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AIR Reports Fourth Quarter 2020 Results

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Apartment Income REIT Corp (“AIR”) (NYSE: AIRC) announced today fourth quarter results for 2020.

Chief Executive Officer Terry Considine comments: “2020 was transformative due to the separation of AIR from Aimco. By doing so, we were able to unlock $1 billion of shareholder value. I am grateful to my colleagues on the board for their leadership, to my teammates for their hard work, and to the many shareholders who offered their advice and encouragement. Thank you all!

“AIR provides investors with a simple and transparent way to invest in the multi-family sector with public market liquidity, the safety of a diversified portfolio of apartment communities with low financial leverage, best-in-class operations, and sector low management costs.

“We begin 2021 with great optimism that the worst of COVID is behind us and with the expectation that our schools and businesses will soon reopen.”

Chief Financial Officer Paul Beldin adds: “Same Store revenue was down in the fourth quarter by 7.4%. In our stable, mostly suburban submarkets, which include approximately 60% of our Same Store apartment homes, revenue declined by 2.5%. Our dense urban submarkets, including the City of Los Angeles together with our communities on the San Francisco Peninsula and in Philadelphia, fared worse with Same Store revenue down by 12.6%.

“Fourth Quarter financial results are a lagging indicator; our leading indicators point to a building recovery. Net rental income increased each month from September through January, and average daily occupancy increased from a low of 93.3% in August to 95.4% in January.

“In 2021, we expect Same Store revenue growth between (3.00%) and (0.20%), and Same Store expense growth between 3.75% and 2.75%, resulting in Same Store NOI growth between (5.60%) and (1.40%). We also expect 2021 AIR FFO per share to be between $1.91 and $2.05. Our guidance should be viewed as our current best estimates for the ranges for expected outcomes. We ask that you consider these ranges carefully and avoid over reliance on the mid-point of these ranges.”

Financial Results: Fourth Quarter Pro Forma FFO Per Share

For financial reporting purposes, GAAP requires that Aimco be treated as the predecessor to AIR. As a result, unless otherwise stated, financial results prior to the December 15, 2020, separation include the combined results of AIR and Aimco. The financial results of Aimco before the separation are presented as discontinued operations.

AIR Pro Forma Funds From Operations presented in the following table exclude the financial results of Aimco before the separation.

 

 

FOURTH QUARTER

FULL YEAR

 

(all items per common share - diluted)

 

2020

 

 

2020

 

Net loss

 

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Apartment Income

NYSE:AIRC

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#1717 Ranked by Market Cap
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AIRC Stock Data

5.67B
144.05M
0.71%
102.6%
4.61%
REIT - Residential
Real Estate Investment Trusts
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United States
DENVER

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