Attached files
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8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | c23724e8vk.htm |
Exhibit 99.1
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1 | Earnings Release |
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7 | Consolidated Statements of Operations |
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9 | Consolidated Balance Sheets |
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10 | Schedule 1a Funds from Operations (3Q 2011 v. 3Q 2010) |
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12 | Schedule 1b Funds from Operations (YTD 3Q 2011 v. YTD 3Q 2010) |
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14 | Schedule 2 Portfolio Summary |
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15 | Schedule 3 Net Asset Value Supplemental Information |
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17 | Schedule 4 Property Debt Information |
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19 | Schedule 5 Share Data |
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20 | Schedule 6a Conventional Same Store Operating Results (3Q 2011 v. 3Q 2010) |
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21 | Schedule 6b Conventional Same Store Operating Results (3Q 2011 v. 2Q 2011) |
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22 | Schedule 6c Conventional Same Store Operating Results (YTD 3Q 2011 v. YTD 3Q 2010) |
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23 | Schedule 7a Total Conventional Portfolio Data by Market (3Q 2011 v. 3Q 2010) |
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24 | Schedule 7b Total Conventional Portfolio Data by Market (2Q 2011) |
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25 | Schedule 8 Property Disposition and Acquisition Activity |
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26 | Schedule 9 Capital Additions |
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27 | Glossary and Reconciliations |
Aimco Reports Third Quarter 2011 Results
Denver, Colorado, October 28, 2011 Apartment Investment and Management Company (Aimco)
(NYSE: AIV) announced today its third quarter and year-to-date 2011 results.
Chairman and Chief Executive Officer Terry Considine comments: Aimcos business was good during
the third quarter with strong rental rate growth and real estate investments in both Northern and
Southern California. Going into the fourth quarter, we remain focused on operating our properties
well, reducing off-site costs, lowering our cost of leverage and making accretive investments.
Chief Financial Officer Ernie Freedman adds: Year-to-date, Aimcos Pro forma FFO of $1.22 per
share, excluding one-time items, is up 11% compared to last year. Rental rate growth and diligent
operating cost management have provided for Total Same Store NOI growth of 5.8% and off-site costs
are down approximately 10% year-to-date. We are establishing fourth quarter guidance of $0.39 to
$0.43 per share and narrowing our full year guidance range from $1.45 to $1.51 per share to $1.46
to $1.50 per share.
Financial Results
Pro forma FFO, Excluding One-Time Items, Up 11% Year-to-Date*
THIRD QUARTER | YEAR-TO-DATE | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net loss per share |
$ | (0.12 | ) | $ | (0.25 | ) | $ | (0.67 | ) | $ | (0.75 | ) | ||||
Funds from Operations (FFO) |
$ | 0.36 | $ | 0.42 | $ | 1.01 | $ | 1.07 | ||||||||
Add back (deduct) Aimcos share of operating real estate impairment losses (recoveries) |
$ | 0.04 | $ | (0.01 | ) | $ | 0.08 | $ | 0.09 | |||||||
Add back (deduct) Aimcos share of preferred equity redemption
related amounts |
$ | 0.01 | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) | |||||
Pro forma Funds from Operations (Pro forma FFO) |
$ | 0.41 | $ | 0.40 | $ | 1.07 | $ | 1.13 | ||||||||
Deduct Aimcos share of Capital Replacements |
$ | (0.17 | ) | $ | (0.14 | ) | $ | (0.40 | ) | $ | (0.38 | ) | ||||
Adjusted Funds from Operations (AFFO) |
$ | 0.24 | $ | 0.26 | $ | 0.67 | $ | 0.75 |
* | Year-to-date 2011 Pro forma FFO of $1.07 per share includes a one-time charge of $0.15
per share related to debt prepayment penalties and write-off of deferred loan costs incurred
in connection with a refinancing and securitization transaction completed during the second
quarter. Year-to-date 2010 Pro forma FFO of $1.13 per share includes a net benefit of $0.03
per share related to several, mostly offsetting, one-time items during second quarter 2010.
Excluding these one-time items from each period, year-to-date 2011 Pro forma FFO increased
11% when compared to the same period last year. |
Net loss Net loss attributable to Aimco common stockholders for the quarter was $14.8
million, compared to net loss of $28.5 million for third quarter 2010. Third quarter 2011 net loss
decreased as compared to third quarter 2010 primarily due to: an increase in net operating income
of our properties included in continuing operations, reflecting improved operations; an increase in
income from discontinued operations, net of noncontrolling interest allocations, primarily due to
an increase in gains on dispositions of real estate; and a decrease in depreciation and
amortization expense.
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 $43.6 million,
or $0.36 per share, compared to $48.9 million, or $0.42 per share, in third 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 $49.7 million, or $0.41 per
share, compared to $46.7 million, or $0.40 per share, in third quarter 2010.
1 |
Property Operations
Property operating results discussed below, including property net operating income (NOI),
relate to properties that Aimco owns and manages, and that are classified within continuing
operations. To ensure comparability between periods, results are based on Aimcos current period
ownership. See the Glossary for property definitions and reconciliation of non-GAAP measures and
Schedules 1 and 2 in the Supplemental Information for financial and statistical information for
these portfolios.
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, Acquisition Properties and Other Properties.
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.
Total Same-Store NOI Up 5.8% Year-to-Date
THIRD QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||||||||
Year-over-year Variance | Year-over-year Variance | |||||||||||||||||||||||||||||||
% NOI | Revenue | Expenses | NOI | % NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||
Conventional Same Store |
80 | % | 3.5 | % | 4.3 | % | 3.0 | % | 79 | % | 2.5 | % | -1.3 | % | 4.9 | % | ||||||||||||||||
Affordable Same Store |
13 | % | 3.6 | % | -2.8 | % | 8.6 | % | 12 | % | 4.2 | % | -5.5 | % | 12.4 | % | ||||||||||||||||
Total Same Store |
93 | % | 3.5 | % | 3.1 | % | 3.8 | % | 91 | % | 2.7 | % | -2.0 | % | 5.8 | % | ||||||||||||||||
Other Conventional |
7 | % | -4.2 | % | 1.7 | % | -9.1 | % | 8 | % | -0.6 | % | 0.8 | % | -1.7 | % | ||||||||||||||||
Affordable Redevelopment |
| | | | 1 | % | 5.7 | % | 6.3 | % | 5.4 | % | ||||||||||||||||||||
Total Portfolio |
100 | % | 2.8 | % | 2.9 | % | 2.8 | % | 100 | % | 2.5 | % | -1.6 | % | 5.2 | % |
Conventional Same Store Results In third quarter 2011, the Conventional Same Store
portfolio included 162 communities with 57,209 units, in which Aimco had a weighted average
ownership of 94%.
THIRD QUARTER | THIRD QUARTER | YEAR-TO-DATE | ||||||||||||||||||||||||||||||
Year-over-year | Sequential | Year-over-year | ||||||||||||||||||||||||||||||
2011 | 2010 | Variance | 2nd Qtr | Variance | 2011 | 2010 | Variance | |||||||||||||||||||||||||
Average Daily Occupancy |
95.2 | % | 96.0 | % | -0.8 | % | 95.9 | % | -0.7 | % | 95.9 | % | 95.9 | % | | |||||||||||||||||
Average Rent Per Unit |
$ | 1,094 | $ | 1,061 | 3.1 | % | $ | 1,078 | 1.5 | % | $ | 1,086 | $ | 1,067 | 1.8 | % | ||||||||||||||||
$ in Millions |
||||||||||||||||||||||||||||||||
Revenue |
$ | 186.7 | $ | 180.4 | 3.5 | % | $ | 183.8 | 1.6 | % | $ | 548.0 | $ | 534.6 | 2.5 | % | ||||||||||||||||
Expenses |
(70.1 | ) | (67.2 | ) | 4.3 | % | (66.6 | ) | 5.3 | % | (202.0 | ) | (204.7 | ) | -1.3 | % | ||||||||||||||||
NOI |
$ | 116.6 | $ | 113.2 | 3.0 | % | $ | 117.2 | -0.6 | % | $ | 346.0 | $ | 329.9 | 4.9 | % |
2 |
Rental Rates Accelerating
THIRD | SECOND | FIRST | ||||||||||||||
QUARTER | QUARTER | QUARTER | YEAR-TO-DATE | |||||||||||||
New lease |
6.1 | % | 5.1 | % | 1.9 | % | 4.7 | % | ||||||||
Renewal |
5.6 | % | 3.6 | % | 3.0 | % | 4.4 | % | ||||||||
Weighted
average |
5.8 | % | 4.3 | % | 2.5 | % | 4.6 | % |
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.
Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store
operating results.
Affordable Same Store Results In third quarter 2011, the Affordable Same Store portfolio
included 144 communities with 18,212 units, in which Aimco had a weighted average ownership of 70%.
For third quarter 2011, average month-end occupancy for the affordable portfolio was 97.6%, a
decrease of 0.2% from third quarter 2010, while average rent per unit increased 3.4% from $814 to
$842 per unit.
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 second quarter
2011, the most recent period for which REIS information is available, Aimcos Conventional Property
rents averaged approximately 100% of local market average rents.
For third quarter 2011, average rents for the Conventional portfolio were $1,112 per unit, a 6.9%
increase compared to third quarter 2010, as a result of year-over-year rent growth and the sale of
Conventional properties during 2010 and 2011 with rents substantially lower than those of 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 through limited partnerships. During third quarter 2011, net operating income
generated by Conventional properties located in Aimcos target markets accounted for 85% of total
Conventional Property net operating income, an increase of 2% compared to third quarter 2010.
Acquisitions As previously announced, during third quarter 2011, Aimco acquired a vacant,
126-unit property located in San Franciscos Marin County submarket. Aimco intends to redevelop
the property, increasing its total investment in the property to approximately $65.0 million.
Additionally, Aimco also increased its investment in San Diego, another target market, by acquiring
approximately one half of the ownership of four entities owning four contiguous properties with 142
units located in La Jolla, California and overlooking Tourmaline Beach.
3 |
Dispositions In third quarter 2011, Aimco sold nine Conventional properties and three Affordable
properties with 2,395 and 266 units, respectively, for $154.5 million in gross proceeds. Aimcos
share of net proceeds after distributions to limited partners, repayment of existing property debt
and transaction costs was $60.4 million.
See Supplemental Schedules 7a and 7b for additional details regarding Aimcos Conventional
portfolio quality and capital allocation, and Supplemental Schedule 8 for additional details on
acquisition and disposition activity.
Balance Sheet and Liquidity
Components of Aimco Leverage
AS OF SEPTEMBER 30, 2011 | ||||||||||||||||
Weighted Avg | Weighted Avg | |||||||||||||||
Amount | % of Total | Maturity (Yrs) | Rate | |||||||||||||
Aimco leverage ($ in millions) |
||||||||||||||||
Aimcos share of long-term, non-recourse property debt |
$ | 4,746.2 | 86 | % | 8.2 | 5.47 | % | |||||||||
Revolving credit facility |
26.2 | <1 | % | 1.6 | 5.87 | % | ||||||||||
Subtotal debt |
$ | 4,772.4 | 86 | % | 8.2 | 5.48 | % | |||||||||
Preferred securities |
751.0 | 14 | % | Perpetual | 7.46 | % | ||||||||||
Total leverage |
$ | 5,523.4 | 100 | % | n/a | 5.75 | % |
See Supplemental Schedule 4 for additional details about Aimcos non-recourse property debt
and Supplemental Schedule 5 for information related to Aimcos preferred securities.
Revolving Credit Facility Aimcos recourse debt at September 30, 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 third quarter, Aimco had $26.2 million outstanding on its revolving credit
facility and available capacity was $247.8 million, net of $26.0 million of letters of credit
backed by the facility.
Coverage Ratios Aimcos third quarter EBITDA Coverage of Interest and EBITDA Coverage of
Interest and Preferred Dividends ratios were 2.14:1 and 1.75:1, compared to third quarter 2010
ratios of 2.05:1 and 1.67:1, 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 third quarter 2011, Aimcos Debt Service and Fixed Charge Coverage ratios were
1.60:1 and 1:36.1, compared to covenants in place during the quarter of 1.40:1 and 1:20.1,
respectively, and third quarter 2010 ratios of 1.58:1 and 1.34:1. Aimco expects to remain in
compliance with these covenants.
Equity Activity During third quarter 2011, Aimco issued 0.1 million shares under its Common
Stock At-the-Market (Common Stock ATM) offering program at a weighted average price of $26.33 per
share, generating gross proceeds of $3.0 million. Year-to-date, Aimco has issued 2.9 million
shares under its Common Stock ATM offering program at a weighted average price of $25.27 per share,
generating gross proceeds of $73.6 million, which were used to match-fund investment activity
including partnership transactions, acquisitions, redevelopment and other capital
investment activities.
As previously announced, on July 26, 2011, Aimco priced an underwritten public offering of 800,000
shares of its 7.00% Class Z Cumulative Preferred Stock at $24.25 per share, equating to a yield of
7.216%, for gross proceeds to Aimco of approximately $19.4 million. During third quarter 2011,
Aimco also issued approximately 23,800 shares of Class Z Cumulative Preferred Stock through its
Class Z Preferred Stock At-the-Market offering program (Class Z ATM) at $24.21 per share, equating
to a yield of 7.228%, for gross proceeds to Aimco of approximately $0.6 million. We intend to
accumulate the proceeds from further ATM issuances of our Class Z Preferred Stock and use them for
further redemptions of outstanding preferred securities with higher rates.
4 |
Also during third quarter 2011, Aimco redeemed 862,500 shares, or 25% of the amount outstanding, of
its Class V Cumulative Preferred Stock. This redemption was for cash at a price equal to $25.00
per share, or $21.6 million in aggregate, plus accumulated and unpaid dividends of approximately
$0.2 million.
Dividend Aimcos Board of Directors declared a cash dividend of $0.12 per share on its Class A
Common Stock for the quarter ended September 30, 2011. The dividend is payable November 30, 2011
to shareholders of record on November 18, 2011.
2011 Outlook
FOURTH | ||||
QUARTER | FULL YEAR * | |||
Net loss per share |
-$0.28 to -$0.24 | -$0.95 to -$0.91 | ||
Pro forma FFO per share |
$0.39 to $0.43 | $1.46 to $1.50 | ||
Conventional Same Store Operating Measures |
||||
NOI change compared to prior quarter 2011 |
3.0% to 4.0% | |||
NOI change compared to same period 2010 |
4.0% to 5.0% | 5.0% | ||
Average daily occupancy |
95.7% | |||
Revenue change compared to 2010 |
2.7% | |||
Expense change compared to 2010 |
-1.0% | |||
Affordable Same Store NOI change compared to 2010 |
11.0% | |||
Total Same Store NOI change compared to 2010 |
4.5% to 5.5% | 5.5% | ||
Total Portfolio NOI change compared to 2010 |
4.5% |
* | Full year guidance includes a one-time charge of $0.15 per share related to
debt prepayment penalties and write-off of deferred loan costs incurred in
connection with a refinancing and securitization transaction completed during
second quarter. |
Earnings Conference Call
Live Conference Call
Friday, October 28, 2011 at 1:00 p.m. EDT
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 4623268
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 4623268
Conference Call Replay
Available until 9:00 a.m. EDT on November 7, 2011
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 10004851
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 10004851
Live webcast and replay: www.aimco.com/CorporateInformation/About/Financial/news.aspx
Supplemental Information
The full text of this Earnings Release and the Supplemental Information referenced in this
release are available on Aimcos website
www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.
5 |
Glossary & 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.
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 fourth 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.
