Apartment Investment and Management (AIV) 5 Aug 202020 Q2 Earnings call transcript

Company Profile

Participants

Lisa Cohn	Executive Vice President, General Counsel and Secretary
Terry Considine	Chairman and Chief Executive Officer
Keith Kimmel	Executive Vice President, Property Operations
Wes Powell	Executive Vice President, Redevelopment
Paul Beldin	Chief Financial Officer
Patti Shwayder	Senior Vice President
John Kim	BMO Capital Markets
Jeff Spector	Bank of America
Austin Wurschmidt	KeyBanc Capital Markets
Rich Anderson	SMBC
John Pawlowski	Green Street Advisors
Haendel St. Juste	Mizuho
Rick Skidmore	Goldman Sachs

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the Aimco Second Quarter 2020 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Lisa Cohn. Please go ahead.

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 2020 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, session, Vice Considine, Aimco’s also of Considine. earnings such Terry Property are certain Other come Executive the Chairman remarks. prepared and Paul of to Terry? in full in in during Terry GAAP reconciled are website. Beldin, now which charge release will CEO; today Keith Vice most are will I will question-and-answer and of from that the We non-GAAP supplemental members defined as and President, Operations; the will of information Prepared Wes Redevelopment; FFO. and follow and call Officer. discuss remarks Powell, AFFO our These comparable measures to Executive available on present the published financial President, is part our our turn management Financial Chief be charge our Kimmel,

Terry Considine

you, on interest this all call of Lisa, you your Aimco. in to for and Thank thanks

a sale balance Aimco’s deposits not flexible. demand, ago in year the of sheet, foundation With usual which developments standards and mind, the uncertainty Aimco tours contraction of were and property of demand high daily a increase accepted teammates designed are a Virginia; times Wes redevelopments, we an reduction. ahead about board leasing Boulder concerned XXX. problems. teams and the plan, the in carefully shortfall when customer With the expects was of continued were money up saw leaving financial net work either plan market, occupancy for The shortfall stabilized, XXX XX% March, and and excellent finishing consumer economic have pace rent about the of touches transaction behind bottom $XX absorbed and and XXXX. net ahead were increasing increasing. by measured net job rent roll, the pace, finished across building March. their of Wes now and safe May, They in month or will customers in been long-cycle July, strong. the high-quality but are solid which at of terminations prices later, of June, losses average effectively rents we in They X,XXX year-over-year property. is the because his of and In blow severe the we continued, maintained of hard five Keith resilient make of July, cases, redevelopments, were a Aimco will both and closed the ops Aimco the early of leases. plan, other In income. Leasing was values. a history. selection. panicked end cut for in leases In continues, weeks year breaking a half. adjusted, remained which Mosaic produced the million and and demand good quarter Keith team most new business also substantial most In but monthly the May, abrupt is closed second operating In paused from If In put leaving some this leases mid-March, XX the of and Northern before. in the his recovering demand in the second pandemic this U.S. they with the shock to and The our restarted economy. sale were lockdown month this, ahead of site at month Parc and for remains trend a XXX at year-to-date In will leases of all XXX. be increased add in short-cycle the some carefully in

highly each debt Aimco primarily team, liquid, including work remained with currently serving committed enhanced our Our leverage and customers virtually. in credit. were of ever-changing The excellence of whether success, person over consists cash single-asset billion safety to environments, or procedures the $X our to of property foundation in committed adapted and and other,

private and half look has been COVID consideration resurgence Perhaps rights, of on in depend. without XXXX, contracts, cautious, by constitutional at liabilities we personal damage the for second protections disregard all we of property the to assertion to seemingly done the unemployment levels wary sanctity of which the cases. all of concern most of power ahead to economy liberties, remain or the of incurred concerning As elevated the recent government

commitment bound Aimco difficult again working I past teammates, stability in and initiative together. over So and teammates commitment. courage to sheet the circumstances I’m of note, our that effectiveness culture and responsibility my operations, and the And culture your of of caring, uncertain XX your Aimco homes diversified of and personal weeks, hard times, Aimco’s others, and to your my liquidity of for high-quality work reminded mission for sense on thank and provide discipline together the in portfolio, customer like of of Aimco Aimco capability balance safety the focus, by and the the

have I Keith gratitude. my and turn of Keith? With Operations. over Head that, Kimmel, will the call respect, affection Property to You

