Aimco Releases Fourth Quarter and Annual Financials for 2024 and Sets Vision for 2025

Aimco Announces Fourth Quarter and Full Year 2024 Results

DENVER, Feb. 24, 2025 – Apartment Investment and Management Company (Aimco), listed on the New York Stock Exchange as AIV, has reported its financial outcomes for the fourth quarter and the entire year of 2024, in addition to laying out its strategic roadmap for 2025.

Key Financial Metrics

In the fourth quarter, Aimco experienced a net loss attributable to common stockholders of $(0.08) per share, aggregating to a $(0.75) loss per share for the entire year concluding December 31, 2024. Despite these losses, the company's Net Operating Income (NOI) from its Stabilized Operating Properties climbed to $25.9 million for Q4, showcasing a 4.5% year-over-year increase. Full-year 2024 NOI also echoed this trend, reaching $99.0 million, consistent with a 4.5% growth benchmark.

Operational Highlights

In a letter to shareholders, Aimco President and CEO Wes Powell expressed satisfaction with the operational results achieved throughout 2024. Aimco's apartment portfolio showcased resilient performance, bolstered by its geographical focus on well-established suburban markets that face limited competition and maintain steady demand. The occupancy rate for Aimco apartments rose to 97.9% by Q4, with revenues per unit increasing by 2.9% year-over-year, and rental prices up by 3.6% across all leases signed during the period.

During the year, construction updates included the completion of three multi-family projects, translating to the delivery of 933 residential units and over 100,000 square feet of retail space, all while keeping project costs about $10 million below forecast. Aimco also recognized a successful leasing strategy, with nearly 400 newly constructed homes booked at rates poised to yield a cost return of about 7% once fully stabilized. Furthermore, Aimco expanded its stake in the Upton Place property by acquiring a 10% interest previously held by its development partner.

Future Directions

Looking ahead to 2025, Aimco is optimistic about the apartment market's fundamentals, foreseeing that rental demand will likely outweigh supply. The company anticipates a revenue increase of around 3% within its Stabilized Operating portfolio, which encompasses more than 5,200 apartment homes primarily located in the Northeast and Midwest regions. Despite this anticipated revenue growth, operational expenses are expected to rise approximately 5.5% year-over-year, driven largely by non-recurring real estate tax assessments. Accordingly, Aimco forecasts full-year NOI growth to sit between 1% and 3%.

Powell expressed a commitment to continue pursuing prudent capital allocation strategies capable of generating adequate shareholder returns. In notable news, the company is in the process of closing a significant sale of its properties located at the Brickell Assemblage, projected to yield approximately $300 million in net proceeds post-debt retirement. Aimco intends to distribute most of these funds to its stockholders once finalized.

Stockholder Engagement

Aimco's Board of Directors remains proactive in exploring additional strategic avenues to enhance stockholder value, including considerations for potential mergers or asset sales in light of the disconnect between Aimco's stock market performance and its estimated asset values. Plans are in place to streamline operational efficiencies while advancing development projects already in the pipeline.

As we transition into 2025, Aimco reflects on the outstanding performance of its teams dedicated to optimizing every segment of its operations. The focus now shifts to maintaining momentum and executing on identified growth opportunities, ensuring that Aimco continues as a leading player in the U.S. multifamily real estate market.

Wes Powell concludes on a hopeful note, inviting stakeholders to share in Aimco's journey of growth and innovation as the company navigates exciting possibilities in the year ahead.

For more information about Aimco and its financial strategies, visit www.aimco.com.