many new quandaries for the women, clients and medical personnel. Viktoria and her family face one such dilemma: Her payment will help them survive, but it is far from clear where they should go after her recovery from a C-section. The family has remained in the apartment rented by the clinic in Kyiv; her hometown, Kharkiv, is still hit by regular shelling.

For many surrogate mothers, the question was about where to deliver. Threats included not just fighting, but how the authorities established by the Russian occupation government would handle a surrogate birth.

A surrogate named Nadia lived in a village in Russia-occupied territory that was not at risk of artillery shelling. But she decided to evacuate to Ukrainian-controlled territory to deliver the baby, lest the biological parents be deprived of custody, and she lose the fee.

She spent two days with her husband and 11-year-old daughter sleeping in a car on a roadside that is sometimes shelled, waiting to cross the front line.

Ms. Burkovska, the small-agency owner, went into the war with two stranded surrogate babies in her care. In contrast to most surrogacy agencies, she cares for newborns in her own home before biological parents pick them up. For a time, she had to shelter in a basement with the newborns, her partner and her own children.

As more babies arrived in the first months of war, she wound up with seven newborns whose biological parents could not immediately retrieve them, as travel to wartime Ukraine became difficult and as some remaining coronavirus restrictions, like China’s, caused delays.

Ms. Burkovska’s own children helped care for the infants until their parents could get them. By August, most of the parents had arrived to pick up their children.

A Chinese client with BioTexCom, Zhang Zong, was one of those who struggled to reach Kyiv through travel delays. He said the wait had been excruciating. “I was very worried because of the war,” he said.

Meeting his 6-month-old son, he said, was both thrilling and a little strange. “I was extremely excited when they let me hug him,” Mr. Zhang said. “He has been here for a long time and everyone hugs him, everyone likes him, and I am not so special.”

But he added that was only for now. “When he grows up,” Mr. Zhang said, “I can tell him this story.”

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Bank of England governor has ‘meeting of minds’ with Hunt

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  • Bailey says he talked to new finance minister on Friday
  • ‘Very clear and immediate meeting of minds’ on fiscal challenge
  • Rates likely to rise by more than thought in August – Bailey
  • Recent bond-buying not about targeting yields

WASHINGTON, Oct 15 (Reuters) – Bank of England Governor Andrew Bailey said there was an “immediate meeting of minds” when he spoke with finance minister Jeremy Hunt about the need to fix the public finances after the tax cut plans of Hunt’s predecessor unleashed market turmoil.

Bailey, speaking in Washington where British officials attending International Monetary Fund meetings have been put on the spot about the crisis engulfing the country, said he had spoken to Hunt on Friday after he replaced Kwasi Kwarteng.

“I can tell you that there was a very clear and immediate meeting of minds between us about the importance of fiscal sustainability and the importance of taking measures to do that,” Bailey said.

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“Of course there was an important measure taken yesterday,” he said at an event where he also hinted at a big interest rate rise by the central bank next month.

Prime Minister Liz Truss, seeking to save her term in office which is barely a month old, said on Friday that Britain’s corporation tax rate would increase, reversing a key pledge made during her bid for Downing Street.

Hunt said earlier on Saturday that some taxes might have to rise and others might not fall as much as planned, signalling a further shift away from Truss’s original plans.

Bailey, speaking at an event organised by the Group of Thirty, which comprises financiers and academics, welcomed the role that Britain’s independent budget watchdog would have in assessing the budget plan that Hunt will publish on Oct. 31.

The Office for Budget Responsibility was not tasked with weighing up the impact of Kwarteng’s “mini-budget” which set off a slump in the value of the pound and government bonds when he announced it on Sept. 23.

“Flying blind is not a way to achieve sustainability,” Bailey said.

Truss criticised the BoE during her leadership campaign, saying she wanted to set a “clear direction of travel” for the central bank. BoE officials pushed back at those comments saying their independence was key to managing the economy.

‘STRONGER RESPONSE’ WITH RATES

Bailey said the BoE might raise interest rates by more than it previously thought because of the government’s huge energy bill support – which could lower inflation in the short term but push it up further ahead – and whatever it decides to do on tax cuts and spending.

“We will not hesitate to raise interest rates to meet the inflation target,” Bailey said. “And, as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August.”

The BoE raised rates by half a percentage point in August – at the time its biggest increase in 27 years – and then did so again in September with inflation around 10%, far above the BoE’s target of 2%.

