Aimco Reports Third Quarter Results, Updates 2023 Guidance, and Provides Highlights on Recent and Planned Activities
- Aimco's diversified portfolio of apartment communities has experienced NOI growth of nearly 20% over the past 18 months.
- The average monthly revenues per apartment home increased by 7.2% on a year-over-year basis in the third quarter.
- Aimco expects to deliver more than 600 new units by the end of 2023 and another 700 in 2024.
- The company has increased its share repurchase authorization to 30 million shares.
- Aimco's balance sheet remains strong with limited near-term debt maturities.
- None.
Wes Powell, Aimco President and Chief Executive Officer, comments:
“Thank you for your interest in Aimco. The apartment business remains on sound footing and Aimco is well positioned given the composition of our assets and the quality of our investment platform. Our diversified portfolio of apartment communities located within neighborhoods that have largely avoided the pressure of competitive new supply, has continued to generate strong performance and has experienced NOI growth of nearly
"Aimco's regional investment teams are successfully advancing our active development projects and are on track to deliver more than 600 of those new units by the end of 2023 and another 700 in 2024. It is projected that this current class of projects will produce more than
“We continue to view the repurchase of Aimco common stock as being very attractive. Over the past 22 months, we have opportunistically repurchased 8.8 million shares at an average price of
"Aimco’s balance sheet remains rock solid. Our near-term debt maturities are extremely limited with less than
"Consistent with our capital allocation strategy, at times we may choose to monetize certain pipeline assets prior to vertical construction in order to maximize value and risk adjusted returns. As such, we are preparing to market for sale our Brickell Assemblage located in
"Above all else, the Aimco management team and Board remain intently focused on creating and unlocking value for Aimco stockholders.”
Financial Results and Recent Highlights
-
Net loss attributable to common stockholders per share, on a fully dilutive basis, was
for the quarter ended September 30, 2023, compared to net income per share of$(0.02) for the same period in 2022, due primarily to lower real estate transaction proceeds and reduced tax benefit.$0.19 -
Third Quarter 2023 revenue, expenses, and NOI from Aimco’s Stabilized Operating Properties were up
6.4% ,3.5% , and7.6% , respectively, year-over-year, with average monthly revenue per apartment home increasing by7.2% to , while maintaining an average rent to income below$2,358 20% for new Aimco residents. - Aimco updated full year 2023 guidance related to Stabilized Property Operations as follows:
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Full Year 2023 Year-Over-Year Growth Rates |
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Stabilized Operating Properties |
Revised Guidance Range |
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Prior Guidance Range |
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Low |
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High |
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Low |
|
High |
Revenue, before utility reimbursements |
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- |
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- |
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Expenses, net of utility reimbursements |
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- |
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|
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- |
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Net operating income (NOI) |
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- |
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|
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- |
|
-
As of October 31, 2023, Aimco delivered the 276-apartment home
Hamilton inMiami, Florida , the 106-key Benson Hotel and Faculty Club inAurora, Colorado , and 81 apartment homes at Upton Place in UpperNorthwest Washington, D.C. Aimco expects to deliver, before year end, 153 additional apartment homes at Upton Place and the initial homes at Oak Shore inCorte Madera, California . -
Aimco remains under contract to sell our remaining
80% stake in the Parkmerced mezzanine loan for plus accrued interest and is preparing to market additional assets for sale, including the Brickell Assemblage located in$134 million Miami, Florida . -
Aimco acquired 1.7 million shares of its common stock during the third quarter 2023 at an average cost of
per share. Year to date, as of October 31, 2023, Aimco acquired more than 5.3 million shares at an average price of$7.52 per share.$7.40 - Subsequent to quarter end, the Aimco Board of Directors increased the number of shares authorized for repurchase to 30 million, doubling the size of the Board’s previous authorization.
-
As of November 3, 2023, total shareholder return ("TSR") since the December 15, 2020 spin-off of AIR Communities was
15.9% outperforming the Russell 2000 over the same period by more than 2,300 basis points.
