Announces Second Quarter 2007 Results
► | Net income for the quarter of $19.3 million decreased $15.8 million from $35.1 million in the second quarter 2006. Lower results in the second quarter 2007 are primarily due to lower gains on property sales of $19.3 million, offset by a $4.8 million increase in operating income. Earnings per share (EPS) were $0.03 on a diluted basis, compared with $0.17 in the second quarter 2006. | |
► | 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 $87.3 million, or $0.88 per share, up 22% when compared with $71.4 million, or $0.73 per share, in the second quarter 2006. FFO before impairment and preferred redemption charges was also $0.88 per share, which was $0.08 above the mid-point of guidance. Better than expected results from lower than anticipated casualty losses and stronger Aimco Capital transaction activity contributed to the additional $0.08 per share of FFO outperformance. | |
► | Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $63.6 million, or $0.64 per share, up 22% when compared with $52.0 million, or $0.53 per share, in the second quarter 2006. AFFO includes deductions of $0.24 and $0.20 per share for capital replacement expenditures in the second quarter 2007 and the second quarter 2006, respectively. |
SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Earnings- EPS | $ | 0.03 | $ | 0.17 | $ | 0.12 | $ | 0.80 | ||||||||
Funds from operations- FFO | $ | 0.88 | $ | 0.73 | $ | 1.62 | $ | 1.41 | ||||||||
FFO before impairment and preferred redemption charges | $ | 0.88 | $ | 0.73 | $ | 1.63 | $ | 1.43 | ||||||||
Adjusted funds from operations- AFFO | $ | 0.64 | $ | 0.53 | $ | 1.22 | $ | 1.08 | ||||||||
Elizabeth Coalson, Vice President Investor Relations 303.691.4327
SECOND QUARTER | ||||||||||||||||||||
Year-over-year | Sequential | |||||||||||||||||||
2007 | 2006 | Variance | 1st Qtr | Variance | ||||||||||||||||
Same Store Operating Measures | ||||||||||||||||||||
Average Physical Occupancy | 94.7 | % | 94.4 | % | 0.3 | % | 94.4 | % | 0.3 | % | ||||||||||
Average Rent Per Unit | $ | 864 | $ | 830 | 4.1 | % | $ | 858 | 0.7 | % | ||||||||||
Total Same Store ($mm) | ||||||||||||||||||||
Revenue | $ | 263.5 | $ | 250.6 | 5.2 | % | $ | 258.9 | 1.8 | % | ||||||||||
Expenses | (109.2 | ) | (102.4 | ) | 6.7 | % | (107.1 | ) | 2.0 | % | ||||||||||
NOI | $ | 154.3 | $ | 148.2 | 4.1 | % | $ | 151.8 | 1.6 | % | ||||||||||
GAAP Income Statements
Consolidated Statements of Income
(in thousands, except per share data) (unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
REVENUES: | ||||||||||||||||
Rental and other property revenues | $ | 421,864 | $ | 392,499 | $ | 832,363 | $ | 776,894 | ||||||||
Property management revenues, primarily from affiliates | 1,271 | 3,592 | 3,367 | 6,622 | ||||||||||||
Activity fees and asset management revenues | 15,178 | 12,133 | 26,808 | 21,673 | ||||||||||||
Total revenues | 438,313 | 408,224 | 862,538 | 805,189 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operating expenses | 192,681 | 173,506 | 385,924 | 353,571 | ||||||||||||
Property management expenses | 2,072 | 2,151 | 3,278 | 2,643 | ||||||||||||
Activity and asset management expenses | 6,076 | 4,946 | 11,351 | 9,134 | ||||||||||||
Depreciation and amortization | 121,807 | 112,272 | 244,195 | 219,461 | ||||||||||||
General and administrative expenses | 24,606 | 23,207 | 46,683 | 44,236 | ||||||||||||
Other expenses (income), net | (4,272 | ) | 1,615 | (2,266 | ) | 1,994 | ||||||||||
Total operating expenses | 342,970 | 317,697 | 689,165 | 631,039 | ||||||||||||
Operating income | 95,343 | 90,527 | 173,373 | 174,150 | ||||||||||||
Interest income | 9,242 | 5,437 | 18,810 | 12,368 | ||||||||||||
Provision for losses on notes receivable, net | (735 | ) | (502 | ) | (2,278 | ) | (764 | ) | ||||||||
Interest expense | (104,875 | ) | (98,157 | ) | (209,615 | ) | (193,971 | ) | ||||||||
Deficit distributions to minority partners | (2,028 | ) | (3,935 | ) | (3,221 | ) | (6,011 | ) | ||||||||
Equity in earnings (losses) of unconsolidated real estate partnerships | 930 | (574 | ) | (2,055 | ) | (2,436 | ) | |||||||||
Real estate impairment recoveries (losses), net | — | (15 | ) | — | 971 | |||||||||||
Gain on dispositions of unconsolidated real estate and other | 639 | 1,059 | 1,688 | 10,757 | ||||||||||||
Gain on extinguishment of debt | — | — | 19,373 | — | ||||||||||||
Loss before minority interests and discontinued operations | (1,484 | ) | (6,160 | ) | (3,925 | ) | (4,936 | ) | ||||||||
Minority interests: | ||||||||||||||||
Minority interest in consolidated real estate partnerships | (265 | ) | 1,522 | (6,182 | ) | 6,636 | ||||||||||
Minority interest in Aimco Operating Partnership, preferred [a] | (1,782 | ) | (1,785 | ) | (3,564 | ) | (3,583 | ) | ||||||||
Minority interest in Aimco Operating Partnership, common [a] | 1,821 | 2,238 | 4,342 | 4,171 | ||||||||||||
Total minority interests | (226 | ) | 1,975 | (5,404 | ) | 7,224 | ||||||||||
Income (loss) from continuing operations | (1,710 | ) | (4,185 | ) | (9,329 | ) | 2,288 | |||||||||
Income from discontinued operations, net [b] | 21,039 | 39,277 | 53,866 | 116,874 | ||||||||||||
Net income | 19,329 | 35,092 | 44,537 | 119,162 | ||||||||||||
Net income attributable to preferred stockholders | 16,346 | 19,034 | 32,694 | 43,088 | ||||||||||||
Net income attributable to common stockholders | $ | 2,983 | $ | 16,058 | $ | 11,843 | $ | 76,074 | ||||||||
Weighted average number of common shares outstanding | 95,973 | 96,071 | 95,972 | 95,627 | ||||||||||||
Weighted average number of common shares and common share equivalents outstanding | 95,973 | 96,071 | 95,972 | 95,627 | ||||||||||||
Earnings (loss) per common share — basic: | ||||||||||||||||
Loss from continuing operations (net of income attributable to preferred stockholders) | $ | (0.19 | ) | $ | (0.24 | ) | $ | (0.44 | ) | $ | (0.43 | ) | ||||
Income from discontinued operations | 0.22 | 0.41 | 0.56 | 1.23 | ||||||||||||
Net income attributable to common stockholders | $ | 0.03 | $ | 0.17 | $ | 0.12 | $ | 0.80 | ||||||||
Earnings (loss) per common share — diluted: | ||||||||||||||||
Loss from continuing operations (net of income attributable to preferred stockholders) | $ | (0.19 | ) | $ | (0.24 | ) | $ | (0.44 | ) | $ | (0.43 | ) | ||||
Income from discontinued operations | 0.22 | 0.41 | 0.56 | 1.23 | ||||||||||||
Net income attributable to common stockholders | $ | 0.03 | $ | 0.17 | $ | 0.12 | $ | 0.80 | ||||||||
GAAP Income Statements (continued)
Notes to Consolidated Statements of Income
[a] The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure.
[b] Income from discontinued operations of consolidated properties consists of the following (in thousands):
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Rental and other property revenues | $ | 6,413 | $ | 32,280 | $ | 18,499 | $ | 77,110 | ||||||||
Property operating expenses | (3,309 | ) | (16,459 | ) | (9,775 | ) | (40,132 | ) | ||||||||
Other (expenses) income, net | (269 | ) | (2,115 | ) | (1,089 | ) | (3,154 | ) | ||||||||
Depreciation and amortization | (1,598 | ) | (9,214 | ) | (4,711 | ) | (22,329 | ) | ||||||||
Interest expense | (1,018 | ) | (6,898 | ) | (4,249 | ) | (16,530 | ) | ||||||||
Interest income | 32 | 224 | 120 | 537 | ||||||||||||
Gain on extinguishment of debt | — | — | 22,852 | — | ||||||||||||
Minority interest in consolidated real estate partnerships | 644 | 1,392 | 935 | 2,888 | ||||||||||||
Income (loss) from operations | 895 | (790 | ) | 22,582 | (1,610 | ) | ||||||||||
Gain on dispositions of real estate, net of minority partners’ interest | 24,273 | 43,112 | 39,906 | 142,822 | ||||||||||||
Real estate impairment recoveries (losses), net | 60 | 195 | (783 | ) | (8 | ) | ||||||||||
Recovery of deficit distributions to minority partners | 555 | 1,896 | 418 | 16,145 | ||||||||||||
Income tax arising from disposals | (2,597 | ) | (1,044 | ) | (2,761 | ) | (27,986 | ) | ||||||||
Minority interest in Aimco Operating Partnership | (2,147 | ) | (4,092 | ) | (5,496 | ) | (12,489 | ) | ||||||||
Income from discontinued operations | $ | 21,039 | $ | 39,277 | $ | 53,866 | $ | 116,874 | ||||||||
GAAP Balance Sheets
Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, 2007 | December 31, 2006 | |||||||
ASSETS | ||||||||
Buildings and improvements | $ | 9,486,611 | $ | 9,301,769 | ||||
Land | 2,608,316 | 2,384,926 | ||||||
Accumulated depreciation | (2,905,219 | ) | (2,778,355 | ) | ||||
NET REAL ESTATE | 9,189,708 | 8,908,340 | ||||||
Cash and cash equivalents | 258,027 | 229,824 | ||||||
Restricted cash | 332,955 | 346,552 | ||||||
Accounts receivable | 76,347 | 85,772 | ||||||
Accounts receivable from affiliates | 33,680 | 20,763 | ||||||
Deferred financing costs | 73,136 | 72,214 | ||||||
Notes receivable from unconsolidated real estate partnerships | 43,106 | 40,641 | ||||||
Notes receivable from non-affiliates | 138,678 | 139,352 | ||||||
Investment in unconsolidated real estate partnerships | 37,124 | 39,000 | ||||||
Other assets | 199,321 | 202,760 | ||||||
Deferred income tax asset, net | 5,139 | — | ||||||
Assets held for sale | 12,420 | 204,557 | ||||||
TOTAL ASSETS | $ | 10,399,641 | $ | 10,289,775 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Property tax-exempt bond financing | $ | 949,692 | $ | 926,952 | ||||
Property loans payable | 5,595,153 | 5,198,010 | ||||||
Term loans | 400,000 | 400,000 | ||||||
Credit facility | 154,000 | 140,000 | ||||||
Other borrowings | 59,786 | 67,660 | ||||||
TOTAL INDEBTEDNESS | 7,158,631 | 6,732,622 | ||||||
Accounts payable | 42,096 | 54,972 | ||||||
Accrued liabilities and other | 300,373 | 409,991 | ||||||
Deferred income | 150,326 | 142,442 | ||||||
Security deposits | 48,038 | 43,325 | ||||||
Deferred income tax liability, net | — | 4,379 | ||||||
Liabilities related to assets held for sale | 8,546 | 164,556 | ||||||
TOTAL LIABILITIES | 7,708,010 | 7,552,287 | ||||||
Minority interest in consolidated real estate partnerships | 262,608 | 212,149 | ||||||
Minority interest in Aimco Operating Partnership | 155,564 | 185,447 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Perpetual preferred stock | 723,500 | 723,500 | ||||||
Convertible preferred stock | 100,000 | 100,000 | ||||||
Class A Common Stock | 967 | 968 | ||||||
Additional paid-in capital | 3,060,683 | 3,095,430 | ||||||
Notes due on common stock purchases | (3,760 | ) | (4,714 | ) | ||||
Distributions in excess of earnings | (1,607,931 | ) | (1,575,292 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 2,273,459 | 2,339,892 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 10,399,641 | $ | 10,289,775 | ||||
GAAP Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30, | ||||||||
2007 | 2006 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 44,537 | $ | 119,162 | ||||