It is due to announce its next decision on Nov. 3 and many investors think it will either raise them from their current level of 2.25% to 3% or possibly 3.25%.

In the shorter term, the BoE will be keeping a close eye on how financial markets behave on Monday after it ended its emergency bond-buying programme on Friday.

Bailey said the now-completed intervention was “not about steering market yields towards some particular level, but rather preventing them from being distorted by market dysfunction”.

He said the BoE had acted after the violent market moves which exposed the “flaws in the strategy and structure” of a lot of pension funds.

The intervention was different to the much bigger and longer-running bond-buying that the BoE undertook during the coronavirus pandemic and earlier as a monetary policy tool.

“In these difficult times, we need to be very clear on this framework of intervention,” Bailey said.

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Reporting by Howard Schneider in Washington and William Schomberg in London; Additional reporting by Michael Holden in London; Editing by David Clarke

Our Standards: The Thomson Reuters Trust Principles.

Howard Schneider

Thomson Reuters

Covers the U.S. Federal Reserve, monetary policy and the economy, a graduate of the University of Maryland and Johns Hopkins University with previous experience as a foreign correspondent, economics reporter and on the local staff of the Washington Post.

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Aimco Files Definitive Proxy Materials and Mails Letter to Stockholders

DENVER–(BUSINESS WIRE)–Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), today announced that it has filed its definitive proxy materials with the Securities and Exchange Commission (“SEC”) in connection with its 2022 Annual Meeting of Stockholders scheduled to be held on December 16, 2022. Stockholders of record as of October 26, 2022, will be entitled to vote at the meeting. Aimco’s Board of Directors (the “Board”) strongly recommends that stockholders vote on the WHITE proxy card “FOR ALL” three of Aimco’s qualified and experienced director nominees, Jay Paul Leupp, Michael A. Stein and R. Dary Stone.

In conjunction with the definitive proxy filing, Aimco has also mailed a letter to the Company’s stockholders. Highlights from the letter include:

Aimco’s definitive proxy materials and other materials regarding the Board’s recommendation for the 2022 Annual Meeting of Stockholders can be found at https://investors.aimco.com.

1 TSR calculation as of September 30, 2022

2 Includes AHH, CLPR, CSR, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, VRE, and WRE (per AIV 2021 10-K) represents simple average

The full text of the letter being mailed to stockholders follows:

October 12, 2022

Dear Fellow Stockholders:

Your Board of Directors and management team are committed to enhancing the value of your investment in Aimco and have been unwavering in our commitment to acting in the best interests of our stockholders. We have implemented a clearly defined value creation strategy and a comprehensive transformation of Aimco’s legacy business under a recently reconstituted, majority-independent Board (the “New Aimco Board” or the “Board”) and all-new executive management team.

Since the New Aimco Board and management team assumed their current roles following the Apartment Income REIT Corp. (“AIR”) spin-off in December 2020, Aimco has delivered total stockholder returns of 45%3, significantly outperforming its identified developer peer group4, the FTSE NAREIT Equity Apartments Index, the MSCI US REIT Index, the S&P 500 and the Russell 2000.

Aimco expects to continue to drive growth and outsized returns by:

The New Aimco Board and new management team executing this plan were put in place in connection with the 2020 spin-off of AIR, with the Company:

Despite Aimco’s clear momentum and the recent reconstitution of the Aimco Board, Land & Buildings Investment Management LLC (“Land & Buildings”) has initiated a proxy contest and is seeking to remove and replace two of your highly qualified directors. We have engaged with Land & Buildings to better understand its perspectives and have reviewed the qualifications of the candidates it has put forth. It is clear from our interactions to date, however, that Land & Buildings is primarily focused on historical issues and decisions made prior to the reconstitution of the Aimco Board and the replacement of the Aimco management team. While the New Aimco Board and management are open to continued dialogue with Land & Buildings, we believe that additional director turnover at this time is unwarranted. We also believe that the candidates proposed by Land & Buildings would not bring any relevant expertise that is not already well represented on the Aimco Board, and that election of Land & Buildings’ candidates would remove expertise from the New Aimco Board that is critical to our success.