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
565 communities serving approximately 500,000 residents in 38 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
Elizabeth Coalson, Vice President Investor Relations
Investor Relations 303-691-4350, Investor@Aimco.com
Investor Relations 303-691-4350, Investor@Aimco.com
6 |
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES: |
||||||||||||||||
Rental and other property revenues |
$ | 269,525 | $ | 263,481 | $ | 805,749 | $ | 788,057 | ||||||||
Asset management and tax credit revenues |
11,885 | 9,711 | 28,772 | 24,208 | ||||||||||||
Total revenues |
281,410 | 273,192 | 834,521 | 812,265 | ||||||||||||
OPERATING EXPENSES: |
||||||||||||||||
Property operating expenses |
119,903 | 116,786 | 356,634 | 362,784 | ||||||||||||
Investment management expenses |
2,386 | 2,609 | 7,604 | 10,979 | ||||||||||||
Depreciation and amortization |
97,321 | 101,704 | 287,739 | 305,066 | ||||||||||||
Provision for operating real estate impairment losses |
149 | | 149 | | ||||||||||||
General and administrative expenses |
12,664 | 12,096 | 36,162 | 39,015 | ||||||||||||
Other expense, net |
4,870 | 4,416 | 13,952 | 2,173 | ||||||||||||
Total operating expenses |
237,293 | 237,611 | 702,240 | 720,017 | ||||||||||||
Operating income |
44,117 | 35,581 | 132,281 | 92,248 | ||||||||||||
Interest income |
3,273 | 2,362 | 7,771 | 7,437 | ||||||||||||
Recovery of (provision for) losses on notes receivable |
233 | (6 | ) | 180 | (284 | ) | ||||||||||
Interest expense |
(73,152 | ) | (74,544 | ) | (243,169 | ) | (225,305 | ) | ||||||||
Equity in losses of unconsolidated real estate partnerships |
(4,987 | ) | (15,653 | ) | (8,432 | ) | (11,799 | ) | ||||||||
Gain on dispositions of unconsolidated real estate and other, net |
3,095 | 883 | 5,115 | 5,368 | ||||||||||||
Loss before income taxes and discontinued operations |
(27,421 | ) | (51,377 | ) | (106,254 | ) | (132,335 | ) | ||||||||
Income tax benefit |
1,110 | 4,385 | 5,704 | 11,042 | ||||||||||||
Loss from continuing operations |
(26,311 | ) | (46,992 | ) | (100,550 | ) | (121,293 | ) | ||||||||
Income from discontinued operations, net [1] |
30,968 | 18,510 | 50,959 | 65,881 | ||||||||||||
Net income (loss) |
4,657 | (28,482 | ) | (49,591 | ) | (55,412 | ) | |||||||||
Noncontrolling interests: |
||||||||||||||||
Net (income) loss attributable to noncontrolling interests in
consolidated real estate partnerships |
(5,464 | ) | 11,213 | 4,612 | 1,795 | |||||||||||
Net (income) loss attributable to preferred noncontrolling interests
in Aimco Operating Partnership |
(1,670 | ) | 84 | (5,012 | ) | (3,292 | ) | |||||||||
Net loss attributable to common noncontrolling interests in
Aimco Operating Partnership |
1,035 | 2,263 | 5,838 | 6,644 | ||||||||||||
Total noncontrolling interests |
(6,099 | ) | 13,560 | 5,438 | 5,147 | |||||||||||
Net loss attributable to Aimco |
(1,442 | ) | (14,922 | ) | (44,153 | ) | (50,265 | ) | ||||||||
Net income attributable to Aimco preferred stockholders |
(13,301 | ) | (13,576 | ) | (35,429 | ) | (36,626 | ) | ||||||||
Net income attributable to participating securities |
(58 | ) | (2 | ) | (169 | ) | | |||||||||
Net loss attributable to Aimco common stockholders |
$ | (14,801 | ) | $ | (28,500 | ) | $ | (79,751 | ) | $ | (86,891 | ) | ||||
Weighted average common shares outstanding basic and diluted |
120,339 | 116,434 | 118,939 | 116,264 | ||||||||||||
Earnings (loss) per common share basic and diluted: |
||||||||||||||||
Loss from continuing operations attributable to Aimco
common stockholders |
$ | (0.26 | ) | $ | (0.35 | ) | $ | (0.92 | ) | $ | (1.10 | ) | ||||
Income from discontinued operations attributable to Aimco
common stockholders |
0.14 | 0.10 | 0.25 | 0.35 | ||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (0.12 | ) | $ | (0.25 | ) | $ | (0.67 | ) | $ | (0.75 | ) | ||||
7 |
Consolidated Statements of Operations (continued)
Notes to Consolidated Statements of Operations
[1] | Income from discontinued operations consists of the following (in thousands): |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Rental and other property revenues |
$ | 3,428 | $ | 21,202 | $ | 23,917 | $ | 77,596 | ||||||||
Property operating expenses |
(2,816 | ) | (12,489 | ) | (13,355 | ) | (42,761 | ) | ||||||||
Depreciation and amortization |
(931 | ) | (6,340 | ) | (7,695 | ) | (21,909 | ) | ||||||||
Provision for operating real estate impairment losses |
(5,522 | ) | (1,429 | ) | (11,829 | ) | (9,550 | ) | ||||||||
Operating (loss) income |
(5,841 | ) | 944 | (8,962 | ) | 3,376 | ||||||||||
Interest income |
44 | 111 | 361 | 298 | ||||||||||||
Interest expense |
(862 | ) | (4,082 | ) | (5,252 | ) | (14,209 | ) | ||||||||
Loss before gain on dispositions of real estate and
income taxes |
(6,659 | ) | (3,027 | ) | (13,853 | ) | (10,535 | ) | ||||||||
Gain on dispositions of real estate |
37,467 | 21,084 | 64,901 | 74,406 | ||||||||||||
Income tax benefit (expense) |
160 | 453 | (89 | ) | 2,010 | |||||||||||
Income from discontinued operations, net |
$ | 30,968 | $ | 18,510 | $ | 50,959 | $ | 65,881 | ||||||||
Income from discontinued operations attributable to: |
||||||||||||||||
Noncontrolling interests in consolidated real estate partnerships |
$ | (12,734 | ) | $ | (5,205 | ) | $ | (18,689 | ) | $ | (21,372 | ) | ||||
Noncontrolling interests in Aimco Operating Partnership |
(1,274 | ) | (890 | ) | (2,211 | ) | (2,983 | ) | ||||||||
Total noncontrolling interests |
(14,008 | ) | (6,095 | ) | (20,900 | ) | (24,355 | ) | ||||||||
Income from discontinued operations attributable to Aimco |
$ | 16,960 | $ | 12,415 | $ | 30,059 | $ | 41,526 | ||||||||
8 |
Consolidated Balance Sheets
(in thousands) (unaudited)
September 30, 2011 | December 31, 2010 | |||||||
ASSETS |
||||||||
Buildings and improvements |
$ | 6,959,172 | $ | 6,979,467 | ||||
Land |
2,097,137 | 2,084,987 | ||||||
Total real estate |
9,056,309 | 9,064,454 | ||||||
Accumulated depreciation |
(2,876,894 | ) | (2,766,897 | ) | ||||
Net real estate |
6,179,415 | 6,297,557 | ||||||
Cash and cash equivalents |
75,831 | 111,325 | ||||||
Restricted cash |
209,481 | 200,025 | ||||||
Accounts receivable, net |
40,848 | 49,855 | ||||||
Deferred financing costs, net |
46,670 | 46,454 | ||||||
Notes receivable, net |
114,630 | 116,726 | ||||||
Investment in unconsolidated real estate partnerships |
63,942 | 59,282 | ||||||
Other assets |
250,296 | 199,886 | ||||||
Deferred income tax assets, net |
61,589 | 58,736 | ||||||
Assets held for sale |
| 238,720 | ||||||
Total assets |
$ | 7,042,702 | $ | 7,378,566 | ||||
LIABILITIES AND EQUITY |
||||||||
Non-recourse property debt |
$ | 5,233,525 | $ | 5,291,612 | ||||
Revolving credit facility borrowings |
26,200 | | ||||||
Total indebtedness |
5,259,725 | 5,291,612 | ||||||
Accounts payable |
24,999 | 27,322 | ||||||
Accrued liabilities and other |
278,606 | 297,121 | ||||||
Deferred income |
150,357 | 150,453 | ||||||
Security deposits |
34,516 | 33,829 | ||||||
Liabilities related to assets held for sale |
| 168,029 | ||||||
Total liabilities |
5,748,203 | 5,968,366 | ||||||
Preferred noncontrolling interests in Aimco Operating Partnership |
83,385 | 83,428 | ||||||
Preferred stock subject to repurchase agreement |
10,000 | 20,000 | ||||||
Equity: |
||||||||
Perpetual Preferred Stock |
656,015 | 657,601 | ||||||
Class A Common Stock |
1,209 | 1,176 | ||||||
Additional paid-in capital |
3,106,079 | 3,070,296 | ||||||
Accumulated other comprehensive loss |
(8,312 | ) | (2,076 | ) | ||||
Distributions in excess of earnings |
(2,803,679 | ) | (2,680,955 | ) | ||||
Total Aimco equity |
951,312 | 1,046,042 | ||||||
Noncontrolling interests in consolidated real estate partnerships |
279,997 | 291,458 | ||||||
Common noncontrolling interests in Aimco Operating Partnership |
(30,195 | ) | (30,728 | ) | ||||
Total equity |
1,201,114 | 1,306,772 | ||||||
Total liabilities and equity |
$ | 7,042,702 | $ | 7,378,566 | ||||
9 |
Supplemental Schedule 1 (a)
Funds From Operations | (page 1 of 2) | |
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Three Months Ended September 30, 2011 | Three Months Ended September 30, 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 |
$ | 200,556 | $ | | $ | (13,591 | ) | $ | 186,965 | $ | 193,974 | $ | | $ | (17,086 | ) | $ | 176,888 | ||||||||||||||
Affordable Same Store |
44,132 | 174 | (11,591 | ) | 32,715 | 42,686 | 183 | (11,301 | ) | 31,568 | ||||||||||||||||||||||
Total Same Store |
244,688 | 174 | (25,182 | ) | 219,680 | 236,660 | 183 | (28,387 | ) | 208,456 | ||||||||||||||||||||||
Other Conventional [1] |
19,954 | 1,739 | (977 | ) | 20,716 | 21,236 | 1,196 | (1,340 | ) | 21,092 | ||||||||||||||||||||||
Other Affordable |
4,689 | 12,370 | (14,078 | ) | 2,981 | 4,935 | 2,180 | (3,726 | ) | 3,389 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates |
194 | (176 | ) | 1,850 | 1,868 | 650 | (151 | ) | 1,717 | 2,216 | ||||||||||||||||||||||
Total rental and other property revenues |
269,525 | 14,107 | (38,387 | ) | 245,245 | 263,481 | 3,408 | (31,736 | ) | 235,153 | ||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
75,058 | | (5,144 | ) | 69,914 | 72,372 | | (6,707 | ) | 65,665 | ||||||||||||||||||||||
Affordable Same Store |
18,856 | 115 | (5,594 | ) | 13,377 | 19,084 | 121 | (5,447 | ) | 13,758 | ||||||||||||||||||||||
Total Same Store |
93,914 | 115 | (10,738 | ) | 83,291 | 91,456 | 121 | (12,154 | ) | 79,423 | ||||||||||||||||||||||
Other Conventional [1] |
9,833 | 867 | (578 | ) | 10,122 | 9,675 | 655 | (627 | ) | 9,703 | ||||||||||||||||||||||
Other Affordable |
2,635 | 7,024 | (8,062 | ) | 1,597 | 2,663 | 1,228 | (1,987 | ) | 1,904 | ||||||||||||||||||||||
Casualties |
2,782 | | (315 | ) | 2,467 | 1,781 | (5 | ) | 305 | 2,081 | ||||||||||||||||||||||
Property management expenses |
10,739 | | | 10,739 | 11,211 | | | 11,211 | ||||||||||||||||||||||||
Total property operating expenses |
119,903 | 8,006 | (19,693 | ) | 108,216 | 116,786 | 1,999 | (14,463 | ) | 104,322 | ||||||||||||||||||||||
Net real estate operations |
149,622 | 6,101 | (18,694 | ) | 137,029 | 146,695 | 1,409 | (17,273 | ) | 130,831 | ||||||||||||||||||||||
Amortization of deferred tax credit income |
7,038 | | | 7,038 | 7,129 | | | 7,129 | ||||||||||||||||||||||||
Asset management revenues |
(19 | ) | | 1,363 | 1,344 | 75 | (67 | ) | 866 | 874 | ||||||||||||||||||||||
Non-recurring revenues [2] |
4,866 | | 489 | 5,355 | 2,507 | | 10 | 2,517 | ||||||||||||||||||||||||
Total asset management and tax credit revenues |
11,885 | | 1,852 | 13,737 | 9,711 | (67 | ) | 876 | 10,520 | |||||||||||||||||||||||
Investment management expenses |
(2,386 | ) | | | (2,386 | ) | (2,609 | ) | | | (2,609 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
(3,372 | ) | (1 | ) | 48 | (3,325 | ) | (3,498 | ) | (1 | ) | 54 | (3,445 | ) | ||||||||||||||||||
General and administrative expenses |
(12,664 | ) | (6 | ) | 229 | (12,441 | ) | (12,096 | ) | (7 | ) | 154 | (11,949 | ) | ||||||||||||||||||
Other (expense) income, net |
(4,870 | ) | (253 | ) | 1,164 | (3,959 | ) | (4,416 | ) | (6,070 | ) | 6,913 | (3,573 | ) | ||||||||||||||||||
Interest income |
3,273 | 10 | 187 | 3,470 | 2,362 | (55 | ) | 725 | 3,032 | |||||||||||||||||||||||
Recovery of (provision for) losses on notes receivable |
233 | | 32 | 265 | (6 | ) | | 244 | 238 | |||||||||||||||||||||||
Interest expense |
(73,152 | ) | (2,942 | ) | 10,005 | (66,089 | ) | (74,544 | ) | (702 | ) | 9,522 | (65,724 | ) | ||||||||||||||||||
Income tax benefit |
1,115 | | | 1,115 | 4,390 | | | 4,390 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items |
(74 | ) | | 382 | 308 | 5,109 | | (1,364 | ) | 3,745 | ||||||||||||||||||||||
Preferred dividends and distributions |
(14,183 | ) | | | (14,183 | ) | (15,257 | ) | | | (15,257 | ) | ||||||||||||||||||||
Preferred redemption related amounts |
(788 | ) | | | (788 | ) | 1,765 | | | 1,765 | ||||||||||||||||||||||
Operating real estate impairment (losses) recoveries, net |
(5,722 | ) | (4,523 | ) | 4,475 | (5,770 | ) | (41 | ) | (9,958 | ) | 10,696 | 697 | |||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(3,163 | ) | | | (3,163 | ) | (3,525 | ) | | | (3,525 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(175 | ) | | | (175 | ) | (193 | ) | | | (193 | ) | ||||||||||||||||||||
Funds From Operations |
45,579 | (1,614 | ) | (320 | ) | 43,645 | 53,847 | (15,451 | ) | 10,547 | 48,943 | |||||||||||||||||||||
Operating real estate impairment losses (recoveries), net |
5,722 | 4,523 | (4,475 | ) | 5,770 | 41 | 9,958 | (10,696 | ) | (697 | ) | |||||||||||||||||||||
Preferred stock redemption related gains |
788 | | | 788 | (1,765 | ) | | | (1,765 | ) | ||||||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(448 | ) | | | (448 | ) | 172 | | | 172 | ||||||||||||||||||||||
Amounts allocated to participating securities |
(24 | ) | | | (24 | ) | 12 | | | 12 | ||||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 51,617 | $ | 2,909 | $ | (4,795 | ) | $ | 49,731 | $ | 52,307 | $ | (5,493 | ) | $ | (149 | ) | $ | 46,665 | |||||||||||||
Weighted average shares diluted FFO | 120,670 | Weighted average shares diluted FFO | 116,730 | |||||||||||||||||||||||||||||
Per Share: | Per Share: | |||||||||||||||||||||||||||||||
Funds From Operations | $ | 0.36 | Funds From Operations | $ | 0.42 | |||||||||||||||||||||||||||
Pro Forma Funds From Operations | $ | 0.41 | Pro Forma Funds From Operations | $ | 0.40 |
10 |
Supplemental Schedule 1 (a) (continued)
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) | |
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Three Months Ended September 30, 2011 | Three Months Ended September 30, 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 |
$ | 51,617 | $ | 2,909 | $ | (4,795 | ) | $ | 49,731 | $ | 52,307 | $ | (5,493 | ) | $ | (149 | ) | $ | 46,665 | |||||||||||||
Adjustments related to continuing operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(97,321 | ) | (3,725 | ) | 11,325 | (89,721 | ) | (101,704 | ) | (2,492 | ) | 11,251 | (92,945 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
3,372 | 1 | (48 | ) | 3,325 | 3,498 | 1 | (54 | ) | 3,445 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(149 | ) | | | (149 | ) | | | | | ||||||||||||||||||||||
Income tax benefit on real estate impairment losses |
(14 | ) | | | (14 | ) | | | | | ||||||||||||||||||||||
Gain on dispositions of and impairments related
to unconsolidated entities and other |
