Apartment Investment & Management Company (Aimco) reported a net loss attributable to common stockholders of $0.75 per share for the fiscal year ending December 31, 2024. This marks a significant change from the previous year, where the company had a net income of $63.7 million. The company's net operating income (NOI) from its operating segment was $99.0 million, reflecting a 4.5% increase year-over-year, driven by a rise in average monthly revenue per apartment home to $2,290, which is an increase of 3.8%. The total revenue for the operating segment reached $140.1 million, also up 4.5% from the previous year.
In terms of strategic developments, Aimco completed construction on several projects, including Upton Place in Washington, D.C., and Strathmore Square in Bethesda, Maryland. The company also began construction on a new ultra-luxury residential tower in Miami, with total project costs expected to be $240 million. Additionally, Aimco sold its interests in two investments in Miami for a total of $203.8 million and declared a special cash dividend of $0.60 per share to distribute net proceeds from these transactions to stockholders.
Operationally, Aimco's portfolio consists of 24 apartment communities across eight major U.S. markets, with average rents aligning with local market averages. The company reported an increase in average daily occupancy of 60 basis points to 97.2%. The total expenses for the operating segment were $41.1 million, up 4.4% year-over-year, primarily due to higher real estate taxes and insurance costs. Aimco's employee headcount remained stable, with 58 full-time employees as of December 31, 2024.
Looking ahead, Aimco is focused on maintaining liquidity and managing its debt levels. As of the end of 2024, the company had access to $321 million in liquidity, including $141.1 million in cash and cash equivalents. The company plans to continue its capital allocation strategy, which includes investing in high-return opportunities while managing risks associated with market conditions and interest rates. Aimco's management remains optimistic about future growth, emphasizing the importance of strategic investments and operational efficiency to enhance shareholder value.
About APARTMENT INVESTMENT & MANAGEMENT CO
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