Apartment Investment & Management Co (AIV) Q2 2017 10-Q Quarterly Earnings

Short answer

Apartment Investment & Management Co (AIV) filed its Q2 2017 10-Q quarterly report on Aug 2, 2017 for the quarter ended Jun 30, 2017.

AI summary of MD&A and risk factor updates

Real Estate revenue $219.1M, up 6.7% YoY from $205.3M
Same Store NOI $104.1M, up 4.9%; Non-Same Store NOI $46.6M, up 18.6%
FFO/share $0.61 vs $0.59; AFFO/share $0.51 vs $0.50
Operating cash flow $176.0M; capital expenditures $176.4M through six months
Palazzo acquisition $451.5M; leverage 7.2x debt and preferred equity to Adjusted EBITDA, target year-end 6.6x

Newly triggered environmental risk: EPA’s September 2016 NPL listing and IDEM termination action for former Indiana property
Regulatory compliance risk: Low-income housing tax-credit noncompliance could require refunds or reductions of investor capital contributions
Legal risk: La Jolla Cove buyers seek declaratory relief and property award, with jury trial scheduled February 2018
Liquidity risk: $250.0 million term loan matures June 30, 2018, with repayment expected partly from apartment sales
Interest-rate risk: Term loan bears 30-day LIBOR plus 1.35% and increases exposure to variable borrowing costs

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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