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8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | c16099e8vk.htm |
Exhibit 99.1
Apartment Investment and Management Company
Announces First Quarter 2011 Results
Announces First Quarter 2011 Results
Denver, Colorado April 29, 2011 Apartment Investment and Management Company
(NYSE: AIV) announced today its first quarter 2011 results.
Chairman and Chief Executive Officer Terry Considine comments: Aimco executed its
plan successfully during the quarter. Total Same Store property net operating income
increased 8.5%, with a 2.1% increase in revenue and a 6.8% decrease in expenses. Offsite
costs decreased 5% compared to first quarter 2010, and we remain committed to further
reductions by deploying labor saving technology and by simplifying our business. We are
off to a good start in 2011.
Chief Financial Officer Ernie Freedman adds: First quarter Pro forma FFO of $0.39 per
share exceeded the upper end of our guidance range by $0.02 per share, primarily as a
result of better than expected property operating results. During the quarter, we further strengthened
our balance sheet by reducing our 2011 property debt maturity exposure by $90 million and
our 2012 exposure by $105 million. We are establishing second quarter Pro forma FFO
guidance of $0.33 to $0.37 per share and increasing full year Pro forma FFO guidance from a
range of $1.46 to $1.56 per share to a range of $1.49 to $1.59 per share.
Financial Results
Diluted Per Share Results
FIRST QUARTER | ||||||||
2011 | 2010 | |||||||
Net loss per share |
$ | (0.27 | ) | $ | (0.35 | ) | ||
Funds from Operations (FFO) |
$ | 0.38 | $ | 0.25 | ||||
Add back Aimcos share of operating real estate
impairment losses |
$ | 0.01 | $ | 0.07 | ||||
Add back / deduct Aimcos share of preferred
equity redemption related amounts |
| | ||||||
Pro forma Funds from Operations (Pro forma FFO) |
$ | 0.39 | $ | 0.32 | ||||
Deduct Aimcos share of Capital Replacements |
$ | (0.10 | ) | $ | (0.10 | ) | ||
Adjusted Funds From Operations (AFFO) |
$ | 0.29 | $ | 0.22 |
Net loss Net loss attributable to Aimco common stockholders for the
quarter was $31.8 million, compared to net loss of $40.4 million for first quarter 2010.
First quarter 2011 net loss decreased as compared to first quarter 2010 primarily due to an
increase of $9.9 million in net operating income of our properties included in
continuing operations, an increase of $4.7 million in net investment management income and
a decrease of $4.1 million in depreciation and amortization. These increases in income
were partially offset by a decrease in income from discontinued operations attributable to
Aimco as a result of 2010 and 2011 property sales.
Funds from Operations FFO is a non-GAAP financial measure defined in the
glossary in Aimcos Supplemental Information (the Glossary). FFO calculated in accordance
with the definition prescribed by the National Association of Real Estate Investment Trusts
(NAREIT) was $44.4 million, or $0.38 per share, compared to $29.3 million, or $0.25 per
share, in first quarter 2010. Pro forma FFO, which represents FFO as prescribed by NAREIT
but excludes operating real estate impairment losses and preferred equity redemption
related amounts, was $45.8 million, or $0.39 per share, compared to $36.9 million, or $0.32
per share, in first quarter 2010. First quarter 2011 Pro forma FFO of $0.39 per share was
$0.02 per share above the upper end of Aimcos guidance range primarily as a result of
better than expected property operating results.
AIMCO 1st Quarter 2011 | Page 1 |
Property
Operations
Property operating results discussed below represent Aimcos Proportionate Share of
reported amounts, which reflects property operating results adjusted for Aimcos ownership
in each property. This non-GAAP measure is defined in the Glossary.
Diversified Operating Portfolio Aimcos property operations consist primarily
of Conventional, with some Affordable, real estate operations. Conventional real estate
operations relate to Aimcos diversified portfolio of market rate apartment communities and
include Same Store Properties, Redevelopment Properties, and Other Properties.
Conventional Property operations generated 87% of Aimcos first quarter 2011 property net
operating income (NOI). See Supplemental Schedules 7a and 7b for detailed information on
Aimcos Conventional real estate portfolio, including selected operating results.
Affordable real estate operations consist of Aimcos portfolio of properties with rents
that are generally paid, in whole or in part, by a government agency. Affordable
properties tend to have more stable rents and higher occupancy than Conventional properties
due to government rent payments and thus are less affected by market fluctuations.
Affordable Property operations generated 13% of Aimcos first quarter 2011 NOI.
First Quarter Portfolio Operating Measures*
FIRST QUARTER 2011 | ||||||||||||||||
% Aimco | Year-over-year Variance | |||||||||||||||
NOI | Revenue | Expenses | NOI | |||||||||||||
Conventional Same Store |
80 | % | 1.6 | % | -6.6 | % | 7.2 | % | ||||||||
Affordable Same Store |
12 | % | 5.5 | % | -7.7 | % | 17.8 | % | ||||||||
Total Same Store |
92 | % | 2.1 | % | -6.8 | % | 8.5 | % | ||||||||
Other Conventional |
7 | % | -1.1 | % | 2.0 | % | -4.1 | % | ||||||||
Affordable Redevelopment |
1 | % | 8.8 | % | -0.7 | % | 16.8 | % | ||||||||
Total Portfolio |
100 | % | 1.9 | % | -5.8 | % | 7.6 | % |
* | The information in this table relates to properties that Aimco owns
and manages, and that are classified within continuing operations. Results
exclude properties that Aimco owns but does not manage and properties
classified within discontinued operations. To ensure comparability between
periods, the year-over-year change in Revenue, Expenses and NOI in this table
is based on Aimcos current period ownership. See the Glossary for
additional information about the property categories included in this table
and Schedules 1 and 2 in the Supplemental Information for financial and
statistical information for these portfolios. |
Conventional Same Store Results In first quarter 2011, the Conventional Same
Store portfolio included 178 communities with 60,173 units, in which Aimco had a weighted
average ownership of 94%.
Conventional Same Store Operating Measures
FIRST QUARTER | FIRST QUARTER | |||||||||||||||||||
Year-over-year | Sequential | |||||||||||||||||||
2011 | 2010 | Variance | 4th Qtr | Variance | ||||||||||||||||
$ in millions except
rent per unit |
||||||||||||||||||||
Average Daily Occupancy |
96.4 | % | 96.0 | % | 0.4 | % | 96.7 | % | -0.3 | % | ||||||||||
Average Rent Per Unit |
$ | 1,049 | $ | 1,043 | 0.6 | % | $ | 1,046 | 0.3 | % | ||||||||||
Revenue |
$ | 189.2 | $ | 186.2 | 1.6 | % | $ | 188.7 | 0.3 | % | ||||||||||
Expenses |
(70.8 | ) | (75.8 | ) | -6.6 | % | (69.4 | ) | 2.1 | % | ||||||||||
NOI |
$ | 118.4 | $ | 110.4 | 7.2 | % | $ | 119.3 | -0.7 | % |
AIMCO 1st Quarter 2011 | Page 2 |
Comparing Conventional Same Store results in first quarter 2011 with first quarter 2010,
total revenue increased $3.0 million, or 1.6%. The increase in revenue was primarily the
result of higher average daily occupancy of 96.4% for first quarter 2011 compared to 96.0%
for first quarter 2010, and higher average rent per unit, up $6 per unit or 0.6%, from
$1,043 per unit to $1,049 per unit.
During first quarter 2011, Conventional Same Store expenses decreased $5.0 million or 6.6%,
primarily as a result of decreases in employee related
costs, real estate taxes, utilities, apartment unit turnover
expenses, repairs and maintenance expenses and marketing costs. These
decreases were partially offset by higher insurance costs. Refer to Supplemental Schedules
6a and 6b for additional details on Conventional Same Store operating results.
Conventional Same Store Rental Rate Trends Aimco measures changes in rental
rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the
rate on the expiring lease for that same apartment. Newly executed leases are classified
as either a new lease, where a vacant apartment is leased to a new customer, or a renewal
of an existing lease.
On average, first quarter 2011 new lease rates were 1.9% higher than expiring lease rates,
compared to rates 0.9% higher than expiring lease rates in fourth quarter 2010. During
first quarter 2011, renewal rates were 3.0% higher than expiring lease rates, compared to
rates that were 1.6% higher than expiring lease rates in the fourth quarter 2010.
Affordable Same Store Results In first quarter 2011, the Affordable Same Store
portfolio included 145 communities with 17,469 units, in which Aimco had a weighted average
ownership of 66%. For the first quarter 2011, average month-end occupancy for the
affordable portfolio was 97.5%, an increase of 0.4% from first quarter 2010, while average
rent per unit increased 4.4% from $797 to $832 per unit. During the first quarter 2011,
Affordable Same Store expenses decreased 7.7% primarily as a result of lower contract
services and administrative expenses.
Portfolio
Aimcos portfolio strategy focuses on B/B+ quality Conventional apartment communities
located in the 20 largest U.S. markets as measured by total apartment value, with a target
capital allocation of 10% to Affordable apartment communities.
Aimco measures Conventional Property asset quality based on average rents compared to local
market average rents as reported by REIS, a third-party provider of commercial real estate
performance information and analysis. Aimco defines A-quality assets as those with rents
greater than 125% of local market average, B-quality assets as those with rents 90% to 125%
of local market average and C-quality assets as those with rents less than 90% of local
market average. For the fourth quarter 2010, the most recent period for which REIS
information is available, Aimcos Conventional Property rents averaged 99% of local market
average rents.
For the first quarter 2011, average rents for the Conventional portfolio were $1,060 per
unit, a 2.5% increase compared to first quarter 2010, as a result of the sale of
Conventional properties during 2010 with rents averaging 25% lower than the retained
portfolio and positive rent growth in the retained portfolio.
Aimcos geographic allocation strategy focuses on the 20 largest U.S. markets. Aimco
believes these markets to be deep, relatively liquid and possessing desirable long-term
growth characteristics. These target markets are primarily coastal markets, and also
include a number of Sun Belt cities and Chicago, Illinois. In executing this strategy,
Aimco expects to reduce its investment in markets outside the 20 largest markets and to
increase its investment in the 20 largest markets through redevelopment, acquisitions and
increasing ownership in properties Aimco already owns. During first quarter 2011, net
operating income generated by Conventional properties located in the 20 largest markets
accounted for 85% of total Conventional Property net operating income, an increase of
2% compared to first quarter 2010. In first quarter 2011, Aimco sold two Conventional
properties and five Affordable properties with 478 and 647 units, respectively, for $28.9
million in gross proceeds. Aimcos share of net proceeds after distributions to limited
partners, repayment of existing property debt and transaction costs was $9.2 million.
See Supplemental Schedules 7a and 7b for additional details regarding Aimcos portfolio
quality and capital allocation, and Supplemental Schedule 8 for additional details on
disposition activity.
Partnership Transaction Activity During 2011, Aimco acquired the remaining
noncontrolling limited partnership interests in six consolidated real estate partnerships
that own nine properties and in which Aimco affiliates serve as general partner for a total
cost of $6.1 million.
AIMCO 1st Quarter 2011 | Page 3 |
Termination of Fee Contracts As of December 31, 2010, Aimco property managed
or asset managed for a fee 321 properties associated with two distinct multifamily
portfolios. During first quarter 2011, Aimco and the owners of one of these portfolios
agreed to the termination of the asset and property management contracts associated with
the portfolio. In connection with the termination of these management contracts, Aimco
recognized $1.3 million of previously deferred asset management fee income during first
quarter 2011.
Through this and other transactions during first quarter 2011, Aimco reduced its fee
managed portfolio by 108 properties with 11,722 units, furthering the companys goal of
simplifying its business and reducing costs. Refer to Supplemental Schedule 2 for details
of Aimcos portfolio as of March 31, 2011.
Balance Sheet and Liquidity
AS OF MARCH 31, 2011 | ||||||||||||||||
% of Total | Weighted | Weighted Avg | ||||||||||||||
Amount | Leverage | Avg Maturity (Yrs) | Rate | |||||||||||||
Aimco leverage ($ in millions) |
||||||||||||||||
Aimcos share of long-term, non-recourse property debt |
$ | 4,884.5 | 86 | % | 8.0 | 5.55 | % | |||||||||
Aimcos share of other borrowings |
34.5 | 1 | % | n/a | 5.33 | % | ||||||||||
Subtotal debt |
4,919.0 | 87 | % | 8.0 | 5.55 | % | ||||||||||
Preferred securities |
762.0 | 13 | % | Perpetual | 7.42 | % | ||||||||||
Total leverage |
$ | 5,681.0 | 100 | % | n/a | 5.80 | % |
See Supplemental Schedule 4 for additional details about Aimcos non-recourse property
debt and Supplemental Schedule 5 for information related to Aimcos preferred securities.
Aimcos recourse debt at March 31, 2011, was limited to its revolving credit facility,
which Aimco uses for working capital purposes and to secure letters of credit. At the end
of first quarter, Aimco had no outstanding borrowings on its revolving credit facility and
available capacity was $263.4 million, net of $36.6 million of letters of credit backed by
the facility.
Aimcos first quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and
Preferred Dividends ratios were 2.11:1 and 1.72:1, compared to fourth quarter 2010 ratios
of 2.07:1 and 1.68:1, respectively. Separately, in connection with its revolving credit
facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined
in the Glossary. For first quarter 2011, Aimcos Debt Service and Fixed Charge Coverage
ratios were 1.58:1 and 1.34:1, compared to covenants in place during the quarter of 1.40:1
and 1.20:1, respectively, and fourth quarter 2010 ratios of 1.57:1 and 1.33:1. Aimco
expects to remain in compliance with these covenants.
From January 1, 2011 through the date of this release, Aimco has issued 1.5 million shares
under its At-the-Market (ATM) offering program at a weighted average price of $24.69 per
share, generating gross proceeds of $37.0 million. The proceeds from the ATM offering were
used primarily to fund deleveraging activities and the partnership transactions described
in this release.
Dividend Aimcos Board of Directors declared a cash dividend of $0.12 per
share on its Class A Common Stock for the quarter ended March 31, 2011. The dividend is
payable May 31, 2011 to shareholders of record on May 20, 2011.
AIMCO 1st Quarter 2011 | Page 4 |
2011 Outlook
SECOND | FULL | |||
QUARTER | YEAR | |||
Net loss per share |
-$0.36 to -$0.32 | -$1.20 to -$1.10 | ||
Pro forma FFO per share |
$0.33 to $0.37 | $1.49 to $1.59 | ||
Conventional Same Store Operating Measures |
||||
NOI change compared to first quarter 2011 |
-0.5% to 0.5% | |||
NOI change compared to same period 2010 |
2.5% to 3.5% | 3.0% to 5.0% | ||
Average daily occupancy |
95.5% - 96.5% | |||
Revenue change compared to 2010 |
2.0% to 3.0% | |||
Expense change compared to 2010 |
-0.5% to 0.5% | |||
Total Portfolio NOI change compared to 2010 |
2.5% to 4.5% |
2011 Property Tour Schedule
Management will be hosting property tours in the following cities on the dates
indicated. Additional details will be communicated in the coming months.