Keith Kimmel

environment. start unpredictable residents. these their to our like ongoing demand, entire best The unemployment who are to operating provided in a our come has Despite customer with obstacles, commitment exceptional thanking and changed our I’d philosophy. selected meticulously challenging team serving by results of to we residents for navigated from quarter service. disruptions nothing Together, and Terry. regulatory Thanks, increased

tailored solutions to each our fixes. avoid approach, We short-term continue optimize a to and business using we data one-size-fits-all problem and with solve

balance discipline revenue X.X%, to behind year. and and revenue timing was reasons points business up due XXXX. were basis growth basis efficiency rates core in low had related Rate during of best growth, lease XXX of staffing headwinds decrease daily blended net taxes X.X% This leasing in X.X%, the is residential offset occupancy and innovative resulted our of positive, the the improved quarter. X.X%, fee but see new down and I expenses performance. volume of from approach up continued renewal drive have resulting The from which in to repairs, measure rental exceeded rent. debt continue Controllable Offsetting XXXX. the remains lockdowns. we ahead, remained with Residents rates expense was second residential Turnover to same-store pay expenses bad year. our quarter down optimism. leading X.X% were commercial low, which rates points, income, and XX Looking points. last decline points slowed income. XXX for increased property expenses. of Average half X.X%, in insurance, roughly XX.X%, to to lease up last XXX The down was down second basis with basis savings slowed total in were better These turnover is by operating July

decreased second As same-store a income result, net year-over-year. X.X% quarter operating

out and with As XX,XXX is selection satisfaction and again quarter, of customer X.X stars. satisfaction. five begins the unchanged second on I earlier, philosophy in mentioned Based was our surveys customer

to XXX turnover XX%, Our at us our leading longer, ever, satisfied improvement a point customers with basis year. over lowest live last

rates season, was leasing X,XXX Miami, this Denver down economic will peak daily Labor frictional to and and more occupancy positive July likely the leases been month had last of pressure all lease year ahead base the Terry low Boston, blended renewals new X.X%, up vacancy X.X% Average cut and mentioned, rates. collapse gap the by was has one-third. most Now of remain Washington down lease D.C., turning a July We shortfall San pricing rates to with than blended while for Angeles given spring’s through the created leasing and Los our lease plan. of XX% X.X%. and as Day. occupancy XX.X% in mixed, Diego, saw July,

collections the months. recent XXs, July with were Lastly, in high consistent

Our outstanding expect I with of results. will water in mind. our we our the like more turn Executive Powell, I And in Wes team’s while Redevelopment. confident Vice for Wes? that, ability over times And this been operations to team deliver to call choppy has ahead, am now built President

Wes Powell

Keith. you, Thank

active focused the During redevelopment the quarter, on of Aimco projects. long-cycle construction our lease-up and remains

earlier and been further are activity have stoppage. earlier year. have In leased select a on remaining At To City, and stabilizing Leahy, delivered resumed upgrades have fall stabilized our construction pausing delivered half Parc in homes, before pace efforts be completed release. delivered, property the those Medical we leased quarter I’ll after and with XX% XX this XX reach At have of occupancy Mosaic next XXX can county-mandated the of Keith Colorado, projects in have year-end. the on construction At X-week year. the those anticipate Redwood we provide second in XX% date, the within addition, to in short-cycle where leased. we work Fremont, details homes early May, his property and restarted the on homes following updates team and been Anschutz found about been occupancy few and be will early in Campus, was Boulder, year, a

expect year XXXX. during be completed end the to lease-up the around units we completed to remaining be Here, and

completed Construction date perform to already homes in is in to of town-home leased. than to more project XX Our Elmhurst, of track XX% and this with QX delivered continues be year. Illinois well, those on

and recently just Cambridge delivery Tower In equal long-cycle million in to The the to property projects Prism for redevelopment the Aimco’s scheduled these the published an the quarter, complete projects, GAV. Aimco is long-cycle second at cost select North of short-cycle by most upgrades. two final are middle approximately resumes next $XXX year. of Our amount X% Flamingo and redevelopments

our of between current governed rental our market and of investment investment year-end. now demand and be approximately by assumes While rate will pace forecast $XX million achievement,

their thanks over Financial will Paul the the dedication to like uncertainty Chief are to With we continued Aimco for for the though markets. teammates Aimco and mindful that, past turn few would over positive continues I new offer Beldin, redevelopment special these As today’s call of value-creating always, in And I Paul? my our explore to opportunities investment, team now to Officer. months. increased results

