Aimco Reports Third Quarter Results, Updates 2024 Guidance, and Provides Highlights on Recent Activities
Apartment Investment and Management Company (NYSE: AIV) reported Q3 2024 results with a net loss of $(0.16) per share. Revenue from Stabilized Operating Properties increased 4.1% year-over-year, with average monthly revenue per apartment reaching $2,415 and occupancy rising to 96.8%. The company began construction on a $240 million ultra-luxury residential tower in Miami and announced agreements to sell two Miami investments for $203.8 million. NOI growth guidance was updated to 2.50%-3.75%. Aimco acquired 4.5 million shares at an average cost of $7.98 per share in 2024. The company plans to return approximately $90 million to stockholders in Q1 2025 following asset sales.
Apartment Investment and Management Company (NYSE: AIV) ha riportato i risultati del terzo trimestre 2024 con una perdita netta di $(0,16) per azione. Le entrate da proprietà operanti stabilizzate sono aumentate del 4,1% rispetto allo scorso anno, con un ricavo medio mensile per appartamento che ha raggiunto $2.415 e un tasso di occupazione salito al 96,8%. L'azienda ha avviato la costruzione di una torre residenziale ultra-luxury da $240 milioni a Miami e ha annunciato accordi per vendere due investimenti a Miami per $203,8 milioni. Le previsioni di crescita del NOI sono state aggiornate al 2,50%-3,75%. Aimco ha acquisito 4,5 milioni di azioni a un costo medio di $7,98 per azione nel 2024. L'azienda prevede di restituire circa $90 milioni agli azionisti nel primo trimestre del 2025 a seguito delle vendite di attivi.
Apartment Investment and Management Company (NYSE: AIV) informó resultados del tercer trimestre de 2024 con una pérdida neta de $(0,16) por acción. Los ingresos de propiedades operativas estabilizadas aumentaron un 4,1% interanual, con un ingreso medio mensual por apartamento que alcanzó $2,415 y una ocupación que subió al 96,8%. La compañía comenzó la construcción de una torre residencial ultra-lujosa de $240 millones en Miami y anunció acuerdos para vender dos inversiones en Miami por $203.8 millones. La guía de crecimiento del NOI se actualizó al 2,50%-3,75%. Aimco adquirió 4.5 millones de acciones a un costo promedio de $7.98 por acción en 2024. La compañía planea devolver aproximadamente $90 millones a los accionistas en el primer trimestre de 2025 tras las ventas de activos.
아파트 투자 및 관리 회사 (NYSE: AIV)는 2024년 3분기 실적을 보고하며 주당 순손실이 $(0.16)이라고 발표했습니다. 안정적 운영 자산의 수익은 전년 대비 4.1% 증가했으며, 아파트당 월 평균 수익은 $2,415에 도달하고 점유율은 96.8%로 상승했습니다. 회사는 마이애미에서 2억 4천만 달러 규모의 초호화 주거 타워 건설을 시작했으며, 2억 3천8백만 달러에 두 개의 마이애미 투자를 매각하기로 합의했습니다. NOI 성장 가이던스는 2.50%-3.75%로 업데이트되었습니다. Aimco는 2024년 주당 평균 $7.98에 450만 주를 인수했습니다. 회사는 자산 매각을 통해 2025년 1분기 동안 주주에게 약 9천만 달러를 환원할 계획입니다.
Apartment Investment and Management Company (NYSE: AIV) a annoncé des résultats pour le troisième trimestre 2024 avec une perte nette de $(0,16) par action. Les revenus des propriétés opérationnelles stabilisées ont augmenté de 4,1% par rapport à l'année précédente, avec un revenu mensuel moyen par appartement atteignant $2,415 et un taux d'occupation passant à 96,8%. L'entreprise a commencé la construction d'une tour résidentielle ultra-luxueuse de 240 millions de dollars à Miami et a annoncé des accords pour vendre deux investissements à Miami pour 203,8 millions de dollars. Les prévisions de croissance de l'EBITDA ont été mises à jour à 2,50%-3,75%. Aimco a acquis 4,5 millions d'actions à un coût moyen de 7,98 $ par action en 2024. L'entreprise prévoit de restituer environ 90 millions de dollars aux actionnaires au premier trimestre 2025 suite à la vente d'actifs.
