Apartment Investment & Management Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Apartment Investment & Management Co. (AIV) filed its Q1 2024 10-Q, detailing financial positions and operational segments.</b>

AI Summary

APARTMENT INVESTMENT & MANAGEMENT CO (AIV) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Filing is a 10-Q for Apartment Investment & Management Co. (AIV) for the period ending March 31, 2024. The filing includes data related to Aimco OP L.P., a subsidiary. References to various financial statement line items and fair value disclosures. Mentions of specific dates such as 2023-12-31, 2023-03-31, and 2024-03-31. Includes details on operating segments like Redevelopment and Development, and Accessory Dwelling Units.

Why It Matters

For investors and stakeholders tracking APARTMENT INVESTMENT & MANAGEMENT CO, this filing contains several important signals. Provides a quarterly update on the financial health and operational performance of AIV, crucial for investors assessing current standing. Offers insights into specific segments like redevelopment and ADUs, which may indicate strategic focus areas and future growth potential.

Risk Assessment

Risk Level: — APARTMENT INVESTMENT & MANAGEMENT CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new information or material changes that would elevate the risk assessment.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand AIV's current operational and financial trajectory.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2023-12-31 — Prior Period Date (Fair value disclosures)
• 2023-03-31 — Prior Period Date (Fair value disclosures)

Key Players & Entities

• APARTMENT INVESTMENT & MANAGEMENT CO (company) — Filer name
• AIV (company) — Ticker symbol
• Aimco OP L.P. (company) — Subsidiary mentioned
• 2024-03-31 (date) — Reporting period end date
• 2023-12-31 (date) — Prior period reference
• 2023-03-31 (date) — Prior period reference

FAQ

Industry Context

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

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Examine segment performance, particularly Redevelopment and Development and Accessory Dwelling Units.
3. Review fair value disclosures for assets and liabilities.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end filings.

Filing Documents

• aiv-20240331.htm (10-Q) — 2058KB
• aiv-ex31_1.htm (EX-31.1) — 17KB
• aiv-ex31_2.htm (EX-31.2) — 17KB
• aiv-ex31_3.htm (EX-31.3) — 17KB
• aiv-ex31_4.htm (EX-31.4) — 17KB
• aiv-ex32_1.htm (EX-32.1) — 12KB
• aiv-ex32_2.htm (EX-32.2) — 11KB
• 0000950170-24-055744.txt (&nbsp;) — 8185KB
• aiv-20240331.xsd (EX-101.SCH) — 1151KB
• aiv-20240331_htm.xml (XML) — 1566KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Apartment Investment and Management Company: Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Operations (Unaudited) 5 Condensed Consolidated Statements of Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Aimco OP L.P.: Condensed Consolidated Balance Sheets (Unaudited) 8 Condensed Consolidated Statements of Operations (Unaudited) 9 Condensed Consolidated Statements of Partners' Capital (Unaudited) 10 Condensed Consolidated Statements of Cash Flows (Unaudited) 11 Notes to Condensed Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. (Unaudited) 12 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 34

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1A.

RISK FACTORS

RISK FACTORS 35 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6. EXHIBITS 37

Signatures

Signatures 38 3 Table of Contents

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS APARTMENT INVESTMENT A ND MANAGEMENT COMPANY CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Buildings and improvements $ 1,638,190 $ 1,593,802 Land 620,488 620,821 Total real estate 2,258,678 2,214,623 Accumulated depreciation ( 597,380 ) ( 580,802 ) Net real estate 1,661,298 1,633,821 Cash and cash equivalents 121,814 122,601 Restricted cash 18,589 16,666 Interest rate options 5,072 5,255 Unconsolidated real estate partnerships 23,282 23,125 Notes receivable 58,187 57,554 Right-of-use lease assets - finance leases 108,673 108,992 Other assets, net 122,976 121,461 Total assets $ 2,119,891 $ 2,089,475 LIABILITIES AND EQUITY Non-recourse property debt, net $ 845,671 $ 846,298 Non-recourse construction loans, net 336,332 301,443 Total indebtedness 1,182,003 1,147,741 Deferred tax liabilities 108,487 110,284 Lease liabilities - finance leases 119,269 118,697 Accrued liabilities and other 131,554 121,143 Total liabilities 1,541,313 1,497,865 Redeemable noncontrolling interests in consolidated real estate partnerships 173,158 171,632 Commitments and contingencies (Note 3) Equity ( 510,587,500 shares authorized at both March 31, 2024 and December 31, 2023): Common Stock, $ 0.01 par value, 140,210,798 and 140,576,102 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,402 1,406 Additional paid-in capital 460,907 464,538 Retained earnings (deficit) ( 126,478 ) ( 116,292 ) Total Aimco equity 335,831 349,652 Noncontrolling interests in consolidated real estate partnerships 51,333 51,265 Common noncontrolling interests in Aimco Operating Partnership 18,256 19,061 Total equity 405,420 419,978 Total liabilities and equity $ 2,119,8

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View this 10-Q filing on SEC EDGAR