APARTMENT INVESTMENT & MANAGEMENT CO - FORM 8-K - EX-99.1 - EXHIBIT 99.1 INVESTOR PRESENTATION - September 8, 2016

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8-K - 8-K 9/8/16 INVESTOR PRESENTATION - APARTMENT INVESTMENT & MANAGEMENT COa9816investorpresentation8.htm
1 INVESTOR PRESENTATION SEPTEMBER 2016 Preserve at Marin, Corte Madera, CA

 
2 AIMCO VALUE CREATION Economic income: year-over-year NAV growth plus annual dividend 2015 Economic Income: $5.28 per share* 14% Return on Beginning-of-Year NAV $3.10 Property Operations Aimco's 2015 Same Store NOI growth of 5.6% created ~$3.00 of NAV per share. $0.50 Redevelopment Annual investment of $200 - $300M, at value creation averaging 25 - 35% of investment. Adds $0.50 to NAV per share annually. $0.50 Balance Sheet Each year, Aimco funds from retained earnings ~$80M of property debt amortization, adding $0.50 to NAV per share. $1.18 Annual Dividend Cash dividends per share up 13% to $1.18. * Represents the sum of a) the year-over-year change in consensus NAV as reported by KeyBanc Capital Markets and b) cash dividends per share paid by Aimco during 2015.

 
3 STRATEGIC AREAS OF FOCUS REDEVELOPMENT • Redevelopment is a core business activity • Robust pipeline of redevelopment opportunities within existing portfolio • Occasional development when warranted by risk-adjusted returns • Above-average property operating results over cycle • Above-average resident retention • Peer-leading expense control PROPERTY OPERATIONS • Diversified across markets and price points to reduce volatility in revenue • Disciplined capital recycling to upgrade portfolio • Peer-leading growth in average revenue per apartment home PORTFOLIO MANAGEMENT • Quantity of leverage in line with peers and declining • Quality of leverage superior to peers • $1.7 billion unencumbered asset pool provides financial flexibility • Rated investment grade by S&P and by Fitch BALANCE SHEET • Focus on ownership and operation of apartment communities • Add value through operational excellence and redevelopment • Live our values, foster a culture of success and work collaboratively every day to achieve our goals BUSINESS & CULTURE

 
4 PROPERTY OPERATIONS STRATEGY STRATEGY PROVIDES FOR • Greater NOI contribution: Renewal lease rate increases are generally higher than new lease rate increases; renewals avoid costs associated with turnover: higher vacancy, refurbishment, and marketing. • More predictable operating results: Renewal lease rate increases are less volatile; operating costs more predictable. PRODUCE ABOVE-AVERAGE OPERATING RESULTS • Focus on customer satisfaction, resident retention, and superior cost control.

 
5 STRONG OPERATING PERFORMANCE Revenue Growth Guidance: We remain on track to achieve our 2016 revenue growth guidance of 4.5% to 5.0%. • With strong rent growth already embedded in our transacted leases, approximately 75% of the revenue growth for the balance of the year is locked in based on August YTD revenue growth at 4.6%, an acceleration of 10 bps over June YTD at 4.5% and an acceleration of 20 bps over the August YTD revenue growth in the prior year. • For the remainder of 2016, we expect occupancy to increase by 30 to 60 bps based on a substantially lower number of lease expirations, and we expect renewal lease rates of 4.0% to 5.0%. At the mid-points of these two ranges, we achieve the low-end of our guidance range with new lease rates of (1.2%) and the high-end with new lease rates of 4.75%. (1) Aimco measures changes in Same Store 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 either as a new lease, where a vacant apartment is leased to a new customer, or as a renewal. Results are for Aimco's 2Q 2016 Same Store portfolio.