Against this backdrop, you now face an important decision regarding the future of your investment and go-forward Board of Directors. Your Board has three directors up for re-election who have highly relevant skills and expertise and are important contributors to Aimco’s ongoing success. To protect your investment, we strongly recommend that you vote the enclosed universal WHITE proxy card today “FOR” all three of Aimco’s qualified and experienced director nominees: Jay Paul Leupp, Michael A. Stein and R. Dary Stone. Please vote today to ensure your voice is heard at the Company’s Annual Meeting of Stockholders (“Annual Meeting”) on December 16, 2022.

PROTECT THE VALUE OF YOUR INVESTMENT.

USE THE UNIVERSAL WHITE PROXY CARD TODAY TO VOTE FOR ALL THREE

OF AIMCO’S QUALIFIED AND EXPERIENCED DIRECTORS

AIMCO IS SUCCESSFULLY EXECUTING ITS VALUE ADD STRATEGY

For the past 21 months, Aimco has been successfully executing a growth strategy focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector.

As part of this strategy, we’ve taken decisive actions to drive stockholder value, by:

AIMCO HAS DELIVERED SIGNIFICANT VALUE FOR STOCKHOLDERS

Since the December 2020 spin-off, Aimco has significantly outperformed its identified developer peer group, real estate market indices, and broader market indices, as evidenced in the following chart.

From an operating perspective, we have generated significant value across our stabilized portfolio and our development pipeline. For example, during the first half of 2022, we increased net operating income by 14.9%, and since the start of 2021, we have nearly tripled the Company’s future development pipeline.

Importantly, we have a clear plan to build on this progress and drive continued growth. We will remain primarily focused on multifamily housing with an increased allocation to value add and opportunistic investments. We will also continue to leverage the Company’s best-in-class platform, existing portfolio of value add and stable core properties, and an investment pipeline that leads to superior risk-adjusted returns.

Despite these strong results and clear and actionable strategy, the New Aimco Board is not standing still. We routinely consider all viable options to enhance and unlock stockholder value and remain committed to doing so going forward.

NEW AIMCO BOARD AND MANAGEMENT TEAM HAVE ENGAGED CONSTRUCTIVELY

WITH STOCKHOLDERS, INCLUDING LAND & BUILDINGS

Aimco is committed to open and constructive engagement with all stockholders, including Land & Buildings. Aimco has held more than 80 individual meetings with more than 35 current and prospective stockholders in the past 13 months, including stockholders that own in the aggregate more than 80% of Aimco’s outstanding shares of common stock, as well as multiple meetings with Land & Buildings, as described in the Company’s proxy statement. The New Aimco Board has demonstrated that we value and act on the feedback we receive.

The New Aimco Board and management team are focused on the future, executing a clear and effective strategy to enhance the value of your investment, while Land & Buildings’ complaints primarily relate to decisions made almost two years ago by the pre-spin Board of Directors and management team.

THE DIRECTORS ON AIMCO’S MAJORITY-INDEPENDENT, RECONSTITUTED BOARD

BRING HIGHLY RELEVANT SKILLS AND FRESH PERSPECTIVES

Aimco is seeking your support to vote FOR ALL of its three highly qualified, experienced directors at this year’s Annual Meeting: Jay Paul Leupp, Michael A. Stein and R. Dary Stone.

The New Aimco Board is purpose-built, and its composition reflects our commitment to closely aligning the skill sets and experience of the Company’s directors with the needs of the Company and its stockholders. Importantly, the Board works closely with management and has been—and will continue to be—a significant agent of change overseeing the continued improvement of Aimco’s performance and valuation.

We are confident that our three highly-qualified nominees seeking re-election are the better choice to build on the success that Aimco has delivered. Aimco’s three director nominees bring highly relevant expertise and complementary skillsets, and our Board is unanimous in recommending that stockholders vote for our three nominees.

Mr. Leupp, an independent director and the Chairman of Aimco’s Audit Committee, has been an integral part of our Board since his appointment in December 2020 and brings capital markets, investment and finance, real estate, and development experience gained through his over 28 years as a Portfolio Manager and Managing Director focused on investments in publicly traded real estate securities and publicly traded REIT board service. Mr. Leupp is a Certified Public Accountant (CPA).

Mr. Stein, an independent director and Chairman of Aimco’s Investment Committee, is a seasoned executive who brings real estate investment and finance, financial reporting, accounting and auditing, capital markets, and business operations experience, gained through his experience as a director of five publicly traded companies and Chief Financial Officer of three publicly traded companies. Further, having served on Aimco’s Board since October 2004, Mr. Stein has significant institutional knowledge of Aimco.

