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Dec 31, 2023
AIMCO Q4 2023 Earnings Report
Aimco reported fourth quarter results, established 2024 guidance, and provided highlights on recent and planned activities.
Key Takeaways
Aimco's fourth quarter results for 2023 showed increased revenue, expenses, and NOI from Stabilized Operating Properties, driven by higher average monthly revenue per apartment home and occupancy rates. The company also made progress in development projects and monetized assets. Aimco acquired 1.4 million shares of its common stock during the fourth quarter 2023 at an average cost of $6.75 per share.
Net loss attributable to common stockholders per share was $(1.07) for the quarter, primarily due to a non-cash impairment charge related to the Parkmerced mezzanine investment.
Fourth Quarter 2023 revenue, expenses, and NOI from Aimco’s Stabilized Operating Properties increased 6.8%, 5.6%, and 7.2%, respectively, year-over-year.
Average monthly revenue per apartment home increased by 6.7% to $2,343.
Aimco acquired 1.4 million shares of its common stock during the fourth quarter 2023 at an average cost of $6.75 per share.
Revenue by Segment
Forward Guidance
Aimco expects revenue growth in 2024 to be driven primarily from leases transacted in 2023 and expenses to be elevated due to increases in real estate taxes, including favorable appeals received in 2023 for prior periods.
Positive Outlook
- Complete the construction and continue to lease up Oak Shore with NOI stabilization projected to occur in 2025
- Complete construction and continue to lease up Upton Place with NOI stabilization projected to occur in 2026
- Complete construction and commence lease-up of Strathmore Square with NOI stabilization projected to occur in 2026
- Begin construction activities on up to one new project, assuming market conditions, construction costs, and pricing and terms for third party financing are acceptable and with limited additional Aimco equity.
- Aimco plans to fully market its Brickell Assemblage for sale and, if pricing and terms are acceptable, Aimco expects to complete the transaction by year end.
Challenges Ahead
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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