{"id":776069,"date":"2023-08-07T20:12:51","date_gmt":"2023-08-08T00:12:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-reports-second-quarter-results-updates-guidance-and-provides-recent-highlights\/"},"modified":"2023-08-07T20:12:51","modified_gmt":"2023-08-08T00:12:51","slug":"aimco-reports-second-quarter-results-updates-guidance-and-provides-recent-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-reports-second-quarter-results-updates-guidance-and-provides-recent-highlights\/","title":{"rendered":"Aimco Reports Second Quarter Results, Updates Guidance, and Provides Recent Highlights"},"content":{"rendered":"

<\/p>\n

Aimco Reports Second Quarter Results, Updates Guidance, and <\/span><\/b>Provides Recent Highlights<\/span><\/b><\/p>\n

DENVER–(BUSINESS WIRE<\/a>)–
\nApartment Investment and Management Company (\u201cAimco\u201d) (NYSE: AIV) announced today second quarter results for 2023, updated guidance, and provided highlights on recent activities.<\/p>\n

\nWes Powell, Aimco President and Chief Executive Officer, comments: \u201cRental housing fundamentals remain strong and the Aimco team continued to deliver solid results across our two principal lines of business: the ownership of a diversified portfolio of stabilized apartment communities and value-add investing, primarily in the development and redevelopment of multifamily properties. In addition, we made significant progress in our plans to reduce exposure to alternative assets and further bolstered what was already a solid balance sheet.<\/p>\n

\n\u201cAimco\u2019s operating apartment communities continue to experience high demand and broadly benefit from their \u2018B\u2019 price point and locations within mature submarkets that face limited competitive new supply. During the first half of the year, our stabilized portfolio delivered NOI growth of 11.4% and we have increased our projection for year-over-year NOI growth by 225 basis points at the midpoint.<\/p>\n

\n\u201cOur active development projects remain on time, on budget, and are projected to produce more than $55 million of NOI annually upon stabilization, with more than half of that income expected to be online within the next 12 months. Planning and entitlement investment in Aimco’s pipeline assets are adding value as we prepare sites for future development but maintain the optionality to monetize those assets at various points in the process, as needed to maximize our risk adjusted returns.<\/p>\n

\n“Furthering our efforts to simplify the Aimco business and prudently allocate capital, we reduced our allocation to alternative investments during the quarter by closing on a partial sale of our Parkmerced mezzanine loan. Together with the unwinding our related interest rate swaption, we monetized $92 million and have a path to realize an additional $156 million under the terms of our agreement with the loan\u2019s purchaser.<\/p>\n

\n\u201cAlso during the quarter, we proactively retired $60 million of higher-cost floating rate debt. Our balance sheet benefits from ample liquidity and attractive in place financing with minimal near-term maturities.<\/p>\n

\n\u201cThe Aimco board and management team remain committed to maximizing and unlocking value for Aimco shareholders. Year to date, through July 31, we acquired more than 3.1 million shares of Aimco common stock at an average price of $7.54 per share and have authorization to purchase an additional nine million shares.<\/p>\n

\n\u201cI am thankful to work with a committed team whose relentless focus and hard work continues to result in solid performance for Aimco.\u201d<\/p>\n

Financial Results and Recent Highlights<\/span><\/b><\/p>\n