Die Apartment Investment and Management Company (NYSE: AIV) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Nettoverlust von $(0,16) pro Aktie. Die Einnahmen aus stabilisierten Betriebsimmobilien stiegen im Jahresvergleich um 4,1%, wobei der durchschnittliche monatliche Umsatz pro Apartment $2.415 erreichte und die Belegquote auf 96,8% anstieg. Das Unternehmen begann mit dem Bau eines 240 Millionen Dollar teuren ultra-luxuriösen Wohngebäudes in Miami und gab den Abschluss von Vereinbarungen zur Veräußerung zweier Investments in Miami für 203,8 Millionen Dollar bekannt. Die Prognose für das NOI-Wachstum wurde auf 2,50%-3,75% aktualisiert. Aimco erwarb 4,5 Millionen Aktien zu einem durchschnittlichen Preis von $7,98 pro Aktie im Jahr 2024. Das Unternehmen plant, etwa 90 Millionen Dollar im ersten Quartal 2025 an die Aktionäre zurückzugeben, nachdem Vermögensverkäufe erfolgt sind.
- Revenue growth of 4.1% YoY in Stabilized Operating Properties
- Occupancy increased 160 basis points to 96.8%
- Expected sale of Miami assets for $203.8 million
- Planned return of $90 million to shareholders in Q1 2025
- Reduced total direct project costs by $6 million for Upton Place and Strathmore Square
- Net loss of $(0.16) per share in Q3 2024
- Operating expenses increased 10.6% YoY
- NOI growth of only 1.6% YoY despite 4.1% revenue growth
Insights
The Q3 results reveal mixed performance with notable developments. The
Key positives include substantial completion of development projects and strategic asset sales totaling
The balance sheet remains solid with
The operational metrics demonstrate strong market positioning with average monthly revenue per apartment reaching
Strategic portfolio repositioning through the sale of The Hamilton and Biscayne Boulevard assets represents smart capital recycling. The focus on luxury developments in high-barrier markets like Miami's Edgewater and Bethesda shows astute market targeting, though execution risks remain in the current economic environment.
Financial Results and Highlights
- Aimco's net loss attributable to common stockholders per share, on a fully dilutive basis, was
for the quarter ended September 30, 2024, as higher net contributions from multifamily property operations were offset by increases in interest expense and depreciation related to advancing and completing development projects.$(0.16) - Third quarter 2024 revenue, expenses, and net operating income ("NOI") from Aimco's Stabilized Operating Properties increased
4.1% ,10.6% , and1.6% , respectively, year-over-year, with average monthly revenue per apartment home increasing by2.4% to and average daily occupancy increasing by 160 basis points to$2,415 96.8% . - During the third quarter, Aimco substantially completed construction at its Strathmore Square project located in
Bethesda, Maryland and began construction on an ultra-luxury residential tower located at 640 NE 34th Street ("34th Street") in theEdgewater neighborhood ofMiami, Florida . Total direct project costs for the 34th Street development are expected to be with initial occupancy scheduled in mid-2027 and NOI yields are projected to exceed$240 million 7% on direct costs at stabilization. - In October, Aimco announced agreements to sell, for a total price at Aimco's share of
, its interests in two investments in$203.8 million Miami, Florida , TheHamilton , a recently completed redevelopment of a 276-unit apartment building, and a 2.8-acre development site at 3333 Biscayne Boulevard. - As of October 31, 2024, Aimco had acquired 4.5 million shares of its common stock during the year, at an average cost of
per share.$7.98
CEO Commentary
Wes Powell, Aimco President and Chief Executive Officer, comments: "Aimco continues its efforts to add value through effective management of the Aimco portfolio and thoughtful capital allocation.
"Continued consumer strength, and limited competitive new supply, across the majority of Aimco's markets have led to revenue per home reaching more than
"During the third quarter, Aimco began construction on a waterfront development project in
"Aimco's additional projects in active development and lease-up are progressing on plan and are expected to be fully delivered by year end, with occupancy stabilization projected to occur during 2025. We now expect direct costs at Upton Place and Strathmore Square to be
"Aimco continues its focus on prudently allocating capital, which includes taking advantage of the disconnect between public and private valuations when those opportunities arise.
