aiv-8k_20210517.htm

Denver, Colorado, May 17, 2021 – Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today first quarter results for 2021.

Wes Powell, Aimco President and Chief Executive Officer comments: “The first three months of 2021 have proven highly productive with Aimco now well positioned for growth as a premier real estate developer and investor. Aimco’s strategy, focused on long-term value creation, is being put to work and we are on track to produce superior results. Broadly, demand for housing remains robust, supply in many U.S. markets is relatively constrained, and the economy is improving rapidly. Aimco teams across the country are utilizing their deep relationships and creativity to source and devise new investment opportunities that will expand our already robust pipeline. I am thankful for the good work produced by the Aimco team during the first quarter and encouraged by what lies ahead.”

Lynn Stanfield, Aimco Executive Vice President and Chief Financial Officer comments: “Apartment operations continue to improve with occupancy at our portfolio of stabilized properties having increased by 70 basis points quarter-over-quarter and pricing power recovering in many of our markets. Aimco’s active development and redevelopment projects are tracking on time and on budget, lease-up results have been promising, and we’ve added about $330 million to our investment pipeline with the start of construction at Upton Place in Washington, D.C. and The Benson Hotel on the Anschutz Medical Campus in Colorado. Additionally, Aimco’s strong balance sheet, with limited use of corporate credit, abundant liquidity, and a diversified portfolio of stabilized properties provides a strong foundation for Aimco’s growing investment platform.”

Net income attributable to common stockholders per common share, on a dilutive basis, was $0.14 per share, an increase of $0.11 during the quarter ended March 31, 2021, compared to the same period in 2020, due primarily to unrealized gains on interest rate options.

Aimco’s dedicated team sources and executes development and redevelopment projects across its national platform. Aimco seeks outsized returns on incremental capital invested, for itself and its partners, through its team’s local insights regarding sub-market fundamentals, the specific property location, a deep understanding of how best to meet the end users’ needs and wants, a disciplined commitment to mitigating risk during the construction process, and a passion for quality. Aimco believes that each of these components are critical to the creation of an investment platform that is both sustainable and viable independent of broader market conditions.

During the three months ended March 31, 2021, Aimco invested approximately $45.8 million at its development and redevelopment projects.

During the three months ended March 31, 2021, Aimco held three properties where newly constructed or renovated homes had been delivered but stabilization had not yet been reached.

The pace of absorption at these properties accelerated during April and early May as local economies reopen and we enter the prime leasing season. In April, leasing volume increased by more than a third when compared to March, and leasing in May is projected to outpace April.

Aimco owns a geographically diversified portfolio of operating properties that produces stable cash flow and serves to balance the risk and highly variable cashflows associated with its portfolio of development and redevelopments and value-add investments. Aimco expects to maintain, at any given time, an allocation of capital to stabilized operating properties of no less than 30% of Aimco equity. At March 31, 2021, Aimco had approximately 54% of equity in stabilized operating properties.

Aimco’s Operating Portfolio produced solid results for the quarter ended March 31, 2021, showing sequential improvement in revenue as our business recovers from the pandemic related impacts of 2020.

Aimco measures residential rent collection as the amount of payments received as a percentage of all residential amounts owed. In the first quarter, Aimco collected 97.5% of all amounts owed by Aimco residents and recognized 98.4% of revenue, reserving 160 basis points as bad debt.

1001 Brickell Bay Drive, a waterfront office building in Miami, FL owned as part of a larger assemblage, is currently 72.4% occupied with 100% of rents due collected, in the first quarter.

Aimco expects to have a broad set of investment opportunities due to its national platform, management’s deep connections in the local markets in which we invest, and various strategic relationships. These opportunities may include, but are not limited to, development, redevelopment, portfolio acquisitions, programmatic joint ventures, debt placements, operational turnarounds, and re-entitlements. Aimco will undertake such opportunistic value-add transactions when warranted by the prospect of outsized risk-adjusted returns.

Aimco capitalizes its activities through a combination of non-recourse property debt, construction loans, third-party equity, and the recycling of Aimco equity, including through retained earnings. Aimco plans to limit the use of recourse leverage, with a strong preference towards property-level debt in order to limit risk to the Aimco enterprise. When warranted, Aimco plans to seek equity capital from joint venture partners to improve its cost of capital, further leverage Aimco equity, reduce exposure to a single investment and, in certain cases, for strategic benefits.