Paul Beldin

Thank results you, Today, balance bad will financial and Wes. for account second I Aimco’s quarter sheet debt. we strong how discuss

loans X.X%. months. XX $XXX discussed hand on interest a and liquidity redevelopments The lowered complete and and generating of maturity property interest capitalized First, conference the interest refunding average Aimco the increased bolstered of addressed the of financings debt May completed $XXX developments credit to X.XX%, call. XXXX $XXX risk, fixed our proceeds. all We weighted rate and term activities of on to and the have current million weighted X.X closing average long-cycle rate financing reduced Aimco of They Aimco rate liquidity on cash continuing by million maturities and a years maturing $XXX million such in plus committed next that million of exceeds weighted average to leverage cost rates the

Aimco’s We $XXX projects the sales, and and five of EBITDA, leverage, to than leverage through balance above-targeted are mentioned by either about under to X:X of approximately reduce long-cycle flexibility as half leverage Wes of While plan liquidity, sheet closed or abundant remains through to measured which levels. contract. less the by provides property lease-up million have

timing July, Given were the pricing performance. a closed Both $X the the of on gross in community Aimco’s located of million an abundant value. million. liquidity, year a risk May, at on Aimco price of In price at $XXX estimate property Virginia of of And million, with agreed we purchaser’s X% properties Annandale, guarantee a community to sale deposit have in to more asset at of than sales. a these plenty apartment flexibility of above Aimco $XX.X prior at the priced sell and

junior $XXX by made the is, of accrued of San by mezzanine share Apartments partnership equity Francisco. the Aimco owning $X.XX and The financial quarter FFO Aimco of and more to forma the X% in $X.XX one, interest loan; second share up was year-over-year, results, up These Now of per results the share to borrower Parkmerced million to two, per provided $X.XX than for X%. pro was accrual on loan. per GAAP; AFFO included loan required secured three, on

of a Our which costs, $X.XX Aimco’s COVID-related be found after of earnings of release. subtraction can in results are summary

debt. bad cash, call. X.X% cash XX% offset or of earnings to its of and also balance also subject July, Next, quarter, the and described points policy Of recognition In all security In revenue, May I’d on is and deposits customers’ considered XX includes XX recognized revenue, is the and X.X% as individual on Of based fees parking is XX offset is subject owed rent Residential rents residents. based items XX.X%, Aimco debt. our million apartment same spend the individual and like treating cash, Aimco related a recovering comprises residential of based basis customers’ residential and in XX.X% security XX.X% storage is of second $X as Aimco on cash review discussing points revenue against revenue Aimco deposits Residential the credit. rent rent, of the XX.X% X.X% bad basis to paid by collectible collections to by minute the of basis in was Aimco the credit. revenue, review bad XX.X%, million collectible paid recovery balance treating in was Aimco such against recognized XX.X% $X.X considered by or as debt. all points of

the remainder during August half As in we typical, months. about to expect and future collect $XXX,XXX

of per over Board now up quarterly over to per Aimco Please that, your June time XXXX, you the question. for XXXX. turn up quarter the the two the first in to for for will call ended quarterly a we the Operator, limit of will declared dividend cash questions. it regular I With share the dividend open queue. questions in X% $X.XX Directors XX, paid Lastly,

Operator

[Operator Capital Thank John question Instructions] from Our Please ahead. BMO first go with will come you. Kim Markets.

John Kim

morning. Good Thanks.

the growth occupancy rental months, revenue four occupancy month. rental and over last Just looking the both or at and have each rents declining been sequence of

are now, So to I am wondering you maximize prioritizing which revenue? one

Keith Kimmel

total saw I contribution. because Keith. would too neither it’s what John, say is we

combination both occupancy rates a rental day, its And that that in finds way line we bottom it’s the think end the to and turnover margin. of of so the at

Diego XX%. it’s running you And is and do San so that’s market. find what by market we also really market at And one like

we to very in a pressure. specific strategy going where Northern and rate more are are or We Miami, California we feeling a strategy there, different have have might

it. that’s approaching So how we are

John Kim

geography as of the of unusually its that wondering and product based second also is the how debt, You Paul then high XX you and you type the on mentioned, to I where provide color collectibility And to X.X% then credit feel in quarter basis X.X% bad or could was Okay. the if any do went comfortable tenant profile? points this on July.

just wondering, at number am that going more I is So with uncollected? of up, risk being it

