Aimco Provides an Update on COVID-19 and 2020 Guidance
Denver-based Apartment Investment and Management Company (“Aimco”) — one of the country’s largest owners and operators of apartments, with 124 communities in 17 states and the District of Columbia — today issued the following statement regarding the on-going COVID-19 pandemic:
“Aimco’s first priority is the health and safety of our residents and teammates,” said Terry Considine, Aimco chairman and chief executive officer. “Our teams are following the recommendations of the CDC and complying with numerous state and local mandates to reduce the potential for infection from physical interactions in our offices and communities.” Considine added, “Keith Kimmel and his team are completing a successful first quarter and preparing for the uncertainties of the rest of the year.”
According to Chief Financial Officer Paul Beldin, Aimco expects first quarter 2020 results to be good, in-line with their announced expectations. However, until the company knows the economic consequences of the pandemic, they are withdrawing their previous guidance to full year 2020 results.
“The Aimco balance sheet remains safe, comprised primarily of non-recourse property debt with LTV’s approximating 32 percent and limited near-term maturities. To bolster liquidity in this time of uncertainty, Aimco: (1) drew down $300M under its credit facility; and (2) deferred to a later date planned capital spending of approximately $150M, while continuing construction of four properties with expected remaining costs of $210M: $135M in 2020; and $75M in 2021 and 2022. In addition, Aimco has a $2.4B pool of properties unencumbered by debt providing access to substantial additional liquidity, if needed,” Beldin added.