Aimco is highly focused on the importance of maintaining ample liquidity. As of March 31, 2021, Aimco had access to $385.3 million, including $226.1 million of cash on hand, $9.2 million of restricted cash, and the capacity to borrow up to $150 million on our revolving credit facility.

Subsequent to quarter end, Aimco closed a $150 million construction loan secured by our leasehold interest in the North Tower at Flamingo Point. The initial term of the loan is three years with two one-year extension options at an interest rate floating at One Month LIBOR plus 360 basis points. The floating interest rate has a 3.85% floor. Loan proceeds will be used to fund the completion of construction of the North Tower at Flamingo Point and other investment activity.

Aimco 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 experience and in-depth local market knowledge of the Aimco team is essential to the execution of our mission and realization of our vision.

Above all else, Aimco is committed to a culture of high performance, collaboration, and respect for all.

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at investors.aimco.com.

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States, or GAAP. Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures.

Aimco is a Real Estate Investment Trust focused on property development, redevelopment, and various other value-creating investment strategies, targeting the U.S. multifamily market. Aimco’s mission is to make real estate investments where outcomes are enhanced through human capital and substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2020, and in Item 1A of Aimco’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2020, September 30, 2020, and March 31, 2021 and the other documents Aimco files 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 Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

	Three Months Ended March 31,
	2021			2020
REVENUES:
Rental and other property revenues		39,804			38,309

OPERATING EXPENSES:
Property operating expenses		16,942			15,349
Depreciation and amortization		20,717			19,347
General and administrative expense [1]		6,311			1,762
Total operating expenses		43,970			36,458

Interest expense		(12,677	)		(5,651	)
Mezzanine investment income, net		7,467			6,747
Unrealized gains on interest rate options [2]		25,347			—
Other expenses, net		363			(415	)
(Loss) income before income taxes		16,334			2,532
Income tax benefit (expense)		5,100			2,023
Net (loss) income		21,434			4,555
Net Income attributable to redeemable noncontrolling Interests consolidated real estate partnership		152			103
Net Income attributable to noncontrolling Interests consolidated real estate partnership		(291	)		5
Net Income attributable to common noncontrolling Interests in Aimco Operating Partnership		(1,081	)		(236	)
Net Income attributable to common stockholders		20,214			4,427

Net Income attributable to common stockholders per share - basic		0.14			0.03
Net Income attributable to common stockholders per share - diluted		0.14			0.03

Weighted average common shares outstanding – basic		148,914			148,549
Weighted average common shares outstanding – diluted		149,046			148,569

[1] General and administrative expense in 1Q 2020 is represented as a carve-out of Aimco predecessor expenses and are not representative of Aimco’s current expenses.

[2] Unrealized gains on interest rate options is primarily the quarterly market-to-market adjustment recorded as required to fair value Aimco’s interest rate options.

	March 31, 2021			December 31, 2020
Assets
Buildings and improvements		1,050,817			995,116
Land		506,968			505,153
Total real estate		1,557,785			1,500,269
Accumulated depreciation		(511,615	)		(495,010	)
Net real estate		1,046,170			1,005,259
Cash and cash equivalents		226,081			289,582
Restricted cash		9,224			9,153
Mezzanine Investments		314,829			307,362
Right-of-use lease assets		443,111			98,280
Other Assets, net		178,475			130,856
Total assets		2,217,890			1,840,492

Liabilities
Non-recourse property debt, net		429,873			447,967
Notes payable to AIR		534,127			534,127
Total indebtedness		964,000			982,094
Deferred tax liabilities		125,732			131,560
Lease liabilities		446,962			100,496
Accrued liabilities and other		95,733			62,988
Total liabilities		1,632,427			1,277,138

Redeemable noncontrolling interest in consolidated real estate partnership		4,111			4,263

Equity
Common Stock		1,491			1,490
Additional paid-in capital		516,051			515,127
Retained earnings accumulated (deficit)		3,375			(16,839	)
Total Aimco equity		520,917			499,778
Noncontrolling interests in consolidated real estate partnerships		31,884			31,877
Common noncontrolling interests in Aimco Operating Partnership		28,551			27,436
Total equity		581,352			559,091
Total liabilities and equity		2,217,890			1,840,492

