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AIMCO |
Apartment Investment and Management CompanyBalaye |
Tampa, FL |
2nd Quarter 2006 |
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Announces Second Quarter 2006 Results
• | Net income of $35.1 million was up $7.5 million from $27.6 million in the second quarter 2005. Higher net income primarily reflects improved property operations and includes higher gains on property sales, net of taxes. Earnings per share (EPS) was $0.17 on a diluted basis, compared with $0.06 in the second quarter 2005. | |
• | Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $71.4 million, or $0.73 per share, compared with $62.8 million, or $0.67 per share, in the second quarter 2005. FFO before impairment (including recovery of impairment charges) and preferred redemption charges was $71.2 million, also $0.73 per share, meeting the high end of guidance. | |
• | Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $52.0 million, or $0.53 per share, compared with $39.9 million, or $0.42 per share, in the second quarter 2005. AFFO includes deductions of $0.20 and $0.25 per share for capital replacement expenditures in the second quarter 2006 and second quarter 2005, respectively. | |
• | In the first quarter 2006, Aimco adopted the accounting requirement EITF 04-5 that resulted in the consolidation of an additional 149 properties, eight of which were sold as of June 30, 2006. These properties are consolidated in the 2006 GAAP financial statements but not the prior year period. In comparing the second quarter 2006 with the second quarter 2005 certain categories of revenues and expenses are higher in the second quarter 2006 in comparison with the second quarter 2005, due in part to the accounting change. |
SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Earnings (loss) — EPS | $ | 0.17 | $ | 0.06 | $ | 0.80 | ($0.16 | ) | ||||||||
Funds from operations — FFO | $ | 0.73 | $ | 0.67 | $ | 1.41 | $ | 1.30 | ||||||||
FFO before impairment and preferred redemption charges | $ | 0.73 | $ | 0.67 | $ | 1.43 | $ | 1.34 | ||||||||
Adjusted funds from operations — AFFO | $ | 0.53 | $ | 0.42 | $ | 1.08 | $ | 0.93 | ||||||||
Investor Relations 303.691.4350, Investor@Aimco.com
Jennifer Martin, Vice President-Investor Relations 303.691.4440
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SECOND QUARTER | ||||||||||||||||||||
Year-over-year | Sequential | |||||||||||||||||||
2006 | 2005 | Variance | 1st Qtr | Variance | ||||||||||||||||
Same Store Operating Measures | ||||||||||||||||||||
Average Physical Occupancy | 94.3 | % | 91.1 | % | 3.2 | % | 94.7 | % | -0.4 | % | ||||||||||
Average Rent Per Unit | $ | 797 | $ | 771 | 3.4 | % | $ | 786 | 1.4 | % | ||||||||||
Total Same Store ($mm) | ||||||||||||||||||||
Revenue | $ | 257.6 | $ | 238.1 | 8.2 | % | $ | 253.4 | 1.6 | % | ||||||||||
Expenses | (108.8 | ) | (104.5 | ) | 4.1 | % | (110.9 | ) | -1.9 | % | ||||||||||
NOI ($mm) | $ | 148.8 | $ | 133.7 | 11.3 | % | $ | 142.5 | 4.4 | % | ||||||||||
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(in thousands, except per share data) (unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
REVENUES: | ||||||||||||||||
Rental and other property revenues | $ | 419,234 | $ | 344,659 | $ | 830,126 | $ | 677,223 | ||||||||
Property management revenues, primarily from affiliates | 3,592 | 5,926 | 6,622 | 12,590 | ||||||||||||
Activity fees and asset management revenues, primarily from affiliates | 12,133 | 6,680 | 21,673 | 14,697 | ||||||||||||
Total revenues | 434,959 | 357,265 | 858,421 | 704,510 | ||||||||||||
EXPENSES: | ||||||||||||||||
Property operating expenses | 190,485 | 160,707 | 388,540 | 321,552 | ||||||||||||
Property management expenses | 2,151 | 1,829 | 2,643 | 3,745 | ||||||||||||
Activity and asset management expenses | 3,239 | 2,305 | 5,671 | 4,913 | ||||||||||||
Depreciation and amortization | 116,412 | 95,923 | 228,236 | 187,612 | ||||||||||||
General and administrative expenses | 24,805 | 21,723 | 47,508 | 42,567 | ||||||||||||
Other expenses (income), net | 2,279 | (999 | ) | 2,874 | (1,754 | ) | ||||||||||
Total expenses | 339,371 | 281,488 | 675,472 | 558,635 | ||||||||||||
Operating income | 95,588 | 75,777 | 182,949 | 145,875 | ||||||||||||
Interest income | 5,600 | 7,344 | 12,692 | 14,750 | ||||||||||||
Recovery of (provision for) losses on notes receivable | (502 | ) | (34 | ) | (764 | ) | 1,558 | |||||||||
Interest expense | (103,518 | ) | (86,328 | ) | (204,289 | ) | (169,364 | ) | ||||||||
Deficit distributions to minority partners | (4,096 | ) | (1,654 | ) | (6,282 | ) | (3,047 | ) | ||||||||
Equity in losses of unconsolidated real estate partnerships | (574 | ) | (418 | ) | (2,436 | ) | (1,319 | ) | ||||||||
Recovery of impairment losses (impairment losses) related to real estate | (15 | ) | (275 | ) | 971 | (531 | ) | |||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | 4,060 | 3,154 | 13,756 | 5,161 | ||||||||||||
Loss before minority interests and discontinued operations | (3,457 | ) | (2,434 | ) | (3,403 | ) | (6,917 | ) | ||||||||
Minority interests: | ||||||||||||||||
Minority interest in consolidated real estate partnerships | (351 | ) | 985 | 5,718 | 3,563 | |||||||||||
Minority interest in Aimco Operating Partnership, preferred [a] | (1,785 | ) | (1,806 | ) | (3,583 | ) | (3,618 | ) | ||||||||
Minority interest in Aimco Operating Partnership, common [a] | 2,559 | 2,501 | 4,318 | 5,255 | ||||||||||||
Total minority interests | 423 | 1,680 | 6,453 | 5,200 | ||||||||||||
Income (loss) from continuing operations | (3,034 | ) | (754 | ) | 3,050 | (1,717 | ) | |||||||||
Income from discontinued operations, net [b] | 38,126 | 28,320 | 116,112 | 31,315 | ||||||||||||
Net income | 35,092 | 27,566 | 119,162 | 29,598 | ||||||||||||
Net income attributable to preferred stockholders | 19,034 | 21,693 | 43,088 | 44,562 | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 16,058 | $ | 5,873 | $ | 76,074 | $ | (14,964 | ) | |||||||
Weighted average number of common shares outstanding | 96,071 | 93,807 | 95,627 | 93,627 | ||||||||||||
Weighted average number of common shares and common share equivalents outstanding | 96,071 | 93,807 | 95,627 | 93,627 | ||||||||||||
Earnings (loss) per common share — basic: | ||||||||||||||||
Loss from continuing operations (net of income attributable to preferred stockholders) | $ | (0.23 | ) | $ | (0.24 | ) | $ | (0.42 | ) | $ | (0.49 | ) | ||||
Income from discontinued operations | 0.40 | 0.30 | 1.22 | 0.33 | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 0.17 | $ | 0.06 | $ | 0.80 | $ | (0.16 | ) | |||||||
Earnings (loss) per common share — diluted: | ||||||||||||||||
Loss from continuing operations (net of income attributable to preferred stockholders) | $ | (0.23 | ) | $ | (0.24 | ) | $ | (0.42 | ) | $ | (0.49 | ) | ||||
Income from discontinued operations | 0.40 | 0.30 | 1.22 | 0.33 | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 0.17 | $ | 0.06 | $ | 0.80 | $ | (0.16 | ) | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Rental and other property revenues | $ | 5,546 | $ | 45,467 | $ | 23,876 | $ | 93,074 | ||||||||
Property operating expenses | (3,116 | ) | (23,533 | ) | (12,900 | ) | (48,127 | ) | ||||||||
Other (expenses) income, net | (1,634 | ) | (302 | ) | (2,657 | ) | (549 | ) | ||||||||
Depreciation and amortization | (1,438 | ) | (12,021 | ) | (5,815 | ) | (24,969 | ) | ||||||||
Interest expense | (1,464 | ) | (11,309 | ) | (6,021 | ) | (23,346 | ) | ||||||||
Interest income | 62 | 109 | 215 | 259 | ||||||||||||
Minority interest in consolidated real estate partnerships | 729 | 738 | 1,058 | 1,693 | ||||||||||||
Loss from operations | (1,315 | ) | (851 | ) | (2,244 | ) | (1,965 | ) | ||||||||
Gain on dispositions of real estate, net of minority partners’ interest | 42,646 | 29,719 | 142,571 | 36,680 | ||||||||||||
Recovery of impairment losses (impairment losses) on real estate assets sold or held for sale | 195 | (231 | ) | (8 | ) | (2,186 | ) | |||||||||
Recovery of deficit distributions to minority partners | 2,057 | 4,084 | 16,415 | 3,539 | ||||||||||||
Income tax arising from disposals | (1,044 | ) | (1,205 | ) | (27,986 | ) | (1,219 | ) | ||||||||
Minority interest in Aimco Operating Partnership | (4,413 | ) | (3,196 | ) | (12,636 | ) | (3,534 | ) | ||||||||
Income from discontinued operations | $ | 38,126 | $ | 28,320 | $ | 116,112 | $ | 31,315 | ||||||||
(in thousands)
(unaudited)
June 30, 2006 | December 31, 2005 | |||||||
ASSETS | ||||||||
Buildings and improvements | $ | 9,621,985 | $ | 8,314,585 | ||||
Land | 2,337,304 | 2,241,907 | ||||||
Accumulated depreciation | (2,807,340 | ) | (2,116,548 | ) | ||||
NET REAL ESTATE | 9,151,949 | 8,439,944 | ||||||
Cash and cash equivalents | 323,463 | 161,730 | ||||||
Restricted cash | 341,267 | 284,068 | ||||||
Accounts receivable | 65,830 | 59,888 | ||||||
Accounts receivable from affiliates | 24,984 | 43,070 | ||||||
Deferred financing costs | 74,529 | 65,188 | ||||||
Notes receivable from unconsolidated real estate partnerships | 45,705 | 177,218 | ||||||
Notes receivable from non-affiliates | 51,497 | 23,760 | ||||||
Investment in unconsolidated real estate partnerships | 59,036 | 167,799 | ||||||
Other assets | 221,155 | 216,863 | ||||||
Deferred income tax asset, net | — | 9,835 | ||||||
Assets held for sale | 32,981 | 369,797 | ||||||
TOTAL ASSETS | $ | 10,392,396 | $ | 10,019,160 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Property tax-exempt bond financing | $ | 1,043,755 | $ | 1,040,549 | ||||
Property loans payable | 5,163,064 | 4,438,542 | ||||||
Term loans | 400,000 | 400,000 | ||||||
Credit facility | — | 217,000 | ||||||
TOTAL INDEBTEDNESS | 6,606,819 | 6,096,091 | ||||||
Accounts payable | 30,460 | 34,381 | ||||||
Accrued liabilities and other | 396,474 | 423,633 | ||||||
Deferred income | 98,814 | 46,872 | ||||||
Security deposits | 43,851 | 37,800 | ||||||
Deferred income tax liability, net | 6,219 | — | ||||||
Liabilities related to assets held for sale | 18,135 | 228,871 | ||||||
TOTAL LIABILITIES | 7,200,772 | 6,867,648 | ||||||
Minority interest in consolidated real estate partnerships | 268,629 | 217,679 | ||||||
Minority interest in Aimco Operating Partnership | 206,255 | 217,729 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Class A Common Stock | 972 | 957 | ||||||
Additional paid-in capital | 3,131,677 | 3,081,707 | ||||||
Perpetual preferred stock | 897,000 | 860,250 | ||||||
Convertible preferred stock | 100,000 | 150,000 | ||||||
Distributions in excess of earnings | (1,405,277 | ) | (1,350,899 | ) | ||||
Notes due on common stock purchases | (7,632 | ) | (25,911 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 2,716,740 | 2,716,104 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 10,392,396 | $ | 10,019,160 | ||||
(in thousands)
(unaudited)
Six Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, 2006 | June 30, 2005 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 119,162 | $ | 29,598 | ||||
Depreciation and amortization | 228,236 | 187,612 | ||||||
Adjustments to income from discontinued operations | (141,586 | ) | (11,219 | ) | ||||
Other adjustments to reconcile net income | 17,309 | (6,812 | ) | |||||
Changes in operating assets and liabilities | 41,819 | (16,806 | ) | |||||
Net cash provided by operating activities | 264,940 | 182,373 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of real estate | (41,732 | ) | (243,996 | ) | ||||
Capital expenditures | (236,203 | ) | (201,401 | ) | ||||
Proceeds from dispositions of real estate | 544,815 | 140,160 | ||||||
Cash from newly consolidated properties | 22,432 | 1,623 | ||||||
Purchases of non-real estate related corporate assets | (3,697 | ) | (7,218 | ) | ||||
Purchases of partnership interests and other assets | (10,932 | ) | (61,547 | ) | ||||
Originations of notes receivable from unconsolidated real estate partnerships | (7,820 | ) | (15,125 | ) | ||||
Proceeds from repayment of notes receivable | 5,318 | 13,043 | ||||||
Distributions received from investments in unconsolidated real estate partnerships | 11,312 | 33,589 | ||||||
Other investing activities | (17,558 | ) | 361 | |||||
Net cash provided by (used in) investing activities | 265,935 | (340,511 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from property loans | 656,634 | 328,543 | ||||||
Principal repayments on property loans | (599,870 | ) | (191,093 | ) | ||||
Principal repayments on tax-exempt bond financing | (31,690 | ) | (26,740 | ) | ||||
Net borrowings (repayments) on term loans and revolving credit facility | (217,000 | ) | 305,900 | |||||
Redemption of mandatorily redeemable preferred securities | — | (15,019 | ) | |||||
Redemption of preferred stock | (113,250 | ) | (31,250 | ) | ||||
Proceeds from Class A Common Stock option exercises | 39,459 | 1,186 | ||||||
Proceeds from issuance of preferred stock, net | 97,537 | — | ||||||
Principal repayments received on notes due on Class A Common Stock purchases | 18,626 | 8,557 | ||||||
Payment of Class A Common Stock dividends | (115,046 | ) | (112,961 | ) | ||||
Payment of preferred stock dividends | (41,879 | ) | (43,196 | ) | ||||
Contributions from minority interest | 11,529 | 17,403 | ||||||
Payment of distributions to minority interest | (61,589 | ) | (32,002 | ) | ||||
Other financing activities | (12,603 | ) | (7,754 | ) | ||||
Net cash provided by (used in) financing activities | (369,142 | ) | 201,574 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 161,733 | 43,436 | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 161,730 | 105,343 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 323,463 | $ | 148,779 | ||||