Depreciation and amortization | 244,195 | 219,461 | ||||||
Adjustments to income from discontinued operations | (53,121 | ) | (127,029 | ) | ||||
Other adjustments to reconcile net income | (9,103 | ) | 11,527 | |||||
Changes in operating assets and liabilities | (23,171 | ) | 41,819 | |||||
Net cash provided by operating activities | 203,337 | 264,940 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of real estate | (174,991 | ) | (41,732 | ) | ||||
Capital expenditures | (268,608 | ) | (236,203 | ) | ||||
Proceeds from dispositions of real estate | 259,631 | 544,815 | ||||||
Change in funds held in escrow from tax-free exchanges | 9,975 | — | ||||||
Cash from newly consolidated properties | — | 22,432 | ||||||
Purchases of partnership interests | (17,541 | ) | (10,932 | ) | ||||
Originations of notes receivable | (8,640 | ) | (7,820 | ) | ||||
Proceeds from repayment of notes receivable | 14,152 | 5,318 | ||||||
Distributions received from investments in unconsolidated real estate partnerships | 1,814 | 11,312 | ||||||
Other investing activities | (2,756 | ) | (21,255 | ) | ||||
Net cash provided by (used in) investing activities | (186,964 | ) | 265,935 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from property loans | 791,330 | 656,634 | ||||||
Principal repayments on property loans | (528,459 | ) | (599,870 | ) | ||||
Proceeds from tax-exempt bonds | 82,350 | — | ||||||
Principal repayments on tax-exempt bond financing | (58,659 | ) | (31,690 | ) | ||||
Net borrowings (repayments) on revolving credit facility | 14,000 | (217,000 | ) | |||||
Proceeds from issuance of preferred stock | — | 97,537 | ||||||
Redemption of preferred stock | — | (113,250 | ) | |||||
Repurchase of Class A Common Stock | (136,603 | ) | — | |||||
Proceeds from Class A Common Stock option exercises | 53,232 | 39,459 | ||||||
Principal payments on Class A stock notes | 1,605 | 18,626 | ||||||
Payment of Class A Common Stock dividends | (116,363 | ) | (115,046 | ) | ||||
Payment of preferred stock dividends | (32,720 | ) | (41,879 | ) | ||||
Payment of distributions to minority interest | (52,877 | ) | (61,589 | ) | ||||
Other financing activities | (5,006 | ) | (1,074 | ) | ||||
Net cash provided by (used in) financing activities | 11,830 | (369,142 | ) | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 28,203 | 161,733 | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 229,824 | 161,730 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 258,027 | $ | 323,463 | ||||
Third Quarter and Full Year 2007
(unaudited)
Third Quarter 2007 | Full Year 2007 | |||||||||||
GAAP earnings per share [1] | -$0.25 to -$0.21 | -$0.26 to -$0.16 | ||||||||||
Add: Depreciation and other | $1.05 | $3.59 | ||||||||||
FFO per share [2] | $0.80 to $0.84 | $3.33 to $3.43 | ||||||||||
AFFO per share [3] | greater than $2.40 | |||||||||||
2007 Same Store operating assumptions: | ||||||||||||
Weighted average daily occupancy | 94% to 95% | 94% to 95% | ||||||||||
NOI change - sequential | 0.8% to 1.8% | |||||||||||
NOI change - 2007 vs. 2006 | 6.0% to 7.0% | 5.5% to 6.5% | ||||||||||
Gross dispositions [4] | $400M to $600M | (Aimco share $300M - $450M) | ||||||||||
Gross acquisitions [5] | $400M to $500M | (100% Aimco share) |
[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, (ii) unrecognized gains or losses on early repayment of debt or (iii) redemption related preferred stock issuance costs. | ||
[2] FFO per share represents FFO before impairments. | ||
[3] Outlook for AFFO is provided on an annual basis. | ||
[4] Aimco anticipates gross sales proceeds of $400 to $600 million for 2007 ($340 to $510 million related to conventional properties and $60 to $90 million related to affordable properties). Aimco share of proceeds is expected to be $300 to $450 million ($270 to $405 million related to conventional properties and $30 to $45 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 $150 to $200 million ($135 to $175 million related to conventional properties and $15 to $25 million related to affordable properties). The potential sale of the Flamingo South Beach property North and Central towers is not included in the dispositions total. | ||
[5] Gross acquisitions include property acquisitions, limited partnership acquisitions and repurchase of Aimco stock. |
Schedule 1 | — | Funds From Operations and Adjusted Funds From Operations | ||
Schedule 2 | — | Proportionate Operating Results Presentation | ||
Schedule 3 | — | Proportionate Balance Sheet Presentation | ||
Schedule 4 | — | Share Data | ||
Schedule 5 | — | Selected Debt Structure and Maturity Data | ||
Schedule 6a | — | Same Store Operating Results (2Q 2007 v. 2Q 2006) | ||
Schedule 6b | — | Same Store Operating Results (2Q 2007 v. 1Q 2007) | ||
Schedule 6c | — | Same Store Operating Results (YTD 2Q 2007 v. YTD 2Q 2006) | ||
Schedule 7 | — | Selected Conventional Portfolio Performance Data | ||
Schedule 8 | — | Property Sales and Acquisitions Activity | ||
Schedule 9 | — | Capital Expenditures | ||
Schedule 10 | — | Summary of Redevelopment Activity | ||
Schedule 11 | — | Aimco Capital | ||
Schedule 12 | — | 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, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Net income attributable to common stockholders [1] | $ | 2,983 | $ | 16,058 | $ | 11,843 | $ | 76,074 | ||||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization [2] | 121,807 | 112,272 | 244,195 | 219,461 | ||||||||||||
Depreciation and amortization related to non-real estate assets | (4,866 | ) | (7,682 | ) | (11,480 | ) | (15,765 | ) | ||||||||
Depreciation of rental property related to minority partners and unconsolidated entities [3] | (4,434 | ) | (9,552 | ) | (18,049 | ) | (23,043 | ) | ||||||||
Gain on dispositions of unconsolidated real estate and other | (639 | ) | (1,059 | ) | (1,688 | ) | (10,757 | ) | ||||||||
Gain on dispositions of non-depreciable assets and other | — | 671 | — | 6,371 | ||||||||||||
Deficit distributions to minority partners [4] | 2,028 | 3,935 | 3,221 | 6,011 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Gain on dispositions of real estate, net of minority partners’ interest [3] | (24,273 | ) | (43,112 | ) | (39,906 | ) | (142,822 | ) | ||||||||
Depreciation of rental property, net of minority partners’ interest [3] | 1,152 | 6,724 | (13,829 | ) | 16,608 | |||||||||||
Recovery of deficit distributions to minority partners [4] | (555 | ) | (1,896 | ) | (418 | ) | (16,145 | ) | ||||||||
Income tax arising from disposals | 2,597 | 1,044 | 2,761 | 27,986 | ||||||||||||
Minority interest in Aimco Operating Partnership’s share of above adjustments | (8,525 | ) | (6,055 | ) | (15,259 | ) | (6,699 | ) | ||||||||
Preferred stock dividends | 16,346 | 19,034 | 32,694 | 40,514 | ||||||||||||
Redemption related preferred stock issuance costs | — | — | — | 2,574 | ||||||||||||
Funds From Operations | $ | 103,621 | $ | 90,382 | $ | 194,085 | $ | 180,368 | ||||||||
Preferred stock dividends | (16,346 | ) | (19,034 | ) | (32,694 | ) | (40,514 | ) | ||||||||
Redemption related preferred stock issuance costs | — | — | — | (2,574 | ) | |||||||||||
Dividends/distributions on dilutive preferred securities | 58 | 61 | 58 | 123 | ||||||||||||
Funds From Operations Attributable to Common Stockholders — Diluted | $ | 87,333 | $ | 71,409 | $ | 161,449 | $ | 137,403 | ||||||||
Real estate impairment losses (recoveries), continuing operations [5] | — | 15 | — | (971 | ) | |||||||||||
Real estate impairment losses (recoveries), discontinued operations [5] | (60 | ) | (195 | ) | 783 | 8 | ||||||||||
Redemption related preferred stock issuance costs [6] | — | — | — | 2,574 | ||||||||||||
Minority interest in Aimco Operating Partnership’s share of above adjustments | 6 | 18 | (73 | ) | (160 | ) | ||||||||||
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs) | $ | 87,279 | $ | 71,247 | $ | 162,159 | $ | 138,854 | ||||||||
Capital Replacements | (25,968 | ) | (21,305 | ) | (44,653 | ) | (37,525 | ) | ||||||||
Minority interest in Aimco Operating Partnership’s share of Capital Replacements | 2,386 | 2,109 | 4,134 | 3,702 | ||||||||||||
Dividends/distributions on non-dilutive preferred securities | (58 | ) | (61 | ) | (58 | ) | (123 | ) | ||||||||
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted | $ | 63,639 | $ | 51,990 | $ | 121,582 | $ | 104,908 | ||||||||
Funds From Operations Attributable to Common Stockholders — Diluted: | ||||||||||||||||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||||
Common shares and equivalents [7] | 99,128 | 97,475 | 99,572 | 97,007 | ||||||||||||
Dilutive preferred securities | 72 | 91 | 36 | 93 | ||||||||||||
99,200 | 97,566 | 99,608 | 97,100 | |||||||||||||
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 [7] | 99,128 | 97,475 | 99,572 | 97,007 | ||||||||||||
Dilutive preferred securities | 72 | 91 | 36 | 93 | ||||||||||||
99,200 | 97,566 | 99,608 | 97,100 | |||||||||||||
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted: | ||||||||||||||||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||||
Common shares and equivalents [7] | 99,128 | 97,475 | 99,572 | 97,007 | ||||||||||||
Dilutive preferred securities | — | — | — | — | ||||||||||||
99,128 | 97,475 | 99,572 | 97,007 | |||||||||||||
Per Share: | ||||||||||||||||
Funds From Operations — Diluted | $ | 0.88 | $ | 0.73 | $ | 1.62 | $ | 1.41 | ||||||||
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs) | $ | 0.88 | $ | 0.73 | $ | 1.63 | $ | 1.43 | ||||||||
Adjusted Funds From Operations — Diluted | $ | 0.64 | $ | 0.53 | $ | 1.22 | $ | 1.08 | ||||||||
Dividends paid | $ | 0.60 | $ | 0.60 | $ | 1.20 | $ | 1.20 |
Supplemental Schedule 1 (continued)
Notes to Funds From Operations and Adjusted Funds From Operations
[1] Represents the numerator for calculating basic earnings per common share in accordance with GAAP.
[2] 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.
[3] “Minority partners’ interest” means minority interest in our consolidated real estate partnerships.
[4] 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.
[5] 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 months ended June 30, 2007 and 2006 includes recoveries of impairment losses of $0.1 million and $0.2 million, respectively, and FFO for the six months ended June 30, 2007 and 2006 includes impairment losses of $0.8 million and recoveries of impairment losses of $1.0 million, respectively.
[6] 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 six months ended June 30, 2006 includes issuance costs of $2.6 million.
[7] Represents the denominator for calculating Aimco’s diluted earnings per common share in accordance with GAAP plus additional common share equivalents that are dilutive for FFO or AFFO.
