Real estate

RPM Living’s Marketing Team Named Department of the Year for Superior Performance and Talent

AUSTIN, Texas–(BUSINESS WIRE)–As the first multifamily management company to be recognized in the Public Relations and Marketing Excellence Awards, RPM Living’s Marketing team has been awarded 2022 Department of the Year. The annual PR and marketing industry awards identify leading agencies and corporate departments who delivered quantifiable business results for their respective clients.

RPM’s Marketing team is structured like an in-house agency, but has the added benefit of industry knowledge, giving it an advantage over other management companies and agencies. Comprised of agency-trained internal and external experts, the team’s unique approach and expertise allows them to develop strong brands that elevate and enhance the 450+ communities RPM manages and set them up to be successful right out of the gate.

With a large role in securing new business opportunities, RPM’s Marketing team has directly supported the explosive growth of RPM Living, becoming the fastest growing multifamily company two years in a row, helping the organization grow from the 42nd to the 7th Largest Multifamily Manager on the National Multifamily Housing Council (NMHC) Top 50 Apartment Manager List, the authoritative industry leader.

In the past year alone, the department has launched multiple programs and processes that directly impact performance, including a customized marketing BI dashboard to provide proprietary data that guides strategic business decisions, a complete CRM platform for RPM’s entire portfolio of properties that streamlines the leasing and retention process, and complete branding and digital services which brought previously outsourced services in-house for a more strategic solution at a lower cost.

The team is led by Chief Marketing Officer Alexis Vance and Senior Vice President of Marketing Lindsay Jacobs, who have been able to attract high-caliber candidates in one of the most competitive job markets to build out an industry-leading marketing team. Over the past two years, the team has grown from a handful of associates to nearly 40 team members and experienced 15+ internal promotions.

“Our innovative, results-oriented team is strategically creative and creatively strategic,” says Alexis Vance. “Years of experience, truckloads of talent, and a lot of fun has allowed us to support the organization during a time of immense growth and really do things differently in the multifamily industry.”

To learn more about RPM, visit RPMLiving.com. For more information on the Public Relations and Marketing Excellence awards visit bintelligence.com/pr-excellence.

About RPM Living

RPM Living is a full-service multifamily management company offering an innovative and personalized approach to real estate services including management, investment and development. Headquartered in Austin, Texas, RPM is ranked #7 on the NMHC Top 50 Largest Apartment Manager list, managing more than 100 clients, nine regional offices and 112,000 units, with an owned portfolio of $3 billion. Founded by Jason Berkowitz in 2002, the firm has grown to over 2,500 associates nationwide spread across over 35 markets, all of whom share the collective vision to enhance clients’ investments through customized solutions and exceptional resident-centric service. To learn more about RPM, visit RPMLiving.com.

About Business Intelligence Group

The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives who have experience and knowledge. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and rewards those companies whose achievements stand above those of their peers.

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Dream Impact Trust Reports Third Quarter Results

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”, “we”, “our” or the “Trust”) today reported its financial results for the three and nine months ended September 30, 2022 (“third quarter”).

For the second consecutive year, the Trust is pleased to achieve a five-star rating from GRESB, the Global Real Estate Sustainability Benchmark, which is recognition of its placement in the top 20% global benchmark with an overall score of 88/100. The Trust’s score can be attributed to excellent performance in Leadership, Policies, Reporting, Targets and, Data Monitoring and Review. Annual participation in the GRESB assessment provides the Trust with the opportunity for a third-party assessment of our continued progress towards achieving the Trust’s impact/ESG related goals. Further details on specific ESG metrics will be disclosed as part of our 2021 Sustainability Update report, which will be published in November.

“We are pleased with the Trust’s steady progress to create a more resilient portfolio,” said Michael Cooper, Portfolio Manager. “As we add an additional 210 multi-family units to our recurring income segment in the quarter, and construction continues on our 1,863-unit rental buildings in the West Don Lands, we believe we are well positioned to weather ongoing market disruptions by investing in high-quality assets, and contributing meaningfully to important societal issues. While our pace of external acquisitions may slow in the near term, with the largest portfolio of net-zero development and our extensive residential pipeline, we have tremendous internal growth.”

Selected financial and operating metrics for the three and nine months ended September 30, 2022, are summarized below:

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
Condensed consolidated results of operations
Net income (loss)	$	337	$	2,154	$	1,309	$	(5,509)
Net income (loss) per unit⁽¹⁾		0.01		0.03		0.02		(0.08)

Distributions declared and paid per unit		0.10		0.10		0.30		0.30
Units outstanding – end of period		66,094,687		64,939,362		66,094,687		64,939,362
Units outstanding – weighted average		65,982,734		65,066,259		65,637,245		64,934,850

During the three months ended September 30, 2022, the Trust reported net income of $0.3 million compared to net income of $2.2 million in the prior year. The change in earnings was primarily driven by timing of fair value adjustments on our income properties and developments, upon milestone achievements, as well as higher interest expense. This was partially offset by the impact of foreign exchange fluctuations on the Trust’s investment in the U.S. hotel.

