Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV) announced today second quarter results for 2023, updated
guidance, and provided highlights on recent activities.
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 11.4% and we have increased our
projection for year-over-year NOI growth by 225 basis points at the
midpoint.
“Our active development projects remain on time, on budget, and
are projected to produce more than $55 million of NOI annually upon
stabilization, with more than half of that income expected to be
online within the next 12 months. Planning and entitlement
investment in Aimco's pipeline assets are adding value as we
prepare sites for future development but maintain the optionality
to monetize those assets at various points in the process, as
needed to maximize our risk adjusted returns.
"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 $92 million and
have a path to realize an additional $156 million under the terms
of our agreement with the loan’s purchaser.
“Also during the quarter, we proactively retired $60 million of
higher-cost floating rate debt. Our balance sheet benefits from
ample liquidity and attractive in place financing with minimal
near-term maturities.
“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 $7.54 per share and have
authorization to purchase an additional nine million shares.
“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 $(0.02) for the quarter ended June 30,
2023, compared to net income per share of $1.57 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.
- Second Quarter 2023 revenue, expenses, and NOI from Aimco’s
Stabilized Operating Properties were up 9.5%, 8.8%, and 9.8%,
respectively, year-over-year, with average monthly revenue per
apartment home of $2,291, up $230 year-over-year and an average
rent to income of 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 in Miami, 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
Stabilized Operating Properties
Revised Guidance Range
Prior Guidance Range
Low
High
Low
High
Revenue, before utility reimbursements
7.75%
-
8.75%
5.00%
-
7.00%
Expenses, net of utility
reimbursements
8.00%
-
9.00%
5.25%
-
7.25%
Net operating income (NOI)
7.50%
-
9.00%
5.00%
-
7.00%
- 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 $91.5 million of its Parkmerced
investments and, subject to closing the remaining investment, may
realize additional proceeds of approximately $156 million.
- In June, Aimco repaid a $60 million 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.
- Aimco acquired 1.0 million shares of its common stock during
the second quarter 2023 at an average cost of $7.97 per share. Year
to date, as of July 31, 2023, Aimco acquired more than 3.1 million
shares at an average price of $7.54 per share.
- 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 was 17.0%.
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 U.S. markets, in varying
phases of construction and lease-up. These projects remain on
track, as measured by construction budget and lease-up metrics.
Additionally, Aimco has a pipeline of future value-add
opportunities totaling approximately 14 million gross square feet
of development in Aimco's target markets of Southeast Florida, the
Washington D.C. Metro, and Colorado's Front Range. During the
second quarter, Aimco invested $81.1 million in development and
redevelopment activities. Updates include:
- In Miami, Florida, construction and repositioning of The
Hamilton is now complete. Demand for rental housing in Southeast
Florida remains robust, especially for unique waterfront
properties, such as The Hamilton. As of July 31, 2023, 96% of the
building's 276 units were leased or pre-leased at rates more than
20% 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 $164.0
million project is fully secured with Aimco having already funded
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 another 18%.
- 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 $5.6 million into
future development pipeline projects located in Southeast Florida,
the Washington 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 $33.5 million with the purchaser
having the option to acquire the remaining 80% for an additional
$134 million plus interest accruing at no less than 19% annually
through May 2024. At the time of closing, the purchaser pre-paid $4
million of interest to Aimco and is expected to pay another $7
million prior to year end.
Investment Activity
Aimco is focused on growing the business, and delivering strong
investment returns, through development and redevelopment
activities, funded primarily through third-party capital.
In the second quarter, no new investments were made.
Operating Property
Results
Aimco owns a diversified portfolio of operating apartment
communities located in eight major U.S. markets with average rents
in line with local market averages.
Aimco’s Stabilized Operating Properties produced solid results
for the quarter ended June 30, 2023.
Second Quarter
Year-to-Date
Stabilized Operating Properties
Year-over-Year
Sequential
Year-over-Year
($ in millions)
2023
2022
Variance
1Q 2023
Variance
2023
2022
Variance
Average Daily Occupancy
96.2%
97.6%
(1.4)%
98.0%
(1.8)%
97.1%
98.1%
(1.0)%
Revenue, before utility reimbursements
$37.0
$33.8
9.5%
$36.7
0.9%
$73.7
$66.7
10.4%
Expenses, net of utility
reimbursements
11.5
10.6
8.8%
11.2
2.8%
22.7
21.0
8.2%
Net operating income (NOI)
25.5
23.2
9.8%
25.5
0.1%
51.0
45.8
11.4%
- Revenue in the second quarter 2023 was $37.0 million, up 9.5%
year-over-year, resulting from a $230 increase in average monthly
revenue per apartment home to $2,291, partially offset by a
140-basis point decrease in Average Daily Occupancy to 96.2%.