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 September 30, 2023, Aimco had five active development and redevelopment projects located in four
-
In
Miami, Florida , construction, repositioning, and lease-up of TheHamilton is complete. Demand for rental housing inSoutheast Florida remains robust, especially for unique waterfront properties such as TheHamilton . As of October 31, 2023,96% of the building's 276 units were occupied with in-place leases at rates more than20% ahead of underwritten rents. -
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. The initial delivery of 81 apartment homes occurred, on schedule, in mid-October with the first residents at Upton Place having moved into their new homes on November 1, 2023. As of October 31, 2023, 13 units had been leased or pre-leased, at rates ahead of our initial projections. To date,
80% of the project's 105K square feet of retail space has been leased and Aimco is in final lease negotiations with retailers on another7% . -
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. Construction has been completed on the initial homes and they will be ready for occupancy in November. As of October 31, 2023, two of the eight accessory dwelling units had been pre-leased at rates ahead of our initial projections. -
In the third quarter 2023, Aimco invested
into programming, design, documentation, and entitlement efforts related to select pipeline projects located in$4.8 million Southeast Florida , theWashington D.C. Metro, and Colorado’s Front Range.
Investment & Disposition Activity
Aimco is focused on delivering strong investment returns, through the ownership of apartment properties as well as development and redevelopment activities, funded primarily through third-party capital.
- No new investment or disposition activity occurred during the third quarter.
-
Aimco remains under contract to sell its
80% stake in the Parkmerced mezzanine loan for plus accrued interest. In June, at the time of closing on the sale of a$134 million 20% non-controlling position, the purchaser pre-paid of interest to Aimco and is expected to pay another$4 million prior to year end.$7 million -
Subsequent to quarter end, Aimco initiated plans to market for sale the Brickell Assemblage located in
Miami, Florida , as well as certain recently completed developments and select land holdings. Aimco expects the sales to occur by the end of 2024, pending favorable pricing and terms. The proceeds will be allocated to return capital to stockholders, reduce leverage, and/or accretive new investments.
Operating Property Results
Aimco owns a diversified portfolio of operating apartment communities located in eight major
Aimco’s Stabilized Operating Properties produced solid results for the quarter ended September 30, 2023.
|
Third Quarter |
|
Year-to-Date |
||||||||||
Stabilized Operating Properties |
Year-over-Year |
|
Sequential |
|
Year-over-Year |
||||||||
($ in millions) |
2023 |
2022 |
Variance |
|
2Q 2023 |
Variance |
|
2023 |
2022 |
Variance |
|||
Average Daily Occupancy |
|
|
(0.7)% |
|
|
(0.9)% |
|
|
|
(0.9)% |
|||
Revenue, before utility reimbursements |
|
|
|
|
|
|
|
|
|
|
|||
Expenses, net of utility reimbursements |
10.7 |
10.4 |
|
|
11.5 |
(6.5)% |
|
33.4 |
31.3 |
|
|||
Net operating income (NOI) |
27.0 |
25.1 |
|
|
25.5 |
|
|
78.0 |
70.9 |
|
-
Revenue in the third quarter 2023 was
, up$37.7 million 6.4% year-over-year, resulting from a7.2% increase in average monthly revenue per apartment home to , partially offset by a 75-basis point decrease in Average Daily Occupancy to$2,358 95.2% . As of October 31, 2023, occupancy had increased to97.3% . -
New lease rents increased
8.0% and Aimco retained58.3% of residents whose leases were expiring during the quarter at rents4.5% higher, on average, than the previous lease. -
The median annual household income of new residents was
in the third quarter 2023, representing a rent-to-income ratio of$133,000 19.5% . -
Expenses in the third quarter 2023 were up
3.5% year-over-year primarily from higher insurance costs, during the quarter we received favorable real estate tax valuations inChicago largely offsetting the impact of the prior unfavorable real estate tax valuation inMiami , which has since been successfully appealed. -
NOI in the third quarter 2023 was
, up$27.0 million 7.6% year-over-year. Aimco raised full year 2023 NOI guidance by more than 100 basis points at the midpoint, to a range of9.00% to9.75% .
