Apartment Inv & Mgmt (NYSE:AIV) Stock, Quote.Headers.trade-ideas

Apartment Inv & Mgmt

Apartment Investment & Management Co is a self-managed real estate investment trust. It is focused on property development, redevelopment and various other value-creating investment strategies, targeting the U.S multifamily market. Its operating segments are Development and Redevelopment; Operating, and Other. The company generates majority of revenue from operating segment.

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U.S. apartment rents might set a new trend, with the possibility of year-over-year negative growth rates emerging as early as next month.

Apartment Rents Teeter On Negative Growth As Supply Set To Surge

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Apartment Investment and Management Company ("Aimco") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) today announced it has secured $56 million of preferred equity from leading investment firm Sixth Street for the development of a luxury water-front rental development, located at 560-640 NE 34th Street in Miami, Florida. Affiliates of Apollo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) provided $172 million of senior construction financing to support the development. Aimco will serve as the developer and asset manager.&nbsp;
The 38-story tower, adjacent to Aimco's recently completed redevelopment of The Hamilton, will include 114 luxury rental units, a highly tailored amenity package and ~7k square feet of ground floor retail space. The rental units will average more than 2,500 square feet, feature 9' – 10' foot ceilings, oversized private terraces, top-of-the-line finishes, and unobstructed views of Biscayne Bay.

Financing

Contracts

Apartment Investment And Management Company Announces It Has Secured $56M Of Preferred Equity From Leading Investment Firm Sixth Street For The Development Of A Luxury Water-Front Rental Development In Miami, Florida. Affiliates Of Apollo Provided $172M Of Senior Construction Financing To Support The Development. Aimco Will Serve As The Developer And Asset Manager.

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) reported quarterly losses of $(0.43) per share which missed the analyst consensus estimate of $(0.10) by 330 percent. The company reported quarterly sales of $51.10 million which missed the analyst consensus estimate of $51.20 million by 0.20 percent. This is a 11.88 percent increase over sales of $45.67 million the same period last year.

Earnings

Earnings Misses

Apartment Inv & Mgmt Q2 2024 GAAP EPS $(0.43) Misses $(0.10) Estimate, Sales $51.10M Miss $51.20M Estimate

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) reported quarterly losses of $(0.07) per share which beat the analyst consensus estimate of $(0.09) by 22.22 percent. The company reported quarterly sales of $50.20 million which beat the analyst consensus estimate of $49.80 million by 0.81 percent. This is a 13.41 percent increase over sales of $44.27 million the same period last year.

Earnings Beats

Apartment Inv & Mgmt Q1 2024 GAAP EPS $(0.07) Beats $(0.09) Estimate, Sales $50.20M Beat $49.80M Estimate