Markets | Dates | |
Washington DC * |
July 12th | |
Philadelphia * |
July 13th | |
Southern California |
October 4th 5th |
* | Please note that the dates of the Philadelphia/Washington DC property tours have
been accelerated by one day relative to Aimcos original announcement of this event. |
About Aimco
Aimco is a real estate investment trust that is focused on the ownership and
management of quality apartment communities located in the 20 largest markets in the United
States. Aimco is one of the countrys largest owners and operators of both conventional
and affordable apartments, with 648 communities serving approximately 500,000 residents in
42 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the
New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For
more information about Aimco, please visit our website at www.aimco.com.
Contact
Investor Relations 303-691-4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303-691-4327
Elizabeth Coalson, Vice President Investor Relations 303-691-4327
Supplemental Information
The full text of this Earnings Release and the Supplemental Information referenced in
this release are available on Aimcos website at the link
http://www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.
AIMCO 1st Quarter 2011 | Page 5 |
Glossary and Reconciliations of Non-GAAP Financial and Operating Measures
Financial and operating measures found in this Earnings Release and the Supplemental
Information include certain financial measures used by Aimco management that are not
calculated in accordance with accounting principles generally accepted in the United
States, or GAAP. These measures are defined in the glossary in the Supplemental
Information and, where appropriate, reconciled to the most comparable GAAP measures.
Earnings Conference Call
Aimcos first quarter 2011 earnings conference call will be held Friday, April 29,
2011, at 1:00 p.m. Eastern time.
Live Conference Call
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 0093689
Webcast: http://www.aimco.com/CorporateInformation/Overview.aspx
International Dial-In Number: 1-412-317-9250
Passcode: 0093689
Webcast: http://www.aimco.com/CorporateInformation/Overview.aspx
Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 449948
International Dial-In Number: 1-412-317-0088
Passcode: 449948
The conference call replay will be available until 5:00 p.m. Eastern time on May 9, 2011.
Webcast
Replay: http://www.aimco.com/CorporateInformation/About/Financial/news.aspx
Forward-looking
Statements
This Earnings Release and Supplemental Information contain forward-looking statements
within the meaning of the federal securities laws, including, without limitation,
statements regarding projected results and specifically forecasts of second quarter and
full year 2011 results. These forward-looking statements are based on managements
judgment as of this date and include certain risks and uncertainties. Risks and
uncertainties include, but are not limited to, Aimcos ability to maintain current or meet
projected occupancy, rental rates and property operating results. Actual results may
differ materially from those described in these forward-looking statements and, in
addition, will be affected by a variety of risks and factors, some of which are beyond the
control of Aimco, including, without limitation: financing risks, including the
availability and cost of capital markets financing and the risk that our cash flows from
operations may be insufficient to meet required payments of principal and interest;
earnings may not be sufficient to maintain compliance with debt covenants; real estate
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 terms of governmental regulations that affect Aimco and interpretations of those
regulations; the competitive environment in which Aimco operates; the timing of
acquisitions and dispositions; insurance risk, including the cost of insurance; natural
disasters and severe weather such as hurricanes; litigation, including costs associated
with prosecuting or defending claims and any adverse outcomes; energy costs; and possible
environmental liabilities, including costs, fines or penalties that may be incurred due to
necessary remediation of contamination of properties presently owned or previously owned by
Aimco. In addition, our 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 our 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 Aimcos financial statements and the notes thereto, as well
as the section entitled Risk Factors in Item 1A of Aimcos Annual Report on Form 10-K for
the year ended December 31, 2010, and the other documents Aimco files from time to time
with the Securities and Exchange Commission. These forward-looking statements reflect
managements judgment as of this date, and Aimco assumes no obligation to revise or update
them to reflect future events or circumstances. This press release does not constitute an
offer of securities for sale.
AIMCO 1st Quarter 2011 | Page 6 |
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited) | (page 1 of 2) |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
REVENUES: |
||||||||
Rental and other property revenues |
$ | 277,317 | $ | 272,124 | ||||
Asset management and tax credit revenues |
9,236 | 4,701 | ||||||
Total revenues |
286,553 | 276,825 | ||||||
OPERATING EXPENSES: |
||||||||
Property operating expenses |
126,084 | 130,799 | ||||||
Investment management expenses |
3,031 | 3,229 | ||||||
Depreciation and amortization |
100,911 | 105,035 | ||||||
General and administrative expenses |
11,125 | 11,736 | ||||||
Other expenses, net |
3,928 | 2,273 | ||||||
Total operating expenses |
245,079 | 253,072 | ||||||
Operating income |
41,474 | 23,753 | ||||||
Interest income |
2,248 | 3,200 | ||||||
Provision for losses on notes receivable, net |
(17 | ) | (426 | ) | ||||
Interest expense |
(76,381 | ) | (77,677 | ) | ||||
Equity in (losses) income of unconsolidated real estate partnerships |
(1,648 | ) | 9,149 | |||||
Gain on dispositions of unconsolidated real estate and other, net |
1,212 | 1,444 | ||||||
Loss before income taxes and discontinued operations |
(33,112 | ) | (40,557 | ) | ||||
Income tax benefit |
2,528 | 3,624 | ||||||
Loss from continuing operations |
(30,584 | ) | (36,933 | ) | ||||
Income from discontinued operations, net [1] |
3,307 | 20,173 | ||||||
Net loss |
(27,277 | ) | (16,760 | ) | ||||
Noncontrolling interests: |
||||||||
Net loss (income) attributable to noncontrolling interests in
consolidated real estate partnerships |
7,305 | (12,134 | ) | |||||
Net income attributable to preferred noncontrolling interests in
Aimco Operating Partnership |
(1,671 | ) | (1,693 | ) | ||||
Net loss attributable to common noncontrolling interests in
Aimco Operating Partnership |
2,383 | 3,069 | ||||||
Total noncontrolling interests |
8,017 | (10,758 | ) | |||||
Net loss attributable to Aimco |
(19,260 | ) | (27,518 | ) | ||||
Net income attributable to Aimco preferred stockholders |
(12,456 | ) | (12,922 | ) | ||||
Net income attributable to participating securities |
(57 | ) | | |||||
Net loss attributable to Aimco common stockholders |
$ | (31,773 | ) | $ | (40,440 | ) | ||
Weighted average common shares outstanding basic and diluted |
117,320 | 116,035 | ||||||
Earnings (loss) per common share basic and diluted: |
||||||||
Loss from continuing operations attributable to Aimco common
stockholders |
$ | (0.30 | ) | $ | (0.43 | ) | ||
Income from discontinued operations attributable to Aimco
stockholders |
0.03 | 0.08 | ||||||
Net loss attributable to Aimco common stockholders |
$ | (0.27 | ) | $ | (0.35 | ) | ||
AIMCO 1st Quarter 2011 | Page 7 |
Consolidated Statements of Operations (continued)
Notes to Consolidated Statements of Operations | (page 2 of 2) |
[1] | Income from discontinued operations consists of the following (in thousands): |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Rental and other property revenues |
$ | 1,983 | $ | 20,417 | ||||
Property operating and other expenses |
(1,560 | ) | (12,714 | ) | ||||
Depreciation and amortization |
(539 | ) | (4,776 | ) | ||||
Provision for operating real estate impairment losses |
(3,855 | ) | (7,225 | ) | ||||
Operating loss |
(3,971 | ) | (4,298 | ) | ||||
Interest income |
51 | 49 | ||||||
Interest expense |
(301 | ) | (3,126 | ) | ||||
Loss before gain on dispositions of real estate and income taxes |
(4,221 | ) | (7,375 | ) | ||||
Gain on dispositions of real estate |
7,718 | 26,339 | ||||||
Income tax (expense) benefit |
(190 | ) | 1,209 | |||||
Income from discontinued operations, net |
$ | 3,307 | $ | 20,173 | ||||
Loss (income) from discontinued operations attributable to: |
||||||||
Noncontrolling interests in consolidated real estate partnerships |
$ | 907 | $ | (10,098 | ) | |||
Noncontrolling interests in Aimco Operating Partnership |
(293 | ) | (676 | ) | ||||
Total noncontrolling interests |
614 | (10,774 | ) | |||||
Income from discontinued operations attributable to Aimco |
$ | 3,921 | $ | 9,399 | ||||
AIMCO 1st Quarter 2011 | Page 8 |
Consolidated Balance Sheets
(in thousands) (unaudited)
March 31, 2011 | December 31, 2010 | |||||||
ASSETS |
||||||||
Buildings and improvements |
$ | 7,278,391 | $ | 7,254,069 | ||||
Land |
2,128,831 | 2,128,734 | ||||||
Total real estate |
9,407,222 | 9,382,803 | ||||||
Accumulated depreciation |
(2,990,025 | ) | (2,893,056 | ) | ||||
Net real estate |
6,417,197 | 6,489,747 | ||||||
Cash and cash equivalents |
81,360 | 111,325 | ||||||
Restricted cash |
199,241 | 201,058 | ||||||
Accounts receivable |
59,349 | 49,855 | ||||||
Accounts receivable from affiliates, net |
8,049 | 8,392 | ||||||
Deferred financing costs, net |
48,171 | 47,779 | ||||||
Notes receivable from unconsolidated real estate partnerships, net |
10,744 | 10,896 | ||||||
Notes receivable from non-affiliates, net |
121,651 | 116,726 | ||||||
Investment in unconsolidated real estate partnerships |
57,604 | 59,282 | ||||||
Other assets |
188,529 | 180,596 | ||||||
Deferred income tax assets, net |
59,435 | 58,736 | ||||||
Assets held for sale |
10,502 | 44,174 | ||||||
Total assets |
$ | 7,261,832 | $ | 7,378,566 | ||||
LIABILITIES AND EQUITY |
||||||||
Non-recourse property tax-exempt bond financing |
$ | 431,452 | $ | 514,506 | ||||
Non-recourse property loans payable |
4,963,846 | 4,916,022 | ||||||
Other borrowings |
45,281 | 47,018 | ||||||
Total indebtedness |
5,440,579 | 5,477,546 | ||||||
Accounts payable |
21,818 | 27,322 | ||||||
Accrued liabilities and other |
226,298 | 250,106 | ||||||
Deferred income |
153,345 | 150,735 | ||||||
Security deposits |
35,323 | 34,935 | ||||||
Liabilities related to assets held for sale |
4,066 | 27,722 | ||||||
Total liabilities |
5,881,429 | 5,968,366 | ||||||
Preferred noncontrolling interests in Aimco Operating Partnership |
83,404 | 83,428 | ||||||
Preferred stock subject to repurchase agreement |
20,000 | 20,000 | ||||||
Equity: |
||||||||
Perpetual Preferred Stock |
657,601 | 657,601 | ||||||
Class A Common Stock |
1,191 | 1,176 | ||||||
Additional paid-in capital |
3,084,572 | 3,070,296 | ||||||
Accumulated other comprehensive loss |
(2,042 | ) | (2,076 | ) | ||||
Distributions in excess of earnings |
(2,726,882 | ) | (2,680,955 | ) | ||||
Total Aimco equity |
1,014,440 | 1,046,042 | ||||||
Noncontrolling interests in consolidated real estate partnerships |
300,607 | 291,458 | ||||||
Common noncontrolling interests in Aimco Operating Partnership |
(38,048 | ) | (30,728 | ) | ||||
Total equity |
1,276,999 | 1,306,772 | ||||||
Total liabilities and equity |
$ | 7,261,832 | $ | 7,378,566 | ||||
AIMCO 1st Quarter 2011 | Page 9 |
Page | ||
3 | Schedule 1 Funds From Operations |
|
5 | Schedule 2 Portfolio Summary |
|
6 | Schedule 3 Net Asset Value Supplemental Information |
|
8 | Schedule 4 Non-recourse Property Debt Information |
|
10 | Schedule 5 Share Data |
|
11 | Schedule 6a Conventional Same Store Operating Results (1Q 2011 v. 1Q 2010) |
|
12 | Schedule 6b Conventional Same Store Operating Results (1Q 2011 v. 4Q 2010) |
|
13 | Schedule 7a Total Conventional Portfolio Data by Market (1Q 2011 v. 1Q 2010) |
|
14 | Schedule 7b Total Conventional Portfolio Data by Market (4Q 2010) |
|
15 | Schedule 8 Property Sales and Acquisition Activity |
|
16 | Schedule 9 Capital Additions |
|
17 | Glossary and Reconciliations |
AIMCO 1st Quarter 2011 | Page 2 |
Supplemental Schedule 1
Funds From Operations | (page 1 of 2) |
Three Months Ended March 31, 2011 Compared to Three Months Ended March 31, 2010
(in thousands) (unaudited)
(in thousands) (unaudited)
Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 202,924 | $ | | $ | (14,725 | ) | $ | 188,199 | $ | 199,698 | $ | | $ | (17,049 | ) | $ | 182,649 | ||||||||||||||
Affordable Same Store |
41,665 | 174 | (12,299 | ) | 29,540 | 39,757 | 181 | (11,937 | ) | 28,001 | ||||||||||||||||||||||
Total Same Store |
244,589 | 174 | (27,024 | ) | 217,739 | 239,455 | 181 | (28,986 | ) | 210,650 | ||||||||||||||||||||||
Other Conventional [1] |
22,885 | 1,198 | (1,819 | ) | 22,264 | 23,150 | 1,166 | (2,076 | ) | 22,240 | ||||||||||||||||||||||
Other Affordable |
9,264 | 1,998 | (5,043 | ) | 6,219 | 8,782 | 3,998 | (7,087 | ) | 5,693 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates, net |
579 | (157 | ) | 1,557 | 1,979 | 737 | (245 | ) | 1,965 | 2,457 | ||||||||||||||||||||||
Total rental and other property revenues |
277,317 | 3,213 | (32,329 | ) | 248,201 | 272,124 | 5,100 | (36,184 | ) | 241,040 | ||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
75,873 | | (5,777 | ) | 70,096 | 81,256 | | (7,264 | ) | 73,992 | ||||||||||||||||||||||
Affordable Same Store |
18,534 | 159 | (6,207 | ) | 12,486 | 19,965 | 153 | (6,590 | ) | 13,528 | ||||||||||||||||||||||
Total Same Store |
94,407 | 159 | (11,984 | ) | 82,582 | 101,221 | 153 | (13,854 | ) | 87,520 | ||||||||||||||||||||||
Other Conventional [1] |