3,095 | (4,172 | ) | 1,242 | 165 | 882 | (7,669 | ) | 4,332 | (2,455 | ) | |||||||||||||||||||||
Income tax benefit on gain on dispositions of real
estate related to unconsolidated entities |
(6 | ) | | | (6 | ) | (2 | ) | | | (2 | ) | ||||||||||||||||||||
Adjustments related to discontinued operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(931 | ) | | 80 | (851 | ) | (6,340 | ) | | 1,264 | (5,076 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
5 | | (1 | ) | 4 | 34 | | (9 | ) | 25 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(5,522 | ) | | | (5,522 | ) | (1,429 | ) | | 2,287 | 858 | |||||||||||||||||||||
Gain on dispositions of real estate |
37,467 | | (13,267 | ) | 24,200 | 21,084 | | (7,709 | ) | 13,375 | ||||||||||||||||||||||
Income tax expense arising from disposals |
37 | | | 37 | 48 | | | 48 | ||||||||||||||||||||||||
Total adjustments |
$ | (59,967 | ) | $ | (7,896 | ) | $ | (669 | ) | $ | (68,532 | ) | $ | (83,929 | ) | $ | (10,160 | ) | $ | 11,362 | $ | (82,727 | ) | |||||||||
Common noncontrolling interests in Aimco Operating
Partnerships share of adjustments |
4,646 | | | 4,646 | 5,616 | | | 5,616 | ||||||||||||||||||||||||
Amounts allocable to participating securities |
142 | | | 142 | 181 | | | 181 | ||||||||||||||||||||||||
Preferred stock redemption related gains |
(788 | ) | | | (788 | ) | 1,765 | | | 1,765 | ||||||||||||||||||||||
Equity in losses of unconsolidated real estate
partnerships |
(4,987 | ) | 4,987 | | | (15,653 | ) | 15,653 | | | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests in
consolidated real estate partnerships |
(5,464 | ) | | 5,464 | | 11,213 | | (11,213 | ) | | ||||||||||||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (14,801 | ) | $ | | $ | | $ | (14,801 | ) | $ | (28,500 | ) | $ | | $ | | $ | (28,500 | ) | ||||||||||||
Notes
[1] | The results for Other Conventional include four acquisition properties and three vacant
properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops), and Madera Vista for the periods
presented. |
|
[2] | Non-recurring revenues consisted of the following: |
Three Months | Three Months | |||||||
Ended | Ended | |||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Promotes |
$ | | $ | 2,376 | ||||
Other GP transactional fees |
3,611 | 76 | ||||||
Tax credit syndication fees |
1,255 | 55 | ||||||
Total non-recurring revenues |
$ | 4,866 | $ | 2,507 | ||||
11 |
Supplemental Schedule 1 (b)
Funds From Operations | (page 1 of 2) | |
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 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 |
$ | 594,431 | $ | | $ | (41,699 | ) | $ | 552,732 | $ | 580,197 | $ | | $ | (51,180 | ) | $ | 529,017 | ||||||||||||||
Affordable Same Store |
132,077 | 531 | (34,661 | ) | 97,947 | 126,827 | 539 | (33,535 | ) | 93,831 | ||||||||||||||||||||||
Total Same Store |
726,508 | 531 | (76,360 | ) | 650,679 | 707,024 | 539 | (84,715 | ) | 622,848 | ||||||||||||||||||||||
Other Conventional [1] |
62,933 | 4,126 | (3,110 | ) | 63,949 | 63,847 | 3,543 | (4,007 | ) | 63,383 | ||||||||||||||||||||||
Other Affordable |
15,259 | 31,148 | (37,887 | ) | 8,520 | 15,146 | 6,842 | (13,355 | ) | 8,633 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates |
1,049 | (490 | ) | 4,926 | 5,485 | 2,040 | (518 | ) | 5,088 | 6,610 | ||||||||||||||||||||||
Total rental and other property revenues |
805,749 | 35,315 | (112,431 | ) | 728,633 | 788,057 | 10,406 | (96,989 | ) | 701,474 | ||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
219,363 | | (16,038 | ) | 203,325 | 222,737 | | (20,586 | ) | 202,151 | ||||||||||||||||||||||
Affordable Same Store |
56,751 | 401 | (16,613 | ) | 40,539 | 58,830 | 395 | (16,914 | ) | 42,311 | ||||||||||||||||||||||
Total Same Store |
276,114 | 401 | (32,651 | ) | 243,864 | 281,567 | 395 | (37,500 | ) | 244,462 | ||||||||||||||||||||||
Other Conventional [1] |
29,964 | 2,413 | (1,541 | ) | 30,836 | 29,845 | 2,232 | (1,981 | ) | 30,096 | ||||||||||||||||||||||
Other Affordable |
8,611 | 19,397 | (23,070 | ) | 4,938 | 8,351 | 4,039 | (7,362 | ) | 5,028 | ||||||||||||||||||||||
Casualties |
10,136 | (11 | ) | 24 | 10,149 | 7,653 | 21 | 642 | 8,316 | |||||||||||||||||||||||
Property management expenses |
31,809 | | | 31,809 | 35,368 | | | 35,368 | ||||||||||||||||||||||||
Total property operating expenses |
356,634 | 22,200 | (57,238 | ) | 321,596 | 362,784 | 6,687 | (46,201 | ) | 323,270 | ||||||||||||||||||||||
Net real estate operations |
449,115 | 13,115 | (55,193 | ) | 407,037 | 425,273 | 3,719 | (50,788 | ) | 378,204 | ||||||||||||||||||||||
Amortization of deferred tax credit income |
21,204 | | | 21,204 | 20,741 | | | 20,741 | ||||||||||||||||||||||||
Asset management revenues |
1,504 | | 2,561 | 4,065 | 422 | (67 | ) | 2,771 | 3,126 | |||||||||||||||||||||||
Non-recurring revenues [2] |
6,064 | | 491 | 6,555 | 3,045 | | 247 | 3,292 | ||||||||||||||||||||||||
Total asset management and tax credit revenues |
28,772 | | 3,052 | 31,824 | 24,208 | (67 | ) | 3,018 | 27,159 | |||||||||||||||||||||||
Investment management expenses |
(7,604 | ) | | | (7,604 | ) | (10,979 | ) | | | (10,979 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
(9,833 | ) | (3 | ) | 142 | (9,694 | ) | (11,238 | ) | (4 | ) | 169 | (11,073 | ) | ||||||||||||||||||
General and administrative expenses |
(36,162 | ) | (8 | ) | 830 | (35,340 | ) | (39,015 | ) | (14 | ) | 1,040 | (37,989 | ) | ||||||||||||||||||
Other (expense) income, net |
(13,952 | ) | (116 | ) | 5,990 | (8,078 | ) | (2,173 | ) | (4,029 | ) | 7,402 | 1,200 | |||||||||||||||||||
Interest income |
7,771 | (105 | ) | 739 | 8,405 | 7,437 | (140 | ) | 1,928 | 9,225 | ||||||||||||||||||||||
Recovery of (provision for) losses on notes receivable |
180 | | (1,286 | ) | (1,106 | ) | (284 | ) | | (1,721 | ) | (2,005 | ) | |||||||||||||||||||
Interest expense |
(243,169 | ) | (7,476 | ) | 33,302 | (217,343 | ) | (225,305 | ) | (2,124 | ) | 29,248 | (198,181 | ) | ||||||||||||||||||
Gain on disposition of non-depreciable assets |
(69 | ) | | | (69 | ) | | | | | ||||||||||||||||||||||
Income tax benefit |
5,749 | | | 5,749 | 11,051 | | | 11,051 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items |
5,766 | | 611 | 6,377 | 21,871 | | (2,338 | ) | 19,533 | |||||||||||||||||||||||
Preferred dividends and distributions |
(42,401 | ) | | | (42,401 | ) | (44,462 | ) | | | (44,462 | ) | ||||||||||||||||||||
Preferred redemption related amounts |
1,961 | | | 1,961 | 4,544 | | | 4,544 | ||||||||||||||||||||||||
Operating real estate impairment losses, net |
(12,472 | ) | (5,536 | ) | 8,058 | (9,950 | ) | (11,947 | ) | (11,055 | ) | 11,788 | (11,214 | ) | ||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(8,905 | ) | | | (8,905 | ) | (9,247 | ) | | | (9,247 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(527 | ) | | | (527 | ) | (537 | ) | | | (537 | ) | ||||||||||||||||||||
Funds From Operations |
124,220 | (129 | ) | (3,755 | ) | 120,336 | 139,197 | (13,714 | ) | (254 | ) | 125,229 | ||||||||||||||||||||
Operating real estate impairment losses, net |
12,472 | 5,536 | (8,058 | ) | 9,950 | 11,947 | 11,055 | (11,788 | ) | 11,214 | ||||||||||||||||||||||
Preferred stock redemption related gains |
(1,961 | ) | | | (1,961 | ) | (4,544 | ) | | | (4,544 | ) | ||||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(547 | ) | | | (547 | ) | (464 | ) | | | (464 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(34 | ) | | | (34 | ) | (33 | ) | | | (33 | ) | ||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 134,150 | $ | 5,407 | $ | (11,813 | ) | $ | 127,744 | $ | 146,103 | $ | (2,659 | ) | $ | (12,042 | ) | $ | 131,402 | |||||||||||||
Weighted average shares diluted FFO | 119,269 | Weighted average shares diluted FFO | 116,574 | |||||||||||||||||||||||||||||
Per Share: | Per Share: | |||||||||||||||||||||||||||||||
Funds From Operations | $ | 1.01 | Funds From Operations | $ | 1.07 | |||||||||||||||||||||||||||
Pro Forma Funds From Operations | $ | 1.07 | Pro Forma Funds From Operations | $ | 1.13 |
12 |
Supplemental Schedule 1 (b) (continued)
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) | |
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 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 |
$ | 134,150 | $ | 5,407 | $ | (11,813 | ) | $ | 127,744 | $ | 146,103 | $ | (2,659 | ) | $ | (12,042 | ) | $ | 131,402 | |||||||||||||
Adjustments related to continuing operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(287,739 | ) | (9,782 | ) | 34,878 | (262,643 | ) | (305,066 | ) | (4,603 | ) | 34,536 | (275,133 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
9,833 | 3 | (142 | ) | 9,694 | 11,238 | 4 | (169 | ) | 11,073 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(149 | ) | | | (149 | ) | | | | | ||||||||||||||||||||||
Income tax benefit on real estate impairment losses |
4 | | | 4 | | | | | ||||||||||||||||||||||||
Gain on dispositions of and impairments related
to unconsolidated entities and other |
5,182 | (4,060 | ) | (124 | ) | 998 | 5,368 | (4,541 | ) | (2,209 | ) | (1,382 | ) | |||||||||||||||||||
Income tax benefit on gain on dispositions of real
estate related to unconsolidated entities |
(45 | ) | | | (45 | ) | (10 | ) | | | (10 | ) | ||||||||||||||||||||
Adjustments related to discontinued operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(7,695 | ) | | 1,013 | (6,682 | ) | (21,909 | ) | | 4,701 | (17,208 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
35 | | (6 | ) | 29 | 116 | | (1 | ) | 115 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(11,829 | ) | | 2,109 | (9,720 | ) | (9,551 | ) | | (1,468 | ) | (11,019 | ) | |||||||||||||||||||
Gain on dispositions of real estate |
64,901 | | (21,303 | ) | 43,598 | 74,406 | | (21,553 | ) | 52,853 | ||||||||||||||||||||||
Income tax (expense) benefit arising from disposals |
(223 | ) | | | (223 | ) | 948 | | | 948 | ||||||||||||||||||||||
Total adjustments |
$ | (227,725 | ) | $ | (13,839 | ) | $ | 16,425 | $ | (225,139 | ) | $ | (244,460 | ) | $ | (9,140 | ) | $ | 13,837 | $ | (239,763 | ) | ||||||||||
Common noncontrolling interests in Aimco Operating
Partnerships share of adjustments |
15,291 | | | 15,291 | 16,355 | | | 16,355 | ||||||||||||||||||||||||
Amounts allocable to participating securities |
392 | | | 392 | 571 | | | 571 | ||||||||||||||||||||||||
Preferred stock redemption related gains |
1,961 | | | 1,961 | 4,544 | | | 4,544 | ||||||||||||||||||||||||
Equity in (losses) income of unconsolidated real estate
partnerships |
(8,432 | ) | 8,432 | | | (11,799 | ) | 11,799 | | | ||||||||||||||||||||||
Net loss (income) attributable to noncontrolling
interests in consolidated real estate partnerships |
4,612 | | (4,612 | ) | | 1,795 | | (1,795 | ) | | ||||||||||||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (79,751 | ) | $ | | $ | | $ | (79,751 | ) | $ | (86,891 | ) | $ | | $ | | $ | (86,891 | ) | ||||||||||||
Notes
[1] | The results for Other Conventional include four acquisition properties and three vacant
properties, Lincoln Place, Pacific Bay Vistas
(formerly Treetops), and Madera Vista for the periods presented. |
|
[2] | Non-recurring revenues consisted of the following: |
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Promotes |
$ | | $ | 2,727 | ||||
Other GP transactional fees |
4,775 | 2,492 | ||||||
Tax credit syndication fees |
1,289 | (2,174 | ) | |||||
Total non-recurring revenues |
$ | 6,064 | $ | 3,045 | ||||
13 |
Supplemental Schedule 2
Portfolio Summary
As of September 30, 2011
(unaudited)
As of September 30, 2011
(unaudited)
Number of | Number of | Effective | Average | |||||||||||||
Properties | Units | Units | Ownership | |||||||||||||
Owned Real Estate Portfolio: |
||||||||||||||||
Conventional Same Store |
162 | 57,209 | 53,518 | 94 | % | |||||||||||
Affordable Same Store |
144 | 18,212 | 12,709 | 70 | % | |||||||||||
Total Same Store |
306 | 75,421 | 66,227 | 88 | % | |||||||||||
Conventional Redevelopment [1] |
3 | 1,130 | 1,130 | 100 | % | |||||||||||
Conventional Acquisition |
4 | 142 | 72 | 51 | % | |||||||||||
Other Conventional |
36 | 6,300 | 5,100 | 81 | % | |||||||||||
Other Affordable |
57 | 5,828 | 1,088 | 19 | % | |||||||||||
Total owned real estate portfolio |
406 | 88,821 | 73,617 | 83 | % | |||||||||||
Total Conventional owned real estate
portfolio |
205 | 64,781 | 59,820 | 92 | % | |||||||||||
Total Affordable owned real estate portfolio |
201 | 24,040 | 13,797 | 57 | % | |||||||||||
Fee-Managed Portfolio: |
||||||||||||||||
Property-Managed for third parties |
1 | 64 | ||||||||||||||
Asset-Managed |
158 | 11,169 | ||||||||||||||
Total fee-managed portfolio |
159 | 11,233 | ||||||||||||||
Total Portfolio |
565 | 100,054 | ||||||||||||||
[1] | At September 30, 2011 Aimcos Conventional Redevelopment portfolio included three vacant
properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops) and Madera Vista. |
14 |
Supplemental Schedule 3
Net Asset Value Supplemental Information (in thousands) (unaudited) |
(page 1 of 2) |
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 |
$ | 818,935 | $ | 142,467 | $ | 961,402 | ||||||
Property operating expenses |
(309,201 | ) | (61,519 | ) | (370,720 | ) | ||||||
Property NOI |
509,734 | 80,948 | 590,682 | |||||||||
Assumed property management fee (3.5% of revenues) |
(28,663 | ) | (4,986 | ) | (33,649 | ) | ||||||
Property NOI net of assumed property management fee |
$ | 481,071 | $ | 75,962 | $ | 557,033 | ||||||
Proportionate Balance Sheet Data
As of September 30, 2011
Proportionate | ||||||||||||||||
Consolidated | Share of | Proportionate | ||||||||||||||
GAAP | Unconsolidated | Noncontrolling | Balance | |||||||||||||
Balance Sheet | Partnerships | Interests | Sheet | |||||||||||||
Assets |
||||||||||||||||
Real estate |
$ | 9,056,309 | $ | 96,350 | $ | (787,999 | ) | $ | 8,364,660 | |||||||
Accumulated depreciation |
(2,876,894 | ) | (27,544 | ) | 246,588 | (2,657,850 | ) | |||||||||
Net real estate [2] |
6,179,415 | 68,806 | (541,411 | ) | 5,706,810 | |||||||||||
Cash and cash equivalents |
75,831 | 1,305 | (31,293 | ) | 45,843 | |||||||||||
Restricted cash |
209,481 | 7,136 | (32,377 | ) | 184,240 | |||||||||||
Accounts receivable, net |
40,848 | 133 | (3,822 | ) | 37,159 | |||||||||||
Notes receivable, net |
114,630 | | (1,355 | ) | 113,275 | |||||||||||
Investment in unconsolidated real estate partnerships [3] |
63,942 | (24,726 | ) | (25,460 | ) | 13,756 | ||||||||||
Deferred financing costs, net [4] |
