EXHIBIT 99.1
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Apartment Investment and Management Company
Announces Second Quarter 2010 Results
Announces Second Quarter 2010 Results
Denver, Colorado – July 30, 2010 – Apartment Investment and Management Company (NYSE: AIV) announced today its second quarter 2010 results.
Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s business plan is simple: to own and operate B/B+ quality apartments in the 20 largest U.S. markets to generate solid returns for our shareholders. During the second quarter, we had high occupancy and good demand leading to improved pricing. While rental rates on new leases in the aggregate were down from the prior year, new lease rates turned positive in several of our markets for the first time in five quarters. Rental rates on renewals were up in every market but one. We sold eleven properties and on July 26th, repaid the $25 million balance on our Term Debt, leaving no recourse debt on our balance sheet. Our focus remains on providing excellent service to our customers, maintaining our properties, controlling our costs, and strengthening our balance sheet.”
Chief Financial Officer Ernie Freedman adds: “Second quarter Pro forma FFO of $0.41 per share exceeded the midpoint of our guidance range by $0.10 per share, with a $0.06 contribution from better than expected operating results and $0.03 of one-time items that were not contemplated in our guidance. We are increasing our guidance for full year 2010 Pro forma FFO from a range of $1.25 to $1.35 per share to a range of $1.37 to $1.45 per share and we are establishing third quarter Pro forma FFO guidance of $0.32 to $0.36 per share.”
Financial Results
Diluted Per Share Results
SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Earnings (loss) per share | $ | (0.15 | ) | $ | (0.26 | ) | $ | (0.50 | ) | $ | (0.60 | ) | ||||
Funds from Operations (FFO) | $ | 0.40 | $ | 0.34 | $ | 0.65 | $ | 0.78 | ||||||||
Add back Aimco’s share of operating real estate impairment losses | $ | 0.03 | $ | 0.13 | $ | 0.10 | $ | 0.12 | ||||||||
Deduct Aimco’s share of preferred stock redemption related gains | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Pro forma Funds from Operations (Pro forma FFO) | $ | 0.41 | $ | 0.45 | $ | 0.73 | $ | 0.88 | ||||||||
Deduct Aimco’s share of capital replacements | $ | (0.14 | ) | $ | (0.14 | ) | $ | (0.24 | ) | $ | (0.27 | ) | ||||
Adjusted Funds From Operations (AFFO) | $ | 0.27 | $ | 0.31 | $ | 0.49 | $ | 0.61 |
Net income (loss) – Net loss attributable to Aimco common stockholders for the quarter was $18.0 million, compared to net loss of $29.9 million for second quarter 2009. Second quarter 2010 net loss was less than second quarter 2009 primarily due to other income associated with the settlement of certain litigation matters during second quarter 2010. The increase in other income was partially offset by dilution from 2009 asset sales and lower transaction revenues.
Funds from Operations – FFO is a non-GAAP financial measure defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $46.9 million, or $0.40 per share, compared with $38.7 million, or $0.34 per share, in second quarter 2009. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses (recoveries) and preferred stock redemption related gains, was $47.8 million, or $0.41 per share, compared with $52.3 million, or $0.45 per share, in second quarter 2009. Second quarter 2010 Pro forma FFO of $0.41 per share was $0.10 per share above the midpoint of Aimco’s guidance range primarily as a result of better than expected operating results of $0.06 per share and one-time items of $0.03 per share, which were not anticipated in guidance.
AIMCO 2nd Quarter 2010
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Property Operations
Property operating results discussed below represent Aimco’s Proportionate Share of reported amounts, which reflects property operating results adjusted for Aimco’s ownership in each property. This non-GAAP measure is defined in the Glossary.
Diversified Operating Portfolio – Aimco’s property operations consist primarily of Conventional with some Affordable real estate operations. Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities and include Same Store Properties, Redevelopment Properties, Acquisition Properties, and Other Properties. See Supplemental Schedules 7a and 7b for detailed information on Aimco’s Conventional real estate portfolio, including selected operating results.
Affordable real estate operations relate to Aimco’s portfolio of properties with rents that are generally paid, in whole or 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 much less affected by market fluctuations.
Portfolio Operating Measures*
YEAR-TO-DATE | ||||||||||||||||
% Aimco | Year-over-Year Variance | |||||||||||||||
NOI | Revenue | Expenses | NOI | |||||||||||||
Conventional Same Store | 69 | % | -1.1 | % | 2.2 | % | -3.2 | % | ||||||||
Affordable Same Store | 11 | % | 2.4 | % | 5.4 | % | -0.2 | % | ||||||||
Total Same Store | 80 | % | -0.6 | % | 2.8 | % | -2.8 | % | ||||||||
Conventional Redevelopment | 12 | % | 8.5 | % | -4.6 | % | 17.9 | % | ||||||||
Other Conventional | 6 | % | 0.8 | % | 5.5 | % | -3.7 | % | ||||||||
Affordable Redevelopment | 2 | % | 4.0 | % | -7.9 | % | 14.3 | % | ||||||||
Total | 100 | % | 0.6 | % | 2.0 | % | -0.4 | % | ||||||||
* | The information in this table relates to properties that Aimco owns and manages, and are classified within continuing operations. Results exclude properties that Aimco owns but does not manage and properties classified within discontinued operations. To ensure comparability between periods, the year-over-year change in Revenue, Expenses and NOI in this table is based on Aimco’s current period ownership. See the Glossary for additional information about the property categories included in the table above and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios. |
Conventional Same Store Results – In second quarter 2010, the Conventional Same Store portfolio included 168 communities with 56,272 units, in which Aimco had a weighted average ownership of 92%.
Conventional Same Store Operating Measures
SECOND QUARTER | SECOND QUARTER | YEAR-TO-DATE | ||||||||||||||||||||||||||||||
Year-over-year | Sequential | Year-over-year | ||||||||||||||||||||||||||||||
2010 | 2009 | Variance | 1st Qtr | Variance | 2010 | 2009 | Variance | |||||||||||||||||||||||||
$ in Millions except rent per unit | ||||||||||||||||||||||||||||||||
Average Daily Occupancy | 95.6 | % | 92.8 | % | 2.8 | % | 96.0 | % | -0.4 | % | 95.8 | % | 93.0 | % | 2.8 | % | ||||||||||||||||
Average Rent Per Unit | $ | 1,010 | $ | 1,056 | -4.4 | % | $ | 1,008 | 0.2 | % | $ | 1,009 | $ | 1,062 | -5.0 | % | ||||||||||||||||
Revenue | $ | 164.2 | $ | 165.0 | -0.5 | % | $ | 164.5 | -0.1 | % | $ | 326.5 | $ | 330.2 | -1.1 | % | ||||||||||||||||
Expenses | (63.4 | ) | (63.1 | ) | 0.5 | % | (67.6 | ) | -6.2 | % | (130.2 | ) | (127.3 | ) | 2.2 | % | ||||||||||||||||
NOI | $ | 100.8 | $ | 101.9 | -1.1 | % | $ | 96.9 | 4.1 | % | $ | 196.3 | $ | 202.9 | -3.2 | % |
AIMCO 2nd Quarter 2010
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Comparing Conventional Same Store results in second quarter 2010 with second quarter 2009, total revenue decreased $0.8 million, or 0.5%. The decrease in revenue was primarily the result of lower average rent, down 4.4% or $46 per unit, from $1,056 per unit to $1,010 per unit, largely offset by higher average daily occupancy of 95.6% for second quarter 2010 compared to 92.8% for second quarter 2009. Rental rates on new leases transacted during the quarter were 2.3% lower than the expiring lease rates, while renewal rates were 1.9% higher than the expiring lease rates. New and renewal lease rates improved throughout the quarter, with June 2010 new lease rates 1.4% lower than the expiring lease rates and renewal rates 2.4% higher than the expiring lease rates. June 2010 new and renewal lease rates also compared favorably to beginning of year new lease rates that were 8.9% lower than the expiring lease rates and renewal rates that were 0.7% lower than the expiring lease rates. Conventional Same Store expenses increased $0.3 million or 0.5%, with higher marketing and turnover costs substantially offset by lower property taxes and insurance. Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.
Affordable Same Store Results – In second quarter 2010, the Affordable Same Store portfolio included 166 communities with 20,122 units, in which Aimco had a weighted average ownership of 62%. For the second quarter 2010, average month-end occupancy for the affordable portfolio was 97.2%, a decrease of 10 basis points from second quarter 2009, while average rent per unit increased 1.6% from $768 to $780 per unit.
Portfolio
Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the 20 largest U.S. markets, 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 the first quarter 2010, the most current period for which REIS information is available, Aimco’s Conventional property rents averaged 101% of local market average rents.
For the second quarter 2010, average rents for the Conventional portfolio were $1,042 per unit, a 0.8% increase compared to second quarter 2009, primarily as a result of the sale of Conventional properties during 2009 with rents averaging 33% less than the retained portfolio.
Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets as measured by total apartment value. 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. As Aimco executes this strategy, the Company expects to reduce its investment in markets outside the 20 largest markets and to increase its investment in the 20 largest markets through redevelopment and acquisitions. During second quarter 2010, net operating income generated by Conventional properties located in the 20 largest markets accounted for 82.6% of total Conventional property net operating income, an increase of 0.8% compared to second quarter 2009.
In second quarter 2010, Aimco sold seven Conventional properties and four Affordable properties with 1,327 and 597 units, respectively for $102.2 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $25.0 million. Proceeds were used primarily to repay recourse term debt.
See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s portfolio quality and capital allocation, and Supplemental Schedule 8 for additional details on disposition activity.
AIMCO 2nd Quarter 2010
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Balance Sheet and Liquidity
AS OF JUNE 30, 2010 | ||||||||||||||||
% of | Weighted | Weighted Avg | ||||||||||||||
Amount | Total | Avg Maturity (Yrs) | Rate | |||||||||||||
Aimco leverage ($ in millions) | ||||||||||||||||
Aimco’s share of long-term, non-recourse property debt | $ | 4,902.8 | 85 | % | 8.0 | 5.50 | % | |||||||||
Recourse term debt | 25.0 | 1 | % | 0.5 | 1.85 | % | ||||||||||
Other borrowings | 41.4 | 1 | % | n/a | 6.16 | % | ||||||||||
Total/weighted average debt | 4,969.2 | 87 | % | 8.0 | 5.48 | % | ||||||||||
Preferred securities | 765.9 | 13 | % | n/a | 7.60 | % | ||||||||||
Total/weighted average leverage | $ | 5,735.1 | 100 | % | n/a | 5.77 | % | |||||||||
See Supplemental Schedules 4a and 4b for additional details about Aimco’s non-recourse property debt and Supplemental Schedule 5 for information related to Aimco’s preferred securities.
Aimco’s recourse debt at June 30, 2010, was limited to its revolving credit facility and corporate term debt. At that time, the balance on Aimco’s revolving credit facility was zero and available capacity was $137.1 million, net of $42.9 million of letters of credit issued against the facility. Aimco’s revolving credit facility is used for working capital purposes and to secure letters of credit. At the end of second quarter 2010, the balance on Aimco’s corporate term debt was $25.0 million, which balance was repaid in full in July 2010.
In connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For second quarter 2010, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.57:1 and 1.34:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and first quarter 2010 ratios of 1.59:1 and 1.35:1. Aimco expects to remain in compliance with these covenants.
2010 Outlook
THIRD QUARTER | FULL YEAR | |||||||
Net loss per share | -$0.47 to -$0.43 | -$1.80 to -$1.72 | ||||||
Pro forma FFO per share | $0.32 to $0.36 | $1.37 to $1.45 | ||||||
Conventional Same Store Operating Measures | ||||||||
Average daily occupancy | 95.0% to 95.5% | 95.0% to 95.5% | ||||||
NOI change compared to same period 2009 | -0.5% to 0.5% | -2.0% to -1.0% | ||||||
NOI change compared to second quarter 2010 | -2.0% to -1.0% | |||||||
Additional full year guidance updates: | ||||
Conventional Same Store Operating Measures | ||||
Revenue change compared to 2009 | -1.0% to -0.5% | |||
Expense change compared to 2009 | 0.0% to 1.0% | |||
Total portfolio NOI change compared to 2009 | -0.5% to 0.5% | |||
Non-Recurring Investment Management Revenue | $4 to $6 million | |||
Non-Recurring Investment Management Expenses | $4 million | |||
Non-Recurring Investment Management Income, net of tax | $1 million |
AIMCO 2nd Quarter 2010
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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 country’s largest owners and operators of both conventional and affordable apartments, with 817 communities serving approximately 500,000 residents in 43 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 atwww.aimco.com.
Supplemental Information
The full text of this release and the Supplemental Information referenced in this release is available on Aimco’s Website at the linkhttp://www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.
Earnings Conference Call
Aimco’s second quarter 2010 earnings conference call will be held Friday, July 30, 2010, at 1:00 p.m. Eastern time.
Live Conference Call
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 7517190
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 7517190
Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 442294
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 442294
The conference call replay will be available until 9:00 a.m. Eastern time on August 9, 2010.
Live and Replay Webcast: http://www.aimco.com/CorporateInformation/About/Financial/news.aspx
Glossary and 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 of America, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.
Contact
Investor Relations 303.691.4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303.691.4327
Elizabeth Coalson, Vice President Investor Relations 303.691.4327
AIMCO 2nd Quarter 2010
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Forward-looking Statements
This earnings release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including statements regarding projected results and specifically forecasts of third quarter and full year 2010 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties.
Risks and uncertainties include, but are not limited to, Aimco’s 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; 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 Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2009, 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.
