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AIMCO 4th Quarter 2003
Denver, Colorado—February 12, 2004
Apartment Investment and Management Company
Announces Fourth Quarter 2003 Results
SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company ("Aimco") (NYSE:AIV) announced fourth quarter 2003 results including:
Net Income was $37.2 million, compared with $6.6 million in the fourth quarter 2002. Earnings (loss) per share (EPS) were $0.19 on a diluted basis, compared with $(0.17) in the same period last year, based on Net Income (loss) attributable to common stockholders.
Funds from Operations (diluted) (FFO; a non-GAAP financial measure defined in the Glossary in Supplemental Information (the "Glossary")) were $67.9 million, or $0.72 per share compared with $101.6 million, or $1.01 per share, in the fourth quarter 2002. These FFO results were calculated in accordance with the definition of FFO prescribed by the National Association of Real Estate Investment Trusts ("NAREIT"). As a result, fourth quarter 2003 FFO was reduced by $4.6 million for impairment charges on real estate assets sold or held for sale. Excluding these impairment charges, fourth quarter 2003 FFO would have been $72.8 million, or $0.76 per share, within Aimco guidance and meeting First Call consensus.
Adjusted Funds from Operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) were $56.0 million, or $0.58 per share, within Aimco guidance, compared with $80.8 million, or $0.83 per share, in the fourth quarter 2002.
DILUTED PER SHARE RESULTS
| | Fourth Quarter | Full Year | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | ||||||||
| Earnings (loss)—EPS | $ | 0.19 | $ | (0.17 | ) | $ | 0.70 | $ | 0.87 | |||
| Funds from Operations—FFO | $ | 0.72 | $ | 1.01 | $ | 3.23 | $ | 4.54 | ||||
| FFO before Impairment and Topic D-42 Charges | $ | 0.76 | $ | 1.05 | $ | 3.44 | $ | 4.64 | ||||
| Adjusted Funds from Operations—AFFO | $ | 0.58 | $ | 0.83 | $ | 2.59 | $ | 3.77 | ||||
Contact: Investor Relations 303.691.4350, Investor@Aimco.com
Jennifer Martin, Vice President—Investor Relations 303.691.4440
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Fourth Quarter 2003—Page 2
Full year 2003 FFO results include charges of $7.6 million in issuance costs associated with preferred share redemptions in the second and third quarters. Aimco gave effect to these issuance costs in accordance with the SEC's July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42 ("Topic D-42"). In addition, fourth quarter and full year 2003 results include impairment losses on real estate assets sold or held for sale of $4.6 million and $13.1 million, respectively, that Aimco historically added back in its calculation of FFO.
As a result, these charges reduced FFO (diluted) per share by $4.6 million and $20.7 million for the fourth quarter and full year 2003, respectively. These charges have been added back in the calculation of AFFO.
PER SHARE IMPACT OF IMPAIRMENT AND TOPIC D-42 CHARGES ON DILUTED FFO
| | Fourth Quarter | Full Year | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | ||||||||||
| FFO as reported | $ | 0.72 | $ | 1.01 | $ | 3.23 | $ | 4.54 | ||||||
| Addback: | ||||||||||||||
| Redemption related preferred stock issuance costs (Topic D-42) | — | — | 0.08 | — | ||||||||||
| Impairment loss on real estate assets sold or held for sale (NAREIT definition) | 0.04 | 0.04 | 0.13 | 0.10 | ||||||||||
| FFO before Impairment and Topic D-42 Charges | $ | 0.76 | $ | 1.05 | $ | 3.44 | $ | 4.64 | ||||||
| Less: | ||||||||||||||
| Capital Replacement and Capital Enhancements—adjusted for minority interest in Aimco OP | (0.18 | ) | (0.22 | ) | (0.85 | ) | (0.87 | ) | ||||||
| AFFO as reported | $ | 0.58 | $ | 0.83 | $ | 2.59 | $ | 3.77 | ||||||
Management Comments
Comments from Chairman and Chief Executive Officer, Terry Considine:
"Apartment markets remain quite weak. Some of this weakness is seasonal; some reflects increasing competition from new supply, single family as well as multi-family; and some reflects the continued slow pace of recovery in national employment. Aimco remains focused on improving operations, by example, the recent promotion of Jeff Adler to lead Property Operations; strengthening financial control, by example, the recent recruitment of Tom Herzog from GE Real Estate to serve as Chief Accounting Officer; and by active portfolio management, selling weaker properties in weaker
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Fourth Quarter 2003—Page 3
markets to invest in such better assets as The Palazzo, in the mid-Wilshire district of Los Angeles."
Dividends on Common Stock
As announced on January 30, 2004, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended December 31, 2003, payable on February 27, 2004 to stockholders of record on February 20, 2004. The dividend represents 103% of AFFO (diluted) and 83% of FFO (diluted), on a per share basis, for the quarter ended December 31, 2003 and a 7.0% annualized yield based on the $34.42 closing price of Aimco's Class A Common Stock on January 29, 2004.
"Same Store" Results
"SAME STORE" RESULTS For the fourth quarter 2003, the "Same Store" portfolio included 580 communities with a total of 163,415 apartment units in which Aimco has a weighted average ownership of 84.2% (see Supplemental Schedule IX). Fourth quarter 2003 revenue from the "Same Store" portfolio was $290.3 million compared with $295.2 million in the fourth quarter 2002. While the "Same Store" portfolio experienced a 0.5 percentage point increase in occupancy from 91.3% in the fourth quarter 2002 to 91.8% in the fourth quarter 2003, revenue decreased $4.9 million, or 1.7%, primarily due to lower average rents per unit. Rental rates declined by 2.2%, from $735 to $719 per apartment. California and the Northeast enjoyed increased revenue by 2.6% and 1.2%, respectively, but these increases were more than offset by revenue declines in other regions. Texas and the West each had a 5.3% decline in revenue while the Midwest experienced a 4.6% decline. "Same Store" expenses of $120.3 million increased by $10.0 million, or 9.0%, compared with the fourth quarter 2002. Increased expenses were primarily due to: (i) $4.7 million in expenses related to increasing occupancy, including marketing and turnover; (ii) $3.5 million in higher repairs and maintenance, in support of efforts to improve the physical condition of properties; and (iii) $1.5 million in higher utility expenses due to higher rates for natural gas and water. "Same Store" portfolio net operating income was $170.0 million for the fourth quarter 2003, down 8.1% from the fourth quarter 2002.
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SAME STORE OPERATING RESULTS
| | Fourth Quarter | Sequential | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | Variance | 3rd Qtr 03 | Variance | ||||||||||
| Same Store Operating Measures: | |||||||||||||||
| Average Physical Occupancy | 91.8 | % | 91.3 | % | 0.5 | % | 93.0 | % | -1.2 | % | |||||
| Average Rent/unit | $ | 719 | $ | 735 | -2.2 | % | $ | 721 | -0.3 | % | |||||
Total Same Store | |||||||||||||||
| Revenue | $ | 290.3 | $ | 295.2 | -1.7 | % | $ | 296.3 | -2.0 | % | |||||
| Expenses | (120.3 | ) | (110.4 | ) | 9.0 | % | (125.3 | ) | -3.9 | % | |||||
| NOI ($mm) | $ | 170.0 | $ | 184.9 | -8.1 | % | $ | 171.0 | -0.6 | % | |||||
Comparing "Same Store" results on a sequential basis, Aimco's "Same Store" portfolio realized a $4.5 million decrease in Net Rental Income (as defined in the Glossary) in the fourth quarter 2003 compared with the third quarter 2003, driven by a 1.2 percentage point decline in average occupancy from 93.0% to 91.8% and a $2 decline in average rent per unit. Total revenue declined $6.0 million. Expenses decreased $5.0 million due primarily to lower turnover and landscaping costs totaling $2.2 million and lower insurance expense. Net Operating Income decreased $1.0 million, or 0.6%, on a sequential basis. During the fourth quarter 2003, the "Same Store" portfolio was reduced by nine properties, or 1,163 units, due to property sales.
Comparing full year "Same Store" results, 2003 revenue of $1,038.9 million was down $36.9 million, or 3.4%, compared with 2002. "Same Store" expenses of $441.2 million were up $39.6 million, or 9.9%, and "Same Store" Net Operating Income of $597.8 million was down $76.5 million, or 11.3%.
For the fourth quarter 2003, "Same Store" resident turnover was 11%, down from 12% in the fourth quarter 2002.
"Same Store" results reflect the performance of conventional communities in which Aimco's ownership exceeds 10% and which have reached a stabilized level of occupancy during both the current and comparable prior year period. These results measure operating performance without variations caused by investment transactions.
Aimco's "Same Store" results measure Aimco's effective ownership in "Same Store" communities and include both Aimco's ownership interest in unconsolidated "Same Store" properties and subtract the minority partners' share of consolidated properties (see reconciliation on Supplemental Schedule VIII). In keeping with this definition, the "Same
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Store" portfolio accounted for 95.8% of Conventional Real Estate Free Cash Flow. (Free Cash Flow ("FCF") is a non-GAAP financial measure defined in the Glossary and presented and reconciled to GAAP income on Supplemental Schedule II.)
CAPITAL REPLACEMENTS AND CAPITAL ENHANCEMENTS Capital Replacements (as defined in the Glossary) were $18.8 million and Capital Enhancements (as defined in the Glossary) were $0.2 million in the fourth quarter 2003, which totals are deducted in calculating AFFO. These totals compare with $21.9 million and $1.8 million, respectively, in the fourth quarter 2002. Capital Replacement and Capital Enhancement spending together totaled $580 per unit for the full year 2003.
CAPITAL REPLACEMENT & CAPITAL ENHANCEMENT EXPENDITURES
| | Fourth Quarter | Full Year | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | |||||||||
| Capital Replacements | $ | 19 | $ | 22 | $ | 87 | $ | 83 | |||||
| Capital Enhancements | — | 2 | 2 | 8 | |||||||||
| Total ($mm) | $ | 19 | $ | 24 | $ | 89 | $ | 91 | |||||
| Capital Replacements per unit | $ | 129 | $ | 121 | $ | 563 | $ | 478 | |||||
| Capital Enhancements per unit | 2 | 10 | 17 | 46 | |||||||||
| Total ($/unit) | $ | 131 | $ | 131 | $ | 580 | $ | 524 | |||||
| Capital Replacements per share | $ | 0.18 | $ | 0.20 | $ | 0.83 | $ | 0.79 | |||||
| Capital Enhancements per share | — | 0.02 | 0.02 | 0.08 | |||||||||
| Total ($/share)(1) | $ | 0.18 | $ | 0.22 | $ | 0.85 | $ | 0.87 | |||||
- (1)
- per share calculations include adjustment for minority interest in Aimco's operating partnership and are based on AFFO share count
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Reporting by Business Component
Starting in the third quarter 2003, Aimco introduced business component reporting for Aimco Conventional operations and Aimco Capital with the addition of Supplemental Schedules XVI through XXVIII. These schedules present selected non-GAAP information related to income statement, free cash flow, balance sheet and operating measures. They are intended to present results of Aimco's distinct operating portfolios. Aimco's strategy is to expand and upgrade its Core real estate portfolio and, over time, to sell its Non-Core and to reduce its Affordable portfolios and to reinvest the proceeds in acquisitions for the Core portfolio and in debt reduction or share repurchases. Core properties are those properties that are located in selected markets and which Aimco intends to hold and improve over the long-term. Non-Core properties are located in other markets or in less favored locations within the selected markets, which Aimco intends to hold for an intermediate term. Affordable properties are typically those which have rent subsidies provided by HUD and other government agencies.
CONVENTIONAL OPERATIONS Conventional real estate operations include Aimco's diversified portfolio of market-rate apartment communities and associated property management and other income. During the fourth quarter 2003, conventional real estate operations generated FCF of $154.9 million from 628 properties with 177,318 units and an average Aimco ownership of 81%. Conventional real estate assets are separated between Core and Non-Core, with performance results presented on Supplemental Schedules XXII through XXVIII. Core properties include 367 communities with 115,158 units and accounted for 76% of real estate FCF. Non-Core properties include 261 communities with 62,160 units and accounted for 24% of real estate FCF.