11,405 | 769 | (885 | ) | 11,289 | 11,281 | 796 | (1,081 | ) | 10,996 | ||||||||||||||||||||||
Other Affordable |
4,838 | 1,173 | (2,931 | ) | 3,080 | 4,654 | 2,611 | (4,026 | ) | 3,239 | ||||||||||||||||||||||
Casualties |
4,860 | (11 | ) | 65 | 4,914 | 1,769 | 31 | 471 | 2,271 | |||||||||||||||||||||||
Property management expenses |
10,574 | | | 10,574 | 11,874 | | | 11,874 | ||||||||||||||||||||||||
Total property operating expenses |
126,084 | 2,090 | (15,735 | ) | 112,439 | 130,799 | 3,591 | (18,490 | ) | 115,900 | ||||||||||||||||||||||
Net real estate operations |
151,233 | 1,123 | (16,594 | ) | 135,762 | 141,325 | 1,509 | (17,694 | ) | 125,140 | ||||||||||||||||||||||
Amortization of deferred tax credit income |
7,103 | | | 7,103 | 6,602 | | | 6,602 | ||||||||||||||||||||||||
Asset management revenues |
1,254 | | 776 | 2,030 | 136 | | 771 | 907 | ||||||||||||||||||||||||
Non-recurring revenues [2] |
879 | | 31 | 910 | (2,037 | ) | | | (2,037 | ) | ||||||||||||||||||||||
Total asset management and tax credit revenues |
9,236 | | 807 | 10,043 | 4,701 | | 771 | 5,472 | ||||||||||||||||||||||||
Investment management expenses |
(3,031 | ) | | | (3,031 | ) | (3,229 | ) | | | (3,229 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets |
(3,217 | ) | (1 | ) | 52 | (3,166 | ) | (3,948 | ) | (2 | ) | 61 | (3,889 | ) | ||||||||||||||||||
General and administrative expenses |
(11,125 | ) | (1 | ) | 318 | (10,808 | ) | (11,736 | ) | (3 | ) | 480 | (11,259 | ) | ||||||||||||||||||
Other expense, net |
(3,928 | ) | (1,679 | ) | 3,736 | (1,871 | ) | (2,273 | ) | 8,494 | (6,676 | ) | (455 | ) | ||||||||||||||||||
Interest income |
2,248 | (56 | ) | 267 | 2,459 | 3,200 | (46 | ) | 415 | 3,569 | ||||||||||||||||||||||
Provision for losses on notes receivable |
(17 | ) | | (151 | ) | (168 | ) | (426 | ) | | (14 | ) | (440 | ) | ||||||||||||||||||
Interest expense |
(76,381 | ) | (509 | ) | 8,916 | (67,974 | ) | (77,677 | ) | (974 | ) | 10,926 | (67,725 | ) | ||||||||||||||||||
Income tax benefit |
2,587 | | | 2,587 | 3,632 | | | 3,632 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items |
124 | | (415 | ) | (291 | ) | 4,752 | | (1,099 | ) | 3,653 | |||||||||||||||||||||
Preferred dividends and distributions |
(14,127 | ) | | | (14,127 | ) | (14,615 | ) | | | (14,615 | ) | ||||||||||||||||||||
Operating real estate impairment losses, net of related income
tax benefit |
(3,822 | ) | | 2,348 | (1,474 | ) | (7,225 | ) | (399 | ) | (585 | ) | (8,209 | ) | ||||||||||||||||||
Common noncontrolling interests in Aimco Operating Partnership |
(3,318 | ) | | | (3,318 | ) | (2,168 | ) | | | (2,168 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(232 | ) | | | (232 | ) | (154 | ) | | | (154 | ) | ||||||||||||||||||||
Funds From Operations |
46,230 | (1,123 | ) | (716 | ) | 44,391 | 34,159 | 8,579 | (13,415 | ) | 29,323 | |||||||||||||||||||||
Operating real estate impairment losses, net |
3,822 | | (2,348 | ) | 1,474 | 7,225 | 399 | 585 | 8,209 | |||||||||||||||||||||||
Common noncontrolling interests in Aimco Operating Partnership |
(102 | ) | | | (102 | ) | (571 | ) | | | (571 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(8 | ) | | | (8 | ) | (40 | ) | | | (40 | ) | ||||||||||||||||||||
Pro forma Funds From Operations |
$ | 49,942 | $ | (1,123 | ) | $ | (3,064 | ) | $ | 45,755 | $ | 40,773 | $ | 8,978 | $ | (12,830 | ) | $ | 36,921 | |||||||||||||
Weighted average shares diluted FFO | 117,650 | Weighted average shares diluted FFO | 116,334 | |||||||||||||||||||||||||||||
Per Share: | Per Share: | |||||||||||||||||||||||||||||||
Funds From Operations | $ | 0.38 | Funds From Operations | $ | 0.25 | |||||||||||||||||||||||||||
Pro forma Funds From Operations | $ | 0.39 | Pro forma Funds From Operations | $ | 0.32 |
AIMCO 1st Quarter 2011 | Page 3 |
Supplemental Schedule 1 (continued)
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) |
Three Months Ended March 31, 2011 Compared to Three Months Ended March 31, 2010
(in thousands) (unaudited)
(in thousands) (unaudited)
Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 49,942 | $ | (1,123 | ) | $ | (3,064 | ) | $ | 45,755 | $ | 40,773 | $ | 8,978 | $ | (12,830 | ) | $ | 36,921 | |||||||||||||
Adjustments related to continuing
operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(100,911 | ) | (637 | ) | 10,242 | (91,306 | ) | (105,035 | ) | (1,028 | ) | 11,888 | (94,175 | ) | ||||||||||||||||||
Depreciation and amortization
related to non-real estate assets |
3,217 | 1 | (52 | ) | 3,166 | 3,948 | 2 | (61 | ) | 3,889 | ||||||||||||||||||||||
Gain on dispositions of and
impairments related to
unconsolidated entities and other |
1,212 | 111 | (1,144 | ) | 179 | 1,444 | 1,197 | (2,126 | ) | 515 | ||||||||||||||||||||||
Income tax expense on gain on
dispositions of real estate
related to unconsolidated entities |
(59 | ) | | | (59 | ) | (7 | ) | | (7 | ) | |||||||||||||||||||||
Adjustments related to discontinued
operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(539 | ) | | 141 | (398 | ) | (4,776 | ) | | 1,084 | (3,692 | ) | ||||||||||||||||||||
Depreciation and amortization
related to non-real estate assets |
5 | | (1 | ) | 4 | 30 | | 3 | 33 | |||||||||||||||||||||||
Provision for operating real
estate impairment losses |
(3,822 | ) | | 2,348 | (1,474 | ) | (7,225 | ) | | (984 | ) | (8,209 | ) | |||||||||||||||||||
Gain on dispositions of real estate |
7,718 | | (1,165 | ) | 6,553 | 26,339 | | (9,108 | ) | 17,231 | ||||||||||||||||||||||
Income tax (expense) benefit
arising from disposals |
(178 | ) | | | (178 | ) | 1,052 | | | 1,052 | ||||||||||||||||||||||
Total adjustments |
$ | (93,357 | ) | $ | (525 | ) | $ | 10,369 | $ | (83,513 | ) | $ | (84,230 | ) | $ | 171 | $ | 696 | $ | (83,363 | ) | |||||||||||
Common noncontrolling interests in
Aimco Operating Partnerships share of
adjustments |
5,802 | | | 5,802 | 5,808 | | | 5,808 | ||||||||||||||||||||||||
Amounts allocable to participating
securities |
183 | | | 183 | 194 | | | 194 | ||||||||||||||||||||||||
Equity in (losses) income of
unconsolidated real estate
partnerships |
(1,648 | ) | 1,648 | | | 9,149 | (9,149 | ) | | | ||||||||||||||||||||||
Net loss (income) attributable to
noncontrolling interests in
consolidated real estate partnerships |
7,305 | | (7,305 | ) | | (12,134 | ) | | 12,134 | | ||||||||||||||||||||||
Net loss attributable to Aimco common
stockholders |
$ | (31,773 | ) | $ | | $ | | $ | (31,773 | ) | $ | (40,440 | ) | $ | | $ | | $ | (40,440 | ) | ||||||||||||
Notes
[1] | The results for Other Conventional include two substantially vacant properties, Lincoln
Place and Pacific Bay Vistas (formerly Treetops), for the periods presented. |
|
[2] | Non-recurring revenues consisted of the following: |
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, 2011 | March 31, 2010 | |||||||
Promotes |
$ | | $ | (890 | ) | |||
Other GP transactional fees |
879 | 1,272 | ||||||
Tax credit syndication fees |
| (2,419 | ) | |||||
Total non-recurring revenues |
$ | 879 | $ | (2,037 | ) | |||
AIMCO 1st Quarter 2011 | Page 4 |
Supplemental Schedule 2
Portfolio Summary
As of March 31, 2011
(unaudited)
As of March 31, 2011
(unaudited)
Number of | Number of | Effective | Average | |||||||||||||
Properties | Units | Units | Ownership | |||||||||||||
Owned Real Estate Portfolio: |
||||||||||||||||
Conventional Same Store |
178 | 60,173 | 56,444 | 94 | % | |||||||||||
Affordable Same Store |
145 | 17,469 | 11,578 | 66 | % | |||||||||||
Total Same Store |
323 | 77,642 | 68,022 | 88 | % | |||||||||||
Conventional Redevelopment [1] |
2 | 1,004 | 1,004 | 100 | % | |||||||||||
Other Conventional |
37 | 7,081 | 5,575 | 79 | % | |||||||||||
Other Affordable |
72 | 7,777 | 2,526 | 32 | % | |||||||||||
Conventional Held for Sale |
1 | 387 | 387 | 100 | % | |||||||||||
Total owned real estate portfolio |
435 | 93,891 | 77,514 | 83 | % | |||||||||||
Total Conventional owned real estate portfolio |
218 | 68,645 | 63,410 | 92 | % | |||||||||||
Total Affordable owned real estate portfolio |
217 | 25,246 | 14,104 | 56 | % | |||||||||||
Fee-Managed Portfolio: |
||||||||||||||||
Property-Managed for third parties |
1 | 64 | ||||||||||||||
Asset-Managed |
212 | 15,396 | ||||||||||||||
Total fee-managed portfolio |
213 | 15,460 | ||||||||||||||
Total Portfolio |
648 | 109,351 | ||||||||||||||
[1] | At March 31, 2011, Aimcos Conventional Redevelopment portfolio included two substantially
vacant properties, Lincoln Place and Pacific Bay Vistas (formerly Treetops). |
AIMCO 1st Quarter 2011 | Page 5 |
Supplemental Schedule 3
Net Asset Value Supplemental Information | (page 1 of 2) | |
(in thousands) (unaudited) |
One measure of stockholder value is Net Asset Value (NAV), which is the estimated fair value
of assets, net of debt and preferred equity. The information provided below is intended to assist
users of Aimcos financial information in making their own estimates of Aimcos NAV. See the
following page for notes to the supplemental information provided below.
Trailing Twelve Month Net Operating Income Data
Proportionate Property Net Operating Income | ||||||||||||
Conventional Same | ||||||||||||
Store and Other [1] | Affordable | Total | ||||||||||
Rental and other property revenues |
$ | 830,117 | $ | 142,466 | $ | 972,583 | ||||||
Property operating expenses |
(318,525 | ) | (63,304 | ) | (381,829 | ) | ||||||
Property NOI |
511,592 | 79,162 | 590,754 | |||||||||
Assumed property management fee (3.5% of revenues) |
(29,054 | ) | (4,986 | ) | (34,040 | ) | ||||||
Property NOI net of assumed property management fee |
$ | 482,538 | $ | 74,176 | $ | 556,714 | ||||||
Proportionate Balance Sheet Data
As of March 31, 2011
As of March 31, 2011
Proportionate | ||||||||||||||||
Consolidated | Share of | Proportionate | ||||||||||||||
GAAP | Unconsolidated | Noncontrolling | Balance | |||||||||||||
Balance Sheet | Partnerships | Interests | Sheet | |||||||||||||
Assets |
||||||||||||||||
Real estate |
$ | 9,407,222 | $ | 76,423 | $ | (912,720 | ) | $ | 8,570,925 | |||||||
Accumulated depreciation |
(2,990,025 | ) | (26,420 | ) | 412,239 | (2,604,206 | ) | |||||||||
Net real estate [2] |
6,417,197 | 50,003 | (500,481 | ) | 5,966,719 | |||||||||||
Cash and cash equivalents |
81,360 | 1,552 | (28,347 | ) | 54,565 | |||||||||||
Restricted cash |
199,241 | 7,259 | (35,860 | ) | 170,640 | |||||||||||
Accounts receivable |
67,398 | 469 | (6,736 | ) | 61,131 | |||||||||||
Notes receivable [3] |
132,395 | | 38,911 | 171,306 | ||||||||||||
Investment in unconsolidated real estate partnerships [4] |
57,604 | (10,064 | ) | (39,057 | ) | 8,483 | ||||||||||
Deferred financing costs [5] |
48,171 | 527 | (7,361 | ) | 41,337 | |||||||||||
Goodwill [5] |
66,249 | | | 66,249 | ||||||||||||
Investment in management contracts [5] |
813 | | | 813 | ||||||||||||
Other assets |
180,902 | 960 | (7,048 | ) | 174,814 | |||||||||||
Assets held for sale |
10,502 | | (7 | ) | 10,495 | |||||||||||
Total assets |
$ | 7,261,832 | $ | 50,706 | $ | (585,986 | ) | $ | 6,726,552 | |||||||
Liabilities and Equity |
||||||||||||||||
Non-recourse property debt |
$ | 5,395,298 | $ | 32,950 | $ | (543,712 | ) | $ | 4,884,536 | |||||||
Other borrowings |
45,281 | 2,018 | (12,809 | ) | 34,490 | |||||||||||
Deferred income [6] |
153,345 | 130 | | 153,475 | ||||||||||||
Other liabilities |
283,439 | 15,608 | (75,367 | ) | 223,680 | |||||||||||
Liabilities related to assets held for sale |
4,066 | | (2 | ) | 4,064 | |||||||||||
Total liabilities |
5,881,429 | 50,706 | (631,890 | ) | 5,300,245 | |||||||||||
Preferred noncontrolling interests in Aimco Operating
Partnership [7] |
83,404 | | | 83,404 | ||||||||||||
Preferred stock subject to repurchase agreement [7] |
20,000 | | | 20,000 | ||||||||||||
Perpetual preferred stock [7] |
657,601 | | | 657,601 | ||||||||||||
Other Aimco equity |
356,839 | | 346,511 | 703,350 | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships |
300,607 | | (300,607 | ) | | |||||||||||
Common noncontrolling interests in Aimco Operating Partnership |
(38,048 | ) | | | (38,048 | ) | ||||||||||
Total liabilities and equity |
$ | 7,261,832 | $ | 50,706 | $ | (585,986 | ) | $ | 6,726,552 | |||||||
AIMCO 1st Quarter 2011 | Page 6 |
Supplemental Schedule 3 (continued)
Net Asset Value Supplemental Information | (page 2 of 2) | |
(in thousands) (unaudited) |
[1] | Proportionate Property Net Operating amounts for Other Conventional include the results
of Lincoln Place and Pacific Bay Vistas, two redevelopment properties that were substantially
vacant during the period presented. |
|
[2] | Net real estate includes Lincoln Place and Pacific Bay Vistas, which have March 31, 2011 net
book values of $154.1 million and $37.4 million, respectively, or $191.5 million in total. Aimco
refers to these properties collectively as part of its redevelopment pipeline. |
|
[3] | Aimco has notes receivable from consolidated partnerships that are eliminated in the
consolidated balance sheet. The noncontrolling partners share of amounts payable to Aimco pursuant
to those notes is added to the GAAP-based amounts to arrive at the proportionate balance presented. |
|
[4] | Aimcos internal NAV estimate is computed based on Aimcos share of NOI and as such takes into
account Aimcos share of NOI attributable to unconsolidated partnerships. For this reason,
investment in unconsolidated real estate partnerships is excluded from non-real estate assets in
Aimcos internal NAV computation. |
|
[5] | Deferred financing costs, goodwill and investment in management contracts represent
non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are
excluded from Aimcos internal NAV computation. |
|
[6] | Deferred income consists primarily of cash contributions received in connection with Aimcos
tax credit activities, which are deferred upon receipt and amortized into earnings in future
periods as the tax credits and related tax benefits are delivered to the tax credit investors.