									Aimco Share
Debt	Consolidated			Aimco Share of Unconsolidated Partnerships		Noncontrolling Interests			Total			Weighted Average Maturity (Years)		Weighted Average Stated Interest Rate
Fixed rate loans payable	$	378,108		$	5,828	$	(208	)	$	383,729			6.0		3.36	%
Floating rate loans payable		55,000			—		—			55,000			2.8		1.28	%
Total non-recourse property debt [1]	$	433,108		$	5,828	$	(208	)	$	438,729			5.6		3.09	%

Notes payable to AIR		534,127			—		—			534,127			2.8		5.20	%
Cash and restricted cash		(235,305	)		—		—			(235,305	)
Net Leverage	$	731,930		$	5,828	$	(208	)	$	737,551

[1] Consolidated total non-recourse property debt excludes $3.2 million of deferred financing costs.

	Amortization		Maturities			Total		Maturities as a Percent of Total			Average Rate on Maturing Debt
2021 Q1	$	—	$	—		$	—		—	%		—	%
2021 Q2		2,216		—			2,216		—			—
2021 Q3		2,236		—			2,236		—			—
2021 Q4		2,262		—			2,262		—			—
Total 2021		6,714		—			6,714		—			—

2022 Q1		2,288		—			2,288		—			—
2022 Q2		2,296		—			2,296		—			—
2022 Q3		2,316		—			2,316		—			—
2022 Q4		2,343		—			2,343		—			—
Total 2022		9,244		—			9,244		—			—

2023		9,576		55,000			64,576		12.54	%		1.28	%
2024		7,552		81,940	[1]		89,492		18.68	%		3.06	%
2025		7,837		—			7,837		—			—
2026		6,653		75,519			82,172		17.21	%		3.10	%
2027		4,482		89,518			94,000		20.40	%		3.57	%
2028		3,160		—			3,160		—			—
2029		2,366		30,158			32,524		6.87	%		4.08	%
2030		2,370		—			2,370		—			—
Thereafter		1,890		44,751			46,640		10.20	%		3.34	%
Total	$	61,843	$	376,885		$	438,729

[1] Additionally, in January 2024 the term matures for the $534 million notes payable to AIR.

[1] Other Real Estate includes 1001 Brickell Bay Drive, Aimco’s class A office building adjacent to Yacht Club Apartments in the Brickell neighborhood of Miami, Florida.

[2] Development and Redevelopment – Owned includes two properties in construction with no units presently completed and the 275-unit Hamilton on the Bay community that is in planning for redevelopment.

[1] Indirect Capital Spend for the three months ended March 31, 2021 includes $4.6 million of capitalized interest and $2.3 million of other capitalized costs.

									Direct Investment
	Location	Number of units approved for development or redevelopment		Leased or Pre-Leased			Property Valuation for Leasehold		Planned		To-Date		Remaining		Expected Initial Occupancy [2]	Expected Stabilized Occupancy [2]	Expected NOI Stabilization [2][3]
Aimco Owned
The Benson Hotel and Faculty Club	Aurora, CO		106		—			—	$	70.0	$	18.0	$	52.0	1Q 2023	2Q 2025	4Q 2026
Upton Place [1]	Washington, D.C.		689		—			—		260.0		38.9		221.1	4Q 2023	4Q 2025	4Q 2026
Subtotal			795				$	—	$	330.0	$	56.9	$	273.1

Leased Properties
Flamingo Point North Tower	Miami Beach, FL		366		5	%	$	240.0	$	63.5	$	20.5	$	43.0	3Q 2021	1Q 2023	1Q 2024
707 Leahy	Redwood City, CA		110		71	%		79.1		—		—		—	1Q 2020	4Q 2021	1Q 2023
The Fremont	Aurora, CO		253		54	%		89.0		0.2		0.1		0.1	2Q 2020	1Q 2023	1Q 2024
Prism	Cambridge, MA		136		22	%		60.9		7.1		3.5		3.6	1Q 2021	1Q 2022	1Q 2023
Subtotal			865				$	469.0	$	70.8	$	24.1	$	46.7

Total			1,660				$	469.0	$	400.8	$	81.0	$	319.8

[1] Planned direct investment for Upton Place at Aimco's 90% share is $234 million.
[2] Delivery timing and stabilization is subject to change and is based on the best estimate at this time.
[3] The weighted average expected NOI yield at stabilization for the developments and redevelopments presented is 5.9%.