Mr. Stone, an independent director and Chairman of Aimco’s Nominating, Environmental, Social, and Governance Committee, is an experienced leader and has served on Aimco’s Board since December 2020 and brings investment and finance, real estate, development, property / asset management and operations, and capital markets experience gained through his over 30-year career investing and developing a variety of projects and joint ventures, including the management of one of the country’s largest master planned developments. He also brings publicly traded REIT board service.

PROTECT THE VALUE OF YOUR INVESTMENT AND AIMCO’S FUTURE GROWTH PROSPECTS.

USE THE UNIVERSAL WHITE PROXY CARD TODAY TO VOTE FOR ALL THREE

OF AIMCO’S QUALIFIED AND EXPERIENCED DIRECTORS

The New Aimco Board is active, engaged and focused on continuing to grow Aimco and providing enhanced value for all our stockholders. We strongly recommend that stockholders vote FOR the Company’s three director nominees on the universal WHITE proxy card: Jay Paul Leupp, Michael A. Stein and R. Dary Stone.

Your vote “FOR” our director nominees will help ensure that you, as an Aimco stockholder, have a Board acting in your best interest at all times.

On behalf of the New Aimco Board, we appreciate your investment and support.

Sincerely,

The Aimco Board of Directors

3 TSR calculation as of September 30, 2022

4 Includes AHH, CLPR, CSR, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, VRE, and WRE (per AIV 2021 10-K) represents simple average

If you have questions or require any assistance with voting your shares, please contact the Company’s proxy solicitor listed below:

MacKenzie Partners, Inc.

1407 Broadway, 27th Floor

New York, New York 10018

Call Collect: (212) 929-5500

or

Toll-Free (800) 322-2885

Email: proxy@mackenziepartners.com

Forward Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to, the statements in this document regarding future financing plans, including the Company’s expected leverage and capital structure; business strategies, prospects, and projected operating and financial results (including earnings), including facts related thereto, such as expected costs; future share repurchases; expected investment opportunities; and our 2022 pipeline investments and projects. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” “forecast(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the risk that the 2022 preliminary plans and goals may not be completed in a timely manner or at all, (ii) the inability to recognize the anticipated benefits of the pipeline investments and projects, and (iii) changes in general economic conditions, including as a result of the COVID-19 pandemic. Although we believe that the assumptions underlying the forward-looking statements, which are based on management’s expectations and estimates, are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: the effects of the coronavirus pandemic on the Company’s business and on the global and U.S. economies generally; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, redevelopments and developments; changes in operating costs, including energy costs; negative economic conditions in our geographies of operation; loss of key personnel; the Company’s ability to maintain current or meet projected occupancy, rental rate and property operating results; the Company’s ability to meet budgeted costs and timelines, and, if applicable, achieve budgeted rental rates related to redevelopment and development investments; expectations regarding sales of apartment communities and the use of proceeds thereof; the ability to successfully operate as two separate companies each with more narrowed focus; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by the Company; activities by stockholder activists, including a proxy contest; the Company’s relationship with each other after the consummation of the business separation; the ability and willingness of the Company and their subsidiaries to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the business separation and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the business separation.

In addition, the Company’s current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on the Company’s ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review the Company’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in Item 1A of the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, and the other documents the Company files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and the Company assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

We make no representations or warranties as to the accuracy of any projections, estimates, targets, statements or information contained in this document. It is understood and agreed that any such projections, estimates, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This document includes certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

NET OPERATING INCOME (NOI) MARGIN: Represents an apartment community’s net operating income as a percentage of the apartment community’s rental and other property revenues.

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations, and financing arrangements. NOI is also considered by many in the real estate industry to be a useful measure for determining the value of real estate. Reconciliations of NOI as presented in this document to Aimco’s consolidated GAAP amounts are provided below. Due to the diversity of its economic ownership interests in its apartment communities in the periods presented, Aimco evaluates the performance of the apartment communities in its segments using Property NOI, which represents the NOI for the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate. Property NOI is defined as rental and other property revenue less property operating expenses. In its evaluation of community results, Aimco excludes utility cost reimbursement from rental and other property revenues and reflects such amount as a reduction of the related utility expense within property operating expenses. The following table presents the reconciliation of GAAP rental and other property revenue to the revenues before utility reimbursements and GAAP property operating expenses to expenses, net of utility reimbursements.

