Thu, Nov 7, 9:55 PM (128 days ago)
For the quarter ending September 30, 2024, Apartment Investment and Management Company (AIV) reported a net loss of $20,065,000, or $(0.16) per share, compared to a loss of $2,260,000 in the same quarter of 2023. Revenue from rental and other property sources rose 11.8% year-over-year to $53,158,000, driven by higher average rents and occupancy rates. Operating expenses increased by 23.4% to $54,632,000, primarily due to rising property taxes and interest expenses, reflecting ongoing development projects. Cash flow from operations was $46,156,000, up from $42,551,000 in 2023. The company maintained $110,408,000 in cash and restricted cash, with additional liquidity of $150,000,000 available through its credit facility. Total assets decreased slightly to $2,067,572,000, while total liabilities rose to $1,600,216,000, indicating a higher debt load due to increased construction financing. Aimco's strategic focus remains on multifamily investments in high-demand markets, with ongoing developments expected to enhance future cash flows. However, rising interest rates and economic uncertainties pose risks to operational performance and financing conditions.