Wed, Mar 19, 8:16 PM (38 days ago)
**Apartment Income REIT, L.P. (AIRC)** **Ticker: AIRC** **Financial Performance:** - **Revenue:** $800.6 million for the year ended December 31, 2024, a decrease from $820.0 million in 2023. - **Net Income:** $(355.8) million for 2024, compared to $689.3 million in 2023. - **Earnings per Share:** $(2.38) for 2024, compared to $4.29 in 2023. **Strategic Overview:** - **Portfolio:** 77 apartment communities with 27,395 apartment homes as of December 31, 2024. - **Geographic Focus:** Key markets include Boston, Philadelphia, Washington, D.C., Miami, Denver, San Francisco Bay Area, Los Angeles, and San Diego. - **Operational Strategy:** Focus on high customer retention, real-time analytics, and automation to enhance property operations. **Future Outlook:** - **Capital Needs:** Expects to fund future acquisitions, debt maturities, and capital spending with proceeds from apartment community sales, additional borrowings, operating cash flows, and funding from the General Partner and Special Limited Partner. - **Liquidity:** Believes it has sufficient cash on hand and access to additional sources of liquidity to meet operational needs for the next 12 months. **Risk Factors:** - **Market Risks:** Exposure to fluctuations in real estate values, economic conditions, and competition. - **Operational Risks:** Dependence on senior management, potential environmental liabilities, and cybersecurity threats. - **Financial Risks:** High leverage, interest rate changes, and potential disruptions in the financial markets. **Financial Condition:** - **Debt:** $6.2 billion in non-recourse property debt as of December 31, 2024, with a weighted-average interest rate of 6.0%. - **Leverage:** Total leverage of $6.2 billion, with a weighted-average remaining term to maturity of 5.1 years. **Market Position Changes:** - **Merger:** Completed a merger with affiliates of Blackstone Real Estate Partners X L.P. on June 28, 2024, resulting in AIR becoming a subsidiary of the Parent Entities. - **Executive Changes:** Terry Considine stepped down as CEO, and Lisa Cohn and Keith Kimmel were appointed as Co-Principal Executive Officers.