Aimco Reports Second Quarter Results, Updates Guidance, and Provides Recent Highlights
Wes Powell, Aimco President and Chief Executive Officer, comments: “Rental housing fundamentals remain strong and the Aimco team continued to deliver solid results across our two principal lines of business: the ownership of a diversified portfolio of stabilized apartment communities and value-add investing, primarily in the development and redevelopment of multifamily properties. In addition, we made significant progress in our plans to reduce exposure to alternative assets and further bolstered what was already a solid balance sheet.
“Aimco’s operating apartment communities continue to experience high demand and broadly benefit from their ‘B’ price point and locations within mature submarkets that face limited competitive new supply. During the first half of the year, our stabilized portfolio delivered NOI growth of
“Our active development projects remain on time, on budget, and are projected to produce more than
"Furthering our efforts to simplify the Aimco business and prudently allocate capital, we reduced our allocation to alternative investments during the quarter by closing on a partial sale of our Parkmerced mezzanine loan. Together with the unwinding our related interest rate swaption, we monetized
“Also during the quarter, we proactively retired
“The Aimco board and management team remain committed to maximizing and unlocking value for Aimco shareholders. Year to date, through July 31, we acquired more than 3.1 million shares of Aimco common stock at an average price of
“I am thankful to work with a committed team whose relentless focus and hard work continues to result in solid performance for Aimco.”
Financial Results and Recent Highlights
-
Net loss attributable to common stockholders per share, on a fully dilutive basis, was
for the quarter ended June 30, 2023, compared to net income per share of$(0.02) for the same period in 2022, due primarily to the second quarter 2022 recognition of income resulting from the agreement to terminate the leased property agreements with AIR Communities and gains in the same period related to the sale of an apartment community.$1.57 -
Second Quarter 2023 revenue, expenses, and NOI from Aimco’s Stabilized Operating Properties were up
9.5% ,8.8% , and9.8% , respectively, year-over-year, with average monthly revenue per apartment home of , up$2,291 year-over-year and an average rent to income of$230 19.2% for new Aimco residents, down 100 basis points year-over-year. -
Aimco updated full year 2023 guidance for revenue, expense, and NOI from Aimco's Stabilized Operating Properties, raising the revenue outlook after completing more than
80% of our lease transactions for the year at favorable rates, and raising the expense outlook primarily due to higher real estate taxes following a substantial increase in the assessed value of Yacht Club at Brickell, located inMiami, Florida , as well as higher than anticipated insurance cost increases following our policy renewal earlier this year. The net impact is an increase in our 2023 NOI growth of 225 bps at the midpoint as compared to prior guidance.
|
Full Year 2023 Year-Over-Year Growth Rates |
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Stabilized Operating Properties |
Revised Guidance Range |
|
Prior Guidance Range |
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|
Low |
|
High |
|
Low |
|
High |
Revenue, before utility reimbursements |
|
- |
|
|
|
- |
|
Expenses, net of utility reimbursements |
|
- |
|
|
|
- |
|
Net operating income (NOI) |
|
- |
|
|
|
- |
|
-
In June, Aimco closed on the partial sale of the Parkmerced mezzanine loan, making significant progress on its planned reduction of capital allocated to alternative investments. In total, Aimco has monetized
of its Parkmerced investments and, subject to closing the remaining investment, may realize additional proceeds of approximately$91.5 million .$156 million -
In June, Aimco repaid a
floating interest rate land loan at par, reducing the weighted average cost of debt for Aimco's developments and land holdings, at the time of payoff, by approximately 90 basis points.$60 million -
Aimco acquired 1.0 million shares of its common stock during the second quarter 2023 at an average cost of
per share. Year to date, as of July 31, 2023, Aimco acquired more than 3.1 million shares at an average price of$7.97 per share.$7.54 -
As of July 31, 2023, total shareholder return ("TSR") since the December 15, 2020 spin-off of AIR Communities was
52.6% and year-to-date was17.0% .