Supplemental Schedule 2
Proportionate Operating Results Presentation | (page 1 of 2) | |
(in thousands) (unaudited) |
Three Months Ended June 30, 2007 | Six Months Ended June 30, 2007 | |||||||||||||||||||||||||||||||
Aimco | Share of | Minority | Proportionate | Aimco | Share of | Minority | Proportionate | |||||||||||||||||||||||||
GAAP Income | Unconsolidated | Partners’ | Income | GAAP Income | Unconsolidated | Partners’ | Income | |||||||||||||||||||||||||
Statement | Partnerships | Interest | Statement | Statement | Partnerships | Interest | Statement | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rental and other property revenues: | ||||||||||||||||||||||||||||||||
Same Store properties [1] [2] | $ | 300,949 | $ | 454 | $ | (40,134 | ) | $ | 261,269 | $ | 595,288 | $ | 888 | $ | (81,555 | ) | $ | 514,621 | ||||||||||||||
Acquisition properties [1] | 7,661 | — | (1 | ) | 7,660 | 12,157 | — | (1 | ) | 12,156 | ||||||||||||||||||||||
Redevelopment properties [1] | 42,662 | — | (4,308 | ) | 38,354 | 84,792 | — | (8,633 | ) | 76,159 | ||||||||||||||||||||||
Other properties [1] | 10,003 | 548 | (798 | ) | 9,753 | 19,720 | 707 | (1,635 | ) | 18,792 | ||||||||||||||||||||||
Affordable properties [1] | 60,589 | 5,926 | (20,253 | ) | 46,262 | 120,406 | 11,615 | (38,181 | ) | 93,840 | ||||||||||||||||||||||
Total rental and other property revenues | 421,864 | 6,928 | (65,494 | ) | 363,298 | 832,363 | 13,210 | (130,005 | ) | 715,568 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates [3] | 1,271 | (291 | ) | 3,378 | 4,358 | 3,367 | (571 | ) | 6,723 | 9,519 | ||||||||||||||||||||||
Activity fees and asset management revenues | 15,178 | — | — | 15,178 | 26,808 | — | — | 26,808 | ||||||||||||||||||||||||
Total revenues | 438,313 | 6,637 | (62,116 | ) | 382,834 | 862,538 | 12,639 | (123,282 | ) | 751,895 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||
Same Store properties [2] | 126,437 | 233 | (18,614 | ) | 108,056 | 250,380 | 429 | (37,819 | ) | 212,990 | ||||||||||||||||||||||
Acquisition properties | 3,242 | — | (5 | ) | 3,237 | 5,304 | — | (5 | ) | 5,299 | ||||||||||||||||||||||
Redevelopment properties | 18,374 | 2 | (2,187 | ) | 16,189 | 37,822 | 2 | (4,416 | ) | 33,408 | ||||||||||||||||||||||
Other properties | 5,536 | 303 | (435 | ) | 5,404 | 10,952 | 456 | (827 | ) | 10,581 | ||||||||||||||||||||||
Affordable properties | 30,625 | 3,180 | (10,571 | ) | 23,234 | 62,213 | 6,419 | (19,152 | ) | 49,480 | ||||||||||||||||||||||
Casualties, Conventional | (566 | ) | (413 | ) | 652 | (327 | ) | 1,502 | (412 | ) | 2,077 | 3,167 | ||||||||||||||||||||
Casualties, Affordable | 1,108 | 9 | (444 | ) | 673 | 114 | (82 | ) | 701 | 733 | ||||||||||||||||||||||
Property management expenses, Conventional [4] | 6,300 | — | 444 | 6,744 | 14,912 | — | (617 | ) | 14,295 | |||||||||||||||||||||||
Property management expenses, Affordable [4] | 1,625 | — | (622 | ) | 1,003 | 2,725 | — | (738 | ) | 1,987 | ||||||||||||||||||||||
Total property operating expenses | 192,681 | 3,314 | (31,782 | ) | 164,213 | 385,924 | 6,812 | (60,796 | ) | 331,940 | ||||||||||||||||||||||
Property management expenses [5] | 2,072 | — | 178 | 2,250 | 3,278 | — | 1,355 | 4,633 | ||||||||||||||||||||||||
Activity and asset management expenses | 6,076 | — | — | 6,076 | 11,351 | — | — | 11,351 | ||||||||||||||||||||||||
Depreciation and amortization | 121,807 | 1,151 | (5,664 | ) | 117,294 | 244,195 | 2,392 | (20,600 | ) | 225,987 | ||||||||||||||||||||||
General and administrative expenses | 24,606 | 22 | (1,178 | ) | 23,450 | 46,683 | 52 | (2,404 | ) | 44,331 | ||||||||||||||||||||||
Other expenses (income), net | (4,272 | ) | (149 | ) | (1,022 | ) | (5,443 | ) | (2,266 | ) | 2,888 | (4,121 | ) | (3,499 | ) | |||||||||||||||||
Total operating expenses | 342,970 | 4,338 | (39,468 | ) | 307,840 | 689,165 | 12,144 | (86,566 | ) | 614,743 | ||||||||||||||||||||||
Operating income | 95,343 | 2,299 | (22,648 | ) | 74,994 | 173,373 | 495 | (36,716 | ) | 137,152 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||
General partner loan interest | 2,890 | (85 | ) | 9,252 | 12,057 | 6,046 | (174 | ) | 18,735 | 24,607 | ||||||||||||||||||||||
Money market and interest bearing accounts | 5,550 | 211 | (849 | ) | 4,912 | 10,204 | 360 | (1,733 | ) | 8,831 | ||||||||||||||||||||||
Accretion on discounted notes receivable | 802 | — | — | 802 | 2,560 | — | — | 2,560 | ||||||||||||||||||||||||
Total interest income | 9,242 | 126 | 8,403 | 17,771 | 18,810 | 186 | 17,002 | 35,998 | ||||||||||||||||||||||||
Provision for losses on notes receivable | (735 | ) | — | — | (735 | ) | (2,278 | ) | — | — | (2,278 | ) | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Property debt (primarily non-recourse) | (101,427 | ) | (1,501 | ) | 14,486 | (88,442 | ) | (201,863 | ) | (2,745 | ) | 29,522 | (175,086 | ) | ||||||||||||||||||
Corporate credit facility | (10,831 | ) | — | — | (10,831 | ) | (21,667 | ) | — | — | (21,667 | ) | ||||||||||||||||||||
Capitalized interest | 7,383 | 6 | (506 | ) | 6,883 | 13,915 | 9 | (889 | ) | 13,035 | ||||||||||||||||||||||
Total interest expense | (104,875 | ) | (1,495 | ) | 13,980 | (92,390 | ) | (209,615 | ) | (2,736 | ) | 28,633 | (183,718 | ) | ||||||||||||||||||
Deficit distributions to minority partners | (2,028 | ) | — | — | (2,028 | ) | (3,221 | ) | — | — | (3,221 | ) | ||||||||||||||||||||
Equity in earnings (losses) of unconsolidated real estate partnerships | 930 | (930 | ) | — | — | (2,055 | ) | 2,055 | — | — | ||||||||||||||||||||||
Gain on dispositions of unconsolidated real estate and other | 639 | — | — | 639 | 1,688 | — | — | 1,688 | ||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | 19,373 | — | (15,101 | ) | 4,272 | |||||||||||||||||||||||
Loss before minority interests and discontinued operations | (1,484 | ) | — | (265 | ) | (1,749 | ) | (3,925 | ) | — | (6,182 | ) | (10,107 | ) | ||||||||||||||||||
Minority interest in consolidated real estate partnerships | (265 | ) | — | 265 | — | (6,182 | ) | — | 6,182 | — | ||||||||||||||||||||||
Minority interest in Aimco Operating Partnership | 39 | — | — | 39 | 778 | — | — | 778 | ||||||||||||||||||||||||
Loss from continuing operations | (1,710 | ) | — | — | (1,710 | ) | (9,329 | ) | — | — | (9,329 | ) | ||||||||||||||||||||
Income from discontinued operations, net | 21,039 | — | — | 21,039 | 53,866 | — | — | 53,866 | ||||||||||||||||||||||||
Net income | 19,329 | — | — | 19,329 | 44,537 | — | — | 44,537 | ||||||||||||||||||||||||
Net income attributable to preferred stockholders | 16,346 | — | — | 16,346 | 32,694 | — | — | 32,694 | ||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 2,983 | $ | — | $ | — | $ | 2,983 | $ | 11,843 | $ | — | $ | — | $ | 11,843 | ||||||||||||||||
(See footnotes on page 2 of 2)
Proportionate Operating Results Presentation | (page 2 of 2) | |
(in thousands) (unaudited) |
Three Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, 2007 | June 30, 2007 | |||||||
Components of FFO: | ||||||||
Real estate operations: | ||||||||
Rental and other property revenues | $ | 363,298 | $ | 715,568 | ||||
Property operating expenses | (164,213 | ) | (331,940 | ) | ||||
Net real estate operations | 199,085 | 383,628 | ||||||
Property management, net | 2,108 | 4,886 | ||||||
Activity and asset management, net | 9,102 | 15,457 | ||||||
Depreciation and amortization related to non-real estate assets | (4,787 | ) | (11,321 | ) | ||||
General and administrative expenses | (23,450 | ) | (44,331 | ) | ||||
Other (expenses) income, net | 5,443 | 3,499 | ||||||
Interest income | 17,771 | 35,998 | ||||||
Provision for losses on notes receivable | (735 | ) | (2,278 | ) | ||||
Interest expense | (92,390 | ) | (183,718 | ) | ||||
Gain on extinguishment of debt | — | 4,272 | ||||||
Discontinued operations: | ||||||||
Operations and other | 2,534 | 4,970 | ||||||
Interest expense | (427 | ) | (2,039 | ) | ||||
Gain on extinguishment of debt | — | 5,039 | ||||||
Preferred stock dividends | (16,346 | ) | (32,694 | ) | ||||
Preferred partnership unit distributions | (1,782 | ) | (3,564 | ) | ||||
Dividends/distributions on dilutive preferred securities | 58 | 58 | ||||||
Subtotal before minority interest in Aimco Operating Partnership | $ | 96,184 | $ | 177,862 | ||||
Minority interest in common units of Aimco Operating Partnership | (8,851 | ) | (16,413 | ) | ||||
FFO Attributable to Common Stockholders — Diluted | $ | 87,333 | $ | 161,449 | ||||
Reconciliation of Net Income to FFO and AFFO: | ||||||||
Net income | $ | 19,329 | $ | 44,537 | ||||
Real estate depreciation and amortization | 117,294 | 225,987 | ||||||
Depreciation and amortization related to non-real estate assets | (4,787 | ) | (11,321 | ) | ||||
Deficit distributions to minority partners | 2,028 | 3,221 | ||||||
Gain on dispositions of unconsolidated real estate and other | (639 | ) | (1,688 | ) | ||||
Gain on dispositions of non-depreciable assets | — | — | ||||||
Discontinued operations | (21,079 | ) | (51,392 | ) | ||||
Minority interest in Aimco Operating Partnership’s share of adjustments | (8,525 | ) | (15,259 | ) | ||||
Preferred stock dividends | (16,346 | ) | (32,694 | ) | ||||
Redemption related preferred stock issuance costs | — | — | ||||||
Dividends/distributions on dilutive preferred securities | 58 | 58 | ||||||
FFO Attributable to Common Stockholders — Diluted | $ | 87,333 | $ | 161,449 | ||||
Capital Replacements | (25,968 | ) | (44,653 | ) | ||||
Real estate impairment losses (recoveries), continuing operations | — | — | ||||||
Real estate impairment losses (recoveries), discontinued operations | (60 | ) | 783 | |||||
Redemption related preferred stock issuance costs | — | — | ||||||
Minority interest in Aimco Operating Partnership’s share of adjustments | 2,392 | 4,061 | ||||||
Dividends/distributions on non-dilutive preferred securities | (58 | ) | (58 | ) | ||||
AFFO Attributable to Common Stockholders — Diluted | $ | 63,639 | $ | 121,582 | ||||
As of June 30, 2007
(in thousands) (unaudited)
Consolidated | Proportionate | |||||||||||||||
GAAP | Share of | Minority | Proportionate | |||||||||||||
Balance Sheet | Unconsolidated | Partners’ | Balance | |||||||||||||
June 30, 2007 | Partnerships [1] | Interest [2] | Sheet [3] | |||||||||||||
ASSETS | ||||||||||||||||
Buildings and improvements | $ | 9,486,611 | $ | 54,853 | $ | (1,325,797 | ) | $ | 8,215,667 | |||||||
Land | 2,608,316 | 2,163 | (101,733 | ) | 2,508,746 | |||||||||||
Accumulated depreciation | (2,905,219 | ) | (35,731 | ) | 782,650 | (2,158,300 | ) | |||||||||
NET REAL ESTATE | 9,189,708 | 21,285 | (644,880 | ) | 8,566,113 | |||||||||||
Cash and cash equivalents | 258,027 | 1,569 | (81,295 | ) | 178,301 | |||||||||||
Restricted cash | 332,955 | 5,746 | (63,339 | ) | 275,362 | |||||||||||
Accounts receivable | 76,347 | 692 | — | 77,039 | ||||||||||||
Accounts receivable from affiliates | 33,680 | — | — | 33,680 | ||||||||||||
Deferred financing costs | 73,136 | — | — | 73,136 | ||||||||||||
Notes receivable from unconsolidated real estate partnerships | 43,106 | — | — | 43,106 | ||||||||||||
Notes receivable from non-affiliates | 138,678 | — | — | 138,678 | ||||||||||||
Investment in unconsolidated real estate partnerships | 37,124 | 20,213 | — | 57,337 | ||||||||||||
Other assets | 199,321 [4] | 14,613 | — | 213,934 | ||||||||||||
Deferred income tax asset, net | 5,139 | — | — | 5,139 | ||||||||||||
Assets held for sale | 12,420 | — | — | 12,420 | ||||||||||||
TOTAL ASSETS | $ | 10,399,641 | $ | 64,118 | $ | (789,514 | ) | $ | 9,674,245 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Property tax-exempt bond financing | $ | 949,692 | $ | 139 | $ | (26,292 | ) | $ | 923,539 | |||||||
Property loans payable | 5,595,153 | 53,693 | (742,317 | ) | 4,906,529 | |||||||||||
Term loans | 400,000 | — | — | 400,000 | ||||||||||||
Credit facility | 154,000 | — | — | 154,000 | ||||||||||||