Segment NOI Reconciliation

Twelve Months Ended (in thousands)

December 31, 2021

December 31, 2020

Total Real Estate Operations

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

 
 

Total (per consolidated statements of operations)

$

169,836

 

$

67,613

 

$

151,451

 

$

61,514

 

 

Adjustment: Utilities reimbursement

 

(3,022

)

$

(3,022

)

 

(2,163

)

 

(2,163

)

 

Adjustment: Non-stabilized and other amounts not allocated [2]

 

(30,629

)

 

(21,158

)

 

(18,528

)

 

(17,676

)

 

Total Stabilized Operating (per Schedule 6)

$

136,185

 

$

43,433

 

$

130,760

 

$

41,675

 

 
 
 

Segment NOI Reconciliation

Three Months Ended (in thousands)

June 30, 2022

June 30, 2021

Total Real Estate Operations

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

 
 

Total (per consolidated statements of operations)

$

50,697

 

$

19,708

 

$

40,418

 

$

16,403

 

 

Adjustment: Utilities reimbursement

 

(1,347

)

 

(1,347

)

 

(1,128

)

 

(1,128

)

 

Adjustment: Assets Held for Sale

 

(1,823

)

$

568

 

 

(1,798

)

 

634

 

 

Adjustment: Other Real Estate

 

(4,383

)

$

1,317

 

 

(3,138

)

 

1,090

 

 

Adjustment: Non-stabilized and other amounts not allocated [2]

 

(10,040

)

 

(9,825

)

 

(4,589

)

 

(7,056

)

 

Total Stabilized Operating (per Schedule 6)

$

33,104

 

$

10,420

 

$

29,765

 

$

9,943

 

 

 

 

 

 
 

Segment NOI Reconciliation

Six Months Ended (in thousands)

June 30, 2022

June 30, 2021

Total Real Estate Operations

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

 
 

Total (per consolidated statements of operations)

$

100,691

 

$

38,929

 

$

80,222

 

$

33,345

 

 

Adjustment: Utilities reimbursement

 

(2,903

)

 

(2,903

)

 

(2,473

)

 

(2,473

)

 

Adjustment: Assets Held for Sale

 

(3,628

)

 

1,159

 

 

(3,503

)

 

1,265

 

 

Adjustment: Other Real Estate

 

(9,378

)

 

(2,822

)

 

(6,324

)

 

(2,127

)

 

Adjustment: Non-stabilized and other amounts not allocated [2]

 

(19,455

)

 

(13,696

)

 

(8,903

)

 

(9,871

)

 

Total Stabilized Operating (per Schedule 6)

$

65,327

 

$

20,667

 

$

59,018

 

$

20,139

 

[1] Approximately two-thirds of Aimco’s utility costs are reimbursed by residents. These reimbursements are included in rental and other property revenues on Aimco’s consolidated statements of operations prepared in accordance with GAAP. This adjustment represents the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results and as presented on Supplemental Schedule 6. Aimco also excludes the reimbursement amounts from the calculation of Average Revenue per Apartment Home throughout this Earnings Release and Supplemental Schedules.

[2] Properties not included in the Stabilized Operating Portfolio and other amounts not allocated includes operating results of properties not presented in the Stabilized Operation Portfolio as presented on Supplemental Schedule 6 during the periods shown, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.

About Aimco

Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.

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U.K. Borrowers React to Soaring Interest Rates in Mortgage Market

LOUGHTON, England — After nearly two decades of renting in one of the world’s most expensive cities, the Szostek family began the week almost certain that they would finally own a home.

Transplants to London who fell in love as housemates, Laetitia Anne, an operations manager from France and her husband, Maciej Szostek, a chef from Poland, had long dreamed of being homeowners. They had waited out the uncertain pandemic years and worked overtime shifts to save up for the deposit for a mortgage on a three-bedroom apartment in a neighborhood outside London. Their 13-year-old twins were excited they could finally paint the walls.

That was before British financial markets were upended, with the pound briefly hitting a record low against the dollar on Monday and interest rates soaring so rapidly that the Bank of England was forced to intervene to restore order. The economic situation was so volatile that some mortgage lenders temporarily withdrew many products.

