NYSE$AIV
Apartment Investment and Management Co · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Announced first quarter results for 2023 and provided highlights on recent activities.
Aimco reported strong first quarter results with revenue and NOI up 11.4% and 13.1% respectively over the prior year, driven by solid performance in stabilized operating properties and progress in development projects.
- Stabilized operating properties saw revenue increase by 11.4%, expenses by 7.6%, and NOI by 13.1% year-over-year.
- The Hamilton in Miami, Florida, was completed and is 90% leased at rental rates above initial projections.
- The company invested approximately $6 million in planning and entitlement of future development opportunities.
- Aimco repurchased 2.0 million shares of its common stock at a weighted average price of $7.27 per share in the first quarter.
Headline financials
Revenue & EPS history
AIMCO · Revenue · Quarterly
$44.3M
Forward guidance
Aimco provided its 2023 full year forecast, including projections for net income (loss) per share, direct project costs, and operating property performance.
Tailwinds
- Revenue growth before utility reimbursements is expected to be between 5.0% and 7.0%.
- Net Operating Income growth is projected to be between 5.0% and 7.0%.
- The company anticipates dispositions of $220 million.
- Active projects remain on budget and on track to produce more than $55 million of annual NOI upon their stabilization.
- Aimco maintains considerable optionality in regard to its development pipeline given the ability to extract value, and maximize risk adjusted returns, at various points in the pre-development process.
Headwinds
- Net income (loss) per share – diluted is forecasted to be between $(0.33) and $(0.23).
- Planning Costs are expected to be between $20 million and $25 million.
- General and Administrative expenses are projected to be between $33 million and $35 million.
- Interest Expense, net of capitalization is expected to be between $38 million and $41 million.
- Operating Expense Growth, net of utility reimbursements is projected to be between 5.25% and 7.25%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
+0.3%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+0.7%
Avg return
30 days after
50%
25 / 50 earnings
Positive
+11.0%
Q4 2020
Best reaction
-9.7%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | -1.2% | -31.8% | |
| Q4 2025 | +3.2% | -21.3% | -29.2% | |
| Q3 2025 | +6.0% | +5.2% | +6.7% | |
| Q1 2025 | -1.5% | -0.3% | +4.3% | |
| Q4 2024 | +0.1% | +1.3% | -3.1% | |
| Q3 2024 | -1.6% | -0.8% | +0.0% | |
| Q2 2024 | -2.6% | -2.5% | -0.7% | |
| Q1 2024 | -1.2% | -1.9% | -3.5% | |
| Q4 2023 | -6.9% | -7.4% | +1.9% | |
| Q3 2023 | +1.3% | -0.2% | +12.3% | |
| Q2 2023 | +0.9% | +1.0% | -7.3% | |
| Q1 2023 | +3.4% | +9.8% | +12.0% | |
| Q4 2022 | -3.2% | -0.9% | -9.2% | |
| Q3 2022 | -3.5% | +3.1% | +7.9% | |
| Q2 2022 | +8.4% | +13.2% | +14.7% | |
| Q1 2022 | -9.7% | -3.2% | +4.0% | |
| Q4 2021 | +2.5% | +2.5% | +2.5% | |
| Q3 2021 | -0.4% | +1.4% | +0.3% | |
| Q2 2021 | -1.5% | -1.9% | +2.4% | |
| Q1 2021 | +4.2% | +3.6% | +5.9% | |
| Q4 2020 | +11.0% | +12.0% | +22.4% | |
| Q3 2020 | +5.6% | -10.7% | +1.9% | |
| Q2 2020 | -5.8% | -4.6% | -5.5% | |
| Q1 2020 | +5.0% | -1.7% | +17.2% | |
| Q4 2019 | -0.6% | +0.3% | -9.8% | |
| Q3 2019 | +1.2% | -1.8% | -1.5% | |
| Q2 2019 | +1.4% | +1.0% | +2.9% | |
| Q1 2019 | +1.4% | -0.5% | +1.2% | |
| Q4 2018 | +0.6% | +0.4% | +0.4% | |
| Q3 2018 | +1.1% | +4.1% | +9.4% | |
| Q2 2018 | +2.4% | +1.5% | +2.4% | |
| Q1 2018 | -0.2% | -0.5% | +1.3% | |
| Q4 2017 | -3.1% | -5.3% | -8.2% | |
| Q3 2017 | +1.5% | +0.6% | +2.4% | |
| Q2 2017 | +3.1% | +3.9% | +4.3% | |
| Q1 2017 | -2.5% | -3.8% | -3.7% | |
| Q4 2016 | +2.8% | +3.4% | +5.0% | |
| Q3 2016 | -0.6% | +1.2% | -4.8% | |
| Q2 2016 | +5.0% | +3.1% | +1.2% | |
| Q1 2016 | -0.4% | — | — | |
| Q4 2015 | -6.6% | — | — | |
| Q3 2015 | -4.4% | — | — | |
| Q2 2015 | -1.4% | — | — | |
| Q1 2015 | -0.1% | — | — | |
| Q4 2014 | -2.7% | — | — | |
| Q3 2014 | +4.4% | — | — | |
| Q2 2014 | -2.2% | — | — | |
| Q1 2014 | +1.7% | — | — | |
| Q3 2013 | -1.9% | — | — | |
| Q2 2013 | -1.3% | — | — |
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