AIV Apartment Investment and Management Company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 7, 2024

 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

(Exact name of registrant as specified in its charter)

 

 

Maryland (Apartment Investment and Management Company)		1-13232		84-1259577
Delaware (Aimco OP L.P.)		0-56223		85-2460835
(State or other jurisdiction		(Commission		(I.R.S. Employer
of incorporation or organization)		File Number)		Identification No.)

4582 SOUTH ULSTER STREET

SUITE 1450, DENVER, CO 80237

 

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (303) 224-7900

NOT APPLICABLE

(Former name or Former Address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Apartment Investment and Management Company Class A Common Stock	AIV	New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act. ☐

 

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ITEM 2.02. Results of Operations and Financial Conditions.

 

On August 7, 2024 Apartment Investment and Management Company and Aimco OP L.P. (the “Company”) issued a press release announcing results for the period ended June 30, 2024. A copy of the press release is attached as exhibit 99.1 to this report.

 

The information under this Item 2.02 and Exhibit 99.1 is furnished by the Company in accordance with the rules of the Securities and Exchange Commission. This information shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01. Financial Statements and Exhibits.

(d) The following exhibits are filed with this report:

Exhibit No.	Description
99.1	Press release dated August 7, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	Dated: August 7, 2024
		APARTMENT INVESTMENT AND MANAGEMENT COMPANY
			/s/ H. Lynn C. Stanfield
			H. Lynn C. Stanfield
			Executive Vice President and Chief Financial Officer
		AIMCO OP L.P.
		By: Aimco OP GP, LLC, its general partner By: Apartment Investment and Management Company, its managing member
			/s/ H. Lynn C. Stanfield
			H. Lynn C. Stanfield
			Executive Vice President and Chief Financial Officer

 

 

 

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Table of Contents

 

Page
3	Earnings Release
7	Outlook
10	Consolidated Statements of Operations
11	Consolidated Balance Sheets
12	Schedule 1 – EBITDAre and Adjusted EBITDAre
13	Schedule 2 – Aimco Leverage and Maturities
14	Schedule 3 – Aimco Portfolio
15	Schedule 4 – Aimco Capital Additions
16	Schedule 5 – Aimco Development and Redevelopment Project Summaries
18	Schedule 6 – Stabilized Operating Properties
19	Schedule 7 – Acquisitions, Dispositions, and Leased Communities
20	Schedule 8 – Net Asset Value Components
21	Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

 

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Aimco Reports Second Quarter Results, Updates Guidance, and

Provides Highlights on Recent Activities

 

Denver, Colorado, August 7, 2024 – Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today second quarter results for 2024, updated guidance, and provided highlights on recent and planned activities.

 

Financial Results and Highlights

 

CEO Commentary

Wes Powell, Aimco President and Chief Executive Officer, comments: "In the second quarter, Aimco continued to produce solid results and made steady progress toward our 2024 plans and objectives.

“Aimco’s diversified portfolio of apartment communities continued to perform well during the second quarter with NOI up 4.1% year-over-year. Nearly 66% of residents whose leases were expiring signed renewals during the quarter and average monthly revenue per apartment home grew by 4.4% to $2,392. With the majority of 2024’s leasing transactions now complete, and considering the strong performance to date, we have revised our full year guidance and now expect 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%, an increase of more than 100 basis points at the mid-point.

 

"Our active development projects are progressing on schedule and on budget. Year-to-date, through July, the Aimco team has brought more than 600 new apartment homes online and executed more than 250 new leases across those projects. Our current class of development projects are expected to be fully delivered by year end with NOI stabilization projected to occur during 2026. We continue to advance planning efforts in anticipation of select new project starts. Consistent with our stated guidance, total Aimco equity allocated to development and related activities is projected to be substantially reduced when compared to prior years.

“Together with our brokerage teams we continue to advance efforts related to the marketing and sale of our two-property assemblage in Miami’s Brickell neighborhood and The Hamilton, our recently completed redevelopment in Miami’s Edgewater neighborhood. While we do not plan to comment on specific pricing, terms or timelines until definitive agreements have been executed and deposits have become nonrefundable,

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we remain committed to unlocking the value embedded within these assets and prudently allocating the net proceeds, with a preference for returning capital to stockholders.

