Apartment Investment and Management pany-Aimco Reports Fourth Quarter and Full Year 2024 Results and Establishes 2025 Guidance

Core Insights - Aimco reported strong operational results for 2024, with a net operating income (NOI) of $99 million, reflecting a 4.5% increase from 2023, driven by disciplined capital allocation and strategic transactions [3][8][10] Financial Results - In 2024, Aimco's revenues increased by 4.5% year-over-year, while expenses rose by 4.4%, resulting in stable NOI growth [3][15] - The average daily occupancy rate reached 97.9% in Q4 2024, with revenue per home increasing by 2.9% year-over-year [3][19] - Aimco's net loss attributable to common stockholders was$ (0.75) per share for the year, an improvement from $(1.16) in 2023 [8][56] Development and Redevelopment - Aimco completed construction on three multifamily assets, adding 933 residential units and over 100,000 square feet of commercial space, with total direct costs expected to be$ 10 million lower than initially projected [4][20] - The company commenced construction on a $240 million project in Miami's Edgewater neighborhood, fully financing the venture [5][23] Investment and Disposition Activity - Aimco sold The Hamilton and its interest in the 3333 Biscayne Boulevard site for a combined$ 204 million, generating approximately $90 million in net proceeds [6][23] - The company entered into an agreement to sell the Brickell Assemblage for$ 520 million, with expected net proceeds of $300 to$ 320 million after debt and tax liabilities [13][23] Balance Sheet and Financing Activity - Aimco maintained a solid balance sheet with no debt maturities before June 2027, and refinanced its Upton Place asset with a $215 million bridge loan at a fixed interest rate of 6.39% [7][24] - As of December 31, 2024, Aimco had access to$ 321 million in liquidity, including $141.1 million in cash [22][24] 2025 Outlook - For 2025, Aimco projects revenue growth of 2.5% to 3.5% and NOI growth of 1% to 3%, with expenses expected to rise by 5% to 6% [11][33] - The company plans to stabilize occupancy at three recently completed developments and continue construction at its active project in Miami [34][35] Commitment to Enhance Stockholder Value - Aimco's Board of Directors is exploring strategic alternatives to unlock shareholder value, including potential sales or mergers [41][42] - The company declared a special cash dividend of$ 0.60 per share, distributing net proceeds from asset sales to stockholders [26][9]