Other borrowings | 59,786 | — | — | 59,786 | ||||||||||||
TOTAL INDEBTEDNESS | 7,158,631 | 53,832 | (768,609 | ) | 6,443,854 | |||||||||||
Accounts payable | 42,096 | 10,286 | — | 52,382 | ||||||||||||
Accrued liabilities and other | 300,373 | — | — | 300,373 | ||||||||||||
Deferred income | 150,326 | — | — | 150,326 | ||||||||||||
Security deposits | 48,038 | — | — | 48,038 | ||||||||||||
Liabilities related to assets held for sale | 8,546 | — | — | 8,546 | ||||||||||||
TOTAL LIABILITIES | 7,708,010 | 64,118 | (768,609 | ) | 7,003,519 | |||||||||||
Minority interest in consolidated real estate partnerships | 262,608 | — | (20,905 | ) | 241,703 | |||||||||||
Minority interest in Aimco Operating Partnership | 155,564 | — | — | 155,564 | ||||||||||||
NET OPERATING ASSETS | $ | — | $ | — | $ | 2,273,459 | ||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||
Perpetual preferred stock | 723,500 | |||||||||||||||
Convertible preferred stock | 100,000 | |||||||||||||||
Class A Common Stock | 967 | |||||||||||||||
Additional paid-in capital | 3,060,683 | |||||||||||||||
Notes due on common stock purchases | (3,760 | ) | ||||||||||||||
Distributions in excess of earnings | (1,607,931 | ) | ||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 2,273,459 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 10,399,641 | ||||||||||||||
[1] | Total of Aimco’s proportionate share of selected unconsolidated balance sheet data. | |
[2] | 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 to those notes is $49.1 million. | |
[3] | Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of June 30, 2007, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data. | |
[4] | Other assets includes $81.9 million in goodwill and $2.8 million in investments in management contracts. |
Share Data
As of June 30, 2007
(in thousands) (unaudited)
Shares/Units | ||||||||||||||||
Outstanding | ||||||||||||||||
as of | Redemption | |||||||||||||||
June 30, 2007 | Date [1] | Coupon | Amount | |||||||||||||
Perpetual Preferred Stock [2]: | ||||||||||||||||
Class G | 4,050 | 7/15/2008 | 9.375 | % | $ | 101,000 | ||||||||||
Class T | 6,000 | 7/31/2008 | 8.00 | % | 150,000 | |||||||||||
Class U | 8,000 | 3/24/2009 | 7.75 | % | 200,000 | |||||||||||
Class V | 3,450 | 9/29/2009 | 8.00 | % | 86,250 | |||||||||||
Class Y | 3,450 | 12/21/2009 | 7.875 | % | 86,250 | |||||||||||
Series A Community Reinvestment Act | 0 | [3] | 6/30/2011 | 6.610 | %[4] | 100,000 | ||||||||||
Total perpetual preferred stock | 723,500 | |||||||||||||||
Convertible Preferred Stock — Class W [5] | 1,905 | 9/30/2007 | 8.10 | % | 100,000 | |||||||||||
Preferred Partnership Units [6] | 3,253 | 7.99 | % | 89,107 | ||||||||||||
Total outstanding preferred securities | $ | 912,607 | ||||||||||||||
Shares/Units Outstanding as of | Weighted Average Shares / Units | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2007 | June 30, 2007 | |||||||||||||||||||
June 30, 2007 | Diluted EPS | Diluted FFO | Diluted EPS | Diluted FFO | ||||||||||||||||
Class A Common Stock [7] | 95,614 | 95,973 | 95,973 | 95,972 | 95,972 | |||||||||||||||
Dilutive securities: | ||||||||||||||||||||
Options, restricted stock and non-recourse shares [8] | 1,835 | — | 2,297 | — | 2,742 | |||||||||||||||
High Performance Units [9] | 858 | — | 858 | — | 858 | |||||||||||||||
Convertible preferred securities [10] | — | — | 72 | — | 36 | |||||||||||||||
Total shares and dilutive share equivalents | 98,307 | 95,973 | 99,200 | 95,972 | 99,608 | |||||||||||||||
Class I High Performance Units | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | |||||||||||||||
Common Partnership Units | 7,336 | 7,312 | 7,312 | 7,309 | 7,309 | |||||||||||||||
Common Partnership Units and equivalents | 9,715 | 9,691 | 9,691 | 9,688 | 9,688 | |||||||||||||||
Total shares, units and dilutive share equivalents | 108,022 | 105,664 | 108,891 | 105,660 | 109,296 | |||||||||||||||
Notes: | ||
[1] | The redemption date is the date the securities are first eligible for redemption by Aimco. | |
[2] | Preferred stock amounts are shown net of any eliminations required by GAAP. | |
[3] | Represents 200 shares at a liquidation preference per share of $500,000. | |
[4] | 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. | |
[5] | Conversion ratio for Class W is 1.0 to 1.0. | |
[6] | Coupon is based on a weighted average. | |
[7] | Includes a deduction of 1,104,000 for non-recourse shares and unvested restricted stock as of June 30, 2007. | |
[8] | Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of June 30, 2007 and reflect the options and shares outstanding at the end of the period and the $50.42 share price at the end of the period. Dilution for the three and six months ended June 30, 2007 reflects the weighted average amounts during the period. | |
[9] | Represents the number of equivalent common OP units that would be issued if the applicable measurement periods for Class VIII and IX HPUs, which end on December 31, 2007 and 2008, respectively, had ended on June 30, 2007 (if dilutive). | |
[10] | For the three and six months ended June 30, 2007, represents the number of common shares that would be issued upon conversion, if dilutive, considering the reduction in preferred dividends/distributions that would result from conversion. The dilutive effect of convertible preferred securities is less than $0.001 per share for the three and six months ended June 30, 2007. The potential common shares that would be issued upon conversion is ignored in the determination of shares/units outstanding as of June 30, 2007. |
Selected Debt Structure and Maturity Data
As of June 30, 2007
(dollars in thousands)
(unaudited)
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 | $ | 4,486,522 | $ | 6,588 | $ | (480,198 | ) | $ | 4,012,912 | 9.8 | 6.27 | % | ||||||||||||
Floating rate loans payable [1] | 448,184 | — | (32,747 | ) | 415,437 | 1.8 | 6.47 | % | ||||||||||||||||
Total property loans payable | 4,934,706 | 6,588 | (512,945 | ) | 4,428,349 | 9.1 | 6.29 | % | ||||||||||||||||
Fixed rate tax-exempt bonds | 170,872 | — | (7,817 | ) | 163,055 | 15.1 | 5.82 | % | ||||||||||||||||
Floating rate tax-exempt bonds [1] | 606,460 | — | (5,342 | ) | 601,118 | 13.7 | 4.05 | % | ||||||||||||||||
Total property tax-exempt bond financing | 777,332 | — | (13,159 | ) | 764,173 | 14.0 | 4.43 | % | ||||||||||||||||
Total Conventional portfolio | 5,712,038 | 6,588 | (526,104 | ) | 5,192,522 | 9.8 | 6.01 | % | ||||||||||||||||
Affordable Portfolio: | ||||||||||||||||||||||||
Fixed rate loans payable | 646,777 | 39,133 | (229,372 | ) | 456,538 | 17.6 | 5.55 | % | ||||||||||||||||
Floating rate loans payable | 13,670 | 7,972 | — | 21,642 | 3.6 | 5.66 | % | |||||||||||||||||
Total property loans payable | 660,447 | 47,105 | (229,372 | ) | 478,180 | 16.9 | 5.55 | % | ||||||||||||||||
Fixed rate tax-exempt bonds | 86,180 | 139 | (10,561 | ) | 75,758 | 26.6 | 5.23 | % | ||||||||||||||||
Floating rate tax-exempt bonds [1] | 86,180 | — | (2,572 | ) | 83,608 | 29.7 | 4.18 | % | ||||||||||||||||
Total property tax-exempt bond financing | 172,360 | 139 | (13,133 | ) | 159,366 | 28.2 | 4.68 | % | ||||||||||||||||
Total Affordable portfolio | 832,807 | 47,244 | (242,505 | ) | 637,546 | 19.8 | 5.33 | % | ||||||||||||||||
Total property debt | $ | 6,544,845 | $ | 53,832 | $ | (768,609 | ) | $ | 5,830,068 | 10.9 | 5.94 | % | ||||||||||||
Corporate Debt: | ||||||||||||||||||||||||
Term Loan | $ | 400,000 | $ | — | $ | — | $ | 400,000 | — | 6.86 | % | |||||||||||||
Credit Facility | 154,000 | — | — | 154,000 | — | 6.70 | % | |||||||||||||||||
Total corporate debt | $ | 554,000 | $ | — | $ | — | $ | 554,000 | — | 6.82 | % | |||||||||||||
Other borrowings [2] | $ | 59,786 | $ | — | $ | — | $ | 59,786 | ||||||||||||||||
Total debt | $ | 7,158,631 | $ | 53,832 | $ | (768,609 | ) | $ | 6,443,854 | 6.01 | % | |||||||||||||
[1] Floating rate debt presented above includes $409.6 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. |
[2] Other borrowings consists primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. At June 30, 2007, other borrowings includes $51.3 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million in variable rate obligations bearing interest at the prime rate plus 1.75%. |
Percent | Average | |||||||||||||||||||
Amortization | Maturities | Total | of Total | Rate | ||||||||||||||||
Q3 2007 | $ | 32,778 | $ | 102,689 | $ | 135,467 | 2.1 | % | 6.28 | % | ||||||||||
Q4 2007 | 33,569 | 98,816 | 132,385 | 2.0 | % | 7.03 | % | |||||||||||||
Q1 2008 | 36,064 | 42,794 | 78,858 | 1.2 | % | 7.00 | % | |||||||||||||
Q2 2008 | 36,236 | 58,332 | 94,568 | 1.4 | % | 6.16 | % | |||||||||||||
Q3 2008 | 34,121 | 73,791 | 107,912 | 1.6 | % | 5.70 | % | |||||||||||||
Q4 2008 | 34,397 | 113,264 | 147,661 | 2.3 | % | 5.80 | % | |||||||||||||
Q1 2009 | 34,498 | 129,142 | 163,640 | 2.5 | % | 5.34 | % | |||||||||||||
Q2 2009 | 35,128 | 171,097 | 206,225 | 3.2 | % | 5.72 | % | |||||||||||||
2009 remaining | 72,699 | 86,810 | 159,509 | 2.4 | % | 4.66 | % | |||||||||||||
2010 | 150,801 | 353,447 | 504,248 | 7.7 | % | 6.27 | % | |||||||||||||
2011 | 158,831 | 341,787 | 500,618 | 7.7 | % | 5.71 | % | |||||||||||||
Thereafter | 4,313,754 | 65.9 | % | |||||||||||||||||
Total property debt | $ | 6,544,845 | 100.0 | % | ||||||||||||||||
Percent | Average | |||||||||||||||||||
Amortization | Maturities | Total | of Total | Rate | ||||||||||||||||
2009 | $ | — | $ | 154,000 | $ | 154,000 | 27.8 | % | 6.70 | % | ||||||||||
2011 | — | 400,000 | 400,000 | 72.2 | % | 6.86 | % | |||||||||||||
Total corporate debt | $ | — | $ | 554,000 | $ | 554,000 | 100.0 | % | 6.82 | % | ||||||||||
Selected Debt Structure and Maturity Data
As of June 30, 2007
(dollars in millions)
(unaudited)
SECOND QUARTER LOAN CLOSINGS: | Original | New | Aimco | Aimco | Aimco | |||||||||||||||||||||||
Loan | Loan | Share | Share | Net | Prior | New | ||||||||||||||||||||||
Property Loan Type (all non-recourse) | Amount | Amount | Existing Loan | New Loan | Proceeds [1] | Rate | Rate | |||||||||||||||||||||
Refinancings: | ||||||||||||||||||||||||||||
Fixed rate | $ | 33.7 | $ | 126.4 | $ | 30.5 | $ | 120.8 | $ | 88.4 | 5.43 | % | 5.98 | % | ||||||||||||||
Floating rate | — | — | — | — | — | |||||||||||||||||||||||
Affordable, mark-to-market and other | 11.1 | 47.4 | 8.0 | 42.1 | 12.2 | 8.45 | % | 4.08 | % | |||||||||||||||||||
Loans Relating to Acquisitions: | ||||||||||||||||||||||||||||
Fixed rate | 16.0 | 56.0 | 16.0 | 56.0 | 39.7 | 5.25 | % | 5.75 | % | |||||||||||||||||||
Totals | $ | 60.8 | $ | 229.8 | $ | 54.5 | $ | 218.9 | $ | 140.3 | 5.93 | % | 5.53 | % | ||||||||||||||
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 | Existing Loan | New Loan | Proceeds [1] | Rate | Rate | |||||||||||||||||||||
Refinancings: | ||||||||||||||||||||||||||||
Fixed rate | $ | 260.6 | $ | 591.8 | $ | 191.6 | $ | 447.6 | $ | 251.3 | 7.33 | % | 6.10 | % | ||||||||||||||
Floating rate | 55.6 | 56.5 | 26.5 | 26.6 | 0.0 | 8.59 | % | 6.23 | % | |||||||||||||||||||
Affordable, mark-to-market and other | 21.4 | 97.9 | 15.6 | 88.6 | 50.1 | 8.45 | % | 4.78 | % | |||||||||||||||||||
Loans Relating to Acquisitions: | ||||||||||||||||||||||||||||
Fixed rate | 16.0 | 72.1 | 16.0 | 72.1 | 55.6 | 5.25 | % | 5.71 | % | |||||||||||||||||||
Totals | $ | 353.6 | $ | 818.3 | $ | 249.7 | $ | 634.9 | $ | 357.0 | 7.50 | % | 5.91 | % | ||||||||||||||
December 31, 2006 | March 31, 2007 | June 30, 2007 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Corporate debt | $ | 540 | 4.3 | % | $ | 530 | 4.1 | % | $ | 554 | 4.5 | % | ||||||||||||
Property debt (Aimco’s share) | 5,473 | 43.7 | % | 5,584 | 43.6 | % | 5,830 | 47.5 | % | |||||||||||||||
Other borrowings | 68 | 0.5 | % | 61 | 0.5 | % | 60 | 0.5 | % | |||||||||||||||
Total debt | 6,081 | 48.5 | % | 6,175 | 48.2 | % | 6,444 | 52.5 | % | |||||||||||||||