Balance Sheet and Financing Activity
Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity at all times. As of September 30, 2023, Aimco had access to
Aimco’s net leverage as of September 30, 2023, was as follows:
|
|
as of September 30, 2023 |
|
|||||
Proportionate, $ in thousands |
|
Amount |
|
|
Weighted Avg.
|
|
||
Total non-recourse fixed rate debt |
|
$ |
777,480 |
|
|
|
7.4 |
|
Total non-recourse floating rate debt |
|
|
101,154 |
|
|
|
1.6 |
|
Total non-recourse construction loan debt |
|
|
238,800 |
|
|
|
2.1 |
|
Cash and restricted cash [2] |
|
|
(114,469 |
) |
|
|
|
|
Net Leverage |
|
$ |
1,002,965 |
|
|
|
|
[1] |
Weighted average maturities presented exclude contractual extension rights. |
|
[2] |
On September 30, 2023, Aimco had |
As of September 30, 2023,
Aimco Credit Facility
-
In October, subsequent to quarter end, Aimco exercised an option to extend the duration of its revolving credit facility for twelve months. Aimco will now retain the capacity to borrow up to
through December 2024 and has one remaining 12-month extension option.$150.0 million
Public Market Equity
Common Stock Repurchases
-
In the third quarter, Aimco repurchased 1.7 million shares of its common stock at a weighted average price of
per share. In 2023, through October 31, Aimco repurchased more than 5.3 million shares of its common stock at a weighted average price of approximately$7.52 per share.$7.40 - Subsequent to quarter end, the Aimco Board of Directors increased the number of shares authorized for repurchase to 30 million, doubling the size of the Board's previous authorization.
Commitment to Enhance Stockholder Value
- The Aimco Board of Directors, in coordination with management, remains intently focused on maximizing and unlocking value for Aimco stockholders. During the ongoing review, the Board continues to engage regularly with several leading advisory firms, including Morgan Stanley & Co. LLC, to review current market conditions.
Aimco believes it is well positioned for long term growth given its high-quality development pipeline and investment platform, diversified portfolio of core and opportunistic multifamily assets, and long-duration, low-cost balance sheet. As such, the timing of any broad strategic action to unlock stockholder value will take into consideration a host of factors, including the health and stability of both the financial and capital markets.
There can be no assurance that the ongoing review will result in any particular transaction or transactions or other strategic changes or outcomes and the timing of any such event is similarly uncertain. The Company does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.
2023 Outlook
|
|
|
2023 Outlook |
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$ in millions (except per share amounts), Square Feet in millions |
|
Third 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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Active Developments and Redevelopments |
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Total Direct Costs of Projects Underway [1] |
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Direct Project Costs [2] |
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Other Capitalized Costs |
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Construction Loan Draws [2] |
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JV Partner Equity Funding |
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AIV Equity Funding [3] |
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Pipeline Projects |
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Pipeline Size Gross Square Feet [4] |
|
14.1 |
|
14.1 |
|
|
14.1 |
|