 
6 (1) Peer group consists of AvalonBay, Camden, Equity Residential, Essex, MAA, Post Properties and UDR. Source for peer information: Bank of America Merrill Lynch. (2) Source: SNL Financial. Peer group consists of AvalonBay, Camden, Equity Residential, Essex, MAA, Post Properties and UDR. (3) Source: Company reports. Individual market peers vary based on geographic exposure. • Focus on customer satisfaction and resident retention: From 2011 through 2015, Aimco turnover averaged 47% compared to the peer average of 53%(1). • Aimco receives ~90,000 customer surveys every year: Customer satisfaction has averaged more than 4.0 (on a 1 to 5 scale) for the past eleven quarters and was 4.20 during 2Q 2016. • Solid NOI performance: From 2005 through 2015, the compound annual growth rate for Aimco’s Same Store property NOI of 4.1% is consistent with the public apartment REIT average. (2) • At the market level, Aimco's Same Store operating results are above-average across price points and quality grades. • Approximately 60% of Aimco's Q2 2016 Same Store NOI was earned in markets where Aimco competes with two or more other public apartment REITs. • Q2 YTD, Aimco was number one or two in Same Store Revenue growth in all but two of these eight common markets. (3) STRONG OPERATING PERFORMANCE (CONT.) Q2 2016 Q2 YTD Q2 YTD Aimco Asset Quality Same Store Revenue Same Store Revenue Same Store NOI Atlanta A 1 of 4 1 of 4 1 of 4 B y Area B 1 of 5 1 of 5 1 of 5 Bosto C+ 1 of 4 1 of 4 1 of 4 Greater DC C+ 1 of 6 2 of 6 4 of 6 Greater LA A 6 of 6 5 of 6 5 of 6 New York B 1 of 4 2 of 4 1 of 4 San Diego B 4 of 5 4 of 5 4 of 5 Seattle A 1 of 5 1 of 5 1 of 5

 
7 PEER-LEADING EXPENSE CONTROL • Focus on efficient operations: Over the past three years, the compound annual growth rate for Aimco's property operating expenses before taxes, insurance, and utilities ("COE") is 0.8% and over the last nine years, the compound annual growth rate for Aimco's COE is negative 0.2%. • Centralize: moving administrative tasks to the Shared Service Center reduces cost and allows site teams to focus on sales and service. • Standardize: reduce complexity, increase purchasing volume discounts. • Invest: focus on total lifecycle costs and invest in more durable materials such as plank flooring instead of carpet and granite countertops instead of laminate. * Peer group consists of AvalonBay, Camden, Equity Residential, Essex, MAA, Post Properties and UDR. Peer 2016E is based on the most recent company guidance. Data Sources: SNL Financial, company reports. 95 100 105 110 115 2012 2013 2014 2015 2016E Same Store Expense Growth 2013 - 2016E CAGR 3.2% Peer Avg* 2.3% Aimco 1.3% Aimco COE

 
8 • The 2016 and 2017 Aimco plan includes the lease-up of three newly-constructed communities, which communities are projected to make a neutral contribution to NOI in 2016, and to contribute $0.12 per share to 2017 NOI. • The lease-up at Vivo, located in Cambridge, MA, was completed in 2Q 2016, two months ahead of schedule and at rates 2% above underwriting. • Leasing at One Canal and Indigo is progressing in accordance with plan. LEASE-UP COMMUNITIES Schedule Total Apt. Homes % Leased as of 9/5/2016 Initial Occupancy Stabilized Occupancy Stabilized NOI Stabilized Revenue per Apt. Home Commercial Revenue ONE CANAL, BOSTON 310 59% 2Q 2016 3Q 2017 4Q 2018 $ 3,865 $1.1M INDIGO, BAY AREA 463 35% 3Q 2016 3Q 2017 4Q 2018 $ 4,130 -

 
9 REDEVELOPMENT STRATEGY BUY RIGHT • Own and operate real estate in special locations where land value appreciates faster than buildings depreciate • Higher rent growth markets support strategic redevelopment opportunities REDEVELOP WITHIN PORTFOLIO • Reposition existing operating properties through phased redevelopment • Vacate smaller properties on a select basis • Take advantage of opportunities to increase density through development of existing vacant land or zoning modifications

 
10 REDEVELOPMENT VALUE CREATION NOI STABILIZED Redevelopment projects(1) Net investment 5 $612M OCCUPANCY STABILIZED Redevelopment projects Net investment 2 $138M UNDER CONSTRUCTION Redevelopment projects Estimated net investment 3 $236M TOTAL / WEIGHTED AVERAGE Communities Net investment Actual / projected value creation as a % of net investment 10 $986M 35% • During the last three years, Aimco completed seven redevelopments located in high-quality locations in: the Bay Area; La Jolla, CA; west Los Angeles; downtown Seattle; and suburban Chicago. Aimco currently has three major redevelopment projects in process in Philadelphia and Los Angeles. (1) Previously completed redevelopment phases at The Palazzo at Park La Brea are NOI stabilized. The current phase, including the renovation of 389 apartment homes, is under construction.