Almost every business has a period in which problems arise, either because of economic forces, competition or declines in sales. At those times, the stock price can suffer until either internal or external events improve.
Take a look at three real estate investment trusts (REITs) that have experienced prolonged periods of poor performance and some of the reasons contributing to the price declines. Two of them seem to be poised for improvement, while one seems unable to turn itself around.
Medalist Diversified REIT Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDRR#NASDAQ">MDRR</a>) is a Richmond, Virginia-based diversified REIT that acquires, owns and manages commercial real estate in the Southeast U.S. Its portfolio includes industrial, multifamily, retail and hospitality properties. It presently has eight properties with 851,282 square feet of leasable space and has an occupancy rate of 97%.
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Medalist had been on a downward trend for several years and costs were getting out of hand. Its stock price had fallen from over $57 in 2018 to around $6 per share by July 2023. Pressure was coming from outside investors that something needed to be done to turn the company around.
The board responded by terminating the external manager and eliminating some internal management positions to save nearly $1 million per year.
Board member Francis P. Kavanaugh took over in July 2023 as Medalist's interim president and CEO, replacing Thomas (Tim) Messier, chairman and CEO, and Vice Chairman, President and Chief Operating Officer William Elliott. In addition, the quarterly dividend of $0.08 per share was suspended for six months, and Kavanaugh agreed to forego compensation during the dividend suspension period.
Medalist also announced that it was exploring other opportunities that might include a merger, investments or other strategic combinations to enhance shareholder value. Four properties were sold to raise cash.
In October, the Medalist Board approved the repurchase of an additional 200,000 shares of company common stock at a maximum price of $6 per share.&nbsp;
Trending: <a href="https://www.benzinga.com/money/elon-musk-adding-landlord-list-of-titles">Elon Musk may be adding "landlord" to his list of titles. Here's how to join him in his latest venture with as little as $100.</a>
In February 2024, the dividend was reinstated at $0.01 per share. While that's certainly not a huge amount, it was a positive for the stock.
Showing new faith in the company, between March 11-14, Kavanaugh purchased 36,801 shares of company common stock at an average price of $5.61.
The stock price recently started turning around. Between Feb. 26 and March 22, the shares have a total return of 12.62%. By contrast, the Vanguard Real Estate Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) has a total return of only 0.82% during that same period.
Medalist seems determined to improve its performance and investors should pay attention.
Office Properties Income Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NASDAQ">OPI</a>) is a Newton, Massachusetts-based office REIT with 152 properties covering 20.5 million square feet. Its most recent occupancy rate is 86.9%, down from a third-quarter occupancy of 89.9%. Office Properties is externally managed by the RMR Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMR#NASDAQ">RMR</a>).
Office Properties stock had a bad 2023, and by the end of August, it had declined from around $13 to $7.25. Higher interest rates and declining occupancies were the two major reasons.
In September 2023, after opposition from shareholders, Office Properties Income Trust agreed to terminate its proposed merger from April with Diversified Healthcare Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DHC#NASDAQ">DHC</a>), another REIT managed by the RMR Group. That announcement, along with the Federal Reserve's pause on interest rate hikes, helped to advance Office Properties' shares throughout the rest of 2023.
As 2024 began, former President and CEO Christopher Bilotto was moved from Office Properties to become president and CEO of Diversified Healthcare. Yael Duffy, who was a senior vice president of the RMR Group and president and chief operating officer (COO) of Industrial Logistics Properties Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILPT#NASDAQ">ILPT</a>), took over as president and COO of Office Properties Trust.
But things were about to get more difficult. On Jan. 11, Office Properties Trust announced it was cutting its quarterly dividend from $0.25 to $0.01 per share.&nbsp;
New CEO Duffy said the cut was necessary because of deterioration in market conditions over the past year and Office Properties' desire to increase liquidity and financial flexibility when addressing future leasing costs, capital expenditures and debt maturities. The estimated savings is approximately $47 million per year.
This was not the first time Office Properties has slashed its dividend. In January 2019, the dividend was cut from $1.72 per share to $0.55 per share and in April 2023, the $0.55 dividend was cut to $0.25 per share.&nbsp;
The announcement sent Office Properties' shares tumbling more than 33% lower.&nbsp;&nbsp;
On Feb. 15, Office Properties announced its fourth-quarter operating results. While revenue of $133.17 million beat the estimate of $133.11 million and also beat its fourth-quarter 2022 revenue of $127.92 million, the funds from operations (FFO) of $0.95 per share declined from $1.13 per share in the fourth quarter of 2022.
The shares were clobbered again, falling to a recent low of $1.91 per share, but have since recovered to $2.07 per share. Since the 2016 high of $46.81, Office Properties stock has now lost over 95%.
Unfortunately, for Office Properties' investors, a turn-around does not seem likely any time soon.
Apartment Investment and Management Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) is a Denver-based diversified REIT that owns, leases and manages apartment complexes. AIMCO, as it now calls itself, has 5,600 units across the U.S. and has over 700 apartment homes in pipeline development as well.
AIMCO's average daily occupancy rate in the fourth quarter of 2023 was 96.7%, down from 98.5% in the third quarter.
On Feb. 22, AIMCO reported its fourth-quarter 2023 operating results. While revenue of $49.35 million beat the estimate of $48.2 million and $41.97 million from the fourth quarter of 2022, generally accepted accounting principles (GAAP) earnings per share (EPS) of negative $1.07 was far worse than the estimate for negative $0.06 per share. In addition, forward full-year 2024 EPS guidance of negative $0.50-negative $0.40 was well below estimates of negative $0.17.
Recently AIMCO has been pressured by activist hedge fund Land &amp; Buildings Investment Management, which owns 6% of the company. Land &amp; Buildings has been critical of AIMCO's performance and would like to see the REIT explore a potential sale of the company in the $11-$13 per share range. From its most recent close of $7.99, that would be a substantial gain.
From August 2022 to October 2023, AIMCO stock slid 42.3% from $9.77 to $5.63 per share.&nbsp; However, over the past 52 weeks, AIMCO has had a total return of 12.06% and an 11.44% gain within the past four weeks. AIMCO is beginning to see some improvement in share price, even if the fundamentals seem to be languishing. One possible reason for optimism could be the ongoing inability of young renters to afford to buy a home.
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Guidance