Pipeline Size Multifamily Units [4] |
|
6,544 |
|
6,544 |
|
|
6,544 |
|
Pipeline Size Commercial Sq Ft [4] |
|
1.7 |
|
1.7 |
|
|
1.7 |
|
Planning Costs |
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Real Estate Transactions |
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Acquisitions |
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None |
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None |
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None |
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Dispositions [5] |
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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 [6] |
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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 [7] |
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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] |
Direct project costs and construction loan draws increased due primarily to timing and an acceleration of investment to optimize construction activities ahead of winter. |
|
[3] |
AIV equity funding at the end of the third quarter 2023 was ahead of the full year target due to the timing of partnership reimbursements. |
|
[4] |
Includes pipeline projects as presented on Supplemental Schedule 5b, calculated as the quarterly average. |
|
[5] |
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 |
|
[6] |
Full year operating expense guidance decreased by 225 basis points at the midpoint from prior guidance due to favorable tax bills in |
|
[7] |
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 and 2024 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
|
Nine Months Ended
|
|||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|||||||
REVENUES: |
|
|
|
|
|
|||||||||||
Rental and other property revenues |
|
$ |
47,701 |
|
$ |
47,683 |
|
$ |
137,643 |
|
$ |
148,375 |
|
|||
|
|
|
|
|
|
|||||||||||
OPERATING EXPENSES: |
|
|
|
|
|
|||||||||||
Property operating expenses |
|
|
18,328 |
|
|
17,455 |
|
|
54,648 |
|
|
56,384 |
|
|||
Depreciation and amortization |
|
|
17,804 |
|
|
85,438 |
|
|
51,106 |
|
|
143,420 |
|
|||
General and administrative expenses [1] |
|
|
8,198 |
|
|
10,809 |
|
|
24,487 |
|
|
29,243 |
|
|||
Total operating expenses |
|
|
44,330 |
|
|
113,702 |
|
|
130,241 |
|
|
229,047 |
|
|||
|
|
|
|
|
|
|||||||||||
Interest income [2] |
|
|
2,486 |
|
|
915 |
|
|
7,022 |
|
|
2,036 |
|
|||
Interest expense [3] |
|
|
(8,252 |
) |
|
(9,719 |
) |
|
(27,633 |
) |
|
(65,865 |
) |
|||
Mezzanine investment income (loss), net |
|
|
(757 |
) |
|
8,423 |
|
|
(1,013 |
) |
|
24,990 |
|
|||
Realized and unrealized gains (losses) on interest rate options |
|
|
955 |
|
|
9,209 |
|
|
3,280 |
|
|
48,005 |
|
|||
Realized and unrealized gains (losses) on
|
|
|
(1,066 |
) |
|
(2,145 |
) |
|
165 |
|
|
20,152 |
|
|||
Gains on dispositions of real estate |
|
|
- |
|
|
75,539 |
|
|
1,878 |
|
|
170,004 |
|
|||
Lease modification income |
|
|
- |
|
|
1,577 |
|
|
- |
|
|
206,963 |
|
|||
Income from unconsolidated real estate partnerships |
|
|
320 |
|
|
159 |
|
|
614 |
|
|
459 |
|
|||
Other income (expense), net |
|
|
(1,593 |
) |
|
(1,329 |
) |
|
(6,490 |
) |
|
(4,238 |
) |
|||
Income (loss) before income tax benefit |
|
|
(4,536 |
) |
|
16,610 |
|
|
(14,775 |
) |
|
321,834 |
|
|||
Income tax benefit (expense) |
|
|
6,210 |
|
|
17,563 |
|
|
10,823 |
|
|
(24,338 |
) |
|||
Net income (loss) |
|
|
1,674 |
|
|
34,173 |
|
|
(3,952 |
) |
|
297,496 |
|
|||
Net (income) loss attributable to redeemable noncontrolling
|
|
|
(3,610 |
) |
|
(2,907 |
) |
|
(10,460 |
) |
|
(5,446 |
) |
|||
Net (income) loss attributable to noncontrolling interests
|
|
|
(447 |
) |
|
(240 |
) |
|
(1,060 |
) |
|
(585 |
