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Jun 30, 2020
AIMCO Q2 2020 Earnings Report
Reported second quarter results for 2020.
Key Takeaways
Aimco reported second quarter results for 2020, with AFFO per share up 8% year-over-year. The company recognized 98.4% of all residential rental revenue, treating the balance of 1.6% as bad debt. Aimco has closed a $350 million term loan and $689 million of property financings.
Second quarter AFFO of $0.55 per share was up 8% year-over-year.
Aimco recognized 98.4% of all residential rental revenue, treating the balance of 1.6% as bad debt.
Since the onset of the crisis, Aimco has closed a $350 million term loan and $689 million of property financings.
Aimco has lowered the weighted average interest rate of our leverage to 3.69%; addressed all 2020 debt maturities; and increased liquidity and reduced refunding risk.
AIMCO
AIMCO
Forward Guidance
Aimco expects to meet its leverage target through a combination of property NOI growth, including the $30 million of incremental NOI Aimco expects to receive from its “long-cycle” redevelopment communities now underway, and through approximately $350 million of property sales, including the previously mentioned under-contract property, expected to close in 2020.