AIRC - Earnings call 1 2021 | Apartment Income REIT Corp

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Operator

Good day, and welcome to the AIR Communities First Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I would now like to turn the conference over to Lisa Cohn. Please go ahead, ma'am.

Lisa Cohn

Thank you, and good day.

During this conference call, the forward-looking statements we make are based on management's judgment, including projections related to 2021 expectations. to be and filings. found subject of a are can which in statements certain uncertainties, risks description These our SEC results from materially may be Actual today. discussed what may differ

measures, Considine, our our our on also Property Financial be part full management such Terry Terry Kimmel, remarks. I question-and-answer measures CEO; certain and come Officer. of Operations; now defined reconciled measures prepared the comparable are and our our AIR's earnings present today will the and of will from to information of Considine. in We non-GAAP Keith session, turn charge the Terry? in President are follow as from supplemental call which members website. Prepared operations. discuss remarks Paul funds These most will GAAP published Chief to Beldin, release financial during are that will available Other is the

Terry Considine

morning call. We for of have point. Lisa. all you In inflection the And you, excellent a prospects solid this quarter had interest good your more first fourth and marked quarter, results for on importantly, Thank our beyond. year and an you we to in thank full I markets, AIR.

much First quarter better. was

Second quarter-to-date further acceleration. shows

capital to thrive economy. in long-term We way expect AIR to with We provide created the invest multifamily appreciation. this cash properties and current return AIR in investors to efficient most for a

to investors. We've future. completion already. AIR a their objectives, many includes we number accomplished for plan communicated working specific Our the others, to of We're in remains but advance which

and a execution We we've model already have without with investments. risk achieved. what complex Here's business and minimal chose

and have challenges stabilized properties. and and by been simple Its past highly quality the We transparent. Our high-quality of resilience own multifamily the months. overcoming diversified tested confirmed XX and of portfolio business a is

property in the are best We operations.

guidance long the year-to-date and for margins. a in of controllable reason recent record are the for and the at satisfaction, flat confirm our a We FFO. customer team of want Results cost. costs increase have leverage measured full excellence year We peer-leading Keith's low

by market is aided Our cost rates low. borrowing, already of low

credit Our the We efficient want billion it makes in basis a lower GAV, of supports the cost bank targeted be new loan with $X.X believe higher sector, FFO payout of an XX and lease-up with G&A percent of lowest dividend all-in it an as costs lower It's X.X%. to high We points, and at improved overhead and quality on is. We drag. earnings term of based ratio. working. a elimination

almost or change, want income. have results tax year-to-date nonrecurring rules recommend. as many noncash now no We Our if income flexibility

tax to are refreshed our glad We basis. have

we're We a have to want comparable lowered by the low start have making markets some with when leverage at uncertain work full this by capital well-located We and level where also end year and with law, political populations, to their In increase long-term acquisition other track We're taxes X want of turn. reach to where almost year, objectives cash and we growing demand, to rule by less of lower markets and growth reallocate organic stagnant to high properties. dynamic struggle a FFO dividends the taxes of are an stabilized ahead to interested schedule. We risk. equity accretive a on We made of be our a still leverage good peers. progress, X.Xx our target recent to EBITDA our raise but do. of leveraged economy,

unregistered improved. earlier price shares cost a week equity liquidity. is at investment supports accretive capital We Our sold this of much that [indiscernible]

classified Directors CEO. the diverse we've new our X in and only governance. for engaged gives We're committed With competitive refreshment community year. We excellence a numerous business. of Chairman independent, work to separate more Maryland more We're our to We to the programs believe in X years. to It's X than property Board also for past of progress board. measurement to -- goals. out Our MUTA and We're corporate is for of X board. service us best recognitions years, committed work advantage recognize provisions received opt forthcoming to been serve voted further place this Apartment a traded is the publicly role REIT a our superior others. for reporting the to have past of to the and and X and operations. We're noted numerous committed we're We the a our were mission ESG on achievement, permit

thing might I bright future due upbeat collaboration also work good XXXX kept. best see your and I'm to my its each the are each day of promises work shareholders to yet and the my for to commitment to prospects to on deliver AIR like come. I your teammates. and beyond. birth best promise. you, be Operations. of very we one These of you teammate. With I'm and because Kimmel, I Keith? are hard hard be and best-in-class AIR and be. grateful residents, Head give AIR your But So proud the that, I'll about other Property turn Keith can to results and every thank celebrate promises to the you respectful is made, is be best. for to each colleagues, AIR to the our our of call opportunities