Apartment Investment And Management Sees FY24 EPS $(0.50)-$(0.40) Vs $(0.17) Est.

Apartment Investment And Management Sees FY24 Revenue Before Utility Reimbursements 1.75%-3.75%

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) reported quarterly losses of $(1.07) per share which missed the analyst consensus estimate of $(0.06) by 1683.33 percent. The company reported quarterly sales of $49.35 million which beat the analyst consensus estimate of $48.20 million by 2.39 percent. This is a 17.59 percent increase over sales of $41.97 million the same period last year.

Apartment Inv & Mgmt Q4 2023 GAAP EPS $(1.07) Misses $(0.06) Estimate, Sales $49.35M Beat $48.20M Estimate

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) reported quarterly sales of $49.35 million which beat the analyst consensus estimate of $48.20 million by 2.39 percent. This is a 17.59 percent increase over sales of $41.97 million the same period last year.

Apartment Inv & Mgmt Q4 Sales $49.35M Beat $48.20M Estimate

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) is set to give its latest quarterly earnings report on Thursday, 2024-02-22. Here's what investors need to know before the announcement.
Analysts estimate that Apartment Inv &amp; Mgmt will report an earnings per share (EPS) of $-0.06. 
Apartment Inv &amp; Mgmt bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company beat EPS by $0.03, which was followed by a 4.23% increase in the share price the next day.
Here's a look at Apartment Inv &amp; Mgmt's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.05</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.02</td>
<td>-0.02</td>
<td>-0.06</td>
<td>-1.34</td>
</tr>
<tr>
<td>Price Change %</td>
<td>4.23%</td>
<td>0.0%</td>
<td>4.99%</td>
<td>0.14%</td>
</tr>
</tbody>
</table>

<h3>Stock Performance</h3>
Shares of Apartment Inv &amp; Mgmt were trading at $7.67 as of February 20. Over the last 52-week period, shares are up 2.78%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/AIV/earnings">To track all earnings releases for Apartment Inv &amp; Mgmt visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Apartment Inv & Mgmt's Earnings Outlook

2023 Outlook
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="5" rowspan="1">2023 Outlook</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">$ in millions (except per share amounts), Square Feet in millions</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">
Third Quarter
2023 YTD
</td>
<td colspan="2" rowspan="1">
2023 Full Year
Forecast
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="2" rowspan="1">
Prior Full Year
Forecast
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Net income (loss) per share – diluted</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$(0.10)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$(0.21) - $(0.11)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$(0.28) - $(0.18)</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
</tbody>
</table>
</figure>

Apartment Investment and Management Company Updates FY23 EPS From $(0.28)-$(0.18) To $(0.21)-$(0.11) Vs $(0.19) Est.

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) reported quarterly losses of $(0.02) per share which beat the analyst consensus estimate of $(0.05) by 60 percent. This is a 110.53 percent decrease over earnings of $0.19 per share from the same period last year. The company reported quarterly sales of $47.70 million which beat the analyst consensus estimate of $46.60 million by 2.36 percent. This is a 0.04 percent increase over sales of $47.68 million the same period last year.