Comparing "Same Store" results for Core and Non-Core properties for the fourth quarter 2003 with the fourth quarter 2002, "Same Store" Core properties had a 1.4% decline in revenue, a 10.3% increase in expenses and a 7.7% decline in NOI. Non-core properties had a 2.5% decline in revenue, a 6.1% increase in expenses and a 9.2% decline in NOI. Sequentially, "Same Store" Core properties had a 1.8% decline in revenue, a 3.0% reduction in expenses and a 1.1% decline in NOI. Non-core properties had a 2.5% decline in revenue, a 6.1% reduction in expenses and a 1.1% increase in NOI.
Conventional operations generated Free Cash Flow from property management and other fees (associated with asset management, construction management, refinancing,
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dispositions, development and other services to affiliated partnerships), net of expenses and insurance losses, of ($3.7) million.
AIMCO CAPITAL Aimco Capital was established in 2002 to organize affordable property operations and asset management under a single management team dedicated to this sector. The management of affordable housing requires specialized property management, accounting and legal expertise to comply with the regulatory framework that affects affordable properties. Aimco is among the largest owners and operators of affordable properties in the United States. During the fourth quarter 2003, Affordable property operations included 488 properties with 58,598 units. Aimco has an average 37% ownership in its affordable properties. Occupancy and average rents in the affordable sector were stable and averaged 95.1% and $645, respectively, in the fourth quarter 2003, consistent with the third quarter 2003.
Aimco Capital also generates income from asset management (of the above holdings as well as two other large portfolios that are asset-managed only), property management, and transactional activity including dispositions, tax credit redevelopment and refinancings. During the fourth quarter 2003, Aimco Capital generated FCF of $19.9 million from property operations, asset management and transactions. Of that amount, transactions totaled $6.0 million.
Additional Income Information
INTEREST INCOME FROM GENERAL PARTNER LOANS Interest and Other Income was $6.7 million for the fourth quarter and $25.0 million for the full year, a decrease of $14.5 million and $52.3 million, respectively, compared with 2002, primarily due to lower transactional income (accretion).
Notes receivable primarily from affiliated partnerships were $206.2 million ($268.3 million face value) at December 31, 2003 versus $169.2 million ($252.8 million face value) at December 31, 2002, an increase of $37.0 million, or 22%, due to increased draws, net of payments, on existing agreements. Aimco recognized transactional income (accretion) of $0.7 million in the fourth quarter 2003 and $3.3 million for the full year 2003 compared with $17.5 million and $44.5 million, respectively, in the fourth quarter and full year 2002. Transactional income (accretion) was somewhat offset by the provisions for loan losses of $0.7 million in the fourth quarter 2003 and $2.2 million for the full year 2003, compared with
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$4.2 million and $9.0 million, respectively, recognized in the fourth quarter and full year 2002.
INTEREST EXPENSE Consolidated interest expense was $94.7 million for the fourth quarter 2003, an increase of $0.2 million when compared with $94.5 million in the fourth quarter 2002. Consolidated interest expense was $372.7 million for the full year 2003, up $48.3 million from the full year 2002. The increase in interest expense is primarily a result of an increase in debt associated with newly consolidated and acquired properties.
G&A General and Administrative expenses for the fourth quarter 2003 were $9.3 million, up $1.3 million from the fourth quarter 2002 due to compensation expenses and legal costs.
GAIN ON DISPOSITIONS Aimco's active property disposition program in 2003 resulted in total (including gains recognized from sales of unconsolidated properties and from discontinued operations) Gains on Dispositions of Real Estate, net of impairments and related taxes, of $23.8 million for the fourth quarter and $79.8 million for the full year 2003, compared with losses of $28.8 million and $39.4 million for the fourth quarter and full year 2002, respectively. Gains on Dispositions of Real Estate are determined using the carrying amount of the properties sold, which included cumulative disposition capital expenditures of $1.3 million for properties sold in the fourth quarter and $4.3 million for properties sold during the year.
Transaction and Redevelopment Activity
ACQUISITIONS During the fourth quarter, Aimco purchased a 357-unit luxury apartment property located on the waterfront in downtown Miami, Florida. Aimco purchased the high-rise building for $57.5 million, which was funded through the assumption of $45.0 million in property debt, issuance of 88,792 common units in Aimco's operating partnership at $39.50 per unit, and the remainder in cash. For the full year 2003, Aimco purchased five properties for $163.1 million. During the fourth quarter 2003, Aimco also purchased for an aggregate of $16.0 million limited and general partnership interests in 102 partnerships that own 358 properties. For the full year 2003, Aimco purchased, for an aggregate of $26.6 million, limited and general partnership interests in 166 partnerships that own 441 properties.
Subsequent to year-end, Aimco acquired The Palazzo at Park La Brea, a 521-unit luxury apartment property located in the mid-Wilshire district of Los Angeles for $162.9 million.
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DISPOSITIONS Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. Aimco considers these properties Non-Core and seeks to sell them over the intermediate term.
During the fourth quarter 2003, Aimco sold 36 properties with 7,966 apartment units for $299 million in gross proceeds, generating net cash proceeds to Aimco of $93 million after payment of mortgage debt, limited partner interests and transaction costs. Of the properties sold, 22 were conventional and 14 were affordable. For the full year 2003, Aimco sold 110 properties with 25,317 apartment units for $939 million in gross proceeds, generating net cash proceeds to Aimco of $309 million after payment of mortgage debt, limited partner interests and transaction costs. See the chart below for additional information on disposition activity. Net sales proceeds are calculated after transaction costs. The FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price. FCF includes a $525 per unit deduction for Capital Replacements and is before debt service.
FOURTH QUARTER 2003 PROPERTY SALES ACTIVITY
| | Number of Units | Gross Proceeds ($mm) | FCF Yield | Property Debt ($mm) | Net Sales Proceeds(2) ($mm) | Aimco Net Proceeds ($mm) | Average Rent ($/unit) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional | 5,789 | $ | 235 | 7.8 | % | $ | 127 | $ | 97 | $ | 79 | $ | 580 | ||||||
| Affordable(1) | 2,177 | 64 | 7.5 | % | 38 | 20 | 14 | 632 | |||||||||||
| Total Dispositions | 7,966 | $ | 299 | 7.7 | % | $ | 165 | $ | 117 | $ | 93 | $ | 594 | ||||||
FULL YEAR 2003 PROPERTY SALES ACTIVITY
| | Number of Units | Gross Proceeds ($mm) | FCF Yield | Property Debt ($mm) | Net Sales Proceeds(2) ($mm) | Aimco Net Proceeds ($mm) | Average Rent ($/unit) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional | 20,805 | $ | 804 | 7.6 | % | $ | 444 | $ | 325 | $ | 281 | $ | 564 | ||||||
| Affordable(1) | 4,512 | 135 | 7.7 | % | 81 | 40 | 28 | 632 | |||||||||||
| Total Dispositions | 25,317 | $ | 939 | 7.6 | % | $ | 525 | $ | 365 | $ | 309 | $ | 576 | ||||||
- (1)
- Sales activity provided in the table above does not include sales of certain NAPICO properties that generated net proceeds to Aimco of $6.6 million in the fourth quarter 2003 and $29.2 million for the full year 2003.
- (2)
- Net Sales Proceeds are after repayment of existing debt and payment of transaction costs
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Disposition Capital Expenditures (as defined in the Glossary) totaled $9.5 million in the quarter and $25.5 million for the year.
REDEVELOPMENT ACTIVITY At year-end, Aimco had nine conventional properties with 5,408 units, and two affordable properties with 467 units, being redeveloped. Redevelopment expenditures in the quarter for the nine conventional properties were $18.3 million, of which Aimco's share was $14.2 million. Redevelopment expenditures for these nine conventional projects are expected to total $396.2 million, of which approximately $48.7 million remains to be spent. Aimco's share of the total redevelopment spending is $289.8 million, of which approximately $31.6 million remains to be spent.
Aimco's largest redevelopment project is Flamingo South Beach with 1,687 apartments located in Miami Beach, Florida. During the fourth quarter 2003 an additional 106 units were completed, bringing the total units completed to 1,406. As of year-end, construction of 281 units was still underway. At year-end 2003, occupied and pre-leased units totaled 987, as compared with 942 as of the end of the third quarter.
Balance Sheet and Liquidity
FINANCING ACTIVITY As previously announced on January 5, 2004, Aimco entered into an equity financing transaction with GE Real Estate in the form of a property joint venture. At year-end, the joint venture owned 33 properties in nine markets with a total of 9,543 units. The joint venture is owned by GE Real Estate and Aimco, with a promote structure that limits GE Real Estate's leveraged return above 11%. Aimco contributed the properties to the joint venture and received approximately $107 million in cash proceeds at closing, which Aimco plans to use to redeem preferred stock, to fund acquisitions of limited partner interests, and for general corporate purposes.
During the fourth quarter 2003, Aimco closed 19 mortgage loans generating $129.6 million of total proceeds at a weighted average interest rate of 3.98%. After repayment of existing debt, transaction costs and distributions to limited partners totaling $97.6 million, Aimco's share of net proceeds was $32.0 million.
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FOURTH QUARTER MORTGAGE REFINANCINGS ($mm)
| Mortgage Type (all non-recourse) | Original Loan Amount | New Loan Amount | Aimco Share Original Loan | Aimco Net Proceeds | Prior Rate | New Rate | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional Fixed Rate—15-year plus, partially to fully amortizing | $ | 5.5 | $ | 9.1 | $ | 5.5 | $ | 3.3 | 7.73 | % | 6.51 | % | |||||
| Conventional Fixed Rate—0-15 year, partially amortizing | 19.3 | 57.5 | 11.0 | 20.2 | 6.12 | % | 4.95 | % | |||||||||
| Conventional Floating | 20.1 | 24.2 | 8.8 | 6.8 | 8.14 | % | 2.78 | % | |||||||||
| Affordable Mark-to-Market and other | 33.1 | 38.8 | 23.9 | 1.7 | 7.86 | % | 2.71 | % | |||||||||
| Totals | $ | 78.0 | $ | 129.6 | $ | 49.2 | $ | 32.0 | 7.49 | % | 3.98 | % | |||||
FULL YEAR 2003 MORTGAGE REFINANCINGS ($mm)
| Mortgage Type (all non-recourse) | Original Loan Amount | New Loan Amount | Aimco Share Original Loan | Aimco Net Proceeds | Prior Rate | New Rate | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional Fixed Rate—15-year plus, fully amortizing | $ | 21.9 | $ | 38.3 | $ | 14.7 | $ | 9.7 | 7.89 | % | 5.86 | % | |||||
| Conventional Fixed Rate—15-year plus, partially amortizing | — | 14.0 | — | 13.9 | n/a | 5.23 | % | ||||||||||
| Conventional Fixed Rate—0-15 year, partially to fully amortizing | 165.2 | 307.8 | 111.1 | 99.4 | 7.76 | % | 4.84 | % | |||||||||
| Conventional Floating Rate | 79.9 | 94.2 | 47.2 | 13.6 | 7.73 | % | 2.96 | % | |||||||||
| Affordable Mark-to-Market and other | 82.3 | 95.5 | 65.7 | 3.7 | 7.08 | % | 2.65 | % | |||||||||
| Tax Exempt Bonds | 41.7 | 50.8 | 9.2 | 5.2 | 3.20 | % | 3.46 | % | |||||||||
| Totals | $ | 391.0 | $ | 600.6 | $ | 247.9 | $ | 145.5 | 7.28 | % | 4.19 | % | |||||
At December 31, 2003, Aimco's consolidated mortgage debt was $5,649 million. Aimco's pro rata share of mortgage debt (including total consolidated debt, less the minority interest portion plus Aimco's share of unconsolidated debt) was $5,315 million (see Supplemental Schedule V for detail). Aimco's mortgage debt had a weighted average maturity of 13.7 years and weighted average interest rate of 6.0%, down from 14.0 years and 6.5% at December 31, 2002; 82% was fixed rate debt and 18% was floating rate debt. Seventy-nine percent of the floating rate mortgage debt was tax-exempt mortgage debt.