 
11 2016 REDEVELOPMENT FOCUS NOI Stabilization of Completed California Redevelopment Projects BAY AREA Preserve at Marin (126 Apartments) Stabilization 3Q16 PHILADELPHIA The Sterling (Expanded Scope) Park Towne Place (Expanded Scope) GREATER LA Lincoln Place (795 Apartments) Stabilization 2Q16 The Palazzo at Park La Brea (389 Apartments) BOSTON One Canal (310 Apartments) SAN DIEGO Ocean House on Prospect (53 Apartments) Stabilization 1Q17 Complete Construction of Approved Redevelopment and Development Projects • Continue to plan additional 2017 and 2018 starts to backfill redevelopment pipeline and support spending of $200M to $300M per annum.

 
12 BAY AREA 707 Leahy Preserve At Marin Saybrook Pointe CHICAGO 100 Forest Place Evanston Place Yorktown Apartments MIAMI Bay Parc Plaza Flamingo South Beach Yacht Club at Brickell PHILADELPHIA Park Towne Place (Expanded Scope) DENVER 21 Fitzsimons Boston Lofts Eastpointe Township at Highlands GREATER LA 3400 Avenue of the Arts Palazzo East Palazzo West Villas at Park La Brea MINNEAPOLIS Calhoun Beach Club GREATER DC Foxchase Merrill House Shenandoah Crossing SAN DIEGO Mariner’s Cove WHAT’S NEXT FOR REDEVELOPMENT? REDEVELOPMENT MENU The menu shown above is representative of the properties whose redevelopment is being considered. Actual redevelopment projects and their scope may differ materially from the above.

 
13 PORTFOLIO STRATEGY To continuously upgrade our portfolio through redevelopment, property upgrades, acquisitions, and limited development activity. • We do this through a strict paired-trade discipline with: • DISPOSITION of 5-10% of our portfolio annually, primarily from submarkets with lower revenue growth prospects; and • REINVESTMENT of these proceeds in communities in target submarkets with above-average revenue growth prospects. • We maintain sufficient geographic and price point DIVERSIFICATION to limit volatility and concentration risk, while focusing investment in higher rent growth, higher-margin submarkets. • We offer a product that ATTRACTS highly qualified residents with positive prospects for income growth and the ability and willingness to pay for high quality communities and service.

 
14 PORTFOLIO STRATEGY EXECUTION • Aimco targets the disposition of 5-10% of our portfolio annually. On average, during the last three years, we have disposed of 5% of our portfolio annually. • We fund redevelopment, development and property upgrades from the sale of 2-3% of assets each year (~$250-$350M) and fund selective acquisitions with additional sales up to the 5-10% target, only if opportunities are identified that are financially accretive and improve portfolio quality. Aimco is cautious about acquisitions in the current environment where accretive opportunities are limited. $ Millions 2013 2014 2015 Total/ Wt. Avg. PROPERTY SALES Gross proceeds % of Portfolio Net proceeds $406 4% $203 $689 7% $435 $386 4% $226 $1,481 5% $867 USE OF PROCEEDS Redevelopment/development Property upgrades Acquisitions Decrease/(increase) in leverage Total $194 39 54 119 $406 $229 50 349 61 $689 $233 49 129 (25) $386 $656 138 532 155 $1,481

 
15 • Aimco's portfolio management activities have resulted in a significant improvement in portfolio quality. • Over the last three years, Aimco has exited: Dallas; Daytona Beach; Detroit; Fort Wayne, IN; Grand Rapids, MI; Houston; Jacksonville; Lexington, MD; Naples, Orlando, Palm Beach, Tampa, FL; and Phoenix. • Through market rent growth and disciplined capital recycling, we expect revenue per apartment home to approximate $1,950 at 2016 year-end and $2,050 at 2017 year-end. PORTFOLIO TRANSFORMATION (1) Aimco defines asset quality as follows: "A" quality assets are those with rents greater than 125% of local market average; "B" quality assets are those with rents 90% to 125% of local market average; and "C+" quality assets are those with rents greater than $1,100 per month but less than 90% of local market average. The table above illustrates Aimco's Conventional portfolio quality based on market data for 4Q 2012 and 1Q 2016. Average revenue per apartment home figures are for 2Q 2016. (2) Assumes capital replacements of $1,200 per apartment home per year. Year-End 2012 Quarter-End 6/30/2016 % Change FOOTPRINT Communities 175 137 - 22% Apartment Homes 55,879 38,841 - 30% % NOI in Target Markets 85% 91% + 7% QUALITY(1) Revenue per Apartment Home $ 1,362 $ 1,900 + 40% Percentage A (Rev/Home $2,386) 34% 51% + 50% Percentage B (Rev/Home $1,719) 35% 37% + 6% Percentage C+ (Rev/Home $1,546) 21% 12% - 43% Percentage C 10% - - 100% PROFITABILITY NOI Margin 64% 67% + 6% Free Cash Flow Margin(2) 56% 62% + 11%