46,670 | 526 | (6,863 | ) | 40,333 | |||||||||||
Goodwill [4] |
64,416 | | | 64,416 | ||||||||||||
Investment in management contracts [4] |
636 | | | 636 | ||||||||||||
Other assets [5] |
246,833 | 454 | 19,576 | 266,863 | ||||||||||||
Total assets |
$ | 7,042,702 | $ | 53,634 | $ | (623,005 | ) | $ | 6,473,331 | |||||||
Liabilities and Equity |
||||||||||||||||
Non-recourse property debt |
$ | 5,233,525 | $ | 33,456 | $ | (520,752 | ) | $ | 4,746,229 | |||||||
Revolving credit facility borrowings |
26,200 | | | 26,200 | ||||||||||||
Deferred income [6] |
150,357 | 78 | | 150,435 | ||||||||||||
Other liabilities |
338,121 | 20,100 | (72,585 | ) | 285,636 | |||||||||||
Total liabilities |
5,748,203 | 53,634 | (593,337 | ) | 5,208,500 | |||||||||||
Preferred noncontrolling interests in Aimco Operating
Partnership [7] |
83,385 | | | 83,385 | ||||||||||||
Preferred stock subject to repurchase agreement [7] |
10,000 | | | 10,000 | ||||||||||||
Perpetual preferred stock [7] |
656,015 | | | 656,015 | ||||||||||||
Other Aimco equity |
295,297 | | 250,329 | 545,626 | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships |
279,997 | | (279,997 | ) | | |||||||||||
Common noncontrolling interests in Aimco Operating Partnership |
(30,195 | ) | | | (30,195 | ) | ||||||||||
Total liabilities and equity |
$ | 7,042,702 | $ | 53,634 | $ | (623,005 | ) | $ | 6,473,331 | |||||||
15 |
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 vacant during the period presented, and the results of Madera Vista, a vacant redevelopment property
acquired during the third quarter 2011. |
|
[2] | Net real estate includes three redevelopment properties that have September 30, 2011 net book values of $246.2 million in total. Aimco refers
to these properties collectively as part of its redevelopment pipeline. |
|
[3] | 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. |
|
[4] | 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. |
|
[5] | Includes 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. |
|
[6] | Deferred income includes $95.7 million of unamortized cash contributions received by Aimco in exchange for the sale of tax credit and related
tax benefits. These cash contributions are deferred upon receipt and amortized into earnings in future periods as Aimco delivers the tax
credits and related benefits to the 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 and the future earnings associated with the deferred income 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. |
September 30, 2011 | ||||
Deferred tax credit income balance |
$ | 95,711 | ||
Contributions to be received in the future |
64,204 | |||
Total to be amortized |
$ | 159,915 | ||
Amortization of | Estimated Income | Projected Income, | ||||||||||
Deferred Income | Taxes | net of tax | ||||||||||
Year Ending December 31, |
||||||||||||
2011 |
$ | 6,840 | $ | (2,668 | ) | $ | 4,172 | |||||
2012 |
27,341 | (10,663 | ) | 16,678 | ||||||||
2013 |
27,089 | (10,565 | ) | 16,524 | ||||||||
2014 |
26,215 | (10,224 | ) | 15,991 | ||||||||
2015 |
22,061 | (8,604 | ) | 13,457 | ||||||||
Thereafter |
50,369 | (19,643 | ) | 30,726 | ||||||||
Total |
$ | 159,915 | $ | (62,367 | ) | $ | 97,548 | |||||
[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. |
16 |
Supplemental Schedule 4
Non-recourse Property Debt Information | (page 1 of 2) | |
As of September 30, 2011 | ||
(dollars in thousands) (unaudited) |
Property Debt Balances and Characteristics
Proportionate | Weighted | |||||||||||||||||||||||
Share of | Average | |||||||||||||||||||||||
Unconsolidated | Noncontrolling | Total Aimco | Maturity | Weighted | ||||||||||||||||||||
Debt | Consolidated | Partnerships | Interests | Share | (years) | Average Rate | ||||||||||||||||||
Conventional Portfolio: |
||||||||||||||||||||||||
Fixed rate loans payable [1] |
$ | 4,290,261 | $ | | $ | (289,520 | ) | $ | 4,000,741 | 7.4 | 5.83 | % | ||||||||||||
Floating rate loans payable [2] |
22,279 | | (2,050 | ) | 20,229 | 1.5 | 1.57 | % | ||||||||||||||||
Total property loans payable |
4,312,540 | | (291,570 | ) | 4,020,970 | 7.3 | 5.81 | % | ||||||||||||||||
Fixed rate tax-exempt bonds |
52,075 | | (3,338 | ) | 48,737 | 5.1 | 6.75 | % | ||||||||||||||||
Floating rate tax-exempt bonds [2] |
138,233 | | (5,278 | ) | 132,955 | 8.9 | 0.60 | % | ||||||||||||||||
Total property tax-exempt bond financing |
190,308 | | (8,616 | ) | 181,692 | 7.9 | 2.28 | % | ||||||||||||||||
Total Conventional portfolio |
4,502,848 | | (300,186 | ) | 4,202,662 | 7.4 | 5.66 | % | ||||||||||||||||
Affordable Portfolio: |
||||||||||||||||||||||||
Fixed rate loans payable |
475,076 | 31,810 | (190,521 | ) | 316,365 | 13.5 | 4.83 | % | ||||||||||||||||
Floating rate loans payable |
30,472 | 8 | (17,143 | ) | 13,337 | 7.0 | 3.28 | % | ||||||||||||||||
Total property loans payable |
505,548 | 31,818 | (207,664 | ) | 329,702 | 13.1 | 4.74 | % | ||||||||||||||||
Fixed rate tax-exempt bonds |
95,321 | 1,638 | (12,902 | ) | 84,057 | 26.9 | 4.95 | % | ||||||||||||||||
Floating rate tax-exempt bonds [2] |
129,808 | | | 129,808 | 3.8 | 2.35 | % | |||||||||||||||||
Total property tax-exempt bond financing |
225,129 | 1,638 | (12,902 | ) | 213,865 | 13.6 | 3.45 | % | ||||||||||||||||
Total Affordable portfolio |
730,677 | 33,456 | (220,566 | ) | 543,567 | 13.3 | 4.34 | % | ||||||||||||||||
Total non-recourse property debt |
$ | 5,233,525 | $ | 33,456 | $ | (520,752 | ) | $ | 4,746,229 | 8.2 | 5.47 | % | ||||||||||||
[1] | During June 2011, $673.8 million (original principal amount) of fixed rate loans payable were
securitized and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the
trust that holds these loans. The investments, which have a face value of $100.9 million, are
presented in other assets on Aimcos consolidated balance sheet. The weighted average interest
rate on the securitized loans payable of 5.49% is reflected in the table above. The effective
rate, after adjustment for the estimated interest on the investments in the securitization trust,
is 5.19%. |
|
[2] | Floating rate debt presented above includes $144.3 million of fixed rate debt that is
effectively converted to floating rates using total rate of return swaps. At September 30, 2011,
the carrying amount of this debt totaled $136.5 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 |
$ | 4,449,900 | 94 | % | Floating rate tax-exempt bonds | $ | 262,763 | 89 | % | |||||||||||
Floating rate debt |
296,329 | 6 | % | Floating rate loans payable | 33,566 | 11 | % | |||||||||||||
Total |
$ | 4,746,229 | Total | $ | 296,329 | |||||||||||||||
Maturities as | ||||||||||||||||||||
a Percent | Average Rate on | |||||||||||||||||||
Amortization | Maturities | Total | of Total Debt | Maturing Debt | ||||||||||||||||
2011 Q4 |
$ | 20,649 | $ | 6,285 | $ | 26,934 | 0.13 | % | 2.87 | % | ||||||||||
2012 Q1 |
21,076 | | 21,076 | | | |||||||||||||||
2012 Q2 [3] |
21,543 | 140,960 | 162,503 | 2.97 | % | 2.28 | % | |||||||||||||
2012 Q3 |
20,999 | 90,183 | 111,182 | 1.90 | % | 6.16 | % | |||||||||||||
2012 Q4 |
20,891 | 18,978 | 39,869 | 0.40 | % | 1.58 | % | |||||||||||||
Total 2012 |
84,509 | 250,121 | 334,630 | 5.27 | % | 3.57 | % | |||||||||||||
2013 |
84,594 | 295,765 | 380,359 | 6.23 | % | 5.49 | % | |||||||||||||
2014 |
84,152 | 228,786 | 312,938 | 4.82 | % | 5.59 | % | |||||||||||||
2015 |
83,382 | 185,737 | 269,119 | 3.91 | % | 4.84 | % | |||||||||||||
2016 |
80,563 | 381,295 | 461,858 | 8.03 | % | 5.63 | % | |||||||||||||
2017 |
74,133 | 442,527 | 516,660 | 9.32 | % | 5.93 | % | |||||||||||||
2018 |
68,241 | 233,736 | 301,977 | 4.92 | % | 4.64 | % | |||||||||||||
2019 |
60,605 | 451,441 | 512,046 | 9.51 | % | 5.98 | % | |||||||||||||
2020 |
52,792 | 388,330 | 441,122 | 8.18 | % | 6.33 | % | |||||||||||||
2021 [4] |
31,970 | 672,178 | 704,148 | 14.16 | % | 5.74 | % | |||||||||||||
Thereafter |
284,113 | 200,325 | 484,438 | 4.22 | % | 4.46 | % | |||||||||||||
Total |
$ | 1,009,703 | $ | 3,736,526 | $ | 4,746,229 | ||||||||||||||
[3] | Q2 2012 maturities include approximately $130.1 million of debt ($122.4 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. In the event
Aimco is unable refinance the debt to which these swaps relate prior to the swap maturity dates,
Aimco would have to pay a termination payment (currently $7.7 million) to the counterparties. |
|
[4] | 2021 maturities include $100.9 million that will effectively repay Aimcos first loss and
mezzanine positions in the securitization discussed in Note 1 above. After consideration of the
repayment of these investments, Aimcos net effective maturities exposure for 2021 is $571.3
million, or 12.3% of maturities as a percentage of total debt. |
17 |
Supplemental Schedule 4 (continued)
Non-recourse Property Debt Information | (page 2 of 2) | |
As of September 30, 2011 | ||
(in millions) (unaudited) |
Year-to-Date Property Loan Closings
Aimco | ||||||||||||||||||||
Original | Aimco New | Aimco Net | ||||||||||||||||||
Loan | Loan | (Repayment) | Prior | New | ||||||||||||||||
Original Loan Maturity Year | Amount | Amount [1] | Proceeds [2] | Rate | Rate [3] | |||||||||||||||
2011 [4] |
$ | 98.7 | $ | 89.3 | $ | (9.8 | ) | 5.76 | % | 3.75 | % | |||||||||
2012 [4][5][6] |
166.1 | 164.8 | (3.5 | ) | 1.90 | % | 5.20 | % | ||||||||||||
2013 [6] |
13.1 | 23.7 | 13.4 | 4.98 | % | 5.54 | % | |||||||||||||
2014 [4][6] |
124.4 | 121.5 | (7.9 | ) | 5.74 | % | 4.83 | % | ||||||||||||
2015 [4][6] |
172.7 | 166.4 | (18.7 | ) | 5.94 | % | 5.44 | % | ||||||||||||
2016 [6] |
25.8 | 32.5 | 6.5 | 5.57 | % | 5.38 | % | |||||||||||||
2020 |
4.3 | 7.3 | 2.0 | 7.90 | % | 4.99 | % | |||||||||||||
2040 |
45.7 | 46.5 | 0.2 | 6.88 | % | 4.15 | % | |||||||||||||
New loans |
| 4.1 | 3.9 | 3.45 | % | |||||||||||||||
Totals |
$ | 650.8 | $ | 656.1 | $ | (13.9 | ) | 4.89 | % | 4.93 | % | |||||||||
Net Change in Leverage
from Refinancings |
$ | 5.3 | ||||||||||||||||||
Non-refinancing Loan
Repayments |
(8.4 | ) | ||||||||||||||||||
Aimcos FREMF 2011
K-AIV Investments [6] |
(51.5 | ) | ||||||||||||||||||
Net Change in Leverage
After Loan Repayments
and Trust Investment but Before
Amortization |
$ | (54.6 | ) | |||||||||||||||||
[1] | New loans typically have terms ranging from 7 to 10 years. |
|
[2] | Aimco Net (Repayment) Proceeds is (inclusive of) after transaction costs, prepayment penalties
and payment of distributions to noncontrolling partners. |
|
[3] | The interest rates on all New Loans closed during the period are fixed. |
|
[4] | As part of Aimcos leverage strategy, Aimco reduced the sizing of these loans, resulting in
net repayments in connection with the refinancing transactions. |
|
[5] | $132.0 million of the Original Loans had a variable interest rate indexed to SIFMA, which was
significantly less than the corresponding New Loans fixed rates. |
|
[6] | In June 2011, Freddie Mac securitized $673.8 million (original principal amount) of Aimcos
fixed rate loans payable and Aimco purchased for $51.5 million the first loss and two mezzanine
positions in the FREMF 2011 K-AIV securitization trust that holds these loans. The investments,
which have a face value of $100.9 million, are presented in other assets on Aimcos consolidated
balance sheet. The effective deleveraging during the nine months ended September 30, 2011
resulting from these investments is reflected in the Net Change in Leverage shown above. The
weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table
above. The effective rate, after adjustment for the estimated interest on the investments in the
securitization trust, is 5.19%. |
Debt Ratios
Amount | Covenant | |||||||
EBITDA coverage of interest |
2.14:1 | n/a | ||||||
EBITDA coverage of interest and preferred dividends |
1.75:1 | n/a | ||||||
Debt service coverage ratio |
1.60:1 | 1.40:1 | ||||||
Fixed charge coverage ratio |
1.36:1 | 1.20:1 |
Credit Ratings
Moodys Investor Service
|
Corporate Family Rating | Ba1 (stable outlook) | ||
Standard and Poors
|
Corporate Credit Rating | BB+ (stable) |
18 |
Supplemental Schedule 5
Share Data
(in thousands) (unaudited)
(in thousands) (unaudited)
Preferred Securities
Shares/Units | ||||||||||||||||
Outstanding | Date First | |||||||||||||||
as of | Available for | |||||||||||||||
September 30, | Redemption by | |||||||||||||||
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 [1] |
2,588 | 9/29/2009 | 8.000 | % | 64,688 | |||||||||||
Class Y |
3,450 | 12/21/2009 | 7.875 | % | 86,250 | |||||||||||
Class Z [2] |
824 | 7/29/2016 | 7.000 | % | 20,595 | |||||||||||
Series A Community Reinvestment Act [3] |
| 6/30/2011 | 1.500 | % | 47,000 | |||||||||||
Total perpetual preferred stock |
668,533 | |||||||||||||||
Preferred Partnership Units [4] |
3,061 | 8.096 | % | 82,515 | ||||||||||||
Total outstanding preferred securities |
$ | 751,048 | ||||||||||||||
Common Stock, Partnership Units and Equivalents
As of | Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, 2011 | September 30, 2011 | ||||||||||||||||||
2011 | EPS | FFO | EPS | FFO | ||||||||||||||||
Class A Common Stock outstanding |
120,433 | 120,339 | 120,339 | 118,939 | 118,939 | |||||||||||||||
Dilutive securities: |
||||||||||||||||||||
Options and restricted stock |
373 | | 331 | | 330 | |||||||||||||||
Total shares and dilutive share equivalents |
120,806 | 120,339 | 120,670 | 118,939 | 119,269 | |||||||||||||||
Common Partnership Units and equivalents [5] |
8,290 | |||||||||||||||||||
Total shares, units and dilutive share equivalents |
129,096 | |||||||||||||||||||
Notes
[1] | During the third quarter, primarily using proceeds from the issuance of Class Z Preferred
Stock, Aimco redeemed 862,500 shares (25% of the amount outstanding) of the Class V Preferred
Stock for a redemption price of $25.00 per share, or $21.6 million in aggregate. |
|
[2] | During the third quarter, Aimco issued approximately 823,800 shares of Class Z Preferred Stock
for an average price of $24.21 per share. After underwriting discounts, commissions and
transaction costs, these issuances generated net proceeds of approximately $19.0 million. |
|
[3] | Represents 94 shares at a liquidation preference per share of $500,000. The remaining amount
at September 30, 2011, includes $10.0 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. |
|
[4] | Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units. |
|
[5] | Includes the Aimco Operating Partnerships common OP Units and Class I High Performance Units,
