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Jun 30, 2024
AIMCO Q2 2024 Earnings Report
Announced second quarter results for 2024, updated guidance, and provided highlights on recent and planned activities.
Key Takeaways
AIMCO reported solid second-quarter results with a net loss per share of $(0.43), impacted by a non-cash impairment charge. Stabilized Operating Properties saw revenue increase by 4.6% and NOI up by 4.1% year-over-year. The company acquired 3.0 million shares of its common stock and revised its full-year guidance upward, expecting revenue to grow between 3.25% and 3.75%.
Net loss attributable to common stockholders per share was $(0.43), primarily due to a non-cash impairment charge related to its passive equity investment in IQHQ.
Revenue from Stabilized Operating Properties increased 4.6% year-over-year, with average monthly revenue per apartment home increasing by 4.4% to $2,392.
Construction of Aimco's Strathmore Square and Oak Shore development projects advanced on plan, and Upton Place is substantially completed with 240 of 689 units leased.
Aimco acquired 3.0 million shares of its common stock during the second quarter at an average cost of $8.02 per share.
AIMCO
AIMCO
AIMCO Revenue by Segment
Revenue by Segment
Stabilized Operating Revenue
CapyFin.com Forward Guidance
Aimco revised its full year guidance and now expects revenue to grow between 3.25% and 3.75% and expenses to increase between 6.00% and 7.50%, resulting in NOI growth of between 1.50% to 2.75%.
Positive Outlook
- Revenue Growth: Expect revenue to grow between 3.25% and 3.75%.
- Net Operating Income Growth: Anticipate NOI growth between 1.50% to 2.75%.
- Recurring Capital Expenditures: Project recurring capital expenditures between $11 million and $13 million.
- AIV Equity Funding: Expect AIV equity funding to be between $0 and $5 million.
- Pipeline Size: Pipeline size is expected to be between 9.5 and 13.3 million gross square feet.
Challenges Ahead
- Net Income Per Share: Forecast net income (loss) per share – diluted between $(0.80) and $(0.75).
- Operating Expense Growth: Expect operating expenses to grow between 6.00% and 7.50%.
- Construction Loan Draws: Project construction loan draws between $88 million and $90 million.
- Planning Costs: Anticipate planning costs between $5 million and $10 million.
- Leverage Interest Expense: Expect leverage interest expense, net of capitalization between $56 million and $58 million.