 
16 TODAY'S PORTFOLIO • Aimco emphasizes diversification by geography and by price point. • The nature of a diversified portfolio is that generally some markets accelerate while other markets decelerate. • Using blended lease rate growth for Q2 2016, roughly 45% of our target markets accelerated, 45% decelerated with the remainder about flat on a weighted basis. Aimco defines asset quality as follows: "A" quality assets are those with rents greater than 125% of local market average; "B" quality assets are those with rents 90% to 125% of local market average; "C+" quality assets are those with rents less than 90% of local market average, and with rents greater than $1,100 per month; and "C" quality assets are those with rents less than 90% of local market average and with rents less than $1,100 per month. The chart above illustrates Aimco's Conventional Property portfolio quality based on 1Q 2016 data. A Quality 51% B Quality 37% C+ Quality 12% Geographic Diversification (% Conv. NOI) Coastal California 35% Mid Atlantic 22% Northeast 16% Sunbelt 9% Miami 9% Chicago 7% Other 2%

 
17 DEMAND FOR RENTALS The structure of the U.S. population supports continued strong demand for apartments. • Historically, 64% of people aged 20 to 34 have opted for rental housing(1). • If this propensity to rent continues, this age cohort would add 650k people to the rental population over the next 10 years. • Historically, about 21% of people over the age of 55 have opted for rental housing(1). • If this propensity to rent continues, this age cohort would add 3.8M people to the rental population over the next 10 years. -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mi llio ns Impact of Baby Boomer and Echo Boomer Population Change on Potential New Renters Aged > 55 Aged 20 - 34 (1) Source: Green Street Advisors (2) Source: Population forecast by Moody's Economy.com (2)

 
18 DEMAND FOR RENTALS (CONT.) Source: AxioMetrics. Market level data as of 2Q 2016. • Job growth also contributes to the predictable demand for apartment homes. • Forecasted 2017 job growth in Aimco markets generally outpaces supply growth. 2017 Supply and Jobs Supply Growth Job Growth Variance Miami 1.13% 2.11% 0.98% Greater DC 1.85% 2.45% 0.60% Greater LA 1.07% 1.65% 0.58% Chicago 0.92% 1.39% 0.47% San Diego 1.18% 1.57% 0.39% Atlanta 2.07% 2.42% 0.35% Bay Area 1.93% 2.26% 0.33% Greater New York 1.62% 1.75% 0.13% Boston 1.52% 1.64% 0.12% Philadelphia 1.78% 1.31% -0.47% Denver 2.49% 1.73% -0.76% Seattle 2.78% 1.96% -0.82%

 
19 AIMCO EXPOSURE TO NEW SUPPLY (1) Source: MPF Research. Data as of 2Q 2016. (2) Based on submarket data for deliveries in the next twelve months as a percentage of existing stock, available from MPF Research. This research covers 95% of Aimco conventional apartment homes . The balance of Aimco conventional apartment homes are located in Manhattan and New Jersey for which MPF research is not available. The Manhattan apartment homes have average rents of $2,589, and the New Jersey apartment homes have average rents of $1,495, both well below the new supply rents. • Nationwide, completions as a percentage of existing inventory in the next twelve months are projected to be 2.3%. This compares to 1.6% for the two previous twelve month periods.(1) • New supply generally impacts rent growth when completions are greater than 2% of existing inventory. • However, new supply is typically delivered at the highest rents in the market, putting competitive pressure primarily on existing high-rent “A” communities. • Aimco emphasizes price point and submarket diversification to mitigate the impact of new supply. As a result 95% of Aimco conventional apartment homes are located in seventy-eight submarkets tracked by MPF with the following new supply profile: (2) • In fifteen submarkets (13% GAV), there is no new supply; • In fifteen submarkets (19% GAV), new supply is less than 1%; • In eighteen submarkets (23% GAV), new supply is more than 1% but less than 2%; and • In thirty submarkets (38% GAV), new supply is more than 2%. • In the submarkets where supply is greater than 2%, Aimco GAV is allocated 2% to “C+”, 14% to “B”, and 22% to “A” price point communities. • As a result of Aimco diversification, Aimco exposure to competitive new supply is primarily limited to its “A” price point communities in submarkets with more than 2% supply growth…or approximately 22% of Aimco GAV. This exposure is mitigated in some of these submarkets where the pace of job growth is greater than supply growth and in other submarkets, where Aimco’s “A” rents are substantially lower than the rents charged by new supply.

