Medical School ,UC Health Hospital , Children’s Hospital Colorado,The Rocky Mountain VA Medical Center and the burgeoningFitzsimons Innovation Community .
Alternative Investments
Aimco’s current alternative investments are primarily those investments originated prior to the separation from AIR Communities and include a mezzanine loan secured by a stabilized multifamily property with an option to participate in future multifamily development, as well as three passive equity investments. Over time, we plan to significantly reduce capital allocated to these investments. Updates include:
-
The borrower on Aimco’s mezzanine loan, which is secured by the Parkmerced stabilized multifamily property plus phases two through nine of the site's future development opportunity, remains current on its first mortgage obligations. In the fourth quarter, given the decline in the underlying collateral value, Aimco recorded a non-cash impairment charge to reduce the value of the mezzanine investment to
.$158.6 million -
Aimco recently entered into an agreement to sell the mezzanine loan for
. Closing on the sale of the loan is subject to a reasonable due diligence period and certain approvals and, as such, is not guaranteed. If the sale is closed, Aimco expects to monetize the$167.5 million notional swaption purchased in conjunction with the mezzanine loan investment to protect against future interest rate increases. These transactions could produce approximately$1.5 billion of gross proceeds, representing a$220 million 75% recovery of the initial investments, and achieves Aimco's target to reduce capital allocated to alternative investments. Aimco expects to use proceeds on other accretive uses of capital including share repurchases, reducing leverage, and investing in its pipeline.
Investment Activity
Aimco is focused on growing the business, and delivering strong investment returns, through development and redevelopment activities, funded primarily through third-party capital. Updates include:
-
In
December 2022 , Aimco closed on the purchase of land pursuant to one of its controlled options for multifamily development on the Anschutz Medical Campus in$1.8 million Aurora, Colorado . Aimco has begun planning for the next multifamily development on the site which is slated to include approximately 285 apartment homes. -
In
February 2023 , Aimco entered into an option agreement with theFitzsimons Redevelopment Authority . If exercised, the option allows for the long-term lease of 4.8 acres of land located on the Anschutz Medical Campus inAurora, Colorado that can accommodate approximately 850K square feet of commercial life science development built out over multiple phases. The option's annual cost is approximately .$0.5 million -
In December, Aimco's joint venture in
Fort Lauderdale, Florida monetized a portion of its investment by closing on the sale of one of three land parcels it acquired in the first quarter of 2022 for development alongBroward Avenue . The 0.8-acre land parcel was sold for , approximately double the original purchase price per acre.$18.3 million
Operating Property Results
Aimco owns a diversified portfolio of operating apartment communities located in eight major
Aimco’s operating properties produced solid results for the quarter ended
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Fourth Quarter |
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FULL YEAR |
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Year-over-Year |
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Sequential |
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Year-over-Year |
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($ in millions) |
2022 |
2021 |
Variance |
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3Q 2022 |
Variance |
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2022 |
2021 |
Variance |
Average Daily Occupancy |
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(1.4)% |
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( |
Revenue, before utility reimbursements |
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Expenses, net of utility reimbursements |
9.9 |
9.2 |
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10.2 |
( |
|
40.8 |
39.6 |
|
Net operating income (NOI) |
25.2 |
23.0 |
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24.5 |
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94.4 |
82.7 |
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*Excluded from the table above is one, 40-unit apartment community that Aimco’s ownership includes a partnership share. |
-
Revenue in the fourth quarter 2022 was
, up$35.2 million 9.5% year-over-year, resulting from a increase in average monthly revenue per apartment home to$215 , offset by a 140-basis point decrease in Average Daily Occupancy to$2,170 97.4% . -
New lease rents increased
9.5% and Aimco retained56.7% of residents whose leases were expiring during the quarter at rents22.5% higher, on average, than the previous lease. -
The median annual household income of new residents was more than
in the fourth quarter 2022, representing a rent to income ratio of$120,000 19.2% . -
Expenses in the fourth quarter 2022 were up
8.3% due to higher real estate taxes, utilities, and insurance. Operating expenses, before real estate taxes, utilities, and insurance were down0.5% . -
Net operating income in the fourth quarter 2022 was
, up$25.2 million 10.0% year-over-year.
Other Real Estate Operations
Aimco also owns one commercial office building that is part of an assemblage with an adjacent apartment building.
Strong leasing momentum continued at
Balance Sheet and Financing Activity
Aimco is highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of
Aimco’s net leverage as of
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as of |
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Proportionate, $ in thousands |
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Amount |
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Weighted Avg.