“We continue to believe that Aimco shares represent an accretive use of excess capital and, as of July 31, 2024, had repurchased 4.2 million shares year-to-date at an average price of $7.93 per share.

“Aimco's strong performance is the result of the good work produced by a talented and engaged team, whom I am thankful to work alongside, and from the diligent oversight provided by an experienced Board of Directors. Above all else, we are committed to creating and unlocking value for Aimco stockholders.”

 

Operating Property Results

Aimco owns a diversified portfolio of operating apartment communities located in eight major U.S. markets with average rents in line with local market averages.

Results at Aimco’s Stabilized Operating Properties were as follows:

	Second Quarter							Year-to-Date
Stabilized Operating Properties	Year-over-Year				Sequential			Year-over-Year
($ in millions)	2024	2023	Variance		1Q 2024	Variance		2024	2023	Variance
Average Daily Occupancy	96.3%	96.2%	0.1%		97.9%	(1.6)%		97.1%	97.1%	—
Revenue, before utility reimbursements	$38.7	$37.0	4.6%		$38.6	0.2%		$77.3	$73.7	5.0%
Expenses, net of utility reimbursements	12.2	11.5	5.7%		11.5	5.6%		23.7	22.7	4.3%
Net operating income (NOI)	26.5	25.5	4.1%		27.1	(2.2)%		53.7	51.0	5.3%

 

 

Value Add and Opportunistic Investments

Development and Redevelopment

Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco’s value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

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As of June 30, 2024, Aimco had two multifamily development projects under construction, a multifamily community that has been substantially completed and is now in lease-up, and a hotel that was completed in 2023 and is being stabilized. These projects remain on track, as measured by construction budget and lease-up metrics. Additionally, Aimco has a pipeline of future value add opportunities totaling approximately 13 million gross square feet of development in Aimco's target markets of Southeast Florida, the Washington D.C. Metro, and Colorado's Front Range.

During the second quarter, $29.8 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan draws. Updates on active development projects and Aimco's pipeline include:

 

 

Investment & Disposition Activity

Aimco is focused on prudently allocating capital and delivering strong investment returns. Consistent with Aimco's capital allocation philosophy, it monetizes the value within its assets when accretive uses of the proceeds are identified and invests when the risk-adjusted returns are superior to other uses of capital.

Aimco is currently marketing three assets for sale in the Miami market: 1001 and 1111 Brickell Bay Drive (The Brickell Assemblage) and The Hamilton. Our respective brokerage teams remain in active discussions with interested parties and continue to solicit offers. Aimco does not intend to comment on specific pricing, terms or timelines until definitive agreements have been executed and buyers' deposits have become nonrefundable.

 

 

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of June 30, 2024, Aimco had access to $259.4 million, including $88.5 million of cash on hand, $20.9 million of restricted cash, and the capacity to borrow up to $150.0 million on its revolving credit facility.

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Aimco’s net leverage as of June 30, 2024, was as follows:

		as of June 30, 2024
Aimco Share, $ in thousands		Amount				Weighted Avg. Maturity (Yrs.) [1]
Total non-recourse fixed rate debt		$	774,474				6.7
Total non-recourse floating rate debt			90,660				1.3
Total non-recourse construction loan debt			337,539				1.6
Cash and restricted cash			(108,995	)
Net Leverage		$	1,093,678

[1] Weighted average maturities presented exclude contractual extension rights.

 

As of June 30, 2024, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection and, including contractual extensions, Aimco has only $9.4 million, or less than 1% of its total debt, maturing prior to May 2026.

 

Public Market Equity

Common Stock Repurchases

 

Commitment to Enhance Stockholder Value

The Aimco Board of Directors, in coordination with management, remains intently focused on maximizing and unlocking value for Aimco stockholders and continues to engage regularly with several leading advisory firms, including Morgan Stanley & Co. LLC.

Aimco’s announced plans to reduce exposure to development activity and monetize certain assets represent a commitment to simplify the portfolio and unlock embedded value when there are opportunities to do so. These efforts will further improve Aimco’s positioning in the market and provide increased flexibility as the Board of Directors continues its review and consideration of broader strategic actions to maximize stockholder value. In addition, in conjunction with our contemplated asset sales, we will prioritize return of capital to our stockholders as a key component of our capital allocation philosophy.