AIMCO 2nd Quarter 2010
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Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
REVENUES: | ||||||||||||||||
Rental and other property revenues | $ | 285,395 | $ | 279,041 | $ | 570,622 | $ | 559,303 | ||||||||
Asset management and tax credit revenues | 9,596 | 12,606 | 13,853 | 22,144 | ||||||||||||
Total revenues | 294,991 | 291,647 | 584,475 | 581,447 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operating expenses | 132,946 | 125,665 | 271,354 | 259,149 | ||||||||||||
Investment management expenses | 5,141 | 4,716 | 8,370 | 8,506 | ||||||||||||
Depreciation and amortization | 108,667 | 108,437 | 217,006 | 212,606 | ||||||||||||
Provision for operating real estate impairment losses | — | 1,569 | — | 2,079 | ||||||||||||
General and administrative expenses | 15,184 | 14,577 | 26,919 | 30,837 | ||||||||||||
Other (income) expenses, net | (6,693 | ) | 3,748 | (3,592 | ) | 5,229 | ||||||||||
Total operating expenses | 255,245 | 258,712 | 520,057 | 518,406 | ||||||||||||
Operating income | 39,746 | 32,935 | 64,418 | 63,041 | ||||||||||||
Interest income | 1,928 | 2,225 | 5,150 | 5,532 | ||||||||||||
Recovery of (provision for) losses on notes receivable | 148 | (1,534 | ) | (278 | ) | (1,685 | ) | |||||||||
Interest expense | (79,499 | ) | (81,771 | ) | (159,294 | ) | (162,068 | ) | ||||||||
Equity in (losses) earnings of unconsolidated real estate partnerships | (7,224 | ) | (1,696 | ) | 727 | (3,736 | ) | |||||||||
Gain on dispositions of unconsolidated real estate and other, net | 4,970 | 3,463 | 7,612 | 14,327 | ||||||||||||
Loss before income taxes and discontinued operations | (39,931 | ) | (46,378 | ) | (81,665 | ) | (84,589 | ) | ||||||||
Income tax benefit | 3,598 | 2,473 | 7,369 | 4,949 | ||||||||||||
Loss from continuing operations | (36,333 | ) | (43,905 | ) | (74,296 | ) | (79,640 | ) | ||||||||
Income from discontinued operations, net [1] | 26,163 | 36,279 | 47,366 | 39,440 | ||||||||||||
Net loss | (10,170 | ) | (7,626 | ) | (26,930 | ) | (40,200 | ) | ||||||||
Noncontrolling interests: | ||||||||||||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 2,716 | (11,695 | ) | (9,418 | ) | (5,422 | ) | |||||||||
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | (1,683 | ) | (1,746 | ) | (3,376 | ) | (2,815 | ) | ||||||||
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership | 1,312 | 2,623 | 4,381 | 5,458 | ||||||||||||
Total noncontrolling interests | 2,345 | (10,818 | ) | (8,413 | ) | (2,779 | ) | |||||||||
Net loss attributable to Aimco | (7,825 | ) | (18,444 | ) | (35,343 | ) | (42,979 | ) | ||||||||
Net income attributable to Aimco preferred stockholders | (10,128 | ) | (11,477 | ) | (23,050 | ) | (24,643 | ) | ||||||||
Net income attributable to participating securities | (42 | ) | — | — | — | |||||||||||
Net loss attributable to Aimco common stockholders | $ | (17,995 | ) | $ | (29,921 | ) | $ | (58,393 | ) | $ | (67,622 | ) | ||||
Weighted average common shares outstanding — basic and diluted | 116,323 | 115,510 | 116,179 | 112,886 | ||||||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||||||
Loss from continuing operations attributable to Aimco common stockholders | $ | (0.30 | ) | $ | (0.38 | ) | $ | (0.74 | ) | $ | (0.72 | ) | ||||
Income from discontinued operations attributable to Aimco stockholders | 0.15 | 0.12 | 0.24 | 0.12 | ||||||||||||
Net loss attributable to Aimco common stockholders | $ | (0.15 | ) | $ | (0.26 | ) | $ | (0.50 | ) | $ | (0.60 | ) | ||||
AIMCO 2nd Quarter 2010
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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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Rental and other property revenues [2] | $ | 3,218 | $ | 56,872 | $ | 10,977 | $ | 118,186 | ||||||||
Property operating expenses [2] | (1,773 | ) | (29,015 | ) | (5,199 | ) | (61,262 | ) | ||||||||
Depreciation and amortization | (453 | ) | (17,538 | ) | (1,925 | ) | (36,962 | ) | ||||||||
Provision for operating real estate impairment losses | (895 | ) | (17,268 | ) | (8,121 | ) | (13,904 | ) | ||||||||
Other expenses, net | (194 | ) | (3,180 | ) | (1,046 | ) | (5,180 | ) | ||||||||
Operating (loss) income | (97 | ) | (10,129 | ) | (5,314 | ) | 878 | |||||||||
Interest income | 81 | 46 | 107 | 188 | ||||||||||||
Interest expense | (585 | ) | (10,898 | ) | (1,593 | ) | (23,343 | ) | ||||||||
Loss before gain on dispositions of real estate and income taxes | (601 | ) | (20,981 | ) | (6,800 | ) | (22,277 | ) | ||||||||
Gain on dispositions of real estate | 26,982 | 57,991 | 53,321 | 62,538 | ||||||||||||
Income tax (expense) benefit | (218 | ) | (731 | ) | 845 | (821 | ) | |||||||||
Income from discontinued operations, net | $ | 26,163 | $ | 36,279 | $ | 47,366 | $ | 39,440 | ||||||||
Income from discontinued operations attributable to: | ||||||||||||||||
Noncontrolling interests in consolidated real estate partnerships [2] | $ | (7,107 | ) | $ | (20,662 | ) | $ | (17,800 | ) | $ | (25,182 | ) | ||||
Noncontrolling interests in Aimco Operating Partnership | (1,323 | ) | (1,185 | ) | (2,058 | ) | (1,082 | ) | ||||||||
Total noncontrolling interests | (8,430 | ) | (21,847 | ) | (19,858 | ) | (26,264 | ) | ||||||||
Aimco | $ | 17,733 | $ | 14,432 | $ | 27,508 | $ | 13,176 | ||||||||
[2] | Income from discontinued operations for the three months ended June 30, 2010 attributed to the property classified as held for sale at June 30, 2010, includes $0.6 million of rental and other property revenues, $0.2 million of property operating expenses and less than $0.1 million of noncontrolling interests. |
AIMCO 2nd Quarter 2010
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Consolidated Balance Sheets
(in thousands) (unaudited)
June 30, 2010 | December 31, 2009 | |||||||
ASSETS | ||||||||
Buildings and improvements | $ | 7,461,121 | $ | 7,326,284 | ||||
Land | 2,179,744 | 2,161,010 | ||||||
Accumulated depreciation | (2,830,752 | ) | (2,626,047 | ) | ||||
Net real estate | 6,810,113 | 6,861,247 | ||||||
Cash and cash equivalents | 78,318 | 81,260 | ||||||
Restricted cash | 211,795 | 219,255 | ||||||
Accounts receivable | 47,192 | 59,822 | ||||||
Accounts receivable from affiliates | 13,191 | 23,744 | ||||||
Deferred financing costs | 50,272 | 51,611 | ||||||
Notes receivable from unconsolidated real estate partnerships | 12,280 | 14,295 | ||||||
Notes receivable from non-affiliates | 129,427 | 125,269 | ||||||
Investment in unconsolidated real estate partnerships | 114,549 | 105,324 | ||||||
Other assets | 184,671 | 185,890 | ||||||
Deferred income tax asset, net | 49,943 | 42,015 | ||||||
Assets held for sale | 6,050 | 136,736 | ||||||
Total assets | $ | 7,707,801 | $ | 7,906,468 | ||||
LIABILITIES AND EQUITY | ||||||||
Property tax-exempt bond financing | $ | 548,973 | $ | 574,926 | ||||
Property loans payable | 5,010,995 | 4,884,233 | ||||||
Term loans | 25,000 | 90,000 | ||||||
Other borrowings | 58,943 | 53,057 | ||||||
Total indebtedness | 5,643,911 | 5,602,216 | ||||||
Accounts payable | 27,647 | 29,819 | ||||||
Accrued liabilities and other | 279,063 | 286,326 | ||||||
Deferred income | 158,402 | 180,656 | ||||||
Security deposits | 35,794 | 34,855 | ||||||
Liabilities related to assets held for sale | 3,276 | 121,237 | ||||||
Total liabilities | 6,148,093 | 6,255,109 | ||||||
Preferred noncontrolling interests in Aimco Operating Partnership | 86,389 | 86,656 | ||||||
Preferred stock subject to repurchase agreement | 20,000 | 30,000 | ||||||
Equity: | ||||||||
Perpetual preferred stock | 660,500 | 660,500 | ||||||
Class A Common Stock | 1,170 | 1,165 | ||||||
Additional paid-in capital | 3,079,230 | 3,072,665 | ||||||
Accumulated other comprehensive loss | (2,872 | ) | (1,138 | ) | ||||
Notes due on common stock purchases | (911 | ) | (1,392 | ) | ||||
Distributions in excess of earnings | (2,597,379 | ) | (2,492,082 | ) | ||||
Total Aimco equity | 1,139,738 | 1,239,718 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 341,707 | 316,177 | ||||||
Common noncontrolling interests in Aimco Operating Partnership | (28,126 | ) | (21,192 | ) | ||||
Total equity | 1,453,319 | 1,534,703 | ||||||
Total liabilities and equity | $ | 7,707,801 | $ | 7,906,468 | ||||
AIMCO 2nd Quarter 2010
Page 9
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AIMCO 2nd Quarter 2010 SUPPLEMENTAL INFORMATION |
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Page | ||||
3 | Schedule 1a – Funds From Operations (2Q 2010 v. 2Q 2009) | |||
5 | Schedule 1b – Funds From Operations (YTD 2Q 2010 v. YTD 2Q 2009) | |||
7 | Schedule 2 – Portfolio Summary | |||
8 | Schedule 3 – Net Asset Value Supplemental Information | |||
10 | Schedule 4 – Property Debt Information | |||
12 | Schedule 5 – Share Data | |||
13 | Schedule 6a – Conventional Same Store Operating Results (2Q 2010 v. 2Q 2009) | |||
14 | Schedule 6b – Conventional Same Store Operating Results (2Q 2010 v. 1Q 2010) | |||
15 | Schedule 6c – Conventional Same Store Operating Results (YTD 2Q 2010 v. YTD 2Q 2009) | |||
16 | Schedule 7a – Total Conventional Portfolio Data by Market (2Q 2010 v. 2Q 2009) | |||
17 | Schedule 7b – Total Conventional Portfolio Data by Market (1Q 2010) | |||
18 | Schedule 8 – Property Sales and Acquisition Activity | |||
19 | Schedule 9 – Capital Additions | |||
20 | Glossary and Reconciliations |
AIMCO 2nd Quarter 2010
2
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Supplemental Schedule 1 (a)
Funds From Operations | (page 1 of 2) | |
Three Months Ended June 30, 2010 Compared to Three Months Ended June 30, 2009 | ||
(in thousands) (unaudited) |
Three Months Ended June 30, 2010 | Three Months Ended June 30, 2009 | |||||||||||||||||||||||||||||||
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 | $ | 180,846 | $ | — | $ | (16,328 | ) | $ | 164,518 | $ | 181,562 | $ | — | $ | (16,282 | ) | $ | 165,280 | ||||||||||||||
Affordable Same Store | 43,566 | 368 | (13,581 | ) | 30,353 | 39,444 | 473 | (10,390 | ) | 29,527 | ||||||||||||||||||||||
Total Same Store | 224,412 | 368 | (29,909 | ) | 194,871 | 221,006 | 473 | (26,672 | ) | 194,807 | ||||||||||||||||||||||
Conventional Redevelopment | 30,371 | — | (1,814 | ) | 28,557 | 27,843 | — | (1,688 | ) | 26,155 | ||||||||||||||||||||||
Other Conventional | 19,050 | 1,181 | (2,299 | ) | 17,932 | 19,643 | 1,490 | (2,499 | ) | 18,634 | ||||||||||||||||||||||
Other Affordable | 10,702 | 473 | (4,994 | ) | 6,181 | 9,209 | 1,035 | (3,871 | ) | 6,373 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates | 860 | (122 | ) | 1,856 | 2,594 | 1,340 | (167 | ) | 1,815 | 2,988 | ||||||||||||||||||||||
Total rental and other property revenues | 285,395 | 1,900 | (37,160 | ) | 250,135 | 279,041 | 2,831 | (32,915 | ) | 248,957 | ||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Conventional Same Store | 69,654 | — | (6,369 | ) | 63,285 | 69,835 | — | (6,737 | ) | 63,098 | ||||||||||||||||||||||
Affordable Same Store | 20,769 | 204 | (7,015 | ) | 13,958 | 17,814 | 279 | (5,384 | ) | 12,709 | ||||||||||||||||||||||
Total Same Store | 90,423 | 204 | (13,384 | ) | 77,243 | 87,649 | 279 | (12,121 | ) | 75,807 | ||||||||||||||||||||||
Conventional Redevelopment | 10,592 | — | (673 | ) | 9,919 | 11,583 | — | (762 | ) | 10,821 | ||||||||||||||||||||||
Other Conventional | 9,489 | 781 | (1,159 | ) | 9,111 | 9,100 | 999 | (1,103 | ) | 8,996 | ||||||||||||||||||||||
Other Affordable | 5,594 | 118 | (3,070 | ) | 2,642 | 4,264 | 528 | (1,833 | ) | 2,959 | ||||||||||||||||||||||
Casualties | 4,564 | (4 | ) | (1,269 | ) | 3,291 | 458 | 74 | 707 | 1,239 | ||||||||||||||||||||||
Property management expenses | 12,284 | — | — | 12,284 | 12,611 | — | — | 12,611 | ||||||||||||||||||||||||
Total property operating expenses | 132,946 | 1,099 | (19,555 | ) | 114,490 | 125,665 | 1,880 | (15,112 | ) | 112,433 | ||||||||||||||||||||||
Net real estate operations | 152,449 | 801 | (17,605 | ) | 135,645 | 153,376 | 951 | (17,803 | ) | 136,524 | ||||||||||||||||||||||
Amortization of deferred tax credit income | 7,059 | — | — | 7,059 | 7,878 | — | — | 7,878 | ||||||||||||||||||||||||
Asset management revenues | 161 | — | 875 | 1,036 | 652 | — | 363 | 1,015 | ||||||||||||||||||||||||
Transaction revenues [1] | 2,376 | — | 417 | 2,793 | 4,076 | — | — | 4,076 | ||||||||||||||||||||||||
Total asset management and tax credit revenues | 9,596 | — | 1,292 | 10,888 | 12,606 | — | 363 | 12,969 | ||||||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (3,843 | ) | (1 | ) | 67 | (3,777 | ) | (3,889 | ) | (2 | ) | 57 | (3,834 | ) | ||||||||||||||||||
General and administrative expenses | (15,184 | ) | (3 | ) | 406 | (14,781 | ) | (14,577 | ) | (21 | ) | 691 | (13,907 | ) | ||||||||||||||||||
Investment management expenses | (5,141 | ) | — | — | (5,141 | ) | (4,716 | ) | — | — | (4,716 | ) | ||||||||||||||||||||
Other income (expense), net | 6,693 | (6,453 | ) | 6,853 | 7,093 | (3,748 | ) | (1,174 | ) | 3,890 | (1,032 | ) | ||||||||||||||||||||
Interest income | 1,928 | (39 | ) | 510 | 2,399 | 2,225 | 32 | 715 | 2,972 | |||||||||||||||||||||||
Provision for losses on notes receivable | 148 | — | (1,306 | ) | (1,158 | ) | (1,534 | ) | — | (13 | ) | (1,547 | ) | |||||||||||||||||||
Interest expense | (79,499 | ) | (448 | ) | 10,419 | (69,528 | ) | (81,771 | ) | (723 | ) | 9,448 | (73,046 | ) | ||||||||||||||||||
Gain on disposition of non-depreciable assets | — | — | — | — | 3,192 | — | — | 3,192 | ||||||||||||||||||||||||
Income tax benefit | 3,598 | — | — | 3,598 | 1,254 | — | — | 1,254 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items | 679 | — | 300 | 979 | 14,769 | — | (1,868 | ) | 12,901 | |||||||||||||||||||||||
Preferred dividends and distributions | (14,590 | ) | — | — | (14,590 | ) | (14,872 | ) | — | — | (14,872 | ) | ||||||||||||||||||||
Preferred redemption related amounts | 2,779 | — | — | 2,779 | 1,649 | — | — | 1,649 | ||||||||||||||||||||||||
Operating real estate impairment losses, net of related income tax benefit | (4,399 | ) | — | 698 | (3,701 | ) | (16,392 | ) | — | (73 | ) | (16,465 | ) | |||||||||||||||||||
Common noncontrolling interests in Aimco Operating Partnership | (3,553 | ) | — | — | (3,553 | ) | (3,080 | ) | — | — | (3,080 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (234 | ) | — | — | (234 | ) | (223 | ) | — | — | (223 | ) | ||||||||||||||||||||
Funds From Operations | 51,427 | (6,143 | ) | 1,634 | 46,918 | 44,269 | (937 | ) | (4,593 | ) | 38,739 | |||||||||||||||||||||
Operating real estate impairment losses, net | 4,399 | — | (698 | ) | 3,701 | 16,392 | — | 73 | 16,465 | |||||||||||||||||||||||
Preferred stock redemption related gains | (2,779 | ) | — | — | (2,779 | ) | (1,649 | ) | — | — | (1,649 | ) | ||||||||||||||||||||
Noncontrolling interests in Aimco Operating Partnership | (64 | ) | — | — | (64 | ) | (1,123 | ) | — | — | (1,123 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (5 | ) | — | — | (5 | ) | (112 | ) | — | — | (112 | ) | ||||||||||||||||||||
Pro Forma Funds From Operations | $ | 52,978 | $ | (6,143 | ) | $ | 936 | $ | 47,771 | $ | 57,777 | $ | (937 | ) | $ | (4,520 | ) | $ | 52,320 | |||||||||||||
Weighted average shares — diluted FFO | 116,659 | Weighted average shares — diluted FFO | 115,510 | |||||||