Certain of Aimcos tax credit arrangements provide for contributions to be made in installments,
which contributions are not reflected in Aimcos consolidated financial statements until such time
as the contributions are received. |
|
Deferred income, including deferred tax credit income, represents a non-cash obligation, the
amortization of which represents non-cash income in future periods. These non-cash liabilities and
related income streams are excluded from Aimcos internal estimates of NAV. However, amortization
of deferred tax credit income is included in net income and, as such, FFO. Projected amortization
of deferred tax credit contributions received and to be received is presented below. |
March 31, 2011 | ||||
Deferred tax credit income balance |
$ | 100,490 | ||
Contributions to be received in the future |
67,916 | |||
Total to be amortized |
$ | 168,406 | ||
Amortization of | Estimated Income | Projected Income, | ||||||||||
Deferred Income | Taxes | net of tax | ||||||||||
Year Ending December 31, |
||||||||||||
2011 |
$ | 20,149 | $ | (7,858 | ) | $ | 12,291 | |||||
2012 |
26,844 | (10,469 | ) | 16,375 | ||||||||
2013 |
26,592 | (10,371 | ) | 16,221 | ||||||||
2014 |
25,718 | (10,030 | ) | 15,688 | ||||||||
2015 |
21,564 | (8,410 | ) | 13,154 | ||||||||
Thereafter |
47,539 | (18,540 | ) | 28,999 | ||||||||
Total |
$ | 168,406 | $ | (65,678 | ) | $ | 102,728 | |||||
[7] | Aimcos internal NAV computation includes Preferred noncontrolling interests in
Aimco Operating Partnership, Preferred stock subject to repurchase agreement and Perpetual
preferred stock as a reduction of NAV attributable to Aimco common stockholders. See
Schedule 5. |
AIMCO 1st Quarter 2011 | Page 7 |
Supplemental Schedule 4
Non-recourse Property Debt Information | (page 1 of 2) | |
As of March 31, 2011 | ||
(dollars in thousands) (unaudited) |
Property Debt Balances and Characteristics
Proportionate | ||||||||||||||||||||||||
Share of | Weighted | |||||||||||||||||||||||
Unconsolidated | Noncontrolling | Average | Weighted | |||||||||||||||||||||
Debt | Consolidated | Partnerships | Interests | Total Aimco Share | Maturity (years) | Average Rate | ||||||||||||||||||
Conventional Portfolio: |
||||||||||||||||||||||||
Fixed rate loans payable |
$ | 4,397,421 | $ | | $ | (298,421 | ) | $ | 4,099,000 | 7.2 | 5.95 | % | ||||||||||||
Floating rate loans payable [1] |
41,774 | | (2,050 | ) | 39,724 | 2.4 | 2.29 | % | ||||||||||||||||
Total property loans payable |
4,439,195 | | (300,471 | ) | 4,138,724 | 7.1 | 5.92 | % | ||||||||||||||||
Fixed rate tax-exempt bonds |
52,076 | | (3,338 | ) | 48,738 | 5.5 | 6.75 | % | ||||||||||||||||
Floating rate tax-exempt bonds [1] |
156,483 | | (5,242 | ) | 151,241 | 8.4 | 0.46 | % | ||||||||||||||||
Total property tax-exempt bond financing |
208,559 | | (8,580 | ) | 199,979 | 7.7 | 2.03 | % | ||||||||||||||||
Total Conventional portfolio |
4,647,754 | | (309,051 | ) | 4,338,703 | 7.1 | 5.74 | % | ||||||||||||||||
Affordable Portfolio: |
||||||||||||||||||||||||
Fixed rate loans payable |
493,902 | 31,337 | (201,750 | ) | 323,489 | 13.8 | 4.79 | % | ||||||||||||||||
Floating rate loans payable |
30,749 | 9 | (17,308 | ) | 13,450 | 7.5 | 3.50 | % | ||||||||||||||||
Total property loans payable |
524,651 | 31,346 | (219,058 | ) | 336,939 | 13.4 | 4.71 | % | ||||||||||||||||
Fixed rate tax-exempt bonds |
98,919 | 1,604 | (15,603 | ) | 84,920 | 25.7 | 5.05 | % | ||||||||||||||||
Floating rate tax-exempt bonds [1] |
123,974 | | | 123,974 | 4.5 | 2.48 | % | |||||||||||||||||
Total property tax-exempt bond financing |
222,893 | 1,604 | (15,603 | ) | 208,894 | 13.9 | 3.62 | % | ||||||||||||||||
Total Affordable portfolio |
747,544 | 32,950 | (234,661 | ) | 545,833 | 13.5 | 4.39 | % | ||||||||||||||||
Total non-recourse property debt |
$ | 5,395,298 | $ | 32,950 | $ | (543,712 | ) | $ | 4,884,536 | 8.0 | 5.55 | % | ||||||||||||
[1] | Floating rate debt presented above includes $164.9 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At March 31, 2011, the carrying amount of this debt totaled $148.8 million, after recognition of changes in the debts fair value. |
Aimco Share Property Debt
% of Floating | ||||||||||||||||||||
Amount | % of Total | Amount | Rate Debt | |||||||||||||||||
Fixed rate debt |
$ | 4,556,147 | 93 | % | Floating rate tax-exempt bonds | $ | 275,215 | 84 | % | |||||||||||
Floating rate debt |
328,389 | 7 | % | Floating rate loans payable | 53,174 | 16 | % | |||||||||||||
Total |
$ | 4,884,536 | Total | $ | 328,389 | |||||||||||||||
Maturities as | ||||||||||||||||||||
a Percent | Average Rate on | |||||||||||||||||||
Amortization | Maturities | Total | of Total Debt | Maturing Debt | ||||||||||||||||
2011 Q2 |
$ | 21,561 | $ | 3,341 | $ | 24,902 | 0.07 | % | 5.40 | % | ||||||||||
2011 Q3 |
21,385 | | 21,385 | | | |||||||||||||||
2011 Q4 |
22,363 | 11,193 | 33,556 | 0.23 | % | 4.87 | % | |||||||||||||
Total 2011 |
65,309 | 14,534 | 79,843 | 0.30 | % | 3.73 | % | |||||||||||||
2012 Q1 |
22,117 | 14,696 | 36,813 | 0.30 | % | 5.02 | % | |||||||||||||
2012 Q2 [2] |
22,538 | 164,437 | 186,975 | 3.37 | % | 2.51 | % | |||||||||||||
2012 Q3 |
21,349 | 90,183 | 111,532 | 1.85 | % | 6.07 | % | |||||||||||||
2012 Q4 |
21,590 | 42,664 | 64,254 | 0.87 | % | 3.13 | % | |||||||||||||
Total 2012 |
87,594 | 311,980 | 399,574 | 6.39 | % | 5.48 | % | |||||||||||||
2013 |
85,369 | 307,055 | 392,424 | 6.29 | % | 5.48 | % | |||||||||||||
2014 |
84,476 | 357,030 | 441,506 | 7.31 | % | 5.65 | % | |||||||||||||
2015 |
82,417 | 335,679 | 418,096 | 6.87 | % | 5.41 | % | |||||||||||||
2016 |
76,149 | 415,231 | 491,380 | 8.50 | % | 5.63 | % | |||||||||||||
2017 |
69,316 | 464,367 | 533,683 | 9.51 | % | 5.95 | % | |||||||||||||
2018 |
64,574 | 143,287 | 207,861 | 2.93 | % | 4.95 | % | |||||||||||||
2019 |
58,188 | 449,086 | 507,274 | 9.19 | % | 5.97 | % | |||||||||||||
2020 |
45,004 | 388,863 | 433,867 | 7.96 | % | 6.44 | % | |||||||||||||
2021 |
29,129 | 449,639 | 478,768 | 9.21 | % | 5.95 | % | |||||||||||||
Thereafter |
293,654 | 206,606 | 500,260 | 4.23 | % | 4.23 | % | |||||||||||||
Total |
$ | 1,041,179 | $ | 3,843,357 | $ | 4,884,536 | ||||||||||||||
[2] | Q2 2012 maturities include approximately $150.7 million of debt ($134.9 million at carrying amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related debt maturities are beyond 2012. |
AIMCO 1st Quarter 2011 | Page 8 |
Supplemental Schedule 4 (continued)
Non-recourse Property Debt Information | (page 2 of 2) | |
As of March 31, 2011 | ||
(in millions) (unaudited) |
Year-to-Date Property Loan Closings
Original | New | Net | Aimco Net | |||||||||||||||||||||
Loan | Loan | (Repayment) | (Repayment) | Prior | New | |||||||||||||||||||
Original Loan Maturity Year | Amount | Amount [1] | Proceeds [2] | Proceeds [3] | Rate | Rate [4] | ||||||||||||||||||
2011 [5] |
$ | 161.0 | $ | 142.7 | $ | (19.3 | ) | $ | (9.1 | ) | 5.60 | % | 3.68 | % | ||||||||||
2012 [5][6] |
112.0 | 110.6 | (2.4 | ) | (2.4 | ) | 1.00 | % | 5.46 | % | ||||||||||||||
2015 [5] |
14.9 | 10.0 | (5.0 | ) | (5.0 | ) | 5.69 | % | 5.56 | % | ||||||||||||||
2020 |
4.3 | 7.3 | 2.0 | 2.0 | 7.90 | % | 4.99 | % | ||||||||||||||||
2040 |
45.7 | 46.5 | 0.2 | 0.2 | 6.88 | % | 4.15 | % | ||||||||||||||||
New loans |
| 4.1 | 3.9 | 3.9 | | 3.45 | % | |||||||||||||||||
Totals |
$ | 337.9 | $ | 321.2 | $ | (20.6 | ) | $ | (10.4 | ) | 4.28 | % | 4.44 | % | ||||||||||
[1] | New loans typically have terms ranging from 7 to 10 years. | |
[2] | Net (Repayment) Proceeds is (inclusive of) after transaction costs and prepayment penalties. | |
[3] | Aimco Net (Repayment) Proceeds is (inclusive of) after payment of distributions to noncontrolling partners. | |
[4] | The interest rates on all New Loans closed during the period are fixed. | |
[5] | As part of Aimcos leverage strategy, Aimco reduced the sizing of these loans, resulting in net repayments in connection with the refinancing transactions. | |
[6] | The Original Loans had a variable interest rate indexed to SIFMA, which was significantly less than the New Loans fixed rates. |
Debt Ratios
Amount | Covenant | |||||||
Debt service coverage ratio |
1.58:1 | 1.40:1 | ||||||
Fixed charge coverage ratio |
1.34:1 | 1.20:1 | ||||||
EBITDA coverage of interest |
2.11:1 | n/a | ||||||
EBITDA coverage of interest and preferred
dividends |
1.72:1 | n/a |
Credit Ratings
Moodys Investor Service
|
Corporate Family Rating | Ba1 (stable outlook) | ||
Standard and Poors
|
Corporate Credit Rating | BB+ (stable) |
AIMCO 1st Quarter 2011 | Page 9 |
Supplemental Schedule 5
Share Data
(in thousands) (unaudited)
(in thousands) (unaudited)
Preferred Securities
Shares/Units | Date First | |||||||||||||||
Outstanding | Available for | |||||||||||||||
as of | Redemption by | |||||||||||||||
March 31, 2011 | Aimco | Coupon | Amount | |||||||||||||
Perpetual Preferred Stock: |
||||||||||||||||
Class T |
6,000 | 7/31/2008 | 8.000 | % | $ | 150,000 | ||||||||||
Class U |
12,000 | 3/24/2009 | 7.750 | % | 300,000 | |||||||||||
Class V |
3,450 | 9/29/2009 | 8.000 | % | 86,250 | |||||||||||
Class Y |
3,450 | 12/21/2009 | 7.875 | % | 86,250 | |||||||||||
Series A Community
Reinvestment Act [1] |
| 6/30/2011 | 1.550 | % | 57,000 | |||||||||||
Total perpetual preferred stock |
679,500 | |||||||||||||||
Preferred Partnership Units [2] |
3,062 | 8.096 | % | 82,533 | ||||||||||||
Total outstanding preferred securities |
$ | 762,033 | ||||||||||||||
Common Stock, Partnership Units and Equivalents
Three Months Ended | ||||||||||||
As of | March 31, 2011 | |||||||||||
March 31, 2011 | EPS | FFO | ||||||||||
Class A Common Stock outstanding |
118,634 | 117,320 | 117,320 | |||||||||
Dilutive securities: |
||||||||||||
Options, restricted stock and officer loan
shares |
422 | | 330 | |||||||||
Total shares and dilutive share equivalents |
119,056 | 117,320 | 117,650 | |||||||||
Common Partnership Units and equivalents [3] |
8,439 | |||||||||||
Total shares, units and dilutive share equivalents |
127,495 | |||||||||||
Notes
[1] | Represents 114 shares at a liquidation preference per share of $500,000. The remaining amount at March 31, 2011, includes $20.0 million, which is subject to a repurchase agreement and is classified within temporary equity in the consolidated balance sheet. The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly period. | |
[2] | Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units. | |
[3] | Includes the Aimco Operating Partnerships common OP Units and High Performance Units, which are included in common noncontrolling interests in Aimco Operating Partnership within Aimcos consolidated financial statements and on Supplemental Schedule 1. |
AIMCO 1st Quarter 2011 | Page 10 |
Supplemental Schedule 6(a)
Conventional Same Store Operating Results
First Quarter 2011 Compared to First Quarter 2010
(in thousands, except site and unit data) (unaudited)
First Quarter 2011 Compared to First Quarter 2010