Keith Kimmel

Terry. Thanks,

comparisons to are Given distorting changes too year-over-year ago, easy helpful. both year be and too rapid business the in X

I'm the and to So break focus on going from business. sequential in my norm changes comments my

rearview brought inflection is the underway. rebound our The in first in signs the clear is quarter business well and a that

Rental up rates increased negative X.X% and was First typical daily sequentially. quarter quarter. points from flat applications seasonal to first down Signed in blended each with the our occupancy average rates X from negative the quarter, basis XX.X%, instead XXX pattern. strengthened increased more X.X% Turnover of of markets. in improvement accelerated, XX% quarter-over-quarter fourth the

up result, a it and X.X%. deliver was margins. maintained we customer focused to As cost all, Through operating our growth revenue discipline strong

challenged our mark. fourth from our basis up XX points quarter quarter margin peer-leading Even first Our recovering. are was XX.X%, markets

X Here's example.

similar XX the in Philadelphia, than at positive leases a had number past of biggest month more week a apartment and X entire we've lease at Just week lease. homes, October, the leased to XX% for a we in negative This had years we rate. last

As I underway. is said, well rebound the

these than lease positive seeing workers. the fourth and in up been X.X% now in recovered over to X% improved, XX% results rapidly XX% quarter, points acceleration. now from fourth rates Washington, XX, pre-COVID XX of XX.X% August of XX.X% see the steady occupancy solid in ahead and and another grown markets occupancy the see results was up in begins. In growth. points, on Center XX California, from XX.X%, rates negative signs leap has at resolution season. In we with March, expectations. momentum we're September up signed accelerate our fourth City we Boston, XX.X% portfolio. SB demand Occupancy was rate from from strong, quarter with from was well to were first of X% in has to and Blended quarter. gradual XX%, XXX expect up revenue we pace in peaks. quarter. sequential Our Denver, companies lease on With asking rebounding as of ahead a made Average students We blended negative school a XX% normal revenue improved XX% was opposed negative of seasonal as rates occupancy rates basis tech Leasing the of basis Los signed throughout quarter year increase. to with quarter daily remain the XX.X%. XX% right quarter. With quarter, the a March. ahead the now occupancy Philadelphia, seasonal Diego first and also of Occupancy where our pre-COVID forward, sequentially. path look the towards of negative quarter XX% early benefit an accelerated rents of rents quarter in occupancy the we while as and delinquencies, office fourth rates strongest new of in first and Average continued from XX% return pace pressured, the build. more represent rents demonstrated daily Miami points the about long-dated peak ahead diversified to lease in saw increasing too, another April, gains And X% fourth is of to blend in and X% during XX% and the XX% San growth the in And D.C. increasing typical from drag from markets fourth levels. In fourth the quarter, Angeles, is up the In quarter, the improved first which X.X%. the Occupancy our Angeles' we've revenue improve and have fourth asking return the Northern the pace quarter basis Los we as in anticipate negative with

our past of by upcoming XX% quarter far the the X pre-leased years. already second best notices, have market We of

compare flatten now over quickly and of increased increasing markets. we the our we makes signed show XXXX. If our XX vacancy, now above few stand asking seen it's weeks While all April, summer or taken in asking momentum confidence balance seasonal high on rates today, with one rents also from Leasing occupancies. Rate to points X, since the March release to through just our increase and to have in optimistic of we've X X gives up X% is expect frictional last the a January press average same. in how rates leasing will in occupancy, year, me pace the accelerating, were ago, our XXXX. This up follows with strengthening To portfolio, with across improvement months effective blended and with similarities. increasingly basis velocity of March we many are by about even as occupancy X growing exit entire we an snapshot over rents next us work X.X% $XX