Third Quarter and Full Year 2006
(unaudited)
Third Quarter 2006 | Full Year 2006 | |||||||
GAAP Earnings per share (1) | -$0.28 to -$0.24 | $0.38 to $0.48 | ||||||
Add: Depreciation and other | $1.01 | $2.55 | ||||||
FFO per share (2) | $0.73 to $0.77 | $2.93 to $3.03 | ||||||
AFFO per share | $0.54 to $0.58 | $2.30 to $2.40 | ||||||
2006 Same Store Operating Assumptions: | ||||||||
Weighted average daily occupancy | 94% to 95% | 94% to 95% | ||||||
NOI change — sequential | -1.0% to 0.5% | |||||||
NOI change - 2006 vs. 2005 | 8.5% to 10.0% | 8.5% to 9.5% | ||||||
Gross dispositions (3) | $850M to $1,050M | (Aimco share $675M - $800M) | ||||||
Gross acquisitions (4) | $70M to $80M |
(1) | Aimco’s earnings per share guidance does not include estimates for (i) unrecognized gains on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) unrecognized deferred costs on early repayment of debt or redemption related preferred stock issuance charges. | |
(2) | FFO per share represents FFO before impairments and redemption related preferred stock issuance charges. Impairments and redemption related preferred stock issuance charges were $0.02 per share year to date 2006 and preferred stock issuance charges are expected to be $0.04 per share in the third quarter. | |
(3) | Aimco anticipates gross sales proceeds of $850 to $1,050 million for 2006 ($665 to $775 million related to conventional properties and $185 to $275 million related to affordable properties). Aimco share of proceeds is expected to be $675 to $800 million ($600 to $685 million related to conventional properties and $75 to $115 million related to affordable properties). Aimco estimates that its share of cash from these dispositions, net of mortgage debt and third-party equity interests, will be $350 to $450 million ($300 to $375 million related to conventional properties and $50 to $75 million related to affordable properties). | |
(4) | Gross acquisitions include property acquisitions and limited partnership acquisitions. |
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Schedule 1 | — Funds From Operations and Adjusted Funds From Operations | |
Schedule 2a | — Business Component Proportionate Income Statement Presentation, 2Q | |
Schedule 2b | — Business Component Proportionate Income Statement Presentation, Year-to-Date | |
Schedule 3 | — Business Component Proportionate Balance Sheet Presentation | |
Schedule 4 | — Share Data | |
Schedule 5 | — Selected Debt Information | |
Schedule 6a | — Same Store Sales (2Q 2006 v. 2Q 2005) | |
Schedule 6b | — Same Store Sales (2Q 2006 v. 1Q 2006) | |
Schedule 6c | — Same Store Sales (Year-to-Date 2006 v. 2005) | |
Schedule 7 | — Selected Portfolio Performance Data | |
Schedule 8 | — Property Sales and Acquisitions Activity | |
Schedule 9 | — Capital Expenditures | |
Schedule 10 | — Summary of Redevelopment Activity | |
Schedule 11 | — Apartment Unit Summary | |
Glossary |
Supplemental Schedule 1
Funds From Operations and Adjusted Funds From Operations
(in thousands, except per share data) (unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Net income (loss) attributable to common stockholders [a] | $ | 16,058 | $ | 5,873 | $ | 76,074 | $ | (14,964 | ) | |||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization [b] | 116,412 | 95,923 | 228,236 | 187,612 | ||||||||||||
Depreciation and amortization related to non-real estate assets | (4,538 | ) | (4,524 | ) | (9,268 | ) | (8,315 | ) | ||||||||
Depreciation of rental property related to minority partners’ interest [c] | (9,724 | ) | (9,022 | ) | (25,217 | ) | (18,069 | ) | ||||||||
Depreciation of rental property related to unconsolidated entities | 1,186 | 4,631 | 1,854 | 10,589 | ||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | (4,060 | ) | (3,154 | ) | (13,756 | ) | (5,161 | ) | ||||||||
Gain on dispositions of non-depreciable assets | 671 | 118 | 6,371 | 793 | ||||||||||||
Deficit distributions to minority partners [d] | 4,096 | 1,654 | 6,282 | 3,047 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Gain on dispositions of real estate, net of minority partners’ interest [c] | (42,646 | ) | (29,719 | ) | (142,571 | ) | (36,680 | ) | ||||||||
Depreciation of rental property, net of minority partners’ interest [c] | 961 | 10,323 | 4,403 | 21,428 | ||||||||||||
Recovery of deficit distributions to minority partners [d] | (2,057 | ) | (4,084 | ) | (16,415 | ) | (3,539 | ) | ||||||||
Income tax arising from disposals | 1,044 | 1,205 | 27,986 | 1,219 | ||||||||||||
Minority interest in Aimco Operating Partnership’s share of above adjustments | (6,055 | ) | (6,461 | ) | (6,699 | ) | (15,762 | ) | ||||||||
Preferred stock dividends | 19,034 | 21,693 | 40,514 | 43,439 | ||||||||||||
Redemption related preferred stock issuance costs | — | — | 2,574 | 1,123 | ||||||||||||
Funds From Operations | 90,382 | 84,456 | 180,368 | 166,760 | ||||||||||||
Preferred stock dividends | (19,034 | ) | (21,693 | ) | (40,514 | ) | (43,439 | ) | ||||||||
Redemption related preferred stock issuance costs | — | — | (2,574 | ) | (1,123 | ) | ||||||||||
Dividends/distributions on dilutive preferred securities | 61 | 63 | 123 | 104 | ||||||||||||
Funds From Operations Attributable to Common Stockholders — Diluted | $ | 71,409 | $ | 62,826 | $ | 137,403 | $ | 122,302 | ||||||||
Impairment losses (recovery of impairments losses) related to real estate [e] | 15 | 275 | (971 | ) | 531 | |||||||||||
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale [e] | (195 | ) | 231 | 8 | 2,187 | |||||||||||
Redemption related preferred stock issuance costs [f] | — | — | 2,574 | 1,123 | ||||||||||||
Minority interest in Aimco Operating Partnership’s share of above adjustments | 18 | (49 | ) | (160 | ) | (396 | ) | |||||||||
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs) | 71,247 | 63,283 | 138,854 | 125,747 | ||||||||||||
Capital Replacements | (21,305 | ) | (25,987 | ) | (37,525 | ) | (42,356 | ) | ||||||||
Minority interest in Aimco Operating Partnership’s share of Capital Replacements | 2,109 | 2,669 | 3,702 | 4,369 | ||||||||||||
Dividends/distributions on non-dilutive preferred securities | (61 | ) | (63 | ) | (123 | ) | (104 | ) | ||||||||
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted | $ | 51,990 | $ | 39,902 | $ | 104,908 | $ | 87,656 | ||||||||
Funds From Operations: | ||||||||||||||||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||||
Common shares and equivalents [g] | 97,475 | 94,336 | 97,007 | 94,059 | ||||||||||||
Dilutive preferred securities | 91 | 110 | 93 | 92 | ||||||||||||
97,566 | 94,446 | 97,100 | 94,151 | |||||||||||||
Funds From Operations (excluding impairment losses and redemption related preferred stock issuance costs): | ||||||||||||||||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||||
Common shares and equivalents [g] | 97,475 | 94,336 | 97,007 | 94,059 | ||||||||||||
Dilutive preferred securities | 91 | 110 | 93 | 92 | ||||||||||||
97,566 | 94,446 | 97,100 | 94,151 | |||||||||||||
Adjusted Funds From Operations: | ||||||||||||||||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||||
Common shares and equivalents [g] | 97,475 | 94,336 | 97,007 | 94,059 | ||||||||||||
Dilutive preferred securities | — | — | — | — | ||||||||||||
97,475 | 94,336 | 97,007 | 94,059 | |||||||||||||
Per Share: | ||||||||||||||||
Funds From Operations — Diluted | $ | 0.73 | $ | 0.67 | $ | 1.41 | $ | 1.30 | ||||||||
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs) | $ | 0.73 | $ | 0.67 | $ | 1.43 | $ | 1.34 | ||||||||
Adjusted Funds From Operations — Diluted | $ | 0.53 | $ | 0.42 | $ | 1.08 | $ | 0.93 | ||||||||
Dividends declared | $ | 0.60 | $ | 0.60 | $ | 1.20 | $ | 1.20 |
Supplemental Schedule 1 (continued)
Notes to Funds From Operations and Adjusted Funds From Operations
[a] | Represents Aimco’s numerator for basic earnings per common share calculated in accordance with GAAP. | |
[b] | Includes amortization of management contracts where Aimco is the general partner. Such management contracts were established in certain instances where Aimco acquired a general partner interest in either a consolidated or an unconsolidated partnership. Because the recoverability of these management contracts depends primarily on the operations of the real estate owned by the limited partnerships, Aimco believes it is consistent with NAREIT’s April 1, 2002 White Paper to add back such amortization, as the White Paper directs the add back of amortization of assets uniquely significant to the real estate industry. | |
[c] | “Minority partners’ interest” means minority interest in our consolidated real estate partnerships. | |
[d] | In accordance with GAAP, deficit distributions to minority partners are charges recognized in Aimco’s income statement when cash is distributed to a non-controlling partner in a consolidated real estate partnership in excess of the positive balance in such partner’s capital account, which is classified as minority interest on the balance sheet. Aimco records these charges for GAAP purposes even though there is no economic effect or cost. Deficit distributions to minority partners occur when the fair value of the underlying real estate exceeds its depreciated net book value because the underlying real estate has appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to minority partners represents, in substance, either (1) recognition of depreciation previously allocated to the non-controlling partner or (2) a payment related to the non-controlling partner’s share of real estate appreciation. Based on White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, Aimco adds back deficit distributions and subtracts related recoveries in its reconciliation of net income to FFO. | |
[e] | On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. As a result, FFO for the three and six months ended June 30, 2006 includes $0.2 million and $1.0 million of net impairment recoveries, respectively. FFO for the three and six months ended June 30, 2005 includes $0.5 million and $2.7 million of net impairment losses, respectively. | |
[f] | In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three and six months ended June 30, 2006 includes issuance costs of zero and $2.6 million, respectively. FFO for the three and six months ended June 30, 2005 includes issuance costs of zero and $1.1 million, respectively. | |
[g] | Represents Aimco’s denominator for earnings per common share — diluted calculated in accordance with GAAP plus additional common share equivalents that are dilutive for FFO/AFFO. |
Supplemental Schedule 2(a)
Business Component Proportionate Income Statement Presentation
Three Months Ended June 30, 2006
(in thousands) (unaudited)
Proportionate | Proportionate | Proportionate | ||||||||||||||||||||||||||||||
Aimco | Share of | Minority | Consolidated | Consolidated | ||||||||||||||||||||||||||||
GAAP Income | Unconsolidated | Partners’ | Income | Aimco | Income | |||||||||||||||||||||||||||
Statement | Partnerships | Interest | Statement | Conventional | Capital | Corporate | Statement | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rental and other property revenues: | ||||||||||||||||||||||||||||||||
Same Store properties (1) (2) | $ | 305,842 | $ | 475 | $ | (43,923 | ) | $ | 262,394 | $ | 262,394 | $ | — | $ | — | $ | 262,394 | |||||||||||||||
Acquisition properties (1) | 7,356 | 1,185 | (142 | ) | 8,399 | 8,399 | — | — | 8,399 | |||||||||||||||||||||||
Redevelopment properties (1) | 34,875 | — | (3,990 | ) | 30,885 | 30,885 | — | — | 30,885 | |||||||||||||||||||||||
Other properties (1) | 9,765 | 1,384 | (755 | ) | 10,394 | 10,394 | — | — | 10,394 | |||||||||||||||||||||||
Affordable properties (1) | 61,396 | 4,571 | (29,740 | ) | 36,227 | — | 36,227 | — | 36,227 | |||||||||||||||||||||||
Total rental and other property revenues | 419,234 | 7,615 | (78,550 | ) | 348,299 | 312,072 | 36,227 | — | 348,299 | |||||||||||||||||||||||
Property management revenues, primarily from affiliates | 3,592 | (332 | ) | — | 3,260 | 852 | 2,408 | — | 3,260 | |||||||||||||||||||||||
Activity fees and asset management revenues, primarily from affiliates | 12,133 | — | — | 12,133 | 552 | 11,581 | — | 12,133 | ||||||||||||||||||||||||
Total revenues | 434,959 | 7,283 | (78,550 | ) | 363,692 | 313,476 | 50,216 | — | 363,692 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||
Same Store properties (2) | 130,007 | 195 | (19,075 | ) | 111,127 | 111,127 | — | — | 111,127 | |||||||||||||||||||||||
Acquisition properties | 2,800 | 423 | (88 | ) | 3,135 | 3,135 | — | — | 3,135 | |||||||||||||||||||||||
Redevelopment properties | 15,689 | — | (2,078 | ) | 13,611 | 13,611 | — | — | 13,611 | |||||||||||||||||||||||
Other properties | 5,397 | 679 | (412 | ) | 5,664 | 5,664 | — | — | 5,664 | |||||||||||||||||||||||
Affordable properties | 30,463 | 3,203 | (14,819 | ) | 18,847 | — | 18,847 | — | 18,847 | |||||||||||||||||||||||
Casualties | (1,202 | ) | 4 | 323 | (875 | ) | (669 | ) | (206 | ) | — | (875 | ) | |||||||||||||||||||
Property management expenses (consolidated properties) | 7,331 | — | (4,084 | ) | 3,247 | 4,495 | (1,248 | ) | — | 3,247 | ||||||||||||||||||||||
Total property operating expenses | 190,485 | 4,504 | (40,233 | ) | 154,756 | 137,363 | 17,393 | — | 154,756 | |||||||||||||||||||||||
Property management expenses (unconsolidated and third party properties) | 2,151 | — | — | 2,151 | 1,277 | 874 | — | 2,151 | ||||||||||||||||||||||||
