Executive Summary

Q4 2021 delivered continued recovery in the stabilized portfolio: revenue before utility reimbursements rose 9.7% YoY to $35.6M and NOI rose 16.8% YoY to $25.5M, with occupancy at 98.7% (+180 bps YoY), while consolidated rental and other property revenues were $46.7M and diluted EPS was $(0.01) .
Development/redevelopment momentum accelerated: $4.5M revenue from projects in Q4 (up >40% QoQ), driven by strong pre-leasing (Flamingo Point North Tower 95% pre-leased, at rents ~25% ahead of underwriting and >$900/month above target) .
Balance sheet remained liquid with $395M total liquidity at year-end (cash $233M, restricted cash $11M, $150M revolver capacity); closed $52M preferred equity for Upton Place and repurchased 202,400 shares at $6.49 in early 2022 .
Estimates context: Wall Street consensus from S&P Global was unavailable at time of request due to provider limit; comparisons to consensus are not presented.

What Went Well and What Went Wrong

What Went Well

Stabilized portfolio outperformed: Q4 occupancy reached 98.7% and NOI margin expanded to 71.7% on lower expenses (non‑recurring real estate tax and insurance adjustments), driving 16.8% YoY NOI growth .
Development leasing ahead of plan: “Demand for these highly tailored apartment homes has been strong… forecast to reach stabilized occupancy six months ahead of plan and at rental rates approximately 25% ahead of underwriting” (Flamingo Point North Tower) .
Capital formation and liquidity: “closed on a $52 million preferred equity financing to aid in funding the development of Upton Place, improving Aimco’s expected return on invested capital… portfolio of stabilized properties produced cash flow sufficient to cover core overhead” .

What Went Wrong

GAAP net loss persisted: Q4 net loss attributable to common stockholders was $(1.4)M and diluted EPS $(0.01), with higher interest expense vs. prior year due to debt levels and notes payable to AIR .
Elevated G&A and other expenses: Q4 G&A was $10.6M (includes $1.6M reimbursed AIR services); “Other expenses, net” increased partly from valuation changes in privately held tech investments .
Alternative investment risk: Parkmerced operations stressed in 2021 amid pandemic and reduced in‑person learning; mezzanine borrower continues to perform but risk remains concentrated .

Financial Results

Metric	Q2 2021	Q3 2021	Q4 2021
Rental and other property revenues ($USD Millions)	$40.418	$42.893	$46.722
Diluted EPS ($USD)	$(0.13)	$(0.03)	$(0.01)
Stabilized revenue before utility reimbursements ($USD Millions)	$33.313	$34.577	$35.624
Stabilized expenses, net of utility reimbursements ($USD Millions)	$10.950	$11.244	$10.080
Stabilized NOI ($USD Millions)	$22.363	$23.333	$25.544
Stabilized NOI Margin (%)	67.1%	67.5%	71.7%
Average Daily Occupancy (%)	97.3%	97.8%	98.7%
Development & Redevelopment revenue ($USD Millions)	N/A	$3.2	$4.5
Liquidity (cash+restricted+revolver capacity) ($USD Millions)	$445	$413	$395

Segment breakdown (Stabilized Operating Properties, Q4 2021):

Region	Revenues ($USD Millions)	Expenses ($USD Millions)	NOI ($USD Millions)	NOI Margin (%)	Occupancy (%)	Avg Rev per Apt Home ($USD)
Central	$8.963	$2.519	$6.444	71.9%	98.9%	$1,934
Northeast	$15.991	$4.798	$11.193	70.0%	98.8%	$1,881
Southeast	$6.555	$1.721	$4.834	73.7%	99.0%	$2,109
West Coast	$4.115	$1.042	$3.073	74.7%	97.2%	$2,569
Total	$35.624	$10.080	$25.544	71.7%	98.7%	$1,996

EBITDAre and Adjusted EBITDAre (Q4 2021):

Metric	Q4 2021
EBITDAre ($USD Thousands)	$31,866
Adjusted EBITDAre ($USD Thousands)	$27,595 (increase driven by higher rental revenue and fee income)

Balance sheet highlights (Q4 2021):

Metric	Q4 2021
Cash and cash equivalents ($USD Millions)	$233.374
Net leverage ($USD Thousands, Aimco share)	$948,922

Drivers and deltas:

Q4 stabilized revenue growth was primarily driven by ~+$115 average rent per unit and +180 bps occupancy increase; expenses declined 5.0% YoY on non‑recurring tax/insurance items .
Office asset at 1001 Brickell Bay reached 80% occupancy (+700 bps QoQ), supporting broader Miami assemblage strategy .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
NAV per share (estimate)	YE 2022	N/A	~$12 per share (before value creation from current projects)	New
NAV target	YE 2025	$15–$16 (previously announced)	On track to $15–$16 per share	Maintained
Dividend policy	Ongoing	No regular quarterly dividend	No regular quarterly dividend	Maintained
Debt maturities	2022	N/A	No debt maturing in 2022; prep for 2023–2024 maturities	Maintained
Flamingo Point North Tower stabilization	2022	Later stabilization timeline	Stabilization six months ahead of plan; 95% leased; >$900 avg rent ahead of target	Raised
Monetization of leased assets (707 Leahy, Prism)	2022	Monetize per lease terms	Monetize per AIR Master Leasing terms	Maintained

Earnings Call Themes & Trends

Note: No Q4 2021 earnings call transcript was included in the filing set we reviewed; themes reflect Q2, Q3, and Q4 earnings materials.

Topic	Previous Mentions (Q2 2021)	Previous Mentions (Q3 2021)	Current Period (Q4 2021)	Trend
Development leasing and rent uplift	Pre‑leasing strong; ~1/3 units leased at Flamingo before delivery, ahead of targets	Flamingo >50% leased, ~25% rent uplift vs underwriting	Flamingo 95% leased; rents >$900/month ahead of target; stabilization six months early	Strengthening
Supply chain/cost pressures	Not emphasized	“Despite supply chain pressures and rising costs… projects remain on-time and on-budget”	Projects on time/on budget; continued construction progress across portfolio	Manageable
Alternative investments (Parkmerced)	Mezzanine loan outstanding; operations discussed in 10-Q	Balance ~$330M including accrued interest; operations consistent	Operations stressed in 2021, borrower performing and expects to continue in 2022	Risk monitored; performance maintained
Financing/liquidity	Closed $251M construction loans; $445M liquidity	Closed $60M loans; $413M liquidity	$52M preferred equity; $395M liquidity; JV loan $40M post-Q4	Adequate/liquidity moderating as capital deployed
Stabilized operating performance	Occupancy 97.3%; NOI margin 67.1%	Occupancy 97.8%; NOI margin 67.5%	Occupancy 98.7%; NOI margin 71.7%	Improving

Management Commentary

“Aimco had a successful 2021 and 2022 is off to a good start… we remain focused on maintaining ample liquidity, pre-funding our construction activities and utilizing financial leverage prudently.” — CEO Wes Powell .
“Our portfolio of stabilized properties produced cash flow sufficient to cover core overhead costs and finished 2021 with fourth quarter revenue growth of 9.7% and NOI growth of 16.8%… we recently repurchased shares at a substantial discount to Aimco NAV.” — CFO Lynn Stanfield .
“Aimco experienced a successful and highly productive 2021… projects are producing favorable results; investment pipeline expanded; stabilized operating properties effectively managed.” — CEO Wes Powell (pre‑announcement) .

Q&A Highlights

No Q4 earnings call transcript was included in the materials reviewed; there were no recorded Q&A disclosures to analyze within the Q4 filing set.

Estimates Context

S&P Global consensus estimates for Q4 2021 were unavailable at time of request due to provider limit, so no comparison to Street EPS or revenue consensus is presented.

Key Takeaways for Investors

Operating momentum: Stabilized portfolio delivered strong QoQ/YoY growth with occupancy at 98.7% and NOI margin at 71.7%, supported by pricing power and lower expenses in Q4 .
Development runway: Flamingo Point North Tower pre‑leasing and rent uplift materially ahead of plan, implying faster stabilization and higher returns; project pipeline across DC, Miami, and Colorado remains on time/on budget .
Capital discipline: Preferred equity at Upton Place enhances ROIC and preserves liquidity; no 2022 debt maturities; repurchases at $6.49 signal perceived undervaluation vs. internal NAV estimates .
Alternative investments: Parkmerced borrower performance continues despite stressed operations; cash flows from mezzanine income remain a contributor but warrant ongoing risk monitoring .
Trading implications (near term): Positive occupancy and NOI prints plus accelerating development leasing are supportive; absence of a dividend keeps total return focused on NAV accretion and asset monetization .
Medium‑term thesis: Execution on lease‑up and monetization (Prism, 707 Leahy) and advancing South Florida and DC entitlements could drive NAV toward $15–$16 by 2025 as guided .

Sources: AIV Q4 2021 Earnings Release and Supplemental Schedules (Form 8‑K, Mar 1, 2022) ; AIV Q3 2021 Earnings Release (Form 8‑K, Nov 9, 2021) ; AIV Q2 2021 Earnings Release (Form 8‑K, Aug 16, 2021) .

APARTMENT INVESTMENT & MANAGEMENT CO (AIV)·Q4 2021 Earnings Summary