In addition to mortgage debt, at year-end, Aimco had short-term debt of $435 million, including a $250 million term loan, $81 million drawn on its revolving credit facility, and $104 remaining outstanding on the term loan entered into in connection with the March 2002 acquisition of Casden Properties Inc.
Total proportionate debt decreased by $299 million during the quarter including: (i) $79 million reduction on the revolving credit facility; (ii) $260 million reduction in mortgage debt due to property sales and; (iii) $30 million principal amortization; all partially offset by
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increased mortgage debt from acquisitions and acquisitions of limited partner interests of $46 million, and refinancings of $23 million.
CAPITAL STRUCTURE AT DECEMBER 31, 2003
| | At Jun. 30, 03 | Percent of Total | At Sep. 30, 03 | Percent of Total | At Dec. 31, 03 | Percent of Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Short-term debt | $ | 354 | 3 | % | $ | 514 | 5 | % | $ | 435 | 4 | % | |||||
| Long-term debt(1) | 5,608 | 51 | % | 5,536 | 51 | % | 5,315 | 53 | % | ||||||||
| Mandatorily Redeemable Securities(2) | — | — | 113 | 1 | % | 114 | 1 | % | |||||||||
| Total Debt | 5,962 | 6,163 | 5,864 | ||||||||||||||
| Less: Cash and restricted cash | 337 | -3 | % | 355 | -3 | % | 363 | -4 | % | ||||||||
| Net Debt | 5,625 | 54 | % | 5,808 | 53 | % | 5,501 | 55 | % | ||||||||
| Preferred equity | 1,044 | 10 | % | 947 | 9 | % | 946 | 9 | % | ||||||||
| Common equity at market | 3,668 | 34 | % | 4,168 | 38 | % | 3,641 | (3) | 36 | % | |||||||
| Total Capitalization | $ | 10,338 | 98 | % | $ | 10,923 | 100 | % | $ | 10,057 | 100 | % | |||||
- (1)
- Aimco share of debt, see Supplemental Schedule V
- (2)
- Certain preferred securites that were previously classified as preferred equity for purposes of this chart are now considered debt under SFAS 150.
- (3)
- 105.5 million shares and OP units outstanding multiplied by the closing price of $34.50 per share/unit, as of December 31, 2003
Subsequent to year-end, Aimco redeemed $25 million of its Class S Cumulative Redeemable Preferred Stock.
LIQUIDITY During the fourth quarter 2003 Aimco repaid $79 million on its revolving credit facility (reducing the balance from $160 million to $81 million), leaving $364 million, less $22 million in outstanding letters of credit, in available capacity.
Outlook
Please see Supplemental Schedule XIV for Aimco's Outlook for the first quarter and full year 2004.
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Earnings Conference Call
Please join Aimco management for the Fourth Quarter 2003 earnings conference call to be held Friday, February 13, 2004 at 1:00 p.m. Eastern Standard Time. You may join the conference call through an Internet audiocast via Aimco's Website atwww.aimco.com/about/financial/4Q2003.asp by clicking on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-218-8862, or 303-262-2143 for international callers. Please call approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company Fourth Quarter 2003 earnings conference call. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco's Website or by dialing 800-405-2236 (303-590-3000 for international callers) and using access code 566340#.
Forward-looking Statements
This earnings release and Supplemental Information contain forward-looking statements, including statements regarding future results, that are subject to certain risks and uncertainties, including but not limited to Aimco's ability to maintain current occupancy, rent levels, and "same store" results. Actual results may differ materially from those described and could be affected by a variety of factors including: economic conditions; changes in interest rates; governmental regulations; competition; financing risks; variations in real estate values; the failure of acquisitions to perform in accordance with expectations; litigation; possible environmental liabilities; and other risks described in our filings with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.
About Aimco
Aimco is a real estate investment trust headquartered in Denver, Colorado owning and operating a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates approximately 1,629 properties, including approximately 288,000 apartment units, and serves approximately one million residents each year. Aimco's properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are included in the S&P 500.
GAAP Income Statements
Consolidated Statements of Income [a]
(in thousands, except per share data)
(unaudited)
| | For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | |||||||||||
| REVENUES: | |||||||||||||||
| Rental and other property revenues | $ | 362,737 | $ | 353,679 | $ | 1,445,796 | $ | 1,292,352 | |||||||
| Management fees and other income primarily from affiliates | 19,126 | 27,487 | 70,487 | 95,479 | |||||||||||
| Total revenues | 381,863 | 381,166 | 1,516,283 | 1,387,831 | |||||||||||
| EXPENSES: | |||||||||||||||
| Property operating expenses | 162,719 | 144,156 | 642,697 | 515,363 | |||||||||||
| Management and other expenses | 21,495 | 16,875 | 50,574 | 64,031 | |||||||||||
| Depreciation of rental property | 86,342 | 75,796 | 328,379 | 266,402 | |||||||||||
| Amortization of intangibles | 1,986 | 832 | 6,702 | 4,026 | |||||||||||
| General and administrative expenses | 9,277 | 7,967 | 28,815 | 20,344 | |||||||||||
| Other expenses | — | 5,200 | — | 10,200 | |||||||||||
| Provision for losses on accounts, fees and notes receivable | 718 | 4,168 | 2,183 | 9,006 | |||||||||||
| Total expenses | 282,537 | 254,994 | 1,059,350 | 889,372 | |||||||||||
| Operating income | 99,326 | 126,172 | 456,933 | 498,459 | |||||||||||
| Interest and other income | 6,731 | 21,248 | 25,020 | 77,282 | |||||||||||
| Interest expense | (94,703 | ) | (94,467 | ) | (372,746 | ) | (324,471 | ) | |||||||
| Equity in earnings (losses) of unconsolidated real estate partnerships | 164 | (1,663 | ) | (6,417 | ) | 694 | |||||||||
| Deficit distributions to minority partners | (1,744 | ) | (11,705 | ) | (22,672 | ) | (26,979 | ) | |||||||
| Impairment loss on investment in unconsolidated real estate partnerships | (4,122 | ) | (1,724 | ) | (4,122 | ) | (5,540 | ) | |||||||
| Gain (loss) on dispositions of real estate related to unconsolidated entities | 969 | (26,829 | ) | 3,178 | (22,362 | ) | |||||||||
| Income before minority interests and discontinued operations | 6,621 | 11,032 | 79,174 | 197,083 | |||||||||||
| Minority interests: | |||||||||||||||
| Minority interest in consolidated real estate partnerships | 2,117 | (9,135 | ) | (2,028 | ) | (14,535 | ) | ||||||||
| Minority interest in Aimco Operating Partnership [b] | (533 | ) | 363 | (6,437 | ) | (22,597 | ) | ||||||||
| Total minority interest | 1,584 | (8,772 | ) | (8,465 | ) | (37,132 | ) | ||||||||
| Income from continuing operations | 8,205 | 2,260 | 70,709 | 159,951 | |||||||||||
| Discontinued operations: | |||||||||||||||
| Income from discontinued operations, net [c] | 28,964 | 4,349 | 88,148 | 9,095 | |||||||||||
| Net income | $ | 37,169 | $ | 6,609 | $ | 158,857 | $ | 169,046 | |||||||
| Net income attributable to preferred stockholders | $ | 19,533 | $ | 22,092 | $ | 93,565 | $ | 93,558 | |||||||
| Net income (loss) attributable to common stockholders | $ | 17,636 | $ | (15,483 | ) | $ | 65,292 | $ | 75,488 | ||||||
| Weighted average number of common shares outstanding | 93,122 | 92,460 | 92,850 | 85,698 | |||||||||||
| Weighted average number of common shares and common share equivalents outstanding | 93,206 | 92,460 | 92,968 | 86,773 | |||||||||||
| Earnings (loss) per common share — basic: | |||||||||||||||
| Income (loss) from continuing operations (net of preferred dividends) | $ | (0.12 | ) | $ | (0.21 | ) | $ | (0.25 | ) | $ | 0.77 | ||||
| Net income (loss) attributable to common stockholders | $ | 0.19 | $ | (0.17 | ) | $ | 0.70 | $ | 0.88 | ||||||
| Earnings (loss) per common share — diluted: | |||||||||||||||
| Income (loss) from continuing operations (net of preferred dividends) | $ | (0.12 | ) | $ | (0.21 | ) | $ | (0.25 | ) | $ | 0.77 | ||||
| Net income (loss) attributable to common stockholders | $ | 0.19 | $ | (0.17 | ) | $ | 0.70 | $ | 0.87 | ||||||
- [a]
- Aimco has conformed its presentation of the Consolidated Statements of Income pursuant to Rule 5-03 of Regulation S-X
- [b]
- The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco's UPREIT structure
1
- [c]
- Income from discontinued operations of consolidated properties is broken down as follows (in thousands):
| | Quarter Ended 31-Dec-03 | Quarter Ended 31-Dec-02 | Year Ended 31-Dec-03 | Year Ended 31-Dec-02 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income from operations | $ | (923 | ) | $ | 5,247 | $ | 7,936 | $ | 23,192 | ||||
| Gain (loss) on dispositions of real estate, net of minority partners' interest | 34,390 | 4,411 | 101,849 | (6,021 | ) | ||||||||
| Impairment loss on real estate assets sold or held for sale | (431 | ) | (2,727 | ) | (8,991 | ) | (2,937 | ) | |||||
| Deficit distributions to minority partners | 6,640 | — | 10,718 | (1,321 | ) | ||||||||
| Income tax arising from disposals (primarily deferred) | (7,022 | ) | (1,955 | ) | (12,134 | ) | (2,507 | ) | |||||
| Minority interest in Aimco Operating Partnership | (3,690 | ) | (627 | ) | (11,230 | ) | (1,311 | ) | |||||
| Income from discontinued operations | 28,964 | 4,349 | 88,148 | 9,095 | |||||||||
2
GAAP Balance Sheets
Consolidated Balance Sheets
(in thousands)
(unaudited)
| | As of December 31, 2003 | As of December 31, 2002 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Buildings and improvements | $ | 8,515,493 | $ | 8,300,122 | |||||
| Land | 2,085,425 | 1,926,584 | |||||||
| Accumulated depreciation | (1,847,652 | ) | (1,610,924 | ) | |||||
| Cash and cash equivalents | 98,129 | 97,136 | |||||||
| Restricted cash | 245,818 | 216,485 | |||||||
| Accounts receivable | 67,379 | 84,188 | |||||||
| Accounts receivable from affiliates | 56,874 | 47,060 | |||||||
| Deferred financing costs | 73,736 | 68,965 | |||||||
| Notes receivable, primarily from unconsolidated real estate partnerships | 206,187 | 169,238 | |||||||
| Investment in unconsolidated real estate partnerships | 237,699 | 368,639 | |||||||
| Other assets | 284,343 | 259,154 | |||||||
| Assets held for sale | 89,931 | 389,954 | |||||||
| TOTAL ASSETS | $ | 10,113,362 | $ | 10,316,601 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Secured tax-exempt bond financing | $ | 1,199,360 | $ | 1,205,554 | |||||
| Secured notes payable | 4,449,541 | 4,395,256 | |||||||
| Mandatorily redeemable preferred securities | 113,619 | 15,169 | |||||||
| Term loans | 354,387 | 115,011 | |||||||
| Credit facility | 81,000 | 291,000 | |||||||
| TOTAL INDEBTEDNESS | 6,197,907 | 6,021,990 | |||||||
| Accounts payable | 18,491 | 11,232 | |||||||
| Accrued liabilities and other | 401,456 | 292,119 | |||||||
| Deferred income | 26,024 | 15,190 | |||||||
| Security deposits | 41,366 | 39,588 | |||||||
| Deferred income taxes payable | 26,065 | 36,680 | |||||||
| Liabilities related to assets held for sale | 45,543 | 285,943 | |||||||
| TOTAL LIABILITIES | 6,756,852 | 6,702,742 | |||||||
| Minority interest in consolidated real estate partnerships | 191,948 | 75,535 | |||||||
| Minority interest in Aimco Operating Partnership | 303,905 | 374,937 | |||||||
| STOCKHOLDERS' EQUITY | |||||||||
| Class A Common Stock | 939 | 938 | |||||||
| Additional paid-in capital | 3,052,420 | 3,050,057 | |||||||
| Perpetual preferred stock | 555,250 | 552,520 | |||||||
| Convertible preferred stock | 299,992 | 392,492 | |||||||
| Distributions in excess of earnings | (998,018 | ) | (776,577 | ) | |||||
| Unvested restricted stock | (9,880 | ) | (7,079 | ) | |||||
| Notes due on common stock purchases | (40,046 | ) | (48,964 | ) | |||||
| 2,860,657 | 3,163,387 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 10,113,362 | $ | 10,316,601 | |||||
3
GAAP Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | Year Ended December 31, 2003 | Year Ended December 31, 2002 | ||||||
|---|---|---|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net Income | $ | 158,857 | $ | 169,046 | ||||
| Total adjustments to reconcile net income | 271,401 | 328,243 | ||||||
| Net cash provided by operating activities | 430,258 | 497,289 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of and additions to real estate | (126,046 | ) | (578,745 | ) | ||||