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 June 30, 2023, Aimco had five active development and redevelopment projects located in four
-
In
Miami, Florida , construction and repositioning of TheHamilton is now complete. Demand for rental housing inSoutheast Florida remains robust, especially for unique waterfront properties, such as TheHamilton . As of July 31, 2023,96% of the building's 276 units were leased or pre-leased at rates more than20% ahead of underwritten rents. Aimco now expects occupancy to stabilize in the third quarter 2023, ahead of prior expectations. -
In
Bethesda, Maryland , construction is progressing on plan at the first phase of Strathmore Square, which will contain 220 highly tailored apartment homes with initial delivery on track for the second half of 2024. This suburban infill project is located adjacent to the Grosvenor-Strathmore Metro station and the Strathmore Performing Arts Campus, and is 1.5 miles from The National Institutes of Health main campus. Funding for the project is fully secured with Aimco having already funded$164.0 million 100% of its equity commitment. -
In upper northwest
Washington D.C. , construction at Upton Place continues on schedule and on budget. Aimco began pre-leasing efforts for Upton’s 689 apartment homes in July 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 and Aimco has received letters of intent from, or is in lease negotiations with, retailers on another18% . -
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. Aimco expects to deliver the first homes in the third quarter 2023 with pre-leasing efforts underway. -
In
Aurora, Colorado , The Benson Hotel and Faculty Club, a 106-key boutique hotel and event center with 18K square feet of event space, is complete and open to guests. As the only ‘on campus’ accommodations, The Benson is garnering strong interest from the many departments and offices located on the surrounding Anschutz Medical Campus, which includes The University of Colorado Medical School, UC Health Hospital, Children’s Hospital Colorado, The Rocky Mountain VA Medical Center and the burgeoning Fitzsimons Innovation Community. -
In the second quarter 2023, Aimco invested
into future development pipeline projects located in$5.6 million Southeast Florida , theWashington D.C. Metro, and Colorado’s Front Range. Programming, design, documentation and entitlement efforts continue. As part of Aimco's capital allocation strategy, it may choose to monetize certain pipeline assets prior to vertical construction in an effort to maximize value add and risk adjusted returns.
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:
-
In June, Aimco made significant progress on its plan to reduce capital allocated to alternative investments through the partial sale of the Parkmerced mezzanine loan. Aimco closed a
20% non-controlling position for with the purchaser having the option to acquire the remaining$33.5 million 80% for an additional plus interest accruing at no less than$134 million 19% annually through May 2024. At the time of closing, the purchaser pre-paid of interest to Aimco and is expected to pay another$4 million prior to year end.$7 million
Investment Activity
Aimco is focused on growing the business, and delivering strong investment returns, through development and redevelopment activities, funded primarily through third-party capital.
In the second quarter, no new investments were made.
Operating Property Results
Aimco owns a diversified portfolio of operating apartment communities located in eight major
Aimco’s Stabilized Operating Properties produced solid results for the quarter ended June 30, 2023.
|
Second Quarter |
|
Year-to-Date |
||||||||
Stabilized Operating Properties |
Year-over-Year |
|
Sequential |
|
Year-over-Year |
||||||
($ in millions) |
2023 |
2022 |
Variance |
|
1Q 2023 |
Variance |
|
2023 |
2022 |
Variance |
|
Average Daily Occupancy |
|
|
(1.4)% |
|
|
(1.8)% |
|
|
|
(1.0)% |
|
Revenue, before utility reimbursements |
|
|
|
|
|
|
|
|
|
|
|
Expenses, net of utility reimbursements |
11.5 |
10.6 |
|
|
11.2 |
|
|
22.7 |
21.0 |
|
|
Net operating income (NOI) |
25.5 |
23.2 |
|
|
25.5 |
|
|
51.0 |
45.8 |
|
-
Revenue in the second quarter 2023 was
, up$37.0 million 9.5% year-over-year, resulting from a increase in average monthly revenue per apartment home to$230 , partially offset by a 140-basis point decrease in Average Daily Occupancy to$2,291 96.2% . -
New lease rents increased
8.2% and Aimco retained60.8% of residents whose leases were expiring during the quarter at rents12.5% higher, on average, than the previous lease. -
The median annual household income of new residents was
in the second quarter 2023, up more than$140,000 20% from the same period in 2022, representing a rent to income ratio of19.2% . -
Expenses in the second quarter 2023 were up
8.8% year over year due primarily to higher real estate taxes and insurance. -
Net operating income in the second quarter 2023 was
, up$25.5 million 9.8% year-over-year.