Per Share: | PerShare: | |||||||||
Funds From Operations | $ | 0.40 | Funds From Operations | $ | 0.34 | |||||
Pro Forma Funds From Operations | $ | 0.41 | Pro Forma Funds From Operations | $ | 0.45 |
AIMCO 2nd Quarter 2010
3
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Supplemental Schedule 1 (a) (continued)
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) | |
Three Months Ended June 30, 2010 Compared to Three Months Ended June 30, 2009 | ||
(in thousands) (unaudited) |
Three Months Ended June 30, 2010 | Three Months Ended June 30, 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 | $ | 52,978 | $ | (6,143 | ) | $ | 936 | $ | 47,771 | $ | 57,777 | $ | (937 | ) | $ | (4,520 | ) | $ | 52,320 | |||||||||||||
Adjustments related to continuing operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (108,667 | ) | (1,082 | ) | 13,664 | (96,085 | ) | (108,437 | ) | (761 | ) | 10,900 | (98,298 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real estate assets | 3,843 | 1 | (67 | ) | 3,777 | 3,889 | 2 | (57 | ) | 3,834 | ||||||||||||||||||||||
Provision for operating real estate impairment losses | — | — | — | — | (1,569 | ) | — | — | (1,569 | ) | ||||||||||||||||||||||
Income tax benefit on real estate impairment losses | — | — | — | — | 739 | — | — | 739 | ||||||||||||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | 4,970 | — | (4,409 | ) | 561 | 3,463 | — | 777 | 4,240 | |||||||||||||||||||||||
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities | — | — | — | — | 3,356 | — | — | 3,356 | ||||||||||||||||||||||||
Gain on dispositions of non-depreciable assets and other | — | — | — | — | (3,192 | ) | — | — | (3,192 | ) | ||||||||||||||||||||||
Adjustments related to discontinued operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (453 | ) | — | 85 | (368 | ) | (17,538 | ) | — | 1,193 | (16,345 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | 2 | — | 19 | 21 | 87 | — | 35 | 122 | ||||||||||||||||||||||||
Provision for operating real estate impairment losses | (895 | ) | — | — | (895 | ) | (17,268 | ) | — | (984 | ) | (18,252 | ) | |||||||||||||||||||
Gain on dispositions of real estate | 26,982 | — | (7,512 | ) | 19,470 | 57,991 | — | (19,039 | ) | 38,952 | ||||||||||||||||||||||
Income tax expense arising from disposals | (152 | ) | — | — | (152 | ) | (4,637 | ) | — | — | (4,637 | ) | ||||||||||||||||||||
Total adjustments | $ | (74,370 | ) | $ | (1,081 | ) | $ | 1,780 | $ | (73,671 | ) | $ | (83,116 | ) | $ | (759 | ) | $ | (7,175 | ) | $ | (91,050 | ) | |||||||||
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments | 4,930 | — | — | 4,930 | 6,826 | — | — | 6,826 | ||||||||||||||||||||||||
Amounts allocable to participating securities | 196 | — | — | 196 | 334 | — | — | 334 | ||||||||||||||||||||||||
Preferred stock redemption related gains | 2,779 | — | — | 2,779 | 1,649 | — | — | 1,649 | ||||||||||||||||||||||||
Equity in income (losses) of unconsolidated real estate partnerships | (7,224 | ) | 7,224 | — | — | (1,696 | ) | 1,696 | — | — | ||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 2,716 | — | (2,716 | ) | — | (11,695 | ) | — | 11,695 | — | ||||||||||||||||||||||
Net loss attributable to Aimco common stockholders | $ | (17,995 | ) | $ | — | $ | — | $ | (17,995 | ) | $ | (29,921 | ) | $ | — | $ | — | $ | (29,921 | ) | ||||||||||||
Notes
[1] | Transaction revenues consisted of the following: |
Three Months | Three Months | |||||||
Ended | Ended | |||||||
June 30, 2010 | June 30, 2009 | |||||||
Transaction revenues | ||||||||
Promotes | $ | 1,241 | $ | 1,549 | ||||
Other GP transactional fees | 1,135 | 2,527 | ||||||
Total transaction revenues | $ | 2,376 | $ | 4,076 | ||||
AIMCO 2nd Quarter 2010
4
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Supplemental Schedule 1 (b)
Funds From Operations | (page 1 of 2) | |
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009 | ||
(in thousands) (unaudited) |
Six Months Ended June 30, 2010 | Six Months Ended June 30, 2009 | |||||||||||||||||||||||||||||||
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 | $ | 361,766 | $ | — | $ | (32,539 | ) | $ | 329,227 | $ | 365,920 | $ | — | $ | (33,562 | ) | $ | 332,358 | ||||||||||||||
Affordable Same Store | 86,397 | 767 | (27,034 | ) | 60,130 | 78,247 | 956 | (20,652 | ) | 58,551 | ||||||||||||||||||||||
Total Same Store | 448,163 | 767 | (59,573 | ) | 389,357 | 444,167 | 956 | (54,214 | ) | 390,909 | ||||||||||||||||||||||
Conventional Redevelopment | 60,822 | — | (3,650 | ) | 57,172 | 55,952 | — | (3,387 | ) | 52,565 | ||||||||||||||||||||||
Other Conventional | 38,487 | 2,347 | (4,717 | ) | 36,117 | 39,046 | 3,126 | (4,917 | ) | 37,255 | ||||||||||||||||||||||
Other Affordable | 21,109 | 4,252 | (13,630 | ) | 11,731 | 17,155 | 1,928 | (7,066 | ) | 12,017 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates | 2,041 | (367 | ) | 4,053 | 5,727 | 2,983 | (330 | ) | 3,891 | 6,544 | ||||||||||||||||||||||
Total rental and other property revenues | 570,622 | 6,999 | (77,517 | ) | 500,104 | 559,303 | 5,680 | (65,693 | ) | 499,290 | ||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Conventional Same Store | 144,092 | — | (13,358 | ) | 130,734 | 141,695 | — | (13,620 | ) | 128,075 | ||||||||||||||||||||||
Affordable Same Store | 42,748 | 469 | (14,598 | ) | 28,619 | 37,376 | 593 | (10,895 | ) | 27,074 | ||||||||||||||||||||||
Total Same Store | 186,840 | 469 | (27,956 | ) | 159,353 | 179,071 | 593 | (24,515 | ) | 155,149 | ||||||||||||||||||||||
Conventional Redevelopment | 22,303 | — | (1,488 | ) | 20,815 | 23,402 | — | (1,536 | ) | 21,866 | ||||||||||||||||||||||
Other Conventional | 19,624 | 1,578 | (2,393 | ) | 18,809 | 18,401 | 2,012 | (2,110 | ) | 18,303 | ||||||||||||||||||||||
Other Affordable | 11,373 | 2,617 | (8,185 | ) | 5,805 | 8,583 | 1,071 | (3,675 | ) | 5,979 | ||||||||||||||||||||||
Casualties | 7,056 | 26 | (765 | ) | 6,317 | 2,768 | 22 | 159 | 2,949 | |||||||||||||||||||||||
Property management expenses | 24,158 | — | — | 24,158 | 26,924 | — | — | 26,924 | ||||||||||||||||||||||||
Total property operating expenses | 271,354 | 4,690 | (40,787 | ) | 235,257 | 259,149 | 3,698 | (31,677 | ) | 231,170 | ||||||||||||||||||||||
Net real estate operations | 299,268 | 2,309 | (36,730 | ) | 264,847 | 300,154 | 1,982 | (34,016 | ) | 268,120 | ||||||||||||||||||||||
Amortization of deferred tax credit income | 13,661 | — | — | 13,661 | 15,745 | — | — | 15,745 | ||||||||||||||||||||||||
Asset management revenues | 297 | — | 1,646 | 1,943 | 1,349 | — | 753 | 2,102 | ||||||||||||||||||||||||
Transaction revenues [1] | (105 | ) | — | 417 | 312 | 5,050 | — | — | 5,050 | |||||||||||||||||||||||
Total asset management and tax credit revenues | 13,853 | — | 2,063 | 15,916 | 22,144 | — | 753 | 22,897 | ||||||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (7,810 | ) | (3 | ) | 136 | (7,677 | ) | (8,191 | ) | (4 | ) | 115 | (8,080 | ) | ||||||||||||||||||
General and administrative expenses | (26,919 | ) | (7 | ) | 888 | (26,038 | ) | (30,837 | ) | 9 | 1,635 | (29,193 | ) | |||||||||||||||||||
Investment management expenses | (8,370 | ) | — | — | (8,370 | ) | (8,506 | ) | — | — | (8,506 | ) | ||||||||||||||||||||
Other income (expense), net | 3,592 | 2,042 | 535 | 6,169 | (5,229 | ) | (3,036 | ) | 8,314 | 49 | ||||||||||||||||||||||
Interest income | 5,150 | (85 | ) | 1,026 | 6,091 | 5,532 | 77 | 1,533 | 7,142 | |||||||||||||||||||||||
Provision for losses on notes receivable | (278 | ) | — | (1,354 | ) | (1,632 | ) | (1,685 | ) | — | 950 | (735 | ) | |||||||||||||||||||
Interest expense | (159,294 | ) | (1,422 | ) | 22,068 | (138,648 | ) | (162,068 | ) | (1,364 | ) | 18,363 | (145,069 | ) | ||||||||||||||||||
Gain on disposition of non-depreciable assets | — | — | — | — | 3,873 | — | — | 3,873 | ||||||||||||||||||||||||
Income tax benefit | 7,377 | — | — | 7,377 | 3,731 | — | — | 3,731 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items | 3,178 | — | (526 | ) | 2,652 | 29,565 | — | (4,202 | ) | 25,363 | ||||||||||||||||||||||
Preferred dividends and distributions | (29,205 | ) | — | — | (29,205 | ) | (29,107 | ) | — | — | (29,107 | ) | ||||||||||||||||||||
Preferred redemption related amounts | 2,779 | — | — | 2,779 | 1,649 | — | — | 1,649 | ||||||||||||||||||||||||
Operating real estate impairment losses, net of related income tax benefit | (13,003 | ) | — | 1,093 | (11,910 | ) | (13,538 | ) | — | (168 | ) | (13,706 | ) | |||||||||||||||||||
Common noncontrolling interests in Aimco Operating Partnership | (5,721 | ) | — | — | (5,721 | ) | (7,562 | ) | — | — | (7,562 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (345 | ) | — | — | (345 | ) | (758 | ) | — | — | (758 | ) | ||||||||||||||||||||
Funds From Operations | 84,252 | 2,834 | (10,801 | ) | 76,285 | 99,167 | (2,336 | ) | (6,723 | ) | 90,108 | |||||||||||||||||||||
Operating real estate impairment losses, net | 13,003 | — | (1,093 | ) | 11,910 | 13,538 | — | 168 | 13,706 | |||||||||||||||||||||||
Preferred stock redemption related gains | (2,779 | ) | — | — | (2,779 | ) | (1,649 | ) | — | — | (1,649 | ) | ||||||||||||||||||||
Noncontrolling interests in Aimco Operating Partnership | (636 | ) | — | — | (636 | ) | (915 | ) | — | — | (915 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (45 | ) | — | — | (45 | ) | (107 | ) | — | — | (107 | ) | ||||||||||||||||||||
Pro Forma Funds From Operations | $ | 93,795 | $ | 2,834 | $ | (11,894 | ) | $ | 84,735 | $ | 110,034 | $ | (2,336 | ) | $ | (6,555 | ) | $ | 101,143 | |||||||||||||
Weighted average shares — diluted FFO | 116,496 | Weighted average shares — diluted FFO | 115,304 | |||||||
Per Share: | Per Share: | |||||||||
Funds From Operations | $ | 0.65 | Funds From Operations | $ | 0.78 | |||||
Pro Forma Funds From Operations | $ | 0.73 | Pro Forma Funds From Operations | $ | 0.88 |
AIMCO 2nd Quarter 2010
5
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Supplemental Schedule 1 (b) (continued)
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) | |
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009 | ||
(in thousands) (unaudited) |
Six Months Ended June 30, 2010 | Six Months Ended June 30, 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 | $ | 93,795 | $ | 2,834 | $ | (11,894 | ) | $ | 84,735 | $ | 110,034 | $ | (2,336 | ) | $ | (6,555 | ) | $ | 101,143 | |||||||||||||
Adjustments related to continuing operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (217,006 | ) | (2,110 | ) | 26,426 | (192,690 | ) | (212,606 | ) | (1,404 | ) | 21,703 | (192,307 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real estate assets | 7,810 | 3 | (136 | ) | 7,677 | 8,191 | 4 | (115 | ) | 8,080 | ||||||||||||||||||||||
Provision for operating real estate impairment losses | — | — | — | — | (2,079 | ) | — | — | (2,079 | ) | ||||||||||||||||||||||
Income tax benefit on real estate impairment losses | (8 | ) | — | — | (8 | ) | 738 | — | — | 738 | ||||||||||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | 7,612 | — | (6,541 | ) | 1,071 | 14,327 | — | 524 | 14,851 | |||||||||||||||||||||||
Income tax benefit on Gain on dispositions of real estate related to unconsolidated entities | — | — | — | — | 3,356 | — | — | 3,356 | ||||||||||||||||||||||||
Gain on dispositions of non-depreciable assets and other | — | — | — | — | (3,873 | ) | — | — | (3,873 | ) | ||||||||||||||||||||||
Adjustments related to discontinued operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (1,925 | ) | — | 296 | (1,629 | ) | (36,962 | ) | — | 3,490 | (33,472 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | 13 | — | 29 | 42 | 180 | — | 21 | 201 | ||||||||||||||||||||||||
Provision for operating real estate impairment losses | (8,121 | ) | — | — | (8,121 | ) | (13,904 | ) | — | (1,079 | ) | (14,983 | ) | |||||||||||||||||||
Gain on dispositions of real estate | 53,321 | — | (17,598 | ) | 35,723 | 62,538 | — | (23,411 | ) | 39,127 | ||||||||||||||||||||||
Income tax benefit (expense) arising from disposals | 900 | — | — | 900 | (4,852 | ) | — | — | (4,852 | ) | ||||||||||||||||||||||
Total adjustments | $ | (157,404 | ) | $ | (2,107 | ) | $ | 2,476 | $ | (157,035 | ) | $ | (184,946 | ) | $ | (1,400 | ) | $ | 1,133 | $ | (185,213 | ) | ||||||||||
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments | 10,738 | — | — | 10,738 | 13,935 | — | — | 13,935 | ||||||||||||||||||||||||
Amounts allocable to participating securities | 390 | — | — | 390 | 864 | — | — | 864 | ||||||||||||||||||||||||
Preferred stock redemption related gains | 2,779 | — | — | 2,779 | 1,649 | — | — | 1,649 | ||||||||||||||||||||||||
Equity in income (losses) of unconsolidated real estate partnerships | 727 | (727 | ) | — | — | (3,736 | ) | 3,736 | — | — | ||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (9,418 | ) | — | 9,418 | — | (5,422 | ) | — | 5,422 | — | ||||||||||||||||||||||
Net loss attributable to Aimco common stockholders | $ | (58,393 | ) | $ | — | $ | — | $ | (58,393 | ) | $ | (67,622 | ) | $ | — | $ | — | $ | (67,622 | ) | ||||||||||||
Notes
[1] | Transaction revenues consisted of the following: |
Six Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, 2010 | June 30, 2009 | |||||||
Transaction revenues | ||||||||
Promotes | $ | 351 | $ | 1,549 | ||||
Other GP transactional fees | 1,963 | 3,261 | ||||||
Tax credit syndication fees | (2,419 | ) | 240 | |||||
Total transaction revenues | $ | (105 | ) | $ | 5,050 | |||
AIMCO 2nd Quarter 2010
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Supplemental Schedule 2
Portfolio Summary
As of June 30, 2010
(unaudited)
As of June 30, 2010
(unaudited)
Number of | Number of | Effective | Average | |||||||||||||
Properties | Units | Units | Ownership | |||||||||||||
Owned Real Estate Portfolio: | ||||||||||||||||
Conventional Same Store | 168 | 56,272 | 51,578 | 92 | % | |||||||||||
Affordable Same Store | 166 | 20,122 | 12,497 | 62 | % | |||||||||||
Total Same Store | 334 | 76,394 | 64,075 | 84 | % | |||||||||||
Conventional Redevelopment | 26 | 9,227 | 8,565 | 93 | % | |||||||||||
Other Conventional | 37 | 6,212 | 4,516 | 73 | % | |||||||||||
Other Affordable | 88 | 9,418 | 2,918 | 31 | % | |||||||||||
Conventional Held for Sale | 1 | 198 | 138 | 70 | % | |||||||||||
Total owned real estate portfolio | 486 | 101,449 | 80,212 | 79 | % | |||||||||||
Total Conventional owned real estate portfolio | 232 | 71,909 | 64,797 | 90 | % | |||||||||||
Total Affordable owned real estate portfolio | 254 | 29,540 | 15,415 | 52 | % | |||||||||||
Fee-Managed Portfolio: | ||||||||||||||||
Property-Managed for third parties | 18 | 1,726 | ||||||||||||||
Asset-Managed | 313 | 26,175 | ||||||||||||||
Total fee-managed portfolio | 331 | 27,901 | ||||||||||||||
Total Portfolio | 817 | 129,350 | ||||||||||||||
AIMCO 2nd Quarter 2010
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Supplemental Schedule 3
Net Asset Value Supplemental Information | (page 1 of 2) | |
(in thousands) (unaudited) |
Aimco’s principal financial objective is to increase long-term stockholder value, one measure of which 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 Aimco’s financial information in making their own estimates of Aimco’s NAV. See the following page for notes to the supplemental information provided below.