Paul Beldin

with experienced July, what wants first on we the of for on I’ll John. anything. top part add Thanks the billing. in your see that second April of of Keith question, to start June through collected is the of month I’ll and see question in for July Starting XX.X% collections collections, what July. you if from is we the rent That percentage in

difference more expect, and the between as pass, of And is continues July our quarter time collections similar July of of the guarantors uncollected we with rent, more did second X.X% collect history passage analysis or so we’ll had profiles. collections total credit our that and time. we similar leaving ultimately And the credit past about our to that based collections and tenants that have upon with profiles was is

And where feel we approach. of think you our so well $X will only I quarterly this and bps an amounts are is had more collect one so look if really we’ve like only time it’s our at that’s that back because looking rents XX QX, And revenue. outstanding us of and as that serve million, to to appropriate

anything there? Keith, you approach. our about good quite feel we So can supplement

Keith Kimmel

of question, greater one Angeles, just I are just across point seeing I sort you point would where is or two out more for that’s And of the the most of add, Miami second would Well, and seeing those I’d Paul, one there’s in decisions And we in city us we’re being in influence markets. would had around areas. marketplace. it what we be employment-related hospitality that would Los John, pressure out, a regulatory a I how greater then of have where impacts call that influence sort

our see little of where best So, that, as very out. California have some Denver impact those we examples to almost out places no of like and we whatsoever. But stood two on the of flipside Northern collections coming have

John Kim

color. Thanks for the

Operator

with from of America. come Spector the go Please ahead. Bank question And will Jeff next

Jeff Spector

Thank you. focus, I afternoon. saw pickup My Good the demand in question, wanted in on please, to you first July.

volumes is color you believe you. Thank demand on pricing, it these early to leasing that about can did b I c? particular said you versus higher that than you some said little You folks, continue see terminations. more If but last a, you talk were bit I they give guess us year, And where survey are when could from? you that. coming a

Keith Kimmel

shelter of or you of I we pent-up been individuals coming have see it’s also this that who of in will I level hard lockdown may demand situation. of that demand year. have Listen, has been certainly there think where out in that. point time to the place who say, a pickup during had may some to Jeff, would are a I always take

So this previous we is for is happy and see it’s season it. that And what are see to highs. peak outstripping we us,

outperformance XX% And across the frankly, been, so has the board.

to every almost are we seen to summer. price have believe some will see We of in we it ground up And point the continue at the it through balance we to goes forward and there. almost continuing of make looking that that market, every as

Jeff Spector

pricing Okay, or market no differences? differences so

Keith Kimmel

acceleration that urban Angeles picking have some of over is we and give past I as particular. an even seen question been but those stronger assets, Los I we weeks, look have it, up. suburban places no of urban more in in of mean, seen activities portfolio an there have will the performed the in couple we Not that our at example than leasing

to COVID of across and of go the flows. ebbs city. about So as you very impacts country particular sort in think They the each how are

things has the still see consumer care circumstances. and where, of we pickups see of activity lives where with as take to same type also the live us their their change, We

Jeff Spector

transaction Thank you. those are wanted you $XXX I mean, very here? please? your rate your what How it million are then like see I need there remain low focus, view I you of seeing to along? second you will to to markets. be I do sales rates I my sounds financing to cap guess, to cap on the expect you half on sector, push contract. – know And under stable is you do question, in aggressive stated I what those, sell please, some And rates you believe both on front?

Terry Considine

and Jeff, that are of that. and take have we of offset lots good We see it’s on will see I looking We selective for think realization low interest rates lots economic Terry sale. for I But price the demand. interest, we and have ones the being turbulence.

Jeff Spector

you. Thank

Operator

And Wurschmidt with ahead. will next go question Please from come Austin Markets. Capital the KeyBanc

Austin Wurschmidt

for morning time. hi, the Yes, and good everybody thanks taking

market or there wanted right rate is occupancy management maybe have is let go I on to that And answer to traffic was appreciate So trends, level a would demand slide little back to continue willing go if cut further? But overall. let and to or if you historical you curious type bit are revenue a to more to certainly strategy take of below just seasonal I occupancy each portfolio and than question targeting are over and were average you John’s slow would pricing that the unique not you now. any

