Financial Performance - Aimco reported a net loss attributable to common stockholders of (0.16)pershareforQ32024,impactedbyincreasedinterestexpensesanddepreciationdespitehighercontributionsfrommultifamilypropertyoperations[3].−Netincome(loss)attributabletoAimcoforQ32024was(21,936,000), compared to (2,260,000)inQ32023,indicatingasignificantdecline[10].−AdjustedEBITDAreforQ32024was19,201,000, down from 73,176,000forthetwelvemonthsendedSeptember30,2023[12].−Cashandcashequivalentsdecreasedto82,620,000 as of September 30, 2024, from 122,601,000attheendof2023,adeclineof32.6(110.4) million, indicating a need for liquidity management[33]. Revenue and Occupancy - Revenue from Stabilized Operating Properties increased by 4.1% year-over-year to 39.3million,withaveragemonthlyrevenueperapartmenthomerisingby2.42,415 and average daily occupancy increasing by 160 basis points to 96.8%[3][12]. - Total revenues for Q3 2024 reached 39.281million,a4.12,418, up from 2,358inQ32023,indicatinga2.5137,000 in Q3 2024, resulting in a rent-to-income ratio of 19.3%, a decline of 70 basis points from the previous quarter[14]. Operating Expenses - Total operating expenses increased to 54,632,000inQ32024from44,330,000 in Q3 2023, representing a 23.2% rise[10]. - Operating expense growth, net of utility reimbursements, was 6.3% in Q3 2024, with a forecast range of 5.50% to 6.50% for the full year[24]. - Interest expense for Q3 2024 was 19,031,000,significantlyhigherthan8,252,000 in Q3 2023, marking an increase of 130.5%[10]. - Aimco's total expenses for utility reimbursements in September 2024 were 67.1million,comparedto54.6 million in September 2023, marking a significant increase[51]. Debt and Financing - Aimco's total non-recourse fixed-rate debt was 773.5millionasofSeptember30,2024,withaweightedaveragematurityof6.5years[19].−Totalindebtednessroseto1,250,619,000 in Q3 2024, up from 1,147,741,000attheendof2023,reflectinganincreaseof9.0405,840,000 in Q3 2024 from 301,443,000attheendof2023,anincreaseof34.556 million of preferred equity and a 172millionconstructionloanforthefinancingofits34thStreetdevelopmentinMiami[20].CapitalAllocationandStrategy−Aimcoplanstoprioritizereturnofcapitaltostockholdersaspartofitscapitalallocationstrategy[23].−Thecompanyhasnoacquisitionsplannedfor2024butisconsideringdispositions,includingrecentagreementstosellpropertiesinMiami[24].−Aimco′scommitmenttosimplifyitsportfolioandmonetizecertainassetsaimstounlockembeddedvalueandimprovemarketpositioning[23].−Aimco′sstrategyincludespotentialfutureconstructiononlandparcelsheldfordevelopment,enhancinggrowthopportunities[53].DevelopmentandFutureProjects−Aimcobeganconstructionona240 million ultra-luxury residential tower in Miami, with initial occupancy projected for mid-2027 and expected NOI yields exceeding 7% at stabilization[3][6]. - The development pipeline includes 12,700,000 square feet of future projects, with an estimated total future cost of 1.7billion[38].−Thecompanyplanstostartverticalconstructiononseveralprojectsin2025,including3333BiscayneBoulevardwith650multifamilyunits[39].−AimcoisexpandingitsmarketpresencewithnewdevelopmentsinSoutheastFloridaandColorado′sFrontRange,includingmultipleprojectsscheduledfor2025to2028[39].PortfolioandAssetManagement−Aimco′stotalcapitaladditionsforQ32024amountedto34.4 million, with $29.6 million allocated to development and redevelopment projects[35]. - Aimco's total unconsolidated properties include 142 apartment homes and 6 properties, contributing to a total portfolio of 7,065 apartment homes[34]. - Aimco's pipeline size at period end included 12.7 million gross square feet and 5,858 multifamily units[24]. - Aimco sold a majority of its partnership interest in St. George Villas, a 40-unit property, with the remaining 1% under contract for disposition in Q1 2025[43].
Apartment Investment and Management pany(AIV)2024-11-07 21:15