Trailing Twelve Month Net Operating Income Data
Proportionate Net Operating Income | ||||||||||||||||
Conventional Same | Conventional | |||||||||||||||
Store and Other | Affordable | Redevelopment | Total | |||||||||||||
Rental and other property revenues | $ | 732,705 | $ | 142,342 | $ | 113,314 | $ | 988,361 | ||||||||
Property operating expenses | (298,765 | ) | (68,560 | ) | (41,870 | ) | (409,195 | ) | ||||||||
Property NOI | 433,940 | 73,782 | 71,444 | 579,166 | ||||||||||||
Assumed property management fee (3.5% of revenues) | (25,645 | ) | (4,982 | ) | (3,966 | ) | (34,593 | ) | ||||||||
Property NOI net of assumed property management fee | $ | 408,295 | $ | 68,800 | $ | 67,478 | $ | 544,573 | ||||||||
Proportionate Balance Sheet Data
As of June 30, 2010
As of June 30, 2010
Proportionate | ||||||||||||||||
Consolidated | Share of | Proportionate | ||||||||||||||
GAAP | Unconsolidated | Noncontrolling | Balance | |||||||||||||
Balance Sheet | Partnerships | Interests | Sheet | |||||||||||||
Assets | ||||||||||||||||
Real estate | $ | 9,640,865 | $ | 102,355 | $ | (1,166,258 | ) | $ | 8,576,962 | |||||||
Accumulated depreciation | (2,830,752 | ) | (29,944 | ) | 513,939 | (2,346,757 | ) | |||||||||
Total real estate [1] | 6,810,113 | 72,411 | (652,319 | ) | 6,230,205 | |||||||||||
Cash and cash equivalents | 78,318 | 1,761 | (32,650 | ) | 47,429 | |||||||||||
Restricted cash | 211,795 | 8,381 | (47,521 | ) | 172,655 | |||||||||||
Accounts receivable | 60,383 | 905 | (9,082 | ) | 52,206 | |||||||||||
Notes receivable [2] | 141,707 | — | 58,370 | 200,077 | ||||||||||||
Investment in unconsolidated real estate partnerships [3] | 114,549 | (41,246 | ) | (63,302 | ) | 10,001 | ||||||||||
Deferred financing costs [4] | 50,272 | 592 | (9,081 | ) | 41,783 | |||||||||||
Goodwill [4] | 68,961 | — | — | 68,961 | ||||||||||||
Investment in management contracts [4] | 1,116 | — | — | 1,116 | ||||||||||||
Assets held for sale | 6,050 | (1,950 | ) | 4,100 | ||||||||||||
Other assets | 164,537 | 8,446 | (24,088 | ) | 148,895 | |||||||||||
Total assets | $ | 7,707,801 | $ | 51,250 | $ | (781,623 | ) | $ | 6,977,428 | |||||||
Liabilities and Equity | ||||||||||||||||
Property debt | $ | 5,559,968 | $ | 36,287 | $ | (693,438 | ) | $ | 4,902,817 | |||||||
Term loans and credit facility | 25,000 | — | — | 25,000 | ||||||||||||
Other borrowings | 58,943 | 1,921 | (19,431 | ) | 41,433 | |||||||||||
Deferred income [5] | 158,402 | 167 | (961 | ) | 157,608 | |||||||||||
Liabilities related to assets held for sale | 3,276 | (997 | ) | 2,279 | ||||||||||||
Other liabilities | 342,504 | 12,875 | (140,014 | ) | 215,365 | |||||||||||
Total liabilities | 6,148,093 | 51,250 | (854,841 | ) | 5,344,502 | |||||||||||
Preferred noncontrolling interests in Aimco Operating Partnership [6] | 86,389 | — | — | 86,389 | ||||||||||||
Preferred stock subject to repurchase agreement [6] | 20,000 | — | — | 20,000 | ||||||||||||
Perpetual preferred stock [6] | 660,500 | — | — | 660,500 | ||||||||||||
Other Aimco equity | 479,238 | — | 414,925 | 894,163 | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | 341,707 | — | (341,707 | ) | — | |||||||||||
Common noncontrolling interests in Aimco Operating Partnership | (28,126 | ) | — | — | (28,126 | ) | ||||||||||
Total liabilities and equity | $ | 7,707,801 | $ | 51,250 | $ | (781,623 | ) | $ | 6,977,428 | |||||||
AIMCO 2nd Quarter 2010
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Supplemental Schedule 3 (continued)
Net Asset Value Supplemental Information | (page 2 of 2) | |
(in thousands) (unaudited) |
[1] | Real estate includes Lincoln Place and Pacific Bay Vistas (formerly Treetops), which are predominantly vacant and have June 30, 2010, net book values of $144.6 million and $35.0 million, respectively, or $179.6 million in total. Aimco refers to these properties collectively as its redevelopment pipeline. | |
[2] | Aimco has notes receivable from consolidated partnerships that are eliminated in the GAAP 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. | |
[3] | Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s 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 Aimco’s internal NAV computation. | |
[5] | Deferred income consists primarily of cash contributions received in connection with Aimco’s tax credit activities, which are deferred upon receipt and amortized into earnings in future periods as the tax credits and related tax benefits are delivered to the tax credit investors. Certain of Aimco’s tax credit arrangements provide for contributions to be made in installments, which contributions are not reflected in Aimco’s consolidated financial statements until such time as the contributions are received. | |
Deferred income, including deferred tax credit income, represents a non-cash obligation, the amortization of which represents non-cash income in future periods. These non-cash liabilities and related income streams are excluded from Aimco’s 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. |
June 30, 2010 | ||||
Deferred tax credit income balance | $ | 109,326 | ||
Contributions to be received in the future | 67,415 | |||
Total to be amortized | $ | 176,741 | ||
Amortization of | Estimated | Projected Income, | ||||||||||
Deferred Income | Income Taxes | net of tax | ||||||||||
Year Ending December 31, | ||||||||||||
2010 | $ | 13,448 | $ | (5,245 | ) | $ | 8,203 | |||||
2011 | 25,420 | (9,914 | ) | 15,506 | ||||||||
2012 | 25,459 | (9,929 | ) | 15,530 | ||||||||
2013 | 25,128 | (9,800 | ) | 15,328 | ||||||||
2014 | 24,200 | (9,438 | ) | 14,762 | ||||||||
Thereafter | 63,086 | (24,603 | ) | 38,483 | ||||||||
Total | $ | 176,741 | $ | (68,929 | ) | $ | 107,812 | |||||
[6] | Aimco’s 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. |
AIMCO 2nd Quarter 2010
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Supplemental Schedule 4(a)
Property Debt Information
As of June 30, 2010
(dollars in thousands) (unaudited)
As of June 30, 2010
(dollars in thousands) (unaudited)
Property Debt Balances and Characteristics
Proportionate | ||||||||||||||||||||||||
Share of | Weighted | |||||||||||||||||||||||
Unconsolidated | Noncontrolling | Total Aimco | Average | Weighted | ||||||||||||||||||||
Debt | Consolidated | Partnerships | Interests | Share | Maturity (years) | Average Rate | ||||||||||||||||||
Conventional Portfolio: | ||||||||||||||||||||||||
Fixed rate loans payable | $ | 4,374,698 | $ | — | $ | (409,443 | ) | $ | 3,965,255 | 7.1 | 6.08 | % | ||||||||||||
Floating rate loans payable [1] | 76,988 | — | (8,079 | ) | 68,909 | 1.9 | 1.60 | % | ||||||||||||||||
Total property loans payable | 4,451,686 | — | (417,522 | ) | 4,034,164 | 7.1 | 6.00 | % | ||||||||||||||||
Fixed rate tax-exempt bonds | 52,075 | — | (3,338 | ) | 48,737 | 10.4 | 6.75 | % | ||||||||||||||||
Floating rate tax-exempt bonds [1] | 277,337 | — | (5,242 | ) | 272,095 | 6.0 | 0.76 | % | ||||||||||||||||
Total property tax-exempt bond financing | 329,412 | — | (8,580 | ) | 320,832 | 6.7 | 1.71 | % | ||||||||||||||||
Total Conventional portfolio | 4,781,098 | — | (426,102 | ) | 4,354,996 | 7.0 | 5.70 | % | ||||||||||||||||
Affordable Portfolio: | ||||||||||||||||||||||||
Fixed rate loans payable | 540,903 | 34,734 | (237,223 | ) | 338,414 | 14.7 | 4.81 | % | ||||||||||||||||
Floating rate loans payable | 18,406 | 9 | (9,023 | ) | 9,392 | 8.9 | 3.30 | % | ||||||||||||||||
Total property loans payable | 559,309 | 34,743 | (246,246 | ) | 347,806 | 14.5 | 4.76 | % | ||||||||||||||||
Fixed rate tax-exempt bonds | 91,975 | 1,544 | (21,090 | ) | 72,429 | 25.0 | 5.30 | % | ||||||||||||||||
Floating rate tax-exempt bonds [1] | 127,586 | — | — | 127,586 | 5.1 | 1.16 | % | |||||||||||||||||
Total property tax-exempt bond financing | 219,561 | 1,544 | (21,090 | ) | 200,015 | 13.4 | 2.90 | % | ||||||||||||||||
Total Affordable portfolio | 778,870 | 36,287 | (267,336 | ) | 547,821 | 14.2 | 4.23 | % | ||||||||||||||||
Total property debt | $ | 5,559,968 | $ | 36,287 | $ | (693,438 | ) | $ | 4,902,817 | 8.0 | 5.50 | % | ||||||||||||
[1] | Floating rate debt presented above includes $307.7 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At June 30, 2010, the carrying amount of this debt totaled $284.3 million, after recognition of changes in the debt’s fair value. |
Aimco Share Property Debt
Amount | % of Total | |||||||
Fixed rate debt | $ | 4,424,835 | 90 | % | ||||
Floating rate debt | 477,982 | 10 | % | |||||
Total | $ | 4,902,817 | ||||||
% of Floating | ||||||||
Amount | Rate Debt | |||||||
Floating rate tax-exempt bonds | $ | 399,681 | 84 | % | ||||
Floating rate loans payable | 78,301 | 16 | % | |||||
Total | $ | 477,982 | ||||||
Maturities as | ||||||||||||||||||||
a Percent | Average Rate on | |||||||||||||||||||
Amortization | Maturities | Total | of Total Debt | Maturing Debt | ||||||||||||||||
2010 Q3 | $ | 18,887 | $ | — | $ | 18,887 | — | — | ||||||||||||
2010 Q4 | 20,063 | — | 20,063 | — | — | |||||||||||||||
Total 2010 | 38,950 | — | 38,950 | — | — | |||||||||||||||
2011 Q1 | 19,805 | 3,341 | 23,146 | 0.07 | % | 5.40 | % | |||||||||||||
2011 Q2 | 20,752 | 90,395 | 111,147 | 1.84 | % | 5.68 | % | |||||||||||||
2011 Q3 | 20,090 | — | 20,090 | — | — | |||||||||||||||
2011 Q4 | 21,310 | 11,193 | 32,503 | 0.23 | % | 4.87 | % | |||||||||||||
Total 2011 | 81,957 | 104,929 | 186,886 | 2.14 | % | 5.58 | % | |||||||||||||
2012 [2] | 84,875 | 460,150 | 545,025 | 9.39 | % | 2.51 | % | |||||||||||||
2013 | 81,126 | 482,093 | 563,219 | 9.83 | % | 5.81 | % | |||||||||||||
2014 | 79,150 | 352,133 | 431,283 | 7.18 | % | 5.61 | % | |||||||||||||
2015 | 76,698 | 376,833 | 453,531 | 7.69 | % | 5.43 | % | |||||||||||||
2016 | 69,729 | 406,974 | 476,703 | 8.30 | % | 5.60 | % | |||||||||||||
2017 | 62,046 | 444,012 | 506,058 | 9.06 | % | 5.97 | % | |||||||||||||
2018 | 57,382 | 72,625 | 130,007 | 1.48 | % | 6.09 | % | |||||||||||||
2019 | 46,387 | 496,197 | 542,584 | 10.12 | % | 6.00 | % | |||||||||||||
2020 | 37,819 | 328,476 | 366,295 | 6.70 | % | 6.49 | % | |||||||||||||
Thereafter | 290,735 | 371,541 | 662,276 | 7.58 | % | 4.94 | % | |||||||||||||
Total | $ | 1,006,854 | $ | 3,895,963 | $ | 4,902,817 | ||||||||||||||
[2] | 2012 maturities include approximately $278.5 million of debt ($256.2 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. |
AIMCO 2nd Quarter 2010
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Supplemental Schedule 4(b)
Property Debt Information
As of June 30, 2010
(in millions) (unaudited)
As of June 30, 2010
(in millions) (unaudited)
Year-to-Date Property Loan Closings
Original | New | Aimco | |||||||||||||||||||||||||
Loan | Loan | Net | Net | Prior | New | ||||||||||||||||||||||
Year Maturing | Amount | Amount | Proceeds [1] | Proceeds [2] | Rate | Rate | |||||||||||||||||||||
2012 | $ | 29.0 | $ | 44.9 | $ | 15.5 | $ | 15.5 | 1.15 | % | 5.07 | % | |||||||||||||||
2013 | 9.1 | 27.0 | 16.9 | 15.8 | 4.54 | % | 5.49 | % | |||||||||||||||||||
2017 | 4.9 | 16.8 | 10.8 | 10.8 | 7.02 | % | 5.02 | % | |||||||||||||||||||
2020 [3] | 1.3 | 2.6 | 2.6 | 1.1 | 7.50 | % | 5.56 | % | |||||||||||||||||||
New loans | — | 34.2 | 33.7 | 29.4 | — | 6.46 | % | ||||||||||||||||||||
Totals | $ | 44.3 | $ | 125.5 | $ | 79.5 | $ | 72.6 | 2.68 | % | 5.54 | % | |||||||||||||||
[1] | Net Proceeds is after transaction costs and prepayment penalties. | |
[2] | Aimco Net Proceeds is after payment of distributions to noncontrolling partners. | |
[3] | Net Proceeds for this loan includes escrowed funds released upon repayment of the original loan. |
Debt Ratios
Amount | Covenant | |||||||
Debt service coverage ratio | 1.57:1 | 1.40:1 | ||||||
Fixed charge coverage ratio | 1.34:1 | 1.20:1 | ||||||
EBITDA coverage of interest | 2.04:1 | n/a | ||||||
EBITDA coverage of interest and preferred dividends | 1.67:1 | n/a |
Credit Ratings
Moody’s Investor Service | Corporate Family Rating | Ba1 (stable outlook) | ||
Standard and Poor’s | Corporate Credit Rating | BB+ (negative) |
AIMCO 2nd Quarter 2010
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Supplemental Schedule 5
Share Data
(in thousands) (unaudited)
(in thousands) (unaudited)
Preferred Securities
Shares/Units | Date First | |||||||||||||||
Outstanding | Available for | |||||||||||||||
as of | Redemption by | |||||||||||||||
June 30, 2010 | Aimco | Coupon | Amount | |||||||||||||
Perpetual Preferred Stock: | ||||||||||||||||
Class G | 4,040 | 7/15/2008 | 9.375 | % | $ | 101,000 | ||||||||||
Class T | 6,000 | 7/31/2008 | 8.000 | % | 150,000 | |||||||||||
Class U | 8,000 | 3/24/2009 | 7.750 | % | 200,000 | |||||||||||
Class V | 3,450 | 9/29/2009 | 8.000 | % | 86,250 | |||||||||||
Class Y | 3,450 | 12/21/2009 | 7.875 | % | 86,250 | |||||||||||
Series A Community Reinvestment Act [1] | — | 6/30/2011 | 1.540 | % | 57,000 | |||||||||||
Total perpetual preferred stock | 680,500 | |||||||||||||||
Preferred Partnership Units [2] | 3,136 | 7.882 | % | 85,409 | ||||||||||||
Total outstanding preferred securities | $ | 765,909 | ||||||||||||||
Common Stock, Partnership Units and Equivalents
Three Months Ended | Six Months Ended | |||||||||||||||||||
As of | June 30, 2010 | June 30, 2010 | ||||||||||||||||||
June 30, 2010 | EPS | FFO | EPS | FFO | ||||||||||||||||
Class A Common Stock outstanding | 116,431 | 116,323 | 116,323 | 116,179 | 116,179 | |||||||||||||||
Dilutive securities: | ||||||||||||||||||||
Options, restricted stock and officer loan shares | 447 | — | 336 | — | 317 | |||||||||||||||
Total shares and dilutive share equivalents | 116,878 | 116,323 | 116,659 | 116,179 | 116,496 | |||||||||||||||
Common Partnership Units and equivalents [3] | 8,331 | |||||||||||||||||||
Total shares, units and dilutive share equivalents | 125,209 | |||||||||||||||||||
Notes
[1] | Represents 114 shares at a liquidation preference per share of $500,000. The remaining amount at June 30, 2010, includes $20.0 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. | |
[2] | Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units. | |
[3] | Includes the Aimco Operating Partnership’s 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. |
AIMCO 2nd Quarter 2010
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Supplemental Schedule 6(a)
Conventional Same Store Operating Results
Second Quarter 2010 Compared to Second Quarter 2009
(in thousands, except site and unit data) (unaudited)
Second Quarter 2010 Compared to Second Quarter 2009
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 2Q 2010 | 2Q 2009 | Growth | 2Q 2010 | 2Q 2009 | Growth | 2Q 2010 | 2Q 2009 | Growth | 2Q 2010 | 2Q 2010 | 2Q 2009 | 2Q 2010 | 2Q 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | 9 | 3,095 | 2,444 | $ | 13,047 | $ | 13,225 | -1.3 | % | $ | 4,094 | $ | 4,533 | -9.7 | % | $ | 8,953 | $ | 8,692 | 3.0 | % | 68.6 | % | 95.9 | % | 92.9 | % | $ | 1,936 | $ | 2,052 | |||||||||||||||||||||||||||||||||||||
