Aimco (NYSE: AIV) reported Q4 EPS of $0.90, which may not compare to the analyst estimate of $0.18. Pro forma FFO of $0.65 per share was $0.01 ahead of the midpoint of guidance

Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a solid fourth quarter, completing a good year. Full year 2019 Same Store revenue and NOI were 50 and 70 basis points, respectively, better than the original midpoint of guidance, and controllable operating expenses were flat, year-over-year. With December average daily occupancy of 97.9%, our properties are well occupied, providing an excellent starting point to 2020.”

“In redevelopment, Aimco continued to upgrade properties throughout its portfolio and is ‘on track’ with its major projects in Boulder, Miami Beach, and Redwood City.”

“In portfolio management, we continue to search for accretive investment opportunities in fully-priced markets. In fourth quarter, we closed one such investment, making a mezzanine loan to the partnership that owns Parkmerced Apartments in San Francisco while acquiring a ten-year option to acquire a 30% interest in the partnership which owns both 3,165 rent-control apartment homes and entitled land to develop 4,093 market rate apartment homes. The option provides Aimco with the risk-free opportunity to participate in one of the most dynamic multi-family markets in the world, while the loan provides a safe and immediately accretive return on investment.”

GUIDANCE:

“In 2020, we expect Same Store revenue growth of 3.0% to 3.8%, and Same Store expense growth of 1.6% to 2.4%, resulting in Same Store NOI growth of 3.2% to 4.6%. At their midpoints, these expectations are consistent with our 2020 Outlook, published on September 30, 2019. We also expect 2020 Aimco AFFO per share to be $2.34 to $2.44, representing 9% growth at the midpoint, consistent with our December forecast of 8% to 10% 2020 AFFO growth.”

For earnings history and earnings-related data on Aimco (AIV) click here.