NYSE$AIV
Apartment Investment and Management Co · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced second quarter results for 2024, updated guidance, and provided highlights on recent and planned activities.
AIMCO reported solid second-quarter results with a net loss per share of $(0.43), impacted by a non-cash impairment charge. Stabilized Operating Properties saw revenue increase by 4.6% and NOI up by 4.1% year-over-year. The company acquired 3.0 million shares of its common stock and revised its full-year guidance upward, expecting revenue to grow between 3.25% and 3.75%.
- Net loss attributable to common stockholders per share was $(0.43), primarily due to a non-cash impairment charge related to its passive equity investment in IQHQ.
- Revenue from Stabilized Operating Properties increased 4.6% year-over-year, with average monthly revenue per apartment home increasing by 4.4% to $2,392.
- Construction of Aimco's Strathmore Square and Oak Shore development projects advanced on plan, and Upton Place is substantially completed with 240 of 689 units leased.
- Aimco acquired 3.0 million shares of its common stock during the second quarter at an average cost of $8.02 per share.
Headline financials
Revenue & EPS history
AIMCO · Revenue · Quarterly
$51.1M
Forward guidance
Aimco revised its full year guidance and now expects revenue to grow between 3.25% and 3.75% and expenses to increase between 6.00% and 7.50%, resulting in NOI growth of between 1.50% to 2.75%.
Tailwinds
- Revenue Growth: Expect revenue to grow between 3.25% and 3.75%.
- Net Operating Income Growth: Anticipate NOI growth between 1.50% to 2.75%.
- Recurring Capital Expenditures: Project recurring capital expenditures between $11 million and $13 million.
- AIV Equity Funding: Expect AIV equity funding to be between $0 and $5 million.
- Pipeline Size: Pipeline size is expected to be between 9.5 and 13.3 million gross square feet.
Headwinds
- Net Income Per Share: Forecast net income (loss) per share – diluted between $(0.80) and $(0.75).
- Operating Expense Growth: Expect operating expenses to grow between 6.00% and 7.50%.
- Construction Loan Draws: Project construction loan draws between $88 million and $90 million.
- Planning Costs: Anticipate planning costs between $5 million and $10 million.
- Leverage Interest Expense: Expect leverage interest expense, net of capitalization between $56 million and $58 million.
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 Q2 2024
+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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