Activity and asset management expenses | 3,239 | — | — | 3,239 | — | 3,239 | — | 3,239 | ||||||||||||||||||||||||
Depreciation and amortization | 116,412 | 1,186 | (9,724 | ) | 107,874 | 94,357 | 13,517 | — | 107,874 | |||||||||||||||||||||||
General and administrative expenses | 24,805 | 22 | (1,131 | ) | 23,696 | 7,350 | 3,038 | 13,308 | 23,696 | |||||||||||||||||||||||
Other expenses (income), net | 2,279 | 958 | (3,002 | ) | 235 | (2,278 | ) | 2,513 | — | 235 | ||||||||||||||||||||||
Total expenses | 339,371 | 6,670 | (54,090 | ) | 291,951 | 238,069 | 40,574 | 13,308 | 291,951 | |||||||||||||||||||||||
Operating income | 95,588 | 613 | (24,460 | ) | 71,741 | 75,407 | 9,642 | (13,308 | ) | 71,741 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||
General partner loan interest | 930 | (64 | ) | 8,496 | 9,362 | 6,258 | 3,104 | — | 9,362 | |||||||||||||||||||||||
Money market and interest bearing accounts | 4,754 | 334 | (1,116 | ) | 3,972 | 1,312 | 971 | 1,689 | 3,972 | |||||||||||||||||||||||
Accretion on discounted notes receivable | (84 | ) | — | — | (84 | ) | 44 | (128 | ) | — | (84 | ) | ||||||||||||||||||||
Total interest income | 5,600 | 270 | 7,380 | 13,250 | 7,614 | 3,947 | 1,689 | 13,250 | ||||||||||||||||||||||||
Provision for losses on notes receivable | (502 | ) | — | — | (502 | ) | — | (502 | ) | — | (502 | ) | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Property debt (primarily non-recourse) | (100,623 | ) | (1,476 | ) | 17,140 | (84,959 | ) | (78,177 | ) | (6,782 | ) | — | (84,959 | ) | ||||||||||||||||||
Lines of credit | (8,743 | ) | — | — | (8,743 | ) | — | — | (8,743 | ) | (8,743 | ) | ||||||||||||||||||||
Capitalized interest | 5,848 | 19 | (411 | ) | 5,456 | 5,165 | 291 | — | 5,456 | |||||||||||||||||||||||
Total interest expense | (103,518 | ) | (1,457 | ) | 16,729 | (88,246 | ) | (73,012 | ) | (6,491 | ) | (8,743 | ) | (88,246 | ) | |||||||||||||||||
Deficit distributions to minority partners | (4,096 | ) | — | — | (4,096 | ) | (4,634 | ) | 538 | — | (4,096 | ) | ||||||||||||||||||||
Equity in losses of unconsolidated real estate partnerships | (574 | ) | 574 | — | — | — | — | — | — | |||||||||||||||||||||||
Impairment losses related to real estate partnerships | (15 | ) | — | — | (15 | ) | (15 | ) | — | — | (15 | ) | ||||||||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | 4,060 | — | — | 4,060 | 855 | 3,205 | — | 4,060 | ||||||||||||||||||||||||
Income before minority interests and discontinued operations | (3,457 | ) | — | (351 | ) | (3,808 | ) | 6,215 | 10,339 | (20,362 | ) | (3,808 | ) | |||||||||||||||||||
Minority interests: | ||||||||||||||||||||||||||||||||
Minority interest in consolidated real estate partnerships | (351 | ) | — | 351 | — | — | — | — | — | |||||||||||||||||||||||
Minority interest in Aimco Operating Partnership | 774 | — | — | 774 | (613 | ) | (1,020 | ) | 2,407 | 774 | ||||||||||||||||||||||
Total minority interests | 423 | — | 351 | 774 | (613 | ) | (1,020 | ) | 2,407 | 774 | ||||||||||||||||||||||
Income from continuing operations | (3,034 | ) | — | — | (3,034 | ) | 5,602 | 9,319 | (17,955 | ) | (3,034 | ) | ||||||||||||||||||||
Income from discontinued operations, net | 38,126 | — | — | 38,126 | 33,194 | 4,932 | — | 38,126 | ||||||||||||||||||||||||
Net income | $ | 35,092 | $ | — | $ | — | $ | 35,092 | $ | 38,796 | $ | 14,251 | $ | (17,955 | ) | $ | 35,092 | |||||||||||||||
(1) | See definitions and descriptions in Glossary | |
(2) | Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6b. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests. |
Supplemental Schedule 2(a) (continued)
Business Component Proportionate Income Statement Presentation
Three Months Ended June 30, 2006
(in thousands) (unaudited)
Proportionate | Proportionate | |||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||
Income | Aimco | Income | ||||||||||||||||||
Statement | Conventional | Capital | Corporate | Statement | ||||||||||||||||
Reconciliation of Net Income to FFO, AFFO and FCF: | ||||||||||||||||||||
Net income (see above) | $ | 35,092 | $ | 38,796 | $ | 14,251 | $ | (17,955 | ) | $ | 35,092 | |||||||||
Proportionate share of depreciation and amortization | 107,874 | 94,357 | 13,517 | — | 107,874 | |||||||||||||||
Depreciation and amortization related to non-real estate assets | (4,538 | ) | (3,267 | ) | (1,271 | ) | — | (4,538 | ) | |||||||||||
Deficit distributions to minority partners | 4,096 | 4,634 | (538 | ) | — | 4,096 | ||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | (4,060 | ) | (855 | ) | (3,205 | ) | — | (4,060 | ) | |||||||||||
Gain on dispositions of non-depreciable assets | 671 | 671 | — | — | 671 | |||||||||||||||
Discontinued operations | (42,698 | ) | (37,641 | ) | (5,057 | ) | — | (42,698 | ) | |||||||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | (6,055 | ) | (5,715 | ) | (340 | ) | — | (6,055 | ) | |||||||||||
Preferred stock dividends | (19,034 | ) | — | — | (19,034 | ) | (19,034 | ) | ||||||||||||
Redemption related preferred stock issuance costs | — | — | — | — | — | |||||||||||||||
Dividends/distributions on dilutive preferred securities | 61 | — | — | 61 | 61 | |||||||||||||||
FFO Attributable to Common Stockholders — Diluted | $ | 71,409 | $ | 90,980 | $ | 17,357 | $ | (36,928 | ) | $ | 71,409 | |||||||||
Capital Replacements | (21,305 | ) | (19,727 | ) | (1,578 | ) | — | (21,305 | ) | |||||||||||
Impairment losses related to real estate partnerships | 15 | 15 | — | — | 15 | |||||||||||||||
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale | (195 | ) | 418 | (613 | ) | — | (195 | ) | ||||||||||||
Redemption related preferred stock issuance costs | — | — | — | — | — | |||||||||||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | 2,127 | 1,910 | 217 | — | 2,127 | |||||||||||||||
Dividends/distributions on non-dilutive preferred securities | (61 | ) | — | — | (61 | ) | (61 | ) | ||||||||||||
AFFO Attributable to Common Stockholders — Diluted | $ | 51,990 | $ | 73,596 | $ | 15,383 | $ | (36,989 | ) | $ | 51,990 | |||||||||
Interest expense | 88,246 | 73,012 | 6,491 | 8,743 | 88,246 | |||||||||||||||
Discontinued operations | 5,362 | 730 | 219 | 4,413 | 5,362 | |||||||||||||||
Preferred stock dividends | 19,034 | — | — | 19,034 | 19,034 | |||||||||||||||
Minority interest in Aimco Operating Partnership | (774 | ) | 613 | 1,020 | (2,407 | ) | (774 | ) | ||||||||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | 3,928 | 3,805 | 123 | — | 3,928 | |||||||||||||||
Free Cash Flow (FCF, see Glossary for updated definition) | $ | 167,786 | $ | 151,756 | $ | 23,236 | $ | (7,206 | ) | $ | 167,786 | |||||||||
FCF Breakdown: | ||||||||||||||||||||
Real estate | 172,238 | |||||||||||||||||||
Property management | 1,109 | |||||||||||||||||||
Activity and asset management | 8,894 | |||||||||||||||||||
Interest income | 13,250 | |||||||||||||||||||
Provision for losses on notes receivable | (502 | ) | ||||||||||||||||||
General and administrative expenses | (23,696 | ) | ||||||||||||||||||
Other (expenses) income, net | (235 | ) | ||||||||||||||||||
Discontinued operations | 595 | |||||||||||||||||||
Gain on dispositions of non-depreciable assets | 671 | |||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (4,538 | ) | ||||||||||||||||||
Total FCF | $ | 167,786 | ||||||||||||||||||
For the Three Months Ended June 30, 2006 | ||||||||||||
FFO | AFFO | FCF | ||||||||||
Reconciliation of Net Income to FFO, AFFO and FCF: | ||||||||||||
Net income | $ | 35,092 | $ | 35,092 | $ | 35,092 | ||||||
Total interest expense after minority partners’ share | — | — | 88,246 | |||||||||
Preferred stock dividends | (19,034 | ) | (19,034 | ) | — | |||||||
Redemption related preferred stock issuance costs | — | — | — | |||||||||
Proportionate share of depreciation and amortization | 107,874 | 107,874 | 107,874 | |||||||||
Depreciation and amortization related to non-real estate assets | (4,538 | ) | (4,538 | ) | (4,538 | ) | ||||||
Gain on dispositions of real estate related to unconsolidated entities and other | (4,060 | ) | (4,060 | ) | (4,060 | ) | ||||||
Gain on dispositions of non-depreciable assets | 671 | 671 | 671 | |||||||||
Impairment losses related to real estate partnerships | — | 15 | 15 | |||||||||
Discontinued operations: | ||||||||||||
Minority interest in Aimco Operating Partnership and interest expense, net of minority partners’ interest | — | — | 5,362 | |||||||||
Depreciation of rental property, net of minority partners’ interest | 961 | 961 | 961 | |||||||||
Gain on dispositions of real estate, net of minority partners’ interest | (42,646 | ) | (42,646 | ) | (42,646 | ) | ||||||
Recovery of impairment losses on real estate assets sold or held for sale | — | (195 | ) | (195 | ) | |||||||
Recovery of deficit distributions to minority partners | (2,057 | ) | (2,057 | ) | (2,057 | ) | ||||||
Income tax arising from dispositions | 1,044 | 1,044 | 1,044 | |||||||||
Deficit distributions to minority partners | 4,096 | 4,096 | 4,096 | |||||||||
Capital Replacements | — | (21,305 | ) | (21,305 | ) | |||||||
Dividends/distributions on dilutive preferred securities | 61 | — | — | |||||||||
Minority interest in Aimco Operating Partnership’s share of above adjustments | (6,055 | ) | (3,928 | ) | — | |||||||
Minority interest in Aimco Operating Partnership | — | — | (774 | ) | ||||||||
Total | $ | 71,409 | $ | 51,990 | $ | 167,786 | ||||||
Supplemental Schedule 2(b)
Business Component Proportionate Income Statement Presentation
Six Months Ended June 30, 2006
(in thousands) (unaudited)
Proportionate | Proportionate | Proportionate | ||||||||||||||||||||||||||||||
Aimco | Share of | Minority | Consolidated | Consolidated | ||||||||||||||||||||||||||||
GAAP Income | Unconsolidated | Partners’ | Income | Aimco | Income | |||||||||||||||||||||||||||
Statement | Partnerships | Interest | Statement | Conventional | Capital | Corporate | Statement | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rental and other property revenues: | ||||||||||||||||||||||||||||||||
Same Store properties (1) (2) | $ | 606,747 | $ | 945 | $ | (92,787 | ) | $ | 514,905 | $ | 514,905 | $ | — | $ | — | $ | 514,905 | |||||||||||||||
Acquisition properties (1) | 13,846 | 2,200 | (288 | ) | 15,758 | 15,758 | — | — | 15,758 | |||||||||||||||||||||||
Redevelopment properties (1) | 68,354 | — | (7,818 | ) | 60,536 | 60,536 | — | — | 60,536 | |||||||||||||||||||||||
Other properties (1) | 19,217 | 2,926 | (1,535 | ) | 20,608 | 20,608 | — | — | 20,608 | |||||||||||||||||||||||
Affordable properties (1) | 121,962 | 9,130 | (59,725 | ) | 71,367 | — | 71,367 | — | 71,367 | |||||||||||||||||||||||
Total rental and other property revenues | 830,126 | 15,201 | (162,153 | ) | 683,174 | 611,807 | 71,367 | — | 683,174 | |||||||||||||||||||||||
Property management revenues, primarily from affiliates | 6,622 | (651 | ) | — | 5,971 | 2,084 | 3,887 | — | 5,971 | |||||||||||||||||||||||
Activity fees and asset management revenues, primarily from affiliates | 21,673 | — | — | 21,673 | 2,711 | 18,962 | — | 21,673 | ||||||||||||||||||||||||
Total revenues | 858,421 | 14,550 | (162,153 | ) | 710,818 | 616,602 | 94,216 | — | 710,818 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||
Same Store properties (2) | 264,830 | 419 | (43,780 | ) | 221,469 | 221,469 | — | — | 221,469 | |||||||||||||||||||||||
Acquisition properties | 5,628 | 816 | (169 | ) | 6,275 | 6,275 | — | — | 6,275 | |||||||||||||||||||||||
Redevelopment properties | 31,415 | — | (4,102 | ) | 27,313 | 27,313 | — | — | 27,313 | |||||||||||||||||||||||
Other properties | 10,772 | 1,380 | (786 | ) | 11,366 | 11,366 | — | — | 11,366 | |||||||||||||||||||||||
Affordable properties | 63,295 | 5,610 | (30,740 | ) | 38,165 | — | 38,165 | — | 38,165 | |||||||||||||||||||||||
Casualties | (3,215 | ) | 16 | 1,333 | (1,866 | ) | (1,729 | ) | (137 | ) | — | (1,866 | ) | |||||||||||||||||||
Property management expenses (consolidated properties) | 15,815 | — | (8,309 | ) | 7,506 | 9,534 | (2,028 | ) | — | 7,506 | ||||||||||||||||||||||
Total property operating expenses | 388,540 | 8,241 | (86,553 | ) | 310,228 | 274,228 | 36,000 | — | 310,228 | |||||||||||||||||||||||
Property management expenses (unconsolidated and third party properties) | 2,643 | — | — | 2,643 | 1,511 | 1,132 | — | 2,643 | ||||||||||||||||||||||||
Activity and asset management expenses | 5,671 | — | — | 5,671 | — | 5,671 | — | 5,671 | ||||||||||||||||||||||||
Depreciation and amortization | 228,236 | 1,854 | (25,218 | ) | 204,872 | 180,174 | 24,698 | — | 204,872 | |||||||||||||||||||||||
General and administrative expenses | 47,508 | 60 | (2,473 | ) | 45,095 | 15,538 | 7,155 | 22,402 | 45,095 | |||||||||||||||||||||||
Other expenses (income), net | 2,874 | 4,000 | (7,465 | ) | (591 | ) | (1,919 | ) | 1,328 | — | (591 | ) | ||||||||||||||||||||
Total expenses | 675,472 | 14,155 | (121,709 | ) | 567,918 | 469,532 | 75,984 | 22,402 | 567,918 | |||||||||||||||||||||||
Operating income | 182,949 | 395 | (40,444 | ) | 142,900 | 147,070 | 18,232 | (22,402 | ) | 142,900 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||
General partner loan interest | 2,558 | (133 | ) | 13,738 | 16,163 | 10,474 | 5,689 | — | 16,163 | |||||||||||||||||||||||
Money market and interest bearing accounts | 10,080 | 503 | (2,300 | ) | 8,283 | 2,701 | 1,739 | 3,843 | 8,283 | |||||||||||||||||||||||
Accretion on discounted notes receivable | 54 | — | — | 54 | 43 | 11 | — | 54 | ||||||||||||||||||||||||
Total interest income | 12,692 | 370 | 11,438 | 24,500 | 13,218 | 7,439 | 3,843 | 24,500 | ||||||||||||||||||||||||