Keith Kimmel

some can it will walk question additional John’s through maybe will that it. take add I to Well, it’s Austin, I Keith. color and help

focus that sure long solve make margin. to to want total I bottom game. playing the on contribution thing is we the are think that we line I We the

we at sort can are you I maybe so through And today. of where walk

We occupied. XX.X% at physically are

prepared leases are back represents to XXX of still the are occupancy. remarks, about That that you we about X.X% go we If the closing. talking

that think we we I vacancy going those year the this so approaching decisions XX it focus by making want we things you just around frictional or pieces would compromise more We short-term that approach to And are quality feel the what will that we together, not And summer, design, the we want fight willing we make mid-XXs. we the more benefit for but hand put next time in from that puts to so of say we residents that to we over that "Well, going say, not we later we short-term fixes, we those our is things. this a are and have and today and having as the is what is quality us isn’t to balance are really as to are we pay are on put that months leases, off having of other if decisions would also, to just the occupied, some but by, we not it any anything XX of through that look are this, that challenges other in against have steady and these be we really the or through over highly we are the resident the forward." know time, we that convictions way of believe really

And wall. so management thermostat Austin, like revenue on a is a

certain ways, could their put decisions, of on single about hands we we who building, And day, if in end comfortable this making by it building unit the While day, where are at unit. by the set we be skies start that we very of front have mudding are year. every you through through acceleration seeing Labor believe this, we the as will into call in think Day, work it through blue the we we some And we end as that will in at. individuals get we that

Austin Wurschmidt

the down redevelopment you also once $XX gets future curious incremental X.Xx. of have that that. gap to you With Appreciate target it us of dispositions, could detail that between prepared And starts last to flows think that or Paul, as quarter. wondering That’s if million funding am And pipeline on then million you million the assumes you $XXX flagged no Understood. remarks NOI that and there. I I if the mentioned additional and I to helpful in your the leverage was you leverage $XXX how through? relates bridge that no

Paul Beldin

broadly the in And will general. say for with like leverage, leverage. to think I our comfortable we And just is more maybe would what question, I start very, Austin. that are Thanks very around I

remaining as prepared we have XXXX have remarks, no maturities. I We have mentioned in my

maturities next about is averaged through X per on million year. Our during XX%. the LTV $XXX those The properties years only XXXX

low to and leverage. we So that’s covenants it’s LTV a don’t tied have refinanceable readily are any that

certain numerical extent, outcome is to your leverage EBITDA. a levels a of debt your So and

And really don’t safe order is that any current the quick pressure so sell number. at sheet we our and assets focused a or are pace very, feel discounted we achieve leverage in balance very to on all What sheet, like a at price balance we to is at a safety its of our levels. feel

to with more measured all group, take very than approach to said, EBITDA to Now with being a that we peers, the higher we like and leverage getting disciplined to that but line peer and level. at would are in our is be going

the And will itself, a opportunity we so lower we And end way presents if outlined could we Xx at I if would up up was what that comfortable end level. be but get Xx we going very at that leverage. to

Austin Wurschmidt

$XXX assumptions? can what in then gap to bridge And million, from quarter changed the $XXX last million your the you

Paul Beldin

Yes.

spending. in quarter I the think to kind you capital in may questions our was with $XXX noted around million sales change that volume response the about really that that reduction how does down conversation some have last of

think I than more was rather So example a an target. of that

Austin Wurschmidt

okay. it, Thank you. Got

Operator

next Rich go the will with And question come Please Anderson ahead. SMBC. from

Rich Anderson

everybody. there out morning good Hi,

talking move your turn the have if comment of Aimco you lemons peers moves. want of the and there of any lot into you this conversations like proactive out some your the they to urban a about with that center, have option? within that made seeing having people you you Are portfolio lemonade? made but or to tenants of those Are urban-to-suburban a are Keith, So, you types

Keith Kimmel

Rich, great question.

in that have actually know we community we a that immediately environment other or only country had them this help let program that suburban facilitate years, how transition someone residents can to we move coast-to-coast to we help in them For something we be when they described, as then are wants do parts you in, we realize urban the in a about change vice-versa know is that but of and great circumstances and help not them that life at, called case, if program it’s the that. or an

part approach been that of we our do and continue always that way today. business, it’s to So the we

Rich Anderson

of Okay, nothing terms no great, sort but of quo. more effort. It’s that more in status

a making in You days? particular these are effort that category not

Keith Kimmel

give single I maybe one can their our is circumstances. every residents Rich, that the individually to one call particular, you Well, we of by understand one

driving it. doing, our And a them, challenge when what and really and someone’s are give so saying, personal they reason facilitate help if self-reported we think when a for it one-on-one, to is a how maybe going they people about each having one notices give so are relationship, what’s What’s what efforts it? around every behind having of and can we

something have color that that’s some ago. been period I the that’s in maybe of So different to would addition would time say