By Tuesday evening, the Szostek family learned the bad news: The loan that they were close to securing had fallen through. Suddenly, they were scrambling to find another lender as interest rates climb higher.

loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.

Rising home prices and income inequality priced many out of the market, but for strivers who aspired to homeownership, the latest ruptures to the economy hit hard. The release of the new government’s sweeping plan for debt-funded tax cuts led to a big uptick in interest rates this week that roiled the mortgage market. Many homeowners are calculating their potential future mortgage payments with alarm, amid soaring energy and food prices and a general cost-of-living crisis.

Before they were informed they were no longer eligible, the family had been in the final stages of applying for a five-year fixed-rate mortgage on an apartment priced at £519,000, or around $576,000, in the leafy parish of Loughton, a town about 40 minutes north of London by train where the streets fill with students in the afternoon and the properties span from lower-end apartments to million-pound mansions.

according to the Financial Conduct Authority. And more than a third of all mortgages are on fixed rates that expire within the next two years, most likely exposing those borrowers to higher rates, too. By contrast, the vast majority of mortgages in the United States are locked in for 30-year fixed terms.

And the abrupt surge in interest rates could threaten to set off a housing market crisis, analysts at Oxford Economics wrote in a note on Friday, adding that if mortgage rates stayed at the levels now being offered, that would suggest that house prices were around 30 percent overvalued “based on the affordability of mortgage payment.”

“This just adds a significant further strain to finances in the order of hundreds of pounds a month,” said David Sturrock, a senior research economist at the Institute for Fiscal Studies, adding that the squeeze on household budgets will affect the broader economy.

Uncertainty and even panic was clear this week, with many homeowners seeking financial advice. Mortgage brokers said they were receiving a higher volume of inquiries than normal from people stressed about refinancing their loans.

“You can feel the fear in people’s voices,” said Caroline Opie, a mortgage broker working with Ms. Anne who said she had not seen this level of worry in a long time. One couple this week even called her the morning of their wedding, she said, to set an appointment to refinance their mortgage next week.

the war in Ukraine. “Something has got to give,” he said. “Prices are too high anyway.”

To save for the deposit, Mr. Szostek, 37, picked up construction shifts and cleaning jobs when restaurants closed during Covid-19 lockdowns. A £5,000 inheritance from Ms. Anne’s grandfather went into their deposit fund. At a 3.99 percent interest rate, the mortgage repayments were set to be about £2,200 a month.

“I wanted to feel at home for real,” said Ms. Anne, adding she would have been the first in her family to own a property. Mr. Szostek called it “a lifelong dream.”

On Wednesday night, that dream still seemed in reach: The mortgage dealer Ms. Opie had found another loan, which they rushed to apply for.

The higher interest rate — 4.6 percent — will mean their new monthly mortgage payment will be £2,400, the upper limit of what the Szostek family can afford. Still, they felt lucky to secure anything at all, hoping it will mean their promises to their children — of bigger bedrooms, more space, freedom to decorate how they like — will materialize.

They would wait to celebrate, Mr. Szostek said, until they had the keys in hand.

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China’s ‘Absurd’ Covid Propaganda Stirs Rebellion

“We have won the great battle against Covid!”

“History will remember those who contributed!”

“Extinguish every outbreak!”

These are among the many battle-style slogans that Beijing has unleashed to rally support around its top-down, zero-tolerance coronavirus policies.

China is now one of the last places on earth trying to eliminate Covid-19, and the Communist Party has relied heavily on propaganda to justify increasingly long lockdowns and burdensome testing requirements that can sometimes lead to three tests a week.

The barrage of messages — online and on television, loudspeakers and social platforms — has become so overbearing that some citizens say it has drowned out their frustrations, downplayed the reality of the country’s tough coronavirus rules and, occasionally, bordered on the absurd.

citywide lockdown in Shanghai this spring, Jason Xue had no more food left in his fridge. Yet when he clicked on the government’s social media account, he noticed that a top city official had vowed to “make every possible endeavor” to address food shortages.

Government assistance didn’t show up until four weeks later, Mr. Xue said.

“I was extremely angry, panicked and despairing,” said Mr. Xue, who works for a financial communications firm. He eventually turned to neighbors for help. “The propaganda was resolute and decisive, but it was different from the reality that we didn’t even know whether we could have the next meal.”