 

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. The Company does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.

 

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2024 Outlook

 

	2Q 2024			2024		2024
$ in millions (except per share amounts), Square Feet in millions Forecast is full year unless otherwise noted	YTD Results			Forecast		Prior Forecast
Net income (loss) per share – diluted [1]		$(0.50)		$(0.80) - $(0.75)		$(0.50) - $(0.40)
Operating Properties
Revenue Growth, before utility reimbursements		5.0%		3.25% - 3.75%		1.75% - 3.75%
Operating Expense Growth, net of utility reimbursements		4.3%		6.00% - 7.50%		6.00% - 8.00%
Net Operating Income Growth		5.3%		1.50% - 2.75%		-0.75% - 2.75%
Recurring Capital Expenditures		$7		$11 - $13		$11 - $13
Active Developments and Redevelopments
Total Direct Costs of Projects in Occupancy Stabilization at Period End [2]		$68		$648		$648
Total Direct Costs of Projects Under Construction at Period End [2]		$580		$0 - $250		$0 - $250
Direct Project Costs		$49.0		$70 - $100		$70 - $100
Other Capitalized Costs		$14.5		$18 - $20		$15 - $20
Construction Loan Draws [3]		$62.4		$88 - $90		$85 - $90
JV Partner Equity Funding		$0		$0 - $25		$0 - $25
AIV Equity Funding [4]		$1.1		$0 - $5		$0 - $5
Pipeline Projects
Pipeline Size Gross Square Feet at Period End [5]		13.3		9.5 - 13.3		9.5 - 13.3
Pipeline Size Multifamily Units at Period End [5]		5,972		4,358 - 5,972		4,358 - 5,972
Pipeline Size Commercial Sq Ft at Period End [5]		1.7		1.2 - 1.7		1.2 - 1.7
Planning Costs		$4.1		$5 - $10		$8 - $15
Real Estate Transactions
Acquisitions		None		None		None
Dispositions [6]		None		See Below		See Below
General and Administrative		$16.1		$33 - $35		$33 - $35
Leverage
Interest Expense, net of capitalization [7]		$23.0		$56 - $58		$52 - $57

[1] Net income (loss) per share - diluted does not include any gains associated with potential transactions in 2024.

[2] Includes land or leasehold value.

[3] Construction loan draws at Aimco share in first half of 2024 were $53.8 million.

[4] Full year AIV equity funding is expected to be between $0 and $5 million. Quarter-end balances may fluctuate depending on timing of construction loan draws.

[5] Includes pipeline projects as presented on Supplemental Schedule 5b.

[6] While Aimco does not provide specific guidance related to future transactions, in the first half of 2024, Aimco brought to market its Brickell Assemblage, a two-property waterfront assemblage located in Miami, Florida, and The Hamilton, its recently completed waterfront redevelopment in Miami’s Edgewater neighborhood.

[7] Includes GAAP interest expense, exclusive of the amortization of deferred financing costs, and reduced by interest rate option payments which are included in the Realized and unrealized gains (losses) on interest rate options line on Aimco's income statement.

 

 

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Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at investors.aimco.com.

 

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States, or GAAP. Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures.

 

About Aimco

Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

 

Team and Culture

Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced professionals based in three regions, where it will focus its new investment activity: Southeast Florida, the Washington D.C. Metro Area and Colorado's Front Range. By regionalizing this platform, Aimco can leverage the in-depth local market knowledge of each regional leader, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.

Above all else, Aimco is committed to a culture of integrity, respect, and collaboration.

 

Contact

Matt Foster, Sr. Director, Capital Markets and Investor Relations

Investor Relations 303-793-4661, investor@aimco.com

 

 

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Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. The forward-looking statements in this document include, without limitation, statements regarding our future plans and goals, including our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding revenue and expense growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios. We caution investors not to place undue reliance on any such forward-looking statements.

These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2024 plans and goals may not be completed, as expected, in a timely manner or at all; geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us.