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Total non-recourse fixed rate debt |
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$ |
780,355 |
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8.2 |
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Total non-recourse floating rate debt |
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156,479 |
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2.1 |
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Total non-recourse construction loan debt |
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118,230 |
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3.2 |
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Cash and restricted cash |
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(229,766 |
) |
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Net Leverage |
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$ |
825,298 |
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As of
Debt Repayments
-
Aimco and its joint venture partner used the majority of the proceeds generated from the sale of the development lot on
Broward Avenue inFort Lauderdale to reduce the principal amount of the floating rate land loan from to$40.0 million .$22.9 million
Construction Financing
-
In December, Aimco's joint venture for the development of
Strathmore Square completed financing for the project which includes a construction loan with interest accruing at a rate of one-month Term SOFR, capped at$94 million 4.00% , plus 275 basis points with a floor of5.00% , a mezzanine position accruing at$32.5 million 13% , and fixed-rate financing through theAmazon Housing Equity Fund for . When fully drawn Aimco expects the weighted average interest rate on leverage to be$6.5 million 7.8% .
Public Market Equity
Common Stock Repurchases
-
In the fourth quarter, Aimco repurchased 2.6 million shares of its common stock at a weighted average price of
per share. For the full year 2022, Aimco repurchased 3.5 million shares of its common stock for$7.56 , with a weighted average price of$24.9 million per share. Aimco repurchased an additional 0.8 million shares in 2023, through$7.21 February 14 , at a weighted average price of per share.$7.41
2023 Outlook
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2023 Outlook |
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$ in millions (except per share amounts), Square Feet in millions |
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2023 Full Year Forecast |
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Full Year 2022 |
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Net income (loss) per share – diluted |
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Active Developments and Redevelopments |
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Total Direct Costs of Projects Underway [1] |
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Direct Project Costs |
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Other Capitalized Costs |
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Construction Loan Draws |
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JV Partner Equity Funding |
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AIV Equity Funding |
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Pipeline Projects |
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Pipeline Size Gross Square Feet [1] |
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|
14.0 |
|
|
|
12.6 |
|
Pipeline Size Multifamily Units [1] |
|
|
7,640 |
|
|
|
6,118 |
|
Pipeline Size Commercial Sq Ft [1] |
|
|
1.7 |
|
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|
0.8 |
|
Planning Costs (AIV Share) |
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Real Estate Transactions |
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Acquisitions |
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None |
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Dispositions |
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None |
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Operating Properties |
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Revenue Growth, before utility reimbursements |
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Operating Expense Growth, net of utility reimbursements |
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Net Operating Income Growth |
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Recurring Capital Expenditures |
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General and Administrative |
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Leverage |
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Interest Expense, net of capitalization |
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[1] Includes land or leasehold value, calculated as the quarterly average. |
Active Developments and Redevelopments
Planned incremental direct capital investment in development and redevelopment projects during 2023 is expected to be between
In 2023, Aimco plans to:
-
Complete the construction and lease up of The
Hamilton with NOI stabilization projected to occur in 2024; - Deliver initial single family rental homes and begin the lease-up of Oak Shore with NOI stabilization projected to occur in 2025;
-
Deliver initial apartment homes and begin the lease-up of
Upton Place with NOI stabilization projected to occur in 2026; and -
Complete construction and welcome its first guests to
The Benson Hotel andFaculty Club with NOI stabilization projected to occur in 2026.
Aimco's future pipeline is located in
While Aimco maintains the optionality for future development, advances entitlement, and secures third party financing, the costs associated with carrying these assets is mitigated by the diversified nature of the pipeline assets, in particular the income generated by the operating assets at the Brickell assemblage and the low-cost options on future development at
Aimco expects to invest between
Real Estate Transactions
In 2023, Aimco does not plan for any acquisitions that will increase the size of its current development pipeline. Broadly, Aimco does not predict or guide to future transactions but continuously weighs the potential use of proceeds against the source.
Operating Properties
Aimco's stabilized operating portfolio includes properties with rents, on average, in line with local market rents, generally considered class B apartment communities. These properties are primarily located in suburban residential areas of
In 2023, Aimco forecasts revenues to grow between
Leasing activity from 2022 will contribute approximately
General and Administrative
As Aimco announced in the fall of 2022, it is now targeting real estate investment in just three markets,
Aimco expects G&A costs in 2023 to be reduced by more than
Leverage
Aimco uses leverage to capitalize its real estate portfolio and construction activities so that Aimco preserves liquidity and so that Aimco equity is invested in diverse projects and markets, mitigating concentration risk. Aimco prefers non-recourse property-level financing with fixed, or rate-capped floating interest rates. In addition, Aimco has a secured revolving credit facility providing additional liquidity.
