Aimco Reports $13.9 Million Net Loss in Q1 2025, Despite Revenue Growth

Apartment Investment and Management Company (Aimco) reported a net loss attributable to common stockholders of $13.9 million, or $0.10 per share, for the first quarter of 2025, compared to a loss of $10.2 million, or $0.07 per share, in the same period of 2024. The company's rental and other property revenues increased to $52.4 million, up from $50.2 million year-over-year, primarily driven by a rise in average monthly revenue per apartment home, which reached $2,309, reflecting a $60 increase from the previous year. Total operating expenses decreased to $47.7 million from $49.2 million, largely due to lower depreciation and amortization costs.

In terms of financial position, Aimco's total assets decreased to $1.87 billion as of March 31, 2025, down from $1.96 billion at the end of 2024. The decline was attributed to a reduction in cash and cash equivalents, which fell to $49.1 million from $141.1 million. The company’s total liabilities also decreased to $1.57 billion from $1.64 billion, with total indebtedness slightly increasing to $1.08 billion. The equity attributable to Aimco decreased to $110.5 million from $123.0 million, reflecting the net loss during the quarter.

Strategically, Aimco is focused on its development and redevelopment segment, which includes nine properties, with one under construction and three in lease-up. The company invested $20.3 million in development activities during the quarter, a decrease from $42.8 million in the same period last year. Notable projects include Upton Place and Strathmore Square, both of which are expected to reach stabilized occupancy in 2025. Additionally, Aimco is under agreement to sell the Brickell Assemblage for $520 million, with the buyer recently increasing their non-refundable deposit as part of a contractual extension.

Operationally, Aimco's portfolio includes 5,243 apartment homes across 20 stabilized properties. The company reported a net operating income of $25.1 million from its operating segment, reflecting a 2.7% increase year-over-year. The increase in revenue was offset by a corresponding rise in property operating expenses, which totaled $10.5 million, primarily due to higher real estate taxes. Aimco's liquidity position remains strong, with $225.2 million available, including cash and borrowing capacity, which is expected to support ongoing operational needs and future investments.

Looking ahead, Aimco aims to continue its focus on value-add and opportunistic investments while maintaining a strong balance sheet. The company plans to leverage its investment platform to optimize risk-adjusted returns and is committed to returning capital to stockholders when appropriate. The outlook remains cautious, with management acknowledging potential risks from economic conditions, interest rates, and market competition that could impact future performance.