Exhibit 99.1
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AIMCO Boston Property Tour July 14, 2010 |
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Aimco Introduction Aimco Has a Simple Business Strategy Own and operate 100,000 B/B+ quality apartments Well located in Opportunistic 20 largest U.S. redevelopment marketsFinance with property-level, non-recourse, long-dated, fixed-rate and amortizing debt |
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Capital Concentrated in 20 Target Markets Aimco targets a 90% investment in Conventional properties and 10% in Affordable properties. At the end of 2009, 88% of Aimco’s total capital was invested in Conventional properties. Conventional portfolio is concentrated in 20 target markets. % Aimco Conventional Property NAV Conventional properties: Los Angeles13% Washington — NoVA — MD11% South Florida8% Boston7% Chicago7% San Diego6% Philadelphia5% Manhattan4% Phoenix4% Orange County4% Top 10 markets71% Other target markets17% Total target markets88% Non-target markets12% |
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Aimco Owns High Quality Assets 1Q 2010 Average Rents AimcoREIS+ / - Aimco Target Markets1Q 2010 Average Rents as % of Market in Aimco Target Markets Los Angeles$ 2,001$ 1,338 + 50% Seattle1,194946 + 26%90% — 100%100% — 110% 110% — 120% 120% Philadelphia1,216973 + 25% South Florida1,2481,020 + 22%Home PropertiesAimcoEquity Residential AvalonBay Chicago1,101975 + 13%EssexUDR Atlanta842748 + 13%Camden San Jose1,4811,400 + 6% Orange County1,5001,445 + 4% Jacksonville773753 + 3% Dallas — Fort Worth706736 -4% Denver785786 -0% Houston679717 -5%Aimco asset quality in East Bay1,1971,251 -4% Tampa724779 -7%its target markets, as Suburban New York / New Jersey1,1891,422 — 16% San Diego1,1901,271 -6%measured by rents Phoenix613675 -9% Washington — NoVA — MD1,1941,356 — 12%relative to local Orlando726808 — 10%market averages, is Manhattan2,3592,667 — 12% San Francisco1,4591,720 — 15%comparable to Boston1,1631,598 — 27% Camden and Essex Total Aimco Target Markets$ 1,119$ 1,099 + 2% Total Aimco Non-Target Markets$ 773$ 789 — 2% Total Aimco Markets$ 1,034$ 1,024 + 1% |
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Opportunistic Redevelopment Redevelopment Investment ($M) $350$319 $300 $243 $250$204$180 $200 $150 $100$56 $50 $0 2005 2006 2007 2008 2009 Aimco has invested approximately $1 billion in its portfolio over the last five years through opportunistic redevelopment of assets in quality locations. At the end of 2009, Aimco’s portfolio included 53 properties that were redeveloped between 2003 and 2009. We have a pipeline of redevelopment opportunities that we are prepared to execute upon as market conditions allow. |
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Financing Strategy Aimco Debt Structure Recourse bank Other debtborrowings 1%1% Non-recourse Preferred stock property debt 13% 85% Aimco has an enterprise-wide weighted-average maturity of 8.1 years, 30% longer than our apartment peer average. Aimco leverage is approximately 64%, compared to apartment peer leverage that ranges from 50% to 60%. Aimco’s leverage carries less refunding and refinancing risk than peer weighted-average leverage due to Aimco’s longer WAM. AIMCO |
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Boston Mardket Overview Market DataUS Avg. 1Q 2010 1Q 2009 Variance 1Q 2010 Effective Rents$1,598$1,645-2.9%$967 Occupancy93.5%93.6%-0.1% 92.0% Unemployment Rate8.4%6.8%1.6% 9.7% Median Home Value (‘000)$334$3088.5%$170 Single-Family Permits3,7062,62941.0% 1,574,000 Multifamily Permits (Units)1,8644,852-61.6% 329,000 Median Household Income (‘000)$74$74-0.4%52 Rent as a % of Median HH Income25.9%26.6%-0.7% 22.3% Boston Market — Rent & Occupancy Trends (REIS)Boston Market — Projected Rent & Occupancy Trends (REIS) $1,650100.0%$1,800100.0% 99.0%99.0% $1,640 98.0%$1,75098.0% $1,63097.0% 97.0% 96.0%$1,700 $1,62096.0% 95.0%95.0% Rate $1,610Rate $1,650 94.0%94.0% $1,60093.0% 93.0% $1,600 $1,59092.0%92.0% 91.0%91.0% $1,580$1,550 90.0% 90.0% $1,57089.0% $1,50089.0% 1Q 20092Q 20093Q 20094Q 20091Q 20102010 2011 2012 2013 2014 Effective RateOccupancyEffective RateOccupancy AIMCO 8 |
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Aimco Boston Prttfolio AIMCO9 |
