Aimco reports Q1 EPS (7c) vs. (6c) last year

Reports Q1 revenue $38.6M vs. $36.7M last year. Wes Powell, CEO, comments: “Aimco delivered solid first quarter results and made steady progress towards the plans and objectives that we outlined for 2024. Demand for rental housing continues to outpace supply in the vast majority of Aimco’s markets, investment activity focused on multifamily assets has accelerated in recent months, and our regional development teams are executing well. Net operating income produced by our Stabilized portfolio was $107.4 million over the trailing twelve-month period and continues to grow, up 6.5% year-over-year during the first quarter. We remain on track to complete construction on our current class of development projects by year-end. These projects remain on budget, with total direct costs projected to be $648M, and are expected to produce $44 million of NOI annually upon their stabilization. While our regional development teams are planning for select new project starts, total Aimco equity allocated to development and related activities is projected to be substantially reduced when compared to prior years”.