As at September 30, 2022, the Trust had $9.0 million of cash-on-hand, which included unused proceeds from the Trust’s convertible debenture issuance. The Trust’s debt-to-asset value⁽¹⁾ as at September 30, 2022 was 27.3%, an increase relative to 25.7% as of June 30, 2022, primarily due to draws on the credit facility. For similar reasons, the Trust’s debt-to-total asset value, inclusive of project-level debt⁽¹⁾ and assets within our development segment, including equity accounted investments, was 60.0% as at September 30, 2022, compared to 57.4% as at June 30, 2022. This includes long-term government debt at low interest rates and high leverage, providing financial benefits that help us pay for the social benefits we provide, including our affordable housing and sustainability programs within our communities. As at September 30, 2022, the Trust had drawn $24.8 million on its $50.0 million credit facility.

As part of the Trust’s ongoing risk management practices, the Trust monitors the impact of macroeconomic factors on the business. This includes assessing the impact of cost escalations on operations and construction projects, and the impact of rising interest rates on our portfolio. We continue to monitor our capital allocation on an ongoing basis, pursue refinancing opportunities which mitigate interest rate risk, and tender a significant portion of development costs prior to construction commencement which helps contain inflationary risk.

Recurring Income

In the third quarter, the Trust’s recurring income segment generated net income of $1.2 million, consistent with prior year, although the composition of earnings differed in each period due to transaction costs, fair value adjustments and occupancy rates across the portfolio.

Throughout the period, we have continued to see strong leasing momentum across our multi-family rental buildings, ending the quarter with in-place and committed residential occupancy at 93.5% as of September 30, 2022, up from 82.5% as of June 30, 2022. Notably, Aalto Suites, a 162-unit multi-family rental building at Zibi, ended the quarter with in-place and committed occupancy at 74.7%, up from 34.6% at June 30, 2022. Aalto Suites has 95% of its units designated as affordable and we anticipate achieving stabilization for the asset in early 2023.

In the third quarter, the Trust acquired a 50% interest in 70 Park, a 210-unit multi-family rental building adjacent to the Port Credit GO station and in close proximity to the Trust’s Brightwater development. The gross purchase price for the site was $105.5 million (at 100%), of which approximately $25 million was allocated to land slated for redevelopment on the site. Inclusive of 70 Park, the Trust’s multi-family rental portfolio is comprised of nearly 1,600 units of which 25% are considered affordable.

Based on the Trust’s current development pipeline, we have an additional 2,826 residential units and 153,000 square feet (“sf”) of commercial and retail (at 100%) with an estimated value on completion of $508.5 million that will be completed and contribute to recurring income over the next three years. For further details, refer to the “Three-Year Recurring Income” table in Section 2.1, “Recurring Income”, in the Trust’s MD&A for the three and nine months ended September 30, 2022.

Development

In the third quarter, the development segment generated net income of $2.9 million compared to $4.2 million in the prior period. The decrease relative to prior year was driven by fair value gains recognized in 2021 within the Trust’s equity accounted investments, partially offset by higher foreign exchange gains on the Trust’s investment in the U.S. hotel this year.

In the period, we completed the acquisition of the Berkeley land assembly, which comprises five income properties adjacent to the Trust’s commercial asset, 49 Ontario, located in downtown Toronto. Inclusive of one property purchased in 2021, the Berkeley land assembly was purchased for $16.9 million, including transaction costs. The Trust has submitted a rezoning application for over 800,000 sf for this site and expects rezoning to be achieved by 2023. As of September 30, 2022, 49 Ontario was carried at $95.0 million per the Trust’s financial statements.

Other⁽²⁾

In the third quarter, the Other segment generated a net loss of $3.8 million compared to $3.3 million in the prior year. The increase was primarily driven by interest expense on the Trust’s convertible debentures and credit facility. Partially offsetting this was a deferred compensation recovery and decrease in the asset management fee as a result of fluctuations in the Trust’s share price.

Cash Generated from Operating Activities

Cash generated in operating activities for the three months ended September 30, 2022 was $1.5 million compared to cash generated of $4.3 million in the prior year, a decrease driven by proceeds received from a legacy development in the prior year and timing of deposits made on the Trust’s acquisitions.