"In October, we announced agreements to sell our recently completed redevelopment, The
"Additionally, we are advancing efforts related to the sale of our two-property assemblage in
"We continue to believe that Aimco shares represent an accretive use of excess capital and, as of October 31, 2024, had repurchased 4.5 million shares year-to-date bringing total repurchases since the start of 2022 to 14.1 million shares at an average cost per share of
"I thank the Aimco team for their continued dedication and the Aimco Board of Directors who remain steadfast in their commitment to creating and unlocking value for Aimco stockholders."
Operating Property Results
Aimco owns a diversified portfolio of operating apartment communities located in eight major
Results at Aimco's Stabilized Operating Properties were as follows:
Third Quarter | Year-to-Date | |||||||||
Stabilized Operating Properties | Year-over-Year | Sequential | Year-over-Year | |||||||
($ in millions) | 2024 | 2023 | Variance | 2Q 2024 | Variance | 2024 | 2023 | Variance | ||
Average Daily Occupancy | 96.8 % | 95.2 % | 1.6 % | 96.3 % | 0.5 % | 97.0 % | 96.5 % | 0.5 % | ||
Revenue, before utility reimbursements | 4.1 % | 1.5 % | 4.7 % | |||||||
Expenses, net of utility reimbursements | 11.9 | 10.7 | 10.6 % | 12.2 | (2.2) % | 35.5 | 33.4 | 6.3 % | ||
Net operating income (NOI) | 27.4 | 27.0 | 1.6 % | 26.5 | 3.2 % | 81.1 | 78.0 | 4.0 % |
- Revenue in the third quarter 2024 was
, up$39.3 million 4.1% year-over-year, resulting from a2.4% increase in average monthly revenue per apartment home to and a 160-basis point increase in Average Daily Occupancy to$2,415 96.8% . Compared to the second quarter 2024, revenue was up1.5% with a1.0% increase in average monthly revenue per apartment home and a 50-basis point increase in Average Daily Occupancy. - Effective rents on all leases during the third quarter 2024 were
3.9% higher, on average, than the previous lease and59.9% of residents whose leases were expiring signed renewals. Year to date, as of October 31, 2024, effective rents on all transacted leases were3.7% higher, on average, than the previous lease. - The median annual household income of new residents was
in the third quarter 2024, representing a rent-to-income ratio of$137,000 19.3% , a decline of 70 basis points from the second quarter 2024. - Expenses in the third quarter 2024 were up
10.6% year-over-year but down2.2% compared to the second quarter 2024, primarily due to fluctuations in real estate taxes driven by increases in 2024, adjustments to estimated taxes, and the impact of favorable real estate tax appeals and valuations received during the third quarter 2023. - NOI in the third quarter 2024 was
, up$27.4 million 1.6% year-over-year and3.2% over the second quarter 2024. Year-to-date, NOI was an increase of$81.1 million 4.0% over the first nine months of 2023.
Value Add and Opportunistic 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, 2024, Aimco had two multifamily development projects under construction and two multifamily communities that have been substantially completed and are now in lease-up. These projects remain on track, as measured by construction budget and lease-up metrics. In addition to Aimco's core multifamily developments, The Benson Hotel and Faculty Club was completed in 2023 and remains in stabilization.