Provision for losses on notes receivable | (764 | ) | — | — | (764 | ) | (91 | ) | (673 | ) | — | (764 | ) | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Property debt (primarily non-recourse) | (195,956 | ) | (3,236 | ) | 35,691 | (163,501 | ) | (149,992 | ) | (13,509 | ) | — | (163,501 | ) | ||||||||||||||||||
Lines of credit | (20,301 | ) | — | — | (20,301 | ) | — | — | (20,301 | ) | (20,301 | ) | ||||||||||||||||||||
Capitalized interest | 11,968 | 35 | (967 | ) | 11,036 | 10,488 | 548 | — | 11,036 | |||||||||||||||||||||||
Total interest expense | (204,289 | ) | (3,201 | ) | 34,724 | (172,766 | ) | (139,504 | ) | (12,961 | ) | (20,301 | ) | (172,766 | ) | |||||||||||||||||
Deficit distributions to minority partners | (6,282 | ) | — | — | (6,282 | ) | (5,619 | ) | (663 | ) | — | (6,282 | ) | |||||||||||||||||||
Equity in losses of unconsolidated real estate partnerships | (2,436 | ) | 2,436 | — | — | — | — | — | — | |||||||||||||||||||||||
Impairment losses related to real estate partnerships | 971 | — | — | 971 | 1,042 | (71 | ) | — | 971 | |||||||||||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | 13,756 | — | — | 13,756 | 7,353 | 6,403 | — | 13,756 | ||||||||||||||||||||||||
Income before minority interests and discontinued operations | (3,403 | ) | — | 5,718 | 2,315 | 23,469 | 17,706 | (38,860 | ) | 2,315 | ||||||||||||||||||||||
Minority interests: | ||||||||||||||||||||||||||||||||
Minority interest in consolidated real estate partnerships | 5,718 | — | (5,718 | ) | — | — | — | — | — | |||||||||||||||||||||||
Minority interest in Aimco Operating Partnership | 735 | — | — | 735 | (2,316 | ) | (1,748 | ) | 4,799 | 735 | ||||||||||||||||||||||
Total minority interests | 6,453 | — | (5,718 | ) | 735 | (2,316 | ) | (1,748 | ) | 4,799 | 735 | |||||||||||||||||||||
Income from continuing operations | 3,050 | — | — | 3,050 | 21,153 | 15,958 | (34,061 | ) | 3,050 | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | 116,112 | — | — | 116,112 | 110,560 | 5,552 | — | 116,112 | ||||||||||||||||||||||||
Net income | $ | 119,162 | $ | — | $ | — | $ | 119,162 | $ | 131,713 | $ | 21,510 | $ | (34,061 | ) | $ | 119,162 | |||||||||||||||
(1) | See definitions and descriptions in Glossary | |
(2) | Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6b. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests. |
Six Months Ended June 30, 2006
(in thousands) (unaudited)
Proportionate | Proportionate | |||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||
Income | Aimco | Income | ||||||||||||||||||
Statement | Conventional | Capital | Corporate | Statement | ||||||||||||||||
Reconciliation of Net Income to FFO, AFFO and FCF: | ||||||||||||||||||||
Net income (see above) | $ | 119,162 | $ | 131,713 | $ | 21,510 | $ | (34,061 | ) | $ | 119,162 | |||||||||
Proportionate share of depreciation and amortization | 204,872 | 180,174 | 24,698 | — | 204,872 | |||||||||||||||
Depreciation and amortization related to non-real estate assets | (9,268 | ) | (6,682 | ) | (2,586 | ) | — | (9,268 | ) | |||||||||||
Deficit distributions to minority partners | 6,282 | 5,619 | 663 | — | 6,282 | |||||||||||||||
Gain on dispositions of real estate related to unconsolidated entities and other | (13,756 | ) | (7,353 | ) | (6,403 | ) | — | (13,756 | ) | |||||||||||
Gain on dispositions of non-depreciable assets | 6,371 | 6,371 | — | — | 6,371 | |||||||||||||||
Discontinued operations | (126,596 | ) | (120,379 | ) | (6,217 | ) | — | (126,596 | ) | |||||||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | (6,699 | ) | (5,697 | ) | (1,002 | ) | — | (6,699 | ) | |||||||||||
Preferred stock dividends | (40,514 | ) | — | — | (40,514 | ) | (40,514 | ) | ||||||||||||
Redemption related preferred stock issuance costs | (2,574 | ) | — | — | (2,574 | ) | (2,574 | ) | ||||||||||||
Dividends/distributions on dilutive preferred securities | 123 | — | — | 123 | 123 | |||||||||||||||
FFO Attributable to Common Stockholders - Diluted | $ | 137,403 | $ | 183,766 | $ | 30,663 | $ | (77,026 | ) | $ | 137,403 | |||||||||
Capital Replacements | (37,525 | ) | (34,409 | ) | (3,116 | ) | — | (37,525 | ) | |||||||||||
Impairment losses related to real estate partnerships | (971 | ) | (1,042 | ) | 71 | — | (971 | ) | ||||||||||||
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale | 8 | 418 | (410 | ) | — | 8 | ||||||||||||||
Redemption related preferred stock issuance costs | 2,574 | — | — | 2,574 | 2,574 | |||||||||||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | 3,542 | 3,224 | 318 | — | 3,542 | |||||||||||||||
Dividends/distributions on non-dilutive preferred securities | (123 | ) | — | — | (123 | ) | (123 | ) | ||||||||||||
AFFO Attributable to Common Stockholders - Diluted | $ | 104,908 | $ | 151,957 | $ | 27,526 | $ | (74,575 | ) | $ | 104,908 | |||||||||
Interest expense | 172,766 | 139,504 | 12,961 | 20,301 | 172,766 | |||||||||||||||
Discontinued operations | 17,177 | 14,944 | 2,233 | — | 17,177 | |||||||||||||||
Preferred stock dividends | 40,514 | — | — | 40,514 | 40,514 | |||||||||||||||
Minority interest in Aimco Operating Partnership | (735 | ) | 2,316 | 1,748 | (4,799 | ) | (735 | ) | ||||||||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | 3,157 | 2,473 | 684 | — | 3,157 | |||||||||||||||
Free Cash Flow (FCF, see Glossary for updated definition) | $ | 337,786 | $ | 311,194 | $ | 45,152 | $ | (18,559 | ) | $ | 337,786 | |||||||||
FCF Breakdown: | ||||||||||||||||||||
Real estate | 335,420 | |||||||||||||||||||
Property management | 3,328 | |||||||||||||||||||
Activity and asset management | 16,002 | |||||||||||||||||||
Interest income | 24,500 | |||||||||||||||||||
Provision for losses on notes receivable | (764 | ) | ||||||||||||||||||
General and administrative expenses | (45,095 | ) | ||||||||||||||||||
Other (expenses) income, net | 591 | |||||||||||||||||||
Discontinued operations | 6,700 | |||||||||||||||||||
Gain on dispositions of non-depreciable assets | 6,371 | |||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (9,268 | ) | ||||||||||||||||||
Total FCF | $ | 337,786 | ||||||||||||||||||
For the Six Months Ended June 30, 2006 | ||||||||||||
FFO | AFFO | FCF | ||||||||||
Reconciliation of Net Income to FFO, AFFO and FCF: | ||||||||||||
Net income | $ | 119,162 | $ | 119,162 | $ | 119,162 | ||||||
Total interest expense after minority partners’ share | — | — | 172,766 | |||||||||
Preferred stock dividends | (40,514 | ) | (40,514 | ) | — | |||||||
Redemption related preferred stock issuance costs | (2,574 | ) | — | — | ||||||||
Proportionate share of depreciation and amortization | 204,872 | 204,872 | 204,872 | |||||||||
Depreciation and amortization related to non-real estate assets | (9,268 | ) | (9,268 | ) | (9,268 | ) | ||||||
Gain on dispositions of real estate related to unconsolidated entities and other | (13,756 | ) | (13,756 | ) | (13,756 | ) | ||||||
Gain on dispositions of non-depreciable assets | 6,371 | 6,371 | 6,371 | |||||||||
Impairment losses related to real estate partnerships | — | (971 | ) | (971 | ) | |||||||
Discontinued operations: | ||||||||||||
Minority interest in Aimco operating partnership and interest expense, net of minority partners’ interest | — | — | 17,177 | |||||||||
Depreciation of rental property, net of minority partners’ interest | 4,403 | 4,403 | 4,403 | |||||||||
Gain on dispositions of real estate, net of minority partners’ interest | (142,571 | ) | (142,571 | ) | (142,571 | ) | ||||||
Recovery of impairment losses on real estate assets sold or held for sale | — | 8 | 8 | |||||||||
Recovery of deficit distributions to minority partners | (16,415 | ) | (16,415 | ) | (16,415 | ) | ||||||
Income tax arising from dispositions | 27,986 | 27,986 | 27,986 | |||||||||
Deficit distributions to minority partners | 6,282 | 6,282 | 6,282 | |||||||||
Capital Replacements | — | (37,525 | ) | (37,525 | ) | |||||||
Dividends/distributions on dilutive preferred securities | 123 | — | — | |||||||||
Minority interest in Aimco Operating Partnership’s share of above adjustments | (6,699 | ) | (3,157 | ) | — | |||||||
Minority interest in Aimco Operating Partnership | — | — | (735 | ) | ||||||||
Total | $ | 137,403 | $ | 104,908 | $ | 337,786 | ||||||
As of June 30, 2006
(in thousands) (unaudited)
Consolidated | Total | Total | ||||||||||||||||||||||||||||||
GAAP | Proportionate | Proportionate | Proportionate | |||||||||||||||||||||||||||||
Balance Sheet | Share of | Minority | Consolidated | Consolidated | ||||||||||||||||||||||||||||
as of | Unconsolidated | Partners’ | Balance | Aimco | Balance | |||||||||||||||||||||||||||
June 30, 2006 | Partnerships [a] | Interest [b] | Sheet [c] | Conventional | Capital | Corporate | Sheet [c] | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Buildings and improvements | $ | 9,621,985 | $ | 101,446 | $ | (1,851,394 | ) | $ | 7,872,037 | $ | 7,228,765 | $ | 643,272 | $ | — | $ | 7,872,037 | |||||||||||||||
Land | 2,337,304 | 19,401 | (152,933 | ) | 2,203,772 | 2,121,744 | 82,028 | — | 2,203,772 | |||||||||||||||||||||||
Accumulated depreciation | (2,807,340 | ) | (36,168 | ) | 999,259 | (1,844,249 | ) | (1,671,688 | ) | (172,561 | ) | — | (1,844,249 | ) | ||||||||||||||||||
NET REAL ESTATE | 9,151,949 | 84,679 | (1,005,068 | ) | 8,231,560 | 7,678,821 | 552,739 | — | 8,231,560 | |||||||||||||||||||||||
Cash and cash equivalents | 323,463 | 3,742 | (78,921 | ) | 248,284 | 203,951 | 44,333 | — | 248,284 | |||||||||||||||||||||||
Restricted cash | 341,267 | 6,423 | (104,052 | ) | 243,638 | 160,078 | 83,560 | — | 243,638 | |||||||||||||||||||||||
Accounts receivable | 65,830 | 824 | — | 66,654 | 42,952 | 23,702 | — | 66,654 | ||||||||||||||||||||||||
Accounts receivable from affiliates | 24,984 | — | — | 24,984 | 1,839 | 23,145 | — | 24,984 | ||||||||||||||||||||||||
Deferred financing costs | 74,529 | — | — | 74,529 | 58,757 | 15,772 | — | 74,529 | ||||||||||||||||||||||||
Notes receivable from unconsolidated real estate partnerships | 45,705 | — | — | 45,705 | 7,023 | 38,682 | — | 45,705 | ||||||||||||||||||||||||
Notes receivable from non-affiliates | 51,497 | — | — | 51,497 | 17,337 | 34,160 | — | 51,497 | ||||||||||||||||||||||||
Investment in unconsolidated real estate partnerships | 59,036 | (5,891 | ) | — | 53,145 | 16,144 | 37,001 | — | 53,145 | |||||||||||||||||||||||
Other assets | 221,155 | [d] | 14,764 | — | 235,919 | 111,513 | 124,406 | — | 235,919 | |||||||||||||||||||||||
Assets held for sale | 32,981 | — | — | 32,981 | 32,825 | 156 | — | 32,981 | ||||||||||||||||||||||||
TOTAL ASSETS | $ | 10,392,396 | $ | 104,541 | $ | (1,188,041 | ) | $ | 9,308,896 | $ | 8,331,240 | $ | 977,656 | $ | — | $ | 9,308,896 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Property tax-exempt bond financing | $ | 1,043,755 | $ | 151 | $ | (69,314 | ) | $ | 974,592 | $ | 952,211 | $ | 22,381 | $ | — | $ | 974,592 | |||||||||||||||
Property loans payable | 5,163,064 | 93,333 | (1,009,220 | ) | 4,247,177 | 3,824,977 | 422,200 | — | 4,247,177 | |||||||||||||||||||||||
Term loans | 400,000 | — | — | 400,000 | — | — | 400,000 | 400,000 | ||||||||||||||||||||||||
Credit facility | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
TOTAL INDEBTEDNESS | 6,606,819 | 93,484 | (1,078,534 | ) | 5,621,769 | 4,777,188 | 444,581 | 400,000 | 5,621,769 | |||||||||||||||||||||||
Accounts payable | 30,460 | 11,057 | — | 41,517 | 36,102 | 5,415 | — | 41,517 | ||||||||||||||||||||||||
Accrued liabilities and other | 396,474 | — | — | 396,474 | 213,115 | 183,359 | — | 396,474 | ||||||||||||||||||||||||
Deferred income | 98,814 | — | — | 98,814 | 93,878 | 4,936 | — | 98,814 | ||||||||||||||||||||||||
Security deposits | 43,851 | — | — | 43,851 | 37,972 | 5,879 | — | 43,851 | ||||||||||||||||||||||||
Deferred income tax liability, net | 6,219 | — | — | 6,219 | 6,219 | — | — | 6,219 | ||||||||||||||||||||||||
Liabilities related to assets held for sale | 18,135 | — | — | 18,135 | 18,135 | — | — | 18,135 | ||||||||||||||||||||||||
TOTAL LIABILITIES | 7,200,772 | 104,541 | (1,078,534 | ) | 6,226,779 | 5,182,609 | 644,170 | 400,000 | 6,226,779 | |||||||||||||||||||||||
Minority interest in consolidated real estate partnerships | 268,629 | — | (109,507 | ) | 159,122 | 255,820 | (96,698 | ) | — | 159,122 | ||||||||||||||||||||||
Minority interest in Aimco Operating Partnership | 206,255 | — | — | 206,255 | — | — | 206,255 | 206,255 | ||||||||||||||||||||||||
NET OPERATING ASSETS | $ | — | $ | — | 2,716,740 | 2,892,811 | 430,184 | (606,255 | ) | 2,716,740 | ||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Class A Common Stock | 972 | |||||||||||||||||||||||||||||||
Additional paid-in capital | 3,131,677 | |||||||||||||||||||||||||||||||
Perpetual preferred stock | 897,000 | |||||||||||||||||||||||||||||||
Convertible preferred stock | 100,000 | |||||||||||||||||||||||||||||||
Distributions in excess of earnings | (1,405,277 | ) | ||||||||||||||||||||||||||||||
Notes due on common stock purchases | (7,632 | ) | ||||||||||||||||||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 2,716,740 | |||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 10,392,396 | ||||||||||||||||||||||||||||||
[a] | Total of Aimco’s proportionate share of selected unconsolidated balance sheet data. | |
[b] | Total of minority partners’ share of selected balance sheet data. Additionally, Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The minority partners’ share of amounts payable to Aimco pursuant those notes is $249.9 million. | |