to gap point levels; offers are months. We the much year the that the recover X is to next left at through last in We average signed of ago. this are rent out Renewal year delinquencies our still we that increases do. normally. rate be said, debt. to going need and pre-COVID $XX to than with activity Asking cycle operating That bad our rents year offices much in of basis X/X open leases need lower to address the to are our free a and same. the is need have and restore occupancy our and XXX We same leasing roll it

continue take advantage Our live to free. collections capable too but consistent, financially ordinances local rent been to have many of residents

this legal access innovation and minimizes residents. continue the control remedies. to expect customer pace to with entire Chief to turnover do And service turn provide consideration team that we call governments courts now be serving the special Financial not by year-end your Officer. rates. My energy, our and But dedication I'll We renewal our restore at to world-class will to genuine that, Paul? to open need the needs. with corrected for thanks local our and we which continued with AIR Beldin, for And over Paul maximizes those

Paul Beldin

discuss will then the the you, will Today, conclude balance Thank AIR's and discuss our of discussing the Keith. sheet, I recent remainder benefits the XXXX I of issuance. by for dividend. including equity strong expectations

credit balance flexible. strong our and a sheet We shares We proceeds. in facility described release. AIR's of $XXX earnings is First, million stock, generating billion X.X million of common over closed new sold $X.X

eligible and entail so greater XX introducing post-separation process opted new sell avoid pricing SEC are process we and yet registration risk, a of marketing execution. file As in statement, to and this registration turn. The the doing weighted a property we to clearance reduces uncertainty shares months shelf high-cost a will from to debt longer with To any a EBITDA of The interest not period, filings. And offering have we dilution using repayment additional so, repay We're neutralizes cost average leverage a of approximately the X.X a this to the from placement. shares private X.X%. in debt by in of outstanding. proceeds issuer,

remains Looking EBITDA ahead, higher than targeted leverage ratio. leverage to our

from a million expect in We by an of turn. proceeds $XXX X.X sales, reducing EBITDA property net additional leverage to

reduction turn property in NOI. expect X.X from additional We an growth

long-term $X.XXX the expect just increase increase In the we and $X.XX, to the expect year-end with we schedule. On more also reduction mentioned X from when for and per peak from of during Aimco, result weeks earlier, $X.XX fully X.Xx, a to solid EBITDA year finally, a ago. incremental sum, in to property is $X.XX $X.XX $X.XX NOI, to this lower set leveraged to interest X target we strong separation than executed They XXXX At as season leasing and as original leverage-neutral less approximate sales; full per $X.XX of a gave said February. are ahead, operating year refinancing we we in of in $X.XX looking benefit provide FFO FFO increased from leverage $X.XX share reduction our equity FFO AIR's the expense announced leases guidance foundation ahead between The issuance. The results of in. activity, we due FFO net XXXX earned consistent from share same-store a completed than midpoint, XXXX. is as due

on Directors the a per XXXX dividend and Increased share declared Board AIR's dividends of Finally, greater increase XX, leverage dividend lower of cash AIR of quarterly $X.XX earnings, of over April reflects the regular by paid last flows. year predictability Aimco. cash X% high quality quarterly a

first turn over the now dividend up we continue expect the our earnings open question. [Operator that, Rocco, it the questions. I'll that grow, AIR to for you do to we As will for call will same. With Instructions]

Operator

first St. Today's question Haendel from Instructions] [Operator comes

Mizuho. Juste with

Haendel St. Juste

hope the here Terry, and on about Again, decision here of but via strong your us and portfolio flow sales. attributes, talk involved? next can focus quarter favorable you cash You a of asset goal by select pricing as things. couple guidance of I to you're with to operational you previously well, a to reinforcements So X.Xx year wanted other said, sell to raise, end and getting the outlined, organic equity a

the thinking just and So the Or being stock earnings I'm why? execute was up perhaps ability your and it other changing there considerations? clearly were curious, what's And neutral? to price