1Q 2021 v. 1Q 2020					Revenues, Before Utility Reimbursements							Expenses, Net of Utility Reimbursements							Net Operating Income							Net Operating Income Margin	Average Daily Occupancy During Period		Average Revenue per Aimco Apartment Home
	Apartment Communities		Apartment Homes		1Q 2021		1Q 2020		Growth			1Q 2021		1Q 2020		Growth			1Q 2021		1Q 2020		Growth			1Q 2021	1Q 2021	1Q 2020	1Q 2021		1Q 2020

Central Region		7		1,562	$	8,248	$	8,355		(1.3	%)	$	2,978	$	2,708		10.0	%	$	5,270	$	5,647		(6.7	%)	63.9%	97.5%	97.1%	$	1,805	$	1,837

Northeast		8		2,869		14,537		14,818		(1.9	%)		5,123		4,901		4.5	%		9,414		9,917		(5.1	%)	64.8%	97.9%	98.4%		1,726		1,750

Southeast		4		1,047		5,881		6,022		(2.3	%)		1,980		1,817		9.0	%		3,901		4,205		(7.2	%)	66.3%	97.8%	97.1%		1,915		1,975

West Coast		4		549		4,008		4,150		(3.4	%)		1,080		1,071		0.8	%		2,928		3,079		(4.9	%)	73.1%	96.2%	96.3%		2,531		2,616

Total		23		6,027	$	32,674	$	33,345		(2.0	%)	$	11,161	$	10,497		6.3	%	$	21,513	$	22,848		(5.8	%)	65.8%	97.6%	97.6%	$	1,852	$	1,889

1Q 2021 v. 4Q 2020					Revenues, Before Utility Reimbursements							Expenses, Net of Utility Reimbursements							Net Operating Income							Net Operating Income Margin	Average Daily Occupancy During Period		Average Revenue per Aimco Apartment Home
	Apartment Communities		Apartment Homes		1Q 2021		4Q 2020		Growth			1Q 2021		4Q 2020		Growth			1Q 2021		4Q 2020		Growth			1Q 2021	1Q 2021	4Q 2020	1Q 2021		4Q 2020

Central Region		7		1,562	$	8,248	$	8,116		1.6	%	$	2,978	$	3,048		(2.3	%)	$	5,270	$	5,068		4.0	%	63.9%	97.5%	96.2%	$	1,805	$	1,801

Northeast		8		2,869		14,537		14,529		0.1	%		5,123		4,517		13.4	%		9,414		10,012		(6.0	%)	64.8%	97.9%	98.0%		1,726		1,723

Southeast		4		1,047		5,881		5,824		1.0	%		1,980		1,938		2.2	%		3,901		3,886		0.4	%	66.3%	97.8%	95.8%		1,915		1,935

West Coast		4		549		4,008		4,008		—	%		1,080		1,110		(2.7	%)		2,928		2,898		1.0	%	73.1%	96.2%	95.1%		2,531		2,560

Total		23		6,027	$	32,674	$	32,477		0.6	%	$	11,161	$	10,613		5.2	%	$	21,513	$	21,864		(1.6	%)	65.8%	97.6%	96.9%	$	1,852	$	1,854

Excluded from the tables above is one, 40-unit apartment community that Aimco’s ownership includes a limited partnership share.

Location

Purchase Price

Acres

Closing Date

Land Acquisitions

The Benson Hotel and Faculty Club

Aurora, CO

6.2

1.5

February 03, 2021

Total Land Acquisitions

6.2

1.5

Leased Communities

Location

Valuation for Leasehold

Apartment Homes

Lease

Commencement Date

707 Leahy

Redwood City, CA

79.1

110

January 01, 2021

Flamingo Point North Tower

Miami Beach, FL

240.0

366

January 01, 2021

The Fremont

Aurora, CO

89.0

253

January 01, 2021

Prism

Cambridge, MA

60.9

136

January 01, 2021

Total Leases [1]

469.0

865

[1] The annualized lease payments for these leases totals $25.3 million.

