Rick Skidmore's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership • Q2 2020
Question
Rick Skidmore from Goldman Sachs asked for an update on the lease-up progress of the development and redevelopment pipeline. He also inquired about the expected timing for realizing the full annualized $30 million in incremental Net Operating Income (NOI) from these projects.
Answer
Wes Powell, EVP of Redevelopment, reported that projects are leasing up in line with expectations, though achieving full stabilization may take slightly longer than originally planned. Keith Kimmel, EVP of Property Operations, added specifics, noting Parc Mosaic is 84% leased and should stabilize by year-end, while other projects like Eldridge, 707 Leahy, and Fremont are absorbing well as units are delivered.