In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q and other documents Aimco files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment and expectations as of this date, and Aimco undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

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Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
REVENUES:
Rental and other property revenues		$	51,148			$	45,674			$	101,350			$	89,942
OPERATING EXPENSES:
Property operating expenses			22,557				18,783				43,756				36,287
Depreciation and amortization			22,110				17,031				41,578				33,302
General and administrative expenses			7,577				7,890				16,126				16,293
Total operating expenses			52,244				43,704				101,460				85,882
Interest income			2,535				2,478				5,183				4,536
Interest expense [1]			(16,820	)			(9,656	)			(30,190	)			(19,381	)
Realized and unrealized gains (losses) on interest rate options			640				3,383				2,312				2,326
Realized and unrealized gains (losses) on        equity investments [2]			(47,264	)			1,094				(47,535	)			1,231
Gains on dispositions of real estate			-				1,878				-				1,878
Other income (expense), net			(1,286	)			(1,420	)			(2,876	)			(4,872	)
Income (loss) before income tax benefit			(63,291	)			(273	)			(73,216	)			(10,222	)
Income tax benefit (expense)			2,188				417				4,917				4,613
Net income (loss)			(61,103	)			144				(68,299	)			(5,609	)
Net (income) loss attributable to redeemable noncontrolling      interests in consolidated real estate partnerships			(3,598	)			(3,576	)			(7,158	)			(6,849	)
Net (income) loss attributable to noncontrolling interests      in consolidated real estate partnerships			811				(348	)			827				(613	)
Net (income) loss attributable to common noncontrolling      interests in Aimco Operating Partnership			3,364				178				3,918				652
Net income (loss) attributable to Aimco		$	(60,526	)		$	(3,602	)		$	(70,712	)		$	(12,419	)
Net income (loss) attributable to common stockholders per share – basic		$	(0.43	)		$	(0.02	)		$	(0.50	)		$	(0.09	)
Net income (loss) attributable to common stockholders per share – diluted		$	(0.43	)		$	(0.02	)		$	(0.50	)		$	(0.09	)
Weighted-average common shares outstanding – basic			139,816				144,195				140,205				145,007
Weighted-average common shares outstanding – diluted			139,816				144,195				140,205				145,007

 

[1] Interest expense increased in the three and six months ended June 30, 2024 from the same periods ending June 30, 2023, due primarily to increased construction loan draws and reduced capitalization as development projects are advanced and completed.

[2] In the second quarter 2024, realized and unrealized losses on equity investments were $47.3 million primarily due to a non-cash impairment charge related to its passive equity investment in IQHQ.

 

 

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Consolidated Balance Sheets

(in thousands) (unaudited)

		June 30,				December 31,
		2024				2023
Assets
Buildings and improvements		$	1,657,258			$	1,593,802
Land			620,246				620,821
Total real estate			2,277,504				2,214,623
Accumulated depreciation			(602,375	)			(580,802	)
Net real estate			1,675,129				1,633,821
Cash and cash equivalents			88,539				122,601
Restricted cash			20,859				16,666
Notes receivable			57,660				57,554
Right-of-use lease assets - finance leases			108,353				108,992
Other assets, net			106,574				149,841
Total assets		$	2,057,114			$	2,089,475
Liabilities and Equity
Non-recourse property debt, net		$	845,237			$	846,298
Non-recourse construction loans, net			366,078				301,443
Total indebtedness			1,211,315				1,147,741
Deferred tax liabilities			106,537				110,284
Lease liabilities - finance leases			120,353				118,697
Accrued liabilities and other			126,155				121,143
Total liabilities			1,564,360				1,497,865
Redeemable noncontrolling interests in consolidated real estate partnerships			174,849				171,632
Equity:
Common Stock			1,372				1,406
Additional paid-in capital			439,168				464,538
Retained earnings (deficit)			(187,004	)			(116,292	)
Total Aimco equity			253,536				349,652
Noncontrolling interests in consolidated real estate partnerships			50,280				51,265
Common noncontrolling interests in Aimco Operating Partnership			14,089				19,061
Total equity			317,905				419,978
Total liabilities and equity		$	2,057,114			$	2,089,475

 

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Supplemental Schedule 1

 