Less cash and restricted cash (Aimco’s share) | (456 | ) | -3.6 | % | (447 | ) | -3.5 | % | (454 | ) | -3.7 | % | ||||||||||||
Net debt | 5,625 | 44.9 | % | 5,728 | 44.7 | % | 5,990 | 48.8 | % | |||||||||||||||
Preferred equity | 913 | 7.3 | % | 913 | 7.1 | % | 913 | 7.4 | % | |||||||||||||||
Common equity at market [1] | 5,992 | 47.8 | % | 6,163 | 48.1 | % | 5,366 | 43.8 | % | |||||||||||||||
Total capitalization | $ | 12,530 | 100.0 | % | $ | 12,804 | 100.0 | % | $ | 12,269 | 100.0 | % | ||||||||||||
[1] | Common equity at market at June 30, 2007, March 31, 2007 and December 31, 2006 was calculated using 106.433 million, 106.825 million and 106.956 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $50.42, $57.69, and $56.02 per share/unit on June 29, 2007, March 31, 2007 and December 29, 2006, respectively. |
Moody’s Investor Service | Senior Unsecured Shelf | (P) Ba1 (stable outlook) | ||||
Standard and Poor’s | Corporate Credit Rating | BB+ (stable outlook) | ||||
Fitch | Bank Credit Facility | BBB- (stable outlook) |
Second Quarter 2007 Compared to Second Quarter 2006
(unaudited) (in thousands, except site and unit data)
Three Months Ended | Three Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2007 | June 30, 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 | 95 | % | $ | 4,516 | $ | 1,608 | $ | 2,908 | $ | 4,239 | $ | 1,594 | $ | 2,645 | $ | 277 | 6.5 | % | $ | 14 | 0.9 | % | $ | 263 | 9.9 | % | ||||||||||||||||||||||||||||||||||||||||
Los Angeles — Long Beach — Ventura | 12 | 3,538 | 100 | % | $ | 21,737 | $ | 7,053 | $ | 14,684 | 19,919 | 6,392 | 13,527 | 1,818 | 9.1 | % | 660 | 10.3 | % | 1,158 | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Orange County — Riverside | 8 | 1,883 | 87 | % | 6,415 | 2,041 | 4,374 | 6,119 | 1,901 | 4,218 | 296 | 4.8 | % | 140 | 7.4 | % | 156 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 4 | 1,622 | 96 | % | 5,246 | 1,665 | 3,581 | 5,141 | 1,609 | 3,532 | 105 | 2.0 | % | 56 | 3.5 | % | 49 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
29 | 8,334 | 95.4 | % | 37,915 | 12,367 | 25,548 | 95.6 | % | 35,418 | 11,496 | 23,922 | 96.1 | % | 2,497 | 7.0 | % | 871 | 7.6 | % | 1,626 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 2 | 592 | 100 | % | 1,276 | 576 | 700 | 1,322 | 503 | 819 | (46 | ) | -3.5 | % | 72 | 14.4 | % | (119 | ) | -14.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Miami — Fort Lauderdale | 10 | 3,226 | 85 | % | 10,391 | 4,096 | 6,295 | 10,247 | 4,058 | 6,189 | 144 | 1.4 | % | 38 | 0.9 | % | 106 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orlando — Daytona | 20 | 4,790 | 93 | % | 10,698 | 4,938 | 5,759 | 10,821 | 4,318 | 6,503 | (123 | ) | -1.1 | % | 621 | 14.4 | % | (744 | ) | -11.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tampa — St. Petersburg | 16 | 3,983 | 73 | % | 6,895 | 3,262 | 3,632 | 6,883 | 2,799 | 4,084 | 12 | 0.2 | % | 464 | 16.6 | % | (452 | ) | -11.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
West Palm Beach — Boca | 5 | 1,505 | 100 | % | 4,295 | 1,735 | 2,559 | 4,347 | 1,750 | 2,597 | (52 | ) | -1.2 | % | (14 | ) | -0.8 | % | (38 | ) | -1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
53 | 14,096 | 86.5 | % | 33,554 | 14,608 | 18,946 | 92.3 | % | 33,620 | 13,428 | 20,192 | 96.3 | % | (66 | ) | -0.2 | % | 1,180 | 8.8 | % | (1,246 | ) | -6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago | 16 | 4,248 | 82 | % | 11,284 | 4,579 | 6,706 | 10,603 | 4,649 | 5,955 | 681 | 6.4 | % | (70 | ) | -1.5 | % | 751 | 12.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati — Dayton | 6 | 1,587 | 60 | % | 2,243 | 996 | 1,247 | 2,181 | 941 | 1,240 | 62 | 2.9 | % | 55 | 5.8 | % | 7 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Columbus | 9 | 2,004 | 73 | % | 2,876 | 1,260 | 1,616 | 2,698 | 1,411 | 1,287 | 178 | 6.6 | % | (151 | ) | -10.7 | % | 329 | 25.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Detroit — Ann Arbor | 4 | 1,541 | 97 | % | 3,252 | 1,649 | 1,603 | 2,994 | 1,605 | 1,389 | 257 | 8.6 | % | 43 | 2.7 | % | 214 | 15.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Rapids — Lansing | 11 | 4,403 | 71 | % | 6,195 | 2,958 | 3,237 | 5,715 | 2,890 | 2,825 | 480 | 8.4 | % | 68 | 2.4 | % | 412 | 14.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis | 25 | 9,962 | 92 | % | 16,417 | 8,045 | 8,372 | 15,858 | 7,905 | 7,953 | 559 | 3.5 | % | 140 | 1.8 | % | 419 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Minneapolis — St. Paul | 4 | 1,223 | 83 | % | 3,568 | 1,503 | 2,065 | 3,310 | 1,439 | 1,872 | 258 | 7.8 | % | 65 | 4.5 | % | 193 | 10.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Midwest other | 2 | 704 | 44 | % | 639 | 285 | 354 | 641 | 274 | 367 | (2 | ) | -0.3 | % | 11 | 4.1 | % | (13 | ) | -3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
77 | 25,672 | 81.9 | % | 46,474 | 21,274 | 25,200 | 94.3 | % | 44,001 | 21,114 | 22,887 | 93.5 | % | 2,473 | 5.6 | % | 160 | 0.8 | % | 2,313 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 9 | 1,772 | 87 | % | 5,208 | 1,845 | 3,363 | 4,843 | 1,778 | 3,065 | 365 | 7.5 | % | 67 | 3.7 | % | 299 | 9.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
New England | 16 | 5,745 | 100 | % | 20,189 | 7,500 | 12,688 | 19,603 | 6,926 | 12,677 | 586 | 3.0 | % | 574 | 8.3 | % | 12 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia — New York | 13 | 5,522 | 86 | % | 18,181 | 6,716 | 11,465 | 17,097 | 6,111 | 10,987 | 1,084 | 6.3 | % | 606 | 9.9 | % | 479 | 4.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 17 | 8,890 | 95 | % | 28,414 | 10,785 | 17,629 | 27,223 | 9,720 | 17,503 | 1,191 | 4.4 | % | 1,066 | 11.0 | % | 126 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
55 | 21,929 | 93.3 | % | 71,993 | 26,847 | 45,146 | 95.8 | % | 68,766 | 24,535 | 44,231 | 95.4 | % | 3,227 | 4.7 | % | 2,312 | 9.4 | % | 915 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 9 | 2,484 | 81 | % | 4,649 | 2,278 | 2,371 | 4,089 | 1,983 | 2,106 | 560 | 13.7 | % | 295 | 14.9 | % | 265 | 12.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Savannah — Augusta | 2 | 416 | 100 | % | 900 | 388 | 512 | 944 | 331 | 613 | (44 | ) | -4.7 | % | 57 | 17.1 | % | (101 | ) | -16.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Columbia — Charleston | 3 | 600 | 76 | % | 944 | 411 | 533 | 940 | 412 | 528 | 3 | 0.3 | % | (1 | ) | -0.3 | % | 5 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Nashville | 7 | 2,166 | 78 | % | 4,053 | 1,783 | 2,270 | 3,811 | 1,670 | 2,141 | 243 | 6.4 | % | 114 | 6.8 | % | 129 | 6.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk | 9 | 2,747 | 80 | % | 6,220 | 2,154 | 4,066 | 6,032 | 2,091 | 3,942 | 188 | 3.1 | % | 64 | 3.0 | % | 124 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh — Durham — Chapel Hill | 8 | 2,247 | 77 | % | 3,454 | 1,627 | 1,828 | 3,043 | 1,550 | 1,493 | 411 | 13.5 | % | 77 | 4.9 | % | 335 | 22.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Richmond — Petersburg | 3 | 744 | 80 | % | 1,505 | 563 | 942 | 1,338 | 469 | 869 | 166 | 12.4 | % | 93 | 19.9 | % | 73 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
41 | 11,404 | 79.8 | % | 21,725 | 9,203 | 12,522 | 95.2 | % | 20,199 | 8,506 | 11,693 | 92.5 | % | 1,526 | 7.6 | % | 697 | 8.2 | % | 829 | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin — San Marcos | 7 | 1,497 | 100 | % | 3,179 | 1,652 | 1,527 | 2,923 | 1,475 | 1,448 | 255 | 8.7 | % | 176 | 11.9 | % | 79 | 5.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 17 | 4,206 | 82 | % | 6,902 | 3,487 | 3,415 | 6,497 | 3,320 | 3,177 | 405 | 6.2 | % | 167 | 5.0 | % | 237 | 7.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Houston — Galveston | 37 | 9,776 | 73 | % | 14,010 | 7,387 | 6,623 | 13,067 | 6,957 | 6,111 | 943 | 7.2 | % | 430 | 6.2 | % | 513 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | 9 | 1,951 | 93 | % | 3,164 | 1,659 | 1,505 | 3,048 | 1,536 | 1,512 | 117 | 3.8 | % | 123 | 8.0 | % | (7 | ) | -0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
70 | 17,430 | 79.5 | % | 27,255 | 14,186 | 13,069 | 94.9 | % | 25,536 | 13,289 | 12,247 | 93.4 | % | 1,719 | 6.7 | % | 897 | 6.7 | % | 823 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Front Range | 23 | 5,109 | 83 | % | 10,173 | 4,374 | 5,799 | 9,435 | 4,031 | 5,404 | 738 | 7.8 | % | 343 | 8.5 | % | 395 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix — Mesa | 16 | 4,223 | 94 | % | 8,162 | 3,648 | 4,514 | 7,677 | 3,504 | 4,173 | 485 | 6.3 | % | 144 | 4.1 | % | 341 | 8.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City — Ogden | 4 | 1,511 | 86 | % | 2,616 | 1,022 | 1,594 | 2,412 | 910 | 1,502 | 203 | 8.4 | % | 111 | 12.2 | % | 92 | 6.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 3 | 364 | 59 | % | 602 | 250 | 351 | 549 | 240 | 308 | 53 | 9.6 | % | 10 | 4.1 | % | 43 | 13.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West other | 5 | 1,621 | 100 | % | 3,068 | 1,453 | 1,615 | 2,993 | 1,327 | 1,666 | 75 | 2.5 | % | 126 | 9.5 | % | (51 | ) | -3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
51 | 12,828 | 88.6 | % | 24,620 | 10,747 | 13,873 | 94.9 | % | 23,066 | 10,012 | 13,054 | 94.6 | % | 1,554 | 6.7 | % | 735 | 7.3 | % | 819 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SAME STORE TOTALS | 376 | 111,693 | [2] | 85.9 | % | $ | 263,536 | $ | 109,232 | $ | 154,304 | 94.7 | % | $ | 250,606 | $ | 102,380 | $ | 148,226 | 94.4 | % | $ | 12,930 | 5.2 | % | $ | 6,852 | 6.7 | % | $ | 6,078 | 4.1 | % | |||||||||||||||||||||||||||||||||||
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1] | 158,328 | 83,449 | 74,879 | 141,893 | 71,126 | 70,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total rental and other property revenues and property operating expenses per GAAP income statement | $ | 421,864 | $ | 192,681 | $ | 229,183 | $ | 392,499 | $ | 173,506 | $ | 218,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 95,900 at June 30, 2007. |
Second Quarter 2007 Compared to First Quarter 2007
(unaudited) (in thousands, except site and unit data)
Three Months Ended | Three Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2007 | March 31, 2007 | 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 | 95 | % | $ | 4,516 | $ | 1,608 | $ | 2,908 | $ | 4,508 | $ | 1,667 | $ | 2,841 | $ | 8 | 0.2 | % | $ | (58 | ) | -3.5 | % | $ | 67 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||
Los Angeles — Long Beach — Ventura | 12 | 3,538 | 100 | % | 21,737 | 7,053 | 14,684 | 21,224 | 7,054 | 14,170 | 513 | 2.4 | % | (1 | ) | 0.0 | % | 514 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Orange County — Riverside | 8 | 1,883 | 87 | % | 6,415 | 2,041 | 4,374 | 6,305 | 1,965 | 4,341 | 110 | 1.7 | % | 77 | 3.9 | % | 33 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 4 | 1,622 | 96 | % | 5,246 | 1,665 | 3,581 | 5,218 | 1,645 | 3,572 | 28 | 0.5 | % | 20 | 1.2 | % | 9 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
29 | 8,334 | 95.4 | % | 37,915 | 12,367 | 25,548 | 95.6 | % | 37,255 | 12,330 | 24,925 | 95.9 | % | 660 | 1.8 | % | 37 | 0.3 | % | 623 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 2 | 592 | 100 | % | 1,275 | 576 | 700 | 1,278 | 507 | 771 | (3 | ) | -0.2 | % | 69 | 13.5 | % | (71 | ) | -9.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Miami — Fort Lauderdale | 10 | 3,226 | 85 | % | 10,391 | 4,096 | 6,295 | 10,349 | 4,136 | 6,213 | 42 | 0.4 | % | (40 | ) | -1.0 | % | 82 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Orlando — Daytona | 20 | 4,790 | 93 | % | 10,698 | 4,938 | 5,759 | 10,767 | 4,513 | 6,254 | (69 | ) | -0.6 | % | 426 | 9.4 | % | (495 | ) | -7.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tampa — St. Petersburg | 16 | 3,983 | 73 | % | 6,895 | 3,262 | 3,632 | 6,911 | 3,014 | 3,897 | (17 | ) | -0.2 | % | 248 | 8.2 | % | (265 | ) | -6.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
