Apartment Investment and Management Company (AIV) Q4 2024 earnings summary

Executive summary

• Delivered strong operational results in 2024, with NOI from stabilized properties up 4.5% year-over-year to $99.0 million.

• Completed construction on three multifamily assets and advanced a major Miami development with fully committed financing.

• Sold two Miami investments for $204 million and entered a $520 million sale agreement for the Brickell Assemblage.

• Returned $90 million to shareholders via a special dividend and repurchased 4.9 million shares in 2024.

• Board is exploring strategic alternatives to maximize shareholder value, including potential sale or merger.

Financial highlights

• Net loss attributable to common stockholders was $(0.08) per share for Q4 and $(0.75) for the full year 2024.

• Q4 stabilized property NOI rose 4.5% year-over-year to $25.9 million; full year NOI reached $99.0 million, up 4.5%.

• Q4 revenue from stabilized properties increased 3.5% year-over-year to $35.5 million; expenses up 0.8%.

• Rental and other property revenues for 2024 were $208.7 million, up from $187.0 million in 2023.

• Declared and paid a $0.60 per share special dividend in January 2025.

Outlook and guidance

• 2025 net income per share guidance: $1.50–$1.60, reflecting expected gains from announced transactions.

• Stabilized property revenue growth forecasted at 2.5%–3.5%; NOI growth of 1%–3% for 2025.

• Operating expenses expected to rise 5.0%–6.0%, mainly due to real estate tax reassessments.

• No new development starts planned for 2025; focus on stabilizing three recent projects and advancing one Miami development.

• Majority of net proceeds from the Brickell Assemblage sale expected to be returned to shareholders.