This Earnings Release and Supplemental Information include certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definitions and calculations of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

AIMCO OP: AIMCO OP, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 93.3% of the legal interest in the common partnership units of the Aimco OP and 94.9% of the economic interest in the common partnership units of the Aimco OP.

AVERAGE REVENUE PER APARTMENT HOME: Represents Aimco average monthly rental and other property revenues, excluding utility cost reimbursements, divided by the number of occupied apartment homes as of the end of the period.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION FOR REAL ESTATE (“EBITDAre”): Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation and amortization expense, further adjusted for:

Aimco believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of Aimco’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry and facilitates comparison of credit strength between Aimco and other companies.

ADJUSTED EBITDAre: Adjusted EBITDAre is defined by Aimco as EBITDAre adjusted to exclude the effect of the following items for the reasons set forth below:

FREE CASH FLOW: Free Cash Flow, as calculated for Aimco’s retained portfolio, represents an apartment community’s property net operating income, less spending for Capital Replacements. Capital Replacement spending is a measure of the cost of capital asset used during the period. Aimco believes that Free Cash Flow is

useful to investors as a supplemental measure of apartment community performance because it takes into consideration costs incurred during the period to replace capital assets that have been consumed during Aimco’s ownership.

MEZZANINE INVESTMENTS: Aimco’s Mezzanine Investments includes the $275 million mezzanine loan, and associated accrued interest, made by Aimco to a partnership owning Parkmerced Apartments, located in southwest San Francisco. For more information regarding this investment see Aimco’s SEC Form 10-Q filed for the period ended March 31, 2021.

NET OPERATING INCOME (NOI) MARGIN: Represents an apartment community’s net operating income as a percentage of the apartment community’s rental and other property revenues.

OTHER EXPENSES, NET: Other expenses, net, generally consists of risk management activities related to Aimco’s unconsolidated partnerships and certain other corporate expenses.

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations, and financing arrangements. NOI is also considered by many in the real estate industry to be a useful measure for determining the value of real estate. Reconciliations of NOI as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts are provided below.

Due to the diversity of its economic ownership interests in its apartment communities in the periods presented, Aimco evaluates the performance of the apartment communities in its segments using Property NOI, which represents the NOI for the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate. Property NOI is defined as rental and other property revenue less property operating expenses. In its evaluation of community results, Aimco excludes utility cost reimbursement from rental and other property revenues and reflects such amount as a reduction of the related utility expense within property operating expenses. The following table presents the reconciliation of GAAP rental and other property revenue to the revenues before utility reimbursements and GAAP property operating expenses to expenses, net of utility reimbursements as presented on Supplemental Schedule 6.

Segment NOI Reconciliation	Three Months Ended (in thousands)
	March 31, 2021						March 31, 2020
Total Real Estate Operations	Revenues, Before Utility Reimbursements [1]			Expenses, Net of Utility Reimbursements			Revenues, Before Utility Reimbursements [1]			Expenses, Net of Utility Reimbursements


Total (per consolidated statements of operations)	$	39,804		$	16,942		$	38,309		$	15,349

Adjustment: Utilities reimbursement		(1,561	)		(1,561	)		(1,461	)		(1,461	)

Adjustment: Non-stabilized and other amounts not allocated [2]		(5,569	)		(4,220	)		(3,503	)		(3,391	)

Total Stabilized Operating (per Schedule 6)	$	32,674		$	11,161		$	33,345		$	10,497

REAL ESTATE CLASSIFICATIONS: Aimco’s real estate portfolio is diversified by price point, geography, and opportunity. Aimco’s consolidated portfolio is classified into the following groups:

DEVELOPMENT and REDEVELOPMENT - OWNED: Includes apartment communities currently under construction or in pre-construction, that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.

DEVELOPMENT and REDEVELOPMENT - LEASED: Includes communities leased from a third party currently under construction or in pre-construction, that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.

STABILIZED OPERATING PORTFOLIO: Apartment communities that (a) are owned and asset managed by Aimco, (b) had reached a stabilized level of operations as of January 1, 2020, and maintained it throughout the current and the comparable prior periods, and (c) are not expected to be sold within 12 months.