West Palm Beach — Boca | 5 | 1,505 | 100 | % | 4,295 | 1,735 | 2,559 | 4,406 | 1,775 | 2,631 | (112 | ) | -2.5 | % | (40 | ) | -2.2 | % | (72 | ) | -2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
53 | 14,096 | 86.5 | % | 33,554 | 14,608 | 18,946 | 92.3 | % | 33,711 | 13,944 | 19,767 | 92.5 | % | (157 | ) | -0.5 | % | 664 | 4.8 | % | (821 | ) | -4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago | 16 | 4,248 | 82 | % | 11,284 | 4,579 | 6,706 | 10,928 | 4,998 | 5,931 | 356 | 3.3 | % | (419 | ) | -8.4 | % | 775 | 13.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati — Dayton | 6 | 1,587 | 60 | % | 2,243 | 996 | 1,247 | 2,211 | 876 | 1,335 | 32 | 1.4 | % | 120 | 13.6 | % | (88 | ) | -6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbus | 9 | 2,004 | 73 | % | 2,876 | 1,260 | 1,616 | 2,767 | 1,317 | 1,450 | 108 | 3.9 | % | (57 | ) | -4.3 | % | 166 | 11.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Detroit — Ann Arbor | 4 | 1,541 | 97 | % | 3,252 | 1,649 | 1,603 | 3,269 | 1,934 | 1,334 | (17 | ) | -0.5 | % | (285 | ) | -14.8 | % | 268 | 20.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Grand Rapids — Lansing | 11 | 4,403 | 71 | % | 6,195 | 2,958 | 3,237 | 6,072 | 3,115 | 2,957 | 123 | 2.0 | % | (157 | ) | -5.0 | % | 280 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis | 25 | 9,962 | 92 | % | 16,417 | 8,045 | 8,372 | 16,105 | 7,740 | 8,365 | 312 | 1.9 | % | 304 | 3.9 | % | 7 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Minneapolis — St. Paul | 4 | 1,223 | 83 | % | 3,568 | 1,503 | 2,065 | 3,386 | 1,574 | 1,812 | 183 | 5.4 | % | (70 | ) | -4.5 | % | 253 | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Midwest other | 2 | 704 | 44 | % | 639 | 285 | 354 | 624 | 273 | 351 | 16 | 2.5 | % | 12 | 4.6 | % | 3 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
77 | 25,672 | 81.9 | % | 46,474 | 21,274 | 25,200 | 94.3 | % | 45,362 | 21,828 | 23,534 | 94.4 | % | 1,112 | 2.5 | % | (554 | ) | -2.5 | % | 1,666 | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 9 | 1,772 | 87 | % | 5,208 | 1,845 | 3,363 | 5,132 | 1,866 | 3,266 | 77 | 1.5 | % | (21 | ) | -1.1 | % | 97 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
New England | 16 | 5,745 | 100 | % | 20,189 | 7,500 | 12,688 | 19,797 | 7,619 | 12,178 | 391 | 2.0 | % | (119 | ) | -1.6 | % | 510 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia — New York | 13 | 5,522 | 86 | % | 18,181 | 6,716 | 11,465 | 17,780 | 6,618 | 11,161 | 402 | 2.3 | % | 98 | 1.5 | % | 304 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 17 | 8,890 | 95 | % | 28,414 | 10,785 | 17,629 | 28,002 | 11,024 | 16,978 | 412 | 1.5 | % | (239 | ) | -2.2 | % | 650 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
55 | 21,929 | 93.3 | % | 71,993 | 26,847 | 45,146 | 95.8 | % | 70,711 | 27,127 | 43,584 | 95.5 | % | 1,282 | 1.8 | % | (280 | ) | -1.0 | % | 1,562 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 9 | 2,484 | 81 | % | 4,649 | 2,278 | 2,371 | 4,500 | 2,007 | 2,492 | 149 | 3.3 | % | 271 | 13.5 | % | (121 | ) | -4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Savannah — Augusta | 2 | 416 | 100 | % | 900 | 388 | 512 | 929 | 333 | 596 | (29 | ) | -3.1 | % | 54 | 16.3 | % | (84 | ) | -14.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Columbia — Charleston | 3 | 600 | 76 | % | 944 | 411 | 533 | 945 | 399 | 546 | (1 | ) | -0.1 | % | 12 | 3.0 | % | (13 | ) | -2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Nashville | 7 | 2,166 | 78 | % | 4,053 | 1,783 | 2,270 | 3,964 | 1,628 | 2,336 | 90 | 2.3 | % | 156 | 9.6 | % | (66 | ) | -2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk | 9 | 2,747 | 80 | % | 6,220 | 2,154 | 4,066 | 5,886 | 2,025 | 3,861 | 334 | 5.7 | % | 129 | 6.4 | % | 205 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh — Durham — Chapel Hill | 8 | 2,247 | 77 | % | 3,454 | 1,627 | 1,828 | 3,271 | 1,584 | 1,687 | 183 | 5.6 | % | 42 | 2.7 | % | 141 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Richmond — Petersburg | 3 | 744 | 80 | % | 1,505 | 563 | 942 | 1,511 | 504 | 1,007 | (7 | ) | -0.4 | % | 59 | 11.6 | % | (65 | ) | -6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
41 | 11,404 | 79.8 | % | 21,725 | 9,203 | 12,522 | 95.2 | % | 21,007 | 8,481 | 12,526 | 93.7 | % | 718 | 3.4 | % | 722 | 8.5 | % | (4 | ) | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin — San Marcos | 7 | 1,497 | 100 | % | 3,179 | 1,652 | 1,527 | 3,106 | 1,545 | 1,561 | 73 | 2.3 | % | 107 | 6.9 | % | (34 | ) | -2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 17 | 4,206 | 82 | % | 6,902 | 3,487 | 3,415 | 6,757 | 3,351 | 3,406 | 145 | 2.1 | % | 136 | 4.1 | % | 8 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Houston — Galveston | 37 | 9,776 | 73 | % | 14,010 | 7,387 | 6,623 | 13,742 | 6,934 | 6,808 | 269 | 2.0 | % | 454 | 6.5 | % | (185 | ) | -2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | 9 | 1,951 | 93 | % | 3,164 | 1,659 | 1,505 | 3,150 | 1,558 | 1,591 | 15 | 0.5 | % | 101 | 6.5 | % | (87 | ) | -5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
70 | 17,430 | 79.5 | % | 27,255 | 14,186 | 13,069 | 94.9 | % | 26,755 | 13,388 | 13,367 | 94.3 | % | 500 | 1.9 | % | 798 | 6.0 | % | (298 | ) | -2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Front Range | 23 | 5,109 | 83 | % | 10,173 | 4,374 | 5,799 | 9,853 | 3,896 | 5,957 | 320 | 3.2 | % | 478 | 12.3 | % | (158 | ) | -2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix — Mesa | 16 | 4,223 | 94 | % | 8,162 | 3,648 | 4,514 | 8,035 | 3,512 | 4,524 | 127 | 1.6 | % | 136 | 3.9 | % | (9 | ) | -0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City — Ogden | 4 | 1,511 | 86 | % | 2,616 | 1,022 | 1,594 | 2,545 | 895 | 1,650 | 70 | 2.8 | % | 126 | 14.1 | % | (56 | ) | -3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 3 | 364 | 59 | % | 602 | 250 | 351 | 580 | 232 | 348 | 21 | 3.6 | % | 18 | 7.9 | % | 3 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West other | 5 | 1,621 | 100 | % | 3,068 | 1,453 | 1,615 | 3,048 | 1,412 | 1,636 | 20 | 0.7 | % | 41 | 2.9 | % | (21 | ) | -1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
51 | 12,828 | 88.6 | % | 24,620 | 10,747 | 13,873 | 94.9 | % | 24,061 | 9,947 | 14,114 | 94.6 | % | 559 | 2.3 | % | 800 | 8.0 | % | (241 | ) | -1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
SAME STORE TOTALS | 376 | 111,693 | [2] | 85.9 | % | $ | 263,536 | $ | 109,232 | $ | 154,304 | 94.7 | % | $ | 258,862 | $ | 107,045 | $ | 151,817 | 94.4 | % | $ | 4,674 | 1.8 | % | $ | 2,187 | 2.0 | % | $ | 2,487 | 1.6 | % | |||||||||||||||||||||||||||||||||||
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1] | 158,328 | 83,449 | 74,879 | 151,636 | 86,198 | 65,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total rental and other property revenues and property operating expenses per GAAP income statement | $ | 421,864 | $ | 192,681 | $ | 229,183 | $ | 410,498 | $ | 193,243 | $ | 217,255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 95,900 at June 30, 2007. |
Six Months Ended June 30, 2007 Compared to Six Months Ended June 30, 2006
(unaudited) (in thousands, except site and unit data)
Six Months Ended | Six Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2007 | June 30, 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 | 95 | % | $ | 9,025 | $ | 3,275 | $ | 5,749 | $ | 8,373 | $ | 3,195 | $ | 5,178 | $ | 652 | 7.8 | % | $ | 80 | 2.5 | % | $ | 572 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||
Los Angeles — Long Beach — Ventura | 11 | 2,927 | 100 | % | 31,842 | 10,074 | 21,769 | 29,585 | 9,432 | 20,153 | 2,257 | 7.6 | % | 641 | 6.8 | % | 1,616 | 8.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orange County — Riverside | 8 | 1,883 | 87 | % | 12,721 | 4,006 | 8,715 | 12,134 | 3,809 | 8,325 | 587 | 4.8 | % | 197 | 5.2 | % | 390 | 4.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 4 | 1,622 | 96 | % | 10,463 | 3,310 | 7,153 | 10,171 | 3,215 | 6,956 | 292 | 2.9 | % | 95 | 3.0 | % | 197 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
28 | 7,723 | 95.0 | % | 64,052 | 20,665 | 43,387 | 95.5 | % | 60,263 | 19,651 | 40,612 | 96.0 | % | 3,789 | 6.3 | % | 1,014 | 5.2 | % | 2,775 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | 2 | 592 | 100 | % | 2,553 | 1,083 | 1,471 | 2,635 | 987 | 1,648 | (82 | ) | -3.1 | % | 96 | 9.7 | % | (178 | ) | -10.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Miami — Fort Lauderdale | 10 | 3,226 | 85 | % | 20,740 | 8,232 | 12,508 | 20,246 | 7,987 | 12,259 | 494 | 2.4 | % | 245 | 3.1 | % | 249 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Orlando — Daytona | 20 | 4,790 | 93 | % | 21,465 | 9,451 | 12,013 | 21,483 | 8,598 | 12,884 | (18 | ) | -0.1 | % | 853 | 9.9 | % | (871 | ) | -6.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tampa — St. Petersburg | 16 | 3,983 | 73 | % | 13,806 | 6,276 | 7,530 | 13,594 | 5,558 | 8,036 | 212 | 1.6 | % | 718 | 12.9 | % | (506 | ) | -6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
West Palm Beach — Boca | 5 | 1,505 | 100 | % | 8,701 | 3,510 | 5,190 | 8,657 | 3,350 | 5,307 | 44 | 0.5 | % | 161 | 4.8 | % | (117 | ) | -2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
53 | 14,096 | 86.5 | % | 67,264 | 28,552 | 38,712 | 92.4 | % | 66,615 | 26,480 | 40,135 | 97.0 | % | 649 | 1.0 | % | 2,072 | 7.8 | % | (1,423 | ) | -3.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago | 16 | 4,248 | 82 | % | 22,213 | 9,576 | 12,636 | 20,994 | 9,385 | 11,609 | 1,218 | 5.8 | % | 191 | 2.0 | % | 1,027 | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati — Dayton | 6 | 1,587 | 60 | % | 4,454 | 1,872 | 2,582 | 4,260 | 2,007 | 2,253 | 193 | 4.5 | % | (135 | ) | -6.7 | % | 328 | 14.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbus | 8 | 1,940 | 73 | % | 5,428 | 2,465 | 2,963 | 5,142 | 2,876 | 2,265 | 286 | 5.6 | % | (412 | ) | -14.3 | % | 697 | 30.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Detroit — Ann Arbor | 4 | 1,541 | 97 | % | 6,520 | 3,583 | 2,937 | 6,094 | 3,305 | 2,789 | 426 | 7.0 | % | 278 | 8.4 | % | 148 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Rapids — Lansing | 11 | 4,403 | 71 | % | 12,267 | 6,074 | 6,194 | 11,430 | 5,843 | 5,586 | 838 | 7.3 | % | 230 | 3.9 | % | 607 | 10.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis | 25 | 9,962 | 92 | % | 32,522 | 15,785 | 16,737 | 31,563 | 15,187 | 16,376 | 959 | 3.0 | % | 598 | 3.9 | % | 361 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Minneapolis — St. Paul | 4 | 1,223 | 83 | % | 6,954 | 3,077 | 3,877 | 6,570 | 3,068 | 3,502 | 384 | 5.8 | % | 10 | 0.3 | % | 375 | 10.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Midwest other | 2 | 704 | 44 | % | 1,263 | 558 | 705 | 1,268 | 571 | 697 | (5 | ) | -0.4 | % | (13 | ) | -2.3 | % | 8 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
76 | 25,608 | 81.9 | % | 91,620 | 42,990 | 48,630 | 94.3 | % | 87,320 | 42,242 | 45,078 | 93.7 | % | 4,300 | 4.9 | % | 748 | 1.8 | % | �� | 3,552 | 7.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 9 | 1,772 | 87 | % | 10,340 | 3,711 | 6,630 | 9,532 | 3,631 | 5,902 | 808 | 8.5 | % | 80 | 2.2 | % | 728 | 12.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
New England | 16 | 5,745 | 100 | % | 39,986 | 15,119 | 24,867 | 38,903 | 14,557 | 24,346 | 1,083 | 2.8 | % | 562 | 3.9 | % | 521 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia — New York | 13 | 5,522 | 86 | % | 35,961 | 13,334 | 22,627 | 33,836 | 12,741 | 21,095 | 2,125 | 6.3 | % | 593 | 4.7 | % | 1,532 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 17 | 8,890 | 95 | % | 56,417 | 21,809 | 34,607 | 54,083 | 20,296 | 33,787 | 2,334 | 4.3 | % | 1,513 | 7.5 | % | 820 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
