Aimco (NYSE: AIV) reported Q4 EPS of ($1.07), $1.01 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $49.35 million versus the consensus estimate of $48.18 million.

OUTLOOK

Aimco expects revenue growth in 2024 to be driven primarily from leases transacted in 2023 and expenses to be elevated due to increases in real estate taxes, including favorable appeals received in 2023 for prior periods.

Revenue, before utility reimbursements- 1.75%- 3.75%

Net operating income (NOI) -0.75%- 2.75%

Aimco expects to invest $70 - $100 million to complete all development projects currently underway and potentially start one new project. Additionally, Aimco expects to invest $12 - $17 million to advance select projects in its pipeline. In total, between $12 and $22 million of incremental Aimco equity is expected to be allocated to development activities. By year end, the size of Aimco\'s portfolio of development projects under construction is forecast to be lower by more than 50% as compared to year end 2023.
Aimco plans to market for sale its Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building, a 4.25-acre waterfront site in Miami also known as the \"Brickell Assemblage\" and certain other assets in 2024. While Aimco expects the sales to occur by the end of 2024, a transaction will occur only if pricing and terms are favorable. Aimco expects that the proceeds from any completed dispositions will be prudently allocated with a preference for returning capital to stockholders and retiring associated liabilities.

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