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Apartment Income REIT Corp (AIRC) reported strong first quarter results for 2021, with FFO per share at $0.50, exceeding expectations. Occupancy rose to 95.5%, with projections for year-end levels near pre-COVID heights. Significant recovery is noted in top markets, achieving 97% occupancy and rental rates 3% above pre-pandemic levels. The $342 million equity raise supports ongoing strategic goals, including reduced leverage and optimized operations. The financial outlook for 2021 predicts FFO per share between $1.96 and $2.06, reflecting positive momentum amid economic recovery.
Apartment Income REIT Corp. (AIRC) has declared a quarterly cash dividend of $0.43 per share for the quarter ending March 31, 2021. This dividend will be payable on May 28, 2021, to shareholders on record as of May 14, 2021. AIR is a major player in the real estate investment trust sector, managing quality apartment communities across significant U.S. markets, with 99 communities in 12 states and the District of Columbia.
Apartment Income REIT Corp. (NYSE: AIRC) announced the resignation of Conor Wagner as Senior VP and Chief Investment Officer, effective May 14, to take up a role in Southern California. CEO Terry Considine expressed gratitude for Wagner's contributions over three years, highlighting his role in unlocking $1 billion in shareholder value through a simplified business model. Wagner reflected on his pride in the team's accomplishments and his excitement for the new opportunity, emphasizing continued success for AIR.
Apartment Income REIT Corp. (AIRC) emphasized its commitment to becoming a "best in class" apartment REIT. The company plans to achieve low leverage by the end of the year, aided by a recent sale of 7.825 million Class A shares for $342.5 million. The proceeds will reduce leverage-to-EBITDA from 7.8x to 6.9x, with an expectation to further decrease below 5.9x. AIR focuses on strong governance, operational efficiency, and simple corporate structure to enhance shareholder value. Future investments will be leverage neutral, ensuring low risk and disciplined capital allocation.
Apartment Income REIT Corp. (AIRC) has successfully closed a new $1.4 billion credit facility, which will decrease interest expenses by $2.5 million in 2021, boosting FFO by $0.015 per share. Despite a 5.7% decrease in same-store revenue from Q1 2020, leasing activity improved with a 1.5% increase over the previous quarter. The company aims to sell properties generating $580 million to reduce leverage, targeting a leverage-to-EBITDA of under 6.0 times in 2022. 2021 FFO guidance has been adjusted to $1.96 to $2.06 per share.
Apartment Income REIT Corp. (AIRC) is set to release its First Quarter 2021 earnings on April 29, 2021, after market hours. A conference call will follow on April 30, 2021, at 1:00 p.m. Eastern time, providing investors an opportunity to discuss the results. AIR is a major player in the U.S. real estate market, focusing on high-quality apartment management across 99 communities in 12 states and D.C. The conference call will be accessible via domestic and international dial-in numbers, along with a webcast option.
Apartment Income REIT Corp. (AIRC) has promoted Patti Shwayder to Chief Corporate Responsibility Officer, emphasizing its commitment to community support and corporate citizenship. With 18 years at AIR, Shwayder has led various initiatives including Environmental, Social, and Governance (ESG) efforts and oversees the company’s philanthropic programs. She has significant experience in both public and private sectors. CEO Terry Considine highlighted her reputation and capabilities in fostering relationships with stakeholders and ensuring continuous improvement in AIR’s corporate responsibility efforts.
Apartment Income REIT Corp. (NYSE:AIRC) is focused on owning multifamily real estate with a high current return of 4.0%. The company emphasizes tax efficiency, with around 60% of dividends being taxable, significantly lower than the apartment sector average of 99.8%. Approximately 40% of its dividends are expected to be tax-free returns of capital. AIR operates 99 communities across 12 states and is positioned for favorable returns, making it a robust choice for investors.
Apartment Income REIT Corp (AIRC) reported its fourth quarter 2020 results, highlighting a transformative year marked by its separation from Aimco, unlocking $1 billion in shareholder value. CEO Terry Considine expressed optimism for 2021 as COVID-19 impacts wane. However, Same Store revenue fell by 7.4% in Q4, with urban areas suffering a 12.6% decline. While monthly rental income has shown signs of recovery, projections for 2021 indicate potential revenue declines between 3.00% and 0.20% and an expected funds from operations (FFO) per share of $1.91 to $2.05.