DENVER–(BUSINESS WIRE<\/a>)– \nWes Powell, Aimco President and Chief Executive Officer, comments: \u201cThe fundamentals of the U.S. apartment market in general, and Aimco\u2019s business in particular, remain strong. Demand for living space continues to outpace supply in most markets and that trend is evident across the Aimco portfolio as Net Operating Income (“NOI”) for our stabilized properties has grown by 10% or more, year-over-year, for six consecutive quarters. In the first quarter of 2023, revenue and NOI were up 11.4% and 13.1% respectively over the prior year. Leasing activity for the month of April proved promising with double digit blended lease to lease growth.<\/p>\n \n\u201cThe Aimco team continues its track record of adding value through our development program. Active projects remain on budget and on track to produce more than $55 million of annual NOI upon their stabilization. At The Hamilton, in Miami, Florida, construction was completed in April and the property is now 90% leased at rental rates well ahead of initial projections.<\/p>\n \n\u201cWe are also adding value through the planning and entitlement of our future development opportunities having invested approximately $6 million in those activities during the first quarter. Aimco maintains considerable optionality in regard to its development pipeline given the ability to extract value, and maximize risk adjusted returns, at various points in the pre-development process.<\/p>\n \n\u201cThe previously announced sale of our Parkmerced mezzanine loan investment remains on track. The buyer\u2019s deposit became non-refundable in April and closing is scheduled for the second quarter. Together with the monetization of the swaption purchased to hedge against interest rate increases, we expect the sale to result in gross proceeds of approximately $220 million and the further simplification of the Aimco business.<\/p>\n \n\u201cOur balance sheet remains safe and benefits from attractive, primarily assumable, in place financing. Including extensions, we have only $75 million of debt coming due over the next 36 months, the majority of which we plan to opportunistically retire when the loans are open for repayment, without penalty, later in 2023.<\/p>\n \n\u201cThe Aimco board and management team remain committed to maximizing and unlocking value for Aimco shareholders. Year-to-date, through April 30, we acquired more than 2.4 million shares of Aimco common stock at an average price of $7.36 per share.<\/p>\n \n\u201cI offer my thanks to the Aimco team for their hard work and continued good results.\u201d<\/p>\n Financial Results and Recent Highlights<\/span><\/b><\/p>\n Value Add, Opportunistic & Alternative Investments<\/span><\/b><\/p>\n Development and Redevelopment<\/b><\/p>\n \nAimco 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\u2019s Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.<\/p>\n \nAs of March 31, 2023, Aimco had five active development and redevelopment projects located in four U.S. markets, in varying phases of construction and lease-up. 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 14 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 first quarter, Aimco invested $64.8 million in development and redevelopment activities. Updates include:<\/p>\n Alternative Investments<\/b><\/p>\n \nAimco\u2019s current alternative investments are primarily those investments originated prior to the separation from AIR Communities and include a mezzanine loan secured by a stabilized multifamily property with an option to participate in future multifamily development, as well as three passive equity investments. Over time, we plan to significantly reduce capital allocated to these investments. Updates include:<\/p>\n Investment Activity<\/span><\/b><\/p>\n \nAimco is focused on growing the business, and delivering strong investment returns, through development and redevelopment activities, funded primarily through third-party capital. Updates include:<\/p>\n Operating Property Results<\/span><\/b><\/p>\n \nAimco owns a diversified portfolio of operating apartment communities located in eight major U.S. markets with average rents in line with local market averages.<\/p>\n \nAimco\u2019s operating properties produced solid results for the quarter ended March 31, 2023.<\/p>\n
\nApartment Investment and Management Company (\u201cAimco\u201d) (NYSE: AIV) announced today first quarter results for 2023 and provided highlights on recent activities.<\/p>\n\n
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