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 1Q 2011 | 1Q 2010 | Growth | 1Q 2011 | 1Q 2010 | Growth | 1Q 2011 | 1Q 2010 | Growth | 1Q 2011 | 1Q 2011 | 1Q 2010 | 1Q 2011 | 1Q 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 18,781 | $ | 18,838 | -0.3 | % | $ | 5,865 | $ | 6,081 | -3.6 | % | $ | 12,916 | $ | 12,757 | 1.2 | % | 68.8 | % | 96.7 | % | 96.3 | % | $ | 1,981 | $ | 2,001 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 5,404 | 5,356 | 0.9 | % | 1,704 | 1,746 | -2.4 | % | 3,700 | 3,610 | 2.5 | % | 68.5 | % | 96.8 | % | 96.8 | % | 1,509 | 1,500 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,074 | 8,003 | 7,702 | 3.9 | % | 2,150 | 2,414 | -10.9 | % | 5,853 | 5,288 | 10.7 | % | 73.1 | % | 95.7 | % | 95.3 | % | 1,220 | 1,190 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,514 | 32,188 | 31,896 | 0.9 | % | 9,719 | 10,241 | -5.1 | % | 22,469 | 21,655 | 3.8 | % | 69.8 | % | 96.4 | % | 96.1 | % | 1,681 | 1,682 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 1,423 | 1,391 | 2.3 | % | 559 | 613 | -8.8 | % | 864 | 778 | 11.1 | % | 60.7 | % | 97.3 | % | 97.2 | % | 1,226 | 1,197 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 1,064 | 1,019 | 4.4 | % | 420 | 423 | -0.7 | % | 644 | 596 | 8.1 | % | 60.5 | % | 98.6 | % | 96.7 | % | 1,470 | 1,481 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 776 | 776 | 3,713 | 3,584 | 3.6 | % | 1,158 | 1,359 | -14.8 | % | 2,555 | 2,225 | 14.8 | % | 68.8 | % | 97.0 | % | 97.0 | % | 1,491 | 1,455 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,413 | 1,353 | 6,200 | 5,994 | 3.4 | % | 2,137 | 2,395 | -10.8 | % | 4,063 | 3,599 | 12.9 | % | 65.5 | % | 97.3 | % | 97.0 | % | 1,410 | 1,384 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
3 | 413 | 310 | 1,287 | 1,252 | 2.8 | % | 469 | 496 | -5.4 | % | 818 | 756 | 8.2 | % | 63.6 | % | 97.7 | % | 96.9 | % | 1,220 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
34 | 9,132 | 8,177 | 39,675 | 39,142 | 1.4 | % | 12,325 | 13,132 | -6.1 | % | 27,350 | 26,010 | 5.2 | % | 68.9 | % | 96.6 | % | 96.3 | % | 1,617 | 1,613 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
4 | 1,162 | 944 | 3,606 | 3,595 | 0.3 | % | 1,300 | 1,111 | 17.0 | % | 2,306 | 2,484 | -7.2 | % | 63.9 | % | 94.5 | % | 95.2 | % | 1,172 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVA MD |
15 | 6,711 | 6,592 | 25,963 | 24,695 | 5.1 | % | 7,763 | 8,664 | -10.4 | % | 18,200 | 16,031 | 13.5 | % | 70.1 | % | 96.8 | % | 96.7 | % | 1,247 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 10,695 | 10,869 | -1.6 | % | 4,549 | 4,372 | 4.0 | % | 6,146 | 6,497 | -5.4 | % | 57.5 | % | 96.1 | % | 96.5 | % | 1,141 | 1,146 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 14,146 | 14,035 | 0.8 | % | 6,146 | 6,143 | 0.0 | % | 8,000 | 7,892 | 1.4 | % | 56.6 | % | 95.9 | % | 95.4 | % | 1,232 | 1,218 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
34 | 14,514 | 14,032 | 54,410 | 53,194 | 2.3 | % | 19,758 | 20,290 | -2.6 | % | 34,652 | 32,904 | 5.3 | % | 63.7 | % | 96.3 | % | 96.2 | % | 1,215 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 11,954 | 11,536 | 3.6 | % | 4,485 | 5,208 | -13.9 | % | 7,469 | 6,328 | 18.0 | % | 62.5 | % | 98.2 | % | 97.0 | % | 1,541 | 1,525 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 2,337 | 2,392 | -2.3 | % | 1,105 | 1,190 | -7.1 | % | 1,232 | 1,202 | 2.5 | % | 52.7 | % | 96.3 | % | 95.3 | % | 800 | 835 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
8 | 2,236 | 2,174 | 5,050 | 5,025 | 0.5 | % | 2,201 | 2,192 | 0.4 | % | 2,849 | 2,833 | 0.6 | % | 56.4 | % | 95.5 | % | 94.5 | % | 712 | 717 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 1,688 | 4,000 | 4,050 | -1.2 | % | 1,714 | 1,812 | -5.4 | % | 2,286 | 2,238 | 2.1 | % | 57.2 | % | 96.4 | % | 96.2 | % | 707 | 724 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 4,033 | 4,102 | -1.7 | % | 1,984 | 1,920 | 3.3 | % | 2,049 | 2,182 | -6.1 | % | 50.8 | % | 94.7 | % | 95.4 | % | 760 | 774 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
26 | 8,998 | 8,757 | 27,374 | 27,105 | 1.0 | % | 11,489 | 12,322 | -6.8 | % | 15,885 | 14,783 | 7.5 | % | 58.0 | % | 96.3 | % | 95.8 | % | 960 | 965 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
6 | 2,101 | 1,842 | 3,880 | 4,040 | -4.0 | % | 1,868 | 2,015 | -7.3 | % | 2,012 | 2,025 | -0.6 | % | 51.9 | % | 93.3 | % | 95.1 | % | 661 | 676 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
9 | 2,553 | 1,991 | 5,651 | 5,448 | 3.7 | % | 1,742 | 1,894 | -8.0 | % | 3,909 | 3,554 | 10.0 | % | 69.2 | % | 98.1 | % | 96.0 | % | 800 | 785 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
16 | 4,032 | 3,524 | 7,140 | 7,075 | 0.9 | % | 2,888 | 3,231 | -10.6 | % | 4,252 | 3,844 | 10.6 | % | 59.6 | % | 97.3 | % | 95.3 | % | 609 | 626 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 1,326 | 1,328 | -0.2 | % | 641 | 673 | -4.8 | % | 685 | 655 | 4.6 | % | 51.7 | % | 97.0 | % | 97.1 | % | 702 | 706 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 2,359 | 2,296 | 2.7 | % | 880 | 912 | -3.5 | % | 1,479 | 1,384 | 6.9 | % | 62.7 | % | 97.8 | % | 96.1 | % | 902 | 889 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
63 | 19,245 | 17,505 | 47,730 | 47,292 | 0.9 | % | 19,508 | 21,047 | -7.3 | % | 28,222 | 26,245 | 7.5 | % | 59.1 | % | 96.5 | % | 95.7 | % | 822 | 827 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
14 | 4,444 | 4,283 | 14,937 | 14,810 | 0.9 | % | 5,152 | 6,533 | -21.1 | % | 9,785 | 8,277 | 18.2 | % | 65.5 | % | 96.9 | % | 96.5 | % | 1,068 | 1,068 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
145 | 47,335 | 43,997 | 156,752 | 154,438 | 1.5 | % | 56,743 | 61,002 | -7.0 | % | 100,009 | 93,436 | 7.0 | % | 63.8 | % | 96.5 | % | 96.0 | % | 1,119 | 1,113 | |||||||||||||||||||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 2,411 | 2,226 | 8.3 | % | 874 | 1,106 | -21.0 | % | 1,537 | 1,120 | 37.2 | % | 63.7 | % | 96.9 | % | 95.1 | % | 1,155 | 1,091 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
3 | 764 | 618 | 1,848 | 1,825 | 1.3 | % | 688 | 820 | -16.1 | % | 1,160 | 1,005 | 15.4 | % | 62.8 | % | 95.5 | % | 96.5 | % | 906 | 900 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,403 | 4,386 | 4,281 | 2.5 | % | 1,237 | 1,286 | -3.8 | % | 3,149 | 2,995 | 5.1 | % | 71.8 | % | 96.3 | % | 95.7 | % | 953 | 949 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
22 | 9,878 | 9,797 | 23,860 | 23,489 | 1.6 | % | 11,268 | 11,589 | -2.8 | % | 12,592 | 11,900 | 5.8 | % | 52.8 | % | 96.2 | % | 95.7 | % | 729 | 727 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
33 | 12,838 | 12,447 | 32,505 | 31,821 | 2.1 | % | 14,067 | 14,801 | -5.0 | % | 18,438 | 17,020 | 8.3 | % | 56.7 | % | 96.2 | % | 95.7 | % | 789 | 783 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE SALES
TOTALS |
178 | 60,173 | 56,444 | $ | 189,257 | $ | 186,259 | 1.6 | % | $ | 70,810 | $ | 75,803 | -6.6 | % | $ | 118,447 | $ | 110,456 | 7.2 | % | 62.6 | % | 96.4 | % | 96.0 | % | $ | 1,049 | $ | 1,043 | |||||||||||||||||||||||||||||||||||||
AIMCO 1st Quarter 2011 | Page 11 |
Supplemental Schedule 6(b)
Conventional Same Store Operating Results
First Quarter 2011 Compared to Fourth Quarter 2010
(in thousands, except site and unit data) (unaudited)
First Quarter 2011 Compared to Fourth Quarter 2010
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 1Q 2011 | 4Q 2010 | Growth | 1Q 2011 | 4Q 2010 | Growth | 1Q 2011 | 4Q 2010 | Growth | 1Q 2011 | 1Q 2011 | 4Q 2010 | 1Q 2011 | 4Q 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 18,781 | $ | 18,848 | -0.4 | % | $ | 5,865 | $ | 5,946 | -1.4 | % | $ | 12,916 | $ | 12,902 | 0.1 | % | 68.8 | % | 96.7 | % | 97.3 | % | $ | 1,981 | $ | 1,979 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 5,404 | 5,396 | 0.1 | % | 1,704 | 1,980 | -13.9 | % | 3,700 | 3,416 | 8.3 | % | 68.5 | % | 96.8 | % | 95.7 | % | 1,509 | 1,517 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,074 | 8,003 | 8,150 | -1.8 | % | 2,150 | 2,483 | -13.4 | % | 5,853 | 5,667 | 3.3 | % | 73.1 | % | 95.7 | % | 96.1 | % | 1,220 | 1,229 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,514 | 32,188 | 32,394 | -0.6 | % | 9,719 | 10,409 | -6.6 | % | 22,469 | 21,985 | 2.2 | % | 69.8 | % | 96.4 | % | 96.7 | % | 1,681 | 1,684 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 1,423 | 1,386 | 2.7 | % | 559 | 598 | -6.5 | % | 864 | 788 | 9.6 | % | 60.7 | % | 97.3 | % | 96.9 | % | 1,226 | 1,212 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 1,064 | 1,036 | 2.7 | % | 420 | 423 | -0.7 | % | 644 | 613 | 5.1 | % | 60.5 | % | 98.6 | % | 97.7 | % | 1,470 | 1,456 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 776 | 776 | 3,713 | 3,715 | -0.1 | % | 1,158 | 1,437 | -19.4 | % | 2,555 | 2,278 | 12.2 | % | 68.8 | % | 97.0 | % | 97.3 | % | 1,491 | 1,486 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,413 | 1,353 | 6,200 | 6,137 | 1.0 | % | 2,137 | 2,458 | -13.1 | % | 4,063 | 3,679 | 10.4 | % | 65.5 | % | 97.3 | % | 97.3 | % | 1,410 | 1,401 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
3 | 413 | 310 | 1,287 | 1,368 | -5.9 | % | 469 | 505 | -7.1 | % | 818 | 863 | -5.2 | % | 63.6 | % | 97.7 | % | 97.4 | % | 1,220 | 1,281 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
34 | 9,132 | 8,177 | 39,675 | 39,899 | -0.6 | % | 12,325 | 13,372 | -7.8 | % | 27,350 | 26,527 | 3.1 | % | 68.9 | % | 96.6 | % | 96.8 | % | 1,617 | 1,622 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
4 | 1,162 | 944 | 3,606 | 3,519 | 2.5 | % | 1,300 | 1,281 | 1.5 | % | 2,306 | 2,238 | 3.0 | % | 63.9 | % | 94.5 | % | 94.5 | % | 1,172 | 1,180 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVA MD |
15 | 6,711 | 6,592 | 25,963 | 25,274 | 2.7 | % | 7,763 | 7,664 | 1.3 | % | 18,200 | 17,610 | 3.4 | % | 70.1 | % | 96.8 | % | 97.4 | % | 1,247 | 1,220 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 10,695 | 10,699 | 0.0 | % | 4,549 | 3,918 | 16.1 | % | 6,146 | 6,781 | -9.4 | % | 57.5 | % | 96.1 | % | 96.6 | % | 1,141 | 1,139 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 14,146 | 14,127 | 0.1 | % | 6,146 | 5,361 | 14.6 | % | 8,000 | 8,766 | -8.7 | % | 56.6 | % | 95.9 | % | 96.4 | % | 1,232 | 1,232 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
34 | 14,514 | 14,032 | 54,410 | 53,619 | 1.5 | % | 19,758 | 18,224 | 8.4 | % | 34,652 | 35,395 | -2.1 | % | 63.7 | % | 96.3 | % | 96.7 | % | 1,215 | 1,203 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 11,954 | 12,002 | -0.4 | % | 4,485 | 3,705 | 21.1 | % | 7,469 | 8,297 | -10.0 | % | 62.5 | % | 98.2 | % | 98.3 | % | 1,541 | 1,546 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 2,337 | 2,349 | -0.5 | % | 1,105 | 1,203 | -8.1 | % | 1,232 | 1,146 | 7.5 | % | 52.7 | % | 96.3 | % | 95.2 | % | 800 | 814 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
8 | 2,236 | 2,174 | 5,050 | 4,998 | 1.0 | % | 2,201 | 2,292 | -4.0 | % | 2,849 | 2,706 | 5.3 | % | 56.4 | % | 95.5 | % | 95.3 | % | 712 | 712 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 1,688 | 4,000 | 4,000 | 0.0 | % | 1,714 | 1,751 | -2.1 | % | 2,286 | 2,249 | 1.6 | % | 57.2 | % | 96.4 | % | 96.5 | % | 707 | 710 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 4,033 | 4,093 | -1.5 | % | 1,984 | 1,806 | 9.9 | % | 2,049 | 2,287 | -10.4 | % | 50.8 | % | 94.7 | % | 97.5 | % | 760 | 760 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