Rich Anderson

you you happens. don’t you beyond that this how better. perhaps do is is and everything talking Second We to it’s is be a get observations causing are bit But the right? how this is coming described, you perspective about a a standpoint? saying least the present can a sort July. what’s are dynamics, kind and the happened Are question of COVID-XX here, geographical Labor different some seeing period, trough that about that through the at it but more not parts country, that changing, of net are off feel changing a lot I sort you radar to and how affecting maybe of am little a some things you this specifically, from how sort wondering have now environment perhaps the becoming this could neutral of know have trough Who we footprint comment tense about you on as start knows, to make any radar are perhaps screen markets quarter but are of now color screen? is, you so second Day of or

Keith Kimmel

dynamic. if that see we confuse that that changing come. are it are will talked my I is we know Keith. I And wants I that a maybe don’t We Look, in going ourselves it’s exactly my about prepared have you remarks, where to you will there’s Terry not right a insight little seeing I think just it improvement, give Rich, more is then how to might choppy additional. but water ahead. add and likely

from with. are we comes prepared going flare-up to deal and those change, And ready or other things some that so are whether to be we that some other are for

so at And Diego very like Los has like or the running example an a little things XX% of a that’s had, that had of think about San example Angeles has place on that, place plus as an portfolio our occupied, as impact I Miami. some

are to the this coming And confuse portfolios see develop going that and so into not into gaining I season. can strengths. building that are different we are and we and places we peak as reemergence and Suburban can’t position of occupancy see also the them our point country will through strength, we ourselves coming Boston, across better a to DC

is point the the it is that trough. think I So

as also couple Day, true have it. As going are mud And guard get if way. aren’t path Labor information, the we can be off through call of a we here we the to things we then we but front along to changes without sit through see getting see better, end going to a of something right we of periods us in now in which caught

Terry Considine

miles Rich, Los you but partly local apart. it’s Diego and outcomes. you Angeles that add, and partly local regulation, just XXX is behavior it’s But because of what I example different Keith’s economy, regulation. have San the would Rich shows different consumer are

economy time the what diversified. but to what markets. it’s so We of feel of we to disease, impose local and one at uncertain occur this it’s our partly can partly great an on we comfortable, time. and those us feel the have partly problems any governments And balance, at will On forecast be is each

Rich Anderson

that. Okay, great. Thanks, everyone. Terry. Appreciate Thanks

Operator

now live. Joseph, line Mr. your is

Unidentified Analyst

Thanks. underwriting was performance Parkmerced operating second in How the versus quarter?

Terry Considine

is Terry. this believe to have We

turbulent in Francisco the to believe make economy to pressures are the that of have We of city subject and the to time. that they that we and forth the San same impacts regulation it have in are so

available. of a our We secure. that operations say as is I not their we it they debt ground position will really wonderful a that a comment is although, we’re in publicly that for is We’re some can or held, what city. creditor that to on as comfortable their it’s But piece a of perform will feel remedies opportunity great that either an Aimco. in make very feel publicly And

Unidentified Analyst

has XQ? was underwriting. you from XX% changed there Because in that anything Thanks the first of put release, guess, I guess, out quarter I

So hoping I given respect that with disruption. the the second get to was to quarter

Terry Considine

right here, me as say, I second affect that have a holder, Francisco have I available directly doesn’t a had but or operator in us. that us I tough don’t And to immediately San affect any probably debt to as quarter.

Unidentified Analyst

quarter, maybe Okay. just first Well, any accrued. in second you think was $XXX,XXX accrued? or received there quarter Was and the of it then in in the the I terms cash was payments, the cash rest received all

Terry Considine

under It was note. all the which is accrued, permitted

Unidentified Analyst

to cash payments resume? expect And when would you

Terry Considine

as future. before But holder, as answer I same the I debt position. again, don’t because secure a we’re a the in of of feel very the have uncertainty

Unidentified Analyst

Thank you.

