Apartment Investment & Management Co. Files 2023 Annual Report

TL;DR

<b>Apartment Investment & Management Co. (AIV) has filed its 2023 10-K report, detailing its financial performance and operations.</b>

AI Summary

APARTMENT INVESTMENT & MANAGEMENT CO (AIV) filed a Annual Report (10-K) with the SEC on February 26, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is Apartment Investment & Management Co. (AIV). Primary business address is 4582 South Ulster Street, Suite 1450, Denver, CO 80237. Incorporated in Maryland (MD). Standard Industrial Classification is Real Estate Investment Trusts [6798].

Why It Matters

For investors and stakeholders tracking APARTMENT INVESTMENT & MANAGEMENT CO, this filing contains several important signals. This filing provides a comprehensive overview of AIV's financial health and strategic positioning for the past fiscal year. Investors and analysts can use this report to assess the company's performance, risks, and future outlook in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — APARTMENT INVESTMENT & MANAGEMENT CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report, but the real estate sector can be subject to market fluctuations and regulatory changes.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand AIV's current operational status and potential future performance.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240226 — Filing Date (Date of filing)
• 143 — Public Document Count (Number of documents in the filing)
• 6798 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• APARTMENT INVESTMENT & MANAGEMENT CO (company) — Filer name
• AIV (company) — Ticker symbol
• 4582 SOUTH ULSTER STREET (company) — Business address
• DENVER (company) — Business address city
• CO (company) — Business address state
• 80237 (company) — Business address zip
• MD (company) — State of incorporation
• Aimco OP L.P. (company) — Related entity

FAQ

Industry Context

The company operates within the Real Estate Investment Trusts (REIT) sector, focusing on apartment properties.

Regulatory Implications

As a publicly traded company, AIV is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review the risk factors section for potential challenges and uncertainties.
3. Examine management's discussion and analysis for strategic insights.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the current period.

Key Financial Figures

• $8.52 — billion based upon the closing price of $8.52 on June 30, 2023. As of February 23,
• $0.6 billion — Diversified portfolio, consisting of $0.6 billion of in-process value-add investments, a

Filing Documents

• aiv-20231231.htm (10-K) — 6241KB
• aiv-ex10_3.htm (EX-10.3) — 123KB
• aiv-ex10_4.htm (EX-10.4) — 290KB
• aiv-ex10_17.htm (EX-10.17) — 64KB
• aiv-ex10_18.htm (EX-10.18) — 107KB
• aiv-ex10_19.htm (EX-10.19) — 126KB
• aiv-ex10_20.htm (EX-10.20) — 154KB
• aiv-ex10_21.htm (EX-10.21) — 62KB
• aiv-ex10_22.htm (EX-10.22) — 105KB
• aiv-ex10_23.htm (EX-10.23) — 154KB
• aiv-ex10_24.htm (EX-10.24) — 127KB
• aiv-ex10_25.htm (EX-10.25) — 58KB
• aiv-ex10_26.htm (EX-10.26) — 89KB
• aiv-ex10_27.htm (EX-10.27) — 124KB
• aiv-ex10_28.htm (EX-10.28) — 111KB
• aiv-ex21_1.htm (EX-21.1) — 74KB
• aiv-ex23_1.htm (EX-23.1) — 20KB
• aiv-ex31_1.htm (EX-31.1) — 16KB
• aiv-ex31_2.htm (EX-31.2) — 15KB
• aiv-ex31_3.htm (EX-31.3) — 16KB
• aiv-ex31_4.htm (EX-31.4) — 16KB
• aiv-ex32_1.htm (EX-32.1) — 8KB
• aiv-ex32_2.htm (EX-32.2) — 9KB
• aiv-ex32_3.htm (EX-32.3) — 8KB
• aiv-ex32_4.htm (EX-32.4) — 8KB
• aiv-ex97_1.htm (EX-97.1) — 55KB
• img56395613_0.jpg (GRAPHIC) — 159KB
• img56395613_1.jpg (GRAPHIC) — 159KB
• img56395613_2.jpg (GRAPHIC) — 98KB
• img56395613_3.jpg (GRAPHIC) — 88KB
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• img56395613_5.jpg (GRAPHIC) — 93KB
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• img56395613_7.jpg (GRAPHIC) — 79KB
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• img56395613_10.jpg (GRAPHIC) — 1656KB
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• img56395613_18.jpg (GRAPHIC) — 11KB
• img56395613_19.jpg (GRAPHIC) — 101KB
• img56395613_20.jpg (GRAPHIC) — 110KB
• img56395613_21.jpg (GRAPHIC) — 109KB
• img56395613_22.jpg (GRAPHIC) — 113KB
• img56395613_23.jpg (GRAPHIC) — 83KB
• img56395613_24.jpg (GRAPHIC) — 82KB
• img56395613_25.jpg (GRAPHIC) — 73KB
• 0000950170-24-020232.txt (&nbsp;) — 32821KB
• aiv-20231231.xsd (EX-101.SCH) — 2616KB
• aiv-20231231_htm.xml (XML) — 4595KB

Risk Factors

Risk Factors 6 1B. Unresolved Staff Comments 23 1C. Cybersecurity 23 2.

Properties

Properties 24 3.

Legal Proceedings

Legal Proceedings 24 4. Mine Safety Disclosures 24 PART II 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 6. [Reserved] 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 37 9A.

Controls and Procedures

Controls and Procedures 37 9B. Other Information 42 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 42 PART III 10. Directors, Executive Officers and Corporate Governance 43 11.

Executive Compensation

Executive Compensation 61 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 86 13. Certain Relationships and Related Transactions, and Director Independence 88 14. Principal Accounting Fees and Services 89 PART IV 15. Exhibits and Financial Statement Schedules 90 16. Form 10-K Summary 93

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements in certain circumstances. Certain information included in this Annual Report contains or may contain information that is forward-looking, within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. The forward-looking statements in this Annual Report include, without limitation, statements regarding: our future plans and goals, including our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding lease growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios. These forward-looking statements are based on management's judgment as of this date, which is subject to risks and unc

BUSINESS

ITEM 1. BUSINESS The Company Aimco, a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust ("REIT"). Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco Operating Partnership, a Delaware Limited Partnership. Aimco conducts all of its business and owns all of its assets through Aimco Operating Partnership. On December 15, 2020, we completed the Separation, creating two separate and distinct, publicly traded companies, Aimco and AIR. Please refer to Note 14 to the consolidated financial statements in Item 8 for discussion regarding our business segments. Executive Overview Our mission is to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate. Our value proposition includes our: Platform, consisting of a cohesive, talented, and tenured team with diverse real estate industry experience combined with a disciplined and proven investment process; Diversified portfolio, consisting of $0.6 billion of in-process value-add investments, a pipeline of 13 million square feet of potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments; and Capital redeployment plan which includes the prudent recycling of capital, reallocating our equity to higher returning investments, and return of capital to stockholders when appropriate. Our primary goal is outsized risk-adjusted returns and accelerating growth for our stockholders. We are focused on providing superior total-return performance to stockholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We do not presently intend

View Full Filing

View this 10-K filing on SEC EDGAR