Footnotes
(1)		For the Trust’s definition of the following specified financial measures: debt-to-asset value, debt-to-total asset value, inclusive of project-level debt, net income (loss) per unit, please refer to the cautionary statements under the heading “Specified Financial Measures and Other Measures” in this press release and the Specified Financial Measures and Other Disclosures section of the Trust’s MD&A.
(2)		Includes other Trust amounts not specifically related to the segments.

Conference Call

Senior management will host a conference call on Thursday November 3 at 2:00 pm (ET). To access the call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 24662328#. To access the conference call via webcast, please go to the Trust’s website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investment holdings, and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Specified Financial Measures and Other Measures

The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain specified financial measures, including debt-to-asset value, debt-to-total asset value inclusive of project-level debt, and net income (loss) per unit, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance and debt management. Specified financial measures should not be considered as alternatives to unitholders’ equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to Section 6, “Specified Financial Measures and Other Disclosures” in the Trust’s MD&A for the three and nine months ended September 30, 2022.

“Debt-to-asset value” represents the total debt payable for the Trust divided by the total asset value of the Trust as at the applicable reporting date. This non-GAAP ratio is an important measure in evaluating the amount of debt leverage; however, it is not defined by IFRS, does not have a standardized meaning, and may not be comparable with similar measures presented by other issuers.

As at	September 30, 2022		December 31, 2021
Total debt	$	203,585	$	133,150
Unamortized discount on host instrument of convertible debentures		1,152		809
Conversion feature		(345)		(357)
Unamortized balance of deferred financing costs		3,023		1,300
Total debt payable	$	207,415	$	134,902
Total assets		760,203		701,702
Debt-to-asset value		27.3%		19.2%

“Debt-to-total asset value, inclusive of project-level debt” represents the Trust’s total debt payable plus the debt payable within our development and investment holdings, and equity accounted investments, divided by the total asset value of the Trust plus the debt payable within our development and investment holdings, and equity accounted investments, as at the applicable reporting date. This specified financial measure is an important measure in evaluating the amount of debt leverage inclusive of project-level debt within our development and investment holdings, and equity accounted investments; however, it is not defined by IFRS, does not have a standardized meaning, and may not be comparable with similar measures presented by other issuers.

	September 30, 2022		December 31, 2021
Debt payable within our development and investment holdings, and equity accounted investments	$	622,683	$	493,217
Total assets		760,203		701,702
Total assets, inclusive of project-level debt	$	1,382,886	$	1,194,919

Debt payable within our development and investment holdings, and equity accounted investments	$	622,683	$	493,217
Total debt payable		207,415		134,902
Total debt, inclusive of project-level debt	$	830,098	$	628,119

Debt-to-total asset value, inclusive of project-level debt and assets within our development segment, including equity accounted investments		60.0%		52.6%

“Net income (loss) per unit” represents net income (loss) of the Trust divided by the weighted average number of units outstanding during the period.

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
Net income (loss)	$	337	$	2,154	$	1,309	$	(5,509)
Units outstanding – weighted average		65,982,734		65,066,259		65,637,245		64,934,850
Net income (loss) per unit	$	0.01	$	0.03	$	0.02	$	(0.08)

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the publication and details of the 2021 Sustainability Update Report; the resiliency of the Trust’s portfolio; the belief that the Trust is well positioned to withstand market disruptions by investing in high-quality assets; the expectation that external acquisitions may slow in the near term; the Trust’s internal growth potential; the expectation that long-term government debt at low interest rates will provide certain financial benefits; the Trust’s ongoing monitoring of capital allocation, pursuit of refinancing opportunities to mitigate interest rate risks, and tender significant portions of development costs prior to construction commencement to contain inflationary risk; the Trust’s ability to execute on transactions and successfully navigate markets; expected growth of the Trust’s recurring income segment; our development and redevelopment pipeline; expectations regarding rezoning applications and related square footage and finalization dates, including in respect of the Berkeley land assembly; the Trust’s ability to achieve its impact and sustainability goals, and implementing other sustainability initiatives throughout its projects; and the 2,826 residential units and 153,000 sf of commercial and retail (at 100%) with an estimated value upon completion of $508.5 million which are expected to be completed and contribute to recurring income over the next three years.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19 and variants thereof) pandemic on the Trust; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions with respect to each of our markets, including that the general economy remains stable; the gradual recovery and growth of the general economy continues over 2022; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; interest rates remain stable; inflation remains relatively low; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations; our expectations regarding the impact of the COVID-19 pandemic and government measures to contain it; our expectation regarding ongoing remote working arrangements; and competition for and availability of acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of October 31, 2022. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval (www.sedar.com), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

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HomeStreet Announces a Common Stock Dividend of $0.35 Per Share

SEATTLE–(BUSINESS WIRE)–HomeStreet, Inc. (Nasdaq: HMST) (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), announced that the Board of Directors approved a $0.35 per share quarterly dividend. The dividend is payable on November 22, 2022 to shareholders of record at the close of business on November 8, 2022.