26 | 8,998 | 8,757 | 27,374 | 27,442 | -0.2 | % | 11,489 | 10,757 | 6.8 | % | 15,885 | 16,685 | -4.8 | % | 58.0 | % | 96.3 | % | 96.8 | % | 960 | 963 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
6 | 2,101 | 1,842 | 3,880 | 3,844 | 0.9 | % | 1,868 | 1,788 | 4.5 | % | 2,012 | 2,056 | -2.1 | % | 51.9 | % | 93.3 | % | 92.1 | % | 661 | 665 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
9 | 2,553 | 1,991 | 5,651 | 5,746 | -1.7 | % | 1,742 | 1,805 | -3.5 | % | 3,909 | 3,941 | -0.8 | % | 69.2 | % | 98.1 | % | 98.2 | % | 800 | 791 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
16 | 4,032 | 3,524 | 7,140 | 7,295 | -2.1 | % | 2,888 | 3,090 | -6.5 | % | 4,252 | 4,205 | 1.1 | % | 59.6 | % | 97.3 | % | 97.5 | % | 609 | 606 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 1,326 | 1,319 | 0.5 | % | 641 | 654 | -2.0 | % | 685 | 665 | 3.0 | % | 51.7 | % | 97.0 | % | 97.4 | % | 702 | 697 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 2,359 | 2,368 | -0.4 | % | 880 | 883 | -0.3 | % | 1,479 | 1,485 | -0.4 | % | 62.7 | % | 97.8 | % | 98.1 | % | 902 | 901 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
63 | 19,245 | 17,505 | 47,730 | 48,014 | -0.6 | % | 19,508 | 18,977 | 2.8 | % | 28,222 | 29,037 | -2.8 | % | 59.1 | % | 96.5 | % | 96.7 | % | 822 | 822 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
14 | 4,444 | 4,283 | 14,937 | 14,917 | 0.1 | % | 5,152 | 5,576 | -7.6 | % | 9,785 | 9,341 | 4.8 | % | 65.5 | % | 96.9 | % | 97.2 | % | 1,068 | 1,063 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
145 | 47,335 | 43,997 | 156,752 | 156,449 | 0.2 | % | 56,743 | 56,149 | 1.1 | % | 100,009 | 100,300 | -0.3 | % | 63.8 | % | 96.5 | % | 96.8 | % | 1,119 | 1,116 | |||||||||||||||||||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 2,411 | 2,246 | 7.3 | % | 874 | 799 | 9.4 | % | 1,537 | 1,447 | 6.2 | % | 63.7 | % | 96.9 | % | 97.2 | % | 1,155 | 1,127 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
3 | 764 | 618 | 1,848 | 1,825 | 1.3 | % | 688 | 680 | 1.2 | % | 1,160 | 1,145 | 1.3 | % | 62.8 | % | 95.5 | % | 96.2 | % | 906 | 902 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,403 | 4,386 | 4,335 | 1.2 | % | 1,237 | 1,263 | -2.1 | % | 3,149 | 3,072 | 2.5 | % | 71.8 | % | 96.3 | % | 96.0 | % | 953 | 951 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
22 | 9,878 | 9,797 | 23,860 | 23,795 | 0.3 | % | 11,268 | 10,485 | 7.5 | % | 12,592 | 13,310 | -5.4 | % | 52.8 | % | 96.2 | % | 96.8 | % | 729 | 727 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
33 | 12,838 | 12,447 | 32,505 | 32,201 | 0.9 | % | 14,067 | 13,227 | 6.4 | % | 18,438 | 18,974 | -2.8 | % | 56.7 | % | 96.2 | % | 96.7 | % | 789 | 786 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE SALES
TOTALS |
178 | 60,173 | 56,444 | $ | 189,257 | $ | 188,650 | 0.3 | % | $ | 70,810 | $ | 69,376 | 2.1 | % | $ | 118,447 | $ | 119,274 | -0.7 | % | 62.6 | % | 96.4 | % | 96.7 | % | $ | 1,049 | $ | 1,046 | |||||||||||||||||||||||||||||||||||||
AIMCO 1st Quarter 2011 | Page 12 |
Supplemental Schedule 7(a)
Total Conventional Portfolio Data by Market
First Quarter 2011 Compared to First Quarter 2010
(unaudited)
First Quarter 2011 Compared to First Quarter 2010
(unaudited)
Quarter Ended March 31, 2011 | Quarter Ended March 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective | Effective | |||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Average Rent | Properties | Units | Ownership | Units | % AIV NOI | Average Rent | |||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
14 | 4,645 | 86 | % | 3,993 | 10.0 | % | $ | 1,981 | 14 | 4,641 | 86 | % | 3,990 | 10.3 | % | $ | 2,001 | ||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 94 | % | 1,143 | 2.9 | % | 1,509 | 4 | 1,213 | 94 | % | 1,143 | 2.9 | % | 1,500 | ||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 97 | % | 2,074 | 4.5 | % | 1,219 | 6 | 2,144 | 97 | % | 2,074 | 4.2 | % | 1,190 | ||||||||||||||||||||||||||||||||
Southern CA Total |
24 | 8,002 | 90 | % | 7,210 | 17.4 | % | 1,680 | 24 | 7,998 | 90 | % | 7,207 | 17.4 | % | 1,682 | ||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 86 | % | 353 | 0.7 | % | 1,226 | 2 | 413 | 85 | % | 353 | 0.6 | % | 1,197 | ||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 100 | % | 224 | 0.5 | % | 1,470 | 1 | 224 | 100 | % | 224 | 0.5 | % | 1,481 | ||||||||||||||||||||||||||||||||
San Francisco |
6 | 1,084 | 100 | % | 1,084 | 2.0 | % | 1,491 | 6 | 1,082 | 100 | % | 1,082 | 1.8 | % | 1,459 | ||||||||||||||||||||||||||||||||
Northern CA Total |
9 | 1,721 | 97 | % | 1,661 | 3.2 | % | 1,410 | 9 | 1,719 | 97 | % | 1,659 | 2.9 | % | 1,386 | ||||||||||||||||||||||||||||||||
Seattle |
3 | 413 | 75 | % | 310 | 0.6 | % | 1,217 | 3 | 413 | 75 | % | 309 | 0.6 | % | 1,194 | ||||||||||||||||||||||||||||||||
Pacific Total |
36 | 10,136 | 91 | % | 9,181 | 21.2 | % | 1,617 | 36 | 10,130 | 91 | % | 9,175 | 20.9 | % | 1,613 | ||||||||||||||||||||||||||||||||
Manhattan |
22 | 957 | 100 | % | 957 | 2.9 | % | 2,523 | 22 | 957 | 100 | % | 955 | 2.8 | % | 2,359 | ||||||||||||||||||||||||||||||||
Suburban New York New
Jersey |
4 | 1,162 | 81 | % | 944 | 1.8 | % | 1,172 | 4 | 1,162 | 81 | % | 944 | 2.0 | % | 1,189 | ||||||||||||||||||||||||||||||||
New York Total |
26 | 2,119 | 90 | % | 1,901 | 4.7 | % | 1,793 | 26 | 2,119 | 90 | % | 1,899 | 4.8 | % | 1,720 | ||||||||||||||||||||||||||||||||
Washington NoVA MD |
17 | 8,015 | 88 | % | 7,048 | 14.4 | % | 1,247 | 17 | 8,015 | 84 | % | 6,744 | 12.6 | % | 1,194 | ||||||||||||||||||||||||||||||||
Boston |
11 | 4,129 | 100 | % | 4,129 | 6.6 | % | 1,162 | 12 | 4,250 | 100 | % | 4,250 | 7.3 | % | 1,163 | ||||||||||||||||||||||||||||||||
Philadelphia |
7 | 3,888 | 94 | % | 3,664 | 6.4 | % | 1,231 | 7 | 3,886 | 91 | % | 3,539 | 6.4 | % | 1,216 | ||||||||||||||||||||||||||||||||
Northeast Total |
61 | 18,151 | 92 | % | 16,742 | 32.1 | % | 1,291 | 62 | 18,270 | 90 | % | 16,432 | 31.1 | % | 1,257 | ||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 95 | % | 2,359 | 5.8 | % | 1,541 | 5 | 2,471 | 95 | % | 2,348 | 5.1 | % | 1,525 | ||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
4 | 1,265 | 100 | % | 1,265 | 1.2 | % | 818 | 6 | 1,891 | 92 | % | 1,741 | 2.1 | % | 887 | ||||||||||||||||||||||||||||||||
Orlando |
9 | 2,836 | 98 | % | 2,774 | 2.7 | % | 724 | 10 | 3,000 | 90 | % | 2,708 | 3.0 | % | 726 | ||||||||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 96 | % | 1,688 | 1.7 | % | 707 | 6 | 1,755 | 92 | % | 1,620 | 1.7 | % | 724 | ||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 100 | % | 1,643 | 1.5 | % | 760 | 4 | 1,643 | 85 | % | 1,404 | 1.5 | % | 773 | ||||||||||||||||||||||||||||||||
Florida Total |
28 | 9,970 | 98 | % | 9,729 | 12.9 | % | 948 | 31 | 10,760 | 91 | % | 9,821 | 13.4 | % | 947 | ||||||||||||||||||||||||||||||||
Houston |
7 | 2,835 | 84 | % | 2,376 | 2.0 | % | 669 | 8 | 3,027 | 83 | % | 2,505 | 2.2 | % | 679 | ||||||||||||||||||||||||||||||||
Denver |
9 | 2,553 | 78 | % | 1,991 | 3.0 | % | 800 | 9 | 2,553 | 78 | % | 1,991 | 2.9 | % | 785 | ||||||||||||||||||||||||||||||||
Phoenix |
17 | 4,419 | 89 | % | 3,911 | 3.5 | % | 595 | 17 | 4,418 | 89 | % | 3,910 | 3.3 | % | 613 | ||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 100 | % | 569 | 0.5 | % | 702 | 2 | 569 | 100 | % | 569 | 0.5 | % | 706 | ||||||||||||||||||||||||||||||||
Atlanta |
5 | 1,295 | 87 | % | 1,125 | 1.4 | % | 871 | 7 | 1,574 | 77 | % | 1,214 | 1.3 | % | 842 | ||||||||||||||||||||||||||||||||
Sunbelt Total |
68 | 21,641 | 91 | % | 19,701 | 23.3 | % | 810 | 74 | 22,901 | 87 | % | 20,010 | 23.6 | % | 817 | ||||||||||||||||||||||||||||||||
Chicago |
15 | 4,633 | 97 | % | 4,472 | 8.1 | % | 1,101 | 15 | 4,633 | 94 | % | 4,348 | 7.1 | % | 1,101 | ||||||||||||||||||||||||||||||||
Total Target Markets |
180 | 54,561 | 92 | % | 50,096 | 84.7 | % | 1,133 | 187 | 55,934 | 89 | % | 49,965 | 82.7 | % | 1,119 | ||||||||||||||||||||||||||||||||
Other [1]
|
||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
5 | 1,180 | 84 | % | 993 | 1.7 | % | 1,064 | 5 | 1,180 | 84 | % | 993 | 1.4 | % | 1,028 | ||||||||||||||||||||||||||||||||
Inland Empire |
2 | 376 | 100 | % | 376 | 0.4 | % | 753 | 3 | 574 | 89 | % | 513 | 0.6 | % | 828 | ||||||||||||||||||||||||||||||||
Michigan |
3 | 3,303 | 100 | % | 3,303 | 2.4 | % | 581 | 6 | 3,855 | 94 | % | 3,636 | 2.5 | % | 626 | ||||||||||||||||||||||||||||||||
Minneapolis |
2 | 732 | 89 | % | 651 | 1.6 | % | 1,448 | 2 | 732 | 89 | % | 651 | 1.6 | % | 1,456 | ||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 77 | % | 861 | 1.1 | % | 845 | 4 | 1,114 | 77 | % | 861 | 1.0 | % | 839 | ||||||||||||||||||||||||||||||||
Non-Target Florida |
9 | 2,004 | 100 | % | 2,004 | 1.8 | % | 635 | 10 | 2,204 | 100 | % | 2,204 | 2.0 | % | 647 | ||||||||||||||||||||||||||||||||
Norfolk Richmond |
6 | 1,643 | 94 | % | 1,551 | 2.6 | % | 938 | 6 | 1,643 | 94 | % | 1,551 | 2.6 | % | 937 | ||||||||||||||||||||||||||||||||
Providence, RI |
2 | 708 | 100 | % | 708 | 0.9 | % | 1,076 | 2 | 708 | 100 | % | 708 | 1.1 | % | 1,078 | ||||||||||||||||||||||||||||||||
Other Markets |
5 | 3,024 | 95 | % | 2,867 | 2.8 | % | 694 | 14 | 5,290 | 90 | % | 4,779 | 4.5 | % | 673 | ||||||||||||||||||||||||||||||||
Total Other |
38 | 14,084 | 95 | % | 13,314 | 15.3 | % | 791 | 52 | 17,300 | 92 | % | 15,896 | 17.3 | % | 773 | ||||||||||||||||||||||||||||||||
Grand Total |
218 | 68,645 | 92 | % | 63,410 | 100.0 | % | $ | 1,060 | 239 | 73,234 | 90 | % | 65,861 | 100.0 | % | $ | 1,034 | ||||||||||||||||||||||||||||||
[1] | For the quarters ended March 31, 2011 and 2010, Aimcos conventional portfolio included assets in 17 and 18 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit. |
AIMCO 1st Quarter 2011 | Page 13 |
Supplemental Schedule 7(b)
Total Conventional Portfolio Data by Market
Fourth Quarter 2010 Market Information
(unaudited)
Fourth Quarter 2010 Market Information
(unaudited)
Aimcos portfolio strategy focuses on the ownership of a broadly diversified portfolio of B/B+
assets with properties concentrated in the 20 largest U.S. markets as measured by total apartment
value, with a target allocation to Conventional Properties of 90%. Aimco measures Conventional
Property asset quality based on average rents compared to local market average rents as reported by
REIS (a third-party provider of commercial real estate performance and analysis), with A-quality
assets earning rents greater than 125% of local market average, B-quality assets earning rents 90%
to 125% of local market average and C-quality assets earning rents less than 90% of local market
average. Aimcos geographic allocation strategy focuses on the 20 largest U.S. markets, with
market quality measured in part based on long-term growth characteristics.
The following schedule illustrates Aimcos Conventional Property portfolio quality and market
growth projections based on 4Q 2010 data, as this is the most recent period for which third-party
data is available.