 
20 HIGH QUALITY BALANCE SHEET • During the last three years, Aimco has reduced leverage and added financial flexibility by creating an unencumbered pool of assets. Both S&P and Fitch rate the Aimco balance sheet "investment grade.” • In 3Q 2016, Aimco closed two fixed rate, amortizing, non-recourse property loans with ten year terms at 150 and 129 basis points above the ten year Treasury rate. • Year-to-date, REITs having an investment grade rating of BBB- have issued ten year bonds at 215 to 378 basis points above the ten year Treasury rate. Year-End 2012 Quarter-End 6/30/2016 % Change DEBT TO EBITDA 7.5x 6.4x - 15% DEBT AND PREFERRED EQUITY TO EBITDA 7.8x 6.8x - 13% VALUE OF UNENCUMBERED ASSETS $0.0B $1.7B + 100%

 
21 • Aimco Debt and Preferred Equity to EBITDA of 6.8x reflects outstanding balances at 06/30/2016, but overstates the refunding risk of our leverage. • Our property debt balances at maturity are more than $800 million lower than 2Q 2016 balances due to principal amortization paid from retained earnings. HIGH QUALITY BALANCE SHEET (1) Peer group consists of AvalonBay, Camden, Equity Residential, Essex, MAA, Post Properties and UDR. Peer weighted average computed by Aimco based on 6/30/2016 debt and preferred equity balances, less cash, cash equivalents and restricted cash, divided by last twelve months recurring EBITDA, all as reported by SNL Financial. Balances are adjusted to reflect company share of unconsolidated debt and NOI. For Aimco, leverage represents Aimco's share of property debt, preferred equity and any balance on the revolving credit facility, reduced by Aimco's share of cash, cash equivalents, restricted cash and investments in a securitization trust that holds Aimco property loans. See further information in Aimco's 2Q 2016 Earnings Release. (2) Refunding Risk is lower than Total Leverage because property debt balances are reduced by scheduled amortization funded from retained earnings and because perpetual preferred equity is not subject to mandatory refunding. Property debt amortization, Perpetual Preferred Equity Total Leverage / LTM EBITDA as of June 30, 2016 (1) Refunding Risk (2) 5.4x 6.8x 5.0x Peer Wt. Avg. Aimco Aimco Based on Balances Due at Maturity

 
22 • Looking ahead: We expect the quantum of leverage to remain fairly constant over the next several years and that our leverage ratios will improve due to NOI growth in our same store portfolio and the earn-in from stabilization of redevelopments and lease-up properties. • Exposure to interest rates: Aimco has limited near-term exposure to changes in interest rates due to the long duration and fixed rates of its leverage. If Aimco refinances maturing property loans at today's interest rates, it would result in an annual increase to AFFO per share of approximately $0.05 for each of the next few years. • Exposure to capital markets: Aimco’s planned capital activities for the two years 2016 and 2017 included: (i) selling $625M - $725M in properties ($315M sold to date); (ii) the refinancing of $575M of maturing property debt with average LTVs at maturity of 30% ($20M refinanced to date); and (iii) placing approximately $145M of new property debt ($145M placed). The two-year funding activities are on target and one-third complete. Year-End 2015 Year-End 2017 Forecast % Change DEBT TO EBITDA 6.4x ~ 5.9x - 8% DEBT AND PREFERRED EQUITY TO EBITDA 6.8x ~ 6.3x - 7% VALUE OF UNENCUMBERED ASSETS $1.8B $2.1B + 17% FOCUS ON REDUCING LEVERAGE