| Initial capital expenditures | (24,842 | ) | (34,697 | ) | ||||
| Capital Replacements | (90,602 | ) | (82,381 | ) | ||||
| Capital Enhancements | (3,006 | ) | (7,528 | ) | ||||
| Redevelopment additions to real estate | (103,156 | ) | (145,490 | ) | ||||
| Proceeds from dispositions of real estate | 697,642 | 370,837 | ||||||
| Disposition capital expenditures | (23,922 | ) | — | |||||
| Purchase of general and limited partnership interests and other assets | (41,356 | ) | (68,485 | ) | ||||
| Originations of notes receivable from unconsolidated real estate partnerships | (71,969 | ) | (109,475 | ) | ||||
| Proceeds from collection of notes receivable | 60,576 | 83,332 | ||||||
| Cash paid in connection with merger/acquisition related costs | (16,383 | ) | (260,874 | ) | ||||
| Distributions received from investments in unconsolidated real estate partnerships | 64,046 | 10,780 | ||||||
| Other investing activities | (9,078 | ) | 36,349 | |||||
| Net cash provided by (used in) investing activities | 311,904 | (786,377 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from secured notes payable borrowings | 445,793 | 956,565 | ||||||
| Principal repayments on secured notes payable | (755,786 | ) | (642,745 | ) | ||||
| Proceeds from tax-exempt bond financing | 14,505 | 297,551 | ||||||
| Principal repayments on tax-exempt bond financing | (77,793 | ) | (423,613 | ) | ||||
| Net borrowings on term loans and revolving credit facility | 29,376 | 192,509 | ||||||
| Redemption of preferred stock | (239,770 | ) | — | |||||
| Proceeds from issuance of mandatorily redeemable preferred securities | 97,250 | — | ||||||
| Proceeds from issuance of Class A Common Stock and exercise of options/warrants | 2,738 | 372,502 | ||||||
| Proceeds from issuance of preferred stock | 144,808 | 50,511 | ||||||
| Payment of Class A Common Stock dividends | (285,054 | ) | (278,867 | ) | ||||
| Payment of preferred stock dividends | (87,599 | ) | (94,591 | ) | ||||
| Contributions from minority interest | 100,684 | — | ||||||
| Payment of distributions to minority interest | (107,964 | ) | (109,366 | ) | ||||
| Other financing activities | (8,471 | ) | (11,815 | ) | ||||
| Net cash (used in) provided by financing activities | (727,283 | ) | 308,641 | |||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 14,879 | 19,553 | ||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 97,136 | 78,462 | ||||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS INCLUDED WITHIN ASSETS HELD FOR SALE FROM BEGINNING TO END OF PERIOD | (13,886 | ) | (879 | ) | ||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 98,129 | $ | 97,136 | ||||
4
GLOSSARY
GLOSSARY OF NON-GAAP FINANCIAL AND OPERATING MEASURES: Financial and operating measures found in the Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with generally accepted accounting principles, or GAAP. These measures are defined below and, where appropriate, reconciled on the accompanying Supplemental Schedules to the most comparable GAAP measures.
ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less both Capital Replacement expenditures and Capital Enhancement expenditures, plus non-cash charges for redemption related preferred stock issuance costs and impairment losses, all of which are adjusted for the Aimco operating partnership's share (AIMCO Properties, L.P.). Similar to FFO, AFFO captures real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. AFFO also reflects that Capital Replacements are necessary to maintain, and Capital Enhancements are made to improve, the associated real estate assets.
Please see Supplemental Schedules I and II for AFFO data reconciled to Net Income as determined in accordance with GAAP.
CAPITAL REPLACEMENTS AND CAPITAL ENHANCEMENTS (CR AND CE): CR and CE are components of total capital expenditures. CR expenditures are required to maintain Aimco's assets and CE expenditures are made to improve Aimco's assets by adding a new feature or revenue source.
CR and CE spending are components of capital expenditures denoted as line items in the GAAP Statement of Cash Flows.
DISPOSITION CAPITAL EXPENDITURES: Disposition Capital Expenditures are those capital expenditures made on conventional and affordable properties sold, held for sale, or identified as to-be-sold within one year and those capital expenditures made on certain affordable properties that are subject to regulatory restrictions on distribution and that are expected to be sold on completion of regulatory requirements.
FREE CASH FLOW (FCF): FCF, as defined by Aimco, is net operating income from real estate minus Capital Replacement spending required to maintain, and Capital Enhancement spending made to improve, the related assets. FCF also includes cash flows generated from the Investment Management Business, Interest and Other Income, General and Administrative expenses, Provision for losses on accounts, fees and notes receivable and other expenses incurred by Aimco. FCF measures profitability of operations and is prior to
5
the cost of capital. Because Aimco has substantial unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco's unconsolidated real estate holdings.
Please see Supplemental Schedule II for FCF data reconciled to Net Income as determined in accordance with GAAP.
FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts, or NAREIT, as net income (loss), computed in accordance with GAAP, excluding gains and losses from extraordinary items, dispositions of depreciable real estate property, dispositions of real estate from discontinued operations, net of related income taxes, plus real estate related depreciation and amortization (excluding amortization of financing costs), including depreciation for unconsolidated real estate partnerships, joint ventures and discontinued operations. Aimco calculates FFO based on the NAREIT definition, as further adjusted for amortization of intangibles and deficit distributions to minority partners. Aimco calculates FFO (diluted) by subtracting redemption related preferred stock issuance costs and dividends/distributions on preferred stock/partnership units (net of preferred dividends/distributions relating to convertible securities the conversion of which is dilutive to FFO) and adding back the interest expense on mandatorily redeemable convertible preferred securities the conversion of which is dilutive to FFO. FFO is helpful to investors in understanding Aimco's performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco's method for computing FFO is comparable with that of other real estate investment trusts.
Please see Supplemental Schedules I and II for FFO data reconciled to Net Income as determined in accordance with GAAP.
NET RENTAL INCOME (NRI): NRI is an operating measure calculated as the product of the number of rental units in Aimco's "Same Store" portfolio multiplied by occupancy multiplied by average effective rent per unit. NRI does not reflect income from all sources and does not reflect operating expenses. Therefore, NRI is not a measure of net operating income or earnings.
SAME STORE: Same Store is used commonly to describe conventional properties in which Aimco's ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. These results measure operating performance without variations caused by investment transactions.
6
Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership.
Please see Supplemental Schedules VIII through XIII for Same Store data reconciled to Rental and other property revenues and Property operating expense as determined in accordance with GAAP.
UNCONSOLIDATED BALANCE SHEET ITEMS: Unconsolidated balance sheet items such as Aimco's share of unconsolidated cash, unconsolidated restricted cash, unconsolidated accounts receivable, unconsolidated current liabilities and unconsolidated debt are components of Balance Sheet line items on the GAAP Financial Statements that are useful in understanding Aimco's proportionate share of assets and liabilities, prior to consolidation in GAAP financial statements.
7
Supplemental Schedule I
Funds From Operations and Adjusted Funds From Operations [a]
(in thousands, except per share data)
(unaudited)
| | For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | ||||||||||
| Operating Activities: | ||||||||||||||
| Net Income | $ | 37,169 | $ | 6,609 | $ | 158,857 | $ | 169,046 | ||||||
| Depreciation of rental property, net of minority partners' interest | 78,888 | 72,786 | 298,255 | 241,325 | ||||||||||
| Depreciation of rental property related to unconsolidated entities | 6,486 | 7,527 | 25,817 | 33,549 | ||||||||||
| (Gain) loss on dispositions of real estate related to unconsolidated entities | (969 | ) | 26,829 | (3,178 | ) | 22,362 | ||||||||
| Deficit distributions to minority partners | 1,744 | 11,705 | 22,672 | 26,979 | ||||||||||
| Amortization of intangibles | 1,986 | 832 | 6,702 | 4,026 | ||||||||||
| Discontinued operations: | ||||||||||||||
| (Gain) loss on dispositions of real estate, net of minority partners' interest | (34,390 | ) | (4,411 | ) | (101,849 | ) | 6,021 | |||||||
| Depreciation of rental property, net of minority partners' interest | 828 | 7,252 | 14,906 | 29,580 | ||||||||||
| Deficit distributions to minority partners | (6,640 | ) | — | (10,718 | ) | 1,321 | ||||||||
| Income tax arising from disposals | 7,022 | 1,955 | 12,134 | 2,507 | ||||||||||
| Minority interest in Aimco Operating Partnership's share of above adjustments | (6,029 | ) | (14,851 | ) | (29,910 | ) | (44,500 | ) | ||||||
| Funds From Operations | 86,095 | 116,233 | 393,688 | 492,216 | ||||||||||
| Preferred stock dividends | (19,533 | ) | (22,092 | ) | (85,920 | ) | (93,558 | ) | ||||||
| Redemption related preferred stock issuance costs | — | — | (7,645 | ) | — | |||||||||
| Dividends/distributions on dilutive preferred securities | 1,077 | 7,178 | 11,330 | 38,091 | ||||||||||
| Interest expense on mandatorily redeemable convertible preferred securities | 246 | 279 | 987 | 1,161 | ||||||||||
| Funds From Operations Attributable to Common Stockholders — Diluted | $ | 67,885 | $ | 101,598 | $ | 312,440 | $ | 437,910 | ||||||
| Capital Replacements [b] | (18,751 | ) | (21,881 | ) | (86,680 | ) | (82,882 | ) | ||||||
| Capital Enhancements | (232 | ) | (1,822 | ) | (2,609 | ) | (7,972 | ) | ||||||
| Impairment loss on investment in unconsolidated real estate partnerships | 4,122 | 1,724 | 4,122 | 5,540 | ||||||||||
| Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | 431 | 2,727 | 8,991 | 2,937 | ||||||||||
| Redemption related preferred stock issuance costs | — | — | 7,645 | — | ||||||||||
| Minority interest in Aimco Operating Partnership's share of above adjustments | 1,587 | 2,311 | 7,741 | 9,885 | ||||||||||
| Dividends/distributions on non-dilutive preferred securities | 908 | (3,813 | ) | (3,157 | ) | (8,299 | ) | |||||||
| Adjusted Funds From Operations Attributable to Common Stockholders — Diluted | $ | 55,950 | $ | 80,844 | $ | 248,493 | $ | 357,119 | ||||||
| Funds From Operations: | ||||||||||||||
| Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||
| Common shares and equivalents | 93,206 | 92,460 | 92,968 | 86,773 | ||||||||||
| Dilutive preferred securities | 1,737 | 7,745 | 3,639 | 9,588 | ||||||||||
| 94,943 | 100,205 | 96,607 | 96,361 | |||||||||||
| Adjusted Funds From Operations: | ||||||||||||||
| Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | ||||||||||||||
| Common shares and equivalents | 93,206 | 92,460 | 92,968 | 86,773 | ||||||||||
| Dilutive preferred securities | 2,758 | 4,496 | 2,849 | 7,836 | ||||||||||
| 95,964 | 96,956 | 95,817 | 94,609 | |||||||||||
| Per Share: | ||||||||||||||
| Funds From Operations — Diluted | $ | 0.72 | $ | 1.01 | $ | 3.23 | $ | 4.54 | ||||||
| Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs) [c] | $ | 0.76 | $ | 1.05 | $ | 3.44 | $ | 4.64 | ||||||
| Adjusted Funds From Operations — Diluted | $ | 0.58 | $ | 0.83 | $ | 2.59 | $ | 3.77 | ||||||
| Dividends Declared | $ | 0.60 | $ | 0.82 | $ | 2.84 | $ | 3.28 | ||||||
- [a]
- Effective with the fourth quarter 2003 and for all periods presented, Aimco has adjusted its presentation of Funds From Operations (FFO) to conform to the NAREIT definition to deduct the Aimco Operating Partnership's share of all adjustments and remove the common partnership units in the Aimco Operating Partnership, which had previously been assumed to have been redeemed in exchange for Aimco's Class A Common Stock.