Quarter Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||
2011 - 2013 | ||||||||||||||||||||||||||||||||||||
+/- Market | Projected | |||||||||||||||||||||||||||||||||||
Effective | Average | Market Rent | Rent | Revenue | ||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Rent | [1] | Average | Growth [2] | ||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||
Los Angeles |
14 | 4,645 | 86 | % | 3,993 | 9.7 | % | $ | 1,979 | $ | 1,347 | 47.0 | % | 3.8 | % | |||||||||||||||||||||
Orange County |
4 | 1,213 | 94 | % | 1,143 | 2.6 | % | 1,517 | 1,461 | 3.8 | % | 4.6 | % | |||||||||||||||||||||||
San Diego |
6 | 2,143 | 97 | % | 2,073 | 4.3 | % | 1,229 | 1,299 | -5.3 | % | 4.7 | % | |||||||||||||||||||||||
Southern CA Total |
24 | 8,001 | 90 | % | 7,209 | 16.6 | % | 1,685 | 1,352 | 24.6 | % | 4.1 | % | |||||||||||||||||||||||
East Bay |
2 | 413 | 86 | % | 353 | 0.6 | % | 1,212 | 1,276 | -5.0 | % | 4.5 | % | |||||||||||||||||||||||
San Jose |
1 | 224 | 100 | % | 224 | 0.5 | % | 1,456 | 1,459 | -0.2 | % | 5.5 | % | |||||||||||||||||||||||
San Francisco |
6 | 1,083 | 100 | % | 1,083 | 1.7 | % | 1,487 | 1,775 | -16.2 | % | 4.5 | % | |||||||||||||||||||||||
Northern CA Total |
9 | 1,720 | 97 | % | 1,660 | 2.8 | % | 1,402 | 1,579 | -11.2 | % | 4.6 | % | |||||||||||||||||||||||
Seattle |
3 | 413 | 75 | % | 310 | 0.7 | % | 1,211 | 975 | 24.2 | % | 4.4 | % | |||||||||||||||||||||||
Pacific Total |
36 | 10,134 | 91 | % | 9,179 | 20.1 | % | 1,619 | 1,370 | 18.2 | % | 4.2 | % | |||||||||||||||||||||||
Manhattan |
22 | 957 | 100 | % | 957 | 3.8 | % | 2,441 | 2,782 | -12.3 | % | 5.1 | % | |||||||||||||||||||||||
Suburban New
York New Jersey |
4 | 1,162 | 81 | % | 944 | 1.7 | % | 1,180 | 1,449 | -18.5 | % | 3.1 | % | |||||||||||||||||||||||
New York Total |
26 | 2,119 | 90 | % | 1,901 | 5.5 | % | 1,758 | 2,051 | -14.3 | % | 4.4 | % | |||||||||||||||||||||||
Washington NoVA MD |
17 | 8,015 | 88 | % | 7,048 | 13.8 | % | 1,219 | 1,403 | -13.1 | % | 5.1 | % | |||||||||||||||||||||||
Boston |
11 | 4,129 | 100 | % | 4,129 | 7.2 | % | 1,160 | 1,649 | -29.7 | % | 5.1 | % | |||||||||||||||||||||||
Philadelphia |
7 | 3,888 | 91 | % | 3,541 | 6.9 | % | 1,227 | 1,003 | 22.4 | % | 3.9 | % | |||||||||||||||||||||||
Northeast Total |
61 | 18,151 | 92 | % | 16,619 | 33.4 | % | 1,273 | 1,452 | -12.3 | % | 4.7 | % | |||||||||||||||||||||||
Miami |
5 | 2,471 | 95 | % | 2,359 | 6.3 | % | 1,540 | 1,032 | 49.2 | % | 3.6 | % | |||||||||||||||||||||||
Palm Beach Fort
Lauderdale |
4 | 1,265 | 93 | % | 1,179 | 1.1 | % | 829 | 1,048 | -20.8 | % | 4.3 | % | |||||||||||||||||||||||
Orlando |
9 | 2,836 | 92 | % | 2,620 | 2.6 | % | 727 | 805 | -9.7 | % | 4.1 | % | |||||||||||||||||||||||
Tampa |
6 | 1,755 | 92 | % | 1,621 | 1.7 | % | 710 | 791 | -10.3 | % | 4.5 | % | |||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 85 | % | 1,404 | 1.5 | % | 760 | 755 | 0.6 | % | 3.7 | % | |||||||||||||||||||||||
Florida Total |
28 | 9,970 | 92 | % | 9,183 | 13.2 | % | 949 | 881 | 7.6 | % | 3.9 | % | |||||||||||||||||||||||
Houston |
7 | 2,835 | 82 | % | 2,313 | 2.0 | % | 671 | 728 | -7.9 | % | 6.0 | % | |||||||||||||||||||||||
Denver |
9 | 2,553 | 78 | % | 1,991 | 3.0 | % | 791 | 812 | -2.5 | % | 4.3 | % | |||||||||||||||||||||||
Phoenix |
17 | 4,420 | 89 | % | 3,912 | 3.4 | % | 592 | 681 | -13.0 | % | 5.1 | % | |||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 100 | % | 569 | 0.5 | % | 697 | 749 | -7.0 | % | 4.4 | % | |||||||||||||||||||||||
Atlanta |
5 | 1,295 | 80 | % | 1,041 | 1.3 | % | 870 | 755 | 15.2 | % | 4.3 | % | |||||||||||||||||||||||
Sunbelt Total |
68 | 21,642 | 88 | % | 19,009 | 23.4 | % | 809 | 801 | 1.1 | % | 4.4 | % | |||||||||||||||||||||||
Chicago |
15 | 4,633 | 94 | % | 4,348 | 7.6 | % | 1,098 | 994 | 10.4 | % | 3.3 | % | |||||||||||||||||||||||
Total Target Markets |
180 | 54,560 | 90 | % | 49,155 | 84.5 | % | 1,127 | 1,128 | 0.0 | % | 4.4 | % | |||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||
Baltimore |
5 | 1,180 | 84 | % | 993 | 1.7 | % | 1,045 | 969 | 7.8 | % | 3.4 | % | |||||||||||||||||||||||
Inland Empire |
2 | 376 | 100 | % | 376 | 0.4 | % | 746 | 994 | -25.0 | % | 4.0 | % | |||||||||||||||||||||||
Michigan |
3 | 3,303 | 100 | % | 3,303 | 2.5 | % | 578 | 762 | -24.1 | % | 2.7 | % | |||||||||||||||||||||||
Minneapolis |
2 | 732 | 89 | % | 651 | 1.7 | % | 1,447 | 904 | 60.1 | % | 3.5 | % | |||||||||||||||||||||||
Nashville |
4 | 1,114 | 77 | % | 861 | 1.1 | % | 840 | 709 | 18.5 | % | 4.3 | % | |||||||||||||||||||||||
Non-Target Florida |
9 | 2,004 | 100 | % | 2,004 | 1.7 | % | 633 | 888 | -28.7 | % | 4.0 | % | |||||||||||||||||||||||
Norfolk Richmond |
6 | 1,643 | 94 | % | 1,551 | 2.5 | % | 937 | 799 | 17.3 | % | 3.3 | % | |||||||||||||||||||||||
Providence RI |
2 | 708 | 100 | % | 708 | 1.2 | % | 1,075 | 1,150 | -6.6 | % | 4.3 | % | |||||||||||||||||||||||
Other Markets |
6 | 3,352 | 89 | % | 2,995 | 2.7 | % | 666 | 819 | -18.7 | % | 3.2 | % | |||||||||||||||||||||||
Total Other |
39 | 14,412 | 93 | % | 13,442 | 15.5 | % | 778 | 842 | -7.6 | % | 3.5 | % | |||||||||||||||||||||||
Grand Total |
219 | 68,972 | 91 | % | 62,597 | 100.0 | % | $ | 1,052 | $ | 1,066 | -1.3 | % | 4.2 | % | |||||||||||||||||||||
[1] | 4Q 2010 REIS | |
[2] | Represents the average of annual revenue growth projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses. |
AIMCO 1st Quarter 2011 | Page 14 |
Supplemental Schedule 8
Property Sales and Acquisition Activity
(dollars in millions, except average rent) (unaudited)
First Quarter 2011 Dispositions
(dollars in millions, except average rent) (unaudited)
First Quarter 2011 Dispositions
Number | Number | NOI | Aimco | Aimco | ||||||||||||||||||||||||||||||||
of | of | Gross | Cap | Property | Net Sales | Gross | Net | Average | ||||||||||||||||||||||||||||
Properties | Units | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||
Conventional |
2 | 478 | $ | 10.5 | 9.7 | % | $ | 6.4 | $ | 3.0 | $ | 5.5 | $ | 3.2 | $ | 462 | ||||||||||||||||||||
Affordable |
5 | 647 | 18.4 | 10.3 | % | 9.3 | 8.3 | 8.7 | 6.0 | 651 | ||||||||||||||||||||||||||
Total Dispositions |
7 | 1,125 | $ | 28.9 | 10.1 | % | $ | 15.7 | $ | 11.3 | $ | 14.2 | $ | 9.2 | $ | 569 | ||||||||||||||||||||
[1] | NOI Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds. | |
[2] | Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties. | |
[3] | Year-to-date, Aimco has disposed of Conventional Properties in the following markets: |
Market | Properties | Units | ||||||
Other Markets: |
||||||||
Indianapolis Fort Wayne |
1 | 328 | ||||||
Other Markets |
1 | 150 | ||||||
Total Other |
2 | 478 | ||||||
Total Conventional Dispositions |
2 | 478 | ||||||
First Quarter 2011 Acquisitions
During 2011, Aimco acquired the remaining noncontrolling limited partnership interests in six
consolidated real estate partnerships that own nine properties and in which Aimco affiliates serve
as general partner for a total cost of $6.1 million.
AIMCO 1st Quarter 2011 | Page 15 |
Supplemental Schedule 9
Capital Additions
(in thousands, except per unit data) (unaudited)
(in thousands, except per unit data) (unaudited)
All capital additions are classified as either Capital Replacements (CR), Capital Improvements
(CI), Redevelopment or Casualties. Non-redevelopment and non-casualty capital additions are
apportioned between CR and CI based on the useful life of the capital item under consideration and
the period Aimco has owned the property (i.e., the portion that was consumed during Aimcos
ownership of the item represents CR; the portion of the item that was consumed prior to Aimcos
ownership represents CI). See the Glossary for further descriptions.
Amounts below represent actual additions related to residential properties that are owned and
managed by Aimco at the end of the period. These amounts include consolidated and unconsolidated
properties and are not adjusted for Aimcos ownership interest in such properties. Amounts do not
include capital additions related to:
| properties sold during the period or properties held for sale at the end of the period; | ||
| properties that are not multi-family such as commercial properties or fitness facilities; and | ||
| properties that Aimco owns but does not manage. |
See the Glossary for a reconciliation of these amounts to GAAP capital additions.
Actual Additions | ||||||||||||
Three Months Ended March 31, 2011 | ||||||||||||
Conventional | Affordable | Total | ||||||||||
Capital Additions |
||||||||||||
Capital Replacements |
||||||||||||
Buildings and grounds |
$ | 3,890 | $ | 1,413 | $ | 5,303 | ||||||
Turnover capital additions |
3,844 | 998 | 4,842 | |||||||||
Capitalized site payroll and indirect costs |
2,466 | 454 | 2,920 | |||||||||
Total Capital Replacements |
10,200 | 2,865 | 13,065 | |||||||||
Capital Improvements |
4,288 | 1,393 | 5,681 | |||||||||
Redevelopment Additions |
4,885 | (225 | ) | 4,660 | ||||||||
Casualties |
3,350 | 252 | 3,602 | |||||||||
Total Capital Additions |
$ | 22,723 | $ | 4,285 | $ | 27,008 | ||||||
Capital Replacements and Improvements per Unit |
||||||||||||
Total units |
66,954 | 19,516 | 86,470 | |||||||||
Total Capital Replacements per unit |
$ | 152 | $ | 147 | $ | 151 | ||||||
Capital Improvements per unit |
64 | 71 | 66 | |||||||||
Total Capital Replacements and Improvements per unit |
$ | 216 | $ | 218 | $ | 217 | ||||||
AIMCO 1st Quarter 2011 | Page 16 |
Glossary and Reconciliations of Non-GAAP Financial and Operating Measures
This Earnings Release and Supplemental Information include certain financial measures used
by Aimco management that are not calculated in accordance with accounting principles generally
accepted in the United States, or GAAP. Aimcos definition and calculation 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.
ACQUISITION PROPERTIES: Properties that have been acquired during the twelve months prior to
the current quarter-end that have not reached a stabilized level of occupancy during the current
period and each period for which comparable results are presented.
ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is Pro forma FFO, as defined below, less Capital
Replacement additions, also defined below, and adjusted for the Aimco Operating Partnerships
share of such Capital Replacements. Similar to FFO, AFFO is helpful to investors in
understanding Aimcos performance because it captures features particular to real estate
performance by recognizing that real estate generally appreciates over time or maintains
residual value to a much greater extent than do other depreciating assets such as machinery,
computers or other personal property. There can be no assurance that Aimcos method for
computing AFFO is comparable with that of other real estate investment trusts.
AFFORDABLE PROPERTIES: Affordable Properties benefit from governmental programs intended to
provide housing to people with low or moderate incomes. These programs, which are usually
administered by the U.S. Department of Housing and Urban Development (HUD) or state housing
finance agencies, typically provide mortgage insurance, favorable financing terms, tax credit
equity, or rental assistance payments to the property owners. Under these programs, rent
adjustments are made in accordance with property-specific contracts between Aimco and HUD, with
rent increases generally based on an adjustment factor set by HUD annually. Aimco targets an
investment in Affordable Properties of 10% or less of Net Asset Value, which serves to offset
the volatility of our Conventional portfolio; provide revenue growth that over time is similar
to that of Conventional Properties; expand our investment opportunities; and provide helpful
positioning with government bodies, benefiting Aimcos business overall.
AIMCO OPERATING PARTNERSHIP: AIMCO Properties, L.P., a Delaware limited partnership, is the
operating partnership in Aimcos UPREIT structure. Aimco owns approximately 93% of the common
partnership units of the Aimco Operating Partnership.
AIMCO PROPORTIONATE FINANCIAL INFORMATION: Non-GAAP measures representing Aimcos share of
financial information discussed in this Earnings Release and Supplemental Information. Aimcos
proportionate share of financial information includes Aimcos share of unconsolidated real
estate partnerships and excludes noncontrolling interests in consolidated real estate
partnerships. Proportionate reporting benefits the users of Aimcos financial information by
providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco
stockholders. Aimco also refers to this measure as Aimcos Share of financial information.
See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimcos proportionate share of
financial results to Aimcos consolidated financial statements.
AIMCO 1st Quarter 2011 | Page 17 |
CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION
CAPITAL IMPROVEMENTS (CI): CI additions include all non-redevelopment capital additions
that are made to enhance the value, profitability or useful life of an asset from its
original purchase condition. |
CAPITAL REPLACEMENTS (CR): Unlike CI additions, CR additions do not increase the useful
life of an asset from its original purchase condition. They represent the share of additions
that are deemed to replace the consumed portion of acquired capital assets. CR additions are
deducted in the calculation of AFFO. |
CASUALTY CAPITAL ADDITIONS: Capitalized costs incurred in connection with casualty losses
and are associated with the restoration of the asset. A portion of the restoration costs is
reimbursed by insurance carriers net of deductibles associated with each loss. |
Supplemental Schedule 9 contains capital additions information related to (1) residential
properties that Aimco owns and manages at the end of the period, (2) properties that are
consolidated in Aimcos GAAP financial statements, and (3) properties that are accounted for
under the equity method of accounting in Aimcos GAAP financial statements. Amounts do not
include capital additions related to: |
| consolidated properties sold during the period or properties held for sale at the end
of the period; |
| consolidated properties that are not multi-family such as commercial properties or
fitness facilities; or |
| consolidated properties that Aimco owns but does not manage. |
Aimco believes the capital addition detail provided in Supplemental Schedule 9 provides an
enhanced understanding of capital additions related to our primary business of owning and
operating apartment communities. A reconciliation of capital additions presented on
Supplemental Schedule 9 to Aimcos consolidated GAAP information is presented below. |
Three Months Ended | ||||
(in thousands) (unaudited) | March 31, 2011 | |||
Capital Additions per Schedule 9 |
$ | 27,008 | ||
Capital additions related to: |
||||
Unconsolidated real estate partnerships |
(37 | ) | ||
Consolidated sold and held for sale properties |
93 | |||
Consolidated properties that are not multi-family,
such as commercial properties or fitness facilities |
99 | |||
Consolidated capital additions |
$ | 27,163 | ||
CONVENTIONAL PROPERTIES: Conventional Properties represent Aimcos portfolio of market-rate
apartment communities. Aimco focuses on owning and operating apartment communities with rents
that are 100% to 125% of local market average rents and concentrates its investment in the 20
largest apartment markets in the United States, as measured by apartment value. Aimco targets
an investment in Conventional Properties of 90% or more of Net Asset Value.
DEBT SERVICE COVERAGE RATIO: As defined in Aimcos credit agreement, the ratio of (a) Aimcos
adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced
by certain capital expenditure reserves) to (b) the actual debt service, for the four fiscal
quarters preceding the date of calculation.
EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimcos ownership share. Effective
Units may be used to analyze Aimcos proportionate financial measures on a per-unit basis.
AIMCO 1st Quarter 2011 | Page 18 |
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA): EBITDA is equal to
Aimcos adjusted total earnings before interest, taxes, depreciation and amortization as defined
in Aimcos credit agreement before capital addition reserves provided for in Aimcos credit
agreement. EBITDA is the numerator used in Aimcos calculation of EBITDA Coverage of Interest
Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio.
EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) Aimcos EBITDA to (b) total interest
expense charges, as provided for in Aimcos credit agreement, for the four fiscal quarters
preceding the date of calculation. This ratio is similar to Aimcos Debt Service Coverage Ratio
with the exception that Aimcos EBITDA Coverage of Interest Ratio does not include capital
addition reserves in the numerator and does not include debt amortization or capitalized
interest in the denominator, while Debt Service Coverage Ratio does include these items.
Aimcos credit agreement does not contain any compliance thresholds for the EBITDA Coverage of
Interest Ratio; however, Aimco management uses this ratio as one measure of leverage.
EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) Aimcos EBITDA to
(b) the sum of total interest expense and dividends/distributions on preferred shares/units, as
provided for in Aimcos credit agreement, for the four fiscal quarters preceding the date of
calculation. This ratio is similar to Aimcos Fixed Charge Coverage Ratio with the exception
that Aimcos EBITDA Coverage of Interest and Preferred Dividends Ratio does not include capital
addition reserves in the numerator and does not include debt amortization or capitalized
interest in the denominator, while Fixed Charge Coverage Ratio does include these items.