 
23 Integrity Respect Collaboration Customer Focus Performance Our Vision To be the best owner and operator of apartment communities, inspired by a talented team committed to exceptional customer service, strong financial performance, and outstanding corporate citizenship. Aimco Cares Through the Aimco Cares philanthropic program, Aimco team members have contributed tens of Top Work Place In 2016, Aimco was again recognized by the Denver Post as a Top Work Place based on independent surveys of ~300 team members. thousands of volunteer hours to hundreds of non-profit organizations; the annual Aimco Cares Charity Golf Classic has raised more than $3 million for patriotic and educational causes; and Aimco has awarded more than 500 college scholarships to help team members with the cost of their child's higher education. WE LIVE OUR VALUES 2013 2014 2015 2016 WE LIVE OUR ALUE

 
24 AIMCO SENIOR LEADERSHIP TEAM Terry is a life-long entrepreneur focused on business, politics and family. Terry has been an active real estate investor for more than 45 years, serving four REITs as CEO. Through the Considine Companies, Terry has invested in real estate, television broadcasting, convenience stores, environmental services, and venture capital. Terry contributed his apartment business to the formation of Aimco, led the Aimco IPO in 1994, and has served as Aimco Chairman/CEO since that time. Terry has also been active in politics, elected twice to the Colorado Senate and holding leadership roles in numerous campaigns and political organizations. He is a director of the Lynde and Harry Bradley Foundation in Milwaukee, Wisconsin and Intrepid Potash (NYSE: IPI) in Denver, Colorado. Terry has been married for 40 years to his wife Betsy. Together, they are actively involved in education reform and also ranching in western Colorado. Most of all, they enjoy three adult children, their spouses, and two remarkable grandchildren. TERRY CONSIDINE Chairman of the Board & Chief Executive Officer

 
25 AIMCO SENIOR LEADERSHIP TEAM Paul was promoted to Executive Vice President and Chief Financial Officer in September 2015. He joined Aimco in 2008 as Senior Vice President and Chief Accounting Officer. Prior to joining Aimco, from October 2007 to March 2008, Paul served as Chief Financial Officer of APRO Residential Fund. Prior to that, from May 2005 to September 2007, Paul served as Chief Financial Officer of America First Apartment Investors, Inc., then a publicly traded company. From 1996 to 2005, Paul was with the firm of Deloitte & Touche, LLP serving in numerous roles. Paul is a certified public accountant. PAUL BELDIN Executive Vice President & Chief Financial Officer

 
26 AIMCO SENIOR LEADERSHIP TEAM John was appointed Executive Vice President and Chief Investment Officer in July 2013. He joined Aimco as Senior Vice President - Development in June 2006. John is responsible for portfolio management, including dispositions, acquisitions and capital investments. Prior to joining the Company, John spent over 20 years with Prologis, Inc. and Catellus Development Corporation in a variety of executive positions, including those with responsibility for transactions, fund management, asset management, leasing, and operations. John and his wife Sheri have nine children, live in Littleton, Colorado, and are anxiously engaged in all the excitement that comes with a big family. JOHN E. BEZZANT Executive Vice President & Chief Investment Officer

 
27 AIMCO SENIOR LEADERSHIP TEAM Lisa has served as Executive Vice President, General Counsel and Secretary since 2007. Lisa is responsible for Aimco's legal functions and has executive responsibility for insurance and risk management, human resources, regulatory compliance, commercial and ancillary income, and asset quality and service. Lisa has also served as Chairman of the Aimco Investment Committee since November 2014. She joined Aimco in July 2002 as Vice President, Assistant General Counsel and Assistant Secretary and was promoted to Senior Vice President in July 2004. Prior to joining Aimco, Lisa was engaged in the private practice of law at Hogan & Hartson LLP (now Hogan Lovells), with an emphasis on public and private transactional work, public equity offerings and venture capital financing. Prior to private practice, she spent two years as a Federal judicial law clerk. Lisa earned her degree in Public Policy from Stanford University and earned her law degree from Harvard Law School. She serves on the Board of Trustees of the Rose Community Foundation and is actively involved in the Denver community. Lisa and her husband, Rich, have one son. LISA R. COHN Executive Vice President, General Counsel, Secretary and Investment Committee Chairman