EBITDAre and Adjusted EBITDAre

(in thousands) (unaudited)

 

	Three Months Ended June 30, 2024				Twelve Months Ended June 30, 2024
Net Income (loss)	$	(61,103	)		$	(219,993	)
Adjustments:
Interest expense		16,820				48,527
Income tax (benefit) expense		(2,188	)			(13,057	)
Gains on dispositions of real estate		-				(6,106	)
Depreciation and amortization		22,110				77,110
Adjustment related to EBITDAre of unconsolidated partnerships		217				673
EBITDAre	$	(24,144	)		$	(112,846	)
Net (Income) loss attributable to redeemable noncontrolling Interests consolidated real estate partnerships		(3,598	)			(14,233	)
Net (Income) loss attributable to noncontrolling interests consolidated real estate partnerships		811				(2,551	)
EBITDAre adjustments attributable to noncontrolling interests		(929	)			(1,765	)
Mezzanine investment (income) loss, net		628				156,813
Realized and unrealized (gains) losses on interest rate contracts		(640	)			(1,105	)
Unrealized (gains) losses on IQHQ investment		46,972				46,972
Adjusted EBITDAre	$	19,100			$	71,285

 

 

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Supplemental Schedule 2

 

Aimco Leverage and Maturities

(dollars in thousands) (unaudited)

						Aimco Share of								Total				Weighted Average				Weighted Average Interest Rate
Debt		Consolidated				Unconsolidated Partnerships				Noncontrolling Interests				Aimco Share				Maturity (Years) [3]				Stated				Capped
Fixed rate loans payable		$	770,128			$	4,346				—			$	774,474				6.7				4.25	%			4.25	%
Floating rate loans payable			81,300				9,360				—				90,660				1.3				9.83	%			8.00	%
Construction loan debt [1]			371,584				—				(34,045	)			337,539				1.6				9.39	%			7.74	%
Total non-recourse debt [2]		$	1,223,012			$	13,706			$	(34,045	)		$	1,202,673				4.8				6.19	%			5.56	%
Revolving Credit Facility			—				—				—				—
Cash and restricted cash			(109,398	)			—				403				(108,995	)
Net Leverage		$	1,113,614			$	13,706			$	(33,642	)		$	1,093,678

 

Aimco Share Non-Recourse Debt

																		Average Rate on Maturing Debt
		Amortization				Maturities [3]				Total				Maturities as a Percent of Total				Stated				Capped
2024 3Q		$	999			$	—			$	999				—	%			—	%			—	%
2024 4Q			1,014				—				1,014				—				—				—
Total 2024			2,013				—				2,013				—				—				—
2025 1Q			1,028				—				1,028				—				—				—
2025 2Q [4]			1,025				146,981				148,006				12.22	%			9.89	%			8.06	%
2025 3Q [5]			1,035				100,700				101,735				8.37	%			8.64	%			6.31	%
2025 4Q			1,050				175,400				176,450				14.58	%			9.78	%			8.45	%
Total 2025			4,138				423,081				427,219				35.17	%			9.54	%			7.80	%
2026			2,816				75,519				78,335				6.28	%			3.10	%			3.10	%
2027			2,116				—				2,116				—				—				—
2028			2,195				—				2,195				—				—				—
2029			2,278				179,646				181,924				14.94	%			4.66	%			4.66	%
2030			2,363				—				2,363				—				—				—
2031			1,696				104,508				106,204				8.69	%			3.20	%			3.20	%
2032			112				221,639				221,751				18.43	%			4.62	%			4.62	%
2033			—				173,435				173,435				14.42	%			4.60	%			4.60	%
Thereafter			—				5,118				5,118				0.43	%			3.25	%			3.25	%
Total Aimco Share		$	19,727			$	1,182,946			$	1,202,673

[1] Aimco’s construction loan debt consists primarily of non-recourse, floating rate loans.

[2] Consolidated total non-recourse debt excludes $11.7 million of deferred financing costs.

[3] Debt maturities are presented with the earliest maturity date and do not include contractual extension options. Including extensions, the weighted average maturity is 5.4 years and Aimco has only $9.4 million of loans, at Aimco share, maturing prior to May 2026.