which are included in noncontrolling interests in Aimco Operating Partnership in our
consolidated financial statements and Schedule 1. |
19 |
Supplemental Schedule 6(a)
Conventional Same Store Operating Results
Third Quarter 2011 Compared to Third Quarter 2010
(in thousands, except site and unit data) (unaudited)
Conventional Same Store Operating Results
Third Quarter 2011 Compared to Third Quarter 2010
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 3Q 2011 | 3Q 2010 | Growth | 3Q 2011 | 3Q 2010 | Growth | 3Q 2011 | 3Q 2010 | Growth | 3Q 2011 | 3Q 2011 | 3Q 2010 | 3Q 2011 | 3Q 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 19,343 | $ | 18,829 | 2.7 | % | $ | 5,493 | $ | 6,014 | -8.7 | % | $ | 13,850 | $ | 12,815 | 8.1 | % | 71.6 | % | 96.5 | % | 96.5 | % | $ | 2,030 | $ | 1,983 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 5,636 | 5,352 | 5.3 | % | 1,797 | 1,885 | -4.7 | % | 3,839 | 3,467 | 10.7 | % | 68.1 | % | 97.0 | % | 95.8 | % | 1,550 | 1,504 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,073 | 8,346 | 8,020 | 4.1 | % | 2,518 | 2,349 | 7.2 | % | 5,828 | 5,671 | 2.8 | % | 69.8 | % | 95.6 | % | 96.3 | % | 1,247 | 1,206 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,513 | 33,325 | 32,201 | 3.5 | % | 9,808 | 10,248 | -4.3 | % | 23,517 | 21,953 | 7.1 | % | 70.6 | % | 96.3 | % | 96.3 | % | 1,721 | 1,676 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 1,470 | 1,393 | 5.5 | % | 504 | 583 | -13.6 | % | 966 | 810 | 19.3 | % | 65.7 | % | 97.3 | % | 97.3 | % | 1,264 | 1,201 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 1,078 | 1,047 | 3.0 | % | 249 | 408 | -39.0 | % | 829 | 639 | 29.7 | % | 76.9 | % | 95.5 | % | 98.1 | % | 1,540 | 1,466 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 774 | 774 | 3,964 | 3,672 | 8.0 | % | 1,314 | 1,412 | -6.9 | % | 2,650 | 2,260 | 17.3 | % | 66.9 | % | 96.5 | % | 97.4 | % | 1,574 | 1,478 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,411 | 1,351 | 6,512 | 6,112 | 6.5 | % | 2,067 | 2,403 | -14.0 | % | 4,445 | 3,709 | 19.8 | % | 68.3 | % | 96.6 | % | 97.5 | % | 1,477 | 1,395 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 200 | 958 | 930 | 3.0 | % | 366 | 347 | 5.5 | % | 592 | 583 | 1.5 | % | 61.8 | % | 94.7 | % | 97.9 | % | 1,415 | 1,357 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
33 | 8,956 | 8,064 | 40,795 | 39,243 | 4.0 | % | 12,241 | 12,998 | -5.8 | % | 28,554 | 26,245 | 8.8 | % | 70.0 | % | 96.3 | % | 96.6 | % | 1,675 | 1,623 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 944 | 3,687 | 3,699 | -0.3 | % | 1,398 | 1,324 | 5.6 | % | 2,289 | 2,375 | -3.6 | % | 62.1 | % | 95.3 | % | 95.0 | % | 1,188 | 1,180 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVa MD |
15 | 6,711 | 6,592 | 26,449 | 24,942 | 6.0 | % | 9,236 | 8,192 | 12.7 | % | 17,213 | 16,750 | 2.8 | % | 65.1 | % | 96.2 | % | 96.9 | % | 1,276 | 1,206 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 11,082 | 10,587 | 4.7 | % | 4,228 | 3,988 | 6.0 | % | 6,854 | 6,599 | 3.9 | % | 61.8 | % | 96.8 | % | 95.5 | % | 1,156 | 1,139 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 14,304 | 13,802 | 3.6 | % | 6,124 | 5,863 | 4.5 | % | 8,180 | 7,939 | 3.0 | % | 57.2 | % | 94.7 | % | 95.3 | % | 1,255 | 1,223 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
32 | 14,514 | 14,032 | 55,522 | 53,030 | 4.7 | % | 20,986 | 19,367 | 8.4 | % | 34,536 | 33,663 | 2.6 | % | 62.2 | % | 95.9 | % | 96.0 | % | 1,238 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 12,209 | 11,701 | 4.3 | % | 4,796 | 4,663 | 2.9 | % | 7,413 | 7,038 | 5.3 | % | 60.7 | % | 96.1 | % | 95.8 | % | 1,579 | 1,546 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 2,343 | 2,322 | 0.9 | % | 1,159 | 893 | 29.8 | % | 1,184 | 1,429 | -17.1 | % | 50.5 | % | 94.7 | % | 94.1 | % | 807 | 826 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
7 | 2,051 | 2,051 | 4,899 | 4,799 | 2.1 | % | 2,187 | 2,060 | 6.2 | % | 2,712 | 2,739 | -1.0 | % | 55.4 | % | 95.6 | % | 95.4 | % | 720 | 720 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
5 | 1,455 | 1,388 | 3,277 | 3,253 | 0.7 | % | 1,453 | 1,283 | 13.3 | % | 1,824 | 1,970 | -7.4 | % | 55.7 | % | 94.7 | % | 94.7 | % | 707 | 710 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 4,207 | 4,146 | 1.5 | % | 2,034 | 1,809 | 12.4 | % | 2,173 | 2,337 | -7.0 | % | 51.7 | % | 95.0 | % | 97.3 | % | 772 | 761 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
24 | 8,513 | 8,334 | 26,935 | 26,221 | 2.7 | % | 11,629 | 10,708 | 8.6 | % | 15,306 | 15,513 | -1.3 | % | 56.8 | % | 95.4 | % | 95.6 | % | 988 | 978 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
6 | 2,509 | 2,050 | 4,498 | 4,536 | -0.8 | % | 2,027 | 2,091 | -3.1 | % | 2,471 | 2,445 | 1.1 | % | 54.9 | % | 91.3 | % | 93.7 | % | 687 | 693 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 1,731 | 5,515 | 5,151 | 7.1 | % | 1,678 | 1,668 | 0.6 | % | 3,837 | 3,483 | 10.2 | % | 69.6 | % | 97.1 | % | 97.8 | % | 875 | 822 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 2,605 | 5,865 | 5,558 | 5.5 | % | 2,464 | 2,390 | 3.1 | % | 3,401 | 3,168 | 7.4 | % | 58.0 | % | 95.2 | % | 96.3 | % | 663 | 637 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 1,322 | 1,313 | 0.7 | % | 666 | 674 | -1.2 | % | 656 | 639 | 2.7 | % | 49.6 | % | 93.6 | % | 96.5 | % | 716 | 695 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 2,439 | 2,323 | 5.0 | % | 775 | 836 | -7.3 | % | 1,664 | 1,487 | 11.9 | % | 68.2 | % | 96.5 | % | 96.8 | % | 926 | 893 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
56 | 17,777 | 16,111 | 46,574 | 45,102 | 3.3 | % | 19,239 | 18,367 | 4.7 | % | 27,335 | 26,735 | 2.2 | % | 58.7 | % | 95.0 | % | 95.8 | % | 866 | 847 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
12 | 3,804 | 3,643 | 13,158 | 12,967 | 1.5 | % | 5,024 | 4,174 | 20.4 | % | 8,134 | 8,793 | -7.5 | % | 61.8 | % | 94.2 | % | 96.7 | % | 1,121 | 1,088 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
133 | 45,051 | 41,850 | 156,049 | 150,342 | 3.8 | % | 57,490 | 54,906 | 4.7 | % | 98,559 | 95,436 | 3.3 | % | 63.2 | % | 95.5 | % | 96.1 | % | 1,170 | 1,134 | |||||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 2,261 | 2,251 | 0.4 | % | 857 | 839 | 2.1 | % | 1,404 | 1,412 | -0.6 | % | 62.1 | % | 95.7 | % | 96.4 | % | 1,176 | 1,162 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 865 | 2,484 | 2,405 | 3.3 | % | 1,017 | 897 | 13.4 | % | 1,467 | 1,508 | -2.7 | % | 59.1 | % | 95.8 | % | 95.7 | % | 863 | 840 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,406 | 4,409 | 4,329 | 1.8 | % | 1,424 | 1,405 | 1.4 | % | 2,985 | 2,924 | 2.1 | % | 67.7 | % | 96.6 | % | 96.6 | % | 955 | 946 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
17 | 8,848 | 8,769 | 21,507 | 21,093 | 2.0 | % | 9,343 | 9,198 | 1.6 | % | 12,164 | 11,895 | 2.3 | % | 56.6 | % | 93.6 | % | 95.6 | % | 745 | 726 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
29 | 12,158 | 11,668 | 30,661 | 30,078 | 1.9 | % | 12,641 | 12,339 | 2.4 | % | 18,020 | 17,739 | 1.6 | % | 58.8 | % | 94.3 | % | 95.8 | % | 808 | 789 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE
SALES TOTALS |
162 | 57,209 | 53,518 | $ | 186,710 | $ | 180,420 | 3.5 | % | $ | 70,131 | $ | 67,245 | 4.3 | % | $ | 116,579 | $ | 113,175 | 3.0 | % | 62.4 | % | 95.2 | % | 96.0 | % | $ | 1,094 | $ | 1,061 | |||||||||||||||||||||||||||||||||||||
20 |
Supplemental Schedule 6(b)
Conventional Same Store Operating Results
Third Quarter 2011 Compared to Second Quarter 2011
(in thousands, except site and unit data) (unaudited)
Conventional Same Store Operating Results
Third Quarter 2011 Compared to Second Quarter 2011
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 3Q 2011 | 2Q 2011 | Growth | 3Q 2011 | 2Q 2011 | Growth | 3Q 2011 | 2Q 2011 | Growth | 3Q 2011 | 3Q 2011 | 2Q 2011 | 3Q 2011 | 2Q 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 19,343 | $ | 18,952 | 2.1 | % | $ | 5,493 | $ | 5,532 | -0.7 | % | $ | 13,850 | $ | 13,420 | 3.2 | % | 71.6 | % | 96.5 | % | 96.6 | % | $ | 2,030 | $ | 1,992 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 5,636 | 5,576 | 1.1 | % | 1,797 | 1,620 | 10.9 | % | 3,839 | 3,956 | -3.0 | % | 68.1 | % | 97.0 | % | 97.9 | % | 1,550 | 1,522 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,073 | 8,346 | 8,166 | 2.2 | % | 2,518 | 2,351 | 7.1 | % | 5,828 | 5,815 | 0.2 | % | 69.8 | % | 95.6 | % | 95.7 | % | 1,247 | 1,229 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,513 | 33,325 | 32,694 | 1.9 | % | 9,808 | 9,503 | 3.2 | % | 23,517 | 23,191 | 1.4 | % | 70.6 | % | 96.3 | % | 96.5 | % | 1,721 | 1,691 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 1,470 | 1,443 | 1.9 | % | 504 | 538 | -6.3 | % | 966 | 905 | 6.7 | % | 65.7 | % | 97.3 | % | 98.5 | % | 1,264 | 1,233 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 1,078 | 1,071 | 0.7 | % | 249 | 395 | -37.0 | % | 829 | 676 | 22.6 | % | 76.9 | % | 95.5 | % | 97.1 | % | 1,540 | 1,494 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 774 | 774 | 3,964 | 3,817 | 3.9 | % | 1,314 | 1,361 | -3.5 | % | 2,650 | 2,456 | 7.9 | % | 66.9 | % | 96.5 | % | 97.3 | % | 1,574 | 1,526 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,411 | 1,351 | 6,512 | 6,331 | 2.9 | % | 2,067 | 2,294 | -9.9 | % | 4,445 | 4,037 | 10.1 | % | 68.3 | % | 96.6 | % | 97.6 | % | 1,477 | 1,435 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 200 | 958 | 963 | -0.5 | % | 366 | 318 | 15.1 | % | 592 | 645 | -8.2 | % | 61.8 | % | 94.7 | % | 97.4 | % | 1,415 | 1,388 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
33 | 8,956 | 8,064 | 40,795 | 39,988 | 2.0 | % | 12,241 | 12,115 | 1.0 | % | 28,554 | 27,873 | 2.4 | % | 70.0 | % | 96.3 | % | 96.7 | % | 1,675 | 1,642 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 944 | 3,687 | 3,687 | 0.0 | % | 1,398 | 1,298 | 7.7 | % | 2,289 | 2,389 | -4.2 | % | 62.1 | % | 95.3 | % | 95.1 | % | 1,188 | 1,183 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVa MD |
15 | 6,711 | 6,592 | 26,449 | 25,945 | 1.9 | % | 9,236 | 7,851 | 17.6 | % | 17,213 | 18,094 | -4.9 | % | 65.1 | % | 96.2 | % | 96.5 | % | 1,276 | 1,256 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 11,082 | 10,877 | 1.9 | % | 4,228 | 4,230 | 0.0 | % | 6,854 | 6,647 | 3.1 | % | 61.8 | % | 96.8 | % | 96.3 | % | 1,156 | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 14,304 | 13,938 | 2.6 | % | 6,124 | 6,019 | 1.7 | % | 8,180 | 7,919 | 3.3 | % | 57.2 | % | 94.7 | % | 95.2 | % | 1,255 | 1,236 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
32 | 14,514 | 14,032 | 55,522 | 54,447 | 2.0 | % | 20,986 | 19,398 | 8.2 | % | 34,536 | 35,049 | -1.5 | % | 62.2 | % | 95.9 | % | 96.0 | % | 1,238 | 1,223 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 12,209 | 11,991 | 1.8 | % | 4,796 | 4,483 | 7.0 | % | 7,413 | 7,508 | -1.3 | % | 60.7 | % | 96.1 | % | 96.4 | % | 1,579 | 1,556 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 2,343 | 2,332 | 0.5 | % | 1,159 | 1,073 | 8.0 | % | 1,184 | 1,259 | -6.0 | % | 50.5 | % | 94.7 | % | 96.5 | % | 807 | 798 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
7 | 2,051 | 2,051 | 4,899 | 4,837 | 1.3 | % | 2,187 | 2,013 | 8.6 | % | 2,712 | 2,824 | -4.0 | % | 55.4 | % | 95.6 | % | 95.2 | % | 720 | 721 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
5 | 1,455 | 1,388 | 3,277 | 3,239 | 1.2 | % | 1,453 | 1,388 | 4.7 | % | 1,824 | 1,851 | -1.5 | % | 55.7 | % | 94.7 | % | 94.5 | % | 707 | 706 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 4,207 | 4,069 | 3.4 | % | 2,034 | 1,868 | 8.9 | % | 2,173 | 2,201 | -1.3 | % | 51.7 | % | 95.0 | % | 94.9 | % | 772 | 762 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
24 | 8,513 | 8,334 | 26,935 | 26,468 | 1.8 | % | 11,629 | 10,825 | 7.4 | % | 15,306 | 15,643 | -2.2 | % | 56.8 | % | 95.4 | % | 95.5 | % | 988 | 979 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
6 | 2,509 | 2,050 | 4,498 | 4,562 | -1.4 | % | 2,027 | 1,998 | 1.5 | % | 2,471 | 2,564 | -3.6 | % | 54.9 | % | 91.3 | % | 93.1 | % | 687 | 693 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 1,731 | 5,515 | 5,241 | 5.2 | % | 1,678 | 1,685 | -0.4 | % | 3,837 | 3,556 | 7.9 | % | 69.6 | % | 97.1 | % | 97.4 | % | 875 | 847 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 2,605 | 5,865 | 5,634 | 4.1 | % | 2,464 | 2,194 | 12.3 | % | 3,401 | 3,440 | -1.1 | % | 58.0 | % | 95.2 | % | 95.9 | % | 663 | 648 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 1,322 | 1,325 | -0.2 | % | 666 | 574 | 16.0 | % | 656 | 751 | -12.6 | % | 49.6 | % | 93.6 | % | 95.6 | % | 716 | 705 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 2,439 | 2,419 | 0.8 | % | 775 | 794 | -2.4 | % | 1,664 | 1,625 | 2.4 | % | 68.2 | % | 96.5 | % | 97.9 | % | 926 | 908 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
56 | 17,777 | 16,111 | 46,574 | 45,649 | 2.0 | % | 19,239 | 18,070 | 6.5 | % | 27,335 | 27,579 | -0.9 | % | 58.7 | % | 95.0 | % | 95.6 | % | 866 | 854 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
12 | 3,804 | 3,643 | 13,158 | 13,162 | 0.0 | % | 5,024 | 4,915 | 2.2 | % | 8,134 | 8,247 | -1.4 | % | 61.8 | % | 94.2 | % | 97.0 | % | 1,121 | 1,104 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
133 | 45,051 | 41,850 | 156,049 | 153,246 | 1.8 | % | 57,490 | 54,498 | 5.5 | % | 98,559 | 98,748 | -0.2 | % | 63.2 | % | 95.5 | % | 96.1 | % | 1,170 | 1,152 | |||||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 2,261 | 2,201 | 2.7 | % | 857 | 787 | 8.9 | % | 1,404 | 1,414 | -0.7 | % | 62.1 | % | 95.7 | % | 95.4 | % | 1,176 | 1,160 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 865 | 2,484 | 2,461 | 0.9 | % | 1,017 | 867 | 17.3 | % | 1,467 | 1,594 | -8.0 | % | 59.1 | % | 95.8 | % | 95.0 | % | 863 | 869 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,406 | 4,409 | 4,458 | -1.1 | % | 1,424 | 1,352 | 5.3 | % | 2,985 | 3,106 | -3.9 | % | 67.7 | % | 96.6 | % | 94.9 | % | 955 | 968 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
17 | 8,848 | 8,769 | 21,507 | 21,469 | 0.2 | % | 9,343 | 9,100 | 2.7 | % | 12,164 | 12,369 | -1.7 | % | 56.6 | % | 93.6 | % | 95.2 | % | 745 | 737 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
29 | 12,158 | 11,668 | 30,661 | 30,589 | 0.2 | % | 12,641 | 12,106 | 4.4 | % | 18,020 | 18,483 | -2.5 | % | 58.8 | % | 94.3 | % | 95.2 | % | 808 | 802 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE
SALES TOTALS |
162 | 57,209 | 53,518 | $ | 186,710 | $ | 183,835 | 1.6 | % | $ | 70,131 | $ | 66,604 | 5.3 | % | $ | 116,579 | $ | 117,231 | -0.6 | % | 62.4 | % | 95.2 | % | 95.9 | % | $ | 1,094 | $ | 1,078 | |||||||||||||||||||||||||||||||||||||