Other Real Estate Operations
Aimco also owns 1001 Brickell Bay Drive, a waterfront office building in
Demand for vacant space at our office building in
Balance Sheet and Financing Activity
Aimco is highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of June 30, 2023, Aimco had access to
Aimco’s net leverage as of June 30, 2023, was as follows:
|
|
as of June 30, 2023 |
|
|||||
Proportionate, $ in thousands |
|
Amount |
|
|
Weighted Avg.
|
|
||
Total non-recourse fixed rate debt |
|
$ |
778,442 |
|
|
|
7.7 |
|
Total non-recourse floating rate debt |
|
|
101,595 |
|
|
|
1.9 |
|
Total non-recourse construction loan debt |
|
|
188,909 |
|
|
|
2.4 |
|
Cash and restricted cash |
|
|
(189,249 |
) |
|
|
|
|
Net Leverage |
|
$ |
879,697 |
|
|
|
|
|
[1] Weighted average maturities presented exclude contractual extension rights. |
As of June 30, 2023,
Debt Refinancing
-
In June, Aimco paid off a
floating interest rate land loan at par. The contractual floating interest rate at the time of payoff was$60 million 11.875% with an effective rate after consideration of an in-place rate cap of11.1% . The associated rate cap was also monetized, producing proceeds of . At the time of payoff, the weighted average cost of debt for Aimco's developments and land holdings was reduced by approximately 90 basis points.$0.6 million
Public Market Equity
Common Stock Repurchases
-
In the second quarter, Aimco repurchased 1.0 million shares of its common stock at a weighted average price of
per share. In 2023, through July 31, Aimco repurchased more than 3.1 million shares of its common stock at a weighted average price of approximately$7.97 per share.$7.54
Commitment to Enhance Stockholder Value
- The Aimco Board of Directors, in coordination with management, continues its review of a broad range of options to further enhance and unlock value for Aimco stockholders. During the ongoing review, Aimco has engaged with, and will continue to solicit input from, several leading advisory firms, including Morgan Stanley & Co. serving as the Company’s financial advisor.
Aimco is well positioned for long term growth as a result of its high-quality development pipeline and investment platform, diversified portfolio of core and opportunistic multifamily assets, and long-duration, low-cost, balance sheet.
As such, the timing of any actions that may result from the Board’s review will take into consideration a host of factors, including the health and stability of both the financial and capital markets as well as the continued advancement of Aimco’s previously defined strategic plan.
There can be no assurance that the ongoing review will result in any particular transaction or transactions or other strategic changes or outcomes and the timing of any such event is similarly uncertain. The Company does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.
2023 Outlook
|
|
|
2023 Outlook |
|
||||
$ in millions (except per share amounts), Square Feet in millions |
|
Second Quarter 2023 YTD |
2023 Full Year Forecast |
|
Prior Full Year Forecast |
|
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Net income (loss) per share – diluted |
|
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|
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Active Developments and Redevelopments |
|
|
|
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|
|
|
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Total Direct Costs of Projects Underway [1] |
|
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|
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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 |
|
|
|
|
|
|
|
|
Pipeline Size Gross Square Feet [2] |
|
14.1 |
|
14.1 |
|
|
14.0 |
|
Pipeline Size Multifamily Units [2] |
|
6,544 |
|
6,544 |
|
|
6,544 |
|
Pipeline Size Commercial Sq Ft [2] |
|
1.7 |
|
1.7 |
|
|
1.7 |
|
Planning Costs |
|
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Real Estate Transactions |
|
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Acquisitions |
|
None |
|
None |
|
|
None |
|
Dispositions [3] |
|
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Operating Properties |
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Revenue Growth, before utility reimbursements [4] |
|
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|
Operating Expense Growth, net of utility reimbursements [4] |
|
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|
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|
Net Operating Income Growth [4] |
|
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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 [5] |
|
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|
[1] Includes land or leasehold value, calculated as the quarterly average and is reduced from prior guidance due to the accelerated stabilization of The
[2] Includes pipeline projects as presented on Supplemental Schedule 5b, calculated as the quarterly average.
[3] Dispositions include the gross proceeds from the partial sale of the Parkmerced mezzanine investment and the monetization of the related swaption. Full year guidance includes the additional
[4] Aimco updated full year 2023 guidance for revenue, expense, and NOI from Aimco's Stabilized Operating Properties, raising the revenue outlook after completing more than
[5] Includes contractual interest expense, exclusive of the amortization of deferred financing costs, and reduced by interest rate option payments which are included in the Realized and unrealized gains (losses) on interest rate options line on Aimco's income statement.