[c] | Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of June 30, 2006, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data. | |
[d] | Other assets includes $81.9 million related to goodwill and $11.5 million related to investment in management contracts. |
As of June 30, 2006
(in thousands)
(unaudited)
Current Quarter | Current Quarter | Current Quarter | ||||||||||||||||||||||||||
Shares/Units | Weighted Average | Weighted Average | Weighted Average | |||||||||||||||||||||||||
Redemption | Outstanding | Outstanding Shares | Outstanding Shares | Outstanding Shares | ||||||||||||||||||||||||
Date (1) | Coupon | Amount | As of June 30, 2006 | (EPS) | (FFO) | (AFFO) | ||||||||||||||||||||||
Class A Common Stock | 97,171 | 96,071 | (2) | 96,071 | (2) | 96,071 | (2) | |||||||||||||||||||||
Common Partnership Units and equivalents | 10,253 | (7) | — | — | — | |||||||||||||||||||||||
Other dilutive common stock equivalents | — | — | 1,404 | 1,404 | ||||||||||||||||||||||||
Total | 107,424 | 96,071 | 97,475 | 97,475 | ||||||||||||||||||||||||
Perpetual Preferred Stock (3): | ||||||||||||||||||||||||||||
Class G | 7/15/2008 | 9.375 | % | $ | 101,250 | 4,050 | — | — | — | |||||||||||||||||||
Class R | 7/20/2006 | 10.00 | % | 173,500 | 6,940 | — | — | — | ||||||||||||||||||||
Class T | 7/31/2008 | 8.00 | % | 150,000 | 6,000 | — | — | — | ||||||||||||||||||||
Class U | 3/24/2009 | 7.75 | % | 200,000 | 8,000 | — | — | — | ||||||||||||||||||||
Class V | 9/29/2009 | 8.00 | % | 86,250 | 3,450 | — | — | — | ||||||||||||||||||||
Class Y | 12/21/2009 | 7.875 | % | 86,250 | 3,450 | — | — | — | ||||||||||||||||||||
Series A Community Reinvestment Act | 6/30/2011 | 6.750 | % | 100,000 | — | (5) | ||||||||||||||||||||||
Total perpetual preferred stock | 897,250 | 31,890 | — | — | — | |||||||||||||||||||||||
Convertible Preferred Stock: | ||||||||||||||||||||||||||||
Class W (4) | 9/30/2007 | 8.10 | % | 100,000 | 1,905 | — | — | — | ||||||||||||||||||||
Total convertible preferred stock | 100,000 | 1,905 | — | — | — | |||||||||||||||||||||||
Preferred Partnership Units (6) | 8.05 | % | 89,486 | 3,268 | — | 91 | — | |||||||||||||||||||||
Total preferred securities | $ | 1,086,736 | 37,063 | — | 91 | — | ||||||||||||||||||||||
Total common, common equivalents and dilutive securities | 96,071 | 97,566 | 97,475 | |||||||||||||||||||||||||
(1) | The redemption date is the date the securities are first eligible for redemption by Aimco. | |
(2) | Includes a deduction of 1,140 for non-recourse shares and unvested restricted stock. | |
(3) | Preferred stock amounts are shown gross of any eliminations necessary for the GAAP Consolidated Balance Sheet. | |
(4) | Conversion ratio for Class W is 1.0 to 1.0. | |
(5) | Represents 200 shares at a liquidation preference per share of $500,000. 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 dividend period. | |
(6) | Coupon is based on a weighted average. | |
(7) | Consists of 7,874,000 Common Partnership Units and 2,379,000 Class I High Performance Partnership Units. |
Supplemental Schedule 5
Selected Debt Structure and Maturity Data
As of June 30, 2006
(dollars in thousands)
(unaudited)
I. Debt Balances and Data
Weighted | ||||||||||||||||||||||||
Proportionate | Average | |||||||||||||||||||||||
Share of | Minority | Total Aimco | Maturity | Weighted | ||||||||||||||||||||
Debt | Consolidated | Unconsolidated | Interest | Share | (years) | Average Rate | ||||||||||||||||||
Property Debt (primarily non-recourse): | ||||||||||||||||||||||||
Conventional Portfolio: | ||||||||||||||||||||||||
Fixed rate loans payable | $ | 3,906,885 | $ | 43,264 | $ | (610,749 | ) | $ | 3,339,400 | 10.9 | 6.55 | % | ||||||||||||
Floating rate loans payable | 543,977 | — | (58,400 | ) | 485,577 | 2.4 | 6.33 | % | ||||||||||||||||
Total property loans payable: | 4,450,862 | 43,264 | (669,149 | ) | 3,824,977 | 9.8 | 6.52 | % | ||||||||||||||||
Fixed rate tax-exempt bonds | 241,304 | — | (9,753 | ) | 231,551 | 17.3 | 5.98 | % | ||||||||||||||||
Floating rate tax-exempt bonds | 726,077 | — | (5,418 | ) | 720,659 | 11.2 | 4.24 | % | ||||||||||||||||
Total property tax-exempt bond financing: | 967,381 | — | (15,171 | ) | 952,210 | 12.7 | 4.66 | % | ||||||||||||||||
Total Property Debt on Conventional Portfolio | 5,418,243 | 43,264 | (684,320 | ) | 4,777,187 | 10.4 | 6.15 | % | ||||||||||||||||
Affordable Portfolio: | ||||||||||||||||||||||||
Fixed rate loans payable | 698,378 | 41,941 | (334,836 | ) | 405,483 | 17.1 | 5.51 | % | ||||||||||||||||
Floating rate loans payable | 13,824 | 8,128 | (5,235 | ) | 16,717 | 2.7 | 4.98 | % | ||||||||||||||||
Total property loans payable: | 712,202 | 50,069 | (340,071 | ) | 422,200 | 16.6 | 5.49 | % | ||||||||||||||||
Fixed rate tax-exempt bonds | 76,374 | 151 | (54,143 | ) | 22,382 | 25.3 | 3.92 | % | ||||||||||||||||
Floating rate tax-exempt bonds | — | — | — | — | — | |||||||||||||||||||
Total property tax-exempt bond financing: | 76,374 | 151 | (54,143 | ) | 22,382 | 25.3 | 3.92 | % | ||||||||||||||||
Total Property Debt on Affordable Portfolio | 788,576 | 50,220 | (394,214 | ) | 444,582 | 17.0 | 5.41 | % | ||||||||||||||||
Total Property Debt (1) | $ | 6,206,819 | $ | 93,484 | $ | (1,078,534 | ) | $ | 5,221,769 | 10.9 | 6.09 | % | ||||||||||||
Corporate Debt: | ||||||||||||||||||||||||
Term Loan | $ | 400,000 | $ | — | $ | — | $ | 400,000 | — | 6.64 | % | |||||||||||||
Credit Facility | — | — | — | — | — | |||||||||||||||||||
Total Corporate Debt | $ | 400,000 | $ | — | $ | — | $ | 400,000 | — | 6.64 | % | |||||||||||||
Total Debt | $ | 6,606,819 | $ | 93,484 | $ | (1,078,534 | ) | $ | 5,621,769 | — | 6.13 | % | ||||||||||||
(1) | The total consolidated property debt shown above excludes $18.0 million of consolidated property debt, with a weighted average interest rate of 6.98%, classified as liabilities related to assets held for sale on Aimco’s consolidated balance sheet. |
II. Debt Maturities
Consolidated Property Debt | Percent | Average | ||||||||||||||||||
Amortization | Maturities | Total | of Total | Rate | ||||||||||||||||
Q3 2006 | $ | 48,177 | $ | 21,412 | $ | 69,589 | 1.1 | % | 8.43 | % | ||||||||||
Q4 2006 | 44,215 | 228,456 | 272,671 | 4.4 | % | 6.35 | % | |||||||||||||
Q1 2007 | 47,117 | 21,418 | 68,535 | 1.1 | % | 6.60 | % | |||||||||||||
Q2 2007 | 47,946 | 15,294 | 63,240 | 1.0 | % | 4.80 | % | |||||||||||||
Q3 2007 | 48,369 | 147,328 | 195,697 | 3.2 | % | 6.26 | % | |||||||||||||
Q4 2007 | 49,221 | 119,116 | 168,337 | 2.7 | % | 6.57 | % | |||||||||||||
Q1 2008 | 42,370 | 103,860 | 146,230 | 2.4 | % | 7.88 | % | |||||||||||||
Q2 2008 | 42,687 | 68,273 | 110,960 | 1.8 | % | 5.96 | % | |||||||||||||
2008 remaining | 76,311 | 153,481 | 229,792 | 3.7 | % | 5.69 | % | |||||||||||||
2009 | 156,916 | 375,787 | 532,703 | 8.6 | % | 5.27 | % | |||||||||||||
2010 | 162,138 | 177,039 | 339,177 | 5.5 | % | 6.43 | % | |||||||||||||
Thereafter | 4,009,888 | 64.6 | % | |||||||||||||||||
Total Property Debt: | $ | 6,206,819 | 100.0 | % | ||||||||||||||||
Corporate Debt | Percent | Average | ||||||||||||||||||
Amortization | Maturities | Total | of Total | Rate | ||||||||||||||||
2011 | $ | — | $ | 400,000 | $ | 400,000 | 100.0 | % | 6.64 | % | ||||||||||
Total Corporate Debt: | $ | — | $ | 400,000 | $ | 400,000 | 100.0 | % | 6.64 | % | ||||||||||
Supplemental Schedule 5 (continued)
Selected Debt Structure and Maturity Data
As of June 30, 2006
(in millions)
(unaudited)
III. Loan Closings
SECOND QUARTER LOAN CLOSINGS | Original | New | Aimco | Aimco | Aimco | |||||||||||||||||||||||
Loan | Loan | Share | Share | Net | Prior | New | ||||||||||||||||||||||
Property Loan Type (all non-recourse) | Amount | Amount | Original Loan | New Loan | Proceeds (1) | Rate | Rate | |||||||||||||||||||||
Refinancings: | ||||||||||||||||||||||||||||
Fixed Rate | $ | 149.8 | $ | 270.0 | $ | 146.2 | $ | 257.1 | $ | 107.6 | 5.95 | % | 5.69 | % | ||||||||||||||
Floating Rate | 5.1 | 8.0 | 5.1 | 8.0 | 2.8 | 8.50 | % | 5.84 | % | |||||||||||||||||||
Affordable, Mark-to-Market and Other | 3.7 | 17.8 | 3.1 | 13.5 | 11.5 | 6.00 | % | 5.49 | % | |||||||||||||||||||
Loans Relating to Acquisitions: | ||||||||||||||||||||||||||||
Fixed Rate | — | 13.4 | — | 6.6 | 6.4 | — | 5.95 | % | ||||||||||||||||||||
Floating Rate | — | — | — | — | — | — | — | |||||||||||||||||||||
Totals | $ | 158.6 | $ | 309.2 | $ | 154.4 | $ | 285.2 | $ | 128.3 | 6.03 | % | 5.70 | % | ||||||||||||||
YEAR-TO-DATE LOAN CLOSINGS | Original | New | Aimco | Aimco | Aimco | |||||||||||||||||||||||
Loan | Loan | Share | Share | Net | Prior | New | ||||||||||||||||||||||
Property Loan Type (all non-recourse) | Amount | Amount | Original Loan | New Loan | Proceeds (1) | Rate | Rate | |||||||||||||||||||||
Refinancings: | ||||||||||||||||||||||||||||
Fixed Rate | $ | 257.1 | $ | 538.5 | $ | 249.5 | $ | 518.9 | $ | 264.1 | 5.92 | % | 5.63 | % | ||||||||||||||
Floating Rate | 45.2 | 108.6 | 40.3 | 105.9 | 64.6 | 7.93 | % | 5.53 | % | |||||||||||||||||||
Affordable, Mark-to-Market and Other | 5.7 | 20.4 | 3.6 | 14.0 | 11.5 | 6.39 | % | 5.10 | % | |||||||||||||||||||
Loans Relating to Acquisitions: | ||||||||||||||||||||||||||||
Fixed Rate | — | 13.4 | — | 6.6 | 6.4 | — | 5.95 | % | ||||||||||||||||||||
Floating Rate | — | — | — | — | — | — | — | |||||||||||||||||||||
Totals | $ | 308.0 | $ | 680.9 | $ | 293.4 | $ | 645.4 | $ | 346.6 | 6.23 | % | 5.60 | % | ||||||||||||||
(1) | Aimco net proceeds is after transaction costs and any release of escrow funds. |
IV. Capitalization
December 31, 2005 | March 31, 2006 | June 30, 2006 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Corporate debt | $ | 617 | 6 | % | $ | 442 | 4 | % | $ | 400 | 4 | % | ||||||||||||
Property debt (Aimco’s share) | 5,156 | 49 | % | 5,188 | 46 | % | 5,222 | 48 | % | |||||||||||||||
Total Debt | 5,773 | 55 | % | 5,630 | 50 | % | 5,622 | 52 | % | |||||||||||||||
Less: Cash and restricted cash | (379 | ) | -4 | % | (406 | ) | -4 | % | (492 | ) | -5 | % | ||||||||||||
Net Debt | 5,394 | 51 | % | 5,224 | 46 | % | 5,130 | 47 | % | |||||||||||||||
Preferred equity | 1,101 | 10 | % | 987 | 9 | % | 1,087 | 10 | % | |||||||||||||||
Common equity at market (1) | 4,017 | 39 | % | 5,041 | 45 | % | 4,668 | 43 | % | |||||||||||||||
Total Capitalization | $ | 10,512 | 100 | % | $ | 11,252 | 100 | % | $ | 10,885 | 100 | % | ||||||||||||
(1) | Common equity at market at June 30, 2006 was calculated using 107.424 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $43.45 per share/unit on June 30, 2006. |
V. Credit Ratings
Moody’s Investor Service | Senior Unsecured Shelf | (P)Ba1 (stable outlook) | ||||
Standard and Poors | Corporate Credit Rating | BB+ (stable outlook) | ||||
Fitch | Bank Credit Facility | BBB- (stable outlook) |
Supplemental Schedule 6(a)
Same Store Sales
Second Quarter 2006 Compared to Second Quarter 2005
(unaudited) (in thousands, except site and unit data)
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2006 | June 30, 2005 | Revenue | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites | Units | Ownership | Revenue | Expenses | NOI | Occ % | Revenue | Expenses | NOI | Occ % | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bay Area & Sacramento | 5 | 1,291 | 44 | % | $ | 1,815 | $ | 650 | $ | 1,165 | $ | 1,663 | $ | 711 | $ | 952 | $ | 152 | 9.1 | % | $ | (61 | ) | -8.6 | % | $ | 213 | 22.4 | % | |||||||||||||||||||||||||||||||||||||||
Los Angeles-Long Beach — Ventura | 12 | 2,638 | 88 | % | 13,017 | 4,082 | 8,935 | 11,713 | 3,913 | 7,800 | 1,304 | 11.1 | % | 169 | 4.3 | % | 1,135 | 14.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orange County — Riverside | 7 | 1,651 | 83 | % | 5,487 | 1,625 | 3,862 | 5,037 | 1,525 | 3,512 | 450 | 8.9 | % | 100 | 6.6 | % | 350 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 5 | 1,719 | 92 | % | 5,221 | 1,688 | 3,533 | 5,006 | 1,610 | 3,396 | 215 | 4.3 | % | 78 | 4.8 | % | 137 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
29 | 7,299 | 80.1 | % | 25,540 | 8,045 | 17,495 | 96.2 | % | 23,419 | 7,759 | 15,660 | 95.0 | % | 2,121 | 9.1 | % | 286 | 3.7 | % | 1,835 | 11.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 2 | 592 | 100 | % | 1,322 | 521 | 801 | 1,255 | 476 | 779 | 67 | 5.3 | % | 45 | 9.5 | % | 22 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Miami/Fort Lauderdale | 10 | 3,225 | 84 | % | 10,170 | 4,086 | 6,084 | 9,066 | 3,650 | 5,416 | 1,104 | 12.2 | % | 436 | 11.9 | % | 668 | 12.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orlando — Daytona | 21 | 5,390 | 93 | % | 12,227 | 4,974 | 7,253 | 11,004 | 4,638 | 6,366 | 1,223 | 11.1 | % | 336 | 7.2 | % | 887 | 13.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Tampa-St. Petersburg | 16 | 3,983 | 70 | % | 6,574 | 2,706 | 3,868 | 5,861 | 2,430 | 3,431 | 713 | 12.2 | % | 276 | 11.4 | % | 437 | 12.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West Palm Beach-Boca | 5 | 1,505 | 100 | % | 4,347 | 1,785 | 2,562 | 3,914 | 1,525 | 2,389 | 433 | 11.1 | % | 260 | 17.0 | % | 173 | 7.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