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Aimco Boston Portfolio Aimco Conventional Portfolio Same Store Redevelopment Total/Avg Total Properties 12-12 Total Units 4,250-4,250 1Q 2010 Average Rent $ 1,163n/a$ 1,163 1Q 2010 Rent as % of Market -27%n/a-27% 1Q 20104Q 2009 GAV (Aimco Share in $M) Year Built/Avg Units Redev Category Rent ADO* Same Store RedevTotal$/Share Conventional properties on today’s tour Bayberry Hill Estates4241971Same Store Sales $ 1,289 96.9% Georgetown2071969Same Store Sales $ 1,230 97.2% Granada721968Same Store Sales $ 1,238 98.8% Royal Crest Estates North Andover5881970Same Store Sales $ 1,323 96.6% Vantage Pointe961987Same Store Sales $ 1,563 97.7% Total/Avg1,387$ 1,311 97.0%$ 187$-$ 187$ 1 Other Conventional Boston properties Bay Ridge at Nashua4121984/2009Same Store Sales $ 1,127 95.1% Royal Crest Estates (Marlboro)4731970Same Store Sales $ 1,090 95.1% Royal Crest Estates (Nashua)9021970Same Store Sales $ 1,039 95.3% Talbot Woods1211972Same Store Sales $ 1,081 95.6% Waterford Village5881971Same Store Sales $ 1,052 97.4% Waverly Apartments1031970Same Store Sales $ 1,709 98.3% Wexford Village2641974Same Store Sales $ 1,052 97.5% Total/Avg2,863$ 1,090 96.0%$ 325$-$ 325$ 3 Grand Total/Avg4,250$ 1,163 96.3%$ 512$-$ 512$ 4 Total Aimco 73,234$ 1,034 95.5%$ 7,936$ 63 *Average Daily Occupancy AIMCO 10 |
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Georgetown & Granada Apartments Georgetown Year Built/Redeveloped1969 Aimco Ownership %100% No. of Units207 # of _____ % of Average Unit Size (SF)876 Unit Description Units Mix 1Q 2010 ADO97.2%1BR / 1BA9948% 1Q 2010 Average Rent$ 1,2302BR / 1BA10852% 1Q 2010 Average Rent PSF$1.40Total207100% Granada Year Built/Redeveloped1968 Aimco Ownership %100% # of _____ % of No. of Units72 Unit Description Units Mix Average Unit Size (SF)878Studio811% 1Q 2010 ADO98.8%1BR / 1BA4056% 1Q 2010 Average Rent$ 1,2382BR / 2BA2433% 1Q 2010 Average Rent PSF$1.41Total72 100% Community Features: Swimming pool, tennis court Unit Features: Fitness center Upgraded kitchen and features Detached garage High ceilings Barbecue area Washer / dryer Laundry facility Walk-in closets Broadband internet access Balcony / patio Pet friendly Extra storage Near public transportation AIMCO 11 |
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Bayberry Hill Estates Apartments # of _____ % of Year Built/Redeveloped1971 Unit Description Units Mix Aimco Ownership %100%Studio 6014% No. of Units4241BR / 1BA10625% Average Unit Size (SF)9362BR / 1BA61% 1Q 2010 ADO96.9%2BR / 2BA22854% 1Q 2010 Average Rent$ 1,2893BR / 2BA246% 1Q 2010 Average Rent PSF$1.38Total424100% Community Features: Unit Features: Gated entrance Upgraded kitchen Swimming pool, tennis court Walk-in closets Fitness center Stackable washer / dryer Clubhouse Detached garage / covered parking Laundry facility Broadband internet access Extra storage Pet friendly AIMCO 12 |
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Royal Crest Estates North Andover Year Built/Redeveloped1970 Aimco Ownership %100% # of _____ % of No. of Units588 Unit Description Units Mix Average Unit Size (SF)1,1732BR / 1BA9416% 1Q 2010 ADO96.6%2BR / 2BA38666% 1Q 2010 Average Rent$ 1,3233BR / 2BA10818% 1Q 2010 Average Rent PSF$1.13Total588100% Community Features: Unit Features: Gated entrance Upgraded kitchen and bath Swimming pool, basketball court, sand volleyball, Washer / dryer tennis court Walk-in closets Clubhouse and fitness center Balcony / patio Detached garage / covered parking High ceilings Broadband internet access Spacious Closets Laundry facility Pet friendly Extra storage AIMCO 13 |
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Loring Towers Apartments Year Built/Redeveloped1973/2008 Aimco Ownership %100% No. of Units250 1Q 2010 ADO80.0% 1Q 2010 Average Rent$980 Community Features: Unit Features: Tennis court, basketball court Updated kitchen and bath Clubhouse New energy-saving GE appliances Courtesy patrol Breakfast bar Playground Laundry facility Aimco completed a $6 million redevelopment of the property in December 2008, which was funded in part by the sale of tax credits. Redevelopment included: Window replacement _____ New kitchen cabinets, countertops, Use # of _____ % of Area Roof replacement faucets & disposals, flooring Restrictions Units Median Income _____ Elevator modernization _____ New bathroom vanities, sinks, tubs, One bedroom1130% Replace hot water heaters toilets and faucets, flooring One bedroom9460% HVAC upgrades _____ New appliances as needed _____ Replace apartment interior carpet as Two bedroom1430% Building entrance Two bedroom13160% improvements needed AIMCO 14 |
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Vantage Pointe Apartments Year Built/Redeveloped1987 Aimco Ownership %100% No. of Units96 # of _____ % of Average Unit Size (SF)1,298 Unit Description Units Mix 1Q 2010 ADO97.7%1BR / 1BA11% 1Q 2010 Average Rent$ 1,5632BR / 2BA9599% 1Q 2010 Average Rent PSF$1.20Total96100% Community Features: Unit Features: Gated entrance Spacious eat-in kitchen Swimming pool, tennis court Washer / dryer Clubhouse Balcony / patio Parking — garage, attached Pet friendly Extra storage AIMCO 15 |
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AIMCO Boston Property Tour July 14, 2010 |