 
28 AIMCO SENIOR LEADERSHIP TEAM Miles was promoted to Executive Vice President and Chief Administrative Officer in December 2007. He is responsible for administration, government relations, communications, and special projects, and chairs the Senior Leadership Team. Miles joined Aimco in August 2001 as Executive Vice President, General Counsel and Secretary. Prior to joining the Company, he practiced law in Denver, Colorado since 1970 and served as president of both the Colorado Bar Association and the Denver Bar Association. For over ten years he was recognized in "Best Lawyers in America" and in 2001 was the Denver Business Journal's "Law Executive of the Year." He served with the First Infantry Division in Vietnam in 1969, where he was awarded the Bronze Star, the Air Medal and the Army Commendation Medal. Miles has been a trustee of Trinity University since 2005 and serves on the board of directors of the Colorado Open Golf Foundation. He is married to Jan Cortez, and they have four children and five grandchildren. He is an avid tennis player and golfer, and speaks Spanish. MILES CORTEZ Executive Vice President & Chief Administrative Officer

 
29 AIMCO SENIOR LEADERSHIP TEAM Patti was promoted to Executive Vice President - Securities and Debt in February 2003 and added Treasurer in January 2005. Patti assumed responsibility for Redevelopment activities in November 2014. She is responsible for debt financing activities, including property debt and corporate financings, and she oversees all Treasury, LIHTC and joint ventures. Patti joined Aimco in February 1997 as Vice President-Tenders, Securities and Debt and was promoted to Senior Vice President - Securities and Debt in January 2000. Prior to joining Aimco, Patti was with Hanover Capital from 1996-1997. From 1993-1995 she was Vice Chairman, Senior Vice President and Co-Founder of CapSource Funding Corp. Patti was a Group Vice President with Duff & Phelps Rating Company from 1987 to 1993 and a commercial real estate appraiser with American Appraisal for three years. Patti and her husband Bill have two boys. In her spare time she enjoys skiing, biking, and swimming. PATTI FIELDING Executive Vice President, Redevelopment & Treasurer

 
30 AIMCO SENIOR LEADERSHIP TEAM Keith was born in Pittsburgh, Pennsylvania and is a diehard Steelers fan. In 1976, his family moved to Southern California where he quickly acclimated to the beautiful beaches and took up his passion for surfing. Keith is married to his wonderful wife Leyla, and they have two beautiful children and now reside in Colorado. Keith began his career in the multifamily real estate business in 1992 as a leasing consultant and onsite manager, where he learned the day-to-day operations and cultivated a keen connection to onsite teams. He joined Aimco in March 2002 as a Regional Manager and in March 2006 was promoted to Regional Vice President - Property Operations for California. In September 2008, Keith was appointed Area Vice President - Property Operations for the western United States. In January 2011, Keith was promoted to Executive Vice President - Property Operations heading our national operations. KEITH M. KIMMEL Executive Vice President - Property Operations

 
31 FORWARD LOOKING STATEMENTS & OTHER INFORMATION This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of: 3Q and full year 2016 results, including but not limited to: Pro forma FFO and selected components thereof; AFFO; Aimco redevelopment and development investments, timelines and Net Operating Income contribution; Aimco acquisition and lease-up timelines and Net Operating Income contribution; expectations regarding sales of Aimco apartment communities and the use of proceeds thereof; and Aimco liquidity and leverage metrics. These forward-looking statements are based on management's judgment as of this date, which is subject to risks and uncertainties. Risks and uncertainties include, but are not limited to: Aimco's ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, redevelopments and developments; Aimco's ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to Aimco developments and redevelopments; Aimco's ability to meet timelines and budgeted rental rates related to Aimco lease-up properties; and Aimco's ability to comply with debt covenants, including financial coverage ratios. 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: real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; financing risks, including the availability and cost of capital markets' financing and the risk that Aimco's cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that Aimco's earnings may not be sufficient to maintain compliance with debt covenants; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions, dispositions, redevelopments and developments; 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 apartment communities presently or previously owned by Aimco. In addition, Aimco's current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on its 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 Aimco's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2015, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management's 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. Glossary & Reconciliations of Non-GAAP Financial and Operating Measures Financial and operating measures discussed in this document include certain financial measures used by Aimco management, some of which are measures not defined under accounting principles generally accepted in the United States, or GAAP. These measures are defined in the Glossary included in Aimco's 2Q 2016 Earnings Release dated July 28, 2016. Where appropriate, the non-GAAP financial measures for Aimco's 2016 results and guidance included within this document have been reconciled to the most comparable GAAP measures within Aimco's 2Q 2016 Earnings Release referenced above.

 

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