Exhibit 99.1
Reconciliation of GAAP to Supplemental Schedule 1 FFO Amounts
(in thousands) (unaudited)
(in thousands) (unaudited)
Three Months Ended March 31, 2010 | Three Months Ended March 31, 2009 | |||||||||||||||||||||||||||||||
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 | $ | 40,773 | $ | 8,976 | $ | (12,828 | ) | $ | 36,921 | $ | 52,251 | $ | (1,400 | ) | $ | (2,038 | ) | $ | 48,813 | |||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (109,019 | ) | (1,027 | ) | 12,819 | (97,227 | ) | (104,860 | ) | (642 | ) | 10,880 | (94,622 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real estate assets | 3,973 | 2 | (69 | ) | 3,906 | 4,307 | 2 | (58 | ) | 4,251 | ||||||||||||||||||||||
Provision for operating real estate impairment losses | — | — | — | — | (510 | ) | — | — | (510 | ) | ||||||||||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | 2,642 | — | (2,130 | ) | 512 | 10,864 | — | (253 | ) | 10,611 | ||||||||||||||||||||||
Income tax benefit on Gain on dispositions of real estate related to unconsolidated entities | (8 | ) | — | — | (8 | ) | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||
Gain on dispositions of non-depreciable assets and other | — | — | — | — | (681 | ) | — | — | (681 | ) | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (792 | ) | — | 150 | (642 | ) | (18,734 | ) | — | 2,223 | (16,511 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | 6 | — | 10 | 16 | 87 | — | (13 | ) | 74 | |||||||||||||||||||||||
Provision for operating real estate impairment (losses) recoveries | (7,225 | ) | — | — | (7,225 | ) | 3,364 | — | (95 | ) | 3,269 | |||||||||||||||||||||
Gain on dispositions of real estate | 26,339 | — | (10,086 | ) | 16,253 | 4,546 | — | (4,373 | ) | 173 | ||||||||||||||||||||||
Income tax (benefit) expense arising from disposals | 1,052 | — | — | 1,052 | (215 | ) | — | — | (215 | ) | ||||||||||||||||||||||
Total adjustments | (83,032 | ) | (1,025 | ) | 694 | (83,363 | ) | (101,833 | ) | (640 | ) | 8,311 | (94,162 | ) | ||||||||||||||||||
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments | 5,808 | — | — | 5,808 | 7,109 | — | — | 7,109 | ||||||||||||||||||||||||
Amounts allocable to participating securities | 194 | — | — | 194 | 542 | — | — | 542 | ||||||||||||||||||||||||
Equity in income (losses) of unconsolidated real estate partnerships | 7,951 | (7,951 | ) | — | — | (2,040 | ) | 2,040 | — | — | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (12,134 | ) | — | 12,134 | — | 6,273 | — | (6,273 | ) | — | ||||||||||||||||||||||
Net (loss) income attributable to Aimco common stockholders | $ | (40,440 | ) | $ | — | $ | — | $ | (40,440 | ) | $ | (37,698 | ) | $ | — | $ | — | $ | (37,698 | ) | ||||||||||||
Asset Management and Tax Credit Revenues
(in thousands) (unaudited)
(in thousands) (unaudited)
Three Months Ended March 31, 2010 | Three Months Ended March 31, 2009 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Amortization of deferred tax credit income | $ | 6,602 | $ | — | $ | — | $ | 6,602 | $ | 7,867 | $ | — | $ | — | $ | 7,867 | ||||||||||||||||
Asset management revenues | 136 | — | 771 | 907 | 697 | — | 390 | 1,087 | ||||||||||||||||||||||||
Transaction revenues | ||||||||||||||||||||||||||||||||
Deferred asset management fees | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Promotes | (890 | ) | — | — | (890 | ) | 502 | — | — | 502 | ||||||||||||||||||||||
Other GP transactional fees | 828 | — | — | 828 | 233 | — | — | 233 | ||||||||||||||||||||||||
Tax credit syndication fees | (2,419 | ) | — | — | (2,419 | ) | 240 | — | — | 240 | ||||||||||||||||||||||
Total transaction revenues | $ | (2,481 | ) | $ | — | $ | — | $ | (2,481 | ) | $ | 975 | $ | — | $ | — | $ | 975 | ||||||||||||||