About HomeStreet, Inc.

HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. HomeStreet Bank is the winner of the 2022 “Best Small Bank” in Washington Newsweek magazine award. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.

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Impac Mortgage Holdings, Inc. Announces Completion of Exchange Offers Relating to its Preferred Stock

IRVINE, Calif.–(BUSINESS WIRE)–Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company”) today announced the completion of its previously announced offers to each holder of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”) and each holder of the Company’s 9.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock,” and together with the Series B Preferred Stock, the “Preferred Stock”) to exchange all outstanding shares of Preferred Stock for certain stock and warrant consideration (the “Exchange Offers”).

In conjunction with the closing of the Exchange Offers, the Company will issue approximately (A) (i) 6,142,213 shares of Common Stock and (ii) 13,823,340 shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “New Preferred Stock”) in exchange for the shares of Series B Preferred Stock tendered in the Exchange Offer for the Series B Preferred Stock, and (B) (i) 1,188,106 shares of Common Stock, (ii) 950,471 shares of New Preferred Stock, and (iii) 1,425,695 Warrants to purchase the same number of shares of Common Stock in exchange for the shares of Series C Preferred Stock tendered in the Exchange Offer for the Series C Preferred Stock.

In addition, in connection with the petitions (the “Plaintiff Series B Award Motions”) for a court award of attorney’s fees, expenses or other monetary award to be deducted and paid from the Company’s payment of distributions or other payments to the holders of the Company’s Series B Preferred Stock in the matter Curtis J. Timm, et al. v Impac Mortgage Holdings, Inc. et al. (the “Maryland Action”), the Company will deposit, no later than November 2, 2022, approximately (i) 13,311,840 shares of New Preferred Stock and (ii) 4,437,280 shares of the Company’s Common Stock in the custody of a third party custodian or escrow agent (the “Escrow Shares”). The allocation of the Escrow Shares will be made by instruction from the Circuit Court of Baltimore City upon final disposition of all outstanding matters in the Maryland Action, including the Plaintiff Series B Award Motions.

D.F. King & Co., Inc. served as the Information Agent and Solicitation Agent for the Exchange Offers and the accompanying solicitation of consents from the holders of Preferred Stock, and American Stock Transfer & Trust Company, LLC served as the Exchange Agent.

This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the shares of Preferred Stock, an offer to sell or a solicitation of an offer to buy any shares of the Company’s Common Stock, par value $0.01 per share, warrants to purchase Common Stock, or shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share, or a solicitation of the related consents. The Exchange Offers were made only through, and pursuant to the terms and conditions set forth in, the Company’s Schedule TO, Prospectus/Consent Solicitation and related Letters of Transmittal and Consents.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control, may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “capable,” “will,” “intends,” “believe,” “expect,” “likely,” “potentially,” “appear,” “should,” “could,” “seem to,” “anticipate,” “expectations,” “plan,” “ensure,” “desire,” or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, but not limited to the following: acceptance of a plan for regaining compliance with the NYSE American’s listed company standards; impact on the U.S. economy and financial markets due to the outbreak and continued effect of the COVID-19 pandemic; our ability to successfully consummate the contemplated exchange offers for our outstanding preferred stock and receive the requisite consents for the proposed amendments to our charter documents to facilitate the redemption from holders of our outstanding preferred stock who do not participate in the exchange offers; any adverse impact or disruption to the Company’s operations; changes in general economic and financial conditions (including federal monetary policy, interest rate changes, and inflation); increase in interest rates, inflation, and margin compression; ability to successfully sell aggregated loans to third-party investors; successful development, marketing, sale and financing of new and existing financial products, including NonQM products; recruit and hire talent to rebuild our TPO NonQM origination team, and increase NonQM originations; volatility in the mortgage industry; performance of third-party sub-servicers; our ability to manage personnel expenses in relation to mortgage production levels; our ability to successfully use warehousing capacity and satisfy financial covenants; our ability to maintain compliance with the continued listing requirements of the NYSE American for our common stock; increased competition in the mortgage lending industry by larger or more efficient companies; issues and system risks related to our technology; ability to successfully create cost and product efficiencies through new technology including cyber risk and data security risk; more than expected increases in default rates or loss severities and mortgage related losses; ability to obtain additional financing through lending and repurchase facilities, debt or equity funding, strategic relationships or otherwise; the terms of any financing, whether debt or equity, that we do obtain and our expected use of proceeds from any financing; increase in loan repurchase requests and ability to adequately settle repurchase obligations; failure to create brand awareness; the outcome of any claims we are subject to, including any settlements of litigation or regulatory actions pending against us or other legal contingencies; and compliance with applicable local, state and federal laws and regulations.

