Attached files
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| 8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | form8-kxq22012sch10revision.htm |
Supplemental Schedule 10 | ||||||||||||||||||||||||||||
Summary of Redevelopment Activity | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||
(dollars in millions) (unaudited) | ||||||||||||||||||||||||||||
Schedule | Average Rents | |||||||||||||||||||||||||||
Total Number of Units | Total Project Cost | Inception-to-Date Investment [1] | Construction Start | Initial Occupancy | Construction Complete | Stabilized/ Restabilized Operations | Pre- Redevelopment [2] | Stabilized [3] | Market Rent Growth Since Construction Start [4] | Occupancy [5] | ||||||||||||||||||
Held for Redevelopment | ||||||||||||||||||||||||||||
Lincoln Place, Venice, CA | 696 | In planning | $ | 184.2 | In planning | In planning | In planning | In planning | n/a | In planning | n/a | Vacant | ||||||||||||||||
The Preserve at Marin, Corte Madera, CA | 126 | In planning | 47.6 | In planning | In planning | In planning | In planning | n/a | In planning | n/a | Vacant | |||||||||||||||||
Subtotal | 822 | $ | 231.8 | |||||||||||||||||||||||||
Under Redevelopment | ||||||||||||||||||||||||||||
Elm Creek, Elmhurst, IL [6] | 28 | $ | 9.9 | $ | 0.7 | 2Q 2012 | 4Q 2012 | 2Q 2013 | 3Q 2013 | n/a | $2,946 | n/a | n/a | |||||||||||||||
Flamingo South Beach, Miami, FL | 1,127 | 4.1 | 1.9 | 3Q 2011 | n/a-exterior only | 4Q 2012 | 1Q 2013 | $1,770 | $1,800 | 3.2 | % | 95.6% | ||||||||||||||||
Pacific Bay Vistas, San Bruno, CA | 308 | 96.5 | 53.7 | 4Q 2011 | 3Q 2012 | 2Q 2013 | 3Q 2013 | n/a | $2,200 | 4.4 | % | Vacant | ||||||||||||||||
The Palazzo at Park La Brea, Los Angeles, CA [7] | 521 | 15.7 | 2.0 | 1Q 2012 | 4Q 2012 | 3Q 2014 | 4Q 2014 | $2,861 | $3,171 | 1.8 | % | 95.9% | ||||||||||||||||
Plantation Gardens, Plantation, FL | 372 | 6.0 | 4.4 | 3Q 2011 | 3Q 2012 | 4Q 2012 | 1Q 2013 | $892 | $977 | 1.3 | % | 71.1% | ||||||||||||||||
Subtotal | 2,356 | $ | 132.2 | $ | 62.7 | |||||||||||||||||||||||
Grand Total | 3,178 | $ | 132.2 | $ | 294.5 | |||||||||||||||||||||||
Actual 2012 Investment | ||||||||||||||||||||||||||||
First Quarter 2012 | Second Quarter 2012 | Year-to-Date | ||||||||||||||||||||||||||
Held for Redevelopment | $ | 10.8 | $ | 8.0 | $ | 18.8 | ||||||||||||||||||||||
Under Redevelopment | 4.6 | 15.0 | 19.6 | |||||||||||||||||||||||||
Other Redevelopment [8] | 0.2 | 1.6 | 1.8 | |||||||||||||||||||||||||
Total | $ | 15.6 | $ | 24.6 | $ | 40.2 | ||||||||||||||||||||||
[1] Lincoln Place and Pacific Bay Vistas amounts are net of 4Q 2008 impairment losses of $85.4 million and $5.7 million, respectively. | ||||||||||||||||||||||||||||
[2] Average rents for the quarter preceding redevelopment start. | ||||||||||||||||||||||||||||
[3] Rents based on market rents for comparable product for the quarter preceding redevelopment start. Does not include future market rent growth. | ||||||||||||||||||||||||||||
[4] Represents change in submarket rents from the quarter in which construction started to first quarter 2012 based on the average of REIS and Axio. First quarter 2012 is most recent data. | ||||||||||||||||||||||||||||
[5] Represents average daily occupancy during the quarter except as it relates to vacant or previously vacant properties, in which case quarter-end physical occupancy is reported. | ||||||||||||||||||||||||||||
As of June 30, 2012, such vacant or previously vacant properties are: Lincoln Place; The Preserve at Marin; and Pacific Bay Vistas. | ||||||||||||||||||||||||||||
[6] Aimco's Elm Creek project involves the construction of 28 townhomes to be built on a now-vacant land parcel adjacent to the Elm Creek community. | ||||||||||||||||||||||||||||
[7] The Palazzo is owned in a joint venture in which Aimco has an approximate 53% interest. Aimco’s share of this $15.7 million investment is $8.3 million. | ||||||||||||||||||||||||||||
[8] Amount represents capitalizable costs associated with projects in our redevelopment pipeline that are not listed above. Anticipated 2012 redevelopment starts not | ||||||||||||||||||||||||||||
listed above include: | ||||||||||||||||||||||||||||
2900 on First, Seattle, WA | ||||||||||||||||||||||||||||
Park Towne Place, Philadelphia, PA | ||||||||||||||||||||||||||||
The Sterling, Philadelphia, PA | ||||||||||||||||||||||||||||
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