Aimcos credit agreement does not contain any compliance thresholds for the EBITDA Coverage of
Interest and Preferred Dividends Ratio; however, Aimco management uses this ratio as one measure
of leverage.
FIXED CHARGE COVERAGE RATIO: As defined in Aimcos credit agreement, the ratio of (a) Aimcos
adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced
by certain capital expenditure reserves) to (b) fixed charges, which represents the sum of total
interest expense, debt amortization and dividends/distributions on preferred shares/units, for
the four fiscal quarters preceding the date of calculation.
FEE MANAGED PROPERTIES: Aimco provides property management and/or asset management services for
a portfolio of properties, primarily pursuant to long-term arrangements with affiliated parties.
In certain cases, Aimco may indirectly own generally less than one percent of the operations of
such properties through a partnership syndication or other fund.
FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance, which the
National Association of Real Estate Investment Trusts (NAREIT) defines as net income, computed
in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation
and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. Aimco computes FFO for all periods presented in
accordance with the guidance set forth by NAREITs April 1, 2002 White Paper.
In addition to FFO, Aimco uses PRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO) to measure
performance. Pro forma FFO represents FFO as defined above, excluding operating real estate
impairments and preferred stock redemption related amounts (adjusted for noncontrolling
interests). Both operating real estate impairment losses and preferred stock redemption related
amounts are recurring items that affect Aimcos operating results. Operating real estate
impairment losses, net of related income tax benefits and noncontrolling interests, are excluded
from Pro forma FFO because Aimco believes the inclusion of such losses in FFO is inconsistent
with the treatment of gains on the disposition of operating real estate, which are not included
in FFO. Aimco excludes preferred redemption related amounts (gains or losses) from Pro forma
FFO because such amounts are not representative of operating results.
AIMCO 1st Quarter 2011 | Page 19 |
FFO and Pro forma FFO are helpful to investors in understanding Aimcos performance because they
capture features particular to real estate performance by recognizing that real estate generally
appreciates over time or maintains residual value to a much greater extent than do other
depreciating assets such as machinery, computers or other personal property. There can be no
assurance that Aimcos method for computing FFO is comparable with that of other real estate
investment trusts. Net income (loss) attributable to Aimco common stockholders as determined
in accordance with GAAP is reconciled to FFO and Pro forma FFO as presented on Supplemental
Schedule 1 below.
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(in thousands) (unaudited) | ||||||||
Net loss attributable to Aimco common stockholders |
$ | (31,773 | ) | $ | (40,440 | ) | ||
Adjustments: |
||||||||
Depreciation and amortization |
100,911 | 105,035 | ||||||
Depreciation and amortization related to non-real estate assets |
(3,217 | ) | (3,948 | ) | ||||
Depreciation of rental property related to noncontrolling partners and
unconsolidated entities |
(9,554 | ) | (10,801 | ) | ||||
Gain on dispositions of unconsolidated real estate and other,
net of noncontrolling partners interest |
(120 | ) | (508 | ) | ||||
Discontinued operations: |
||||||||
Gain on dispositions of real estate, net of noncontrolling partners interest |
(6,553 | ) | (17,231 | ) | ||||
Depreciation of rental property, net of noncontrolling partners interest |
394 | 3,659 | ||||||
Income tax expense (benefit) arising from disposals |
178 | (1,052 | ) | |||||
Common noncontrolling interests in Aimco Operating Partnerships share of above adjustments |
(5,700 | ) | (5,237 | ) | ||||
Preferred stock dividends |
12,456 | 12,922 | ||||||
Amounts allocable to partcipating securities |
57 | | ||||||
Funds From Operations |
$ | 57,079 | $ | 42,399 | ||||
Preferred stock dividends |
(12,456 | ) | (12,922 | ) | ||||
Amounts allocable to participating securities |
(232 | ) | (154 | ) | ||||
Funds From Operations Attributable to Aimco Common Stockholders Diluted |
$ | 44,391 | $ | 29,323 | ||||
Operating real estate impairment losses, net of noncontrolling partners interest
and related income tax benefit |
1,474 | 8,209 | ||||||
Common noncontrolling interests in Aimco Operating Partnerships share of above adjustments |
(102 | ) | (571 | ) | ||||
Amounts allocable to participating securities |
(8 | ) | (40 | ) | ||||
Pro Forma Funds From Operations Attributable to Aimco Common Stockholders Diluted |
$ | 45,755 | $ | 36,921 | ||||
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership |
(11,506 | ) | (11,516 | ) | ||||
Amounts allocable to participating securities |
66 | 60 | ||||||
Adjusted Funds From Operations Attributable to Aimco Common Stockholders Diluted |
$ | 34,315 | $ | 25,465 | ||||
Weighted average shares diluted FFO |
117,650 | 116,334 | ||||||
Funds From Operations per share (diluted) |
$ | 0.38 | $ | 0.25 | ||||
Pro forma Funds From Operations per share (diluted) |
$ | 0.39 | $ | 0.32 | ||||
Adjusted Funds From Operations per share (diluted) |
$ | 0.29 | $ | 0.22 |
OTHER AFFORDABLE PROPERTIES: Affordable Properties that do not meet the Same Store property
definition because (1) the property is under redevelopment, (2) the property is not managed by
Aimco, and/or (3) Aimcos ownership in the property is less than 10%.
OTHER CONVENTIONAL PROPERTIES: Conventional Properties that have significant rent control
restrictions, university housing properties and properties that are not multi-family such as
commercial properties or fitness facilities.
OTHER EXPENSES, NET: Other expenses, net includes franchise taxes, risk management activities
related to our unconsolidated partnerships, certain other corporate expenses and partnership
expenses (partnership level expenses incurred directly or indirectly for services such as audit,
tax and legal).
AIMCO 1st Quarter 2011 | Page 20 |
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; off-site
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 considered by many in the real estate industry to be a useful
measure for determining the value of real estate. A reconciliation of NOI as presented in this
Earnings Release and Supplemental Information to Aimcos consolidated GAAP amounts is provided
below and on the following page.
Reconciliation of Proportionate Property NOI Amounts in Supplemental Schedule 1 to Proportionate Property NOI Amounts Included in Aimcos Earnings Release and Supplemental Schedule 6(a)
First Quarter 2011 Compared to First Quarter 2010
(in thousands) (unaudited)
First Quarter 2011 Compared to First Quarter 2010
(in thousands) (unaudited)
Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | |||||||||||||||||||||||||||||||
Properties | Proportionate | Properties | Proportionate | |||||||||||||||||||||||||||||
Proportionate | Owned but | Ownership | Property | Proportionate | Owned but | Ownership | Property | |||||||||||||||||||||||||
Amount | Not Managed | Adjustments | Amount | Amount | Not Managed | Adjustments | Amount | |||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 188,199 | $ | | $ | 1,058 | $ | 189,257 | $ | 182,649 | $ | | $ | 3,610 | $ | 186,259 | ||||||||||||||||
Affordable Same Store |
29,540 | | | 29,540 | 28,001 | | 5 | 28,006 | ||||||||||||||||||||||||
Total Same Store |
217,739 | | 1,058 | 218,797 | 210,650 | | 3,615 | 214,265 | ||||||||||||||||||||||||
Other Conventional |
22,264 | (1,198 | ) | 135 | 21,201 | 22,240 | (1,166 | ) | 371 | 21,445 | ||||||||||||||||||||||
Other Affordable |
6,219 | (2,616 | ) | | 3,603 | 5,693 | (2,382 | ) | | 3,311 | ||||||||||||||||||||||
Total rental and other property revenues |
246,222 | (3,814 | ) | 1,193 | 243,601 | 238,583 | (3,548 | ) | 3,986 | 239,021 | ||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
70,096 | | 714 | 70,810 | 73,992 | | 1,811 | 75,803 | ||||||||||||||||||||||||
Affordable Same Store |
12,486 | | | 12,486 | 13,528 | | 5 | 13,533 | ||||||||||||||||||||||||
Total Same Store |
82,582 | | 714 | 83,296 | 87,520 | | 1,816 | 89,336 | ||||||||||||||||||||||||
Other Conventional |
11,289 | (769 | ) | 78 | 10,598 | 10,996 | (796 | ) | 192 | 10,392 | ||||||||||||||||||||||
Other Affordable |
3,080 | (1,577 | ) | | 1,503 | 3,239 | (1,726 | ) | | 1,513 | ||||||||||||||||||||||
Total property operating expenses |
96,951 | (2,346 | ) | 792 | 95,397 | 101,755 | (2,522 | ) | 2,008 | 101,241 | ||||||||||||||||||||||
Property NOI: |
||||||||||||||||||||||||||||||||
Conventional Same Store |
118,103 | | 344 | 118,447 | 108,657 | | 1,799 | 110,456 | ||||||||||||||||||||||||
Affordable Same Store |
17,054 | | | 17,054 | 14,473 | | | 14,473 | ||||||||||||||||||||||||
Total Same Store |
135,157 | | 344 | 135,501 | 123,130 | | 1,799 | 124,929 | ||||||||||||||||||||||||
Other Conventional |
10,975 | (429 | ) | 57 | 10,603 | 11,244 | (370 | ) | 179 | 11,053 | ||||||||||||||||||||||
Other Affordable |
3,139 | (1,039 | ) | | 2,100 | 2,454 | (656 | ) | | 1,798 | ||||||||||||||||||||||
Net real estate operations |
$ | 149,271 | $ | (1,468 | ) | $ | 401 | $ | 148,204 | $ | 136,828 | $ | (1,026 | ) | $ | 1,978 | $ | 137,780 | ||||||||||||||
% Aimco | ||||||||||||||||||||||||||||||||
1Q 2011 NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||||||
Year-over-Year Change: |
||||||||||||||||||||||||||||||||
Conventional Same Store |
80 | % | 1.6 | % | -6.6 | % | 7.2 | % | ||||||||||||||||||||||||
Affordable Same Store |
12 | % | 5.5 | % | -7.7 | % | 17.8 | % | ||||||||||||||||||||||||
Total Same Store |
92 | % | 2.1 | % | -6.8 | % | 8.5 | % | ||||||||||||||||||||||||
Other Conventional |
7 | % | -1.1 | % | 2.0 | % | -4.1 | % | ||||||||||||||||||||||||
Other Affordable |
1 | % | 8.8 | % | -0.7 | % | 16.8 | % | ||||||||||||||||||||||||
Net real estate operations |
100 | % | 1.9 | % | -5.8 | % | 7.6 | % | ||||||||||||||||||||||||
AIMCO 1st Quarter 2011 | Page 21 |
Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
(in thousands) (unaudited)
Three Months Ended December 31, 2010 | ||||||||||||||||||||||||
Proportionate | ||||||||||||||||||||||||
Share of | Proportionate | |||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Ownership | Property | |||||||||||||||||||
Amounts | Partnerships | Interests | Amount | Adjustments | Amount | |||||||||||||||||||
Conventional Same Store: |
||||||||||||||||||||||||
Rental and other property revenues |
$ | 202,308 | $ | | $ | (15,994 | ) | $ | 186,314 | $ | 2,336 | $ | 188,650 | |||||||||||
Property operating expenses |
74,461 | | (6,255 | ) | 68,206 | 1,170 | 69,376 | |||||||||||||||||
Property NOI |
$ | 127,847 | $ | | $ | (9,739 | ) | $ | 118,108 | $ | 1,166 | $ | 119,274 | |||||||||||
Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)
(in thousands) (unaudited)
Subtract | Add | |||||||||||||||||||||||||||||||
Three Months | Three Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | Y2010 to Y2011 | March 31, 2010 | March 31, 2011 | |||||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||||||||
Classification, | ||||||||||||||||||||||||||||||||
Proportionate | Discontinued | |||||||||||||||||||||||||||||||
Share of | Operations and | TTM | ||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | GAAP Consolidation | Proportionate | Proportionate | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Accounting Changes | Amount | Amount | Amount | |||||||||||||||||||||||||
Rental and other property revenues: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
$ | 816,986 | $ | | $ | (68,608 | ) | $ | 748,378 | $ | (13,491 | ) | $ | (182,649 | ) | $ | 188,199 | $ | 740,437 | |||||||||||||
Other Conventional properties |
82,855 | 4,730 | (8,047 | ) | 79,538 | 10,118 | (22,240 | ) | 22,264 | 89,680 | ||||||||||||||||||||||
Affordable properties |
206,681 | 10,809 | (74,100 | ) | 143,390 | (2,989 | ) | (33,694 | ) | 35,759 | 142,466 | |||||||||||||||||||||
Total rental and other property revenues |
1,106,522 | 15,539 | (150,755 | ) | 971,306 | (6,362 | ) | (238,583 | ) | 246,222 | 972,583 | |||||||||||||||||||||
Property operating expenses: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
312,904 | | (27,519 | ) | 285,385 | (5,090 | ) | (73,992 | ) | 70,096 | 276,399 | |||||||||||||||||||||
Other Conventional properties |
39,687 | 3,008 | (3,941 | ) | 38,754 | 3,079 | (10,996 | ) | 11,289 | 42,126 | ||||||||||||||||||||||
Affordable properties |
99,708 | 6,398 | (39,933 | ) | 66,173 | (1,668 | ) | (16,767 | ) | 15,566 | 63,304 | |||||||||||||||||||||
Total property operating expenses |
452,299 | 9,406 | (71,393 | ) | 390,312 | (3,679 | ) | (101,755 | ) | 96,951 | 381,829 | |||||||||||||||||||||
Net operating income: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
504,082 | | (41,089 | ) | 462,993 | (8,401 | ) | (108,657 | ) | 118,103 | 464,038 | |||||||||||||||||||||
Other Conventional properties |
43,168 | 1,722 | (4,106 | ) | 40,784 | 7,039 | (11,244 | ) | 10,975 | 47,554 | ||||||||||||||||||||||
Affordable properties |
106,973 | 4,411 | (34,167 | ) | 77,217 | (1,321 | ) | (16,927 | ) | 20,193 | 79,162 | |||||||||||||||||||||
Total net operating income |
$ | 654,223 | $ | 6,133 | $ | (79,362 | ) | $ | 580,994 | $ | (2,683 | ) | $ | (136,828 | ) | $ | 149,271 | $ | 590,754 | |||||||||||||
AIMCO 1st Quarter 2011 | Page 22 |
REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been
vacated for major renovations or have not been stabilized in occupancy for at least one year as
of the earliest period presented, or (2) other significant renovation, such as exteriors, common
areas or unit improvements (done upon lease expirations), is underway or has been complete for
less than one year, as of the earliest period presented. In both cases the properties have been
removed from the Same Store portfolio. Redevelopment properties are classified as either
Conventional or Affordable. Aimco combines Affordable Redevelopment Properties with Other
Affordable Properties for financial reporting purposes within its Supplemental Schedules 1 and
2.
SAME STORE PROPERTIES: Same Store properties are those properties (1) that are managed by
Aimco, (2) in which Aimcos ownership exceeds 10%, and (3) that have reached and maintained a
stabilized level of occupancy during the current period and each period for which comparable
results are presented. Same Store properties are classified as either Conventional or
Affordable and properties classified in the consolidated financial statements as held for sale
are not included in Same Store. To ensure comparability between periods, the proportionate
Conventional Same Store information shown on Supplemental Schedules 6a through 6b is based on
Aimcos current period ownership.
AIMCO 1st Quarter 2011 | Page 23 |