21 |
Supplemental Schedule 6(c)
Conventional Same Store Operating Results
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands, except site and unit data) (unaudited)
Conventional Same Store Operating Results
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 2011 | 2010 | Growth | 2011 | 2010 | Growth | 2011 | 2010 | Growth | 2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 57,078 | $ | 56,544 | 0.9 | % | $ | 16,881 | $ | 17,832 | -5.3 | % | $ | 40,197 | $ | 38,712 | 3.8 | % | 70.4 | % | 96.5 | % | 96.4 | % | $ | 2,000 | $ | 1,992 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 16,614 | 16,077 | 3.3 | % | 5,119 | 5,390 | -5.0 | % | 11,495 | 10,687 | 7.6 | % | 69.2 | % | 97.2 | % | 96.3 | % | 1,527 | 1,503 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,073 | 24,514 | 23,501 | 4.3 | % | 7,015 | 7,164 | -2.1 | % | 17,499 | 16,337 | 7.1 | % | 71.4 | % | 95.7 | % | 95.6 | % | 1,231 | 1,195 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,513 | 98,206 | 96,122 | 2.2 | % | 29,015 | 30,386 | -4.5 | % | 69,191 | 65,736 | 5.3 | % | 70.5 | % | 96.4 | % | 96.1 | % | 1,697 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 4,335 | 4,174 | 3.9 | % | 1,600 | 1,777 | -10.0 | % | 2,735 | 2,397 | 14.1 | % | 63.1 | % | 97.7 | % | 97.4 | % | 1,241 | 1,196 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 3,213 | 3,119 | 3.0 | % | 1,064 | 1,274 | -16.5 | % | 2,149 | 1,845 | 16.5 | % | 66.9 | % | 97.0 | % | 97.5 | % | 1,501 | 1,478 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 774 | 774 | 11,494 | 10,836 | 6.1 | % | 3,830 | 4,146 | -7.6 | % | 7,664 | 6,690 | 14.6 | % | 66.7 | % | 97.0 | % | 97.2 | % | 1,531 | 1,465 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,411 | 1,351 | 19,042 | 18,129 | 5.0 | % | 6,494 | 7,197 | -9.8 | % | 12,548 | 10,932 | 14.8 | % | 65.9 | % | 97.2 | % | 97.3 | % | 1,441 | 1,388 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 200 | 2,841 | 2,751 | 3.3 | % | 1,012 | 1,024 | -1.2 | % | 1,829 | 1,727 | 5.9 | % | 64.4 | % | 96.3 | % | 97.3 | % | 1,389 | 1,355 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
33 | 8,956 | 8,064 | 120,089 | 117,002 | 2.6 | % | 36,521 | 38,607 | -5.4 | % | 83,568 | 78,395 | 6.6 | % | 69.6 | % | 96.5 | % | 96.3 | % | 1,648 | 1,623 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 944 | 10,981 | 11,003 | -0.2 | % | 3,994 | 3,578 | 11.6 | % | 6,987 | 7,425 | -5.9 | % | 63.6 | % | 95.3 | % | 95.6 | % | 1,180 | 1,185 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVa MD |
15 | 6,711 | 6,592 | 78,357 | 74,267 | 5.5 | % | 24,842 | 24,429 | 1.7 | % | 53,515 | 49,838 | 7.4 | % | 68.3 | % | 96.5 | % | 96.8 | % | 1,259 | 1,197 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 32,654 | 32,138 | 1.6 | % | 13,003 | 12,470 | 4.3 | % | 19,651 | 19,668 | -0.1 | % | 60.2 | % | 96.4 | % | 96.0 | % | 1,147 | 1,141 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 42,390 | 41,564 | 2.0 | % | 18,287 | 17,810 | 2.7 | % | 24,103 | 23,754 | 1.5 | % | 56.9 | % | 95.3 | % | 95.3 | % | 1,239 | 1,218 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
32 | 14,514 | 14,032 | 164,382 | 158,972 | 3.4 | % | 60,126 | 58,287 | 3.2 | % | 104,256 | 100,685 | 3.5 | % | 63.4 | % | 96.1 | % | 96.2 | % | 1,224 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 36,155 | 34,925 | 3.5 | % | 13,760 | 14,989 | -8.2 | % | 22,395 | 19,936 | 12.3 | % | 61.9 | % | 96.9 | % | 96.5 | % | 1,558 | 1,533 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 7,012 | 7,078 | -0.9 | % | 3,335 | 3,139 | 6.2 | % | 3,677 | 3,939 | -6.7 | % | 52.4 | % | 95.8 | % | 94.3 | % | 802 | 831 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
7 | 2,051 | 2,051 | 14,530 | 14,306 | 1.6 | % | 6,269 | 6,214 | 0.9 | % | 8,261 | 8,092 | 2.1 | % | 56.9 | % | 95.4 | % | 94.8 | % | 720 | 721 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
5 | 1,455 | 1,388 | 9,773 | 9,858 | -0.9 | % | 4,227 | 4,200 | 0.6 | % | 5,546 | 5,658 | -2.0 | % | 56.7 | % | 95.2 | % | 95.1 | % | 704 | 715 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 12,309 | 12,358 | -0.4 | % | 5,884 | 5,617 | 4.8 | % | 6,425 | 6,741 | -4.7 | % | 52.2 | % | 94.8 | % | 95.8 | % | 764 | 768 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
24 | 8,513 | 8,334 | 79,779 | 78,525 | 1.6 | % | 33,475 | 34,159 | -2.0 | % | 46,304 | 44,366 | 4.4 | % | 58.0 | % | 95.7 | % | 95.5 | % | 981 | 979 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
5 | 1,775 | 1,516 | 10,005 | 10,294 | -2.8 | % | 4,459 | 4,794 | -7.0 | % | 5,546 | 5,500 | 0.8 | % | 55.4 | % | 92.2 | % | 94.9 | % | 684 | 696 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 1,731 | 15,903 | 15,123 | 5.2 | % | 4,915 | 5,081 | -3.3 | % | 10,988 | 10,042 | 9.4 | % | 69.1 | % | 97.5 | % | 96.7 | % | 853 | 821 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 2,605 | 17,045 | 16,461 | 3.5 | % | 6,762 | 7,039 | -3.9 | % | 10,283 | 9,422 | 9.1 | % | 60.3 | % | 96.3 | % | 95.2 | % | 649 | 645 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 3,973 | 3,937 | 0.9 | % | 1,880 | 2,003 | -6.1 | % | 2,093 | 1,934 | 8.2 | % | 52.7 | % | 95.4 | % | 96.2 | % | 707 | 697 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 7,218 | 6,955 | 3.8 | % | 2,447 | 2,582 | -5.2 | % | 4,771 | 4,373 | 9.1 | % | 66.1 | % | 97.4 | % | 96.3 | % | 911 | 890 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
55 | 17,043 | 15,577 | 133,923 | 131,295 | 2.0 | % | 53,938 | 55,658 | -3.1 | % | 79,985 | 75,637 | 5.7 | % | 59.7 | % | 95.8 | % | 95.6 | % | 862 | 856 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
12 | 3,804 | 3,643 | 39,465 | 38,898 | 1.5 | % | 14,437 | 14,797 | -2.4 | % | 25,028 | 24,101 | 3.8 | % | 63.4 | % | 96.1 | % | 96.3 | % | 1,106 | 1,091 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
132 | 44,317 | 41,316 | 457,859 | 446,167 | 2.6 | % | 165,022 | 167,349 | -1.4 | % | 292,837 | 278,818 | 5.0 | % | 64.0 | % | 96.1 | % | 96.0 | % | 1,161 | 1,141 | |||||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 6,873 | 6,585 | 4.4 | % | 2,517 | 2,799 | -10.1 | % | 4,356 | 3,786 | 15.1 | % | 63.4 | % | 96.0 | % | 95.8 | % | 1,163 | 1,113 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
3 | 764 | 620 | 5,618 | 5,566 | 0.9 | % | 2,065 | 2,202 | -6.2 | % | 3,553 | 3,364 | 5.6 | % | 63.2 | % | 95.7 | % | 97.2 | % | 915 | 895 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,406 | 13,260 | 12,965 | 2.3 | % | 4,014 | 4,031 | -0.4 | % | 9,246 | 8,934 | 3.5 | % | 69.7 | % | 95.9 | % | 96.0 | % | 958 | 947 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
17 | 8,848 | 8,770 | 64,374 | 63,280 | 1.7 | % | 28,397 | 28,354 | 0.2 | % | 35,977 | 34,926 | 3.0 | % | 55.9 | % | 95.1 | % | 95.6 | % | 736 | 725 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
28 | 11,808 | 11,424 | 90,125 | 88,396 | 2.0 | % | 36,993 | 37,386 | -1.1 | % | 53,132 | 51,010 | 4.2 | % | 59.0 | % | 95.3 | % | 95.7 | % | 801 | 788 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE
SALES TOTALS |
160 | 56,125 | 52,740 | $ | 547,984 | $ | 534,563 | 2.5 | % | $ | 202,015 | $ | 204,735 | -1.3 | % | $ | 345,969 | $ | 329,828 | 4.9 | % | 63.1 | % | 95.9 | % | 95.9 | % | $ | 1,086 | $ | 1,067 | |||||||||||||||||||||||||||||||||||||
22 |
Supplemental Schedule 7(a)
Total Conventional Portfolio Data by Market
Third Quarter 2011 Compared to Third Quarter 2010
(unaudited)
Total Conventional Portfolio Data by Market
Third Quarter 2011 Compared to Third Quarter 2010
(unaudited)
Quarter Ended September 30, 2011 | Quarter Ended September 30, 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 | 11.0 | % | $ | 2,030 | 14 | 4,645 | 86 | % | 3,993 | 10.1 | % | $ | 1,983 | ||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 94 | % | 1,143 | 3.0 | % | 1,550 | 4 | 1,213 | 94 | % | 1,143 | 2.7 | % | 1,504 | ||||||||||||||||||||||||||||||||
San Diego |
10 | 2,286 | 94 | % | 2,145 | 4.8 | % | 1,247 | 6 | 2,142 | 97 | % | 2,072 | 4.4 | % | 1,207 | ||||||||||||||||||||||||||||||||
Southern CA Total |
28 | 8,144 | 89 | % | 7,281 | 18.8 | % | 1,721 | 24 | 8,000 | 90 | % | 7,208 | 17.2 | % | 1,676 | ||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 85 | % | 353 | 0.8 | % | 1,264 | 2 | 413 | 85 | % | 353 | 0.6 | % | 1,201 | ||||||||||||||||||||||||||||||||
San Francisco |
7 | 1,208 | 100 | % | 1,208 | 2.1 | % | 1,574 | 6 | 1,083 | 100 | % | 1,083 | 1.8 | % | 1,476 | ||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 100 | % | 224 | 0.7 | % | 1,540 | 1 | 224 | 100 | % | 224 | 0.5 | % | 1,466 | ||||||||||||||||||||||||||||||||
Northern CA Total |
10 | 1,845 | 97 | % | 1,785 | 3.6 | % | 1,477 | 9 | 1,720 | 97 | % | 1,660 | 2.9 | % | 1,394 | ||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 84 | % | 200 | 0.5 | % | 1,415 | 3 | 413 | 75 | % | 310 | 0.6 | % | 1,206 | ||||||||||||||||||||||||||||||||
Pacific Total |
40 | 10,228 | 91 | % | 9,266 | 22.9 | % | 1,675 | 36 | 10,133 | 91 | % | 9,178 | 20.7 | % | 1,611 | ||||||||||||||||||||||||||||||||
Manhattan |
22 | 957 | 100 | % | 957 | 2.6 | % | 2,461 | 22 | 957 | 100 | % | 955 | 3.2 | % | 2,419 | ||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 81 | % | 944 | 1.8 | % | 1,188 | 4 | 1,162 | 81 | % | 944 | 1.9 | % | 1,180 | ||||||||||||||||||||||||||||||||
New York Total |
24 | 2,119 | 90 | % | 1,901 | 4.4 | % | 1,766 | 26 | 2,119 | 90 | % | 1,899 | 5.1 | % | 1,742 | ||||||||||||||||||||||||||||||||
Washington NoVA MD |
17 | 8,015 | 88 | % | 7,048 | 13.9 | % | 1,276 | 17 | 8,015 | 84 | % | 6,744 | 12.9 | % | 1,206 | ||||||||||||||||||||||||||||||||
Boston |
11 | 4,129 | 100 | % | 4,129 | 7.3 | % | 1,174 | 11 | 4,129 | 100 | % | 4,129 | 7.2 | % | 1,158 | ||||||||||||||||||||||||||||||||
Philadelphia |
7 | 3,888 | 94 | % | 3,664 | 6.9 | % | 1,260 | 7 | 3,888 | 91 | % | 3,541 | 6.3 | % | 1,224 | ||||||||||||||||||||||||||||||||
Northeast Total |
59 | 18,151 | 92 | % | 16,742 | 32.5 | % | 1,309 | 61 | 18,151 | 90 | % | 16,313 | 31.5 | % | 1,266 | ||||||||||||||||||||||||||||||||
Miami |
5 | 2,474 | 95 | % | 2,362 | 5.8 | % | 1,579 | 5 | 2,471 | 95 | % | 2,359 | 5.5 | % | 1,546 | ||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
4 | 1,265 | 100 | % | 1,265 | 1.3 | % | 827 | 4 | 1,265 | 93 | % | 1,179 | 1.4 | % | 838 | ||||||||||||||||||||||||||||||||
Orlando |
8 | 2,651 | 100 | % | 2,651 | 2.4 | % | 726 | 10 | 3,000 | 90 | % | 2,708 | 2.9 | % | 723 | ||||||||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 96 | % | 1,688 | 1.7 | % | 713 | 6 | 1,755 | 92 | % | 1,621 | 1.8 | % | 718 | ||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 100 | % | 1,643 | 1.7 | % | 772 | 4 | 1,643 | 85 | % | 1,404 | 1.5 | % | 763 | ||||||||||||||||||||||||||||||||
Florida Total |
27 | 9,788 | 98 | % | 9,609 | 12.9 | % | 970 | 29 | 10,134 | 91 | % | 9,271 | 13.1 | % | 945 | ||||||||||||||||||||||||||||||||
Houston |
6 | 2,509 | 82 | % | 2,050 | 2.0 | % | 687 | 8 | 3,027 | 83 | % | 2,505 | 2.0 | % | 673 | ||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 80 | % | 1,731 | 3.0 | % | 875 | 9 | 2,553 | 78 | % | 1,991 | 2.9 | % | 783 | ||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 86 | % | 2,605 | 2.7 | % | 663 | 17 | 4,418 | 89 | % | 3,910 | 3.2 | % | 594 | ||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 100 | % | 569 | 0.5 | % | 716 | 2 | 569 | 100 | % | 569 | 0.5 | % | 695 | ||||||||||||||||||||||||||||||||
Atlanta |
5 | 1,295 | 87 | % | 1,125 | 1.8 | % | 894 | 5 | 1,295 | 80 | % | 1,041 | 1.2 | % | 865 | ||||||||||||||||||||||||||||||||
Sunbelt Total |
60 | 19,355 | 91 | % | 17,689 | 22.9 | % | 861 | 70 | 21,996 | 88 | % | 19,287 | 22.9 | % | 808 | ||||||||||||||||||||||||||||||||
Chicago |
13 | 3,993 | 96 | % | 3,832 | 6.9 | % | 1,156 | 15 | 4,633 | 94 | % | 4,348 | 8.0 | % | 1,087 | ||||||||||||||||||||||||||||||||
Total Target Markets |
172 | 51,727 | 92 | % | 47,529 | 85.2 | % | 1,191 | 182 | 54,913 | 89 | % | 49,126 | 83.1 | % | 1,120 | ||||||||||||||||||||||||||||||||
Other [1] |
||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
5 | 1,180 | 84 | % | 993 | 1.5 | % | 1,091 | 5 | 1,180 | 84 | % | 993 | 1.5 | % | 1,072 | ||||||||||||||||||||||||||||||||
Inland Empire |
2 | 376 | 100 | % | 376 | 0.4 | % | 763 | 2 | 376 | 100 | % | 376 | 0.4 | % | 762 | ||||||||||||||||||||||||||||||||
Michigan |
3 | 3,306 | 100 | % | 3,306 | 3.0 | % | 598 | 5 | 3,688 | 96 | % | 3,538 | 3.0 | % | 614 | ||||||||||||||||||||||||||||||||
Minneapolis |
2 | 732 | 89 | % | 651 | 1.7 | % | 1,516 | 2 | 732 | 89 | % | 651 | 1.7 | % | 1,453 | ||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 78 | % | 865 | 1.2 | % | 863 | 4 | 1,114 | 77 | % | 861 | 1.2 | % | 834 | ||||||||||||||||||||||||||||||||
Non-Target Florida |
5 | 1,202 | 100 | % | 1,202 | 1.2 | % | 675 | 9 | 2,004 | 100 | % | 2,004 | 1.8 | % | 641 | ||||||||||||||||||||||||||||||||
Norfolk Richmond |
6 | 1,643 | 95 | % | 1,554 | 2.5 | % | 940 | 6 | 1,643 | 94 | % | 1,551 | 2.5 | % | 934 | ||||||||||||||||||||||||||||||||
Providence RI |
2 | 708 | 100 | % | 708 | 1.2 | % | 1,087 | 2 | 708 | 100 | % | 708 | 1.2 | % | 1,073 | ||||||||||||||||||||||||||||||||
Other Markets |
4 | 2,793 | 94 | % | 2,636 | 2.1 | % | 643 | 10 | 4,486 | 92 | % | 4,128 | 3.6 | % | 654 | ||||||||||||||||||||||||||||||||
Total Other |
33 | 13,054 | 94 | % | 12,291 | 14.8 | % | 810 | 45 | 15,931 | 93 | % | 14,810 | 16.9 | % | 774 | ||||||||||||||||||||||||||||||||
Grand Total |
205 | 64,781 | 92 | % | 59,820 | 100.0 | % | $ | 1,112 | 227 | 70,844 | 90 | % | 63,936 | 100.0 | % | $ | 1,040 | ||||||||||||||||||||||||||||||
[1] | For the quarters ended September 30, 2011 and 2010, Aimcos conventional portfolio included
assets in 15 and 17 markets, respectively, in which Aimco invests on an opportunistic basis or
that Aimco intends to exit. |
23 |
Supplemental Schedule 7(b)
Total Conventional Portfolio Data by Market
Second Quarter 2011 Market Information
(unaudited)
Total Conventional Portfolio Data by Market
Second Quarter 2011 Market Information
(unaudited)
Aimcos portfolio strategy focuses on B/B+ quality apartment communities located in the 20 largest
U.S. markets as measured by total apartment value, with a target allocation to Conventional
Properties of 90% or more. Aimco measures Conventional Property asset quality based on average
rents compared to local market average rents as reported by REIS, 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 2Q 2011 data, as this is the most recent period for which third-party
data is available.