Orange County | 3 | 443 | 373 | 1,325 | 1,345 | -1.5 | % | 451 | 436 | 3.4 | % | 874 | 909 | -3.9 | % | 66.0 | % | 96.0 | % | 94.3 | % | 1,137 | 1,190 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego | 5 | 1,740 | 1,670 | 6,178 | 6,029 | 2.5 | % | 1,919 | 1,748 | 9.8 | % | 4,259 | 4,281 | -0.5 | % | 68.9 | % | 95.7 | % | 93.5 | % | 1,167 | 1,187 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total | 17 | 5,278 | 4,487 | 20,550 | 20,599 | -0.2 | % | 6,464 | 6,717 | -3.8 | % | 14,086 | 13,882 | 1.5 | % | 68.5 | % | 95.8 | % | 93.2 | % | 1,616 | 1,693 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay | 2 | 413 | 353 | 1,393 | 1,362 | 2.3 | % | 584 | 613 | -4.7 | % | 809 | 749 | 8.0 | % | 58.1 | % | 97.6 | % | 92.5 | % | 1,195 | 1,255 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco | 4 | 711 | 711 | 3,221 | 3,237 | -0.5 | % | 1,227 | 1,167 | 5.1 | % | 1,994 | 2,070 | -3.7 | % | 61.9 | % | 96.5 | % | 92.4 | % | 1,429 | 1,521 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total | 6 | 1,124 | 1,064 | 4,614 | 4,599 | 0.3 | % | 1,811 | 1,780 | 1.7 | % | 2,803 | 2,819 | -0.6 | % | 60.7 | % | 96.9 | % | 92.4 | % | 1,343 | 1,423 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle | 3 | 413 | 310 | 1,283 | 1,298 | -1.2 | % | 492 | 528 | -6.8 | % | 791 | 770 | 2.7 | % | 61.7 | % | 97.4 | % | 90.5 | % | 1,207 | 1,300 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total | 26 | 6,815 | 5,861 | 26,447 | 26,496 | -0.2 | % | 8,767 | 9,025 | -2.9 | % | 17,680 | 17,471 | 1.2 | % | 66.9 | % | 96.1 | % | 92.9 | % | 1,545 | 1,625 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York — New Jersey | 4 | 1,162 | 944 | 3,708 | 3,764 | -1.5 | % | 1,144 | 1,091 | 4.9 | % | 2,564 | 2,673 | -4.1 | % | 69.1 | % | 96.5 | % | 91.2 | % | 1,187 | 1,285 | |||||||||||||||||||||||||||||||||||||||||||||
Washington — NoVA — MD | 15 | 6,711 | 6,289 | 23,464 | 23,110 | 1.5 | % | 7,201 | 7,325 | -1.7 | % | 16,263 | 15,785 | 3.0 | % | 69.3 | % | 96.9 | % | 94.9 | % | 1,198 | 1,213 | |||||||||||||||||||||||||||||||||||||||||||||
Boston | 12 | 4,250 | 4,250 | 14,958 | 15,160 | -1.3 | % | 5,719 | 5,655 | 1.1 | % | 9,239 | 9,505 | -2.8 | % | 61.8 | % | 96.1 | % | 94.5 | % | 1,159 | 1,202 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | 5 | 2,750 | 2,482 | 10,289 | 10,036 | 2.5 | % | 4,331 | 4,204 | 3.0 | % | 5,958 | 5,832 | 2.2 | % | 57.9 | % | 95.1 | % | 90.3 | % | 1,247 | 1,300 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total | 36 | 14,873 | 13,965 | 52,419 | 52,070 | 0.7 | % | 18,395 | 18,275 | 0.7 | % | 34,024 | 33,795 | 0.7 | % | 64.9 | % | 96.3 | % | 93.6 | % | 1,195 | 1,231 | |||||||||||||||||||||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,348 | 11,627 | 11,959 | -2.8 | % | 5,098 | 3,775 | 35.0 | % | 6,529 | 8,184 | -20.2 | % | 56.2 | % | 96.6 | % | 91.9 | % | 1,534 | 1,647 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach/Fort Lauderdale | 4 | 1,309 | 1,309 | 3,623 | 3,807 | -4.8 | % | 1,556 | 1,706 | -8.8 | % | 2,067 | 2,101 | -1.6 | % | 57.1 | % | 94.4 | % | 95.4 | % | 861 | 906 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando | 8 | 2,032 | 1,815 | 4,025 | 4,197 | -4.1 | % | 1,849 | 1,963 | -5.8 | % | 2,176 | 2,234 | -2.6 | % | 54.1 | % | 94.4 | % | 91.8 | % | 689 | 744 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa | 6 | 1,755 | 1,621 | 3,887 | 3,941 | -1.4 | % | 1,744 | 1,701 | 2.5 | % | 2,143 | 2,240 | -4.3 | % | 55.1 | % | 94.8 | % | 92.8 | % | 724 | 765 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 4 | 1,643 | 1,404 | 3,468 | 3,560 | -2.6 | % | 1,580 | 1,527 | 3.5 | % | 1,888 | 2,033 | -7.1 | % | 54.4 | % | 94.6 | % | 94.7 | % | 771 | 807 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total | 27 | 9,210 | 8,497 | 26,630 | 27,464 | -3.0 | % | 11,827 | 10,672 | 10.8 | % | 14,803 | 16,792 | -11.8 | % | 55.6 | % | 95.1 | % | 93.0 | % | 965 | 1,022 | |||||||||||||||||||||||||||||||||||||||||||||
Houston | 5 | 1,775 | 1,454 | 3,233 | 3,259 | -0.8 | % | 1,420 | 1,356 | 4.7 | % | 1,813 | 1,903 | -4.7 | % | 56.1 | % | 95.0 | % | 92.8 | % | 697 | 724 | |||||||||||||||||||||||||||||||||||||||||||||
Denver | 9 | 2,553 | 1,991 | 5,495 | 5,404 | 1.7 | % | 1,940 | 1,986 | -2.3 | % | 3,555 | 3,418 | 4.0 | % | 64.7 | % | 96.1 | % | 93.4 | % | 785 | 811 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix | 13 | 3,319 | 2,923 | 5,565 | 6,049 | -8.0 | % | 2,558 | 2,549 | 0.4 | % | 3,007 | 3,500 | -14.1 | % | 54.0 | % | 92.9 | % | 91.3 | % | 594 | 663 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 2 | 569 | 569 | 1,296 | 1,290 | 0.5 | % | 657 | 591 | 11.2 | % | 639 | 699 | -8.6 | % | 49.3 | % | 95.0 | % | 91.0 | % | 701 | 748 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total | 56 | 17,426 | 15,434 | 42,219 | 43,466 | -2.9 | % | 18,402 | 17,154 | 7.3 | % | 23,817 | 26,312 | -9.5 | % | 56.4 | % | 94.8 | % | 92.7 | % | 833 | 885 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago | 9 | 2,413 | 2,349 | 7,990 | 7,896 | 1.2 | % | 3,158 | 3,237 | -2.4 | % | 4,832 | 4,659 | 3.7 | % | 60.5 | % | 96.3 | % | 92.2 | % | 1,062 | 1,102 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets | 127 | 41,527 | 37,609 | 129,075 | 129,928 | -0.7 | % | 48,722 | 47,691 | 2.2 | % | 80,353 | 82,237 | -2.3 | % | 62.3 | % | 95.7 | % | 93.0 | % | 1,094 | 1,143 | |||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin | 2 | 652 | 652 | 1,350 | 1,270 | 6.3 | % | 635 | 608 | 4.4 | % | 715 | 662 | 8.0 | % | 53.0 | % | 96.3 | % | 83.7 | % | 632 | 695 | |||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 3 | 701 | 628 | 2,108 | 2,035 | 3.6 | % | 856 | 816 | 4.9 | % | 1,252 | 1,219 | 2.7 | % | 59.4 | % | 95.9 | % | 94.5 | % | 1,095 | 1,094 | |||||||||||||||||||||||||||||||||||||||||||||
Indianapolis/Fort Wayne | 5 | 3,182 | 2,983 | 5,905 | 5,817 | 1.5 | % | 2,350 | 2,728 | -13.9 | % | 3,555 | 3,089 | 15.1 | % | 60.2 | % | 95.8 | % | 91.7 | % | 591 | 614 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville | 3 | 764 | 618 | 1,885 | 1,907 | -1.2 | % | 715 | 809 | -11.6 | % | 1,170 | 1,098 | 6.6 | % | 62.1 | % | 98.1 | % | 93.0 | % | 893 | 964 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk/Richmond | 5 | 1,495 | 1,403 | 4,338 | 4,298 | 0.9 | % | 1,336 | 1,339 | -0.2 | % | 3,002 | 2,959 | 1.5 | % | 69.2 | % | 95.6 | % | 95.0 | % | 950 | 967 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets | 23 | 7951 | 7685 | 19,611 | 19,807 | -1.0 | % | 8,814 | 9,142 | -3.6 | % | 10,797 | 10,665 | 1.2 | % | 55.1 | % | 95.2 | % | 92.1 | % | 781 | 823 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other | 41 | 14,745 | 13,969 | 35,197 | 35,134 | 0.2 | % | 14,706 | 15,442 | -4.8 | % | 20,491 | 19,692 | 4.1 | % | 58.2 | % | 95.6 | % | 92.1 | % | 771 | 809 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE SALES TOTALS | 168 | 56,272 | 51,578 | $ | 164,272 | $ | 165,062 | -0.5 | % | $ | 63,428 | $ | 63,133 | 0.5 | % | $ | 100,844 | $ | 101,929 | -1.1 | % | 61.4 | % | 95.6 | % | 92.8 | % | $ | 1,010 | $ | 1,056 | |||||||||||||||||||||||||||||||||||||
AIMCO 2nd Quarter 2010
13
![IMAGE](https://capedge.com/proxy/8-K/0000950123-10-070272/c03963c0396302.gif)
Supplemental Schedule 6(b)
Conventional Same Store Operating Results
Second Quarter 2010 Compared to First Quarter 2010
(in thousands, except site and unit data) (unaudited)
Second Quarter 2010 Compared to First Quarter 2010
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 2Q 2010 | 1Q 2010 | Growth | 2Q 2010 | 1Q 2010 | Growth | 2Q 2010 | 1Q 2010 | Growth | 2Q 2010 | 2Q 2010 | 1Q 2010 | 2Q 2010 | 1Q 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | 9 | 3,095 | 2,444 | $ | 13,047 | $ | 12,983 | 0.5 | % | $ | 4,094 | $ | 4,392 | -6.8 | % | $ | 8,953 | $ | 8,591 | 4.2 | % | 68.6 | % | 95.9 | % | 96.3 | % | $ | 1,936 | $ | 1,928 | |||||||||||||||||||||||||||||||||||||
Orange County | 3 | 443 | 373 | 1,325 | 1,345 | -1.5 | % | 451 | 463 | -2.6 | % | 874 | 882 | -0.9 | % | 66.0 | % | 96.0 | % | 97.3 | % | 1,137 | 1,145 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego | 5 | 1,740 | 1,670 | 6,178 | 6,112 | 1.1 | % | 1,919 | 1,904 | 0.8 | % | 4,259 | 4,208 | 1.2 | % | 68.9 | % | 95.7 | % | 95.5 | % | 1,167 | 1,167 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total | 17 | 5,278 | 4,487 | 20,550 | 20,440 | 0.5 | % | 6,464 | 6,759 | -4.4 | % | 14,086 | 13,681 | 3.0 | % | 68.5 | % | 95.8 | % | 96.1 | % | 1,616 | 1,612 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay | 2 | 413 | 353 | 1,393 | 1,391 | 0.1 | % | 584 | 613 | -4.7 | % | 809 | 778 | 4.0 | % | 58.1 | % | 97.6 | % | 97.2 | % | 1,195 | 1,197 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco | 4 | 711 | 711 | 3,221 | 3,224 | -0.1 | % | 1,227 | 1,222 | 0.4 | % | 1,994 | 2,002 | -0.4 | % | 61.9 | % | 96.5 | % | 97.2 | % | 1,429 | 1,427 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total | 6 | 1,124 | 1,064 | 4,614 | 4,615 | 0.0 | % | 1,811 | 1,835 | -1.3 | % | 2,803 | 2,780 | 0.8 | % | 60.7 | % | 96.9 | % | 97.2 | % | 1,343 | 1,342 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle | 3 | 413 | 310 | 1,283 | 1,252 | 2.5 | % | 492 | 496 | -0.8 | % | 791 | 756 | 4.6 | % | 61.7 | % | 97.4 | % | 96.9 | % | 1,207 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total | 26 | 6,815 | 5,861 | 26,447 | 26,307 | 0.5 | % | 8,767 | 9,090 | -3.6 | % | 17,680 | 17,217 | 2.7 | % | 66.9 | % | 96.1 | % | 96.3 | % | 1,545 | 1,542 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York — New Jersey | 4 | 1,162 | 944 | 3,708 | 3,595 | 3.1 | % | 1,144 | 1,111 | 3.0 | % | 2,564 | 2,484 | 3.2 | % | 69.1 | % | 96.5 | % | 95.2 | % | 1,187 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||
Washington — NoVA — MD | 15 | 6,711 | 6,289 | 23,464 | 23,500 | -0.2 | % | 7,201 | 8,154 | -11.7 | % | 16,263 | 15,346 | 6.0 | % | 69.3 | % | 96.9 | % | 96.7 | % | 1,198 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Boston | 12 | 4,250 | 4,250 | 14,958 | 15,139 | -1.2 | % | 5,719 | 5,998 | -4.7 | % | 9,239 | 9,141 | 1.1 | % | 61.8 | % | 96.1 | % | 96.3 | % | 1,159 | 1,163 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | 5 | 2,750 | 2,482 | 10,289 | 10,430 | -1.4 | % | 4,331 | 4,471 | -3.1 | % | 5,958 | 5,959 | 0.0 | % | 57.9 | % | 95.1 | % | 95.3 | % | 1,247 | 1,246 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total | 36 | 14,873 | 13,965 | 52,419 | 52,664 | -0.5 | % | 18,395 | 19,734 | -6.8 | % | 34,024 | 32,930 | 3.3 | % | 64.9 | % | 96.3 | % | 96.2 | % | 1,195 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,348 | 11,627 | 11,475 | 1.3 | % | 5,098 | 5,180 | -1.6 | % | 6,529 | 6,295 | 3.7 | % | 56.2 | % | 96.6 | % | 97.0 | % | 1,534 | 1,525 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach/Fort Lauderdale | 4 | 1,309 | 1,309 | 3,623 | 3,659 | -1.0 | % | 1,556 | 1,696 | -8.3 | % | 2,067 | 1,963 | 5.3 | % | 57.1 | % | 94.4 | % | 95.5 | % | 861 | 865 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando | 8 | 2,032 | 1,815 | 4,025 | 4,081 | -1.4 | % | 1,849 | 1,823 | 1.4 | % | 2,176 | 2,258 | -3.6 | % | 54.1 | % | 94.4 | % | 94.7 | % | 689 | 694 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa | 6 | 1,755 | 1,621 | 3,887 | 3,886 | 0.0 | % | 1,744 | 1,741 | 0.2 | % | 2,143 | 2,145 | -0.1 | % | 55.1 | % | 94.8 | % | 96.2 | % | 724 | 724 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 4 | 1,643 | 1,404 | 3,468 | 3,457 | 0.3 | % | 1,580 | 1,606 | -1.6 | % | 1,888 | 1,851 | 2.0 | % | 54.4 | % | 94.6 | % | 95.4 | % | 771 | 774 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total | 27 | 9,210 | 8,497 | 26,630 | 26,558 | 0.3 | % | 11,827 | 12,046 | -1.8 | % | 14,803 | 14,512 | 2.0 | % | 55.6 | % | 95.1 | % | 95.8 | % | 965 | 964 | |||||||||||||||||||||||||||||||||||||||||||||
Houston | 5 | 1,775 | 1,454 | 3,233 | 3,316 | -2.5 | % | 1,420 | 1,603 | -11.4 | % | 1,813 | 1,713 | 5.8 | % | 56.1 | % | 95.0 | % | 95.6 | % | 697 | 700 | |||||||||||||||||||||||||||||||||||||||||||||
Denver | 9 | 2,553 | 1,991 | 5,495 | 5,448 | 0.9 | % | 1,940 | 1,894 | 2.4 | % | 3,555 | 3,554 | 0.0 | % | 64.7 | % | 96.1 | % | 96.0 | % | 785 | 785 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix | 13 | 3,319 | 2,923 | 5,565 | 5,622 | -1.0 | % | 2,558 | 2,638 | -3.0 | % | 3,007 | 2,984 | 0.8 | % | 54.0 | % | 92.9 | % | 94.4 | % | 594 | 598 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 2 | 569 | 569 | 1,296 | 1,328 | -2.4 | % | 657 | 673 | -2.4 | % | 639 | 655 | -2.4 | % | 49.3 | % | 95.0 | % | 97.1 | % | 701 | 706 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total | 56 | 17,426 | 15,434 | 42,219 | 42,272 | -0.1 | % | 18,402 | 18,854 | -2.4 | % | 23,817 | 23,418 | 1.7 | % | 56.4 | % | 94.8 | % | 95.6 | % | 833 | 833 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago | 9 | 2,413 | 2,349 | 7,990 | 8,080 | -1.1 | % | 3,158 | 3,539 | -10.8 | % | 4,832 | 4,541 | 6.4 | % | 60.5 | % | 96.3 | % | 97.0 | % | 1,062 | 1,064 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets | 127 | 41,527 | 37,609 | 129,075 | 129,323 | -0.2 | % | 48,722 | 51,217 | -4.9 | % | 80,353 | 78,106 | 2.9 | % | 62.3 | % | 95.7 | % | 96.0 | % | 1,094 | 1,093 | |||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin | 2 | 652 | 652 | 1,350 | 1,362 | -0.9 | % | 635 | 558 | 13.8 | % | 715 | 804 | -11.1 | % | 53.0 | % | 96.3 | % | 95.9 | % | 632 | 635 | |||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 3 | 701 | 628 | 2,108 | 2,226 | -5.3 | % | 856 | 1,106 | -22.6 | % | 1,252 | 1,120 | 11.8 | % | 59.4 | % | 95.9 | % | 95.1 | % | 1,095 | 1,091 | |||||||||||||||||||||||||||||||||||||||||||||
Indianapolis/Fort Wayne | 5 | 3,182 | 2,983 | 5,905 | 5,837 | 1.2 | % | 2,350 | 2,796 | -16.0 | % | 3,555 | 3,041 | 16.9 | % | 60.2 | % | 95.8 | % | 95.9 | % | 591 | 590 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville | 3 | 764 | 618 | 1,885 | 1,825 | 3.3 | % | 715 | 820 | -12.8 | % | 1,170 | 1,005 | 16.4 | % | 62.1 | % | 98.1 | % | 96.5 | % | 893 | 900 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk/Richmond | 5 | 1,495 | 1,403 | 4,338 | 4,281 | 1.3 | % | 1,336 | 1,286 | 3.9 | % | 3,002 | 2,995 | 0.2 | % | 69.2 | % | 95.6 | % | 95.7 | % | 950 | 949 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets | 23 | 7,951 | 7,685 | 19,611 | 19,611 | 0.0 | % | 8,814 | 9,802 | -10.1 | % | 10,797 | 9,809 | 10.1 | % | 55.1 | % | 95.2 | % | 95.9 | % | 781 | 778 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other | 41 | 14,745 | 13,969 | 35,197 | 35,142 | 0.2 | % | 14,706 | 16,368 | -10.2 | % | 20,491 | 18,774 | 9.1 | % | 58.2 | % | 95.6 | % | 95.8 | % | 771 | 769 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE SALES TOTALS | 168 | 56,272 | 51,578 | $ | 164,272 | $ | 164,465 | -0.1 | % | $ | 63,428 | $ | 67,585 | -6.2 | % | $ | 100,844 | $ | 96,880 | 4.1 | % | 61.4 | % | 95.6 | % | 96.0 | % | $ | 1,010 | $ | 1,008 | |||||||||||||||||||||||||||||||||||||
AIMCO 2nd Quarter 2010
14
![IMAGE](https://capedge.com/proxy/8-K/0000950123-10-070272/c03963c0396302.gif)
Supplemental Schedule 6(c)
Conventional Same Store Operating Results
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands, except site and unit data) (unaudited)
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands, except site and unit data) (unaudited)
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | YTD 2Q | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 2010 | 2009 | Growth | 2010 | 2009 | Growth | 2010 | 2009 | Growth | 2010 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | 9 | 3,095 | 2,444 | $ | 26,030 | $ | 26,832 | -3.0 | % | $ | 8,486 | $ | 8,892 | -4.6 | % | $ | 17,544 | $ | 17,940 | -2.2 | % | 67.4 | % | 96.1 | % | 93.4 | % | $ | 1,932 | $ | 2,078 | |||||||||||||||||||||||||||||||||||||
