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Dec 31, 2021
AIMCO Q4 2021 Earnings Report
Announced fourth quarter results, showing revenue growth and strategic investments.
Key Takeaways
Aimco reported a net loss of $(0.01) per share for Q4 2021, an improvement from $(0.10) in the same period of 2020. Stabilized Operating Properties saw revenue increase by 9.7% and NOI grow by 16.8% year-over-year. The company closed a $52 million preferred equity financing to fund the Upton Place development and ended the quarter with $395 million in liquidity.
Net loss per share was $(0.01), improving from $(0.10) in Q4 2020.
Execution of approximately 140 net new leases during the fourth quarter, with the majority secured for units that were still under construction.
Closed a $52 million preferred equity financing to fund the completion of construction activities at Upton Place.
Stabilized Operating Properties revenue increased 9.7% and NOI increased 16.8% year-over-year, with occupancy at 98.7%.
AIMCO
AIMCO
Forward Guidance
Aimco's 2022 plan includes completing construction of Flamingo Point's North Tower, reaching stabilized occupancy at The Fremont, beginning phased delivery of renovated apartments at Hamilton on the Bay, and progressing development of Upton Place, The Benson Hotel and Faculty Club, and Oak Shore.
Positive Outlook
- Complete the construction of Flamingo Point’s North Tower in Miami Beach, Florida and reach stabilized occupancy six months ahead of plan.
- Reach stabilized occupancy at The Fremont on the Anschutz Medical Campus in Aurora, Colorado and monetize its investments in 707 Leahy in Redwood City, California and Prism in Cambridge, Massachusetts under the terms of the Master Leasing Agreement with AIR Communities.
- Begin the phased delivery of fully renovated waterfront apartment homes and commence the lease-up of Hamilton on the Bay in Miami, Florida.
- Progress the development of Upton Place in Washington, DC, The Benson Hotel and Faculty Club on the Anschutz Medical Campus in Colorado, and Oak Shore in Corte Madera, California, which are currently on time and on budget.
- Aimco will continue to foster a healthy environment of respect and innovation, empowering Aimco human capital to create value and maintain its commitment to the communities in which we work, live, and invest by building apartment communities with conservation and sustainability in mind and giving back by way of Aimco Cares, both in monetary support and through volunteerism.
Challenges Ahead
- Risk that the 2022 preliminary plans and goals may not be completed in a timely manner or at all.
- Inability to recognize the anticipated benefits of the pipeline investments and projects.
- Changes in general economic conditions, including as a result of the COVID-19 pandemic.
- The lease of a property located in Manhattan’s Upper East Side neighborhood from AIR Communities to develop 41 luxury apartment homes; and.
- The acquisition of just over two acres of land contiguous to an existing Aimco property located in Chicago’s western suburbs.