Quarter Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||
2011 - 2013 | |||||||||||||||||||||||||||||||||||||||
+/- Market | Projected | ||||||||||||||||||||||||||||||||||||||
Effective | Average | Market | Rent | Revenue | |||||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Rent | Rent [1] | Average | Growth [2] | |||||||||||||||||||||||||||||||
Target Markets |
|||||||||||||||||||||||||||||||||||||||
Los Angeles |
14 | 4,645 | 86 | % | 3,993 | 10.3 | % | $ | 1,992 | $ | 1,353 | 47.3 | % | 4.6 | % | ||||||||||||||||||||||||
Orange County |
4 | 1,213 | 94 | % | 1,143 | 3.0 | % | 1,522 | 1,478 | 3.0 | % | 5.4 | % | ||||||||||||||||||||||||||
San Diego |
10 | 2,286 | 94 | % | 2,144 | 4.4 | % | 1,229 | 1,309 | -6.1 | % | 5.0 | % | ||||||||||||||||||||||||||
Southern CA Total |
28 | 8,144 | 89 | % | 7,280 | 17.7 | % | 1,691 | 1,361 | 24.3 | % | 4.8 | % | ||||||||||||||||||||||||||
East Bay |
2 | 413 | 85 | % | 353 | 0.7 | % | 1,233 | 1,290 | -4.4 | % | 5.4 | % | ||||||||||||||||||||||||||
San Francisco |
6 | 1,084 | 100 | % | 1,084 | 1.9 | % | 1,522 | 1,807 | -15.8 | % | 6.4 | % | ||||||||||||||||||||||||||
San Jose |
1 | 224 | 100 | % | 224 | 0.5 | % | 1,494 | 1,501 | -0.5 | % | 8.6 | % | ||||||||||||||||||||||||||
Northern CA Total |
9 | 1,721 | 97 | % | 1,661 | 3.1 | % | 1,433 | 1,607 | -10.9 | % | 6.5 | % | ||||||||||||||||||||||||||
Seattle |
2 | 239 | 84 | % | 200 | 0.5 | % | 1,388 | 987 | 40.7 | % | 5.1 | % | ||||||||||||||||||||||||||
Pacific Total |
39 | 10,104 | 90 | % | 9,141 | 21.2 | % | 1,642 | 1,390 | 18.1 | % | 5.1 | % | ||||||||||||||||||||||||||
Manhattan |
22 | 957 | 100 | % | 957 | 3.6 | % | 2,434 | 2,826 | -13.9 | % | 5.6 | % | ||||||||||||||||||||||||||
Suburban New York New Jersey |
4 | 1,162 | 81 | % | 944 | 1.8 | % | 1,183 | 1,464 | -19.2 | % | 3.7 | % | ||||||||||||||||||||||||||
New York Total |
26 | 2,119 | 90 | % | 1,901 | 5.4 | % | 1,755 | 2,079 | -15.6 | % | 4.9 | % | ||||||||||||||||||||||||||
Washington NoVA MD |
17 | 8,015 | 88 | % | 7,048 | 14.1 | % | 1,256 | 1,414 | -11.2 | % | 4.5 | % | ||||||||||||||||||||||||||
Boston |
11 | 4,129 | 100 | % | 4,129 | 7.0 | % | 1,171 | 1,665 | -29.7 | % | 5.2 | % | ||||||||||||||||||||||||||
Philadelphia |
7 | 3,888 | 94 | % | 3,664 | 6.5 | % | 1,235 | 1,014 | 21.8 | % | 4.0 | % | ||||||||||||||||||||||||||
Northeast Total |
61 | 18,151 | 92 | % | 16,742 | 32.9 | % | 1,293 | 1,467 | -11.8 | % | 4.6 | % | ||||||||||||||||||||||||||
Miami |
5 | 2,474 | 95 | % | 2,362 | 5.7 | % | 1,554 | 1,033 | 50.4 | % | 4.1 | % | ||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
4 | 1,265 | 100 | % | 1,265 | 1.2 | % | 817 | 1,053 | -22.4 | % | 4.2 | % | ||||||||||||||||||||||||||
Orlando |
9 | 2,836 | 98 | % | 2,774 | 2.6 | % | 723 | 814 | -11.2 | % | 5.2 | % | ||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 96 | % | 1,688 | 1.7 | % | 713 | 797 | -10.6 | % | 4.9 | % | ||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 100 | % | 1,643 | 1.7 | % | 762 | 759 | 0.4 | % | 4.5 | % | ||||||||||||||||||||||||||
Florida Total |
28 | 9,973 | 98 | % | 9,732 | 13.0 | % | 953 | 887 | 7.5 | % | 4.5 | % | ||||||||||||||||||||||||||
Houston |
6 | 2,509 | 82 | % | 2,050 | 2.0 | % | 691 | 737 | -6.3 | % | 5.5 | % | ||||||||||||||||||||||||||
Denver |
9 | 2,553 | 78 | % | 1,991 | 2.9 | % | 808 | 823 | -1.9 | % | 5.3 | % | ||||||||||||||||||||||||||
Phoenix |
14 | 3,617 | 86 | % | 3,109 | 3.0 | % | 632 | 689 | -8.2 | % | 5.7 | % | ||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 100 | % | 569 | 0.6 | % | 705 | 758 | -6.9 | % | 5.2 | % | ||||||||||||||||||||||||||
Atlanta |
5 | 1,295 | 87 | % | 1,125 | 1.5 | % | 875 | 762 | 14.8 | % | 4.7 | % | ||||||||||||||||||||||||||
Sunbelt Total |
64 | 20,516 | 91 | % | 18,576 | 22.9 | % | 833 | 814 | 2.4 | % | 4.9 | % | ||||||||||||||||||||||||||
Chicago |
15 | 4,633 | 97 | % | 4,472 | 7.7 | % | 1,107 | 1,003 | 10.4 | % | 4.6 | % | ||||||||||||||||||||||||||
Total Target Markets |
179 | 53,404 | 92 | % | 48,931 | 84.8 | % | 1,155 | 1,148 | 0.6 | % | 4.8 | % | ||||||||||||||||||||||||||
Other |
|||||||||||||||||||||||||||||||||||||||
Baltimore |
5 | 1,180 | 84 | % | 993 | 1.6 | % | 1,084 | 981 | 10.5 | % | 4.2 | % | ||||||||||||||||||||||||||
Inland Empire |
2 | 376 | 100 | % | 376 | 0.4 | % | 753 | 1,007 | -25.2 | % | 4.8 | % | ||||||||||||||||||||||||||
Michigan |
3 | 3,303 | 100 | % | 3,303 | 2.8 | % | 588 | 770 | -23.6 | % | 3.7 | % | ||||||||||||||||||||||||||
Minneapolis |
2 | 732 | 89 | % | 651 | 1.7 | % | 1,476 | 916 | 61.1 | % | 4.3 | % | ||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 78 | % | 865 | 1.2 | % | 848 | 716 | 18.4 | % | 4.1 | % | ||||||||||||||||||||||||||
Non-Target Florida |
8 | 1,796 | 100 | % | 1,796 | 1.6 | % | 640 | 882 | -27.5 | % | 4.8 | % | ||||||||||||||||||||||||||
Norfolk Richmond |
6 | 1,643 | 95 | % | 1,554 | 2.5 | % | 953 | 839 | 13.6 | % | 3.2 | % | ||||||||||||||||||||||||||
Providence RI |
2 | 708 | 100 | % | 708 | 1.1 | % | 1,081 | 1,159 | -6.7 | % | 5.4 | % | ||||||||||||||||||||||||||
Other Markets |
4 | 2,793 | 94 | % | 2,634 | 2.4 | % | 651 | 708 | -8.1 | % | 4.4 | % | ||||||||||||||||||||||||||
Total Other |
36 | 13,645 | 94 | % | 12,880 | 15.2 | % | 794 | 829 | -4.2 | % | 4.1 | % | ||||||||||||||||||||||||||
Grand Total |
215 | 67,049 | 92 | % | 61,811 | 100.0 | % | $ | 1,079 | $ | 1,081 | -0.2 | % | 4.7 | % | ||||||||||||||||||||||||
[1] | 2Q 2011 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. |
24 |
Supplemental Schedule 8
Property Disposition and Acquisition Activity
(dollars in millions, except average rent) (unaudited)
Property Disposition and Acquisition Activity
(dollars in millions, except average rent) (unaudited)
Third Quarter 2011 Dispositions
Number | Number | Weighted | NOI | Aimco | Aimco | |||||||||||||||||||||||||||||||||||
of | of | Average | Gross | Cap | Property | Net Sales | Gross | Net | Average | |||||||||||||||||||||||||||||||
Properties | Units | Ownership | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | |||||||||||||||||||||||||||||||
Conventional |
9 | 2,395 | 89 | % | $ | 136.7 | 7.4 | % | $ | 71.1 | $ | 53.8 | $ | 121.5 | $ | 54.3 | $ | 659 | ||||||||||||||||||||||
Affordable |
3 | 266 | 43 | % | $ | 17.8 | 8.3 | % | $ | 6.4 | $ | 10.1 | $ | 4.5 | $ | 6.1 | $ | 953 | ||||||||||||||||||||||
Total Dispositions |
12 | 2,661 | 84 | % | $ | 154.5 | 7.4 | % | $ | 77.5 | $ | 63.9 | $ | 126.0 | $ | 60.4 | $ | 690 | ||||||||||||||||||||||
2011 Year-to-Date Dispositions
Number | Number | Weighted | NOI | Aimco | Aimco | |||||||||||||||||||||||||||||||||||
of | of | Average | Gross | Cap | Property | Net Sales | Gross | Net | Average | |||||||||||||||||||||||||||||||
Properties | Units | Ownership | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | |||||||||||||||||||||||||||||||
Conventional [3] |
18 | 4,614 | 88 | % | $ | 241.0 | 7.2 | % | $ | 129.4 | $ | 84.0 | $ | 211.4 | $ | 86.3 | $ | 637 | ||||||||||||||||||||||
Affordable |
15 | 1,559 | 34 | % | $ | 52.2 | 8.4 | % | $ | 27.1 | $ | 21.6 | $ | 19.7 | $ | 14.6 | $ | 674 | ||||||||||||||||||||||
Total Dispositions |
33 | 6,173 | 75 | % | $ | 293.2 | 7.3 | % | $ | 156.5 | $ | 105.6 | $ | 231.1 | $ | 100.9 | $ | 646 | ||||||||||||||||||||||
[1] | NOI Cap Rate is calculated based on Aimcos share of the the trailing twelve month NOI prior
to sale, less a 3.5% management fee, divided by the gross proceeds, which excludes prepayment
penalties associated with the related property debt. |
|
[2] | Net Sales Proceeds are after repayment of existing debt, net working capital settlements,
payment of transaction costs and debt prepayment penalties. |
|
[3] | Year-to-date, Aimco has disposed of Conventional Properties in the following markets: |
Market | Properties | Units | ||||||
Target: |
||||||||
Chicago |
2 | 640 | ||||||
Denver |
1 | 376 | ||||||
Houston |
1 | 326 | ||||||
Orlando |
1 | 185 | ||||||
Phoenix |
5 | 1,402 | ||||||
Seattle |
1 | 174 | ||||||
Total Target |
11 | 3,103 | ||||||
Other: |
||||||||
Cincinnati |
1 | 231 | ||||||
Daytona Beach FL |
1 | 208 | ||||||
Indianapolis Fort Wayne |
1 | 328 | ||||||
Lima, OH |
1 | 150 | ||||||
Melbourne FL |
3 | 594 | ||||||
Total Other |
7 | 1,511 | ||||||
Total Sales |
18 | 4,614 | ||||||
2011 Year-to-Date 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 $13.6 million. The gross estimated fair value of the real
estate corresponding to the interests Aimco acquired totaled $84.9 million.
During 2011, Aimco acquired a vacant, 126-unit property located in San Franciscos Marin County
submarket. Aimco intends to redevelop the property, increasing its total investment in the
property to approximately $65.0 million upon completion. Additionally, during 2011, Aimco
acquired noncontrolling interests (approximately 50%) in entities that own four contigous
properties with 142 units located in La Jolla, California (near San Diego).
25 |
Supplemental Schedule 9
Capital Additions
(in thousands, except per unit data) (unaudited)
Capital Additions
(in thousands, except per unit data) (unaudited)
All capital additions are classified as either Capital Replacements (CR), Capital Improvements
(CI), property upgrades, 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 | Actual Additions | |||||||||||||||||||||||
Three Months Ended September 30, 2011 | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||
Conventional | Affordable | Total | Conventional | Affordable | Total | |||||||||||||||||||
Capital Additions |
||||||||||||||||||||||||
Capital Replacements |
||||||||||||||||||||||||
Buildings and grounds |
$ | 12,949 | $ | 1,363 | $ | 14,312 | $ | 25,777 | $ | 4,052 | $ | 29,829 | ||||||||||||
Turnover capital additions |
5,807 | 1,096 | 6,903 | 13,646 | 3,200 | 16,846 | ||||||||||||||||||
Capitalized site payroll and indirect costs |
1,480 | 170 | 1,650 | 6,328 | 934 | 7,262 | ||||||||||||||||||
Total Capital Replacements |
20,236 | 2,629 | 22,865 | 45,751 | 8,186 | 53,937 | ||||||||||||||||||
Capital Improvements |
20,811 | 827 | 21,638 | 35,522 | 3,113 | 38,635 | ||||||||||||||||||
Redevelopment Additions |
7,553 | (33 | ) | 7,520 | 19,679 | (224 | ) | 19,455 | ||||||||||||||||
Casualties |
3,089 | 572 | 3,661 | 8,300 | 1,141 | 9,441 | ||||||||||||||||||
Total Capital Additions |
$ | 51,689 | $ | 3,995 | $ | 55,684 | $ | 109,252 | $ | 12,216 | $ | 121,468 | ||||||||||||
Capital Replacements and Improvements per Unit |
||||||||||||||||||||||||
Total units |
63,335 | 18,864 | 82,199 | 63,335 | 18,864 | 82,199 | ||||||||||||||||||
Total Capital Replacements per unit |
$ | 320 | $ | 139 | $ | 278 | $ | 722 | $ | 434 | $ | 656 | ||||||||||||
Capital Improvements per unit |
329 | 44 | 263 | 561 | 165 | 470 | ||||||||||||||||||
Total Capital Replacements and Improvements per unit |
$ | 649 | $ | 183 | $ | 541 | $ | 1,283 | $ | 599 | $ | 1,126 | ||||||||||||
26 |
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.
27 |
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 | Nine Months Ended | |||||||
(in thousands) (unaudited) | September 30, 2011 | September 30, 2011 | ||||||
Capital Additions per Schedule 9 |
$ | 55,684 | $ | 121,468 | ||||
Capital additions related to: |
||||||||
Unconsolidated real estate partnerships |
(117 | ) | (243 | ) | ||||
Consolidated sold and held for sale properties |
257 | 1,709 | ||||||
Consolidated properties Aimco owns but does not manage |
309 | 472 | ||||||
Consolidated capital additions |
$ | 56,133 | $ | 123,406 | ||||
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.
28 |
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.