For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q we file with the SEC and in particular the discussion of “Risk Factors” therein. This document speaks only as of its date and we do not undertake, and expressly disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements except as required by law.

About the Company

Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage lending and real estate solutions that address the challenges of today’s economic environment. Impac’s operations include mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of the securitized long-term mortgage portfolio, which includes the residual interests in securitizations.

For additional information, questions or comments, please call Justin Moisio, Chief Administrative Officer at (949) 475-3988 or email Justin.Moisio@ImpacMail.com.

Website: http://ir.impaccompanies.com or www.impaccompanies.com

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Ellington Residential Mortgage REIT Announces Release Date of Third Quarter 2022 Earnings, Conference Call, and Investor Presentation

OLD GREENWICH, Conn.–(BUSINESS WIRE)–Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today announced that it will release financial results for the quarter ended September 30, 2022 after market close on Wednesday, November 9, 2022. The Company will host a conference call to discuss its financial results at 11:00 a.m. Eastern Time on Thursday, November 10, 2022. To participate in the event by telephone, please dial (800) 445-7795 at least 10 minutes prior to the start time and reference the conference code EARNQ322. International callers should dial (785) 424-1789 and reference the same code. The conference call will also be webcast live and can be accessed via the “For Our Shareholders” section of the Company’s website at www.earnreit.com. To listen to the live webcast, please visit www.earnreit.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software.

A dial-in replay of the conference call will be available on Thursday, November 10, 2022, at approximately 2 p.m. Eastern Time through Thursday, November 17, 2022 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 925-9539. International callers should dial (402) 220-5389. A replay of the conference call will be archived on the Company’s website at www.earnreit.com.

In connection with the release of financial results, the Company will post an investor presentation to accompany the conference call on its website at www.earnreit.com under “For Our Shareholders—Presentations” after market close on Wednesday, November 9, 2022.

About Ellington Residential Mortgage REIT

Ellington Residential Mortgage REIT is a mortgage real estate investment trust that specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets, with a primary focus on residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored enterprise. Ellington Residential Mortgage REIT is externally managed and advised by Ellington Residential Mortgage Management LLC, an affiliate of Ellington Management Group, L.L.C.

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Tricon Completes the Sale of its Interest in U.S. Multi-family Portfolio for $315 Million of Proceeds

TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (“Tricon” or the “Company”) (NYSE: TCN, TSX: TCN), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, confirmed today the closing of the previously announced sale of its 20% equity interest in a portfolio of 23 Sun Belt apartment buildings to a vertically integrated residential real estate investment and property management company, which will assume all asset and property management responsibilities for the portfolio after a customary transition period.

The sale resulted in gross proceeds of approximately $315 million to Tricon. The Company intends to use the net sale proceeds primarily to repay outstanding debt on its corporate credit facility, enhancing its balance sheet flexibility to pursue future growth in its core single-family rental business. Tricon also intends to use a portion of the proceeds to repurchase common shares under the normal course issuer bid announced on October 13, 2022.

About Tricon Residential Inc.

Tricon Residential Inc. is an owner and operator of a growing portfolio of approximately 34,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s culture and business philosophy. We strive to continuously improve the resident experience through our technology-enabled operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

Forward-Looking Information

This press release contains forward-looking statements and information relating to expected future events and the Company’s financial and operating results and projections that involve risks and uncertainties, including statements regarding the Company’s intentions, growth and investment opportunities, and performance goals and expectations. Such forward-looking information is typically indicated by the use of words such as “will”, “may”, “expects” or “intends”. The forward-looking statements and information contained in this press release include, without limitation, statements regarding: the Company’s use of the net transaction proceeds and the expected debt reduction and balance sheet impact of that use.

If unknown risks arise, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks and uncertainties include, but are not limited to, the inability to complete the transaction described herein due to the failure to satisfy its requisite conditions, and other risk factors described in the Company’s continuous disclosure materials from time to time, available on SEDAR at www.sedar.com. Accordingly, although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

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AG Mortgage Investment Trust, Inc. Provides Update to Shareholders

NEW YORK–(BUSINESS WIRE)–AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced today an update on its portfolio and liquidity position, including certain preliminary estimated financial information as of and for the quarter ended September 30, 2022.