[4] In the second quarter, Aimco and its joint venture partner refinanced the project's land loan, Aimco's share of the new loan is $9.4 million and has an initial maturity date in the second quarter 2025.

[5] In the second quarter, Aimco exercised a 1-year contractual extension on the construction loan at The Hamilton.

 

Common Stock, Partnership Units, and Equivalents

(in thousands) (unaudited)

	June 30, 2024
Class A Common Stock Outstanding		137,167
Participating unvested restricted stock		2,448
Potentially dilutive options, share equivalents, and non-participating unvested restricted stock		1,684
Total shares and potentially dilutive share equivalents		141,299
Common Partnership Units and equivalents outstanding		8,642
Total shares, units and potentially dilutive share equivalents		149,941

 

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Supplemental Schedule 3

 

Aimco Portfolio

(square feet in thousands) (land in acres) (unaudited)

		Number of Properties				Number of Apartment Homes [3]				Office and Retail Sq Ft				Hotel Keys				Development Land [4]
Consolidated
Stabilized Operating Properties			21				5,600				27.1				-				-
Other Real Estate [1]			2				-				295.0				106				-
Development and Redevelopment - Owned [2]			3				1,185				114.1				-				-
Development and Redevelopment - Land [3]			6				-				-				-				21.9
Development and Redevelopment - Leased			1				24				-				-				-
Total Consolidated			33				6,809				436.2				106				21.9
Unconsolidated			6				142				-				-				2.8
Total Portfolio			39				6,951				436.2				106				24.7
Total Consolidated (Aimco Share)							6,729				425.2				106.0				20.6
Total Unconsolidated (Aimco Share)							73				-				-				0.6
Total Portfolio (Aimco Share)							6,802				425.2				106				21.2

 

[1] Other Real Estate includes:

[2] Development and Redevelopment - Owned includes:

[3] Development and Redevelopment – Land includes:

[4] Number of apartment homes includes all current apartments and those authorized for development.

[5] Development land includes the number of acres of land held by Aimco for future development, land with projects in active development is not included in this presentation.

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Supplemental Schedule 4

 

Aimco Capital Additions

(consolidated amounts in thousands) (unaudited)

 

		Three Months Ended				Six Months Ended
		June 30, 2024				June 30, 2024
Capital Replacements and Casualty		$	4,319			$	7,046
Property Upgrades			115				223
Tenant Improvements			2,543				2,818
Development and Redevelopment			29,809				72,568
Total Capital Additions [1]		$	36,785			$	82,655

 

 

[1] Second quarter 2024 total capital additions include $22.0 million of Direct Capital Investment ($18.7 million on active projects and $3.3 million on projects in planning) and certain other costs capitalized in accordance with GAAP.

 

 

 

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Supplemental Schedule 5(a)

 

Aimco Active Development Project Summaries

(dollars in millions) (unaudited)

																				Estimated / Actual
Project Name		Location		Units				Units Leased or Pre-Leased				Commercial Sq Ft				Commercial Pre-Leased				Initial Occupancy [6]				Stabilized Occupancy [6]		NOI Stabilization [6]
Upton Place [1]		Washington, D.C.			689			28%					105,053			82%				4Q 2023				4Q 2025		4Q 2026
Strathmore Square		Bethesda, MD			220			11%					9,000			—				2Q 2024				4Q 2025		4Q 2026
Oak Shore		Corte Madera, CA			24			38%				—				—				4Q 2023				1Q 2025		1Q 2026
Total					933								114,053
												Direct Capital Investment
Project Name		Status		Aimco Ownership [5]				Land Cost/ Leasehold Value				Planned				To-Date				Remaining
Upton Place [2]		Lease-up		90%					92.8				245.0				234.8				10.2
Strathmore Square		Lease-up / Active Construction		95%					24.9				164.0				147.3				16.7
Oak Shore		Lease-up / Active Construction		100%					6.1				47.1				41.7				5.4
Total								$	123.8			$	456.1			$	423.8			$	32.3
Estimated Direct Costs of Active Projects [3]								$	579.9
Estimated Direct Costs of Projects in Occupancy Stabilization [4]								$	68.3
Total Estimated Direct Costs of Development Portfolio								$	648.2