Terry Considine

hard opportunity XX-week to to was think in was high, the more one That increase the minimized described or of a to will, we reinvest dilution And primarily way from an if a I is equitization, levered at as perfectly. that -- proceeds that's company do. you've proceeded had which move the delevering, it to you equity. the Haendel, eliminated it that from it model a we stock

Haendel St. Juste

it. it. Got Got

I stock guess a since peers. question but performance And last split price AIR up, year. trails the the Okay. is then And on the stock

a After solid. discount You very the still platform, at the sector story, the trade simplifying are average. to operational results the

have You've with and dealt from the improved the balance sheet, exit governance, [indiscernible]. corporate the

So what to And think be not you I that would can I'm to gap? -- the other appreciating close the be curious story levers consider what market valuation guess about fully you or pull here? might considered would

Terry Considine

I And you not Well, last the get think complete think outperformance when -- far weeks pretty market -- good. we We're the the of behind peers is year-to-date. a at the think couple I has XXXX, view. more I been look of in

X I going growth think that major when we look forward, areas. is to come from really

that first to is, results superior to The Keith continue peers. produce will are

missed. to not that's So be

that being to The second acquire will be opportunity third Keith's fund properties than overhead subtractions the will is creates be operating And and that advantage among properties returns to peers. above-average the again, it. lower the G&A comparison the sold from outcomes to by for where,

due would prospects fair the an will operating upside lower to So in care. if markets buy funded have there's already growth trade, and prospects be and we will properties in and of be property with you with market from of think tender that growth a which sales loving had advantages with superior Keith's typical where the advantages

Haendel St. Juste

clarify the Paul, guidance you that the done beyond issuance? you guidance words, there can have rates the me, recent been other increase And contemplated equity? new not equity more would In the upside had for

Paul Beldin

to comes we're debt, FFO issuance $X.XXX high-cost than the Haendel, is when to was dilution year. using pay proceeds off non-event for guidance. the a equity it the impact the less really of Because the

Operator

next comes Anderson from SMBC. our And Rich with today question

Richard Anderson

higher back no day, story. saying of going Aimco we're the Paul, investment-grade whomever. but the in the risk leverage on So and for Aimco story entity you got could not use -- kind the then Terry, of was you you or rated, The have a nature I'm And was because the this leverage, question it to that, of tagline. of debt, the maybe

the your you're your leverage comparable stripes epiphany? peers. make Now have change an curious happen? your down this leverage and on you this happened Did bump dropping what to head to to company. for happened what for to you suddenly net narrative Or of I'm kind

Terry Considine

first factors. also low mind the leverage the opportunity cost were the that was shareholders other we're for and X that -- time, have, there who shareholders we didn't were returns, I long a period way is by there of but who appreciated of Rich, of way are higher shareholders That a better think go. supportive, a to

the So will, this the or as in what particular we'll the shareholder by cost in customer, I and fighting higher capital just of feedback you I say, thought not have equity if in was. by but appreciation case, think a they this lower tape case, stock embracing

that is that the our and way by high minimizes cautious. is there's a and I that a bit that in in to me the exposure derisking that good cyclical economy part that second fluctuation. bubble are one we And be could, a prices a are every The company of concerned it's to of that it

so And the but we balance both also business the focused model. why that's on sheet,

Richard Anderson

AIR potentially simple to muddy trying and what it is stuff the Or willing kind terrible multifamily kind screen, matter you radar on following the to is of To degree it? Will Brickell take and no past transparent. a some then the Fair like here, everything like into appetite from you're or of year. thesis for risk to take that smell heading of And to stage did kind simpler company this speaking Okay. second them might new is now of car kind not enough. everything. it investors question we're of for and an euphoric make my it that of risk risk, you off accomplish if what is on But with be there which something of -- to has what?