In light of sustained market volatility and to enhance transparency to shareholders, the Company has elected to provide the following preliminary updates on its business and financial performance:

Book Value Per Common Share. The Company estimates that Book Value per share as of September 30, 2022 was between $10.97 and $11.07, as compared to $11.48 per share as of June 30, 2022. In addition, Adjusted Book Value per share as of September 30, 2022 was estimated to be between $10.63 and $10.73, as compared to $11.15 per share as of June 30, 2022.⁽¹⁾

Liquidity Position. The Company’s liquidity position remains strong, with total liquidity as of September 30, 2022 estimated to be $79.7 million, consisting of $77.6 million of cash and $2.1 million of unencumbered Agency RMBS.

Investment Portfolio. The Company’s Investment Portfolio as of September 30, 2022 was estimated to be $4.3 billion as compared to $4.1 billion as of June 30, 2022.⁽²⁾

Leverage. The Company’s Economic Leverage Ratio is estimated to be 2.0x as of September 30, 2022 compared to 2.7x as of June 30, 2022.⁽³⁾ Non-recourse and recourse financing as of September 30, 2022 is estimated to be $3.0 billion and $1.0 billion, respectively, as compared to $2.5 billion and $0.9 billion, respectively, as of June 30, 2022.

The Company continues to execute its disciplined financing strategy, focused on reducing warehouse exposure. During the quarter ended September 30, 2022 and through the date of this press release, the Company executed three rated Non-Agency and Agency-Eligible Loan securitizations, representing an aggregate of $1.3 billion of unpaid principal balance (including one securitization that priced in October 2022, representing $0.5 billion unpaid principal balance, which is subject to closing).

Warehouse Capacity. The Company had approximately $1.9 billion in available capacity under its warehouse facilities as of September 30, 2022. Following the completion of the recently priced securitization in October 2022, the Company’s available warehouse capacity will increase to $2.2 billion.

Stock Repurchases. During the third quarter 2022 and through the date of this press release, the Company repurchased 0.5 million shares of its common stock at a cost of $2.7 million.

The Company has not yet completed its quarterly financial close process for the three months ended September 30, 2022. The preliminary financial information set forth above reflects the Company’s estimates with respect to such information, based on information currently available to management, and may vary materially from the Company’s actual financial results as of and for the periods noted above. Further, these estimates are not a comprehensive statement or estimate of the Company’s financial results or financial condition. These estimates should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP, and they are not necessarily indicative of the results to be achieved in any future period. Accordingly, a reader should not place undue reliance on these estimates.

These estimates, which are the responsibility of the Company’s management, were prepared by the Company’s management and are based upon a number of assumptions. Additional items that may require adjustments to these estimates may be identified and could result in material changes to these estimates. These estimates are inherently uncertain and the Company undertakes no obligation to update or revise this information.

About AG Mortgage Investment Trust, Inc.

AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies.

Additional information can be found on the Company’s website at www.agmit.com.

About Angelo, Gordon & Co., L.P.

Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 600 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that may cause such a difference, include, without limitation, the Company’s ability to achieve the anticipated benefits of its origination and securitization strategy, the Company’s ability to grow at the pace anticipated or at all, the impact of uncertainty and volatility in the markets on the Company’s business and strategy, the Company’s pipeline, the Company’s liquidity, the Company’s financing strategy, including the ability to execute securitizations (including whether the securitization in October 2022 will close as anticipated or at all), the availability of capacity under the Company’s warehouse facilities which are uncommitted, the ability and timing of any stock repurchases, the Company’s management and resources, the Company’s ability to navigate challenging market conditions and harness MITT’s earnings power, including the ability to enhance shareholder value, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. The Company cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements speak only as of the date of this press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. Management believes that this non-GAAP information, when considered with our GAAP financial statements, provides supplemental information useful for investors to help evaluate our financial performance. Our presentation of non-GAAP financial information may not be comparable to similarly-titled measures of other companies, who may use different calculations. This non-GAAP financial information should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP should be carefully evaluated.

The below table provides a reconciliation of the Company’s preliminary estimated range of its Book Value to its preliminary estimated range of Adjusted Book Value ($ in thousands, except per share data):

	Low			High
Book Value per share⁽¹⁾	$	10.97		$	11.07
Net proceeds less liquidation preference of preferred stock per share		(0.34	)		(0.34	)
Adjusted Book Value per share⁽¹⁾	$	10.63		$	10.73

Footnotes

(1) Book Value per share is calculated using stockholders’ equity less net proceeds of our cumulative redeemable preferred stock divided by the total common shares issued and outstanding. Adjusted Book Value per share is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock divided by the total common shares issued and outstanding. Estimated Book Value per share and estimated Adjusted Book Value per share as of September 30, 2022 are based on 22,117,486 common shares outstanding on that date. Adjusted Book Value per share is a Non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for additional information.