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 and 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, projections regarding lease growth, 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 December 31, 2022, and subsequent Quarterly Reports on Form 10-Q and other documents Aimco files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
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) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental and other property revenues |
|
$ |
45,674 |
|
|
$ |
50,697 |
|
|
$ |
89,942 |
|
|
$ |
100,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property operating expenses |
|
|
18,783 |
|
|
|
19,708 |
|
|
|
36,287 |
|
|
|
38,929 |
|
Depreciation and amortization |
|
|
17,031 |
|
|
|
34,863 |
|
|
|
33,302 |
|
|
|
57,981 |
|
General and administrative expenses [1] |
|
|
7,890 |
|
|
|
8,961 |
|
|
|
16,293 |
|
|
|
18,433 |
|
Total operating expenses |
|
|
43,704 |
|
|
|
63,532 |
|
|
|
85,882 |
|
|
|
115,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income [2] |
|
|
2,478 |
|
|
|
565 |
|
|
|
4,536 |
|
|
|
1,121 |
|
Interest expense [3] |
|
|
(9,656 |
) |
|
|
(41,546 |
) |
|
|
(19,381 |
) |
|
|
(56,147 |
) |
Mezzanine investment income (loss), net |
|
|
(128 |
) |
|
|
8,330 |
|
|
|
(257 |
) |
|
|
16,567 |
|
Realized and unrealized gains (losses) on interest rate options |
|
|
3,383 |
|
|
|
20,017 |
|
|
|
2,326 |
|
|
|
38,795 |
|
Realized and unrealized gains (losses) on
|
|
|
1,094 |
|
|
|
26,630 |
|
|
|
1,231 |
|
|
|
22,297 |
|
Gains on dispositions of real estate |
|
|
1,878 |
|
|
|
94,598 |
|
|
|
1,878 |
|
|
|
94,465 |
|
Lease modification income |
|
|
- |
|
|
|
205,387 |
|
|
|
- |
|
|
|
205,387 |
|
Income from unconsolidated real estate partnerships |
|
|
121 |
|
|
|
44 |
|
|
|
295 |
|
|
|
300 |
|
Other income (expense), net |
|
|
(1,413 |
) |
|
|
(2,022 |
) |
|
|
(4,910 |
) |
|
|
(2,909 |
) |
Income (loss) before income tax benefit |
|
|
(273 |
) |
|
|
299,168 |
|
|
|
(10,222 |
) |
|
|
305,224 |
|
Income tax benefit (expense) |
|
|
417 |
|
|
|
(45,957 |
) |
|
|
4,613 |
|
|
|
(41,901 |
) |
Net income (loss) |
|
|
144 |
|
|
|
253,211 |
|
|
|
(5,609 |
) |
|
|
263,323 |
|
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships |
|
|
(3,576 |
) |
|
|
(1,069 |
) |
|
|
(6,849 |
) |
|
|
(2,539 |
) |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships |
|
|
(348 |
) |
|
|
(346 |
) |
|
|
(613 |
) |
|
|
(344 |
) |
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership |
|
|
178 |
|
|
|
(12,659 |
) |
|
|
652 |
|
|
|
(13,094 |
) |
Net income (loss) attributable to Aimco |
|
$ |
(3,602 |
) |
|
$ |
239,137 |
|
|
$ |
(12,419 |
) |
|
$ |
247,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to common stockholders per share – basic |
|
$ |
(0.02 |
) |
|
$ |
1.58 |
|
|
$ |
(0.09 |
) |
|
$ |
1.63 |
|
Net income (loss) attributable to common stockholders per share – diluted |
|
$ |
(0.02 |
) |
|
$ |
1.57 |
|
|
$ |
(0.09 |
) |
|
$ |
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding – basic |
|
|
144,195 |
|
|
|
149,600 |
|
|
|
145,007 |
|
|
|
149,694 |
|
Weighted-average common shares outstanding – diluted |
|
|
144,195 |
|
|
|
150,423 |
|
|
|
145,007 |
|
|
|
150,660 |
|
[1] General and administrative expenses decreased in the three and six months ended June 30, 2023 from the same periods ending June 30, 2022, due primarily to a decrease in expenses for consulting services paid to AIR Communities; this service agreement concluded on December 31, 2022.