54 | 14,695 | 85.8 | % | 34,640 | 14,072 | 20,568 | 96.3 | % | 31,100 | 12,719 | 18,381 | 96.3 | % | 3,540 | 11.4 | % | 1,353 | 10.6 | % | 2,187 | 11.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago | 20 | 5,708 | 82 | % | 13,592 | 6,045 | 7,547 | 12,659 | 5,647 | 7,012 | 933 | 7.4 | % | 398 | 7.0 | % | 535 | 7.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati — Dayton | 8 | 1,659 | 55 | % | 2,115 | 928 | 1,187 | 2,027 | 915 | 1,112 | 88 | 4.3 | % | 13 | 1.4 | % | 75 | 6.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Columbus | 9 | 2,012 | 72 | % | 2,628 | 1,365 | 1,263 | 2,281 | 1,457 | 824 | 347 | 15.2 | % | (92 | ) | -6.3 | % | 439 | 53.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Detroit — Ann Arbor | 6 | 1,665 | 62 | % | 2,093 | 1,089 | 1,004 | 2,030 | 1,063 | 967 | 63 | 3.1 | % | 26 | 2.4 | % | 37 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Rapids-Lansing | 11 | 4,402 | 67 | % | 5,437 | 2,752 | 2,685 | 5,158 | 2,981 | 2,177 | 279 | 5.4 | % | (229 | ) | -7.7 | % | 508 | 23.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis | 24 | 9,518 | 92 | % | 14,920 | 7,620 | 7,300 | 13,820 | 7,885 | 5,935 | 1,100 | 8.0 | % | (265 | ) | -3.4 | % | 1,365 | 23.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Minneapolis — St. Paul | 4 | 1,222 | 80 | % | 3,234 | 1,412 | 1,822 | 2,896 | 1,432 | 1,464 | 338 | 11.7 | % | (20 | ) | -1.4 | % | 358 | 24.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Midwest other | 8 | 1,945 | 48 | % | 1,828 | 832 | 996 | 1,709 | 798 | 911 | 119 | 7.0 | % | 34 | 4.3 | % | 85 | 9.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
90 | 28,131 | 77.0 | % | 45,847 | 22,043 | 23,804 | 93.7 | % | 42,580 | 22,178 | 20,402 | 89.3 | % | 3,267 | 7.7 | % | (135 | ) | -0.6 | % | 3,402 | 16.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 10 | 2,607 | 90 | % | 7,336 | 2,985 | 4,351 | 6,841 | 2,597 | 4,244 | 495 | 7.2 | % | 388 | 14.9 | % | 107 | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
New England | 16 | 5,745 | 100 | % | 19,603 | 7,001 | 12,602 | 19,112 | 7,211 | 11,901 | 491 | 2.6 | % | (210 | ) | -2.9 | % | 701 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | 11 | 4,721 | 85 | % | 13,745 | 5,037 | 8,708 | 12,812 | 4,882 | 7,930 | 933 | 7.3 | % | 155 | 3.2 | % | 778 | 9.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 18 | 9,066 | 90 | % | 26,367 | 9,364 | 17,003 | 25,313 | 9,213 | 16,100 | 1,054 | 4.2 | % | 151 | 1.6 | % | 903 | 5.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
55 | 22,139 | 91.7 | % | 67,051 | 24,387 | 42,664 | 95.3 | % | 64,078 | 23,903 | 40,175 | 94.8 | % | 2,973 | 4.6 | % | 484 | 2.0 | % | 2,489 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 13 | 3,510 | 86 | % | 6,018 | 3,090 | 2,928 | 5,798 | 3,187 | 2,611 | 220 | 3.8 | % | (97 | ) | -3.0 | % | 317 | 12.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Savannah/Augusta | 2 | 416 | 100 | % | 944 | 337 | 607 | 863 | 340 | 523 | 81 | 9.4 | % | (3 | ) | -0.9 | % | 84 | 16.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte-Gastonia | 5 | 1,100 | 90 | % | 1,559 | 949 | 610 | 1,504 | 907 | 597 | 55 | 3.7 | % | 42 | 4.6 | % | 13 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Columbia/Charleston | 6 | 1,238 | 70 | % | 1,638 | 816 | 822 | 1,433 | 809 | 624 | 205 | 14.3 | % | 7 | 0.9 | % | 198 | 31.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nashville | 8 | 2,492 | 75 | % | 4,131 | 1,886 | 2,245 | 3,822 | 1,692 | 2,130 | 309 | 8.1 | % | 194 | 11.5 | % | 115 | 5.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk | 10 | 3,161 | 81 | % | 7,129 | 2,484 | 4,645 | 6,599 | 2,362 | 4,237 | 530 | 8.0 | % | 122 | 5.2 | % | 408 | 9.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh-Durham-Chapel Hill | 7 | 2,046 | 76 | % | 2,719 | 1,415 | 1,304 | 2,524 | 1,390 | 1,134 | 195 | 7.7 | % | 25 | 1.8 | % | 170 | 15.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Richmond — Petersburg | 3 | 744 | 80 | % | 1,338 | 483 | 855 | 1,244 | 471 | 773 | 94 | 7.6 | % | 12 | 2.5 | % | 82 | 10.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Southeast other | 12 | 2,617 | 81 | % | 4,065 | 1,957 | 2,108 | 3,656 | 1,857 | 1,799 | 409 | 11.2 | % | 100 | 5.4 | % | 309 | 17.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
66 | 17,324 | 80.6 | % | 29,541 | 13,417 | 16,124 | 92.1 | % | 27,443 | 13,015 | 14,428 | 89.6 | % | 2,098 | 7.6 | % | 402 | 3.1 | % | 1,696 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin-San Marcos | 11 | 2,417 | 94 | % | 4,331 | 2,280 | 2,051 | 4,074 | 2,104 | 1,970 | 257 | 6.3 | % | 176 | 8.4 | % | 81 | 4.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth | 22 | 5,847 | 78 | % | 8,402 | 4,451 | 3,951 | 7,583 | 3,947 | 3,636 | 819 | 10.8 | % | 504 | 12.8 | % | 315 | 8.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Houston — Galveston | 36 | 9,570 | 69 | % | 12,202 | 6,487 | 5,715 | 10,637 | 5,947 | 4,690 | 1,565 | 14.7 | % | 540 | 9.1 | % | 1,025 | 21.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | 9 | 1,951 | 92 | % | 3,019 | 1,559 | 1,460 | 2,800 | 1,376 | 1,424 | 219 | 7.8 | % | 183 | 13.3 | % | 36 | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Texas other | 3 | 763 | 65 | % | 905 | 408 | 497 | 825 | 369 | 456 | 80 | 9.7 | % | 39 | 10.6 | % | 41 | 9.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
81 | 20,548 | 76.6 | % | 28,859 | 15,185 | 13,674 | 93.5 | % | 25,919 | 13,743 | 12,176 | 86.6 | % | 2,940 | 11.3 | % | 1,442 | 10.5 | % | 1,498 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver | 22 | 4,813 | 84 | % | 8,965 | 3,903 | 5,062 | 8,188 | 3,836 | 4,352 | 777 | 9.5 | % | 67 | 1.7 | % | 710 | 16.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix-Mesa | 21 | 5,671 | 93 | % | 10,376 | 4,792 | 5,584 | 9,234 | 4,495 | 4,739 | 1,142 | 12.4 | % | 297 | 6.6 | % | 845 | 17.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City-Ogden | 4 | 1,511 | 86 | % | 2,394 | 940 | 1,454 | 2,180 | 966 | 1,214 | 214 | 9.8 | % | (26 | ) | -2.7 | % | 240 | 19.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 4 | 468 | 59 | % | 723 | 336 | 387 | 648 | 316 | 332 | 75 | 11.5 | % | 20 | 6.3 | % | 55 | 16.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West other | 8 | 2,296 | 86 | % | 3,649 | 1,655 | 1,994 | 3,346 | 1,541 | 1,805 | 303 | 9.1 | % | 114 | 7.4 | % | 189 | 10.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
59 | 14,759 | 87.3 | % | 26,107 | 11,626 | 14,481 | 94.6 | % | 23,596 | 11,154 | 12,442 | 89.9 | % | 2,511 | 10.6 | % | 472 | 4.2 | % | 2,039 | 16.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SAME STORE SALES TOTALS | 434 | 124,895 | (2) | 82.5 | % | $ | 257,585 | $ | 108,775 | $ | 148,810 | 94.3 | % | $ | 238,135 | $ | 104,471 | $ | 133,664 | 91.1 | % | $ | 19,450 | 8.2 | % | $ | 4,304 | 4.1 | % | $ | 15,146 | 11.3 | % | |||||||||||||||||||||||||||||||||||
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1) | 161,649 | 81,710 | 79,939 | 106,524 | 56,236 | 50,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total rental and other property revenues and property operating expense per GAAP income statement | $ | 419,234 | $ | 190,485 | $ | 228,749 | $ | 344,659 | $ | 160,707 | $ | 183,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP. | |
(2) | Same Store Effective Units were approximately 103,000 at June 30, 2006. |
Supplemental Schedule 6(b)
Same Store Sales
Second Quarter 2006 Compared to First Quarter 2006
(unaudited) (in thousands, except site and unit data)
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2006 | March 31, 2006 | Revenue | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites | Units | Ownership | Revenue | Expenses | NOI | Occ % | Revenue | Expenses | NOI | Occ % | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bay Area & Sacramento | 5 | 1,291 | 44 | % | $ | 1,815 | $ | 650 | $ | 1,165 | $ | 1,767 | $ | 690 | $ | 1,077 | $ | 48 | 2.7 | % | $ | (40 | ) | -5.8 | % | $ | 88 | 8.2 | % | |||||||||||||||||||||||||||||||||||||||
Los Angeles-Long Beach — Ventura | 12 | 2,638 | 88 | % | 13,017 | 4,082 | 8,935 | 12,645 | 4,209 | 8,436 | 372 | 2.9 | % | (127 | ) | -3.0 | % | 499 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Orange County — Riverside | 7 | 1,651 | 83 | % | 5,487 | 1,625 | 3,862 | 5,407 | 1,646 | 3,761 | 80 | 1.5 | % | (21 | ) | -1.3 | % | 101 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 5 | 1,719 | 92 | % | 5,221 | 1,688 | 3,533 | 5,112 | 1,686 | 3,426 | 109 | 2.1 | % | 2 | 0.1 | % | 107 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
29 | 7,299 | 80.1 | % | 25,540 | 8,045 | 17,495 | 96.2 | % | 24,931 | 8,231 | 16,700 | 95.9 | % | 609 | 2.4 | % | (186 | ) | -2.3 | % | 795 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 2 | 592 | 100 | % | 1,322 | 521 | 801 | 1,313 | 498 | 815 | 9 | 0.7 | % | 23 | 4.6 | % | (14 | ) | -1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami/Fort Lauderdale | 10 | 3,225 | 84 | % | 10,170 | 4,086 | 6,084 | 9,925 | 3,963 | 5,962 | 245 | 2.5 | % | 123 | 3.1 | % | 122 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orlando — Daytona | 21 | 5,390 | 93 | % | 12,227 | 4,974 | 7,253 | 12,074 | 4,949 | 7,125 | 153 | 1.3 | % | 25 | 0.5 | % | 128 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Tampa-St. Petersburg | 16 | 3,983 | 70 | % | 6,574 | 2,706 | 3,868 | 6,409 | 2,679 | 3,730 | 165 | 2.6 | % | 27 | 1.0 | % | 138 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West Palm Beach-Boca | 5 | 1,505 | 100 | % | 4,347 | 1,785 | 2,562 | 4,310 | 1,641 | 2,669 | 37 | 0.9 | % | 144 | 8.8 | % | (107 | ) | -4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
54 | 14,695 | 85.8 | % | 34,640 | 14,072 | 20,568 | 96.3 | % | 34,031 | 13,730 | 20,301 | 97.8 | % | 609 | 1.8 | % | 342 | 2.5 | % | 267 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago | 20 | 5,708 | 82 | % | 13,592 | 6,045 | 7,547 | 13,308 | 6,510 | 6,798 | 284 | 2.1 | % | (465 | ) | -7.1 | % | 749 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati — Dayton | 8 | 1,659 | 55 | % | 2,115 | 928 | 1,187 | 2,018 | 1,054 | 964 | 97 | 4.8 | % | (126 | ) | -12.0 | % | 223 | 23.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbus | 9 | 2,012 | 72 | % | 2,628 | 1,365 | 1,263 | 2,562 | 1,571 | 991 | 66 | 2.6 | % | (206 | ) | -13.1 | % | 272 | 27.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Detroit — Ann Arbor | 6 | 1,665 | 62 | % | 2,093 | 1,089 | 1,004 | 2,179 | 1,097 | 1,082 | (86 | ) | -3.9 | % | (8 | ) | -0.7 | % | (78 | ) | -7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Grand Rapids-Lansing | 11 | 4,402 | 67 | % | 5,437 | 2,752 | 2,685 | 5,434 | 2,807 | 2,627 | 3 | 0.1 | % | (55 | ) | -2.0 | % | 58 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis | 24 | 9,518 | 92 | % | 14,920 | 7,620 | 7,300 | 14,819 | 7,009 | 7,810 | 101 | 0.7 | % | 611 | 8.7 | % | (510 | ) | -6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Minneapolis — St. Paul | 4 | 1,222 | 80 | % | 3,234 | 1,412 | 1,822 | 3,184 | 1,603 | 1,581 | 50 | 1.6 | % | (191 | ) | -11.9 | % | 241 | 15.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Midwest other | 8 | 1,945 | 48 | % | 1,828 | 832 | 996 | 1,822 | 887 | 935 | 6 | 0.3 | % | (55 | ) | -6.2 | % | 61 | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
90 | 28,131 | 77.0 | % | 45,847 | 22,043 | 23,804 | 93.7 | % | 45,326 | 22,538 | 22,788 | 94.1 | % | 521 | 1.1 | % | (495 | ) | -2.2 | % | 1,016 | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 10 | 2,607 | 90 | % | 7,336 | 2,985 | 4,351 | 7,126 | 3,175 | 3,951 | 210 | 2.9 | % | (190 | ) | -6.0 | % | 400 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
New England | 16 | 5,745 | 100 | % | 19,603 | 7,001 | 12,602 | 19,300 | 7,712 | 11,588 | 303 | 1.6 | % | (711 | ) | -9.2 | % | 1,014 | 8.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | 11 | 4,721 | 85 | % | 13,745 | 5,037 | 8,708 | 13,521 | 5,478 | 8,043 | 224 | 1.7 | % | (441 | ) | -8.1 | % | 665 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 18 | 9,066 | 90 | % | 26,367 | 9,364 | 17,003 | 26,030 | 10,149 | 15,881 | 337 | 1.3 | % | (785 | ) | -7.7 | % | 1,122 | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
55 | 22,139 | 91.7 | % | 67,051 | 24,387 | 42,664 | 95.3 | % | 65,977 | 26,514 | 39,463 | 95.7 | % | 1,074 | 1.6 | % | (2,127 | ) | -8.0 | % | 3,201 | 8.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 13 | 3,510 | 86 | % | 6,018 | 3,090 | 2,928 | 6,029 | 3,109 | 2,920 | (11 | ) | -0.2 | % | (19 | ) | -0.6 | % | 8 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Savannah/Augusta | 2 | 416 | 100 | % | 944 | 337 | 607 | 891 | 324 | 567 | 53 | 5.9 | % | 13 | 4.0 | % | 40 | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte-Gastonia | 5 | 1,100 | 90 | % | 1,559 | 949 | 610 | 1,472 | 950 | 522 | 87 | 5.9 | % | (1 | ) | -0.1 | % | 88 | 16.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbia/Charleston | 6 | 1,238 | 70 | % | 1,638 | 816 | 822 | 1,593 | 845 | 748 | 45 | 2.8 | % | (29 | ) | -3.4 | % | 74 | 9.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Nashville | 8 | 2,492 | 75 | % | 4,131 | 1,886 | 2,245 | 4,073 | 1,883 | 2,190 | 58 | 1.4 | % | 3 | 0.2 | % | 55 | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk | 10 | 3,161 | 81 | % | 7,129 | 2,484 | 4,645 | 6,799 | 2,383 | 4,416 | 330 | 4.9 | % | 101 | 4.2 | % | 229 | 5.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh-Durham-Chapel Hill | 7 | 2,046 | 76 | % | 2,719 | 1,415 | 1,304 | 2,600 | 1,468 | 1,132 | 119 | 4.6 | % | (53 | ) | -3.6 | % | 172 | 15.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Richmond — Petersburg | 3 | 744 | 80 | % | 1,338 | 483 | 855 | 1,339 | 463 | 876 | (1 | ) | -0.1 | % | 20 | 4.3 | % | (21 | ) | -2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Southeast other | 12 | 2,617 | 81 | % | 4,065 | 1,957 | 2,108 | 3,983 | 1,944 | 2,039 | 82 | 2.1 | % | 13 | 0.7 | % | 69 | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