Operator

come Pawlowski ahead. Green go question Please Advisors. with from And John Street the next will

John Pawlowski

harder should next and Is but Thanks occupancy your through rents? in muddling now? we pulling is have about a that that know mind, these pulling up levers lot. months, your that muddling just mind so lever line comments degrees. balance rental there a on effective everybody’s is around keep deteriorating, concession as in I right giving holding of to And few you the Keith that are flat. operators on on the letting your rates occupancy occupancy kind think are but follow-up slide, and is wanted certain different and to certain their But through

Keith Kimmel

we if would that total say the of is I and make afraid are line not right bottom trades at we’re find occupancy that we the its contribution. what way to John, the that

where I’m are, So that with six to months we ago a and convey what at we’re there would even what approach. said are would that is we our we wasn’t we is trying what expect. is world have XX.X%, But comfortable very this

we believe with we occupancy live than to more at And because a say, wake listen, you as we rate solve go I at you an XX% in up over much decisions want will those have that for make that or all to time. those month, so if will single And don’t anchor that be to costs. XX% it

are to with what balance are around we trying the pressures market us. So

always of And think fine-tune opportunity tools to that the to think there’s ensure John. want what as of look can to peak we muddling days. all We about marketing pay, to that. on out that I consumer we things, an the there’s things better, a back it, in call effective just If those to do and you that’s I approach, season come rent. would is part balance the we’re and about we’re and change think we always place And concessions, XX-plus continue desire of of strength. think but next, be those our are ability something, they’re and a and we we not going what to When willing

John Pawlowski

the I No, market Yes. just am understand trying to health.

market thrown market broadly, and in lot floor around and the rents is industry. so getting term a And the occupancy trough and

pricing So in different when markets Is few that have LA, have which Again, are improved. Bay less Area a guys the Which few opinions innings it You operators now? pricing of deteriorating? it’s that see you on trough? Is of right a floor floor do a you put power, referenced Aimco-specific. aggregate there there power question? in the these markets aggregate any next a months, different on visibility over in still markets early together, all not kind

Keith Kimmel

It’s a good one, John.

moment couple when particular, Angeles, there. of complete Los pressure much are in and In look a peninsula, let’s and Valley, the the the couple we Jose, have are more but have Area, Ventura a don’t seen significant bottom But the think an beyond call at that in clarity the in But Bay not on San I I we East divide complete issue. you is on we trough, it look at don’t think one that’s have Bay, that Area where at give clarity the we Bay peninsula think insights we’re particular Bay because those that those we those in we to that. it, of is me Mid-Wilshire, Let one. don’t we acceleration. places are weeks, definitely the I would because from the see some we strength. seeing sort last the we Area, I would County separate like hit of also in say Mid-Wilshire, the In our, Simi that

seeing early but are We days it’s an on that. uptick,

a call So be might to there’s because of I of I work that out there. to different. continues woods that point completely. don’t an as the but done to Philadelphia strong, each yet improve. a is D.C. want strong, Boston Diego are so we through to is lot There’s it opportunity is we’re says it one not little bit strong. San is it

can And against blanket a so I answer you all. think don’t put it

John Pawlowski

Thank very you much. Understood.

Operator

And from [indiscernible]. the Please go come question will next ahead.

Unidentified Analyst

Thank you for taking my question.

regulation any guys California right there? at now, government are with and you looking how election approaching the Just lobbying efforts upcoming the

Terry Considine

answer. this Alex, the we of joined was on and the in Shwayder, Terry, has Patti, efforts Patti and all how colleague, a can I’m are here of those election California? last is and in is by doing who middle time

Patti Shwayder

Thank you.

by years. last passed actually working is plus money, XX last Assembly couple position XXXX, plus think rent is we’re hard. on which mobilized time, time. We defeated control X% AB because XX a California or Prop the CPI which large number raising X% about XX% as speaking for are the caps better coalition ballot. was this bill, A to A fund one, in years rent Prop XX time is of CPI ago, it, You at

labor, that it’s are should trades, building a support are broad groups so I NAACP time The including or oppose There is over said, cover. And little different mobilizing. last a it this, it coalition. XXX time, last supporting as So didn’t groups those that the provides that say. I ironworkers and

be that again. and hard successful working We’re we’ll hope

Unidentified Analyst

much. Got Thank very you it.

some just sort looking of in lot you see something why? But growth. of reported and success then you were some on able to a have there your the at because of caused And going Boston, challenges there? have Did revenue that peers what area

Keith Kimmel

Keith. we portfolio it’s our What Boston saw Alex, in really suburban outperformed. is

we a strengths. we saw so and we our portfolio footprint when really smaller city. look But our have similar played to the pressures And in suburban there

Unidentified Analyst

you. Thank

Operator

Haendel from question next the come will St. And

ahead. Juste with go Mizuho. Please

Haendel St. Juste

thank you. Okay,

So positioning top maybe your near up you we there, of I guess market-related curious assets. spread there. and LA reflection your another bit some between what’s suburban a revenue same-store points. And these term. it, Seattle could curious over you discuss markets between but of relative what widens as and I’m of know bottom you, for am is question seen just you between high-rise, pricy your lot XXX in that basis high-rise more and knowing more recent portfolio this about quarter think The further markets better if I of more part are the driving Seattle have I lot assets I performance a seeing LA? more or Seattle if of a is maybe have Keith.