[2] Interest income increased in the three and six months ended June 30, 2023 from the same periods ending June 30, 2022, due primarily to increased interest earned on greater amounts of invested cash at higher rates in the current year versus the prior year.
[3] Interest expense decreased in the three and six months ended June 30, 2023 from the same periods ending June 30, 2022, due primarily to the prepayment of debt during 2022.
See Item 2 of Aimco's Second Quarter 2023 SEC Form 10-Q, filed August 7, 2023, for additional discussion and analysis of Aimco's operations.
Consolidated Balance Sheets (in thousands) (unaudited) |
||||||||
|
|
June 30, |
|
|
December 31, |
|
||
|
|
2023 |
|
|
2022 |
|
||
Assets |
|
|
|
|
|
|
||
Buildings and improvements |
|
$ |
1,467,732 |
|
|
$ |
1,322,381 |
|
Land |
|
|
638,660 |
|
|
|
641,102 |
|
Total real estate |
|
|
2,106,392 |
|
|
|
1,963,483 |
|
Accumulated depreciation |
|
|
(548,316 |
) |
|
|
(530,722 |
) |
Net real estate |
|
|
1,558,076 |
|
|
|
1,432,761 |
|
Cash and cash equivalents |
|
|
164,990 |
|
|
|
206,460 |
|
Restricted cash |
|
|
27,375 |
|
|
|
23,306 |
|
Mezzanine investments |
|
|
158,301 |
|
|
|
158,558 |
|
Interest rate options |
|
|
8,998 |
|
|
|
62,387 |
|
Unconsolidated real estate partnerships |
|
|
20,808 |
|
|
|
15,789 |
|
Notes receivable |
|
|
39,533 |
|
|
|
39,014 |
|
Right-of-use lease assets - finance leases |
|
|
109,631 |
|
|
|
110,269 |
|
Other assets, net |
|
|
128,640 |
|
|
|
132,679 |
|
Total assets |
|
$ |
2,216,352 |
|
|
$ |
2,181,223 |
|
|
|
|
|
|
|
|
||
Liabilities and Equity |
|
|
|
|
|
|
||
Non-recourse property debt, net |
|
$ |
869,974 |
|
|
$ |
929,501 |
|
Construction loans, net |
|
|
195,688 |
|
|
|
118,698 |
|
Total indebtedness |
|
|
1,065,662 |
|
|
|
1,048,199 |
|
Deferred tax liabilities |
|
|
113,969 |
|
|
|
119,615 |
|
Lease liabilities - finance leases |
|
|
116,593 |
|
|
|
114,625 |
|
Mezzanine investment - participation sold |
|
|
33,977 |
|
|
|
— |
|
Accrued liabilities and other |
|
|
118,744 |
|
|
|
106,600 |
|
Total liabilities |
|
|
1,448,945 |
|
|
|
1,389,039 |
|
|
|
|
|
|
|
|
||
Redeemable noncontrolling interests in consolidated real estate partnerships |
|
|
168,648 |
|
|
|
166,826 |
|
|
|
|
|
|
|
|
||
Equity: |
|
|
|
|
|
|
||
Common Stock |
|
|
1,438 |
|
|
|
1,466 |
|
Additional paid-in capital |
|
|
483,258 |
|
|
|
496,482 |
|
Retained earnings |
|
|
37,486 |
|
|
|
49,904 |
|
Total Aimco equity |
|
|
522,182 |
|
|
|
547,852 |
|
Noncontrolling interests in consolidated real estate partnerships |
|
|
48,472 |
|
|
|
48,294 |
|
Common noncontrolling interests in Aimco Operating Partnership |
|
|
28,105 |
|
|
|
29,212 |
|
Total equity |
|
|
598,759 |
|
|
|
625,358 |
|
Total liabilities and equity |
|
$ |
2,216,352 |
|
|
$ |
2,181,223 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807900351/en/
Matt Foster, Sr. Director, Capital Markets and Investor Relations
Investor Relations 303-793-4661, investor@aimco.com
Source: Apartment Investment and Management Company