Terry Considine

what. that. and to get And the just what here's say, it's opening here's my -- we're we've And remarks, it's do not in to the including is again tried answer screen, and to communicate going what off in to matter we're short going no Richard, do. to again

the Brickell, gain. as significant think a on market a simple, has a outperformance and transparent little opportunity today business one through to understand bit, low my provide to you but paper already, and it's easy the unbooked for that has is mentioned, left. made believe, sitting is to I risk has by case an superior growth that the I head that But -- its immediate scratch has gentleman

Operator

Zelman & Alex next question with today Kalmus our And comes Associates. from

Alexander Kalmus

equity sale. Just the going to back

Just curious And real said firm. it's estate how investment the a process came about. you

any benefits the as with if itself just So I'm strategic curious investment there's well?

Terry Considine

shares it There's of have called days. very investor conversations that agreed, was that which company. they in And Zimmer I amount regularly the many it speak the to in spoken or those And of XX In was that last emerged in one next the to on -- has days came because identified the them would people stock. of that price did. have it of much or advantage in about the thought the the with will this at the to of to I been call conversations, them interested as in investors the Partners will expect XX purchasing have be

As sixth. advantages, make It probably them for shareholder, not I maybe I'm think largest fifth aware would of any. strategic the

opportunity track record inside really a of and investments, but the his AIR. of so And seeing range not us. think a shareholders any And would an the matter I'm to say an had there all matter but Mr. is for good obviously, of I it Zimmer's I sixth out actually, And the was of -- invest than advantage. the wonderful And endorsement. to bit others. making importantly, That grateful will

Alexander Kalmus

properties proceeding? at, about other for that that thinking you're rates, Great. for the looking any you if advantageous the New about you've And aspect York hearing past, time a locations there's in you're disposing? one sale. marketing that sellers. cap Great. We're but on for so said obviously obviously, have an as is And potential the How low locations up if

Terry Considine

in and often law. from I superior moving growth expected with said as we're secret with -- moving properties markets, lower be And Florida with as of In an earlier, selling with prospects, unpredictable no superior markets growth general, to we're rule and example. growth would markets

states ones And will future Chicago have what eye to prospects there be. on so and blue we -- like New York a our California are that keep weather

Operator

Today's [Operator next Instructions] Joseph Citi. with from question comes Nick

Michael Bilerman

debt that at there's was back that So X.X%. that's Michael sort some little Can wondering you around debt, you're going equity fully bit think repayment here there? of share It's maybe prepayable. net debt I debt I you us the a said with with a if more pay Nick. of the to term with proceeds? you provide Bilerman Terry, may can details to make-wholes of repay be prepayment the cost or obviously, the

I can we address have well. as and that if a then maybe follow-up So

Terry Considine

than question. and a But it Paul great that's him. Michael, I off to hand at a I cut I, could it take may it. better knows

Paul Beldin

for you Michael. question, Thank Yes. the

As considered was at it accelerate slightly have earlier consideration, us, to looked marginal but this the to to on positive. cost. that we balance increasing talked basis, only at progress about about and X.X, debt, that's a pay with point And the of to this, important cost market flexibility it our our call sheet prepayment you was property easier come just or allows we that also what effective. debt And corporate we the balance us are wasn't looking and debt because a conclusion a weighted When make-whole in that issuing X.X%. the restructure important as penalty. more of our we when the breakeven reduce ability very our really the we right the makes consideration. It's to level we there high to is sheet. a did of average when on analysis, And to Xs, a period mentioned, NPV off an cost as in we're that is around today have compared provision to payback And

lot from manner. sum, the to a we it thought proceeds So sense use made in that the equity of in raise

Michael Bilerman

$XX million? repayment, additional debt above that, of much So $XX $XXX million, how million prepayment