) |
|||
Net (income) loss attributable to common noncontrolling
|
|
|
123 |
|
|
(1,554 |
) |
|
775 |
|
|
(14,648 |
) |
|||
Net income (loss) attributable to Aimco |
|
$ |
(2,260 |
) |
$ |
29,472 |
|
$ |
(14,697 |
) |
$ |
276,817 |
|
|||
|
|
|
|
|
|
|||||||||||
Net income (loss) attributable to common stockholders per
|
|
$ |
(0.02 |
) |
$ |
0.19 |
|
$ |
(0.10 |
) |
$ |
1.82 |
|
|||
Net income (loss) attributable to common stockholders per
|
|
$ |
(0.02 |
) |
$ |
0.19 |
|
$ |
(0.10 |
) |
$ |
1.81 |
|
|||
|
|
|
|
|
|
|||||||||||
Weighted-average common shares outstanding –
|
|
|
143,299 |
|
|
149,611 |
|
|
144,431 |
|
|
149,706 |
|
|||
Weighted-average common shares outstanding –
|
|
|
143,299 |
|
|
151,197 |
|
|
144,431 |
|
|
151,076 |
|
[1] | General and administrative expenses decreased in the three and nine months ended September 30, 2023 from the same periods ending September 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 nine months ended September 30, 2023 from the same periods ending September 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 nine months ended September 30, 2023 from the same periods ending September 30, 2022, due primarily to the prepayment of debt during 2022. |
|
See Item 2 of Aimco's Third Quarter 2023 SEC Form 10-Q, filed November 6, 2023, for additional discussion and analysis of Aimco's operations. |
Consolidated Balance Sheets
(in thousands) (unaudited)
|
|
September 30, |
|
December 31, |
||
|
|
2023 |
|
2022 |
||
Assets |
|
|
|
|
||
Buildings and improvements |
|
$ |
1,546,503 |
|
$ |
1,322,381 |
Land |
|
|
638,007 |
|
|
641,102 |
Total real estate |
|
|
2,184,510 |
|
|
1,963,483 |
Accumulated depreciation |
|
|
(564,686 |
) |
|
(530,722) |
Net real estate |
|
|
1,619,824 |
|
|
1,432,761 |
Cash and cash equivalents |
|
|
95,680 |
|
|
206,460 |
Restricted cash |
|
|
20,205 |
|
|
23,306 |
Mezzanine investments |
|
|
158,173 |
|
|
158,558 |
Interest rate options |
|
|
9,161 |
|
|
62,387 |
Unconsolidated real estate partnerships |
|
|
22,667 |
|
|
15,789 |
Notes receivable |
|
|
39,802 |
|
|
39,014 |
Right-of-use lease assets - finance leases |
|
|
109,311 |
|
|
110,269 |
Other assets, net |
|
|
176,043 |
|
|
132,679 |
Total assets |
|
$ |
2,250,866 |
|
$ |
2,181,223 |
|
|
|
|
|
||
Liabilities and Equity |
|
|
|
|
||
Non-recourse property debt, net |
|
$ |
869,586 |
|
$ |
929,501 |
Construction loans, net |
|
|
250,630 |
|
|
118,698 |
Total indebtedness |
|
|
1,120,216 |
|
|
1,048,199 |
Deferred tax liabilities |
|
|
112,068 |
|
|
119,615 |
Lease liabilities - finance leases |
|
|
117,666 |
|
|
114,625 |
Mezzanine investment - participation sold |
|
|
34,402 |
|
|
— |
Accrued liabilities and other |
|
|
111,049 |
|
|
106,600 |
Total liabilities |
|
|
1,495,401 |
|
|
1,389,039 |
|
|
|
|
|
||
Redeemable noncontrolling interests in consolidated real estate partnerships |
|
|
170,201 |
|
|
166,826 |
|
|
|
|
|
||
Equity: |
|
|
|
|
||
Common Stock |
|
|
1,420 |
|
|
1,466 |
Additional paid-in capital |
|
|
472,261 |
|
|
496,482 |
Retained earnings |
|
|
35,207 |
|
|
49,904 |
Total Aimco equity |
|
|
508,888 |
|
|
547,852 |
Noncontrolling interests in consolidated real estate partnerships |
|
|
48,703 |
|
|
48,294 |
Common noncontrolling interests in Aimco Operating Partnership |
|
|
27,673 |
|
|
29,212 |
Total equity |
|
|
585,264 |
|
|
625,358 |
Total liabilities and equity |
|
$ |
2,250,866 |
|
$ |
2,181,223 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231106555793/en/
Matt Foster, Sr. Director, Capital Markets and Investor Relations
Investor Relations 303-793-4661, investor@aimco.com
Source: Apartment Investment and Management Company
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