Op Property Management Llc Aimco
Op Property Management Llc Aimco – Wes Powell, President and Chief Executive Officer, comments: “2021 was a success and 2022 is off to a good start. Consumer and investor demand for multifamily housing remains remarkably strong and is well-positioned given the performance of our current development class, the composition of our stabilized apartment portfolio and our growing supply of high-quality investment opportunities. All the while, we remain focused on maintaining ample liquidity, pre-financing our construction activities and prudent use of leverage. I thank our colleagues across the country for their excellent work and dedication to our mission of adding shareholder value.”
Lynn Stanfield, Chief Financial Officer, adds: “His bank remains strong and liquid as we add opportunities to our pipeline. In the fourth quarter, we closed a $52 million preferred equity financing to help finance the development of Upton Place, improving our expected return on invested capital and providing the opportunity to allocate capital for additional investments. Our portfolio of stabilized properties generated sufficient cash flow to cover core overhead costs and ended 2021 with fourth quarter revenue growth of 9.7% and net operating income (NOI) growth of 16, 8% In addition, we recently repurchased shares at a substantial discount to net asset value (“NAV”).”
Op Property Management Llc Aimco
Generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and where it has a comparative advantage over others in the market. Value-added and opportunistic investments can also target portfolio acquisitions, operational turnarounds and turnarounds.
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In the fourth quarter, it had eight active development and redevelopment projects located in five different markets across the United States. These projects remain on track as evidenced by project-level budget and schedule, rental values and current market valuations. By the end of the fourth quarter 2021, it has reached stabilized occupancy at two of the four initial properties leased from AIR Communities. . In its eight active projects, it has invested approximately $215 million in 2021 and expects to invest another $330 million to complete these projects.
Uses alternative investment strategies when it has special knowledge or expertise relevant to the partnership and when there are opportunities for positive asymmetric outcomes. His current investments include a mezzanine loan with an option to participate in future development and three passive equity investments.
Expects to have a broad set of investment opportunities including, but not limited to, development, redevelopment, portfolio acquisitions, programmatic joint ventures, debt placements, operational turnarounds and re-rights.
The company’s operating properties delivered solid results for the quarter ended December 31, 2021, showing continued improvement as our business recovers from the impact of the 2020 pandemic.
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Is very focused on maintaining a solid balance sheet, including having ample liquidity at all times. As of December 31, 2021, it had access to $395 million, including $233 million of available cash, $11 million of restricted cash and the ability to borrow up to $150 million on our revolving credit facility.
After quarter-end in January, we repurchased 202,400 shares of Class A common stock at a weighted average price of $6.49, a significant discount to our internally estimated NPV and an attractive risk-adjusted return compared with alternative uses of capital. .
Plans to reinvest earnings to facilitate growth and therefore does not currently plan to pay a quarterly cash dividend.
The full text of this earnings release and the supplemental information referenced in this release are available on the Investors’ website.
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The financial and operational measures found in this Earnings Release and in the supplemental information include certain financial measures used by management that are not defined under United States generally accepted accounting principles, or GAAP. Certain terms and non-GAAP measures are defined in the Glossary in the Supplementary Information and non-GAAP measures reconciled to the most comparable GAAP measures.
Is a diversified real estate company focused primarily on value-added, opportunistic and alternative investments targeting the US multifamily sector. His mission is to make real estate investments where results are enhanced through our human capital so that substantial value is created for investors, teammates and the communities in which we operate. is traded on the New York Stock Exchange as AIV. For more information on, please visit our website.
Has a national presence with corporate headquarters in Denver, Colorado and Bethesda, Maryland. Our investment platform is managed by experienced real estate professionals based in four regions of the United States: West Coast, Central and Mountain West, Mid-Atlantic and Northeast and Southeast. The team’s experience and in-depth knowledge of the local market is critical to fulfilling our mission and realizing our vision.
This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those relating to its intention, belief or expectation, including, but not limited to, statements in this document regarding our expected investment opportunities and our investments and projects of 2022. We caution investors not to place undue reliance on such forward-looking statements.
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Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “may,” “will,” “would,” “may,” “should,” “seek(s),” “forecast(s)” and similar expressions, or the negative of such terms, are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond our control, that could cause actual results or outcomes to differ. differ materially from those discussed in the forward-looking statement. Important factors, among others, that may affect actual results or results include, but are not limited to: (i) the risk that preliminary 2022 plans and targets may not be completed in a timely manner or at all, (ii) the inability to realize anticipated benefits of investments and pipeline projects and (iii) changes in general economic conditions, including as a result of the COVID-19 pandemic. Although we believe that the assumptions underlying the forward-looking statements, which are based on management’s expectations and estimates, are reasonable, we can give no assurance that our expectations will be met.
Readers should carefully review its financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on the Form 10-Q and other documents filed from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
These forward-looking statements reflect management’s judgment as of this date and do not undertake (and disclaim any obligation) to revise or update them to reflect future events or circumstances.
The plan for 2022 is an extension of its activity in 2021 and supports the long-term growth strategy. intends to continue to focus on actively managing its development, redevelopment and leasing projects; increasing its range of enhanced real estate investments; and maintaining a sizeable allocation to stabilized operating properties as necessary to balance its risk profile and provide stable cash flow.
Aimco Op L.p. 2021 Current Report 8 K
Will also focus on expanding opportunities in its pipeline by advancing entitlement and planning for previously identified projects located in Fort Lauderdale, Florida, Miami, Florida, Colorado Springs, Colorado, and Aurora, Colorado, which have the potential to include more more than 1,700. fully built apartments.
In addition, it plans to grow its investment pipeline by sourcing value-added opportunities from its existing portfolio through strategic partnerships and local contacts. teams are in active discussions and negotiations regarding potential opportunities in the country, including:
Forecasts to be based on solid operating results in 2021 and to maintain sufficient cash flow to cover all core overheads.
In 2022, it plans to remain pre-funded for all investment commitments by using its wide range of available financing options and eliminating the need to issue additional equity in the public market. has no debt maturing in 2022 and will begin preparations for debt maturities in 2023 and 2024.
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Will continue to foster a healthy environment of respect and innovation, empowering human capital to create value and maintain commitment to the communities in which we work, live and invest, building apartment communities with conservation and sustainability in mind and providing back through Pasa, both in financial support and through volunteering.
At the end of 2022, it is estimated to be worth approximately $12 per share (assuming stable cap rates and before imputing any value creation from the current portfolio of opportunistic and value-added investments). is on track to achieve its previously announced NAV target of $15-16 per share by the end of 2025.
[1] General and administrative expenses include $1.6 million and $4.6 million of expenses reimbursed to AIR Communities under the separation agreement for strategic growth, direction and consulting services in the three and twelve months concluded on December 31, 2021, respectively.
[2] General and administrative
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