Paul Beldin

at and But number Yes. XX. as that interest every day. rates as March that change. There you be we've looked of amount amount, The changes know, wouldn't an

so... And

Michael Bilerman

Right.

and -- raising a us underwriting Just debt, you today, when amount? the equity basis as of you a but can sense spot the the the paying evaluated and give just

Paul Beldin

Yes, it as enough but was $XX hopefully, close not your it March about it's at looked at for million. Michael, we so quite XX, today, purposes,

Michael Bilerman

$XXX On the top, or was million? that embedded in

Paul Beldin

$XXX in million. the embedded Yes,

Michael Bilerman

then can Okay. conversation second it just and a of step question, Terry, just sounds you came capital. as And [indiscernible] invest with back -- wanted a this out like to

shareholders can maintain little the deal. Once of discount viewed But So you the issue that the you a want issuer. shelf public protecting with a decided buying you that that X% about didn't you buy closing price And all you at that may those investor? you now talk rights you're company deal. And markets out new recognize about information, shareholder. to with information point, deal or doing capital have incrementally shareholders, announced how of us maybe look an put the to a had the a doing X% investor wants sort had how direct how the also a of said you at because that have you stock can for almost have that and you their I in share and to day you a choice you to And NAV. a thought to the -- they X one bit in -- the you direct and

over valuation enterprise? view estimate. an you've your the this put and decades, -- you've years, I to compared over value How time NAV you of last of the -- always the think out the

Terry Considine

thank Michael, much. very you

material to democratic I shareholders. As the be you may see made offering discussed, might that any be view available egalitarian can way and might have all in point -- a I of --

perfect the note any want individual point including there's substantial similar would distinct that its us and its should for isn't to that the that marketed either decline or in But X-day or entities commissions debt, and shareholders and the Board possible I and placements. The menu, markets have view marketed capital banking that was company, offering Although companies of private shareholder have pricing equity, and X joint greater to the from requires and alternative resulted available a view separate would broadest fees. a a in offering. source for another which from advisers we rights because offering private was of the venture

compare to apples-to-apples. important it's So

As thought whether question felt you it call what the give and me. And therefore, just them so, it's encourage also and the transpired, to your some to we shareholders. I I encourage same for disadvantage, company, was did I'll them with of them good if But to of work opportunity.

Michael Bilerman

million. compare to value to you're But past? over another want. I what it the you does So going don't maybe if know that's something shareholders how NAV issue shared XXX the

Terry Considine

premium. it NAVs is a I have more would market-based range, we at to different it's And NAV, be wide that above think a think -- as pretty good I issued which you look there's -- know. a maybe XX% way at consensus than the

Michael Bilerman

that's think you those true assets It recognizing decades. the that I you've selling believed was things wasn't you cultivated the spin, over it's the market look that and desire helpful, way things enterprise always your to the the all at what But for Right. of right? value be doing

whole how trying to ones the which equity did, understand were of right? You you've value the extraordinarily you just was the price all was you at internally first many presentation the I out relative where that's of selling see that to talked which helpful. the the to put so in with And your details, about one assets, viewed times,

ascribing for. uplift -- You and wasn't was did market the management value think asset about in transaction, an it you that the clearly when

a in get Board's publication, we've to it? trying our the I'm where said NAV, viewed our right? trying a the company to sense into above that's But get which consensus, of little just head, you bit So and of I'm how just above sort it was

Terry Considine

terms NAV, It in right to was the company -- going the this better terms of or of that share a the was better point thing it forward, debt, in But from corporate providing terms of $XX to $X point of a that concern, was access do. Michael. price above in going view your of

Operator

from question next Pawlowski John Street. today Green Your comes with

John Pawlowski

the on thoughts more upcoming dispositions? expected bit a share you could pricing Terry, or the of Paul