Aimco also has a pipeline of future value add opportunities in Aimco's target markets of
During the third quarter,
- In the third quarter, construction began in
Miami's Edgewater neighborhood on 34th Street, an ultra- luxury waterfront residential tower that will include a highly tailored amenity package and approximately 7,000 square feet of ground floor retail space. The rental homes will average more than 2,500 square feet, feature 9 – 10 foot ceilings, oversized private terraces, top-of-the-line finishes, and unobstructed views of Biscayne Bay. Aimco expects to welcome the first residents at this project in 3Q 2027 and stabilize occupancy in 4Q 2028.$240 million - In Upper Northwest Washington D.C., construction at Upton Place is substantially complete with all 689 apartment homes delivered. As of October 31, 2024, Aimco had leased or pre-leased 296 units and 268 homes were occupied, at rates ahead of our initial projections. Additionally, as of October 31, 2024, approximately
90% of the project's 105K square feet of retail space had been leased with tenant fit-out ongoing. We now expect total direct project costs to be less than our previous estimate.$2 million - In
Bethesda, Maryland , construction was substantially completed at the first phase of Strathmore Square during the third quarter, with all 220 of the highly tailored apartment homes delivered. As of October 31, 2024, Aimco had leased 68 units at rates ahead of our initial projections, and 58 homes were occupied. We now expect total direct project costs to be less than our previous estimate.$4 million - 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. As of October 31, 2024, 19 of the residences had been delivered with the remaining scheduled for completion by year end. Of the 19 homes delivered to date, 12 were occupied and Aimco has pre-leased another three at rates ahead of our initial projections. - In the third quarter 2024, Aimco invested
into programming, design, documentation, and entitlement efforts related to select pipeline projects primarily located in$0.4 million South Florida and on the Anschutz Medical Campus inAurora, Colorado . Consistent with Aimco's capital allocation strategy, it may choose to monetize certain of these assets prior to vertical construction in an effort to maximize value add and risk-adjusted returns.
Investment & Disposition Activity
Aimco is focused on prudently allocating capital and delivering strong investment returns. Consistent with Aimco's capital allocation philosophy, it monetizes the value within its assets when accretive uses of the proceeds are identified and invests when the risk-adjusted returns are superior to other uses of capital.
Subsequent to quarter end, Aimco agreed to sell, for
- The Hamilton, Aimco's recently completed major redevelopment is under contract for
and the buyer's deposit is non-refundable.$190.0 million - Aimco's interest in 3333 Biscayne Boulevard, a 2.8-acre development site, is under agreement to be purchased by Aimco's joint venture partner at a gross valuation of
or$66.5 million at Aimco's share of the venture.$13.8 million
Aimco continues to advance the sales process related to its Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in
Balance Sheet and Financing Activity
Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of September 30, 2024, Aimco had access to
Aimco's net leverage as of September 30, 2024, was as follows:
as of September 30, 2024 | ||||||||
Aimco Share, $ in thousands | Amount | Weighted Avg. | ||||||
Total non-recourse fixed rate debt | $ | 773,474 | 6.5 | |||||
Total non-recourse floating rate debt | 90,660 | 1.0 | ||||||
Total non-recourse construction loan debt | 372,947 | 1.3 | ||||||
Cash and restricted cash | (109,884) | |||||||
Net Leverage | $ | 1,127,197 |
[1] Weighted average maturities presented exclude contractual extension rights. |
- In the third quarter, Aimco secured commitments for
of preferred equity and a$56 million construction loan for the financing of its 34th Street development in$172 million Miami, Florida . As of October 31, 2024, Aimco had fully funded its equity requirements to the venture, primarily through the contribution of land and predevelopment improvements.
As of September 30, 2024,
Public Market Equity
Common Stock Repurchases
- In the third quarter, Aimco repurchased 0.4 million shares of its common stock at a weighted average price of
per share. As of October 31, 2024, Aimco had repurchased 4.5 million shares, year-to-date, at an average cost of$8.43 per share and since the start of 2022, Aimco had repurchased 14.1 million shares at an average cost of$7.98 per share.$7.51 - In the third quarter, 33,496 units of the Aimco Operating Partnership's equity securities were redeemed in exchange for cash at a weighted average price per unit of
. Year to date, 84,797 units were redeemed in exchange for cash at a weighted average price per unit of$8.50 .$8.09
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 and continues to engage regularly with several leading advisory firms, including Morgan Stanley & Co. LLC.
Aimco's announced plans to reduce exposure to development activity and monetize certain assets represent a commitment to simplify the portfolio and unlock embedded value when there are opportunities to do so. These efforts will further improve Aimco's positioning in the market and provide increased flexibility as the Board of Directors continues its review and consideration of broader strategic actions to maximize stockholder value. In addition, in conjunction with our contemplated asset sales, we will prioritize return of capital to our stockholders as a key component of our capital allocation philosophy.