66 | 17,324 | 80.6 | % | 29,541 | 13,417 | 16,124 | 92.1 | % | 28,779 | 13,369 | 15,410 | 91.4 | % | 762 | 2.6 | % | 48 | 0.4 | % | 714 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin-San Marcos | 11 | 2,417 | 94 | % | 4,331 | 2,280 | 2,051 | 4,271 | 2,292 | 1,979 | 60 | 1.4 | % | (12 | ) | -0.5 | % | 72 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth | 22 | 5,847 | 78 | % | 8,402 | 4,451 | 3,951 | 8,329 | 4,499 | 3,830 | 73 | 0.9 | % | (48 | ) | -1.1 | % | 121 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Houston — Galveston | 36 | 9,570 | 69 | % | 12,202 | 6,487 | 5,715 | 12,060 | 6,611 | 5,449 | 142 | 1.2 | % | (124 | ) | -1.9 | % | 266 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | 9 | 1,951 | 92 | % | 3,019 | 1,559 | 1,460 | 3,025 | 1,454 | 1,571 | (6 | ) | -0.2 | % | 105 | 7.2 | % | (111 | ) | -7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Texas other | 3 | 763 | 65 | % | 905 | 408 | 497 | 885 | 432 | 453 | 20 | 2.3 | % | (24 | ) | -5.6 | % | 44 | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
81 | 20,548 | 76.6 | % | 28,859 | 15,185 | 13,674 | 93.5 | % | 28,570 | 15,288 | 13,282 | 94.0 | % | 289 | 1.0 | % | (103 | ) | -0.7 | % | 392 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver | 22 | 4,813 | 84 | % | 8,965 | 3,903 | 5,062 | 8,943 | 3,934 | 5,009 | 22 | 0.2 | % | (31 | ) | -0.8 | % | 53 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix-Mesa | 21 | 5,671 | 93 | % | 10,376 | 4,792 | 5,584 | 10,244 | 4,342 | 5,902 | 132 | 1.3 | % | 450 | 10.4 | % | (318 | ) | -5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City-Ogden | 4 | 1,511 | 86 | % | 2,394 | 940 | 1,454 | 2,365 | 979 | 1,386 | 29 | 1.2 | % | (39 | ) | -4.0 | % | 68 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 4 | 468 | 59 | % | 723 | 336 | 387 | 685 | 329 | 356 | 38 | 5.5 | % | 7 | 2.1 | % | 31 | 8.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West other | 8 | 2,296 | 86 | % | 3,649 | 1,655 | 1,994 | 3,565 | 1,650 | 1,915 | 84 | 2.4 | % | 5 | 0.3 | % | 79 | 4.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
59 | 14,759 | 87.3 | % | 26,107 | 11,626 | 14,481 | 94.6 | % | 25,802 | 11,234 | 14,568 | 95.7 | % | 305 | 1.2 | % | 392 | 3.5 | % | (87 | ) | -0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
SAME STORE SALES TOTALS | 434 | 124,895 | (2) | 82.5 | % | $ | 257,585 | $ | 108,775 | $ | 148,810 | 94.3 | % | $ | 253,416 | $ | 110,904 | $ | 142,512 | 94.7 | % | $ | 4,169 | 1.6 | % | $ | (2,129 | ) | -1.9 | % | $ | 6,298 | 4.4 | % | ||||||||||||||||||||||||||||||||||
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1) | 161,649 | 81,710 | 79,939 | 157,476 | 87,151 | 70,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total rental and other property revenues and property operating expense per GAAP Income Statement | $ | 419,234 | $ | 190,485 | $ | 228,749 | $ | 410,892 | $ | 198,055 | $ | 212,837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP. | |
(2) | Same Store Effective Units were approximately 103,000 at June 30, 2006. |
Supplemental Schedule 6(c)
Same Store Sales
Six Months Ended 2006 Compared to Six Months Ended 2005
(unaudited) (in thousands, except site and unit data)
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2006 | June 30, 2005 | Revenue | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites | Units | Ownership | Revenue | Expenses | NOI | Occ % | Revenue | Expenses | NOI | Occ % | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bay Area & Sacramento | 5 | 1,291 | 44 | % | $ | 3,583 | $ | 1,340 | $ | 2,243 | $ | 3,318 | $ | 1,388 | $ | 1,930 | $ | 265 | 8.0 | % | $ | (48 | ) | -3.5 | % | $ | 313 | 16.2 | % | |||||||||||||||||||||||||||||||||||||||
Los Angeles-Long Beach — Ventura | 12 | 2,638 | 88 | % | 25,663 | 8,291 | 17,372 | 23,135 | 7,622 | 15,513 | 2,528 | 10.9 | % | 669 | 8.8 | % | 1,859 | 12.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orange County — Riverside | 7 | 1,651 | 83 | % | 10,894 | 3,271 | 7,623 | 10,019 | 3,069 | 6,950 | 875 | 8.7 | % | 202 | 6.6 | % | 673 | 9.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 5 | 1,719 | 92 | % | 10,333 | 3,375 | 6,958 | 9,959 | 3,164 | 6,795 | 374 | 3.8 | % | 211 | 6.7 | % | 163 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
29 | 7,299 | 80.1 | % | 50,473 | 16,277 | 34,196 | 96.1 | % | 46,431 | 15,243 | 31,188 | 95.0 | % | 4,042 | 8.7 | % | 1,034 | 6.8 | % | 3,008 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 2 | 592 | 100 | % | 2,635 | 1,019 | 1,616 | 2,484 | 943 | 1,541 | 151 | 6.1 | % | 76 | 8.1 | % | 75 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Miami/Fort Lauderdale | 10 | 3,225 | 84 | % | 20,095 | 8,049 | 12,046 | 17,835 | 7,381 | 10,454 | 2,260 | 12.7 | % | 668 | 9.1 | % | 1,592 | 15.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orlando — Daytona | 21 | 5,390 | 93 | % | 24,301 | 9,923 | 14,378 | 21,766 | 9,277 | 12,489 | 2,535 | 11.6 | % | 646 | 7.0 | % | 1,889 | 15.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Tampa-St. Petersburg | 16 | 3,983 | 70 | % | 12,983 | 5,385 | 7,598 | 11,619 | 4,908 | 6,711 | 1,364 | 11.7 | % | 477 | 9.7 | % | 887 | 13.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West Palm Beach-Boca | 5 | 1,505 | 100 | % | 8,657 | 3,427 | 5,230 | 7,824 | 3,156 | 4,668 | 833 | 10.6 | % | 271 | 8.6 | % | 562 | 12.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
54 | 14,695 | 85.8 | % | 68,671 | 27,803 | 40,868 | 97.0 | % | 61,528 | 25,665 | 35,863 | 96.3 | % | 7,143 | 11.6 | % | 2,138 | 8.3 | % | 5,005 | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago | 20 | 5,708 | 82 | % | 26,900 | 12,555 | 14,345 | 25,100 | 11,496 | 13,604 | 1,800 | 7.2 | % | 1,059 | 9.2 | % | 741 | 5.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati — Dayton | 8 | 1,659 | 55 | % | 4,132 | 1,983 | 2,149 | 4,014 | 1,766 | 2,248 | 118 | 2.9 | % | 217 | 12.3 | % | (99 | ) | -4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbus | 9 | 2,012 | 72 | % | 5,190 | 2,935 | 2,255 | 4,528 | 2,555 | 1,973 | 662 | 14.6 | % | 380 | 14.9 | % | 282 | 14.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Detroit — Ann Arbor | 6 | 1,665 | 62 | % | 4,272 | 2,186 | 2,086 | 3,956 | 2,182 | 1,774 | 316 | 8.0 | % | 4 | 0.2 | % | 312 | 17.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Rapids-Lansing | 11 | 4,402 | 67 | % | 10,871 | 5,559 | 5,312 | 10,344 | 5,697 | 4,647 | 527 | 5.1 | % | (138 | ) | -2.4 | % | 665 | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis | 24 | 9,518 | 92 | % | 29,739 | 14,628 | 15,111 | 27,215 | 14,841 | 12,374 | 2,524 | 9.3 | % | (213 | ) | -1.4 | % | 2,737 | 22.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Minneapolis — St. Paul | 4 | 1,222 | 80 | % | 6,418 | 3,015 | 3,403 | 5,932 | 2,939 | 2,993 | 486 | 8.2 | % | 76 | 2.6 | % | 410 | 13.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Midwest other | 8 | 1,945 | 48 | % | 3,650 | 1,719 | 1,931 | 3,408 | 1,596 | 1,812 | 242 | 7.1 | % | 123 | 7.7 | % | 119 | 6.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
90 | 28,131 | 77.0 | % | 91,172 | 44,580 | 46,592 | 93.7 | % | 84,497 | 43,072 | 41,425 | 89.2 | % | 6,675 | 7.9 | % | 1,508 | 3.5 | % | 5,167 | 12.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 10 | 2,607 | 90 | % | 14,462 | 6,160 | 8,302 | 13,516 | 5,466 | 8,050 | 946 | 7.0 | % | 694 | 12.7 | % | 252 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
New England | 15 | 5,505 | 100 | % | 37,603 | 14,099 | 23,504 | 36,079 | 14,092 | 21,987 | 1,524 | 4.2 | % | 7 | 0.0 | % | 1,517 | 6.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | 11 | 4,721 | 85 | % | 27,266 | 10,514 | 16,752 | 25,340 | 10,061 | 15,279 | 1,926 | 7.6 | % | 453 | 4.5 | % | 1,473 | 9.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 18 | 9,066 | 90 | % | 52,398 | 19,513 | 32,885 | 50,023 | 18,703 | 31,320 | 2,375 | 4.7 | % | 810 | 4.3 | % | 1,565 | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
54 | 21,899 | 91.6 | % | 131,729 | 50,286 | 81,443 | 95.5 | % | 124,958 | 48,322 | 76,636 | 94.7 | % | 6,771 | 5.4 | % | 1,964 | 4.1 | % | 4,807 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 13 | 3,510 | 86 | % | 12,048 | 6,198 | 5,850 | 11,541 | 6,033 | 5,508 | 507 | 4.4 | % | 165 | 2.7 | % | 342 | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Savannah/Augusta | 2 | 416 | 100 | % | 1,835 | 662 | 1,173 | 1,705 | 643 | 1,062 | 130 | 7.6 | % | 19 | 3.0 | % | 111 | 10.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte-Gastonia | 5 | 1,100 | 90 | % | 3,031 | 1,899 | 1,132 | 3,023 | 1,745 | 1,278 | 8 | 0.3 | % | 154 | 8.8 | % | (146 | ) | -11.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbia/Charleston | 6 | 1,238 | 70 | % | 3,231 | 1,661 | 1,570 | 2,835 | 1,538 | 1,297 | 396 | 14.0 | % | 123 | 8.0 | % | 273 | 21.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nashville | 8 | 2,492 | 75 | % | 8,204 | 3,769 | 4,435 | 7,589 | 3,215 | 4,374 | 615 | 8.1 | % | 554 | 17.2 | % | 61 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk | 10 | 3,161 | 81 | % | 13,928 | 4,867 | 9,061 | 12,903 | 4,538 | 8,365 | 1,025 | 7.9 | % | 329 | 7.2 | % | 696 | 8.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh-Durham-Chapel Hill | 7 | 2,046 | 76 | % | 5,319 | 2,883 | 2,436 | 5,065 | 2,679 | 2,386 | 254 | 5.0 | % | 204 | 7.6 | % | 50 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Richmond — Petersburg | 3 | 744 | 80 | % | 2,677 | 945 | 1,732 | 2,480 | 897 | 1,583 | 197 | 7.9 | % | 48 | 5.4 | % | 149 | 9.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Southeast other | 12 | 2,617 | 81 | % | 8,047 | 3,901 | 4,146 | 7,225 | 3,698 | 3,527 | 822 | 11.4 | % | 203 | 5.5 | % | 619 | 17.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
66 | 17,324 | 80.6 | % | 58,320 | 26,785 | 31,535 | 91.7 | % | 54,366 | 24,986 | 29,380 | 89.6 | % | 3,954 | 7.3 | % | 1,799 | 7.2 | % | 2,155 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin-San Marcos | 11 | 2,417 | 94 | % | 8,601 | 4,573 | 4,028 | 8,087 | 4,207 | 3,880 | 514 | 6.4 | % | 366 | 8.7 | % | 148 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth | 22 | 5,847 | 78 | % | 16,730 | 8,949 | 7,781 | 15,100 | 8,114 | 6,986 | 1,630 | 10.8 | % | 835 | 10.3 | % | 795 | 11.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Houston — Galveston | 36 | 9,570 | 69 | % | 24,263 | 13,098 | 11,165 | 21,388 | 12,147 | 9,241 | 2,875 | 13.4 | % | 951 | 7.8 | % | 1,924 | 20.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | 9 | 1,951 | 92 | % | 6,043 | 3,013 | 3,030 | 5,606 | 2,783 | 2,823 | 437 | 7.8 | % | 230 | 8.3 | % | 207 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Texas other | 3 | 763 | 65 | % | 1,790 | 840 | 950 | 1,644 | 771 | 873 | 146 | 8.9 | % | 69 | 8.9 | % | 77 | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
81 | 20,548 | 76.6 | % | 57,427 | 30,473 | 26,954 | 93.7 | % | 51,825 | 28,022 | 23,803 | 86.6 | % | 5,602 | 10.8 | % | 2,451 | 8.7 | % | 3,151 | 13.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver | 22 | 4,813 | 84 | % | 17,908 | 7,838 | 10,070 | 16,372 | 7,518 | 8,854 | 1,536 | 9.4 | % | 320 | 4.3 | % | 1,216 | 13.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix-Mesa | 21 | 5,671 | 93 | % | 20,620 | 9,134 | 11,486 | 18,278 | 8,814 | 9,464 | 2,342 | 12.8 | % | 320 | 3.6 | % | 2,022 | 21.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City-Ogden | 4 | 1,511 | 86 | % | 4,759 | 1,918 | 2,841 | 4,376 | 1,892 | 2,484 | 383 | 8.8 | % | 26 | 1.4 | % | 357 | 14.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 4 | 468 | 59 | % | 1,408 | 665 | 743 | 1,283 | 628 | 655 | 125 | 9.7 | % | 37 | 5.9 | % | 88 | 13.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West other | 8 | 2,296 | 86 | % | 7,214 | 3,307 | 3,907 | 6,615 | 3,067 | 3,548 | 599 | 9.1 | % | 240 | 7.8 | % | 359 | 10.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
59 | 14,759 | 87.3 | % | 51,909 | 22,862 | 29,047 | 95.2 | % | 46,924 | 21,919 | 25,005 | 89.9 | % | 4,985 | 10.6 | % | 943 | 4.3 | % | 4,042 | 16.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SAME STORE SALES TOTALS | 433 | 124,655 | (2) | 82.4 | % | $ | 509,701 | $ | 219,066 | $ | 290,635 | 94.5 | % | $ | 470,529 | $ | 207,229 | $ | 263,300 | 91.0 | % | $ | 39,172 | 8.3 | % | $ | 11,837 | 5.7 | % | $ | 27,335 | 10.4 | % | |||||||||||||||||||||||||||||||||||
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1) | 320,425 | 169,474 | 150,951 | 206,694 | 114,323 | 92,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total rental and other property revenues and property operating expense per GAAP Income Statement | $ | 830,126 | $ | 388,540 | $ | 441,586 | $ | 677,223 | $ | 321,552 | $ | 355,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP. | |
(2) | Same Store Effective Units were approximately 103,000 at June 30, 2006. |
(unaudited)
SAME STORE PERFORMANCE
SAME STORE PORTFOLIO | ||||||||||||
CORE | NON-CORE | TOTAL | ||||||||||
Rent, average second quarter 2006 | $ | 951 | $ | 614 | $ | 797 | ||||||
Occupancy, average second quarter 2006 | 95.1 | % | 93.4 | % | 94.3 | % | ||||||
Operating Margin | 61.5 | % | 49.8 | % | 57.7 | % | ||||||
Total number of properties | 223 | 211 | 434 | |||||||||
Total number of units | 67,406 | 57,489 | 124,895 | |||||||||
Effective Units | 59,236 | 43,759 | 102,995 | |||||||||
Percent of total Same Store NOI | 72.4 | % | 27.6 | % | 100.0 | % | ||||||
2nd Quarter 2006 vs. 2nd Quarter 2005 Change | ||||||||||||
Revenue | 7.5 | % | 8.6 | % | 8.2 | % | ||||||
Expenses | 4.6 | % | 3.0 | % | 4.1 | % | ||||||
NOI | 9.4 | % | 15.0 | % | 11.3 | % | ||||||
Sequential, 2nd Quarter 2006 vs. 1st Quarter 2006 Change | ||||||||||||
Revenue | 1.9 | % | 1.1 | % | 1.6 | % | ||||||
Expenses | -2.8 | % | -0.3 | % | -1.9 | % | ||||||
NOI | 5.1 | % | 2.5 | % | 4.4 | % | ||||||
YTD June 2006 vs. YTD June 2005 Change | ||||||||||||
