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Dec 31, 2019
AIMCO Q4 2019 Earnings Report
AIMCO reported solid fourth quarter 2019 results, completing a good year with Same Store revenue and NOI exceeding original guidance and controllable operating expenses remaining flat year-over-year.
Key Takeaways
AIMCO announced fourth quarter results for 2019, with Pro forma FFO of $0.65 per share, $0.01 ahead of the midpoint of guidance, and AFFO per share of $0.58, meeting the midpoint of guidance. Same Store revenue and NOI were better than the original midpoint of guidance, and controllable operating expenses were flat, year-over-year. The company closed one investment, making a mezzanine loan to the partnership that owns Parkmerced Apartments in San Francisco while acquiring a ten-year option to acquire a 30% interest in the partnership.
Fourth quarter 2019 Pro forma FFO of $0.65 per share was $0.01 ahead of the midpoint of guidance.
AFFO per share of $0.58 met the midpoint of guidance.
Same Store revenue growth of 3.0% to 3.8% and Same Store expense growth of 1.6% to 2.4% is expected in 2020.
2020 Aimco AFFO per share is expected to be $2.34 to $2.44, representing 9% growth at the midpoint.
Forward Guidance
Aimco expects 2020 Pro forma FFO per share in the range of $2.62 to $2.72 with AFFO per share of $2.34 to $2.44.
Positive Outlook
- $0.13 per share growth from its Same Store portfolio, based on the first quarter 2020 population
- $0.06 net contribution from the Parkmerced mezzanine loan
- $0.04 incremental AFFO from Redevelopment and Development communities
- $0.01 per share contribution from other items, net.
Challenges Ahead
- ($0.05) dilution from property sales funding Redevelopment and Development and other Aimco investments in real estate
Historical Earnings Impact
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Avg. Return Before/After Earnings
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