8
- [b]
- In second quarter 2003, on a prospective basis, Aimco began classifying capital spending on properties sold, held for sale or identified to be sold as Disposition Capital Expenditures. As a result, Capital Replacements now reflects the capital spending on non-sale properties.
- [c]
- 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 and year ended December 31, 2003 includes impairment losses of $4.6 million and $13.1 million, respectively. FFO for the three months and year ended December 31, 2002 includes an adjustment of $4.5 million and $8.5 million, respectively, to reflect this change.
- As a result of the Securities and Exchange Commission's interpretation of Emerging Issues Task Force Topic D-42, Aimco has complied with the clarification of including redemption related preferred stock issuance costs for all prior periods presented in FFO. Therefore, FFO for the year ended December 31, 2003 includes issuance costs of $7.6 million.
9
Supplemental Schedule II
Free Cash Flow from Business Segments
For the Three Months Ended December 31, 2003
(in thousands, except unit and monthly rent data)
(unaudited)
| | Consolidated | Unconsolidated | Total | % | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Real Estate | |||||||||||||||
| Conventional Apartments | |||||||||||||||
| Average monthly rent greater than $1,200 per unit (10,012 equivalent units) | $ | 21,483 | $ | 971 | $ | 22,454 | 12.8 | % | |||||||
| Average monthly rent $1,000 to $1,200 per unit (10,590 equivalent units) | 19,549 | 371 | 19,920 | 11.4 | % | ||||||||||
| Average monthly rent $900 to $1,000 per unit (14,287 equivalent units) | 24,739 | 327 | 25,066 | 14.3 | % | ||||||||||
| Average monthly rent $800 to $900 per unit (7,760 equivalent units) | 10,601 | 274 | 10,875 | 6.2 | % | ||||||||||
| Average monthly rent $700 to $800 per unit (16,987 equivalent units) | 20,064 | 902 | 20,966 | 12.0 | % | ||||||||||
| Average monthly rent $600 to $700 per unit (29,400 equivalent units) | 30,059 | 1,171 | 31,230 | 17.9 | % | ||||||||||
| Average monthly rent $500 to $600 per unit (35,684 equivalent units) | 29,039 | 701 | 29,740 | 17.0 | % | ||||||||||
| Average monthly rent less than $500 per unit (16,603 equivalent units) | 9,495 | 449 | 9,944 | 5.7 | % | ||||||||||
| Subtotal conventional real estate contribution to Free Cash Flow (141,323 equivalent units) | 165,029 | 5,166 | 170,195 | 97.3 | % | ||||||||||
| Affordable Apartments (21,584 equivalent units) | 13,582 | 8,456 | 22,038 | 12.6 | % | ||||||||||
| University communities (2,358 equivalent units) | 2,546 | 159 | 2,705 | 1.5 | % | ||||||||||
| Other real estate | 935 | — | 935 | 0.5 | % | ||||||||||
| Minority partners' interest | (15,456 | ) | — | (15,456 | ) | -8.7 | % | ||||||||
| Total real estate contribution to Free Cash Flow | 166,636 | 13,781 | 180,417 | 103.2 | % | ||||||||||
| Investment Management Business | |||||||||||||||
| Management contracts (property, risk and asset management) | |||||||||||||||
| Controlled properties | (9,607 | ) | — | (9,607 | ) | -5.5 | % | ||||||||
| Third party with terms in excess of one year | 346 | — | 346 | 0.2 | % | ||||||||||
| Third party cancelable in 30 days | 209 | — | 209 | 0.1 | % | ||||||||||
| Insurance claim losses | 380 | — | 380 | 0.2 | % | ||||||||||
| Investment management business contribution to Free Cash Flow before activity based fees | (8,672 | ) | — | (8,672 | ) | -5.0 | % | ||||||||
| Activity based fees | 6,303 | — | 6,303 | 3.6 | % | ||||||||||
| Total investment management business contribution to Free Cash Flow | (2,369 | ) | — | (2,369 | ) | -1.4 | % | ||||||||
| Interest and other income | |||||||||||||||
| General partner loan interest | 4,471 | — | 4,471 | 2.6 | % | ||||||||||
| Money market and interest bearing accounts | 1,537 | — | 1,537 | 0.9 | % | ||||||||||
| Transactional income | 723 | — | 723 | 0.4 | % | ||||||||||
| Total interest and other income contribution to Free Cash Flow | 6,731 | — | 6,731 | 3.9 | % | ||||||||||
| General and administrative expenses | (9,277 | ) | — | (9,277 | ) | -5.3 | % | ||||||||
| Provision for losses on notes receivable | (718 | ) | — | (718 | ) | -0.4 | % | ||||||||
| Free Cash Flow | $ | 161,003 | $ | 13,781 | $ | 174,784 | 100.0 | % | |||||||
10
Supplemental Schedule II (continued)
Free Cash Flow from Business Segments
For the Three Months Ended December 31, 2003
(in thousands, except per share data)
(unaudited)
| | Basic | Diluted | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Consolidated | Unconsolidated | Total | Total | ||||||||||||
| Free Cash Flow | $ | 161,003 | $ | 13,781 | $ | 174,784 | $ | 174,784 | ||||||||
| Cost of Senior Capital | ||||||||||||||||
| Interest expense: | ||||||||||||||||
| Secured debt: | ||||||||||||||||
| Long-term, fixed rate | (78,280 | ) | (7,986 | ) | (86,266 | ) | (86,266 | ) | ||||||||
| Long-term, floating rate | (8,090 | ) | (119 | ) | (8,209 | ) | (8,209 | ) | ||||||||
| Short-term | (1,957 | ) | (114 | ) | (2,071 | ) | (2,071 | ) | ||||||||
| Lines of credit and other unsecured debt | (6,727 | ) | — | (6,727 | ) | (6,727 | ) | |||||||||
| Interest expense on mandatorily redeemable preferred securities | (1,479 | ) | — | (1,479 | ) | (1,479 | ) | |||||||||
| Interest expense on mandatorily redeemable convertible preferred securities | (246 | ) | — | (246 | ) | — | ||||||||||
| Interest capitalized | 2,076 | 31 | 2,107 | 2,107 | ||||||||||||
| Total interest expense before minority partners' share | (94,703 | ) | (8,188 | ) | (102,891 | ) | (102,645 | ) | ||||||||
| Minority partners' share of interest expense | 10,119 | — | 10,119 | 10,119 | ||||||||||||
| Total interest expense after minority partners' share | (84,584 | ) | (8,188 | ) | (92,772 | ) | (92,526 | ) | ||||||||
| Distributions on preferred OP units | (1,985 | ) | — | (1,985 | ) | — | ||||||||||
| Dividends on preferred stock | (19,533 | ) | — | (19,533 | ) | (20,441 | ) | |||||||||
| Total distributions/dividends on preferred OP units and stock | (21,518 | ) | — | (21,518 | ) | (20,441 | ) | |||||||||
| Capital Replacements/Enhancements | 17,926 | 1,057 | 18,983 | 18,983 | ||||||||||||
| Amortization of intangibles | (1,986 | ) | — | (1,986 | ) | (1,986 | ) | |||||||||
| Gain on dispositions of real estate related to unconsolidated entities | 969 | — | 969 | 969 | ||||||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | (4,122 | ) | — | (4,122 | ) | (4,122 | ) | |||||||||
| Income from discontinued operations, net | 28,964 | — | 28,964 | 28,964 | ||||||||||||
| Depreciation on rental property, net of minority partners' interest | (78,888 | ) | (6,486 | ) | (85,374 | ) | (85,374 | ) | ||||||||
| Deficit distributions to minority partners | (1,744 | ) | — | (1,744 | ) | (1,744 | ) | |||||||||
| Minority interest in Aimco Operating Partnership, common | 1,452 | — | 1,452 | 1,452 | ||||||||||||
| Interest expense on mandatorily redeemable convertible preferred securities | — | — | — | (246 | ) | |||||||||||
| Dividends/distributions on dilutive preferred securities | — | — | — | (1,077 | ) | |||||||||||
| Net income attributable to common stockholders | 17,472 | 164 | 17,636 | 17,636 | ||||||||||||
| Gain on dispositions of real estate related to unconsolidated entities | (969 | ) | — | (969 | ) | (969 | ) | |||||||||
| Discontinued operations: | ||||||||||||||||
| Gain on dispositions of real estate, net of minority partners' interest | (34,390 | ) | — | (34,390 | ) | (34,390 | ) | |||||||||
| Depreciation on rental property, net of minority partners' interest | 828 | — | 828 | 828 | ||||||||||||
| Deficit distributions to minority partners | (6,640 | ) | — | (6,640 | ) | (6,640 | ) | |||||||||
| Income tax arising from disposals | 7,022 | — | 7,022 | 7,022 | ||||||||||||
| Depreciation on rental property, net of minority partners' interest | 78,888 | 6,486 | 85,374 | 85,374 | ||||||||||||
| Deficit distributions to minority partners | 1,744 | — | 1,744 | 1,744 | ||||||||||||
| Amortization of intangibles | 1,986 | — | 1,986 | 1,986 | ||||||||||||
| Minority interest in Aimco Operating Partnership's share of above adjustments | (6,029 | ) | — | (6,029 | ) | (6,029 | ) | |||||||||
| Interest expense on mandatorily redeemable convertible preferred securities | — | — | — | 246 | ||||||||||||
| Dividends/distributions on dilutive preferred securities | — | — | — | 1,077 | ||||||||||||
| Funds From Operations attributable to common stockholders | 59,912 | 6,650 | 66,562 | 67,885 | ||||||||||||
| Capital Replacements | (17,696 | ) | (1,055 | ) | (18,751 | ) | (18,751 | ) | ||||||||
| Capital Enhancements | (230 | ) | (2 | ) | (232 | ) | (232 | ) | ||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | 4,122 | — | 4,122 | 4,122 | ||||||||||||
| Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | 431 | — | 431 | 431 | ||||||||||||
| Minority interest in Aimco Operating Partnership's share of above adjustments | 1,587 | — | 1,587 | 1,587 | ||||||||||||
| Dividends/distributions on non-dilutive preferred securities | — | — | — | 908 | ||||||||||||
| Adjusted Funds From Operations attributable to common stockholders | $ | 48,126 | $ | 5,593 | $ | 53,719 | $ | 55,950 | ||||||||
11
| | Earnings | Shares | Earnings Per Share | |||||
|---|---|---|---|---|---|---|---|---|
| Net Income | ||||||||
| Basic | 17,636 | 93,122 | $ | 0.19 | ||||
| Diluted | 17,636 | 93,206 | $ | 0.19 | ||||
| FFO | ||||||||
| Basic | 66,562 | 93,122 | ||||||
| Diluted | 67,885 | 94,943 | ||||||
| AFFO | ||||||||
| Basic | 53,719 | 93,122 | ||||||
| Diluted | 55,950 | 95,964 | ||||||
Reconciliation of FCF, FFO and AFFO to Net Income:
| | For the Three Months Ended December 31, 2003 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | FCF | FFO | AFFO | ||||||||
| Amount per Free Cash Flow Schedule | $ | 174,784 | $ | 66,562 | $ | 53,719 | |||||
| Total interest expense after minority partners' share | (92,772 | ) | — | — | |||||||
| Dividends on preferred stock | — | 19,533 | 19,533 | ||||||||
| Depreciation on rental property, net of minority partners' interest | (85,374 | ) | (85,374 | ) | (85,374 | ) | |||||