Orange County | 3 | 443 | 373 | 2,670 | 2,721 | -1.9 | % | 914 | 899 | 1.7 | % | 1,756 | 1,822 | -3.6 | % | 65.8 | % | 96.7 | % | 95.2 | % | 1,141 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego | 4 | 1,622 | 1,552 | 11,326 | 11,232 | 0.8 | % | 3,465 | 3,206 | 8.1 | % | 7,861 | 8,026 | -2.1 | % | 69.4 | % | 95.5 | % | 94.1 | % | 1,159 | 1,185 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total | 16 | 5,160 | 4,369 | 40,026 | 40,785 | -1.9 | % | 12,865 | 12,997 | -1.0 | % | 27,161 | 27,788 | -2.3 | % | 67.9 | % | 96.0 | % | 93.8 | % | 1,622 | 1,719 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay | 2 | 413 | 353 | 2,783 | 2,778 | 0.2 | % | 1,197 | 1,174 | 2.0 | % | 1,586 | 1,604 | -1.1 | % | 57.0 | % | 97.4 | % | 93.4 | % | 1,196 | 1,262 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco | 4 | 711 | 711 | 6,445 | 6,520 | -1.2 | % | 2,449 | 2,435 | 0.6 | % | 3,996 | 4,085 | -2.2 | % | 62.0 | % | 96.9 | % | 93.0 | % | 1,428 | 1,534 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total | 6 | 1,124 | 1,064 | 9,228 | 9,298 | -0.8 | % | 3,646 | 3,609 | 1.0 | % | 5,582 | 5,689 | -1.9 | % | 60.5 | % | 97.1 | % | 93.1 | % | 1,343 | 1,434 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle | 3 | 413 | 310 | 2,535 | 2,675 | -5.2 | % | 988 | 1,047 | -5.6 | % | 1,547 | 1,628 | -5.0 | % | 61.0 | % | 97.1 | % | 91.3 | % | 1,200 | 1,325 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total | 25 | 6,697 | 5,743 | 51,789 | 52,758 | -1.8 | % | 17,499 | 17,653 | -0.9 | % | 34,290 | 35,105 | -2.3 | % | 66.2 | % | 96.2 | % | 93.5 | % | 1,548 | 1,648 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York — New Jersey | 4 | 1,162 | 944 | 7,304 | 7,605 | -4.0 | % | 2,255 | 2,167 | 4.1 | % | 5,049 | 5,438 | -7.2 | % | 69.1 | % | 95.8 | % | 92.6 | % | 1,188 | 1,286 | |||||||||||||||||||||||||||||||||||||||||||||
Washington — NoVA — MD | 15 | 6,711 | 6,289 | 46,965 | 46,435 | 1.1 | % | 15,355 | 14,506 | 5.9 | % | 31,610 | 31,929 | -1.0 | % | 67.3 | % | 96.8 | % | 94.9 | % | 1,196 | 1,215 | |||||||||||||||||||||||||||||||||||||||||||||
Boston | 12 | 4,250 | 4,250 | 30,097 | 30,389 | -1.0 | % | 11,717 | 11,388 | 2.9 | % | 18,380 | 19,001 | -3.3 | % | 61.1 | % | 96.2 | % | 94.5 | % | 1,161 | 1,202 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | 5 | 2,750 | 2,482 | 20,718 | 20,451 | 1.3 | % | 8,801 | 8,469 | 3.9 | % | 11,917 | 11,982 | -0.5 | % | 57.5 | % | 95.2 | % | 91.1 | % | 1,246 | 1,301 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total | 36 | 14,873 | 13,965 | 105,084 | 104,880 | 0.2 | % | 38,128 | 36,530 | 4.4 | % | 66,956 | 68,350 | -2.0 | % | 63.7 | % | 96.3 | % | 93.9 | % | 1,195 | 1,232 | |||||||||||||||||||||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,348 | 23,102 | 24,192 | -4.5 | % | 10,277 | 9,254 | 11.1 | % | 12,825 | 14,938 | -14.1 | % | 55.5 | % | 96.8 | % | 92.6 | % | 1,529 | 1,656 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach/Fort Lauderdale | 4 | 1,309 | 1,309 | 7,282 | 7,574 | -3.9 | % | 3,252 | 3,263 | -0.3 | % | 4,030 | 4,311 | -6.5 | % | 55.3 | % | 94.9 | % | 95.5 | % | 863 | 909 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando | 8 | 2,032 | 1,815 | 8,107 | 8,374 | -3.2 | % | 3,672 | 3,831 | -4.2 | % | 4,435 | 4,543 | -2.4 | % | 54.7 | % | 94.6 | % | 90.9 | % | 692 | 754 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa | 6 | 1,755 | 1,621 | 7,772 | 7,882 | -1.4 | % | 3,485 | 3,442 | 1.2 | % | 4,287 | 4,440 | -3.4 | % | 55.2 | % | 95.5 | % | 92.2 | % | 724 | 775 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 4 | 1,643 | 1,404 | 6,925 | 7,019 | -1.3 | % | 3,186 | 3,104 | 2.6 | % | 3,739 | 3,915 | -4.5 | % | 54.0 | % | 95.0 | % | 93.1 | % | 773 | 817 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total | 27 | 9,210 | 8,497 | 53,188 | 55,041 | -3.4 | % | 23,872 | 22,894 | 4.3 | % | 29,316 | 32,147 | -8.8 | % | 55.1 | % | 95.5 | % | 92.6 | % | 964 | 1,034 | |||||||||||||||||||||||||||||||||||||||||||||
Houston | 5 | 1,775 | 1,454 | 6,549 | 6,622 | -1.1 | % | 3,024 | 2,711 | 11.5 | % | 3,525 | 3,911 | -9.9 | % | 53.8 | % | 95.3 | % | 94.1 | % | 699 | 721 | |||||||||||||||||||||||||||||||||||||||||||||
Denver | 9 | 2,553 | 1,991 | 10,943 | 10,852 | 0.8 | % | 3,834 | 3,842 | -0.2 | % | 7,109 | 7,010 | 1.4 | % | 65.0 | % | 96.0 | % | 94.1 | % | 785 | 813 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix | 13 | 3,319 | 2,923 | 11,188 | 12,214 | -8.4 | % | 5,196 | 5,117 | 1.5 | % | 5,992 | 7,097 | -15.6 | % | 53.6 | % | 93.6 | % | 91.7 | % | 596 | 669 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 2 | 569 | 569 | 2,625 | 2,585 | 1.5 | % | 1,330 | 1,184 | 12.3 | % | 1,295 | 1,401 | -7.6 | % | 49.3 | % | 96.0 | % | 91.2 | % | 704 | 747 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total | 56 | 17,426 | 15,434 | 84,493 | 87,314 | -3.2 | % | 37,256 | 35,748 | 4.2 | % | 47,237 | 51,566 | -8.4 | % | 55.9 | % | 95.2 | % | 92.8 | % | 833 | 891 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago | 9 | 2,413 | 2,349 | 16,070 | 15,903 | 1.1 | % | 6,696 | 6,650 | 0.7 | % | 9,374 | 9,253 | 1.3 | % | 58.3 | % | 96.7 | % | 92.6 | % | 1,063 | 1,103 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets | 126 | 41,409 | 37,491 | 257,436 | 260,855 | -1.3 | % | 99,579 | 96,581 | 3.1 | % | 157,857 | 164,274 | -3.9 | % | 61.3 | % | 95.8 | % | 93.3 | % | 1,093 | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin | 2 | 652 | 652 | 2,712 | 2,607 | 4.0 | % | 1,193 | 1,431 | -16.6 | % | 1,519 | 1,176 | 29.2 | % | 56.0 | % | 96.1 | % | 85.3 | % | 633 | 701 | |||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 3 | 701 | 628 | 4,334 | 4,223 | 2.6 | % | 1,962 | 1,694 | 15.8 | % | 2,372 | 2,529 | -6.2 | % | 54.7 | % | 95.5 | % | 94.1 | % | 1,093 | 1,095 | |||||||||||||||||||||||||||||||||||||||||||||
Indianapolis/Fort Wayne | 5 | 3182 | 2,983 | 11,742 | 11,680 | 0.5 | % | 5,147 | 5,337 | -3.6 | % | 6,595 | 6,343 | 4.0 | % | 56.2 | % | 95.8 | % | 92.6 | % | 590 | 613 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville | 2 | 438 | 392 | 2,464 | 2,529 | -2.6 | % | 1,061 | 991 | 7.1 | % | 1,403 | 1,538 | -8.8 | % | 56.9 | % | 98.2 | % | 94.8 | % | 932 | 1,002 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk/Richmond | 5 | 1495 | 1,403 | 8,619 | 8,493 | 1.5 | % | 2,622 | 2,662 | -1.5 | % | 5,997 | 5,831 | 2.8 | % | 69.6 | % | 95.6 | % | 93.9 | % | 949 | 968 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets | 23 | 7951 | 7,685 | 39,223 | 39,846 | -1.6 | % | 18,616 | 18,637 | -0.1 | % | 20,607 | 21,209 | -2.8 | % | 52.5 | % | 95.5 | % | 92.2 | % | 779 | 825 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other | 40 | 14,419 | 13,743 | 69,094 | 69,378 | -0.4 | % | 30,601 | 30,752 | -0.5 | % | 38,493 | 38,626 | -0.3 | % | 55.7 | % | 95.7 | % | 92.3 | % | 769 | 807 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE SALES TOTALS | 166 | 55,828 | 51,234 | $ | 326,530 | $ | 330,233 | -1.1 | % | $ | 130,180 | $ | 127,333 | 2.2 | % | $ | 196,350 | $ | 202,900 | -3.2 | % | 60.1 | % | 95.8 | % | 93.0 | % | $ | 1,009 | $ | 1,062 | |||||||||||||||||||||||||||||||||||||
AIMCO 2nd Quarter 2010
15
![IMAGE](https://capedge.com/proxy/8-K/0000950123-10-070272/c03963c0396302.gif)
Supplemental Schedule 7(a)
Total Conventional Portfolio Data by Market
Second Quarter 2010 Compared to Second Quarter 2009
(unaudited)
Second Quarter 2010 Compared to Second Quarter 2009
(unaudited)
Quarter Ended June 30, 2010 | Quarter Ended June 30, 2009 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective | Effective | |||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Average Rent | Properties | Units | Ownership | Units | % AIV NOI | Average Rent | |||||||||||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | 14 | 4,641 | 86 | % | 3,989 | 10.3 | % | $ | 2,001 | 16 | 4,953 | 87 | % | 4,302 | 9.1 | % | $ | 2,071 | ||||||||||||||||||||||||||||||
Orange County | 4 | 1,213 | 94 | % | 1,143 | 2.8 | % | 1,509 | 4 | 1,213 | 94 | % | 1,143 | 2.0 | % | 1,519 | ||||||||||||||||||||||||||||||||
San Diego | 6 | 2,144 | 97 | % | 2,074 | 4.2 | % | 1,191 | 6 | 2,144 | 97 | % | 2,074 | 3.6 | % | 1,213 | ||||||||||||||||||||||||||||||||
Southern CA Total | 24 | 7,998 | 90 | % | 7,206 | 17.3 | % | 1,683 | 26 | 8,310 | 90 | % | 7,519 | 14.7 | % | 1,743 | ||||||||||||||||||||||||||||||||
East Bay | 2 | 413 | 86 | % | 353 | 0.6 | % | 1,195 | 2 | 413 | 85 | % | 353 | 0.5 | % | 1,255 | ||||||||||||||||||||||||||||||||
San Francisco | 6 | 1,083 | 100 | % | 1,083 | 1.7 | % | 1,462 | 6 | 1,081 | 100 | % | 1,081 | 1.4 | % | 1,526 | ||||||||||||||||||||||||||||||||
San Jose | 1 | 224 | 100 | % | 224 | 0.5 | % | 1,492 | 1 | 224 | 100 | % | 224 | 0.4 | % | 1,628 | ||||||||||||||||||||||||||||||||
Northern CA Total | 9 | 1,720 | 97 | % | 1,660 | 2.8 | % | 1,389 | 9 | 1,718 | 97 | % | 1,658 | 2.3 | % | 1,459 | ||||||||||||||||||||||||||||||||
Seattle | 3 | 413 | 75 | % | 310 | 0.6 | % | 1,204 | 3 | 413 | 75 | % | 309 | 0.5 | % | 1,300 | ||||||||||||||||||||||||||||||||
Pacific Total | 36 | 10,131 | 91 | % | 9,176 | 20.7 | % | 1,615 | 38 | 10,441 | 91 | % | 9,486 | 17.5 | % | 1,682 | ||||||||||||||||||||||||||||||||
Manhattan | 22 | 957 | 100 | % | 955 | 3.1 | % | 2,369 | 22 | 956 | 100 | % | 954 | 2.5 | % | 2,301 | ||||||||||||||||||||||||||||||||
Suburban New York / New Jersey | 4 | 1,162 | 81 | % | 944 | 2.0 | % | 1,187 | 8 | 3,413 | 87 | % | 2,978 | 5.0 | % | 1,165 | ||||||||||||||||||||||||||||||||
New York Total | 26 | 2,119 | 90 | % | 1,899 | 5.1 | % | 1,718 | 30 | 4,369 | 90 | % | 3,932 | 7.5 | % | 1,419 | ||||||||||||||||||||||||||||||||
Washington — NoVA — MD | 17 | 8,015 | 84 | % | 6,744 | 12.9 | % | 1,198 | 18 | 8,715 | 85 | % | 7,444 | 11.7 | % | 1,194 | ||||||||||||||||||||||||||||||||
Boston | 12 | 4,250 | 100 | % | 4,250 | 7.2 | % | 1,159 | 12 | 4,250 | 100 | % | 4,250 | 6.5 | % | 1,202 | ||||||||||||||||||||||||||||||||
Philadelphia | 7 | 3,886 | 91 | % | 3,539 | 6.2 | % | 1,218 | 7 | 3,885 | 91 | % | 3,538 | 5.3 | % | 1,274 | ||||||||||||||||||||||||||||||||
Northeast Total | 62 | 18,270 | 90 | % | 16,432 | 31.4 | % | 1,258 | 67 | 21,219 | 90 | % | 19,164 | 31.0 | % | 1,260 | ||||||||||||||||||||||||||||||||
Miami | 5 | 2,471 | 95 | % | 2,348 | 5.1 | % | 1,534 | 6 | 2,674 | 92 | % | 2,451 | 5.7 | % | 1,590 | ||||||||||||||||||||||||||||||||
Palm Beach/Fort Lauderdale | 5 | 1,681 | 95 | % | 1,595 | 1.9 | % | 865 | 8 | 2,431 | 94 | % | 2,281 | 2.7 | % | 964 | ||||||||||||||||||||||||||||||||
Orlando | 10 | 3,000 | 90 | % | 2,708 | 2.8 | % | 725 | 11 | 3,324 | 91 | % | 3,032 | 2.5 | % | 770 | ||||||||||||||||||||||||||||||||
Tampa | 6 | 1,755 | 92 | % | 1,621 | 1.7 | % | 724 | 11 | 3,307 | 90 | % | 2,991 | 2.8 | % | 771 | ||||||||||||||||||||||||||||||||
Jacksonville | 4 | 1,643 | 85 | % | 1,404 | 1.5 | % | 770 | 4 | 1,643 | 85 | % | 1,404 | 1.4 | % | 807 | ||||||||||||||||||||||||||||||||
Florida Total | 30 | 10,550 | 92 | % | 9,676 | 13.0 | % | 947 | 40 | 13,379 | 91 | % | 12,159 | 15.1 | % | 976 | ||||||||||||||||||||||||||||||||
Houston | 8 | 3,027 | 83 | % | 2,505 | 2.1 | % | 676 | 15 | 4,832 | 87 | % | 4,182 | 3.3 | % | 693 | ||||||||||||||||||||||||||||||||
Denver | 9 | 2,553 | 78 | % | 1,991 | 2.8 | % | 785 | 10 | 2,877 | 80 | % | 2,315 | 2.6 | % | 797 | ||||||||||||||||||||||||||||||||
Phoenix | 17 | 4,418 | 89 | % | 3,910 | 3.3 | % | 609 | 20 | 5,164 | 90 | % | 4,656 | 3.4 | % | 672 | ||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 2 | 569 | 100 | % | 569 | 0.5 | % | 701 | 6 | 1,397 | 76 | % | 1,060 | 0.9 | % | 737 | ||||||||||||||||||||||||||||||||
Atlanta | 6 | 1,355 | 79 | % | 1,065 | 1.2 | % | 869 | 8 | 1,795 | 80 | % | 1,435 | 1.4 | % | 908 | ||||||||||||||||||||||||||||||||
Sunbelt Total | 72 | 22,472 | 88 | % | 19,716 | 22.9 | % | 816 | 99 | 29,444 | 88 | % | 25,807 | 26.7 | % | 845 | ||||||||||||||||||||||||||||||||
Chicago | 15 | 4,633 | 94 | % | 4,348 | 7.6 | % | 1,101 | 18 | 5,355 | 93 | % | 4,957 | 6.6 | % | 1,115 | ||||||||||||||||||||||||||||||||
Total Target Markets | 185 | 55,506 | 89 | % | 49,672 | 82.6 | % | 1,122 | 222 | 66,459 | 89 | % | 59,414 | 81.8 | % | 1,121 | ||||||||||||||||||||||||||||||||
Other [1] | ||||||||||||||||||||||||||||||||||||||||||||||||
Austin | 2 | 652 | 100 | % | 652 | 0.6 | % | 632 | 3 | 816 | 100 | % | 816 | 0.6 | % | 686 | ||||||||||||||||||||||||||||||||
Baltimore | 5 | 1,180 | 84 | % | 993 | 1.5 | % | 1,032 | 5 | 1,180 | 84 | % | 993 | 1.3 | % | 1,058 | ||||||||||||||||||||||||||||||||
Cincinnati | 2 | 505 | 80 | % | 405 | 0.7 | % | 1,186 | 2 | 504 | 80 | % | 405 | 0.7 | % | 1,209 | ||||||||||||||||||||||||||||||||
Colorado Springs, CO | — | — | — | — | — | — | 2 | 514 | 88 | % | 454 | 0.4 | % | 673 | ||||||||||||||||||||||||||||||||||
Indianapolis/Ft Wayne | 5 | 3,182 | 94 | % | 2,983 | 2.8 | % | 591 | 8 | 4,981 | 96 | % | 4,782 | 3.2 | % | 592 | ||||||||||||||||||||||||||||||||
Inland Empire | 3 | 574 | 89 | % | 514 | 0.6 | % | 819 | 3 | 574 | 90 | % | 514 | 0.5 | % | 855 | ||||||||||||||||||||||||||||||||
Michigan | 5 | 3,688 | 96 | % | 3,538 | 2.9 | % | 619 | 6 | 3,862 | 94 | % | 3,643 | 2.5 | % | 658 | ||||||||||||||||||||||||||||||||
Minneapolis | 2 | 732 | 89 | % | 651 | 1.8 | % | 1,477 | 2 | 732 | 89 | % | 651 | 1.5 | % | 1,569 | ||||||||||||||||||||||||||||||||
Nashville | 4 | 1,114 | 77 | % | 861 | 1.1 | % | 833 | 5 | 1,362 | 72 | % | 981 | 1.0 | % | 851 | ||||||||||||||||||||||||||||||||
Non-Target Florida | 9 | 2,004 | 100 | % | 2,004 | 1.6 | % | 641 | 11 | 2,404 | 98 | % | 2,358 | 1.8 | % | 688 | ||||||||||||||||||||||||||||||||
Norfolk/Richmond | 6 | 1,643 | 94 | % | 1,551 | 2.5 | % | 938 | 7 | 2,075 | 96 | % | 1,983 | 2.7 | % | 923 | ||||||||||||||||||||||||||||||||
Providence, RI | 2 | 708 | 100 | % | 708 | 1.1 | % | 1,075 | 2 | 708 | 100 | % | 708 | 0.8 | % | 1,130 | ||||||||||||||||||||||||||||||||
Raleigh/Greenville | — | — | — | — | — | — | 6 | 1,398 | 80 | % | 1,115 | 0.8 | % | 678 | ||||||||||||||||||||||||||||||||||
Other Markets | 2 | 421 | 62 | % | 265 | 0.2 | % | 789 | 3 | 601 | 74 | % | 442 | 0.4 | % | 906 | ||||||||||||||||||||||||||||||||
Total Other | 47 | 16,403 | 92 | % | 15,125 | 17.4 | % | 781 | 65 | 21,711 | 91 | % | 19,845 | 18.2 | % | 779 | ||||||||||||||||||||||||||||||||
Grand Total | 232 | 71,909 | 90 | % | 64,797 | 100.0 | % | $ | 1,042 | 287 | 88,170 | 90 | % | 79,259 | 100.0 | % | $ | 1,034 | ||||||||||||||||||||||||||||||
[1] | For the quarters ended June 30, 2010 and 2009, Aimco’s conventional portfolio included assets in 17 and 20 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit. |
AIMCO 2nd Quarter 2010
16
![IMAGE](https://capedge.com/proxy/8-K/0000950123-10-070272/c03963c0396302.gif)
Supplemental Schedule 7(b)
Total Conventional Portfolio Data by Market
First Quarter 2010 Market Information
(unaudited)
First Quarter 2010 Market Information
(unaudited)
Aimco’s 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. Aimco’s 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 Aimco’s Conventional Property portfolio quality and market growth projections based on 1Q 2010 data, as this is the most recent period for which third-party data is available.