(2) The Investment Portfolio at period end consists of the net carrying value of our Residential Investments, Agency RMBS, and, where applicable, any long positions in TBAs, including mortgage loans and securities owned through investments in affiliates, exclusive of AG Arc LLC. Our Residential Investments and Agency RMBS are held at fair value.

(3) Economic Leverage Ratio is calculated by dividing total Economic Leverage, including any net TBA position, by our GAAP stockholders’ equity at quarter end. Total Economic Leverage at quarter end includes recourse financing arrangements recorded within “Investments in debt and equity of affiliates” exclusive of any financing utilized through AG Arc LLC, plus the payable on all unsettled buys less the financing on all unsettled sells and any net TBA position (at cost). Total Economic Leverage excludes any non-recourse financing arrangements. Non-recourse financing arrangements include securitized debt, as well as financing on certain Non-QM Loans. Our obligation to repay our non-recourse financing arrangements is limited to the value of the pledged collateral thereunder and does not create a general claim against us as an entity.

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How Credit Suisse Became a Meme Stock

“Credit Suisse is probably going bankrupt.”

It was Saturday, Oct. 1, and Jim Lewis, who frequently posts on Twitter under the moniker Wall Street Silver, made that assertion to his more than 300,000 followers. “Markets are saying it’s insolvent and probably bust. 2008 moment soon?”

Mr. Lewis was among hundreds of people — many of them amateur investors — who had been speculating about the fate of Credit Suisse, the Swiss bank. It was in the middle of a restructuring and had become an easy target after decades of scandals, failed attempts at reform and management upheavals.

There seemed to be no immediate provocation for Mr. Lewis’s weekend tweet other than a memo that Ulrich Körner, the chief executive of Credit Suisse, had sent employees the day before, reassuring them that the bank was in good financial health.

But the tweet, which has been liked more than 11,000 times and retweeted more than 3,000 times, was one of many that helped ignite a firestorm on social media forums like Twitter and Reddit. The rumor that Credit Suisse was in trouble ricocheted around the world, stumping bank executives and forcing them to call shareholders, trading partners and analysts to reassure them that everything was fine before markets reopened on Monday.

prop up the shares of GameStop, the video game retailer, determined to outsmart hedge funds that had bet the company’s shares would fall.

But what started as a spontaneous effort to take down Wall Street has since become an established presence in the market. Millions of amateur investors have embraced trading, including more sophisticated strategies such as shorting. As the Credit Suisse incident shows, their actions highlight a new source of peril for troubled companies.

Founded in Switzerland in 1856 to help finance the expansion of railroads in the tiny European nation, Credit Suisse has two main units — a private wealth management business and an investment bank. However, the bank has often struggled to maintain a pristine reputation.

It has been the repository of funds from businesspeople who are under sanctions, human rights abusers and intelligence officials. The U.S. government has fined it billions of dollars for its role in helping Americans file false tax returns, marketing mortgage-backed securities tied to the 2008 financial crisis and helping customers in Iran, Sudan and elsewhere breach U.S. sanctions.

In the United States, Credit Suisse built its investment banking business through acquisitions, starting with the 1990 purchase of First Boston. But without a core focus, the bank — whose top bosses sit in Switzerland — has often allowed mavericks to pursue new revenue streams and take outsize risks without adequate supervision.

collapsed. Credit Suisse was one of many Wall Street banks that traded with Archegos, the private investment firm of Bill Hwang, a former star money manager. Yet it lost $5.5 billion, far more than its rivals. The bank later admitted that a “fundamental failure of management and controls” had led to the debacle.

surveillance of Credit Suisse executives under his watch. He left the bank in a stable and profitable condition and invested appropriately across its various divisions, his spokesman, Andy Smith, said.

Credit Suisse replaced Mr. Thiam with Thomas Gottstein, a longtime bank executive. When Archegos collapsed, the bank kept Mr. Gottstein on the job, but he started working with a new chairman, António Horta-Osório, who had been appointed a few months earlier to restructure the bank.