| Gain on dispositions of real estate related to unconsolidated entites | 969 | 969 | 969 | ||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | (4,122 | ) | — | (4,122 | ) | ||||||
| Discontinued operations: | |||||||||||
| Income from operations, net | 28,964 | — | — | ||||||||
| Depreciation on rental property, net of minority partners' interest | — | (828 | ) | (828 | ) | ||||||
| Gain on dispositions of real estate, net of minority partners' interest | — | 34,390 | 34,390 | ||||||||
| Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | — | — | (431 | ) | |||||||
| Deficit distributions to minority partners | — | 6,640 | 6,640 | ||||||||
| Income tax arising from disposals | — | (7,022 | ) | (7,022 | ) | ||||||
| Deficit distributions to minority partners | (1,744 | ) | (1,744 | ) | (1,744 | ) | |||||
| Capital Replacements | 18,751 | — | 18,751 | ||||||||
| Capital Enhancements | 232 | — | 232 | ||||||||
| Minority interest in Aimco Operating Partnership's share of above adjustments | — | 6,029 | 4,442 | ||||||||
| Minority interest in Aimco Operating Partnership | (533 | ) | — | — | |||||||
| Amortization of intangibles | (1,986 | ) | (1,986 | ) | (1,986 | ) | |||||
| Net income | $ | 37,169 | $ | 37,169 | $ | 37,169 | |||||
12
Supplemental Schedule III
Free Cash Flow from Business Segments Detail
(in thousands)
(unaudited)
| | See Supplemental Schedule II | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Equivalent Units | Total FCF | CR and CE (1) Expenditures | FCF before CR and CE | ||||||||||||
| Real Estate | ||||||||||||||||
| Conventional: with average monthly rent | ||||||||||||||||
| Greater than $1,200 per unit | 10,012 | $ | 22,454 | $ | 1,713 | $ | 24,167 | |||||||||
| $1,000 to $1,200 per unit | 10,590 | 19,920 | 1,259 | 21,179 | ||||||||||||
| $900 to $1000 per unit | 14,287 | 25,066 | 2,415 | 27,481 | ||||||||||||
| $800 to $900 per unit | 7,760 | 10,875 | 1,245 | 12,120 | ||||||||||||
| $700 to $800 per unit | 16,987 | 20,966 | 2,021 | 22,987 | ||||||||||||
| $600 to $700 per unit | 29,400 | 31,230 | 3,365 | 34,595 | ||||||||||||
| $500 to $600 per unit | 35,684 | 29,740 | 3,380 | 33,120 | ||||||||||||
| Less than $500 per unit | 16,603 | 9,944 | 904 | 10,848 | ||||||||||||
| Subtotal conventional real estate contribution to Free Cash Flow | 141,323 | 170,195 | 16,302 | 186,497 | ||||||||||||
| Affordable | 21,584 | 22,038 | 2,334 | 24,372 | ||||||||||||
| University communities | 2,358 | 2,705 | 246 | 2,951 | ||||||||||||
| Other real estate | 935 | 101 | 1,036 | |||||||||||||
| Minority partners' interest | (15,456 | ) | (15,456 | ) | ||||||||||||
| Total real estate contribution to Free Cash Flow | 165,265 | $ | 180,417 | $ | 18,983 | $ | 199,400 | |||||||||
| Add minority partners' interest | 15,456 | |||||||||||||||
| Less unconsolidated contribution to Free Cash Flow | (13,781 | ) | ||||||||||||||
| Less unconsolidated CR/CE spending | (1,057 | ) | ||||||||||||||
| Rental and other property revenues less property operating expenses | $ | 200,018 | ||||||||||||||
- (1)
- CR = Capital Replacements, CE = Capital Enhancements See definitions on Supplemental Schedule VI
13
Supplemental Schedule IV
Proportionate Income Statement Presentation (Including Proportionate Consolidated Income Statement)
For the Three Months Ended December 31, 2003
(in thousands, except per share data)
(unaudited)
| | | | | | Reconciliation to Free Cash Flow From Business Segments [e] | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Proportionate Share of Unconsolidated Partnerships [b] | | Proportionate Consolidated Income Statement [d] | |||||||||||||||||||||
| | Aimco GAAP Income Statement [a] | Minority Partners' Interest [c] | Real Estate | Investment Management Business | Capital Replacements/ Enhancements | Free Cash Flow | |||||||||||||||||||
| REVENUES: | |||||||||||||||||||||||||
| Rental and other property revenues | $ | 362,737 | $ | 33,575 | $ | (39,811 | ) | $ | 356,501 | (356,501 | ) | — | — | — | |||||||||||
| Management fees and other income primarily from affiliates | 19,126 | — | — | 19,126 | — | (19,126 | ) | — | — | ||||||||||||||||
| Total revenues | 381,863 | 33,575 | (39,811 | ) | 375,627 | (356,501 | ) | (19,126 | ) | — | — | ||||||||||||||
| EXPENSES: | |||||||||||||||||||||||||
| Property operating expenses | 162,719 | 18,737 | (24,355 | ) | 157,101 | (157,101 | ) | — | — | ||||||||||||||||
| Management and other expenses | 21,495 | — | — | 21,495 | — | (21,495 | ) | — | — | ||||||||||||||||
| Depreciation of rental property | 86,342 | 6,486 | (7,454 | ) | 85,374 | — | — | (18,983 | ) | 66,391 | |||||||||||||||
| Amortization of intangibles | 1,986 | — | — | 1,986 | — | — | — | 1,986 | |||||||||||||||||
| General and administrative expenses | 9,277 | — | — | 9,277 | — | — | — | 9,277 | |||||||||||||||||
| Provision for losses on accounts, fees and notes receivable | 718 | — | — | 718 | — | — | — | 718 | |||||||||||||||||
| Total expenses | 282,537 | 25,223 | (31,809 | ) | 275,951 | (157,101 | ) | (21,495 | ) | (18,983 | ) | 78,372 | |||||||||||||
| Real estate contribution to Free Cash Flow | — | — | — | — | 199,400 | (18,983 | ) | 180,417 | |||||||||||||||||
| Investment management business contribution to Free Cash Flow | — | — | — | — | (2,369 | ) | (2,369 | ) | |||||||||||||||||
| Operating Income | 99,326 | 8,352 | (8,002 | ) | 99,676 | — | — | — | 99,676 | ||||||||||||||||
| Interest and other income | 6,731 | — | — | 6,731 | — | — | — | 6,731 | |||||||||||||||||
| Interest expense | (94,703 | ) | (8,188 | ) | 10,119 | (92,772 | ) | — | — | — | (92,772 | ) | |||||||||||||
| Equity in earnings of unconsolidated real estate partnerships | 164 | (164 | ) | — | — | — | — | — | — | ||||||||||||||||
| Deficit distributions to minority partners | (1,744 | ) | — | — | (1,744 | ) | — | — | — | (1,744 | ) | ||||||||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | (4,122 | ) | — | — | (4,122 | ) | — | — | — | (4,122 | ) | ||||||||||||||
| Gain on dispositions of real estate related to unconsolidated entities | 969 | — | — | 969 | — | — | — | 969 | |||||||||||||||||
| Income before minority interests and discontinued operations | 6,621 | — | 2,117 | 8,738 | — | — | — | 8,738 | |||||||||||||||||
14
| Minority interests: | |||||||||||||||||||||||||
| Minority interest in consolidated real estate partnerships | 2,117 | — | (2,117 | ) | — | — | — | — | — | ||||||||||||||||
| Minority interest in Aimco Operating Partnership, preferred | (1,985 | ) | — | — | (1,985 | ) | — | — | — | (1,985 | ) | ||||||||||||||
| Minority interest in Aimco Operating Partnership, common | 1,452 | — | — | 1,452 | — | — | — | 1,452 | |||||||||||||||||
| Total minority interest | 1,584 | — | (2,117 | ) | (533 | ) | — | — | — | (533 | ) | ||||||||||||||
| Income from continuing operations | 8,205 | — | — | 8,205 | — | — | — | 8,205 | |||||||||||||||||
| Discontinued operations: | |||||||||||||||||||||||||
| Income from discontinued operations, net | 28,964 | — | — | 28,964 | — | — | — | 28,964 | |||||||||||||||||
| Net income | $ | 37,169 | — | — | $ | 37,169 | — | — | — | $ | 37,169 | ||||||||||||||
| Net income attributable to preferred stockholders | $ | 19,533 | $ | 19,533 | $ | 19,533 | |||||||||||||||||||
| Net income attributable to common stockholders | $ | 17,636 | $ | 17,636 | $ | 17,636 | |||||||||||||||||||
| Basic earnings per common share | $ | 0.19 | $ | 0.19 | $ | 0.19 | |||||||||||||||||||
| Diluted earnings per common share | $ | 0.19 | $ | 0.19 | $ | 0.19 | |||||||||||||||||||
| Weighted average number of common shares outstanding | 93,122 | ||||||||||||||||||||||||
| Weighted average number of common shares and common share equivalents outstanding | 93,206 | ||||||||||||||||||||||||
| Dividends declared per common share | $ | 0.60 | |||||||||||||||||||||||
- [a]
- Aimco's consolidated statement of income on a GAAP basis
- [b]
- Aimco's proportionate share of unconsolidated real estate partnerships
- [c]
- Aimco's proportionate share of minority interest in consolidated real estate partnerships
- [d]
- Total consolidated operations plus Aimco's proportionate share of unconsolidated real estate partnerships less minority partners' share of consolidated operations
- [e]
- Reconciliation of the proportionate consolidated income statement to Free Cash Flow from Business Segments (Supplemental Schedule II)
15
Supplemental Schedule V
Selected Statistical and Balance Sheet Information
As of December 31, 2003
(in thousands, except Other Data)
(unaudited)
- I.
- Property Debt:
- A.
- Property Debt Detail
| | Amount | Weighted Rate | | | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | ||||||||||
| Fixed | $ | 4,620,377 | 6.94 | % | ||||||
| Floating | 1,069,194 | 2.56 | % | |||||||
| Sub-Total Consolidated | 5,689,571 | (1) | 6.12 | % | ||||||
| Unconsolidated (Aimco's share) | ||||||||||
| Fixed | 337,828 | 6.23 | % | |||||||
| Floating | 16,532 | 3.56 | % | |||||||
| Sub-Total Unconsolidated | 354,360 | (2) | 6.15 | % | ||||||
| Total Mortgage Debt (Consolidated and Pro Rata Share Unconsolidated) | 6,043,931 | 6.12 | % | |||||||
| Minority Interest | (728,495 | )(3) | 6.65 | % | ||||||
| Aimco's Share of Mortgage Debt | $ | 5,315,436 | 6.04 | % | ||||||
- II.
- Asset and Liability Detail
- A.
- Assets
| Unconsolidated cash | $ | 13,737 | (2) | |||||||
| Unconsolidated restricted cash | 37,269 | (2) | ||||||||
| Unconsolidated accounts receivable | 2,450 | (2) | ||||||||
| Unconsolidated other assets | 8,684 | (2) | ||||||||
| Minority interest share of cash/restricted cash | 31,018 | (3) | ||||||||
| Minority interest share of notes receivable | 60,264 | (3) | ||||||||
| Goodwill | 99,811 | (4) | ||||||||
| Land held for future development | 10,000 | (5) |
- B.
- Current Liabilities
| Unconsolidated current liabilities | (71,812 | )(2) |
- III.
- Acquisitions for the Quarter Ended December 31, 2003:
| Limited Partner Equity Interests | $ | 16,000 | |||||||
| Miami Property Acquisition | $ | 57,500 |
- IV.