Quarter Ended March 31, 2010 | ||||||||||||||||||||||||||||||||||||
2010 - 2012 | ||||||||||||||||||||||||||||||||||||
+/- Market | Projected | |||||||||||||||||||||||||||||||||||
Effective | Average | Market Rent | Rent | Revenue | ||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Rent | [1] | Average | Growth [2] | ||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||
Los Angeles | 14 | 4,641 | 86 | % | 3,990 | 10.3 | % | $ | 2,001 | $ | 1,338 | 49.6 | % | 1.6 | % | |||||||||||||||||||||
Orange County | 4 | 1,213 | 94 | % | 1,143 | 2.9 | % | 1,500 | 1,445 | 3.8 | % | 2.2 | % | |||||||||||||||||||||||
San Diego | 6 | 2,144 | 97 | % | 2,074 | 4.2 | % | 1,190 | 1,271 | -6.3 | % | 2.3 | % | |||||||||||||||||||||||
Southern CA Total | 24 | 7,998 | 90 | % | 7,207 | 17.4 | % | 1,682 | 1,336 | 25.9 | % | 1.8 | % | |||||||||||||||||||||||
East Bay | 2 | 413 | 85 | % | 353 | 0.6 | % | 1,197 | 1,251 | -4.3 | % | 2.1 | % | |||||||||||||||||||||||
San Francisco | 6 | 1,082 | 100 | % | 1,082 | 1.8 | % | 1,459 | 1,720 | -15.2 | % | 2.6 | % | |||||||||||||||||||||||
San Jose | 1 | 224 | 100 | % | 224 | 0.5 | % | 1,481 | 1,400 | 5.8 | % | 2.9 | % | |||||||||||||||||||||||
Northern CA Total | 9 | 1,719 | 97 | % | 1,659 | 2.9 | % | 1,386 | 1,532 | -9.5 | % | 2.5 | % | |||||||||||||||||||||||
Seattle | 3 | 413 | 75 | % | 309 | 0.6 | % | 1,194 | 946 | 26.2 | % | 2.8 | % | |||||||||||||||||||||||
Pacific Total | 36 | 10,130 | 91 | % | 9,175 | 20.9 | % | 1,613 | 1,349 | 19.6 | % | 1.9 | % | |||||||||||||||||||||||
Manhattan | 22 | 957 | 100 | % | 955 | 2.8 | % | 2,359 | 2,667 | -11.5 | % | 3.1 | % | |||||||||||||||||||||||
Suburban New York / New Jersey | 4 | 1,162 | 81 | % | 944 | 2.0 | % | 1,189 | 1,422 | -16.4 | % | 1.2 | % | |||||||||||||||||||||||
New York Total | 26 | 2,119 | 90 | % | 1,899 | 4.8 | % | 1,720 | 1,984 | -13.3 | % | 2.4 | % | |||||||||||||||||||||||
Washington — NoVA — MD | 17 | 8,015 | 84 | % | 6,744 | 12.6 | % | 1,194 | 1,356 | -11.9 | % | 3.4 | % | |||||||||||||||||||||||
Boston | 12 | 4,250 | 100 | % | 4,250 | 7.3 | % | 1,163 | 1,598 | -27.2 | % | 3.2 | % | |||||||||||||||||||||||
Philadelphia | 7 | 3,886 | 91 | % | 3,539 | 6.4 | % | 1,216 | 973 | 25.0 | % | 2.0 | % | |||||||||||||||||||||||
Northeast Total | 62 | 18,270 | 90 | % | 16,432 | 31.1 | % | 1,257 | 1,407 | -10.7 | % | 2.8 | % | |||||||||||||||||||||||
Miami | 5 | 2,471 | 95 | % | 2,348 | 5.1 | % | 1,525 | 1,008 | 51.3 | % | 0.9 | % | |||||||||||||||||||||||
Palm Beach / Ft Lauderdale | 6 | 1,891 | 92 | % | 1,741 | 2.1 | % | 887 | 1,036 | -14.3 | % | 1.4 | % | |||||||||||||||||||||||
Orlando | 10 | 3,000 | 90 | % | 2,708 | 3.0 | % | 726 | 808 | -10.1 | % | 1.1 | % | |||||||||||||||||||||||
Tampa | 6 | 1,755 | 92 | % | 1,620 | 1.7 | % | 724 | 779 | -7.0 | % | 1.4 | % | |||||||||||||||||||||||
Jacksonville | 4 | 1,643 | 85 | % | 1,404 | 1.5 | % | 773 | 753 | 2.6 | % | 1.5 | % | |||||||||||||||||||||||
Florida Total | 31 | 10,760 | 91 | % | 9,821 | 13.4 | % | 947 | 881 | 7.5 | % | 1.2 | % | |||||||||||||||||||||||
Houston | 8 | 3,027 | 83 | % | 2,505 | 2.2 | % | 679 | 717 | -5.2 | % | 2.3 | % | |||||||||||||||||||||||
Denver | 9 | 2,553 | 78 | % | 1,991 | 2.9 | % | 785 | 786 | -0.2 | % | 1.8 | % | |||||||||||||||||||||||
Phoenix | 17 | 4,418 | 89 | % | 3,910 | 3.3 | % | 613 | 675 | -9.1 | % | 1.9 | % | |||||||||||||||||||||||
Dallas — Fort Worth | 2 | 569 | 100 | % | 569 | 0.5 | % | 706 | 736 | -4.1 | % | 1.9 | % | |||||||||||||||||||||||
Atlanta | 7 | 1,574 | 77 | % | 1,214 | 1.4 | % | 842 | 748 | 12.5 | % | 0.9 | % | |||||||||||||||||||||||
Sunbelt Total | 74 | 22,901 | 87 | % | 20,010 | 23.7 | % | 817 | 796 | 2.7 | % | 1.4 | % | |||||||||||||||||||||||
Chicago | 15 | 4,633 | 94 | % | 4,348 | 7.1 | % | 1,101 | 975 | 12.9 | % | 1.0 | % | |||||||||||||||||||||||
Total Target Markets | 187 | 55,934 | 89 | % | 49,965 | 82.8 | % | 1,119 | 1,099 | 1.8 | % | 2.0 | % | |||||||||||||||||||||||
Other [1] | ||||||||||||||||||||||||||||||||||||
Austin | 3 | 816 | 100 | % | 816 | 0.7 | % | 629 | 787 | -20.1 | % | 2.5 | % | |||||||||||||||||||||||
Baltimore | 5 | 1,180 | 84 | % | 993 | 1.4 | % | 1,028 | 949 | 8.3 | % | 2.0 | % | |||||||||||||||||||||||
Cincinnati | 2 | 505 | 80 | % | 405 | 0.5 | % | 1,186 | 660 | 79.6 | % | 1.1 | % | |||||||||||||||||||||||
Indianapolis / Ft Wayne | 5 | 3,182 | 94 | % | 2,983 | 2.4 | % | 590 | 632 | -6.7 | % | 1.1 | % | |||||||||||||||||||||||
Inland Empire | 3 | 574 | 89 | % | 513 | 0.6 | % | 828 | 986 | -16.1 | % | 2.1 | % | |||||||||||||||||||||||
Michigan | 6 | 3,855 | 94 | % | 3,636 | 2.5 | % | 626 | 751 | -16.6 | % | 0.0 | % | |||||||||||||||||||||||
Minneapolis | 2 | 732 | 89 | % | 651 | 1.6 | % | 1,456 | 893 | 63.1 | % | 2.3 | % | |||||||||||||||||||||||
Nashville | 4 | 1,114 | 77 | % | 861 | 1.0 | % | 839 | 690 | 21.6 | % | 2.0 | % | |||||||||||||||||||||||
Non-Target Florida | 10 | 2,204 | 100 | % | 2,204 | 2.0 | % | 647 | 858 | -24.6 | % | 1.2 | % | |||||||||||||||||||||||
Norfolk / Richmond | 6 | 1,643 | 94 | % | 1,551 | 2.6 | % | 937 | 786 | 19.2 | % | 1.0 | % | |||||||||||||||||||||||
Providence RI | 2 | 708 | 100 | % | 708 | 1.1 | % | 1,078 | 1,146 | -6.0 | % | 2.1 | % | |||||||||||||||||||||||
Raleigh / Greenville | 2 | 366 | 86 | % | 313 | 0.2 | % | 649 | 720 | -9.9 | % | 2.5 | % | |||||||||||||||||||||||
Other Markets | 2 | 421 | 62 | % | 262 | 0.6 | % | 798 | 975 | -18.1 | % | 1.0 | % | |||||||||||||||||||||||
Total Other | 52 | 17,300 | 92 | % | 15,896 | 17.2 | % | 773 | 789 | -2.0 | % | 1.3 | % | |||||||||||||||||||||||
Grand Total | 239 | 73,234 | 90 | % | 65,861 | 100.0 | % | $ | 1,034 | $ | 1,024 | 1.1 | % | 1.9 | % | |||||||||||||||||||||
[1] | 1Q 2010 REIS | |
[2] | Represents the average of projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses. |
AIMCO 2nd Quarter 2010
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Supplemental Schedule 8
Property Sales and Acquisition Activity
(dollars in millions, except average rent) (unaudited)
(dollars in millions, except average rent) (unaudited)
Second Quarter 2010 Dispositions
Number | Number | NOI | Aimco | Aimco | ||||||||||||||||||||||||||||||||
of | of | Gross | Cap | Property | Net Sales | Gross | Net | Average | ||||||||||||||||||||||||||||
Properties | Units | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||
Conventional | 7 | 1,327 | $ | 61.7 | 8.5 | % | $ | 35.4 | $ | 17.8 | $ | 49.2 | $ | 17.6 | $ | 723 | ||||||||||||||||||||
Affordable | 4 | 597 | 40.5 | 6.3 | % | 27.7 | 8.5 | 19.7 | 7.4 | 1,051 | ||||||||||||||||||||||||||
Total Dispositions | 11 | 1,924 | $ | 102.2 | 7.6 | % | $ | 63.1 | $ | 26.3 | $ | 68.9 | $ | 25.0 | $ | 826 | ||||||||||||||||||||
Year-to-Date 2010 Dispositions
Number | Number | NOI | Aimco | Aimco | ||||||||||||||||||||||||||||||||
of | of | Gross | Cap | Property | Net Sales | Gross | Net | Average | ||||||||||||||||||||||||||||
Properties | Units | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||
Conventional [3] | 11 | 2,116 | $ | 110.0 | 8.4 | % | $ | 67.4 | $ | 28.2 | $ | 85.5 | $ | 26.5 | $ | 764 | ||||||||||||||||||||
Affordable | 12 | 1,431 | 74.8 | 8.2 | % | 47.3 | 19.2 | 40.1 | 15.6 | 928 | ||||||||||||||||||||||||||
Total Dispositions | 23 | 3,547 | $ | 184.8 | 8.3 | % | $ | 114.7 | $ | 47.4 | $ | 125.6 | $ | 42.1 | $ | 831 | ||||||||||||||||||||
Year-to-Date Acquisitions
There have been no property acquisitions during 2010.
Notes
[1] | NOI Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds. Prior to 1Q 2010, Aimco provided a Free Cash Flow cap rate on this schedule, which represented an NOI cap rate assuming a 5% management fee and an adjustment of $300 per door for capital replacements. | |
[2] | Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties. | |
[3] | Year-to-date, Aimco has disposed of Conventional Properties in the following markets: |
Market | Properties | Units | ||||||
Target Markets: | ||||||||
Atlanta | 1 | 219 | ||||||
Austin | 1 | 164 | ||||||
Dallas-Fort Worth | 1 | 256 | ||||||
Fort Lauderdale | 1 | 210 | ||||||
Greenville, NC | 2 | 366 | ||||||
Houston | 1 | 113 | ||||||
Lansing, MI | 1 | 168 | ||||||
Los Angeles | 1 | 144 | ||||||
Sarasota, FL | 1 | 200 | ||||||
Tampa | 1 | 276 | ||||||
Total Target Markets | 11 | 2,116 | ||||||
AIMCO 2nd Quarter 2010
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Supplemental Schedule 9
Capital Additions
(in thousands, except per unit data) (unaudited)
(in thousands, except per unit data) (unaudited)
All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), 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 Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s 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 Aimco’s 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 June 30, 2010 | Six Months Ended June 30, 2010 | |||||||||||||||||||||||
Conventional | Affordable | Total | Conventional | Affordable | Total | |||||||||||||||||||
Capital Additions | ||||||||||||||||||||||||
Capital Replacements | ||||||||||||||||||||||||
Buildings and grounds | $ | 8,594 | $ | 1,197 | $ | 9,791 | $ | 11,759 | $ | 2,164 | $ | 13,923 | ||||||||||||
Turnover capital additions | 5,494 | 1,773 | 7,267 | 10,983 | 3,213 | 14,196 | ||||||||||||||||||
Capitalized site payroll and indirect costs | 2,519 | 342 | 2,861 | 4,777 | 664 | 5,441 | ||||||||||||||||||
Total Capital Replacements | 16,607 | 3,312 | 19,919 | 27,519 | 6,041 | 33,560 | ||||||||||||||||||
Capital Improvements | 9,540 | 1,765 | 11,305 | 14,339 | 3,047 | 17,386 | ||||||||||||||||||
Redevelopment Additions | 6,224 | 491 | 6,715 | 12,442 | 1,852 | 14,294 | ||||||||||||||||||
Casualties | 5,384 | 598 | 5,982 | 9,042 | 4,217 | 13,259 | ||||||||||||||||||
Total Capital Additions | $ | 37,755 | $ | 6,166 | $ | 43,921 | $ | 63,342 | $ | 15,157 | $ | 78,499 | ||||||||||||
Capital Replacements and Improvements per Unit | ||||||||||||||||||||||||
Total units | 70,407 | 22,259 | 92,666 | 70,407 | 22,259 | 92,666 | ||||||||||||||||||
Total Capital Replacements per unit | $ | 236 | $ | 149 | $ | 215 | $ | 391 | $ | 271 | $ | 362 | ||||||||||||
Capital Improvements per unit | 135 | 79 | 122 | 204 | 137 | 188 | ||||||||||||||||||
Total Capital Replacements and Improvements per unit | $ | 371 | $ | 228 | $ | 337 | $ | 595 | $ | 408 | $ | 550 | ||||||||||||
AIMCO 2nd Quarter 2010
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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 of America, or GAAP. Aimco’s 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, adjusted for the Aimco Operating Partnership’s share of such Capital Replacements. Similar to FFO, AFFO is helpful to investors in understanding Aimco’s 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 Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts. A reconciliation of Pro forma FFO, as presented in Supplemental Schedules 1(a) and 1(b), to AFFO is presented below.
Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
(in thousands, except per share data) (unaudited) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Pro forma Funds From Operations | $ | 47,771 | $ | 52,320 | $ | 84,735 | $ | 101,143 | ||||||||
Capital replacements, net of noncontrolling interests in Aimco Operating Partnership and participating securities | (16,222 | ) | (16,714 | ) | (27,678 | ) | (30,921 | ) | ||||||||
Adjusted Funds From Operations | $ | 31,549 | $ | 35,606 | $ | 57,057 | $ | 70,222 | ||||||||
Adjusted Funds From Operations per share (diluted) | $ | 0.27 | $ | 0.31 | $ | 0.49 | $ | 0.61 | ||||||||
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, or 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 Aimco’s business overall.
AIMCO OPERATING PARTNERSHIP:AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 93% of the common partnership units of the Aimco Operating Partnership.
AIMCO PROPORTIONATE FINANCIAL INFORMATION:Non-GAAP measures representing Aimco’s share of financial information discussed in this Earnings Release and Supplemental Information. Aimco’s proportionate share of financial information includes Aimco’s share of unconsolidated real estate partnerships and excludes noncontrolling interests in consolidated real estate partnerships. Proportionate reporting benefits the users of Aimco’s financial information by providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco stockholders. Aimco also refers to this measure as “Aimco’s Share” of financial information. See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimco’s proportionate share of financial results to Aimco’s consolidated financial statements.
AIMCO 2nd Quarter 2010
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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 manage at the end of the period, (2) properties that are consolidated in Aimco’s GAAP financial statements, and (3) properties that are accounted for under the equity method of accounting in Aimco’s 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 Aimco’s consolidated GAAP information is presented below.