Revenue | 7.8 | % | 9.3 | % | 8.3 | % | ||||||
Expenses | 6.0 | % | 5.3 | % | 5.7 | % | ||||||
NOI | 9.0 | % | 13.8 | % | 10.4 | % |
SELECTED MARKETS
Three Months Ended June 30, 2006 | Three Months Ended June 30, 2005 | |||||||||||||||||||||||
TOTAL CONVENTIONAL PORTFOLIO | TOTAL CONVENTIONAL PORTFOLIO | |||||||||||||||||||||||
CORE | NON-CORE | TOTAL | CORE | NON-CORE | TOTAL | |||||||||||||||||||
Percent of Total Conventional NOI | ||||||||||||||||||||||||
Top 20 Markets | ||||||||||||||||||||||||
1 Washington, D.C. | 10.4 | % | 0.0 | % | 10.4 | % | 10.0 | % | 1.0 | % | 11.0 | % | ||||||||||||
2 Los Angeles-Long Beach-Ventura | 9.0 | % | 0.0 | % | 9.0 | % | 7.2 | % | 0.0 | % | 7.2 | % | ||||||||||||
3 New England | 7.2 | % | 0.0 | % | 7.2 | % | 6.8 | % | 0.0 | % | 6.8 | % | ||||||||||||
4 Philadelphia | 6.4 | % | 0.0 | % | 6.4 | % | 6.0 | % | 0.0 | % | 6.0 | % | ||||||||||||
5 Chicago | 4.9 | % | 0.4 | % | 5.3 | % | 4.5 | % | 0.3 | % | 4.8 | % | ||||||||||||
6 Miami-Fort Lauderdale | 5.2 | % | 0.0 | % | 5.2 | % | 5.4 | % | 0.0 | % | 5.4 | % | ||||||||||||
7 Indianapolis | 0.0 | % | 4.5 | % | 4.5 | % | 0.0 | % | 4.4 | % | 4.4 | % | ||||||||||||
8 Orlando — Daytona | 3.9 | % | 0.3 | % | 4.2 | % | 3.4 | % | 0.6 | % | 4.0 | % | ||||||||||||
9 Phoenix | 2.8 | % | 0.6 | % | 3.4 | % | 2.5 | % | 0.9 | % | 3.4 | % | ||||||||||||
10 Houston-Galveston | 0.0 | % | 3.3 | % | 3.3 | % | 0.0 | % | 2.6 | % | 2.6 | % | ||||||||||||
11 Denver | 2.9 | % | 0.2 | % | 3.1 | % | 2.5 | % | 0.1 | % | 2.6 | % | ||||||||||||
12 New York | 3.0 | % | 0.0 | % | 3.0 | % | 3.6 | % | 0.0 | % | 3.6 | % | ||||||||||||
13 Tampa — St Petersburg | 2.2 | % | 0.6 | % | 2.8 | % | 2.0 | % | 0.7 | % | 2.7 | % | ||||||||||||
14 Norfolk | 2.6 | % | 0.0 | % | 2.6 | % | 2.4 | % | 0.3 | % | 2.7 | % | ||||||||||||
15 San Diego | 2.5 | % | 0.0 | % | 2.5 | % | 2.5 | % | 0.2 | % | 2.7 | % | ||||||||||||
16 Orange County-Riverside | 2.4 | % | 0.0 | % | 2.4 | % | 2.1 | % | 0.1 | % | 2.2 | % | ||||||||||||
17 Dallas-Fort Worth | 0.0 | % | 2.3 | % | 2.3 | % | 0.0 | % | 2.2 | % | 2.2 | % | ||||||||||||
18 Atlanta | 1.8 | % | 0.1 | % | 1.9 | % | 1.5 | % | 0.8 | % | 2.3 | % | ||||||||||||
19 Baltimore | 1.7 | % | 0.0 | % | 1.7 | % | 1.6 | % | 0.1 | % | 1.7 | % | ||||||||||||
20 Grand Rapids — Lansing | 0.0 | % | 1.5 | % | 1.5 | % | 0.0 | % | 1.3 | % | 1.3 | % | ||||||||||||
Subtotal Top 20 Markets | 68.9 | % | 13.8 | % | 82.7 | % | 64.0 | % | 15.6 | % | 79.6 | % | ||||||||||||
All Other Markets (38 in 2006 and 50 in 2005) | 6.7 | % | 10.6 | % | 17.3 | % | 15.9 | % | 4.5 | % | 20.4 | % | ||||||||||||
Total Conventional NOI | 75.6 | % | 24.4 | % | 100.0 | % | 79.9 | % | 20.1 | % | 100.0 | % | ||||||||||||
Rent, average second quarter | $ | 972 | $ | 617 | $ | 818 | $ | 836 | $ | 584 | $ | 760 | ||||||||||||
Occupancy, average second quarter | 93.6 | % | 93.1 | % | 93.4 | % | 90.5 | % | 88.4 | % | 89.9 | % | ||||||||||||
Total number of properties | 275 | 228 | 503 | 271 | 319 | 590 | ||||||||||||||||||
Total number of units | 83,089 | 61,235 | 144,324 | 82,868 | 81,895 | 164,763 | ||||||||||||||||||
Effective Units | 71,720 | 46,423 | 118,143 | 71,751 | 62,841 | 134,592 | ||||||||||||||||||
Average Home Value* | $ | 288,097 | $ | 159,922 | $ | 229,849 | ||||||||||||||||||
REIS Growth Rate (4 year weighted average)** | 3.5 | % | 2.9 | % | 3.3 | % | ||||||||||||||||||
Number of markets | 27 | 31 | 58 |
* | Source: Claritas, based on 2005 data | |
** | Source: REIS, based on Q1 2006 forecasted data |
(unaudited)
Number | Number | Aimco | Aimco | |||||||||||||||||||||||||||||||||||||||||||||
of | of | Gross | FCF | Property | Net Sales | Gross | Net | Average | ||||||||||||||||||||||||||||||||||||||||
Properties | Units | Proceeds | Yield | (1) | Debt | Proceeds | (2) | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||||||||||||
Conventional Non-Core | 9 | 2,237 | $ | 124 | 4.3 | % | $ | 44 | $ | 71 | $ | 108 | $ | 65 | $ | 585 | ||||||||||||||||||||||||||||||||
Conventional Core | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Affordable | 10 | 1,279 | 62 | 5.4 | % | 44 | 13 | 30 | 8 | 649 | ||||||||||||||||||||||||||||||||||||||
Total Dispositions | 19 | 3,516 | $ | 186 | 4.7 | % | $ | 88 | $ | 84 | $ | 138 | $ | 73 | $ | 606 | ||||||||||||||||||||||||||||||||
Number | Number | Aimco | Aimco | |||||||||||||||||||||||||||||||||||||||||||||
of | of | Gross | FCF | Property | Net Sales | Gross | Net | Average | ||||||||||||||||||||||||||||||||||||||||
Properties | Units | Proceeds | Yield | (1) | Debt | Proceeds | (2) | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||||||||||||
Conventional Non-Core | (3 | ) | 26 | 7,029 | $ | 367 | 5.7 | % | $ | 156 | $ | 184 | $ | 295 | $ | 157 | $ | 626 | ||||||||||||||||||||||||||||||
Conventional Core | (4 | ) | — | 562 | 151 | 3.8 | % | 76 | 71 | 149 | 76 | 1,668 | ||||||||||||||||||||||||||||||||||||
Affordable | 15 | 1,947 | 82 | 5.9 | % | 59 | 17 | 43 | 11 | 615 | ||||||||||||||||||||||||||||||||||||||
Total Dispositions | 41 | 9,538 | $ | 600 | 5.3 | % | $ | 291 | $ | 272 | $ | 487 | $ | 244 | $ | 684 | ||||||||||||||||||||||||||||||||
(1) | Free Cash Flow (FCF) includes a $500 per unit deduction for capital replacements and is before debt service. FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price. | |
(2) | Net Sales Proceeds are after repayment of existing debt, net working capital settlements and payment of transaction costs. | |
(3) | Includes the sale of two student housing properties with 412 units for the three months ended June 30, 2006. Includes the sale of five student housing properties with 1,222 units for the six months ended June 30, 2006. | |
(4) | Represents the sale of the South Tower of the Flamingo South Beach property with 562 units; Aimo net proceeds include $5 million for a non-refundable option to purchase the North and Central Towers. |
Number | Number | Gross | ||||||||||||||||||||||||||
Ownership | of | of | Purchase | Property | Average | |||||||||||||||||||||||
Percent | Properties | Units | Price | Debt | Rent | |||||||||||||||||||||||
Conventional | (2 | ) | 100 | % | 1 | 324 | $ | 39 | $ | — | $ | 943 | ||||||||||||||||
Student Housing | (3 | ) | 2 | 386 | 22 | 14 | 632 | |||||||||||||||||||||
Total Acquisitions | (4 | ) | 3 | 710 | $ | 61 | $ | 14 | $ | 774 | ||||||||||||||||||
(1) | All property acquisitions occurred during the second quarter of 2006. | |
(2) | A property loan of approximately $22 million is expected to close in August 2006 for this acquisition. | |
(3) | One of the student housing properties was acquired at 100% ownership. The other student housing property was acquired at 33% through Aimco’s joint venture with CalSTRS. | |
(4) | Properties acquired are located in Tampa, Florida, Greenville, North Carolina, and Chico, California (through the CalSTRS joint venture). |
Six Months Ended June 30, 2006
(in thousands, except per unit data)
(unaudited)
Actual Amount | Per Unit | |||||||
Capital Replacements Detail: | ||||||||
Building and grounds | $ | 13,693 | $ | 99 | ||||
Turnover related | 17,263 | 125 | ||||||
Capitalized site payroll and indirect costs | 6,569 | 48 | ||||||
Total Aimco’s share of Capital Replacements | $ | 37,525 | $ | 272 | ||||
Capital Replacements: | ||||||||
Conventional | $ | 34,409 | $ | 280 | ||||
Affordable | 3,116 | 207 | ||||||
Total Aimco’s share of Capital Replacements | 37,525 | $ | 272 | |||||
Capital Improvements: | ||||||||
Conventional | 42,024 | $ | 342 | |||||
Affordable | 9,259 | 616 | ||||||
Total Aimco’s share of Capital Improvements | 51,283 | $ | 372 | |||||
Casualties: | ||||||||
Conventional | 19,470 | |||||||
Affordable | 741 | |||||||
Total Aimco’s share of Casualties | 20,211 | |||||||
Redevelopment (see Schedule 10 for further project details): | ||||||||
Conventional | 64,915 | |||||||
Affordable | 3,626 | |||||||
Total Aimco’s share of Redevelopment | 68,541 | |||||||
Total Aimco’s share of Capital Expenditures | 177,560 | |||||||
Plus minority partners’ share of consolidated spending | 60,147 | |||||||
Less Aimco’s share of unconsolidated spending | (1,504 | ) | ||||||
Capital expenditures per Consolidated Statement of Cash Flows | $ | 236,203 | ||||||
(1) | Average units calculated pro rata for the quarter based on acquisition and disposition timing. | |
(2) | A portion of expenditures related to casualty losses is reimbursed through insurance. |
Six Months Ended June 30, 2006
(dollars in millions)
(unaudited)
Project Expenditures | ||||||||||||||||||||||||||||||||
Total | Total | Targeted | Aimco | |||||||||||||||||||||||||||||
Number of | Property | Projected | Inception to | Year to Date | Year to Date | Return on | Average | |||||||||||||||||||||||||
Properties | Units | 100% | Date 100% | 100% | AIV% | Investment | Ownership (3) | |||||||||||||||||||||||||
CONVENTIONAL REDEVELOPMENT PROPERTIES | ||||||||||||||||||||||||||||||||
ACTIVE REDEVELOPMENT PROJECTS | ||||||||||||||||||||||||||||||||
Active redevelopment projects at 3/31/06 | 22 | 11,498 | $ | 236.7 | $ | 116.8 | $ | 47.9 | $ | 41.5 | 7 | % | 87 | % | ||||||||||||||||||
Planned adjustments to approved projects | — | — | 20.2 | — | — | — | 8 | % | 95 | % | ||||||||||||||||||||||
Projects completed during the period | (1 | ) | (414 | ) | (4.1 | ) | (4.1 | ) | (0.7 | ) | (0.7 | ) | 9 | % | 100 | % | ||||||||||||||||
New redevelopment projects started during period | 7 | 2,776 | 38.8 | 3.5 | 3.4 | 3.2 | 9 | % | 94 | % | ||||||||||||||||||||||
Active redevelopment projects at 6/30/06 | 28 | 13,860 | 291.6 | 116.2 | 50.6 | 44.0 | 8 | % | 87 | % | ||||||||||||||||||||||
Entitlement projects (1) | 3 | 3,940 | — | 53.2 | 12.5 | 12.4 | n/a | 99 | % | |||||||||||||||||||||||
Costs on projects completed year to date | 0.7 | 0.7 | 9 | % | 100 | % | ||||||||||||||||||||||||||
Pre-construction and other activities (2) | 10.6 | 7.8 | n/a | 73 | % | |||||||||||||||||||||||||||
TOTAL CONVENTIONAL | 74.4 | 64.9 | n/a | 87 | % | |||||||||||||||||||||||||||
AFFORDABLE REDEVELOPMENT PROPERTIES | ||||||||||||||||||||||||||||||||
ACTIVE REDEVELOPMENT PROJECTS | ||||||||||||||||||||||||||||||||
Active redevelopment projects at 3/31/06 | 22 | 3,488 | $ | 148.5 | $ | 115.5 | $ | 28.1 | $ | 0.2 | n/a | 1 | % | |||||||||||||||||||
Planned adjustments to approved projects | — | — | — | — | — | — | n/a | n/a | ||||||||||||||||||||||||
Projects completed during the period | (9 | ) | (1,704 | ) | (67.4 | ) | (62.4 | ) | (13.5 | ) | — | n/a | 0 | % | ||||||||||||||||||
New redevelopment projects started during period | 1 | 300 | 11.2 | 0.2 | 0.2 | 0.1 | n/a | 45 | % | |||||||||||||||||||||||
Active redevelopment projects at 6/30/06 | 14 | 2,084 | 92.3 | 53.3 | 14.8 | 0.3 | n/a | 2 | % | |||||||||||||||||||||||
Costs on projects completed year to date | 13.5 | — | n/a | 0 | % | |||||||||||||||||||||||||||
Pre-construction and other activities (2) | 4.1 | 3.3 | n/a | 80 | % | |||||||||||||||||||||||||||
TOTAL AFFORDABLE | 32.4 | 3.6 | n/a | 11 | % | |||||||||||||||||||||||||||
TOTAL REDEVELOPMENT EXPENDITURES | $ | 106.8 | $ | 68.5 | n/a | n/a | ||||||||||||||||||||||||||
(1) | Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2005 book values of approximately $161 million and $73 million, respectively. | |
(2) | Pre-construction and other activities include consulting, legal, and capitalized labor costs, as well as some physical construction work. | |
(3) | Weighted average ownership at the time of the expenditures. | |
(4) | Low-income housing tax credit projects account for approximately 86% of year to date 2006 Affordable project expenditures. |
As of June 30, 2006
(unaudited)
Number of | Number of | Effective | Average | |||||||||||||
Properties | Units | Units | Ownership | |||||||||||||
Conventional Real Estate Portfolio: | ||||||||||||||||
Wholly-owned Consolidated Core Properties | 163 | 46,972 | 46,972 | 100 | % | |||||||||||
Partially-owned Consolidated Core Properties | 103 | 33,641 | 23,965 | 71 | % | |||||||||||
Partially-owned Unconsolidated Core Properties | 9 | 2,476 | 783 | 32 | % | |||||||||||
Sub-total Core Properties | 275 | 83,089 | 71,720 | 86 | % | |||||||||||
Wholly-owned Consolidated Non-Core Properties | 119 | 33,825 | 33,825 | 100 | % | |||||||||||
Partially-owned Consolidated Non-Core Properties | 106 | 26,610 | 12,323 | 46 | % | |||||||||||
Partially-owned Unconsolidated Non-Core Properties | 3 | 800 | 275 | 34 | % | |||||||||||
Sub-total Non-Core Properties | 228 | 61,235 | 46,423 | 76 | % | |||||||||||
Total | 503 | 144,324 | 118,143 | 82 | % | |||||||||||
Aimco Capital Real Estate Portfolio: | ||||||||||||||||
Wholly-owned Consolidated Properties | 65 | 7,955 | 7,955 | 100 | % | |||||||||||
Partially-owned Consolidated Properties | 175 | 20,264 | 5,670 | 28 | % | |||||||||||
Partially-owned Unconsolidated Properties | 98 | 11,558 | 1,552 | 13 | % | |||||||||||
Total | 338 | 39,777 | 15,177 | 38 | % | |||||||||||
Total Owned Real Estate Portfolio: | ||||||||||||||||
Wholly-owned Consolidated Properties | 347 | 88,752 | 88,752 | 100 | % | |||||||||||
Partially-owned Consolidated Properties | 384 | 80,515 | 41,958 | 52 | % | |||||||||||
Partially-owned Unconsolidated Properties | 110 | 14,834 | 2,610 | 18 | % | |||||||||||
Total | 841 | 184,101 | 133,320 | 72 | % | |||||||||||
Management Contracts: | ||||||||||||||||
Property Managed for Third Parties | 54 | 6,586 | ||||||||||||||
Asset-managed | 425 | 39,751 | ||||||||||||||
Total | 479 | 46,337 | ||||||||||||||
Total Portfolio | 1,320 | 230,438 | ||||||||||||||
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