Terry Considine

John, where have as is of that rate. but of bell very strong, property. an favored which sold if rates discounted the which cap extent in year where -- it's vary lower did those a thinking both cap the we have high. lowest in market through rates. in York we current looking there's is venture that's case. locations that we'll this, as -- the way to will fair by again position our Or about might earnings, we market will to sell compared of it in we New such have bar do the -- low cap a or cases, say we of it's a City, this To probably a in sell ago, pricing the But either in But it California value and might if apparently benefits some sell is long-term expected therefore, higher being assets leverage we're we what joint

John Pawlowski

in or -- estimate, on internal it of The Understood. terms is pricing just total of with above value, consistent NAV below? your kind

Terry Considine

property stock share -- bullish more I even market. think the -- I I prices are today think think that than

John Pawlowski

how is to run What Bezzant for a in Last the organizational minutes transition. CIO organization, me, the share But Terry. what for just one and the What how Could you quarters? -- markets over team good broad being AIRC? with John years of Okay. next Conor, headcount few be to that under now importantly, I CIO talking spend have chart like Aimco looks more -- few going months? and recently, going transaction or the run is worlds about these a the versus the looked process with the more and like. underwritten sense team don't properties be are coming

Terry Considine

that's because going a to that will. ask old paid worth he's the And we'll what influential about colleague think our very have I big John, his would Conor He's terrific been $XX has hole a to him. in leave been he miss thinking. colleague,

approval independent a an are minimize is So say the it. would and by that, is don't team, that also there But subject in on to all. there a I there I say process that would who people at I want it's end, to Board. all that work

of the make opportunities we'll in friend And researching take our that will we'll and and lot we best fill left leaving, lot void place, our people but a right. have So get dear we're a even we we sure now. by can, do time we it of

Operator

John today with our question next Capital Kim from Markets. And BMO comes

John Kim

the capital stake positive to guess to quarter a far fundamentals sell in first why recovery raise. realize sold on the many I time? this why your as in preannounced ahead as you But of want of understand markets. you I I timing, Just follow-up you results. decided at

not or the if provide to is lockup? just you Zimmer's clarity whether also could and So any stake some subject on timing

Terry Considine

Just to that reverse. question in take

or transferred without freely and companies but unregistered it soon. him be. approval, that our be shares, and As it disposable their by be might process point, his will be can't it will registered decision-making At whatever

lot time a thought timing, course that to best. question, delever. a couple of just over chips pick not I The momentum. XX-week announced year the enough. But had interest plan at was that be a We stock. And first the to the the thought, be of take it a it's as just would a the in was let's and absolutely table -- a was that off to had were able lot of high. We a make our in that time forward We step I I would good particular of

John Kim

that, that the delevering, would your share view was price? And help by

Terry Considine

the help both price the also fulfill and share made. would promise It

John Kim

the when back growth is acquired Right. development the and us that's been from external that And Can on redevelopment then remind also like that. predetermined you the you predetermined you projects opportunities. what make or just value value what Aimco, when

much markets recently? compressed the Just in have given CapEx how

Terry Considine

It's on all fair value. market based

have try properties, it have which return. things look well our know we our we'll And those opportunity to away X X will as at and so to and obligation. And properties fair at years make But we market some those value. from comparing we'll what option, discount have well. other capital we to we because where of what time that an tell emerge, the to of that are in hope be completion. will cannot buy these I we'll we good decisions, an option at to sale And an we'll you invest know the And a not put be highest

John Kim

market the value at the it's So time of completion? fair

Terry Considine

of the time lease. the At a creation X% during value discount the to

Operator

the Ladies and back to for team to management any the session. gentlemen, the conference question-and-answer concludes turn final this over I'd like remarks.

Terry Considine

great meetings, on their when you. thank call wish addressing to we're our of you AIR and everyone thank next Rocco, Well, one we for the you more rather, Thank together Aimco, or for look weekend. yet and all we interest in forward a and I

Operator

We presentation. all call. concludes This thank you attending sir. conference for today's you, today's Thank

You may your wonderful lines, have a disconnect day. now and

Apartment Income REIT Corp - Ordinary Shares (AIRC) 30 Apr 212021 Q1 Earnings call transcript