29 |
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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) (unaudited) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (14,801 | ) | $ | (28,500 | ) | $ | (79,751 | ) | $ | (86,891 | ) | ||||
Adjustments: |
||||||||||||||||
Depreciation and amortization |
97,321 | 101,704 | 287,739 | 305,066 | ||||||||||||
Depreciation and amortization related to non-real estate assets |
(3,372 | ) | (3,498 | ) | (9,833 | ) | (11,238 | ) | ||||||||
Depreciation of rental property related to noncontrolling partners
and
unconsolidated entities |
(7,553 | ) | (8,706 | ) | (24,957 | ) | (29,768 | ) | ||||||||
(Gain) loss on dispositions of unconsolidated real estate and other,
net of noncontrolling partners interest |
(245 | ) | 2,294 | (1,038 | ) | 1,196 | ||||||||||
Discontinued operations: |
||||||||||||||||
Gain on dispositions of real estate, net of noncontrolling
partners interest |
(24,200 | ) | (13,375 | ) | (43,598 | ) | (52,853 | ) | ||||||||
Depreciation of rental property, net of noncontrolling partners
interest |
847 | 5,051 | 6,653 | 17,093 | ||||||||||||
Income tax expense (benefit) arising from disposals |
(37 | ) | (48 | ) | 223 | (948 | ) | |||||||||
Common noncontrolling interests in Aimco Operating Partnerships
share
of above adjustments |
(4,198 | ) | (5,788 | ) | (14,744 | ) | (15,891 | ) | ||||||||
Preferred stock dividends |
12,513 | 13,576 | 37,390 | 39,405 | ||||||||||||
Preferred stock redemption related amounts |
788 | | (1,961 | ) | (2,779 | ) | ||||||||||
Amounts allocable to partcipating securities |
58 | 2 | 169 | | ||||||||||||
Funds From Operations |
$ | 57,121 | $ | 62,712 | $ | 156,292 | $ | 162,392 | ||||||||
Preferred stock dividends |
(12,513 | ) | (13,576 | ) | (37,390 | ) | (39,405 | ) | ||||||||
Preferred stock redemption related amounts |
(788 | ) | | 1,961 | 2,779 | |||||||||||
Amounts allocable to participating securities |
(175 | ) | (193 | ) | (527 | ) | (537 | ) | ||||||||
Funds From Operations Attributable to Aimco Common
Stockholders Diluted |
$ | 43,645 | $ | 48,943 | $ | 120,336 | $ | 125,229 | ||||||||
Operating real estate impairment losses, net of noncontrolling
partners
interest and related income tax benefit |
5,770 | (697 | ) | 9,950 | 11,214 | |||||||||||
Preferred equity redemption related amounts |
788 | (1,765 | ) | (1,961 | ) | (4,544 | ) | |||||||||
Common noncontrolling interests in Aimco Operating Partnerships
share of
above adjustments |
(448 | ) | 172 | (547 | ) | (464 | ) | |||||||||
Amounts allocable to participating securities |
(24 | ) | 12 | (34 | ) | (33 | ) | |||||||||
Pro Forma Funds From Operations Attributable to Aimco Common
Stockholders Diluted |
$ | 49,731 | $ | 46,665 | $ | 127,744 | $ | 131,402 | ||||||||
Capital Replacements, net of common noncontrolling interests in Aimco
Operating Partnership |
(20,416 | ) | (16,866 | ) | (48,111 | ) | (44,692 | ) | ||||||||
Amounts allocable to participating securities |
142 | 86 | 392 | 234 | ||||||||||||
Adjusted Funds From Operations Attributable to Aimco Common
Stockholders Diluted |
$ | 29,457 | $ | 29,885 | $ | 80,025 | $ | 86,944 | ||||||||
Weighted average shares diluted FFO |
120,670 | 116,730 | 119,269 | 116,574 | ||||||||||||
Funds From Operations per share (diluted) |
$ | 0.36 | $ | 0.42 | $ | 1.01 | $ | 1.07 | ||||||||
Pro forma Funds From Operations per share (diluted) |
$ | 0.41 | $ | 0.40 | $ | 1.07 | $ | 1.13 | ||||||||
Adjusted Funds From Operations per share (diluted) |
$ | 0.24 | $ | 0.26 | $ | 0.67 | $ | 0.75 |
30 |
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, non-multi-family such as commercial properties or
fitness facilities and properties that have not reached and maintained a stabilized level of
occupancy during the reporting periods, often due to a casualty event.
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).
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.
31 |
Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(a) to
Proportionate Property NOI Amounts Included in Aimcos
Earnings Release and Supplemental Schedule 6(a)
Third Quarter 2011 Compared to Third Quarter 2010
(in thousands) (unaudited)
Third Quarter 2011 Compared to Third Quarter 2010
(in thousands) (unaudited)
Three Months Ended September 30, 2011 | Three Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Properties Owned | Ownership | Proportionate | Proportionate | Properties Owned | Ownership | Proportionate | |||||||||||||||||||||||||
Amount | but Not Managed | Adjustments | Property Amount | Amount | but Not Managed | Adjustments | Property Amount | |||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 186,965 | $ | | $ | (255 | ) | $ | 186,710 | $ | 176,888 | $ | | $ | 3,532 | $ | 180,420 | |||||||||||||||
Affordable Same Store |
32,715 | | | 32,715 | 31,568 | | 5 | 31,573 | ||||||||||||||||||||||||
Total Same Store |
219,680 | | (255 | ) | 219,425 | 208,456 | | 3,537 | 211,993 | |||||||||||||||||||||||
Other Conventional |
20,716 | (1,309 | ) | (2 | ) | 19,405 | 21,092 | (1,196 | ) | 351 | 20,247 | |||||||||||||||||||||
Other Affordable |
2,981 | (2,981 | ) | | | 3,389 | (3,389 | ) | | | ||||||||||||||||||||||
Total rental and other property revenues |
243,377 | (4,290 | ) | (257 | ) | 238,830 | 232,937 | (4,585 | ) | 3,888 | 232,240 | |||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
69,914 | | 217 | 70,131 | 65,665 | | 1,580 | 67,245 | ||||||||||||||||||||||||
Affordable Same Store |
13,377 | | (4 | ) | 13,373 | 13,758 | | 7 | 13,765 | |||||||||||||||||||||||
Total Same Store |
83,291 | | 213 | 83,504 | 79,423 | | 1,587 | 81,010 | ||||||||||||||||||||||||
Other Conventional |
10,122 | (747 | ) | 8 | 9,383 | 9,703 | (655 | ) | 174 | 9,222 | ||||||||||||||||||||||
Other Affordable |
1,597 | (1,597 | ) | | | 1,904 | (1,904 | ) | | | ||||||||||||||||||||||
Total property operating expenses |
95,010 | (2,344 | ) | 221 | 92,887 | 91,030 | (2,559 | ) | 1,761 | 90,232 | ||||||||||||||||||||||
Property NOI: |
||||||||||||||||||||||||||||||||
Conventional Same Store |
117,051 | | (472 | ) | 116,579 | 111,223 | | 1,952 | 113,175 | |||||||||||||||||||||||
Affordable Same Store |
19,338 | | 4 | 19,342 | 17,810 | | (2 | ) | 17,808 | |||||||||||||||||||||||
Total Same Store |
136,389 | | (468 | ) | 135,921 | 129,033 | | 1,950 | 130,983 | |||||||||||||||||||||||
Other Conventional |
10,594 | (562 | ) | (10 | ) | 10,022 | 11,389 | (541 | ) | 177 | 11,025 | |||||||||||||||||||||
Other Affordable |
1,384 | (1,384 | ) | | | 1,485 | (1,485 | ) | | | ||||||||||||||||||||||
Net real estate operations |
$ | 148,367 | $ | (1,946 | ) | $ | (478 | ) | $ | 145,943 | $ | 141,907 | $ | (2,026 | ) | $ | 2,127 | $ | 142,008 | |||||||||||||
% Aimco | ||||||||||||||||||||||||||||||||
3Q 2011 NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||||||
Year-over-Year Change: |
||||||||||||||||||||||||||||||||
Conventional Same Store |
80 | % | 3.5 | % | 4.3 | % | 3.0 | % | ||||||||||||||||||||||||
Affordable Same Store |
13 | % | 3.6 | % | -2.8 | % | 8.6 | % | ||||||||||||||||||||||||
Total Same Store |
93 | % | 3.5 | % | 3.1 | % | 3.8 | % | ||||||||||||||||||||||||
Other Conventional |
7 | % | -4.2 | % | 1.7 | % | -9.1 | % | ||||||||||||||||||||||||
Net real estate operations |
100 | % | 2.8 | % | 2.9 | % | 2.8 | % | ||||||||||||||||||||||||
32 |
Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
(in thousands) (unaudited)
Three Months Ended June 30, 2011 | ||||||||||||||||||||||||
Proportionate | ||||||||||||||||||||||||
Share of | ||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Ownership | Proportionate | |||||||||||||||||||
Amounts | Partnerships | Interests | Amount | Adjustments | Property Amount | |||||||||||||||||||
Conventional Same Store: |
||||||||||||||||||||||||
Rental and other property revenues |
$ | 197,529 | $ | | $ | (13,445 | ) | $ | 184,084 | $ | (249 | ) | $ | 183,835 | ||||||||||
Property operating expenses |
71,486 | | (5,084 | ) | 66,402 | 202 | 66,604 | |||||||||||||||||
Property NOI |
$ | 126,043 | $ | | $ | (8,361 | ) | $ | 117,682 | $ | (451 | ) | $ | 117,231 | ||||||||||
33 |
Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(b) to
Proportionate Property NOI Amounts Included in Aimcos Earnings Release and Supplemental Schedule
6(c)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands) (unaudited)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands) (unaudited)
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||||||||||
Proportionate | Properties Owned | Population | Ownership | Proportionate | Proportionate | Properties Owned | Population | Ownership | Proportionate | |||||||||||||||||||||||||||||||
Amount | but Not Managed | Changes | Adjustments | Property Amount | Amount | but Not Managed | Changes | Adjustments | Property Amount | |||||||||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 552,732 | $ | | $ | (5,314 | ) | $ | 566 | $ | 547,984 | $ | 529,017 | $ | | $ | (5,148 | ) | $ | 10,694 | $ | 534,563 | ||||||||||||||||||
Affordable Same Store |
97,947 | | (10,817 | ) | | 87,130 | 93,831 | | (10,229 | ) | 16 | 83,618 | ||||||||||||||||||||||||||||
Total Same Store |
650,679 | | (16,131 | ) | 566 | 635,114 | 622,848 | | (15,377 | ) | 10,710 | 618,181 | ||||||||||||||||||||||||||||
Other Conventional |
63,949 | (3,696 | ) | 5,314 | 137 | 65,704 | 63,383 | (3,543 | ) | 5,148 | 1,089 | 66,077 | ||||||||||||||||||||||||||||
Other Affordable |
8,520 | (8,520 | ) | 10,817 | | 10,817 | 8,633 | (8,633 | ) | 10,229 | | 10,229 | ||||||||||||||||||||||||||||
Total rental and other property revenues |
723,148 | (12,216 | ) | | 703 | 711,635 | 694,864 | (12,176 | ) | | 11,799 | 694,487 | ||||||||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
203,325 | | (2,456 | ) | 1,146 | 202,015 | 202,151 | | (2,432 | ) | 5,016 | 204,735 | ||||||||||||||||||||||||||||
Affordable Same Store |
40,539 | | (4,401 | ) | (52 | ) | 36,086 | 42,311 | | (4,142 | ) | 21 | 38,190 | |||||||||||||||||||||||||||
Total Same Store |
243,864 | | (6,857 | ) | 1,094 | 238,101 | 244,462 | | (6,574 | ) | 5,037 | 242,925 | ||||||||||||||||||||||||||||
Other Conventional |
30,836 | (2,293 | ) | 2,456 | 112 | 31,111 | 30,096 | (2,232 | ) | 2,432 | 581 | 30,877 | ||||||||||||||||||||||||||||
Other Affordable |
4,938 | (4,937 | ) | 4,401 | | 4,402 | 5,028 | (5,029 | ) | 4,142 | | 4,141 | ||||||||||||||||||||||||||||
Total property operating expenses |
279,638 | (7,230 | ) | | 1,206 | 273,614 | 279,586 | (7,261 | ) | | 5,618 | 277,943 | ||||||||||||||||||||||||||||
Property NOI: |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
349,407 | | (2,858 | ) | (580 | ) | 345,969 | 326,866 | | (2,716 | ) | 5,678 | 329,828 | |||||||||||||||||||||||||||
Affordable Same Store |
57,408 | | (6,416 | ) | 52 | 51,044 | 51,520 | | (6,087 | ) | (5 | ) | 45,428 | |||||||||||||||||||||||||||
Total Same Store |
406,815 | | (9,274 | ) | (528 | ) | 397,013 | 378,386 | | (8,803 | ) | 5,673 | 375,256 | |||||||||||||||||||||||||||
Other Conventional |
33,113 | (1,403 | ) | 2,858 | 25 | 34,593 | 33,287 | (1,311 | ) | 2,716 | 508 | 35,200 | ||||||||||||||||||||||||||||
Other Affordable |
3,582 | (3,583 | ) | 6,416 | | 6,415 | 3,605 | (3,604 | ) | 6,087 | | 6,088 | ||||||||||||||||||||||||||||
Net real estate operations |
$ | 443,510 | $ | (4,986 | ) | $ | | $ | (503 | ) | $ | 438,021 | $ | 415,278 | $ | (4,915 | ) | $ | | $ | 6,181 | $ | 416,544 | |||||||||||||||||
% Aimco | ||||||||||||||||||||||||||||||||||||||||
YTD 2011 NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||||||||||||||
Year-over-Year Change: |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
79 | % | 2.5 | % | -1.3 | % | 4.9 | % | ||||||||||||||||||||||||||||||||
Affordable Same Store |
12 | % | 4.2 | % | -5.5 | % | 12.4 | % | ||||||||||||||||||||||||||||||||
Total Same Store |
91 | % | 2.7 | % | -2.0 | % | 5.8 | % | ||||||||||||||||||||||||||||||||
Other Conventional |
8 | % | -0.6 | % | 0.8 | % | -1.7 | % | ||||||||||||||||||||||||||||||||
Other Affordable |
1 | % | 5.7 | % | 6.3 | % | 5.4 | % | ||||||||||||||||||||||||||||||||
Net real estate operations |
100 | % | 2.5 | % | -1.6 | % | 5.2 | % | ||||||||||||||||||||||||||||||||
34 |
Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate
NOI Amounts
(in thousands) (unaudited)
(in thousands) (unaudited)
Y2010 to Y2011 | Subtract | Add | ||||||||||||||||||||||||||||||
Property | Nine Months | Nine Months | ||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | Classification, | Ended | Ended | |||||||||||||||||||||||||||||
Proportionate | Discontinued | September 30, | September 30, | |||||||||||||||||||||||||||||
Share of | Operations and GAAP | 2010 | 2011 | TTM | ||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | 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 | $ | (39,733 | ) | $ | (529,017 | ) | $ | 552,732 | $ | 732,360 | |||||||||||||
Other Conventional properties |
82,855 | 4,730 | (8,047 | ) | 79,538 | 6,471 | (63,383 | ) | 63,949 | 86,575 | ||||||||||||||||||||||
Affordable properties |
206,681 | 10,809 | (74,100 | ) | 143,390 | (4,926 | ) | (102,464 | ) | 106,467 | 142,467 | |||||||||||||||||||||
Total rental and other property revenues |
1,106,522 | 15,539 | (150,755 | ) | 971,306 | (38,188 | ) | (694,864 | ) | 723,148 | 961,402 | |||||||||||||||||||||
Property operating expenses: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
312,904 | | (27,519 | ) | 285,385 | (18,381 | ) | (202,151 | ) | 203,325 | 268,178 | |||||||||||||||||||||
Other Conventional properties |
39,687 | 3,008 | (3,941 | ) | 38,754 | 1,529 | (30,096 | ) | 30,836 | 41,023 | ||||||||||||||||||||||
Affordable properties |
99,708 | 6,398 | (39,933 | ) | 66,173 | (2,792 | ) | (47,339 | ) | 45,477 | 61,519 | |||||||||||||||||||||
Total property operating expenses |
452,299 | 9,406 | (71,393 | ) | 390,312 | (19,644 | ) | (279,586 | ) | 279,638 | 370,720 | |||||||||||||||||||||
Net operating income: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
504,082 | | (41,089 | ) | 462,993 | (21,352 | ) | (326,866 | ) | 349,407 | 464,182 | |||||||||||||||||||||
Other Conventional properties |
43,168 | 1,722 | (4,106 | ) | 40,784 | 4,942 | (33,287 | ) | 33,113 | 45,552 | ||||||||||||||||||||||
Affordable properties |
106,973 | 4,411 | (34,167 | ) | 77,217 | (2,134 | ) | (55,125 | ) | 60,990 | 80,948 | |||||||||||||||||||||
Total rental and other property revenues |
$ | 654,223 | $ | 6,133 | $ | (79,362 | ) | $ | 580,994 | $ | (18,544 | ) | $ | (415,278 | ) | $ | 443,510 | $ | 590,682 | |||||||||||||
35 |
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 6c is based on Aimcos current
period ownership.
36 |