- Common Shares and Operating Partnership Units Outstanding as of December 31, 2003:
| Class A Common Stock | 93,887 | |||||||
| Common Partnership Units and equivalents | 11,654 | |||||||
| 105,541 | ||||||||
16
- V.
- Preferred Securities:
| | Coupon | Amount | Shares/Units Outstanding | Current Quarter Weighted Avg Common Share Equivalents | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Perpetual: | ||||||||||
| Class D | 8.75 | % | $ | 67,500 | 2,700,000 | — | ||||
| Class G | 9.375 | % | 101,250 | 4,050,000 | — | |||||
| Class Q | 10.10 | % | 63,250 | 2,530,000 | — | |||||
| Class R | 10.00 | % | 173,500 | 6,940,000 | — | |||||
| Class T | 8.00 | % | 150,000 | 6,000,000 | — | |||||
| Total perpetual | $ | 555,500 | 22,220,000 | — | ||||||
| Convertible: | ||||||||||
| Class N | 9.00 | % | 100,000 | 4,000,000 | 1,904,762 | |||||
| Class O | 9.00 | % | 100,000 | 1,904,762 | 1,904,762 | |||||
| Class P | 9.00 | % | 99,992 | 3,999,662 | 1,785,563 | |||||
| 299,992 | 9,904,424 | 5,595,087 | ||||||||
| Preferred OP units | 8.76 | % | 90,835 | 3,322,215 | 2,453,274 | |||||
| Total convertible | $ | 390,827 | 13,226,639 | 8,048,361 | ||||||
| Mandatorily Redeemable Preferred Securities: | ||||||||||
| Class S cumulative redeemable preferred securities | Libor + 2.75 | % | 98,500(6 | ) | 4,000,000 | — | ||||
| Convertible preferred securities | 6.50 | % | 15,119 | 302,385 | 304,774 | |||||
| Total mandatorily redeemable preferred securities | $ | 113,619 | 4,302,385 | 304,774 | ||||||
| Total preferred securities | $ | 1,059,946 | 39,749,024 | 8,353,135 | ||||||
- VI.
- Other Data:
| | 4Q03 | 4Q02 | | | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional same store: | ||||||||||||
| Weighted average physical occupancy | 91.8 | % | 91.3 | % | ||||||||
| Average monthly rent per occupied unit | $ | 719 | $ | 735 | ||||||||
| Conventional total portfolio: | ||||||||||||
| Weighted average physical occupancy | 90.7 | % | 89.3 | % | ||||||||
| Average monthly rent per occupied unit | $ | 729 | $ | 737 | ||||||||
Notes:
- (1)
- Includes $40,670 of debt related to assets held for sale
- (2)
- These amounts are included in Investment in unconsolidated real estate partnerships on the GAAP Balance Sheet
- (3)
- These amounts are included in Minority interest in consolidated real estate partnerships on the GAAP Balance Sheet
Minority interest share of mortgage debt includes $6,558 of minority interest related to liabilities related to assets held for sale. - (4)
- This amount is included in Other assets on the GAAP Balance Sheet
- (5)
- This amount is included in Land on the GAAP Balance Sheet
- (6)
- On January 30, 2004, Aimco redeemed 1,015,228 shares ($25 million) of Class S cumulative redeemable preferred securities
17
Supplemental Schedule VI
Capital Expenditures
For the Year Ended December 31, 2003
(in thousands)
(unaudited)
I. Capital Expenditures
For the year ended December 31, 2003, Aimco spent a total of $86.7 million and $2.6 million, respectively, for Capital Replacements (expenditures required to maintain the related asset) and Capital Enhancements (expenditures that add a new feature or revenue source at a property). These amounts represent Aimco's share of the total spending on both consolidated and unconsolidated real estate partnerships.
The table below details Aimco's actual spending based on a per unit and total dollar basis (based on approximately 154,000 units) for the year ended December 31, 2003:
| | Capital Replacements Actual Cost Per Unit | Capital Enhancements Actual Cost Per Unit | Total CR/CE Actual Cost Per Unit | Capital Replacements Actual Cost (in thousands) | Capital Enhancements Actual Cost (in thousands) | Total CR/CE Actual Cost (in thousands) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carpets | $ | 117 | $ | — | $ | 117 | $ | 17,994 | $ | 17 | $ | 18,011 | |||||||
| Flooring | 32 | — | 32 | 4,952 | — | 4,952 | |||||||||||||
| Appliances | 34 | 2 | 36 | 5,296 | 236 | 5,532 | |||||||||||||
| Blinds/shades | 5 | — | 5 | 785 | — | 785 | |||||||||||||
| Furnace/air | 35 | — | 35 | 5,409 | 13 | 5,422 | |||||||||||||
| Hot Water Heaters | 9 | — | 9 | 1,386 | 21 | 1,407 | |||||||||||||
| Kitchen/bath | 13 | — | 13 | 1,932 | 8 | 1,940 | |||||||||||||
| Exterior painting | 25 | — | 25 | 3,853 | 23 | 3,876 | |||||||||||||
| Landscaping | 19 | 1 | 20 | 2,925 | 149 | 3,074 | |||||||||||||
| Pool/exercise facilities | 18 | — | 18 | 2,679 | 65 | 2,744 | |||||||||||||
| Computers, miscellaneous | 26 | 3 | 29 | 4,007 | 383 | 4,390 | |||||||||||||
| Roofs | 17 | — | 17 | 2,674 | 2 | 2,676 | |||||||||||||
| Parking lot | 12 | — | 12 | 1,802 | 10 | 1,812 | |||||||||||||
| Building (electrical,elevator, plumbing) | 72 | — | 72 | 11,017 | 28 | 11,045 | |||||||||||||
| Submetering | — | 7 | 7 | — | 1,088 | 1,088 | |||||||||||||
| Capitalized payroll and other indirect costs | 129 | 4 | 133 | 19,969 | 566 | 20,535 | |||||||||||||
| Total Aimco's share | $ | 563 | $ | 17 | $ | 580 | $ | 86,680 | $ | 2,609 | $ | 89,289 | |||||||
| Plus minority partners' share of consolidated spending | 10,117 | 437 | 10,554 | ||||||||||||||||
| Less Aimco's share of unconsolidated spending | (6,195 | ) | (40 | ) | (6,235 | ) | |||||||||||||
| Total spending per Consolidated Statement of Cash Flows | $ | 90,602 | $ | 3,006 | $ | 93,608 | |||||||||||||
For the year ended December 31, 2003, Aimco spent a total of $24.8 million for Initial Capital Expenditures or "ICE," which are expenditures for a property that were identified at the time the
18
property was acquired as expenditures to be incurred within a specified period of time of the acquisition, typically one year.
For the year ended December 31, 2003, Aimco spent a total of $86.5 million for redevelopment, which are expenditures that substantially upgrade the related property.
Aimco's share of the total spending on both consolidated and unconsolidated partnerships are as follows (in millions):
| | Year Ended December 31, 2003 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | ICE | Redevelopment | Totals | |||||||
| Conventional Assets | $ | 15.9 | $ | 79.1 | $ | 95.0 | ||||
| Affordable Assets | 8.9 | 7.4 | 16.3 | |||||||
| Total Aimco's share | $ | 24.8 | $ | 86.5 | $ | 111.3 | ||||
| Plus minority partners' share of consolidated spending | 0.4 | 24.9 | 25.3 | |||||||
| Less Aimco's share of unconsolidated spending | (0.4 | ) | (8.2 | ) | (8.6 | ) | ||||
| Total spending per Consolidated Statement of Cash Flows | $ | 24.8 | $ | 103.2 | $ | 128.0 | ||||
II. Disposition Capital Expenditures
For the year ended December 31, 2003, Aimco spent $25.5 million for Disposition Capital Expenditures. Dispoosition Capital Expenditures are those capital expenditures made on conventional and affordable properties sold, held for sale, or identified as to-be-sold within one year and those capital expenditures made on certain affordable properties that are subject to regulatory restrictions on distributions and that are expected to be sold upon completion of regulatory requirements.
| | Year Ended December 31, 2003 Disposition Capital Expenditures | |||
|---|---|---|---|---|
| Conventional Assets | $ | 15.1 | ||
| Affordable Assets | 10.4 | |||
| Total Aimco's share | $ | 25.5 | ||
| Plus minority partners' share of consolidated spending | 2.7 | |||
| Less Aimco's share of unconsolidated spending | (4.3 | ) | ||
| Total spending per Consolidated Statement of Cash Flows | $ | 23.9 | ||
These expenditures were funded by net cash provided by operating activities, working capital reserves and borrowings under Aimco's revolving credit facility.