Maryland (Apartment Investment and Management Company)	1-13232	84-1259577
Delaware (Aimco OP L.P.)	0-56223	85-2460835
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation or organization)	File Number)	Identification No.)

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Aimco Investment and Management Company Class A Common Stock	AIV	New York Stock Exchange


99.1	Press release dated May 17, 2021.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document).


Dated: May 17, 2021

	APARTMENT INVESTMENT AND MANAGEMENT COMPANY

		/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer

	AIMCO OP L.P.
	By: Aimco OP GP, LLC, its general partner By: Apartment Investment and Management Company, its managing member
		/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer


Page
3	Earnings Release
9	Consolidated Statements of Operations
10	Consolidated Balance Sheets
11	Schedule 1 – EBITDAre and Adjusted EBITDAre
12	Schedule 2 – Aimco Leverage and Maturities
13	Schedule 3 – Aimco Portfolio
14	Schedule 4 – Aimco Capital Additions
15	Schedule 5 – Aimco Development and Redevelopment Project Summaries
16	Schedule 6 – Stabilized Operating Properties
17	Schedule 7 – Acquisitions, Dispositions, and Leased Communities
18	Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

	First Quarter
	Year-over-Year							Sequential
($ in thousands)	2021		2020		Variance			4Q 2020		Variance
Average Daily Occupancy		97.6%		97.6%		—			96.9%		0.7	%
Revenue, before utility reimbursements	$	32,674	$	33,345		(2.0	%)	$	32,477		0.6	%
Expenses, net of utility reimbursements		11,161		10,497		6.3	%		10,613		5.2	%
Net operating income (NOI)		21,513		22,848		(5.8	%)		21,864		(1.6	%)

	as of March 31, 2021
Proportionate, $ in thousands	Amount			Weighted Avg. Maturity (Yrs.)*
Total non-recourse property debt	$	438,729			5.6
Notes payable to AIR	$	534,127			2.8
Cash and restricted cash		(235,305	)
Net Leverage	$	737,551

	Three Months Ended
	March 31, 2021
Net income	$	21,435
Adjustments:
Interest expense		12,677
Income tax benefit		(5,100	)
Depreciation and amortization		20,717
Adjustment related to EBITDAre of unconsolidated partnerships		215
EBITDAre	$	49,943
Net loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		152
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		(291	)
EBITDAre adjustments attributable to noncontrolling interests		(270	)
Interest income received on Mezzanine Investment		(7,467	)
Unrealized gains on interest rate option		(25,347	)
Adjusted EBITDAre	$	16,720
Annualized Adjusted EBITDAre	$	66,879

	Number of Properties		Number of Apartment Homes		Aimco Share of Apartment Homes
Consolidated
Stabilized Operating Properties		24		6,067		6,038
Other Real Estate [1]		1		—		—
Development and Redevelopment – Owned [2]		3		275		275
Development and Redevelopment - Leased		4		865		865
Total Consolidated		32		7,207		7,178
Unconsolidated		4		142		72
Total Portfolio		36		7,349		7,250

	Three Months Ended March 31, 2021
Direct Capital Spend:
Capital Replacements		2,824
Property Upgrades		228
Development and Redevelopment - Owned Assets		21,674
Development and Redevelopment - Leased Assets		24,101
Casualty		(102	)
Total Direct Capital Spend		48,724
Total Indirect Capital Spend [1]		6,894
Total Capital Additions		55,618

Document and Entity Information	May 17, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 17, 2021
Entity Registrant Name	APARTMENT INVESTMENT AND MANAGEMENT CO
Entity Central Index Key	0000922864
Entity Emerging Growth Company	false
Entity File Number	1-13232
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-1259577
Entity Address, Address Line One	4582 SOUTH ULSTER STREET
Entity Address, Address Line Two	SUITE 1450
Entity Address, City or Town	DENVER
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AIV
Security Exchange Name	NYSE
AIMCO OP L.P. [Member]
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 17, 2021
Entity Registrant Name	AIMCO OP L.P.
Entity Central Index Key	0001820878
Entity Emerging Growth Company	false
Entity File Number	0-56223
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2460835
Entity Address, Address Line One	4582 SOUTH ULSTER STREET
Entity Address, Address Line Two	SUITE 1450
Entity Address, City or Town	DENVER
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900