- New lease rents increased 8.2% and Aimco retained 60.8% of
residents whose leases were expiring during the quarter at rents
12.5% higher, on average, than the previous lease.
- The median annual household income of new residents was
$140,000 in the second quarter 2023, up more than 20% from the same
period in 2022, representing a rent to income ratio of 19.2%.
- 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 $25.5
million, up 9.8% year-over-year.
Other Real Estate Operations
Aimco also owns 1001 Brickell Bay Drive, a waterfront office
building in Miami, Florida, owned as part of a larger assemblage
with substantial development potential. Leases within the building
have been executed on terms of less than four years or contain
redevelopment provisions as needed to maximize the value of the
underlying development rights.
Demand for vacant space at our office building in Miami has
remained active with tours and inquiries continuing at a steady
pace. Following first quarter lease expirations, as of June 30,
2023, the building was 77% occupied, and by the end of July, the
building was 79% leased.
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 $339.2 million, including $163.3 million of
cash on hand, $25.9 million of restricted cash, and the capacity to
borrow up to $150.0 million on its revolving credit facility.
Aimco’s net leverage as of June 30, 2023, was as follows:
as of June 30, 2023
Proportionate, $ in thousands
Amount
Weighted Avg. Maturity (Yrs.)
[1]
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, 100% of Aimco's total debt was either fixed
rate or hedged with interest rate cap protection and, including
contractual extensions, Aimco has only $20.3 million of debt
maturing over the next 33 months.
Debt Refinancing
- In June, Aimco paid off a $60 million floating interest rate
land loan at par. The contractual floating interest rate at the
time of payoff was 11.875% with an effective rate after
consideration of an in-place rate cap of 11.1%. The associated rate
cap was also monetized, producing proceeds of $0.6 million. 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.
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 $7.97 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 $7.54 per share.
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
Net income (loss) per share –
diluted
$(0.09)
$(0.28) - $(0.18)
$(0.33) - $(0.23)
Active Developments and
Redevelopments
Total Direct Costs of Projects Underway
[1]
$815
$773
$815
Direct Project Costs
$105.2
$175 - $185
$165 - $185
Other Capitalized Costs
$17.1
$36 - $38
$30 - $31
Construction Loan Draws
$75.7
$170 - $175
$150 - $170
JV Partner Equity Funding
$0.2
$0.4
$0
AIV Equity Funding
$46.5
~$50
~$45
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
$11.3
$20 - $25
$20 - $25
Real Estate Transactions
Acquisitions
None
None
None
Dispositions [3]
$91.5
$98.5
$220
Operating Properties
Revenue Growth, before utility
reimbursements [4]
10.4%
7.75% - 8.75%
5.0% - 7.0%
Operating Expense Growth, net of utility
reimbursements [4]
8.2%
8.0% - 9.0%
5.25% - 7.25%
Net Operating Income Growth [4]
11.4%
7.5% - 9.0%
5.0% - 7.0%
Recurring Capital Expenditures
$3.7
$11 - $13
$11 - $13
General and Administrative
$16.3
$33 - $34
$33 - $35
Leverage
Interest Expense, net of capitalization
[5]
$14.2
$33 - $35
$38 - $41
[1] Includes land or leasehold value, calculated as the
quarterly average and is reduced from prior guidance due to the
accelerated stabilization of The Hamilton in 3Q 2023 and its
corresponding removal from projects underway in 4Q 2023. [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 $7 million payment
expected by the end of the year. Aimco may receive additional
proceeds if the buyer chooses to exercise its option to purchase
the remaining Aimco interest in 2023. [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 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 in Miami, 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. [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 the United States, or
GAAP. Certain Aimco terms and Non-GAAP measures are defined in the
Glossary in the Supplemental Information and Non-GAAP measures
reconciled to the most comparable GAAP measures.
About Aimco
Aimco is a diversified real estate company primarily focused on
value add and opportunistic investments, targeting the U.S.
multifamily sector. Aimco’s mission is to make real estate
investments where outcomes are enhanced through our human capital
so that substantial value is created for investors, teammates, and
the communities in which we operate. Aimco is traded on the New
York Stock Exchange as AIV. For more information about Aimco,
please visit our website www.aimco.com.
Team and Culture
Aimco has a national presence with corporate headquarters in
Denver, Colorado and Washington, D.C. Our investment platform is
managed by experienced professionals based in three regions, where
it will focus its new investment activity: Southeast Florida, the
Washington D.C. Metro Area and Colorado's Front Range. By
regionalizing this platform, Aimco is able to leverage the in-depth
local market knowledge of each regional leader, creating a
comparative advantage when sourcing, evaluating, and executing
investment opportunities and is essential to the execution of our
mission and realization of our vision.
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 June
30,
Six Months Ended June
30,
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
equity investments
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
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