In 2023, Aimco expects fixed rate and floating rate property loan balances to be in line with ending balances for 2022 and does not anticipate needing to draw on its
Public Market Equity & Dividends
Aimco's primary goal is outsized risk-adjusted returns and accelerating growth for our shareholders. In addition to allocating capital to accretive real estate investments and maintaining a solid balance sheet, Aimco will continue to repurchase shares when prices are significantly below our internal estimated net asset value. As of
Aimco does not presently intend to pay a regular quarterly cash dividend but may occasionally distribute amounts, as necessary, to comply with REIT requirements.
Commitment to Enhance Stockholder Value
As announced in the fall of 2022, the Aimco Board of Directors is overseeing the review of a broad range of options to enhance stockholder value. This effort is being led by
Supplemental Information
The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at investors.aimco.com.
Glossary & Reconciliations of Non-GAAP Financial and Operating Measures
Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in
About Aimco
Aimco is a diversified real estate company primarily focused on value add, opportunistic investments, targeting the
Team and Culture
Aimco has a national presence with corporate headquarters in
Above all else, Aimco is committed to a culture of integrity, respect, and collaboration.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to, the statements in this document regarding our future plans and goals, including our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, and changes to our corporate governance. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Aimco that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statement. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the risk that the 2023 plans and goals may not be completed, as expected, in a timely manner or at all, (ii) the inability to recognize the anticipated benefits of the pipeline investments and projects, and (iii) changes in general economic conditions, including, increases in interest rates and other force-majeure events. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended
These forward-looking statements reflect management’s judgment and expectations as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
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Three Months Ended
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Twelve Months Ended
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2022 |
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2021 |
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2022 |
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2021 |
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REVENUES: |
|
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Rental and other property revenues |
|
$ |
41,969 |
|
|
$ |
46,722 |
|
|
$ |
190,344 |
|
|
$ |
169,836 |
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OPERATING EXPENSES: |
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Property operating expenses |
|
|
15,408 |
|
|
|
16,113 |
|
|
|
71,792 |
|
|
|
67,613 |
|
Depreciation and amortization [1] |
|
|
15,548 |
|
|
|
21,648 |
|
|
|
158,967 |
|
|
|
84,712 |
|
General and administrative expenses [2] |
|
|
10,430 |
|
|
|
10,588 |
|
|
|
39,673 |
|
|
|
33,151 |
|
Total operating expenses |
|
|
41,386 |
|
|
|
48,349 |
|
|
|
270,432 |
|
|
|
185,476 |
|
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Interest income |
|
|
2,016 |
|
|
|
559 |
|
|
|
4,052 |
|
|
|
2,277 |
|
Interest expense |
|
|
(7,977 |
) |
|
|
(14,908 |
) |
|
|
(73,842 |
) |
|
|
(52,902 |
) |
Mezzanine investment income, net [3] |
|
|
(204,229 |
) |
|
|
7,781 |
|
|
|
(179,239 |
) |
|
|
30,436 |
|
Realized and unrealized gains (losses) on interest rate options |
|
|
200 |
|
|
|
(4,099 |
) |
|
|
48,205 |
|
|
|
6,509 |
|
Realized and unrealized gains (losses) on equity investments |
|
|
150 |
|
|
|
4,478 |
|
|
|
20,302 |
|
|
|
6,585 |
|
Income from unconsolidated real estate partnerships |
|
|
120 |
|
|
|
230 |
|
|
|
579 |
|
|
|
973 |
|