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.
2024 Outlook
3Q 2024 | 2024 | 2024 | ||||
$ in millions (except per share amounts), Square Feet in millions Forecast is full year unless otherwise noted | YTD Results | Forecast | Prior Forecast | |||
Net income (loss) per share – diluted [1] | ||||||
Operating Properties | ||||||
Revenue Growth, before utility reimbursements | 4.7 % | |||||
Operating Expense Growth, net of utility reimbursements | 6.3 % | |||||
Net Operating Income Growth | 4.0 % | |||||
Recurring Capital Expenditures | ||||||
Active Developments and Redevelopments | ||||||
Total Direct Costs of Projects in Occupancy Stabilization at Period End [2] | ||||||
Total Direct Costs of Projects Under Construction at Period End [2] | ||||||
Direct Project Costs | ||||||
Other Capitalized Costs | ||||||
Construction Loan Draws [3] | ||||||
JV Partner Equity Funding | ||||||
AIV Equity Funding | [4] | |||||
Pipeline Projects | ||||||
Pipeline Size Gross Square Feet at Period End [5] | 12.7 | 7.7 - 12.7 | 9.5 - 13.3 | |||
Pipeline Size Multifamily Units at Period End [5] | 5,858 | 3,708 - 5,858 | 4,358 - 5,972 | |||
Pipeline Size Commercial Sq Ft at Period End [5] | 1.7 | 1.0 - 1.7 | 1.2 - 1.7 | |||
Planning Costs | ||||||
Real Estate Transactions | ||||||
Acquisitions | None | None | None | |||
Dispositions [6] | None | See Below | See Below | |||
General and Administrative | ||||||
Leverage | ||||||
Interest Expense, net of capitalization [7] |
[1] | Net income (loss) per share - diluted does not include any gains associated with potential transactions in 2024. |
[2] | Includes land or leasehold value. |
[3] | Construction loan draws in any given period may be impacted by the timing of project costs, the funding or release of retainage, and other factors. At Aimco share, in the first nine months of 2024, construction loan draws were |
[4] | Full year AIV equity funding is expected to be |
[5] | Includes pipeline projects as presented on Supplemental Schedule 5b. In the third quarter 2024, Aimco removed one project from its pipeline with the change of 34th Street to active construction. |
[6] | While Aimco does not provide specific guidance related to future transactions, in the first half of 2024, Aimco brought to market its Brickell Assemblage, a two-property waterfront assemblage located in |
[7] | Includes GAAP 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. 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. The forward-looking statements in this document include, without limitation, statements regarding our future plans and goals, including the timing and amount of capital expected to be returned to stockholders, 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 revenue and expense growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios. We caution investors not to place undue reliance on any such forward-looking statements.
These forward-looking statements are based on management's judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2024 plans and goals may not be completed, as expected, in a timely manner or at all; geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us.
In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the "Code") and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.
