\nApartment Investment and Management Company (\u201cAimco\u201d) (NYSE: AIV) announced today first quarter results for 2021.\n<\/p>\n
\nWes Powell, Aimco President and Chief Executive Officer, comments: \u201cThe first three months of 2021 have proven highly productive with Aimco now well positioned for growth as a premier real estate developer and investor. Aimco\u2019s strategy, focused on long-term value creation, is being put to work and we are on track to produce superior results. Broadly, demand for housing remains robust, supply in many U.S. markets is relatively constrained, and the economy is improving rapidly. Aimco teams across the country are utilizing their deep relationships and creativity to source and devise new investment opportunities that will expand our already robust pipeline. I am thankful for the good work produced by the Aimco team during the first quarter and encouraged by what lies ahead.\u201d\n<\/p>\n
\nLynn Stanfield, Aimco Executive Vice President and Chief Financial Officer, comments: \u201cApartment operations continue to improve with occupancy at our portfolio of stabilized properties having increased by 70 basis points quarter-over-quarter and pricing power recovering in many of our markets. Aimco\u2019s active development and redevelopment projects are tracking on time and on budget, lease-up results have been promising, and we\u2019ve added about $330 million to our investment pipeline with the start of construction at Upton Place in Washington, D.C. and The Benson Hotel on the Anschutz Medical Campus in Colorado. Additionally, Aimco\u2019s strong balance sheet, with limited use of corporate credit, abundant liquidity, and a diversified portfolio of stabilized properties provides a strong foundation for Aimco\u2019s growing investment platform.\u201d\n<\/p>\n
Financial Results<\/span><\/b><\/p>\n \nNet income attributable to common stockholders per common share, on a dilutive basis, was $0.14 per share, an increase of $0.11 during the quarter ended March 31, 2021, compared to the same period in 2020, due primarily to unrealized gains on interest rate options.\n<\/p>\n Development and Redevelopment<\/span><\/b><\/p>\n \nAimco\u2019s dedicated team sources and executes development and redevelopment projects across its national platform. Aimco seeks outsized returns on incremental capital invested, for itself and its partners, through its team\u2019s local insights regarding sub-market fundamentals, the specific property location, a deep understanding of how best to meet the end users\u2019 needs and wants, a disciplined commitment to mitigating risk during the construction process, and a passion for quality. Aimco believes that each of these components are critical to the creation of an investment platform that is both sustainable and viable independent of broader market conditions.\n<\/p>\n Construction Activity<\/b><\/p>\n \nDuring the three months ended March 31, 2021, Aimco invested approximately $45.8 million at its development and redevelopment projects.\n<\/p>\n Lease-up Progress<\/b><\/p>\n \nDuring the three months ended March 31, 2021, Aimco held three properties where newly constructed or renovated homes had been delivered but stabilization had not yet been reached.\n<\/p>\n \nThe pace of absorption at these properties accelerated during April and early May as local economies reopen and we enter the prime leasing season. In April, leasing volume increased by more than a third when compared to March, and leasing in May is projected to outpace April.\n<\/p>\n Asset Management<\/span><\/b><\/p>\n Operating Properties<\/b><\/p>\n \nAimco owns a geographically diversified portfolio of operating properties that produces stable cash flow and serves to balance the risk and highly variable cashflows associated with its portfolio of development and redevelopments and value-add investments. Aimco expects to maintain, at any given time, an allocation of capital to stabilized operating properties of no less than 30% of Aimco equity. At March 31, 2021, Aimco had approximately 54% of equity in stabilized operating properties.\n<\/p>\n \nAimco\u2019s Operating Portfolio produced solid results for the quarter ended March 31, 2021, showing sequential improvement in revenue as our business recovers from the pandemic related impacts of 2020.\n<\/p>\n\n
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