Xi Jinping, China’s leader, has made controlling the virus a “top political priority.” Thousands of state media outlets and social media accounts have echoed Beijing’s “zero Covid” policy and praised the sacrifice of workers trying to control Covid-19.

at least 120 Covid-related propaganda phrases have been created since the beginning of the pandemic.

blocking them from seeking safety.

Videos of the episode were posted online and quickly deleted by censors, who said people should “at least bring masks before escaping from buildings,” even when an earthquake is “highly destructive.”

For some, the video was a reminder of how the government had used the pandemic to tighten its grip on their private lives, telling them when they can leave their apartments, what kind of food they can buy and what hospitals they can enter.

Kong Lingwanyu, a 22-year-old marketing intern in Shanghai, was upset that officials used the phrase “unless necessary” when describing restrictions around things like leaving the home, dining out or gathering with others.

Ms. Kong said a local official responsible for carrying out coronavirus policies had told her that she should not “buy unnecessary food.” She said she asked the official what standards the government used to determine what kind of food was necessary.

“Who are you to decide the ‘necessity’ for others?” she said. “It’s totally absurd and nonsense.”

On state television, Beijing’s “nine storm fortification actions” around the pandemic are frequently repeated to keep people in line with Covid policies. The nine actions are: neighborhood lockdowns, mass testing, contact tracing, disinfection, quarantine centers, increased health care capacity, traditional Chinese medicine, screening of neighborhoods and prevention of local transmission.

Yang Xiao, a 33-year-old cinematographer in Shanghai who was confined to his apartment for two months during a lockdown this year, had grown tired of them all.

“With the Covid control, propaganda and state power expanded and occupied all aspects of our life,” he said in a phone interview. Day after day, Mr. Yang heard loudspeakers in his neighborhood repeatedly broadcasting a notice for P.C.R. testing. He said the announcements had disturbed his sleep at night and woke him up at dawn.

“Our life was dictated and disciplined by propaganda and state power,” he said.

To communicate his frustrations, Mr. Yang selected 600 common Chinese propaganda phrases, such as “core awareness,” “obey the overall situation” and “the supremacy of nationhood.” He gave each phrase a number and then put the numbers into Google’s Random Generator, a program that scrambles data.

He ended up with senseless phrases such as “detect citizens’ life and death line,” “strictly implement functions” and “specialize overall plans without slack.” Then he used a voice program to read the phrases aloud and played the audio on a loudspeaker in his neighborhood.

No one seemed to notice the five minutes of computer-generated nonsense.

When Mr. Yang uploaded a video of the scene online, however, more than 1.3 million people viewed it. Many praised the way he used government language as satire. Chinese propaganda was “too absurd to be criticized using logic,” Mr. Yang said. “I simulated the discourse like a mirror, reflecting its own absurdity.”

His video was taken down by censors.

Mr. Yang added that he hoped to inspire others to speak out against China’s Covid policies and its use of propaganda in the pandemic. He wasn’t the only Shanghai resident to rebel when the city was locked down.

In June, dozens of residents protested against the police and Covid control workers who installed chain-link fences around neighborhood apartments. When a protester was shoved into a police car and taken away, one man shouted: “Freedom! Equality! Justice! Rule of law!” Those words would be familiar to most Chinese citizens: They are commonly cited by state media as core socialist values under Mr. Xi.

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Strong Dollar Is Good for the US but Bad for the World

The Federal Reserve’s determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries — pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession.

Those interest rate increases are pumping up the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations. In Britain and across much of the European continent, the dollar’s acceleration is helping feed stinging inflation.

On Monday, the British pound touched a record low against the dollar as investors balked at a government tax cut and spending plan. And China, which tightly controls its currency, fixed the renminbi at its lowest level in two years while taking steps to manage its decline.

Somalia, where the risk of starvation already lurks, the strong dollar is pushing up the price of imported food, fuel and medicine. The strong dollar is nudging debt-ridden Argentina, Egypt and Kenya closer to default and threatening to discourage foreign investment in emerging markets like India and South Korea.

the International Monetary Fund.

Japanese yen has reached a decades-long high. The euro, used by 19 nations across Europe, reached 1-to-1 parity with the dollar in June for the first time since 2002. The dollar is clobbering other currencies as well, including the Brazilian real, the South Korean won and the Tunisian dinar.

the economic outlook in the United States, however cloudy, is still better than in most other regions.

loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.