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, 2023, 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 undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Consolidated Statements of Operations | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
REVENUES: | ||||||||||||||||
Rental and other property revenues | $ | 53,158 | $ | 47,701 | $ | 154,508 | $ | 137,643 | ||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operating expenses | 23,337 | 18,328 | 67,093 | 54,648 | ||||||||||||
Depreciation and amortization | 23,545 | 17,804 | 65,123 | 51,106 | ||||||||||||
General and administrative expenses | 7,750 | 8,198 | 23,876 | 24,487 | ||||||||||||
Total operating expenses | 54,632 | 44,330 | 156,092 | 130,241 | ||||||||||||
Interest income | 2,299 | 2,486 | 7,482 | 7,022 | ||||||||||||
Interest expense [1] | (19,031) | (8,252) | (49,221) | (27,633) | ||||||||||||
Realized and unrealized gains (losses) on | (1,148) | 955 | 1,164 | 3,280 | ||||||||||||
Realized and unrealized gains (losses) on | (566) | (1,066) | (48,101) | 165 | ||||||||||||
Gains on dispositions of real estate | - | - | - | 1,878 | ||||||||||||
Other income (expense), net | (3,959) | (2,030) | (6,835) | (6,889) | ||||||||||||
Income (loss) before income tax benefit | (23,879) | (4,536) | (97,095) | (14,775) | ||||||||||||
Income tax benefit (expense) | 3,814 | 6,210 | 8,731 | 10,823 | ||||||||||||
Net income (loss) | (20,065) | 1,674 | (88,364) | (3,952) | ||||||||||||
Net (income) loss attributable to redeemable noncontrolling | (3,659) | (3,610) | (10,817) | (10,460) | ||||||||||||
Net (income) loss attributable to noncontrolling interests | 572 | (447) | 1,399 | (1,060) | ||||||||||||
Net (income) loss attributable to common noncontrolling | 1,216 | 123 | 5,134 | 775 | ||||||||||||
Net income (loss) attributable to Aimco | $ | (21,936) | $ | (2,260) | $ | (92,648) | $ | (14,697) | ||||||||
Net income (loss) attributable to common stockholders per | $ | (0.16) | $ | (0.02) | $ | (0.67) | $ | (0.10) | ||||||||
Net income (loss) attributable to common stockholders per | $ | (0.16) | $ | (0.02) | $ | (0.67) | $ | (0.10) | ||||||||
Weighted-average common shares outstanding – | 136,749 | 143,299 | 139,044 | 144,431 | ||||||||||||
Weighted-average common shares outstanding – | 136,749 | 143,299 | 139,044 | 144,431 |
[1] | Interest expense increased in the three and nine months ended September 30, 2024 from the same periods ending September 30, 2023, due primarily to increased construction loan draws and reduced capitalization as development projects are advanced and completed. |
Consolidated Balance Sheets | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Buildings and improvements | $ | 1,691,608 | $ | 1,593,802 | ||||
Land | 620,029 | 620,821 | ||||||
Total real estate | 2,311,637 | 2,214,623 | ||||||
Accumulated depreciation | (623,913) | (580,802) | ||||||
Net real estate | 1,687,724 | 1,633,821 | ||||||
Cash and cash equivalents | 82,620 | 122,601 | ||||||
Restricted cash | 27,788 | 16,666 | ||||||
Notes receivable | 58,229 | 57,554 | ||||||
Right-of-use lease assets - finance leases | 108,034 | 108,992 | ||||||
Other assets, net | 103,177 | 149,841 | ||||||
Total assets | $ | 2,067,572 | $ | 2,089,475 | ||||
Liabilities and Equity | ||||||||
Non-recourse property debt, net | $ | 844,779 | $ | 846,298 | ||||
Non-recourse construction loans, net | 405,840 | 301,443 | ||||||
Total indebtedness | 1,250,619 | 1,147,741 | ||||||
Deferred tax liabilities | 103,180 | 110,284 | ||||||
Lease liabilities - finance leases | 121,277 | 118,697 | ||||||
Accrued liabilities and other | 125,140 | 121,143 | ||||||
Total liabilities | 1,600,216 | 1,497,865 | ||||||
Redeemable noncontrolling interests in consolidated real estate partnerships | 175,309 | 171,632 | ||||||
Equity: | ||||||||
Common Stock | 1,369 | 1,406 | ||||||
Additional paid-in capital | 437,337 | 464,538 | ||||||
Retained earnings (deficit) | (208,940) | (116,292) | ||||||
Total Aimco equity | 229,766 | 349,652 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 49,544 | 51,265 | ||||||
Common noncontrolling interests in Aimco Operating Partnership | 12,737 | 19,061 | ||||||
Total equity | 292,047 | 419,978 | ||||||
Total liabilities and equity | $ | 2,067,572 | $ | 2,089,475 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/aimco-reports-third-quarter-results-updates-2024-guidance-and-provides-highlights-on-recent-activities-302299273.html
SOURCE Apartment Investment and Management Company (Aimco)
FAQ
What was Aimco's (AIV) Q3 2024 earnings per share?
What is Aimco's (AIV) occupancy rate in Q3 2024?
How much did Aimco (AIV) agree to sell its Miami properties for in October 2024?