Three Months Ended | Six Months Ended | |||||||
(in thousands) (unaudited) | June 30, 2010 | June 30, 2010 | ||||||
Capital Additions per Schedule 9 | $ | 43,921 | $ | 78,499 | ||||
Capital additions related to: | ||||||||
Unconsolidated real estate partnerships | (260 | ) | (356 | ) | ||||
Consolidated sold and held for sale properties | 147 | 804 | ||||||
Consolidated properties that are not multi-family, such as commercial properties or fitness facilities | 54 | 67 | ||||||
Consolidated properties Aimco owns but does not manage | 503 | 908 | ||||||
Consolidated capital additions | $ | 44,365 | $ | 79,922 | ||||
CONVENTIONAL PROPERTIES:Conventional Properties represent Aimco’s 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 Aimco’s credit agreement, the ratio of (a) Aimco’s 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 Aimco’s ownership share. Effective Units may be used to analyze Aimco proportionate financial measures on a per-unit basis.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA):EBITDA is equal to Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization as defined in Aimco’s credit agreementbeforecapital addition reserves provided for in Aimco’s credit agreement. EBITDA is the numerator used in Aimco’s calculation of EBITDA Coverage of Interest Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio.
AIMCO 2nd Quarter 2010
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EBITDA COVERAGE OF INTEREST RATIO:The ratio of (a) Aimco’s EBITDA to (2) total interest expense charges, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Debt Service Coverage Ratio with the exception that Aimco’s 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. Aimco’s 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) Aimco’s EBITDA to (2) the sum of total interest expense and dividends/distributions on preferred shares/units, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Fixed Charge Coverage Ratio with the exception that Aimco’s 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. Aimco’s 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 Aimco’s credit agreement, the ratio of (a) Aimco’s 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 NAREIT’s April 1, 2002 White Paper.
In addition to FFO, Aimco usesPRO 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 Aimco’s 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.
FFO and Pro forma FFO are helpful to investors in understanding Aimco’s 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 Aimco’s method for computing FFO is comparable with that of other real estate investment trusts. FFO and Pro forma FFO are reconciled to Net income (loss) attributable to Aimco common stockholders as determined in accordance with in Supplemental Schedule 1.
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) Aimco’s ownership in the property is less than 10%.
AIMCO 2nd Quarter 2010
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OTHER CONVENTIONAL PROPERTIES:Conventional Properties that have significant rent control restrictions, university housing properties and properties that are not multi-family such as commercial properties or fitness facilities.
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 Aimco’s consolidated GAAP amounts is provided below and on the following page.
Reconciliation of Propertionate Property NOI Amounts in SupplementalSchedule 1(a) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and SupplementalSchedule 6(a)
Second Quarter 2010 Compared to Second Quarter 2009
(in thousands) (unaudited)
Second Quarter 2010 Compared to Second Quarter 2009
(in thousands) (unaudited)
Three Months Ended June 30, 2010 | Three Months Ended June 30, 2009 | |||||||||||||||||||||||||||||||
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 | $ | 164,518 | $ | — | $ | (246 | ) | $ | 164,272 | $ | 165,280 | $ | — | $ | (218 | ) | $ | 165,062 | ||||||||||||||
Affordable Same Store | 30,353 | — | — | 30,353 | 29,527 | — | 88 | 29,615 | ||||||||||||||||||||||||
Total Same Store | 194,871 | — | (246 | ) | 194,625 | 194,807 | — | (130 | ) | 194,677 | ||||||||||||||||||||||
Conventional Redevelopment | 28,557 | — | — | 28,557 | 26,155 | — | — | 26,155 | ||||||||||||||||||||||||
Other Conventional | 17,932 | (1,181 | ) | — | 16,751 | 18,634 | (1,873 | ) | 20 | 16,781 | ||||||||||||||||||||||
Other Affordable | 6,181 | (2,749 | ) | — | 3,432 | 6,373 | (3,076 | ) | — | 3,297 | ||||||||||||||||||||||
Total rental and other property revenues | 247,541 | (3,930 | ) | (246 | ) | 243,365 | 245,969 | (4,949 | ) | (110 | ) | 240,910 | ||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Conventional Same Store | 63,285 | — | 143 | 63,428 | 63,098 | — | 35 | 63,133 | ||||||||||||||||||||||||
Affordable Same Store | 13,958 | — | — | 13,958 | 12,709 | — | 36 | 12,745 | ||||||||||||||||||||||||
Total Same Store | 77,243 | — | 143 | 77,386 | 75,807 | — | 71 | 75,878 | ||||||||||||||||||||||||
Conventional Redevelopment | 9,919 | — | — | 9,919 | 10,821 | — | — | 10,821 | ||||||||||||||||||||||||
Other Conventional | 9,111 | (784 | ) | — | 8,327 | 8,996 | (1,003 | ) | 45 | 8,038 | ||||||||||||||||||||||
Other Affordable | 2,642 | (1,377 | ) | — | 1,265 | 2,959 | (1,499 | ) | — | 1,460 | ||||||||||||||||||||||
Total property operating expenses | 98,915 | (2,161 | ) | 143 | 96,897 | 98,583 | (2,502 | ) | 116 | 96,197 | ||||||||||||||||||||||
Property NOI: | ||||||||||||||||||||||||||||||||
Conventional Same Store | $ | 101,233 | $ | — | $ | (389 | ) | $ | 100,844 | $ | 102,182 | $ | — | $ | (253 | ) | $ | 101,929 | ||||||||||||||
Affordable Same Store | 16,395 | — | — | 16,395 | 16,818 | — | 52 | 16,870 | ||||||||||||||||||||||||
Total Same Store | 117,628 | — | (389 | ) | 117,239 | 119,000 | — | (201 | ) | 118,799 | ||||||||||||||||||||||
Conventional Redevelopment | 18,638 | — | — | 18,638 | 15,334 | — | — | 15,334 | ||||||||||||||||||||||||
Other Conventional | 8,821 | (397 | ) | — | 8,424 | 9,638 | (870 | ) | (25 | ) | 8,743 | |||||||||||||||||||||
Other Affordable | 3,539 | (1,372 | ) | — | 2,167 | 3,414 | (1,577 | ) | — | 1,837 | ||||||||||||||||||||||
Net real estate operations | $ | 148,626 | $ | (1,769 | ) | $ | (389 | ) | $ | 146,468 | $ | 147,386 | $ | (2,447 | ) | $ | (226 | ) | $ | 144,713 | ||||||||||||
% Aimco | ||||||||||||||||
2Q 2010 NOI | Revenue | Expenses | NOI | |||||||||||||
Year-over-Year Change: | ||||||||||||||||
Conventional Same Store | 68 | % | -0.5 | % | 0.5 | % | -1.1 | % | ||||||||
Affordable Same Store | 11 | % | 2.5 | % | 9.5 | % | -2.8 | % | ||||||||
Total Same Store | 79 | % | 0.0 | % | 2.0 | % | -1.3 | % | ||||||||
Conventional Redevelopment | 13 | % | 9.2 | % | -8.3 | % | 21.5 | % | ||||||||
Other Conventional | 6 | % | -0.2 | % | 3.6 | % | -3.6 | % | ||||||||
Other Affordable | 2 | % | 4.1 | % | -13.4 | % | 18.0 | % | ||||||||
Net real estate operations | 100 | % | 1.0 | % | 0.7 | % | 1.2 | % | ||||||||
Reconciliation of GAAP to SupplementalSchedule 6(b) Proportionate Conventional Same Store NOI Amounts
First Quarter 2010
(in thousands) (unaudited)
First Quarter 2010
(in thousands) (unaudited)
Three Months Ended March 31, 2010 | ||||||||||||||||||||||||
Proportionate | ||||||||||||||||||||||||
Share of | ||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Ownership | Proportionate | |||||||||||||||||||
Amounts | Partnerships | Interests | Amount | Adjustments | Property Amount | |||||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||||||
Rental and other property revenues | $ | 180,920 | $ | — | $ | (16,211 | ) | $ | 164,709 | $ | (244 | ) | $ | 164,465 | ||||||||||
Property operating expenses | 74,438 | — | (6,989 | ) | 67,449 | 136 | 67,585 | |||||||||||||||||
Property NOI | $ | 106,482 | $ | — | $ | (9,222 | ) | $ | 97,260 | $ | (380 | ) | $ | 96,880 | ||||||||||
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Reconciliation of Propertionate Property NOI Amounts in SupplementalSchedule 1(b) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(c)
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands) (unaudited)
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands) (unaudited)
Six Months Ended June 30, 2010 | Six Months Ended June 30, 2009 | |||||||||||||||||||||||||||||||||||||||
Proportionate | Properties Owned | Ownership | Proportionate | Proportionate | Properties Owned | Ownership | Proportionate | |||||||||||||||||||||||||||||||||
Amount | but Not Managed | Population Changes | Adjustments | Property Amount | Amount | but Not Managed | Population Changes | Adjustments | Property Amount | |||||||||||||||||||||||||||||||
Real estate operations: | ||||||||||||||||||||||||||||||||||||||||
Rental and other property revenues | ||||||||||||||||||||||||||||||||||||||||
Conventional Same Store | $ | 329,227 | $ | — | (2,210 | ) | $ | (487 | ) | $ | 326,530 | $ | 332,358 | $ | — | $ | (2,143 | ) | $ | 18 | $ | 330,233 | ||||||||||||||||||
Affordable Same Store | 60,130 | — | — | — | 60,130 | 58,551 | — | — | 180 | 58,731 | ||||||||||||||||||||||||||||||
Total Same Store | 389,357 | — | (2,210 | ) | (487 | ) | 386,660 | 390,909 | — | (2,143 | ) | 198 | 388,964 | |||||||||||||||||||||||||||
Conventional Redevelopment | 57,172 | — | 2,210 | — | 59,382 | 52,565 | — | 2,143 | — | 54,708 | ||||||||||||||||||||||||||||||
Other Conventional | 36,117 | (2,347 | ) | — | — | 33,770 | 37,255 | (3,789 | ) | — | 41 | 33,507 | ||||||||||||||||||||||||||||
Other Affordable | 11,731 | (4,990 | ) | — | — | 6,741 | 12,017 | (5,534 | ) | — | — | 6,483 | ||||||||||||||||||||||||||||
Total rental and other property revenues | 494,377 | (7,337 | ) | — | (487 | ) | 486,553 | 492,746 | (9,323 | ) | — | 239 | 483,662 | |||||||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||||||||||
Conventional Same Store | 130,734 | — | (825 | ) | 271 | 130,180 | 128,075 | — | (826 | ) | 84 | 127,333 | ||||||||||||||||||||||||||||
Affordable Same Store | 28,619 | — | — | — | 28,619 | 27,074 | — | — | 74 | 27,148 | ||||||||||||||||||||||||||||||
Total Same Store | 159,353 | — | (825 | ) | 271 | 158,799 | 155,149 | — | (826 | ) | 158 | 154,481 | ||||||||||||||||||||||||||||
Conventional Redevelopment | 20,815 | — | 825 | — | 21,640 | 21,866 | — | 826 | — | 22,692 | ||||||||||||||||||||||||||||||
Other Conventional | 18,809 | (1,580 | ) | — | — | 17,229 | 18,303 | (2,035 | ) | — | 70 | 16,338 | ||||||||||||||||||||||||||||
Other Affordable | 5,805 | (3,027 | ) | — | — | 2,778 | 5,979 | (2,963 | ) | — | — | 3,016 | ||||||||||||||||||||||||||||
Total property operating expenses | 204,782 | (4,607 | ) | — | 271 | 200,446 | 201,297 | (4,998 | ) | — | 228 | 196,527 | ||||||||||||||||||||||||||||
Property NOI: | ||||||||||||||||||||||||||||||||||||||||
Conventional Same Store | $ | 198,493 | $ | — | $ | (1,385 | ) | $ | (758 | ) | $ | 196,350 | $ | 204,283 | $ | — | $ | (1,317 | ) | $ | (66 | ) | $ | 202,900 | ||||||||||||||||
Affordable Same Store | 31,511 | — | — | — | 31,511 | 31,477 | — | — | 106 | 31,583 | ||||||||||||||||||||||||||||||
Total Same Store | 230,004 | — | (1,385 | ) | (758 | ) | 227,861 | 235,760 | — | (1,317 | ) | 40 | 234,483 | |||||||||||||||||||||||||||
Conventional Redevelopment | 36,357 | — | 1,385 | — | 37,742 | 30,699 | — | 1,317 | — | 32,016 | ||||||||||||||||||||||||||||||
Other Conventional | 17,308 | (767 | ) | — | — | 16,541 | 18,952 | (1,754 | ) | — | (29 | ) | 17,169 | |||||||||||||||||||||||||||
Other Affordable | 5,926 | (1,963 | ) | — | — | 3,963 | 6,038 | (2,571 | ) | — | — | 3,467 | ||||||||||||||||||||||||||||
Net real estate operations | $ | 289,595 | $ | (2,730 | ) | $ | — | $ | (758 | ) | $ | 286,107 | $ | 291,449 | $ | (4,325 | ) | $ | — | $ | 11 | $ | 287,135 | |||||||||||||||||
% Aimco | ||||||||||||||||
YTD 2010 NOI | Revenue | Expenses | NOI | |||||||||||||
Year-over-Year Change: | ||||||||||||||||
Conventional Same Store | 69 | % | -1.1 | % | 2.2 | % | -3.2 | % | ||||||||
Affordable Same Store | 11 | % | 2.4 | % | 5.4 | % | -0.2 | % | ||||||||
Total Same Store | 80 | % | -0.6 | % | 2.8 | % | -2.8 | % | ||||||||
Conventional Redevelopment | 12 | % | 8.5 | % | -4.6 | % | 17.9 | % | ||||||||
Other Conventional | 6 | % | 0.8 | % | 5.5 | % | -3.7 | % | ||||||||
Other Affordable | 2 | % | 4.0 | % | -7.9 | % | 14.3 | % | ||||||||
Net real estate operations | 100 | % | 0.6 | % | 2.0 | % | -0.4 | % | ||||||||
Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)
(in thousands) (unaudited)
Year Ended December 31, 2009 | Y2009 to Y2010 | Subtract Six Months EndedJune 30, 2009 | Add Six Months EndedJune 30, 2010 | |||||||||||||||||||||||||||||
Proportionate | Property Classification, | |||||||||||||||||||||||||||||||
Share of | Discontinued Operations | TTM | ||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | and GAAP Consolidation | Proportionate | Proportionate | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Accounting Changes | Amount | Amount | Amount | |||||||||||||||||||||||||
Rental and other property revenues: | ||||||||||||||||||||||||||||||||
Conventional Same Store properties | $ | 719,977 | $ | — | $ | (70,473 | ) | $ | 649,504 | $ | 13,944 | $ | (332,358 | ) | $ | 329,227 | $ | 660,317 | ||||||||||||||
Conventional Acquisition properties | 2,749 | — | — | 2,749 | (2,749 | ) | — | — | — | |||||||||||||||||||||||
Conventional Redevelopment properties | 144,010 | — | (8,185 | ) | 135,825 | (27,118 | ) | (52,565 | ) | 57,172 | 113,314 | |||||||||||||||||||||
Other Conventional properties | 69,996 | 1,449 | (7,719 | ) | 63,726 | 9,802 | (37,255 | ) | 36,117 | 72,390 | ||||||||||||||||||||||
Affordable properties | 204,096 | 9,611 | (61,288 | ) | 152,419 | (11,372 | ) | (70,568 | ) | 71,861 | 142,340 | |||||||||||||||||||||
Total rental and other property revenues | 1,140,828 | 11,060 | (147,665 | ) | 1,004,223 | (17,493 | ) | (492,746 | ) | 494,377 | 988,361 | |||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||
Conventional Same Store properties | 282,428 | — | (29,204 | ) | 253,224 | 5,502 | (128,075 | ) | 130,734 | 261,385 | ||||||||||||||||||||||
Conventional Acquisition properties | 952 | — | — | 952 | (952 | ) | — | — | — | |||||||||||||||||||||||
Conventional Redevelopment properties | 57,789 | — | (3,580 | ) | 54,209 | (11,288 | ) | (21,866 | ) | 20,815 | 41,870 | |||||||||||||||||||||
Other Conventional properties | 35,246 | 816 | (4,056 | ) | 32,006 | 4,867 | (18,303 | ) | 18,809 | 37,379 | ||||||||||||||||||||||
Affordable properties | 101,735 | 5,884 | (33,943 | ) | 73,676 | (6,486 | ) | (33,053 | ) | 34,424 | 68,561 | |||||||||||||||||||||
Total property operating expenses | 478,150 | 6,700 | (70,783 | ) | 414,067 | (8,357 | ) | (201,297 | ) | 204,782 | 409,195 | |||||||||||||||||||||
Net operating income: | ||||||||||||||||||||||||||||||||
Conventional Same Store properties | 437,549 | — | (41,269 | ) | 396,280 | 8,442 | (204,283 | ) | 198,493 | 398,932 | ||||||||||||||||||||||
Conventional Acquisition properties | 1,797 | — | — | 1,797 | (1,797 | ) | — | — | — | |||||||||||||||||||||||
Conventional Redevelopment properties | 86,221 | — | (4,605 | ) | 81,616 | (15,830 | ) | (30,699 | ) | 36,357 | 71,444 | |||||||||||||||||||||
Other Conventional properties | 34,750 | 633 | (3,663 | ) | 31,720 | 4,935 | (18,952 | ) | 17,308 | 35,011 | ||||||||||||||||||||||
Affordable properties | 102,361 | 3,727 | (27,345 | ) | 78,743 | (4,886 | ) | (37,515 | ) | 37,437 | 73,779 | |||||||||||||||||||||
Total rental and other property revenues | $ | 662,678 | $ | 4,360 | $ | (76,882 | ) | $ | 590,156 | $ | (9,136 | ) | $ | (291,449 | ) | $ | 289,595 | $ | 579,166 | |||||||||||||
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.
AIMCO 2nd Quarter 2010
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SAME STORE PROPERTIES: Same Store properties are those properties (1) that are managed by Aimco, (2) in which Aimco’s 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 Aimco’s current period ownership.
AIMCO 2nd Quarter 2010
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