Gains on dispositions of real estate |
|
|
5,860 |
|
|
|
- |
|
|
|
175,863 |
|
|
|
- |
|
Lease modification income [1] |
|
|
- |
|
|
|
- |
|
|
|
206,963 |
|
|
|
- |
|
Other income (expense), net [4] |
|
|
(9,134 |
) |
|
|
2,715 |
|
|
|
(13,373 |
) |
|
|
3,212 |
|
Income (loss) before income tax benefit |
|
|
(212,412 |
) |
|
|
(4,871 |
) |
|
|
109,422 |
|
|
|
(18,550 |
) |
Income tax benefit (expense) |
|
|
7,074 |
|
|
|
3,689 |
|
|
|
(17,264 |
) |
|
|
13,570 |
|
Net income (loss) |
|
|
(205,339 |
) |
|
|
(1,182 |
) |
|
|
92,158 |
|
|
|
(4,980 |
) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships |
|
|
(3,383 |
) |
|
|
(50 |
) |
|
|
(8,829 |
) |
|
|
(91 |
) |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships |
|
|
(3,087 |
) |
|
|
(274 |
) |
|
|
(3,672 |
) |
|
|
(1,136 |
) |
Net (income) loss attributable to common noncontrolling interests in |
|
|
10,718 |
|
|
|
88 |
|
|
|
(3,931 |
) |
|
|
297 |
|
Net income (loss) attributable to Aimco |
|
$ |
(201,091 |
) |
|
$ |
(1,418 |
) |
|
$ |
75,726 |
|
|
$ |
(5,910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to common stockholders per share – basic |
|
$ |
(1.34 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.50 |
|
|
$ |
(0.04 |
) |
Net income (loss) attributable to common stockholders per share – diluted |
|
$ |
(1.34 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.49 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding – basic |
|
|
148,755 |
|
|
|
149,480 |
|
|
|
149,395 |
|
|
|
149,480 |
|
Weighted-average common shares outstanding – diluted |
|
|
148,755 |
|
|
|
149,480 |
|
|
|
150,834 |
|
|
|
149,480 |
|
[1] In the twelve months ended |
||||||||||||||||
[2] General and administrative expense includes |
||||||||||||||||
[3] In the fourth quarter, Mezzanine investment income, net was a |
||||||||||||||||
[4] Other income (expense), net in the three months ended |
Consolidated Balance Sheets (in thousands) (unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
|
||
Buildings and improvements |
|
$ |
1,322,381 |
|
|
$ |
1,257,214 |
|
Land |
|
|
641,102 |
|
|
|
534,285 |
|
Total real estate |
|
|
1,963,483 |
|
|
|
1,791,499 |
|
Accumulated depreciation |
|
|
(530,722 |
) |
|
|
(561,115 |
) |
Net real estate |
|
|
1,432,761 |
|
|
|
1,230,384 |
|
Cash and cash equivalents |
|
|
206,460 |
|
|
|
233,374 |
|
Restricted cash |
|
|
23,306 |
|
|
|
11,208 |
|
Mezzanine investments |
|
|
158,558 |
|
|
|
337,797 |
|
Interest rate options |
|
|
62,387 |
|
|
|
25,657 |
|
Unconsolidated real estate partnerships |
|
|
15,789 |
|
|
|
13,025 |
|
Notes receivable |
|
|
39,014 |
|
|
|
38,029 |
|
Right-of-use lease assets |
|
|
110,269 |
|
|
|
429,768 |
|
Other assets, net |
|
|
132,679 |
|
|
|
114,859 |
|
Total assets |
|
$ |
2,181,223 |
|
|
$ |
2,434,101 |
|
|
|
|
|
|
|
|
||
Liabilities and Equity |
|
|
|
|
|
|
||
Non-recourse property debt, net |
|
$ |
929,501 |
|
|
$ |
483,137 |
|
Construction loans, net |
|
|
118,698 |
|
|
|
163,570 |
|
Notes payable to AIR |
|
|
— |
|
|
|
534,127 |
|
Total indebtedness |
|
|
1,048,199 |
|
|
|
1,180,834 |
|
Deferred tax liabilities |
|
|
119,615 |
|
|
|
124,747 |
|
Lease liabilities |
|
|
114,625 |
|
|
|
435,093 |
|
Accrued liabilities and other |
|
|
106,600 |
|
|
|
97,400 |
|
Total liabilities |
|
|
1,389,039 |
|
|
|
1,838,074 |
|
|
|
|
|
|
|
|
||
Redeemable noncontrolling interests in consolidated real estate partnerships |
|
|
166,826 |
|
|
|
33,794 |
|
|
|
|
|
|
|
|
||
Equity: |
|
|
|
|
|
|
||
Common Stock |
|
|
1,466 |
|
|
|
1,498 |
|
Additional paid-in capital |
|
|
496,482 |
|
|
|
521,842 |
|
Retained earnings (accumulated deficit) |
|
|
49,904 |
|
|
|
(22,775 |
) |
Total Aimco equity |
|
|
547,852 |
|
|
|
500,565 |
|
Noncontrolling interests in consolidated real estate partnerships |
|
|
48,294 |
|
|
|
35,213 |
|
Common noncontrolling interests in |
|
|
29,212 |
|
|
|
26,455 |
|
Total equity |
|
|
625,358 |
|
|
|
562,233 |
|
Total liabilities and equity |
|
$ |
2,181,223 |
|
|
$ |
2,434,101 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005799/en/
Investor Relations 303-793-4661, investor@aimco.com
Source:
FAQ
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