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 has implemented a clearly defined value creation strategy and a comprehensive transformation of the Company’s legacy business under the leadership of a reconstituted Board and new executive management team.
Since the December 2020 spin-off of Apartment Income REIT Corp., Aimco has delivered total stockholder returns of 45%¹, significantly outperforming its identified developer peer group², the FTSE NAREIT Equity Apartments Index, the MSCI US REIT Index, the S&P 500, and the Russell 2000.
The Company’s new, majority-independent and reconstituted Board possesses highly relevant experience and complementary skillsets to oversee its growth strategy.
Aimco’s Board and management team are focused on the future and have a clear plan to build on the Company’s progress and continue to drive growth and outsized returns.
The Aimco Board believes that the election of Land & Buildings’ candidates would remove expertise from the Aimco Board that is critical to the Company’s success.

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.

¹TSR 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:

Executing on its deep pipeline of real estate development opportunities in targeted high growth markets, investing when conditions are right and monetizing when advantageous.
Practicing disciplined capital allocation, directing capital to additional, multifamily-focused, real estate investments and acquiring Aimco shares opportunistically.
Funding investments through the recycling of Aimco equity and through joint venture partnerships.
Continuing to simplify the Aimco business through increasingly focused capital and geographic allocation.

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:

Appointing six new Aimco directors to replace resigning members of the prior Board, after a thorough search process assisted by a leading executive and board search firm with deep expertise in the real estate industry. As a result, six of Aimco’s eight independent directors have been added within the past two years. Aimco also retained three directors with complementary skillsets and important historical knowledge of Aimco’s business operations;
Appointing a new chief executive officer, chief financial officer and general counsel to replace the prior pre-spin management team; and
Separating Aimco’s Board chair and CEO positions and appointing a new chairman of the Board.

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:

Creating $100 million of value from the monetization of successfully executed development and redevelopment projects;
Securing significant, high-quality, future development opportunities, more than tripling Aimco’s controlled pipeline to a total potential of more than 15 million square feet, located in high-growth markets;
Retiring or refinancing more than $1 billion of near-term liabilities, eliminating substantially all of our floating rate exposure;
Entering into a strategic capital partnership with Alaska Permanent Fund Corporation providing core equity capital for up to $1 billion of Aimco-led multifamily development projects and creating the opportunity to earn third-party management fees and incentive income;
Unlocking $265 million of asset value by selling three stabilized multifamily assets at prices above the values in Aimco’s internal Net Asset Value (“NAV”) estimate and by selling a partial interest in our passive minority investment in the life science developer, IQHQ, generating a greater than 50% internal rate of return;
Eliminating various legacy entanglements with AIR through the early repayment of the $534 million purchase money note, the reduction of leasehold liabilities from $475.1 million down to $6.1 million, and the amendment of key provisions of the master leasing agreement with AIR;
Acquiring approximately 742,164 Aimco shares at a weighted average price of $5.93 per share in the first half of 2022 and increasing the Company’s share repurchase authorization from 10 million to 15 million shares; and
Building and maintaining a highly qualified and dedicated team of real estate investment professionals, achieving an all-time Company record employee engagement score of 4.52 out of 5, based on independent third-party surveys.

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).

Current Managing Partner and Senior Portfolio Manager, Real Estate Securities, Terra Firma Asset Management.
Previously served as the Managing Director and Portfolio Manager/Analyst, Global Real Estate Securities, Lazard Asset Management. Prior to Lazard, was the lead equity research analyst at Royal Bank of Canada and at Robertson Stevens & Co.
Currently serves on the board of directors of Health Care Realty and Marathon Digital Holdings.
Currently a member of Aimco’s Compensation and Human Resources, Nominating, Environmental, Social, and Governance, Investment, and Aimco-AIR Transactions Committees, in addition to serving as Chairman of the Audit Committee.

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.

Served as Senior Vice President and Chief Financial Officer of ICOS Corporation, a biotechnology company based in Bothell, Washington from January 2001 until its acquisition by Eli Lilly in January 2007.
Previously served as Executive Vice President and Chief Financial Officer of Nordstrom, Inc. and served in various capacities with Marriott International, Inc., including Executive Vice President and Chief Financial Officer.
Currently a member of Aimco’s Audit, Compensation and Human Resources, and Nominating, Environmental, Social, and Governance Committees, in addition to serving as Chairman of the Investment Committee.

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.

Accomplished executive who served as President of multiple real estate development companies and ultimately as President and Chief Operating Officer of Cousins Properties, an NYSE listed REIT.
Currently a member of the board of directors of Cousins Properties and Audit Chairman of Tolleson Wealth Management, a privately held wealth management firm, and Tolleson Private Bank.
Former Chairman of Baylor University Board of Regents and Chairman of the Banking Commission of Texas (previously known as the Texas State Finance Commission).
Currently a member of Aimco’s Audit, Compensation and Human Resources, and Investment Committees, in addition to serving as Chairman of the Nominating, Environmental, Social, and Governance Committee.

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

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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