55 | 21,929 | 93.3 | % | 142,704 | 53,973 | 88,731 | 95.7 | % | 136,354 | 51,225 | 85,129 | 95.6 | % | 6,350 | 4.7 | % | 2,748 | 5.4 | % | 3,602 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 9 | 2,484 | 81 | % | 9,148 | 4,285 | 4,863 | 8,154 | 3,986 | 4,169 | 994 | 12.2 | % | 300 | 7.5 | % | 694 | 16.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Savannah — Augusta | 2 | 416 | 100 | % | 1,830 | 721 | 1,108 | 1,835 | 651 | 1,184 | (5 | ) | -0.3 | % | 70 | 10.8 | % | (76 | ) | -6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Columbia — Charleston | 3 | 600 | 76 | % | 1,889 | 810 | 1,079 | 1,851 | 838 | 1,012 | 38 | 2.1 | % | (28 | ) | -3.4 | % | 66 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Nashville | 7 | 2,166 | 78 | % | 8,017 | 3,411 | 4,606 | 7,544 | 3,309 | 4,235 | 473 | 6.3 | % | 102 | 3.1 | % | 371 | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk | 9 | 2,747 | 80 | % | 12,107 | 4,179 | 7,927 | 11,772 | 3,982 | 7,790 | 335 | 2.8 | % | 197 | 5.0 | % | 137 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh — Durham — Chapel Hill | 8 | 2,247 | 77 | % | 6,726 | 3,211 | 3,515 | 5,961 | 3,153 | 2,807 | 765 | 12.8 | % | 58 | 1.8 | % | 707 | 25.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Richmond — Petersburg | 3 | 744 | 80 | % | 3,016 | 1,067 | 1,949 | 2,677 | 914 | 1,763 | 339 | 12.7 | % | 153 | 16.7 | % | 186 | 10.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
41 | 11,404 | 79.8 | % | 42,732 | 17,685 | 25,047 | 94.5 | % | 39,794 | 16,833 | 22,961 | 92.1 | % | 2,938 | 7.4 | % | 852 | 5.1 | % | 2,086 | 9.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin — San Marcos | 7 | 1,497 | 100 | % | 6,285 | 3,197 | 3,088 | 5,808 | 3,003 | 2,805 | 477 | 8.2 | % | 194 | 6.5 | % | 283 | 10.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Dallas — Fort Worth | 17 | 4,206 | 82 | % | 13,659 | 6,838 | 6,821 | 12,901 | 6,740 | 6,161 | 758 | 5.9 | % | 98 | 1.5 | % | 660 | 10.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Houston — Galveston | 37 | 9,776 | 73 | % | 27,752 | 14,321 | 13,431 | 25,962 | 14,060 | 11,902 | 1,790 | 6.9 | % | 260 | 1.9 | % | 1,530 | 12.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | 9 | 1,951 | 93 | % | 6,314 | 3,218 | 3,096 | 6,102 | 2,965 | 3,138 | 212 | 3.5 | % | 253 | 8.5 | % | (41 | ) | -1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
70 | 17,430 | 79.5 | % | 54,010 | 27,574 | 26,436 | 94.6 | % | 50,773 | 26,768 | 24,005 | 93.5 | % | 3,237 | 6.4 | % | 806 | 3.0 | % | 2,431 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Front Range | 23 | 5,109 | 83 | % | 20,025 | 8,270 | 11,755 | 18,846 | 8,051 | 10,795 | 1,179 | 6.3 | % | 219 | 2.7 | % | 960 | 8.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix — Mesa | 16 | 4,223 | 94 | % | 16,197 | 7,159 | 9,038 | 15,257 | 6,725 | 8,532 | 941 | 6.2 | % | 435 | 6.5 | % | 506 | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City — Ogden | 4 | 1,511 | 86 | % | 5,161 | 1,917 | 3,244 | 4,794 | 1,845 | 2,949 | 367 | 7.7 | % | 72 | 3.9 | % | 295 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 3 | 364 | 59 | % | 1,182 | 482 | 699 | 1,065 | 482 | 582 | 117 | 11.0 | % | 0 | 0.1 | % | 117 | 20.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West other | 5 | 1,621 | 100 | % | 6,116 | 2,865 | 3,251 | 5,888 | 2,632 | 3,256 | 227 | 3.9 | % | 233 | 8.9 | % | (6 | ) | -0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
51 | 12,828 | 88.6 | % | 48,681 | 20,694 | 27,987 | 94.8 | % | 45,850 | 19,735 | 26,115 | 95.1 | % | 2,831 | 6.2 | % | 959 | 4.9 | % | 1,872 | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SAME STORE TOTALS | 374 | 111,018 | 85.8 | % | $ | 511,063 | $ | 212,133 | $ | 298,930 | 94.5 | % | $ | 486,969 | $ | 202,934 | $ | 284,035 | 94.6 | % | $ | 24,094 | 4.9 | % | $ | 9,199 | 4.5 | % | $ | 14,895 | 5.2 | % | ||||||||||||||||||||||||||||||||||||
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1] | 321,300 | 173,791 | 147,508 | 289,925 | 150,637 | 139,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total rental and other property revenues and property operating expenses per GAAP income statement | $ | 832,363 | $ | 385,924 | $ | 446,438 | $ | 776,894 | $ | 353,571 | $ | 423,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 95,900 at June 30, 2007. |
Supplemental Schedule 7
Selected Conventional Portfolio Performance Data
(unaudited)
SAME STORE PORTFOLIO PERFORMANCE
CORE | NON-CORE | TOTAL | ||||||||||
Rent, average second quarter 2007 | $ | 1,026 | $ | 638 | $ | 864 | ||||||
Occupancy, average second quarter 2007 | 94.8 | % | 94.5 | % | 94.7 | % | ||||||
Operating margin | 61.6 | % | 51.0 | % | 58.6 | % | ||||||
Total number of properties | 214 | 162 | 376 | |||||||||
Total number of units | 64,661 | 47,032 | 111,693 | |||||||||
Effective Units | 58,378 | 37,546 | 95,924 | |||||||||
Percent of total Same Store NOI | 75.2 | % | 24.8 | % | 100.0 | % | ||||||
2nd Quarter 2007 vs. 2nd Quarter 2006 Change | ||||||||||||
Revenue | 4.9 | % | 5.8 | % | 5.2 | % | ||||||
Expenses | 7.8 | % | 4.6 | % | 6.7 | % | ||||||
NOI | 3.2 | % | 7.0 | % | 4.1 | % | ||||||
Sequential, 2nd Quarter 2007 vs. 1st Quarter 2007 Change | ||||||||||||
Revenue | 1.7 | % | 2.0 | % | 1.8 | % | ||||||
Expenses | 1.6 | % | 2.8 | % | 2.0 | % | ||||||
NOI | 1.8 | % | 1.2 | % | 1.6 | % | ||||||
YTD June 2007 vs. YTD June 2006 Change | ||||||||||||
Revenue | 4.8 | % | 5.4 | % | 4.9 | % | ||||||
Expenses | 5.4 | % | 2.9 | % | 4.5 | % | ||||||
NOI | 4.4 | % | 7.8 | % | 5.2 | % |
TOTAL CONVENTIONAL PORTFOLIO — SUMMARY BY MARKET
Quarter Ended June 30, 2007 | Quarter Ended June 30, 2006 | |||||||||||||||||||||||
CORE | NON-CORE | TOTAL | CORE | NON-CORE | TOTAL | |||||||||||||||||||
Percent of Total Conventional NOI | ||||||||||||||||||||||||
Top 20 Markets | ||||||||||||||||||||||||
1 Washington | 10.3 | % | 0.0 | % | 10.3 | % | 10.4 | % | 0.0 | % | 10.4 | % | ||||||||||||
2 Los Angeles — Long Beach -Ventura | 9.4 | % | 0.0 | % | 9.4 | % | 9.0 | % | 0.0 | % | 9.0 | % | ||||||||||||
3 New England | 6.9 | % | 0.0 | % | 6.9 | % | 7.2 | % | 0.0 | % | 7.2 | % | ||||||||||||
4 Philadelphia | 6.4 | % | 0.0 | % | 6.4 | % | 6.4 | % | 0.0 | % | 6.4 | % | ||||||||||||
5 Miami — Fort Lauderdale | 5.8 | % | 0.0 | % | 5.8 | % | 5.2 | % | 0.0 | % | 5.2 | % | ||||||||||||
6 Chicago | 5.1 | % | 0.4 | % | 5.5 | % | 4.9 | % | 0.4 | % | 5.3 | % | ||||||||||||
7 Indianapolis | 0.0 | % | 4.7 | % | 4.7 | % | 0.0 | % | 4.5 | % | 4.5 | % | ||||||||||||
8 New York | 3.8 | % | 0.0 | % | 3.8 | % | 3.0 | % | 0.0 | % | 3.0 | % | ||||||||||||
9 Orlando — Daytona | 3.5 | % | 0.3 | % | 3.8 | % | 3.9 | % | 0.3 | % | 4.2 | % | ||||||||||||
10 Houston — Galveston | 0.0 | % | 3.8 | % | 3.8 | % | 0.0 | % | 3.3 | % | 3.3 | % | ||||||||||||
11 Colorado Front Range | 3.1 | % | 0.2 | % | 3.3 | % | 2.9 | % | 0.2 | % | 3.1 | % | ||||||||||||
12 Phoenix — Mesa | 2.8 | % | 0.2 | % | 3.0 | % | 2.8 | % | 0.6 | % | 3.4 | % | ||||||||||||
13 Tampa — St. Petersburg | 2.2 | % | 0.6 | % | 2.8 | % | 2.2 | % | 0.6 | % | 2.8 | % | ||||||||||||
14 Norfolk | 2.7 | % | 0.0 | % | 2.7 | % | 2.6 | % | 0.0 | % | 2.6 | % | ||||||||||||
15 San Diego | 2.4 | % | 0.0 | % | 2.4 | % | 2.5 | % | 0.0 | % | 2.5 | % | ||||||||||||
16 Orange County — Riverside | 2.4 | % | 0.0 | % | 2.4 | % | 2.4 | % | 0.0 | % | 2.4 | % | ||||||||||||
17 Dallas — Fort Worth | 0.0 | % | 1.9 | % | 1.9 | % | 0.0 | % | 2.3 | % | 2.3 | % | ||||||||||||
18 Baltimore | 1.8 | % | 0.0 | % | 1.8 | % | 1.7 | % | 0.0 | % | 1.7 | % | ||||||||||||
19 Atlanta | 1.8 | % | 0.0 | % | 1.8 | % | 1.8 | % | 0.1 | % | 1.9 | % | ||||||||||||
20 Grand Rapids — Lansing | 0.0 | % | 1.6 | % | 1.6 | % | 0.0 | % | 1.5 | % | 1.5 | % | ||||||||||||
Subtotal Top 20 markets | 70.4 | % | 13.7 | % | 84.1 | % | 68.9 | % | 13.8 | % | 82.7 | % | ||||||||||||
All other markets (22 in 2007 and 39 in 2006) | 6.2 | % | 9.7 | % | 15.9 | % | 3.9 | % | 13.4 | % | 17.3 | % | ||||||||||||
Total Conventional NOI | 76.6 | % | 23.4 | % | 100.0 | % | 72.8 | % | 27.2 | % | 100.0 | % | ||||||||||||
Rent, average second quarter | $ | 1,058 | $ | 642 | $ | 899 | $ | 972 | $ | 617 | $ | 818 | ||||||||||||
Occupancy, average second quarter | 92.9 | % | 94.4 | % | 93.5 | % | 93.6 | % | 93.1 | % | 93.4 | % | ||||||||||||
Total number of properties | 283 | 171 | 454 | 275 | 228 | 503 | ||||||||||||||||||
Total number of units | 82,163 | 49,079 | 131,242 | 83,089 | 61,235 | 144,324 | ||||||||||||||||||
Effective Units | 74,209 | 39,095 | 113,304 | 71,720 | 46,423 | 118,143 | ||||||||||||||||||
Average home value* | $ | 343,518 | $ | 173,020 | $ | 279,440 | ||||||||||||||||||
REIS growth rate (4 year weighted average)** | 3.4 | % | 3.1 | % | 3.3 | % | ||||||||||||||||||
Number of markets | 27 | 15 | 42 |
* | ESRI — 2006 demographic data | |
** | Source: REIS, based on Q2 2007 forecasted data |
Supplemental Schedule 8
Property Sales and Acquisition Activity
(unaudited)
SECOND QUARTER 2007 PROPERTY SALES ACTIVITY (dollars in millions)
Number | Number | Aimco | Aimco | |||||||||||||||||||||||||||||||||
of | of | Gross | FCF | [1] | Property | Net Sales | [2] | Gross | Net | Average | ||||||||||||||||||||||||||
Properties | Units | Proceeds | Yield | Debt | Proceeds | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||
Conventional | 22 | 3,993 | $ | 182.7 | 5.3 | % | $ | 83.9 | $ | 80.5 | $ | 112.3 | $ | 66.6 | $ | 600 | ||||||||||||||||||||
Affordable | 6 | 629 | 18.4 | 4.9 | % | 11.9 | 7.1 | 10.1 | 5.1 | 533 | ||||||||||||||||||||||||||
Total Dispositions | 28 | 4,622 | $ | 201.1 | 5.3 | % | $ | 95.8 | $ | 87.6 | $ | 122.4 | $ | 71.7 | $ | 591 | ||||||||||||||||||||
YEAR-TO-DATE 2007 PROPERTY SALES ACTIVITY (dollars in millions)
Number | Number | Aimco | Aimco | |||||||||||||||||||||||||||||||||
of | of | Gross | FCF | [1] | Property | Net Sales | [2] | Gross | Net | Average | ||||||||||||||||||||||||||
Properties | Units | Proceeds | Yield | Debt | Proceeds | Proceeds | Proceeds | Rent | ||||||||||||||||||||||||||||
Conventional | 29 | 5,260 | $ | 237.8 | 5.4 | % | $ | 114.4 | $ | 92.8 | $ | 129.3 | $ | 78.9 | $ | 603 | ||||||||||||||||||||
Affordable [3] | 13 | 1,477 | 41.5 | 4.2 | % | 28.6 | 10.9 | 28.6 | 8.4 | 544 | ||||||||||||||||||||||||||
Total Dispositions | 42 | 6,737 | $ | 279.3 | 5.2 | % | $ | 143.0 | $ | 103.7 | $ | 157.9 | $ | 87.3 | $ | 555 | ||||||||||||||||||||
[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] | Year-to-date property sales includes two unconsolidated properties with 202 units. |
SECOND QUARTER 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions) [1]
Number | Number | Gross | ||||||||||||||||||||||
Ownership | of | of | Purchase | Property | Average | |||||||||||||||||||
Percent | Properties | Units | Price | Debt | Rent | |||||||||||||||||||
Conventional | 100 | % | 9 | 717 | $ | 112.4 | $ | 56.0 | $ | 1,249 | ||||||||||||||
YEAR-TO-DATE 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions)
Number | Number | Gross | ||||||||||||||||||||||
Ownership | of | of | Purchase | Property | Average | |||||||||||||||||||
Percent | Properties | Units | Price | Debt | Rent | |||||||||||||||||||
Conventional [2] | 100 | % | 14 | 1,187 | $ | 187.5 | $ | 62.1 | $ | 1,120 | ||||||||||||||
[1] | In addition to the nine properties acquired from third parties during the three months ended June 30, 2007, Aimco acquired seven properties from VMS National Properties Joint Venture, a consolidated real estate partnership in which Aimco held a 22% interest prior to the transaction. The portion of the Venture’s real estate not owned by Aimco prior to the transaction was acquired in exchange for consideration totaling $179.4 million. | |
[2] | Properties acquired are located in New York, NY; Park Forest, IL; Daytona Beach, FL; Poughkeepsie, NY; and Redwood City, CA. |
Supplemental Schedule 9
Capital Expenditures
Six Months Ended June 30, 2007
(in thousands, except per unit data)
(unaudited)
All capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties, redevelopment or entitlement. Non-redevelopment and non-casualty capitalizable expenditures are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.