Keith Kimmel

Haendel. Thanks,

buildings. First, just I Seattle really to would just portfolio two was point our

nice marker is growth, look when you quite small. the And it’s the contribution so at while a

day, we we predict that to the is As I more suburban there as what at about know the I at spreads to want end look forward. of those when suburban we sort versus don’t are what spreads, the seeing look that portfolio think in But be mix, strength is of we the the continue will markets. urban

and also in We change on. going and are that, marketplace rates, what have see both can that we occupancies by and circumstances

predict best I can’t the us a to I that you just against but future, can on going tell can find every can we’re the we that count So it. be way day to you

Haendel St. Juste

it, rent it. Got guys the by disclose B A portfolio? got you And collection on price did C

Paul Beldin

collections it not. I local pay of their have rent challenging bit a rent. Haendel, this did enacted earlier, not have to what alluded provisions the is most add can’t residents We Paul. where to in that little color, locations we and governments have emboldened But those been is that

rent, pay your when not somebody to people so don’t to you tend And have pay. tells you,

would be, appropriate about think that So I to it. way think, an

Haendel St. Juste

is Brickell? any an range there a bringing me to you partner, information you do or maybe maybe Terry, been if on maybe enough. options, in I have stayed if perhaps have monetizations including of fair mind Okay, for one answer mentioned thinking something anything here? your know could new you curious you with the guys past, contemplating or new a

Terry Considine

have action-packed, lot a Yes, time no. The Brickell. days short of and been we last spent haven’t answer the Haendel, is on XXX

Haendel St. Juste

Okay, thank you.

Operator

ahead. Please go Goldman from question come The will next Skidmore Rick with Sachs.

Rick Skidmore

you. Hi, good Thank morning.

annualized Just you I a When up? leasing And pipeline how those think hit on NOI $XX of you and of that you million number? talk contribution time? that development just mentioned that, an think follow-up the over is redevelopment, kind might are can about you

Wes Powell

little Wes in a bit here. provide are of have my the for them performing on they color few will it’s of But Rick, Powell line Keith remarks. on expectations. a with prepared maybe I Thanks in lease-ups. I overall, question. individual hit the

of designing feel can been little you a to. bit. ahead some lagging are good to and pretty been the And strong are imagine, bit that has take very delivered on and the to for a we As customer rate are have plan the But plan, about some broadly, the appeal date. we locations, apartments

on some you it lease-ups? color of that the a targets, stabilized to take think in about you’ll little other the but see I may feel want to creation. is aggregate any reach we NOI what Keith, still value probably the longer those good add

Keith Kimmel

I context, to Mosaic in end. Parc just Rick, the maybe will is Sure. coming

say has ones and units different of plan other then that little it quite XX a we’re XX get finish the just quite project year degrees one to been think maybe have a to just there, in Wes up. gave Elmhurst, good. The little insight, delivery. confident is about acceptance would finish thereby you we that XX%. end bit put units that’s the I to and of we of what’s a I Eldridge we the we left, are some leasing and the about sooner. left I in are And ahead feel line if

But at XXX, So XXX, the have we’re delivery. are as almost of absorption what working those through an been example, Fremont, delivered. we’re XX% at that ones units

be it. There’s about to good done, we��ll keep and more feeling work we’re posted. you So

Rick Skidmore

Thank you very much.

Operator

conference session. question-and-answer management hand today’s to any concludes This like the would now I closing remarks. to over for

Terry Considine

our interest again, Aimco. your Well, in for thanks

so. are free them, or further we’ll that me, choppy to as Keith be can. They comfortable have feel and we’ll call waters, best you or to questions, transparent to navigating we’re and Paul answer we but try feel and please continue If do I

very thank So much. you

Operator

This I like conference. today’s you. joining you conference disconnect Thank sir. now you, and Thank thank to you for today’s would concludes

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.