A fragile currency can sometimes work as “a buffering mechanism,” causing nations to import less and export more, Mr. Prasad said. But today, many “are not seeing the benefits of stronger growth.”

Still, they must pay more for essential imports like oil, wheat or pharmaceuticals as well as for loan bills due from billion-dollar debts.

debt crisis in Latin America in the 1980s.

The situation is particularly fraught because so many countries ran up above-average debts to deal with the fallout from the pandemic. And now they are facing renewed pressure to offer public support as food and energy prices soar.

Indonesia this month, thousands of protesters, angry over a 30 percent price increase on subsidized fuel, clashed with the police. In Tunisia, a shortage of subsidized food items like sugar, coffee, flour and eggs has shuttered cafes and emptied market shelves.

New research on the impact of a strong dollar on emerging nations found that it drags down economic progress across the board.

“You can see these very pronounced negative effects of a stronger dollar,” said Maurice Obstfeld, an economics professor at the University of California, Berkeley, and an author of the study.

central banks feel pressure to raise interest rates to bolster their currencies and prevent import prices from skyrocketing. Last week, Argentina, the Philippines, Brazil, Indonesia, South Africa, the United Arab Emirates, Sweden, Switzerland, Saudi Arabia, Britain and Norway raised interest rates.

World Bank warned this month that simultaneous interest rate increases are pushing the world toward a recession and developing nations toward a string of financial crises that would inflict “lasting harm.”

Clearly, the Fed’s mandate is to look after the American economy, but some economists and foreign policymakers argue it should pay more attention to the fallout its decisions have on the rest of the world.

In 1998, Alan Greenspan, a five-term Fed chair, argued that “it is just not credible that the United States can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress.”

The United States is now facing a slowing economy, but the essential dilemma is the same.

“Central banks have purely domestic mandates,” said Mr. Obstfeld, the U.C. Berkeley economist, but financial and trade globalization have made economies more interdependent than they have ever been and so closer cooperation is needed. “I don’t think central banks can have the luxury of not thinking about what’s happening abroad.”

Flávia Milhorance contributed reporting from Rio de Janeiro.

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Prominent Chinese commentator urges COVID experts to ‘speak out’

BEIJING, Sept 26 (Reuters) – Prominent Chinese commentator Hu Xijin said on Sunday that as China ponders its COVID-19 policies, epidemic experts need to speak out and China ought to conduct comprehensive research and make any studies transparent to the public.

Hu’s unusual call on Chinese social media for candour and transparency earned him 34,000 likes on the popular Twitter-like microblog Weibo, as well as frank responses from netizens in a normally tightly policed internet quick to censor voices deemed a risk to social stability.

China’s top leaders warned in May amid the COVID lockdown of Shanghai and widespread restrictions in the Chinese capital Beijing that they would fight any comment or action that distorted, doubted or repudiated the country’s COVID policies. read more

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“About the future, China needs very rational research and calculations,” said Hu, former editor-in-chief of nationalist state tabloid Global Times.

“Experts must speak out, and the country should organise comprehensive studies and make them transparent to the public: what are the pros and cons for our common people, and what are the overall pros and cons for the country?”

China has significantly tightened its COVID-19 policies this year to contain the spread of the highly transmissible Omicron variant even as its death toll since the pandemic began remains low – around 5,226 as of Saturday – and as many other countries let go of tough restrictions and learn to live with the coronavirus.

“Oppose excessive epidemic prevention,” one Weibo user wrote in response to Hu’s post.

In the name of putting the lives of people first, entire cities have been subjected to varying degrees of lockdown, while the infected or suspected cases are confined in facilities or at home, and local populations are required to take a PCR test every two to three days or be barred from public amenities and spaces. read more

“I don’t mind being infected, but I fear you can’t help but stop me from moving freely,” another Weibo user said.

Even Chinese-controlled Hong Kong is moving to scrap its controversial COVID-19 hotel quarantine policy for all arrivals, more than 2 1/2 years after it was first implemented, and just weeks ahead of a major Communist Party congress in Beijing next month when President Xi Jinping is expected to secure a precedent-breaking third term as China’s leader. read more

Macau is also planning to reopen its borders to mainland tour groups in November, the Chinese special administrative region surprised with an announcement on Saturday. read more

“The people must trust the state, but the state must also trust the understanding of the people,” Hu said.

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Reporting by Ryan Woo; Editing by Toby Chopra and Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

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