The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties, redevelopment and entitlement for the six months ended June 30, 2007. Per unit numbers are based on approximately 132,088 average units, including 114,057 conventional and 18,031 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]
Aimco’s Share of | Per Effective | |||||||
Expenditures | Unit | |||||||
Capital Replacements Detail: | ||||||||
Building and grounds | $ | 18,206 | $ | 138 | ||||
Turnover related | 20,971 | 159 | ||||||
Capitalized site payroll and indirect costs | 5,476 | 41 | ||||||
Total Aimco’s share of Capital Replacements | $ | 44,653 | $ | 338 | ||||
Capital Replacements: | ||||||||
Conventional | $ | 41,554 | $ | 364 | ||||
Affordable | 3,099 | 172 | ||||||
Total Aimco’s share of Capital Replacements | 44,653 | $ | 338 | |||||
Capital Improvements: | ||||||||
Conventional | 38,634 | $ | 339 | |||||
Affordable | 4,180 | 232 | ||||||
Total Aimco’s share of Capital Improvements | 42,814 | $ | 324 | |||||
Casualties: | ||||||||
Conventional | 6,820 | |||||||
Affordable | 1,590 | |||||||
Total Aimco’s share of Casualties [2] | 8,410 | |||||||
Redevelopment (see Schedule 10): | ||||||||
Active Conventional projects | 105,389 | |||||||
Active Tax Credit projects | 10,637 | |||||||
Pre-construction and other activities [3] | 12,753 | |||||||
Total Aimco’s share of Redevelopment | 128,779 | |||||||
Entitlement [4] | 12,560 | |||||||
Total Aimco’s share of capital expenditures | 237,216 | |||||||
Plus minority partners’ share of consolidated spending | 31,680 | |||||||
Less Aimco’s share of unconsolidated spending | (288 | ) | ||||||
Capital expenditures per consolidated statement of cash flows | $ | 268,608 | ||||||
[1] | Average units calculated pro rata for the period based on acquisition and disposition timing. | |
[2] | A portion of expenditures related to casualty losses is reimbursed through insurance. | |
[3] | Includes consulting, legal, and capitalized labor costs, some physical construction work, and trailing expenditures on projects that were substantially completed in prior periods. | |
[4] | Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2006 net book values of approximately $171 million and $49 million, respectively. |
Six Months Ended June 30, 2007
(dollars in millions)
(unaudited)
Actual Expenditures | ||||||||||||||||||||||||
Six Months Ended June 30, 2007 | ||||||||||||||||||||||||
Number of | Number of | Total extimate | Inception to | Actual | Aimco’s | |||||||||||||||||||
Properties | Units | Expenditures | Date | Amount | Share | |||||||||||||||||||
CONVENTIONAL REDEVELOPMENT PROJECTS | ||||||||||||||||||||||||
Active redevelopment projects at December 31, 2006 | 45 | 18,628 | $ | 517.3 | [1] | $ | 299.4 | $ | 101.7 | $ | 88.3 | |||||||||||||
New redevelopment projects started during period | 10 | 3,646 | 224.0 | 18.5 | 18.5 | 17.1 | ||||||||||||||||||
Changes in project scope and estimated costs | 37.3 | |||||||||||||||||||||||
Redevelopment expenditures during period | 55 | 22,274 | 778.6 | 317.9 | 120.2 | 105.4 | ||||||||||||||||||
Projects completed during period | (7 | ) | (3,040 | ) | (46.2 | ) | (46.2 | ) | ||||||||||||||||
Active redevelopment projects at June 30, 2007 [2] | 48 | 19,234 | 732.4 | 271.7 | ||||||||||||||||||||
TAX CREDIT REDEVELOPMENT PROJECTS | ||||||||||||||||||||||||
Active redevelopment projects at December 31, 2006 [3] | 5 | 706 | 35.7 | [1] | 7.9 | 7.4 | 6.4 | |||||||||||||||||
New redevelopment projects started during period | 5 | 754 | 90.8 | 4.2 | 4.2 | 4.2 | ||||||||||||||||||
Changes in project scope and estimated costs | 2.6 | |||||||||||||||||||||||
Redevelopment expenditures during period | 10 | 1,460 | 129.1 | 12.1 | 11.6 | 10.6 | ||||||||||||||||||
Projects completed during period | — | — | — | — | ||||||||||||||||||||
Active redevelopment projects at June 30, 2007 | 10 | 1,460 | 129.1 | 12.1 | ||||||||||||||||||||
TOTAL ACTIVE REDEVELOPMENT PROJECTS | 58 | 20,694 | $ | 861.5 | $ | 283.8 | ||||||||||||||||||
YEAR-TO-DATE REDEVELOPMENT EXPENDITURES | $ | 131.8 | $ | 116.0 | ||||||||||||||||||||
[1] | Estimated expenditures for active redevelopment projects at December 31, 2006 reflect adjustments to previously reported amounts to include indirect project costs, consistent with actual spending. | |
[2] | Targeted return on investment in conventional redevelopment projects is 7.5% — 8.5%. | |
[3] | Active tax credit redevelopment projects at December 31, 2006 reflect adjustments to previously reported amounts to better reflect the status of active projects and to exclude estimated and actual costs related to projects substantially completed prior to 2007. |
(in thousands, unaudited)
Three Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, 2007 | June 30, 2007 | |||||||
Activity fees and asset management revenues | $ | 15,178 | $ | 26,808 | ||||
Accretion on discounted notes receivable | 802 | 2,560 | ||||||
Other income [1] | 1,710 | 2,240 | ||||||
Total asset management and transaction revenue | 17,690 | 31,608 | ||||||
Activity and asset management expenses | (6,076 | ) | (11,351 | ) | ||||
Net asset management and transaction income (pre-tax) [2] | 11,614 | 20,257 | ||||||
Income taxes [3] | (3,004 | ) | (5,101 | ) | ||||
Net asset management and transaction income (after tax) | $ | 8,610 | $ | 15,156 | ||||
[1] | Other income consists primarily of consideration received in exchange for the transfer of certain property rights. | |
[2] | Represents net operating income of Aimco Capital, Aimco’s asset management and transactions business segment. | |
[3] | Most asset management and transaction income is earned by Aimco’s taxable REIT subsidiaries. The effective tax rate varies from period to period based on the portion of total income earned by taxable REIT subsidiaries. |
Remainder | Year Ending December 31, | |||||||||||||||||||||||||||
of 2007 | 2008 | 2009 | 2010 | 2011 | Thereafter | Total | ||||||||||||||||||||||
Amortization of deferred income [2] | $ | 10,603 | $ | 23,698 | $ | 22,587 | $ | 22,086 | $ | 21,585 | $ | 97,312 | $ | 197,871 | ||||||||||||||
Income taxes [3] | (4,135 | ) | (9,242 | ) | (8,809 | ) | (8,614 | ) | (8,418 | ) | (37,952 | ) | (77,170 | ) | ||||||||||||||
Projected income, net of tax | $ | 6,468 | $ | 14,656 | $ | 13,778 | $ | 13,472 | $ | 13,167 | $ | 59,360 | $ | 120,701 | ||||||||||||||
[1] | Certain information included in this supplemental schedule contains or may contain information that is forward-looking. Actual results may differ from those described in this schedule and may be affected by factors beyond our control. | |
[2] | Amortization of deferred income represents the periodic recognition of deferred revenue and costs relating to Aimco’s existing tax credit arrangements. Deferred income is recognized as the related low income housing tax credits and other tax benefits are delivered to tax credit investors. Deferred revenue reflects cash received but not yet recognized as revenue, and cash expected to be received from investors in the future under conditional capital contribution commitments. The amounts to be received in the future are subject to adjustment based on the amounts of tax benefits actually delivered to investors and Aimco’s compliance with applicable regulations and other conditions. Deferred costs reflect costs incurred in structuring these arrangements. The timing of income recognition is subject to change based on the timing of delivery of tax benefits, which timing may be affected by factors related to the development, operations and financing of the related properties. | |
[3] | An effective income tax rate of 39% is assumed. For GAAP and FFO purposes, income taxes are recognized concurrent with the amortization of deferred income. |
As of June 30, 2007
(unaudited)
Number of | Number of | Effective | Average | |||||||||||||
Properties | Units | Units | Ownership | |||||||||||||
Conventional Real Estate Portfolio: | ||||||||||||||||
Wholly-owned consolidated properties | 287 | 81,472 | 81,472 | 100 | % | |||||||||||
Partially-owned consolidated properties | 165 | 49,038 | 31,568 | 64 | % | |||||||||||
Partially-owned unconsolidated properties | 2 | 732 | 264 | 36 | % | |||||||||||
Total | 454 | 131,242 | 113,304 | 86 | % | |||||||||||
Affordable Real Estate Portfolio: | ||||||||||||||||
Wholly-owned consolidated properties | 88 | 11,818 | 11,818 | 100 | % | |||||||||||
Partially-owned consolidated properties | 136 | 14,630 | 5,256 | 36 | % | |||||||||||
Partially-owned unconsolidated properties | 99 | 11,009 | 2,012 | 18 | % | |||||||||||
Total | 323 | 37,457 | 19,086 | 51 | % | |||||||||||
Total Owned Real Estate Portfolio: | ||||||||||||||||
Wholly-owned consolidated properties | 375 | 93,290 | 93,290 | 100 | % | |||||||||||
Partially-owned consolidated properties | 301 | 63,668 | 36,824 | 58 | % | |||||||||||
Partially-owned unconsolidated properties | 101 | 11,741 | 2,276 | 19 | % | |||||||||||
Total | 777 | 168,699 | 132,390 | 78 | % | |||||||||||
Management Contracts: | ||||||||||||||||
Property-managed for third parties | 40 | 3,525 | ||||||||||||||
Asset-managed | 399 | 37,283 | ||||||||||||||
Total | 439 | 40,808 | ||||||||||||||
Total Portfolio | 1,216 | 209,507 | ||||||||||||||