Apartment Inv & Mgmt Q3 EPS $(0.02) Beats $(0.05) Estimate, Sales $47.70M Beat $46.60M Estimate

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Earnings Scheduled For November 6, 2023

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) is set to give its latest quarterly earnings report on Monday, 2023-11-06. Here's what investors need to know before the announcement.
Analysts estimate that Apartment Inv &amp; Mgmt will report an earnings per share (EPS) of $-0.05. 
Apartment Inv &amp; Mgmt bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
Here's a look at Apartment Inv &amp; Mgmt's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
<th>Q3 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.02</td>
<td>-0.06</td>
<td>-1.34</td>
<td>0.19</td>
</tr>
<tr>
<td>Price Change %</td>
<td>0.0%</td>
<td>4.99%</td>
<td>0.14%</td>
<td>-1.89%</td>
</tr>
</tbody>
</table>

<h3>Stock Performance</h3>
Shares of Apartment Inv &amp; Mgmt were trading at $6.01 as of November 02. Over the last 52-week period, shares are down 15.16%. Given that these returns are generally negative, long-term shareholders are likely bearish going into this earnings release. 
<a href="https://www.benzinga.com/quote/AIV/earnings">To track all earnings releases for Apartment Inv &amp; Mgmt visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Preview For Apartment Inv & Mgmt

U.S. apartment rents might set a new trend, with the possibility of year-over-year negative&nbsp;growth rates emerging as early <a href="http://www.benzinga.com/topic/housing">as next month.</a>
What Happened: With rents in August registering a marginal 0.28% rise compared to the same period last year, a continuation of the trend may come as soon as September, CNBC <a href="http://www.cnbc.com/2023/09/08/apartment-rents-on-verge-of-declining-due-to-massive-supply.html">suggests</a>, citing RealPage.
For perspective, the annual growth rate stood at 11% a year ago.
U.S. rents saw negative rent growth just three times in the past three years, a brief lull caused by Covid-induced lockdowns in 2020, a 0.5% downtick in May of this year, and Friday&rsquo;s print for&nbsp;August.
Elevated mortgage rates, combined with soaring home prices and limited availability, have anchored potential buyers to the rental market, and at the same time, 460,000 new units are slated for completion this year, marking a 50-year high in construction.
Read also:&nbsp;<a href="http://www.benzinga.com/markets/equities/23/08/34156122/monthly-mortgage-payments-just-hit-all-time-high-and-prices-jumped-the-most-in-10-months">Monthly Mortgage Payments Just Hit All-Time High &mdash; And Prices Jumped The Most In 10 Months</a>
The influx is poised to favor the renters, as the introduction of half a million units will erode landlords&#39; pricing power &mdash; not to mention the million units that have been built in the last three years
On a more granular level, several cities are seeing negative year-over-year growth. Austin and Phoenix, both recording a 4.9% dip, lead the descent, closely followed by Las Vegas, Atlanta, and Jacksonville, Florida.
Forecasts hint at the supply shock heading into the next year, potentially keeping rents on a more downward or subdued trajectory until 2025.
For investors, here are a few stocks in the housing development space to keep an eye on.
<ul>
<li>AvalonBay Communities Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/avb#NYSE">AVB</a>)</li>
<li>UDR Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/udr#NYSE">UDR</a>)</li>
<li>Mid-America Apartment Communities Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/maa#NYSE">MAA</a>)</li>
<li>Apartment Investment and Management Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aiv#NYSE">AIV</a>)</li>
<li>Essex Property Trust Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ess#NYSE">ESS</a>)</li>
</ul>
Read next:&nbsp;<a href="http://www.benzinga.com/economics/macro-economic-events/23/09/34370284/august-cpi-preview-investors-brace-for-inflation-uptick-headache-looms-for-powell">August CPI Preview: Investors Brace For Inflation Uptick, Headache Looms For Powell</a>
Photo: Shutterstock

Apartment Inv &amp; Mgmt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIV#NYSE">AIV</a>) reported quarterly losses of $(0.02) per share. This is a 101.27 percent decrease over earnings of $1.57 per share from the same period last year. The company reported $45.67 million in sales this quarter. This is a 9.91 percent decrease over sales of $50.70 million the same period last year.

Apartment Inv & Mgmt Q2 EPS $(0.02) Down From $1.57 YoY, Sales $45.67M Down From $50.70M YoY

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Apartment Inv & Mgmt

Apartment Inv & Mgmt (AIV) Forecast

Apartment Inv & Mgmt (NYSE:AIV) Stock, Quote.Headers.trade-ideas