19
Supplemental Schedule VII
Apartment Investment and Management Company
Summary of 2003 Redevelopment Activity
As of December 31, 2003
(in millions, except unit data)
(values are not adjusted for Aimco's ownership)
(unaudited)
| | | | | Cost in Millions | | | | | Number of Units | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Redevelopment Timing | ||||||||||||||||||||||
| | | Ownership % | Number of Units | | Spent to Date | | | Out of Service | ||||||||||||||||||
| | | Total Spending | Acquisition | Start | Complete | Stabilization | Completed | Leased | ||||||||||||||||||
| Flamingo South Beach | Miami Beach, FL | 77.0 | % | 1,687 | $ | 279.3 | $ | 269.7 | Q3 1997 | Q3 1997 | Q1 2004 | Q1 2005 | 1,406 | 987 | 281 | |||||||||||
| Reflections | Indianapolis, IN | 51.6 | % | 582 | $ | 17.7 | $ | 17.7 | Q4 1998 | Q2 2001 | Q4 2003 | Q1 2004 | 582 | 482 | 0 | |||||||||||
| Glenbridge Manors | Cincinnati, OH | 50.8 | % | 290 | $ | 29.2 | $ | 29.2 | Q4 1998 | Q3 2001 | Q4 2003 | Q1 2004 | 287 | 263 | 3 | |||||||||||
| The Ashford | Atlanta, GA | 100.0 | % | 221 | $ | 20.2 | $ | 20.2 | Q4 1995 | Q2 2001 | Q2 2003 | Q4 2003 | 221 | 200 | 0 | |||||||||||
| Franklin Oaks | Franklin, TN | 100.0 | % | 468 | $ | 4.2 | $ | 1.6 | Q4 1998 | Q4 2003 | Q4 2004 | Q4 2004 | 0 | 0 | n/a | |||||||||||
| Plainview | Louisville, KY | 42.2 | % | 157 | $ | 5.8 | $ | 5.5 | Q4 1991 | Q1 2003 | Q3 2003 | Q1 2004 | 157 | 111 | 0 | |||||||||||
| Cherry Creek Gardens | Denver, CO | 61.1 | % | 296 | $ | 4.0 | $ | 0.5 | Q1 1996 | Q3 2003 | Q1 2005 | Q1 2005 | 0 | 0 | n/a | |||||||||||
| Westlake Arms | Indianapolis, IN | 100.0 | % | 1,381 | $ | 2.6 | $ | 0.9 | Q1 1995 | Q3 2003 | Q3 2004 | Q3 2004 | 0 | 0 | n/a | |||||||||||
| Chimney Hill | Marietta, GA | 56.5 | % | 326 | $ | 33.2 | $ | 2.2 | Q2 1998 | Q4 2003 | Q2 2005 | Q2 2006 | 0 | 0 | 326 | |||||||||||
| Total | 5,408 | $ | 396.2 | $ | 347.5 | 2,653 | 2,043 | 610 | ||||||||||||||||||
20
Supplemental Schedule VIII
Income Statement Information
Q4 2003 compared to Q4 2002
(in thousands)
(unaudited)
| | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | Change Q4 2003 vs Q4 2002 | % Change Q4 2003 vs Q4 2002 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues: | ||||||||||||||
| Consolidated same store properties | $ | 307,087 | $ | 312,497 | $ | (5,410 | ) | -1.7 | % | |||||
| Acquisition properties | 2,599 | — | 2,599 | — | ||||||||||
| Newly consolidated properties | 9,095 | — | 9,095 | — | ||||||||||
| Affordable properties | 29,036 | 30,564 | (1,528 | ) | -5.0 | % | ||||||||
| Redevelopment properties | 10,666 | 7,704 | 2,962 | 38.4 | % | |||||||||
| Other properties | 4,254 | 2,914 | 1,340 | 46.0 | % | |||||||||
| Total rental and other property revenues | $ | 362,737 | $ | 353,679 | $ | 9,058 | 2.6 | % | ||||||
| Expenses: | ||||||||||||||
| Consolidated same store properties | $ | 127,067 | $ | 117,960 | $ | 9,107 | 7.7 | % | ||||||
| Acquisition properties | 726 | — | 726 | — | ||||||||||
| Newly consolidated properties | 3,708 | — | 3,708 | — | ||||||||||
| Affordable properties | 14,225 | 14,536 | (311 | ) | -2.1 | % | ||||||||
| Redevelopment properties | 7,969 | 4,009 | 3,960 | 98.8 | % | |||||||||
| Partnership expenses | 3,685 | 1,169 | 2,516 | 215.2 | % | |||||||||
| Property management expense | 5,616 | 4,055 | 1,561 | 38.5 | % | |||||||||
| Casualty gains | (3,279 | ) | — | (3,279 | ) | — | ||||||||
| Other properties | 3,002 | 2,427 | 575 | 23.7 | % | |||||||||
| Total property operating expense | $ | 162,719 | $ | 144,156 | $ | 18,563 | 12.9 | % | ||||||
| Net Operating Income: | ||||||||||||||
| Consolidated same store properties | $ | 180,020 | $ | 194,537 | $ | (14,517 | ) | -7.5 | % | |||||
| Acquisition properties | 1,873 | — | 1,873 | — | ||||||||||
| Newly consolidated properties | 5,387 | — | 5,387 | — | ||||||||||
| Affordable properties | 14,811 | 16,028 | (1,217 | ) | -7.6 | % | ||||||||
| Redevelopment properties | 2,697 | 3,695 | (998 | ) | -27.0 | % | ||||||||
| Partnership expenses | (3,685 | ) | (1,169 | ) | (2,516 | ) | 215.2 | % | ||||||
| Property management expense | (5,616 | ) | (4,055 | ) | (1,561 | ) | 38.5 | % | ||||||
| Casualty gains | 3,279 | — | 3,279 | — | ||||||||||
| Other properties | 1,252 | 487 | 765 | 157.1 | % | |||||||||
| Total net operating income | $ | 200,018 | $ | 209,523 | $ | (9,505 | ) | -4.5 | % | |||||
| Reconciliation of consolidated same store properties to Aimco's share of same store sales: | ||||||||||||||
| Revenues: | ||||||||||||||
| Consolidated same store properties | $ | 307,087 | $ | 312,497 | $ | (5,410 | ) | |||||||
| Plus: Newly consolidated properties | 3,070 | — | 3,070 | |||||||||||
| Less: Minority partners' share of consolidated same store | (30,890 | ) | (31,507 | ) | 617 | |||||||||
| Plus: Aimco's share of unconsolidated same store | 11,034 | 14,252 | (3,218 | ) | ||||||||||
| Aimco's share of same store sales | $ | 290,301 | $ | 295,242 | $ | (4,941 | ) | -1.7 | % | |||||
| Expenses: | ||||||||||||||
| Consolidated same store properties | $ | 127,067 | $ | 117,960 | $ | 9,107 | ||||||||
| Plus: Newly consolidated properties | 1,257 | — | 1,257 | |||||||||||
| Less: Minority partners' share of consolidated same store | (13,263 | ) | (12,420 | ) | (843 | ) | ||||||||
| Plus: Aimco's share of unconsolidated same store | 5,267 | 4,834 | 433 | |||||||||||
| Aimco's share of same store sales | $ | 120,328 | $ | 110,374 | $ | 9,954 | 9.0 | % | ||||||
| Net Operating Income: | ||||||||||||||
| Consolidated same store properties | $ | 180,020 | $ | 194,537 | $ | (14,517 | ) | |||||||
| Plus: Newly consolidated properties | 1,813 | — | 1,813 | |||||||||||
| Less: Minority partners' share of consolidated same store | (17,627 | ) | (19,087 | ) | 1,460 | |||||||||
| Plus: Aimco's share of unconsolidated same store | 5,767 | 9,418 | (3,651 | ) | ||||||||||
| Aimco's share of same store sales | $ | 169,973 | $ | 184,868 | $ | (14,895 | ) | -8.1 | % | |||||
21
DEFINITIONS:
Consolidated same store properties —consist of all conventional properties owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter and for the relevant comparable period.
Acquisition properties —consist of all consolidated properties owned less than one year as of the beginning of the most recent quarter.
Newly consolidated properties —consist of all properties consolidated for less than one year as of the beginning of the most recent quarter.
Affordable properties —consist of all affordable properties (which are properties that benefit from governmental programs designed to provide housing for people with low or moderate incomes) owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter.
Redevelopment properties —consist of all consolidated properties where (i) a substantial number of available units have been vacated for major renovations and have not been stabilized for at least one year as of the beginning of the most recent quarter or (ii) significant renovation is underway or has been complete for less than one year on exteriors, common areas and/or unit improvements (on turns) and the properties have been removed from Same Store Sales.
Other properties —consist of all consolidated properties that are not multifamily (such as commercial, university communities, etc).
Partnership expenses —consist of expenses incurred at the partnership level either directly or indirectly (such as partnership audit, tax and legal expenses).
Property management expenses —consist of off-site expenses associated with the self-management of consolidated properties.
22
Supplemental Schedule IX
Same Store Sales
Fourth Quarter 2003 versus Fourth Quarter 2002
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 28 | 12,458 | 82.02 | % | 29,161 | 9,890 | 19,271 | 28,863 | 8,609 | 20,254 | 298 | 1.0 | % | 1,281 | 14.9 | % | (983 | ) | -4.9 | % | ||||||||||||
| New England | 12 | 4,735 | 96.32 | % | 14,665 | 4,711 | 9,954 | 14,775 | 4,156 | 10,619 | (110 | ) | -0.7 | % | 555 | 13.4 | % | (665 | ) | -6.3 | % | |||||||||||
| Philadelphia | 12 | 5,734 | 78.77 | % | 14,276 | 4,905 | 9,371 | 13,893 | 4,517 | 9,376 | 383 | 2.8 | % | 388 | 8.6 | % | (5 | ) | -0.1 | % | ||||||||||||
| Baltimore | 11 | 2,044 | 79.52 | % | 4,246 | 1,535 | 2,711 | 4,108 | 1,291 | 2,817 | 138 | 3.4 | % | 244 | 18.9 | % | (106 | ) | -3.8 | % | ||||||||||||
| Dutchess County | 1 | 835 | 100.00 | % | 2,383 | 806 | 1,577 | 2,253 | 693 | 1,560 | 130 | 5.8 | % | 113 | 16.3 | % | 17 | 1.1 | % | |||||||||||||
| Hartford | 2 | 650 | 100.00 | % | 1,694 | 500 | 1,194 | 1,789 | 509 | 1,280 | (95 | ) | -5.3 | % | (9 | ) | -1.8 | % | (86 | ) | -6.7 | % | ||||||||||
| Other Markets | 1 | 324 | 69.85 | % | 455 | 176 | 279 | 427 | 162 | 265 | 28 | 6.6 | % | 14 | 8.6 | % | 14 | 5.3 | % | |||||||||||||
| 67 | 26,780 | 84.51 | % | 66,880 | 22,523 | 44,357 | 66,108 | 19,937 | 46,171 | 772 | 1.2 | % | 2,586 | 13.0 | % | (1,814 | ) | -3.9 | % | |||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 21 | 5,931 | 83.04 | % | 8,477 | 4,450 | 4,027 | 8,900 | 4,206 | 4,694 | (423 | ) | -4.8 | % | 244 | 5.8 | % | (667 | ) | -14.2 | % | |||||||||||
| Norfolk | 12 | 3,565 | 83.75 | % | 6,967 | 2,394 | 4,573 | 6,704 | 2,123 | 4,581 | 263 | 3.9 | % | 271 | 12.8 | % | (8 | ) | -0.2 | % | ||||||||||||
| Nashville | 11 | 3,752 | 79.43 | % | 5,596 | 2,088 | 3,508 | 5,361 | 1,889 | 3,472 | 235 | 4.4 | % | 199 | 10.5 | % | 36 | 1.0 | % | |||||||||||||
| Raleigh-Durham-Chapel Hill | 10 | 2,843 | 71.10 | % | 3,356 | 1,535 | 1,821 | 3,584 | 1,496 | 2,088 | (228 | ) | -6.4 | % | 39 | 2.6 | % | (267 | ) | -12.8 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 11 | 2,336 | 87.46 | % | 2,985 | 1,600 | 1,385 | 2,907 | 1,605 | 1,302 | 78 | 2.7 | % | (5 | ) | -0.3 | % | 83 | 6.4 | % | ||||||||||||
| Richmond — Petersburg | 7 | 1,513 | 78.41 | % | 2,536 | 838 | 1,698 | 2,444 | 780 | 1,664 | 92 | 3.8 | % | 58 | 7.4 | % | 34 | 2.0 | % | |||||||||||||
| Columbia | 6 | 1,438 | 65.39 | % | 1,566 | 695 | 871 | 1,533 | 707 | 826 | 33 | 2.2 | % | (12 | ) | -1.7 | % | 45 | 5.4 | % | ||||||||||||
| Charleston | 3 | 680 | 65.39 | % | 1,182 | 430 | 752 | 1,111 | 426 | 685 | 71 | 6.4 | % | 4 | 0.9 | % | 67 | 9.8 | % | |||||||||||||
| Savannah | 2 | 416 | 65.39 | % | 801 | 287 | 514 | 763 | 295 | 468 | 38 | 5.0 | % | (8 | ) | -2.7 | % | 46 | 9.8 | % | ||||||||||||
| Other Markets | 30 | 6,320 | 78.58 | % | 7,802 | 3,619 | 4,183 | 8,028 | 3,400 | 4,628 | (226 | ) | -2.8 | % | 219 | 6.4 | % | (445 | ) | -9.6 | % | |||||||||||
| 113 | 28,794 | 80.10 | % | 41,268 | 17,936 | 23,332 | 41,335 | 16,927 | 24,408 | (67 | ) | -0.2 | % | 1,009 | 6.0 | % | (1,076 | ) | -4.4 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 24 | 6,132 | 88.01 | % | 10,075 | 4,449 | 5,626 | 10,160 | 4,421 | 5,739 | (85 | ) | -0.8 | % | 28 | 0.6 | % | (113 | ) | -2.0 | % | |||||||||||
| Tampa-St. Petersburg | 21 | 5,637 | 88.70 | % | 9,230 | 4,033 | 5,197 | 9,465 | 3,906 | 5,559 | (235 | ) | -2.5 | % | 127 | 3.3 | % | (362 | ) | -6.5 | % | |||||||||||
| West Palm Beach-Boca | 6 | 1,727 | 100.00 | % | 3,983 | 1,505 | 2,478 | 4,048 | 1,458 | 2,590 | (65 | ) | -1.6 | % | 47 | 3.2 | % | (112 | ) | -4.3 | % | |||||||||||
| Jacksonville | 6 | 2,406 | 75.86 | % | 3,768 | 1,480 | 2,288 | 3,734 | 1,424 | 2,310 | 34 | 0.9 | % | 56 | 3.9 | % | (22 | ) | -1.0 | % | ||||||||||||
| Miami | 6 | 2,171 | 76.45 | % | 5,414 | 2,547 | 2,867 | 5,349 | 2,054 | 3,295 | 65 | 1.2 | % | 493 | 24.0 | % | (428 | ) | -13.0 | % | ||||||||||||
| FortLauderdale | 4 | 1,122 | 88.56 | % | 2,215 | 904 | 1,311 | 2,395 | 1,121 | 1,274 | (180 | ) | -7.5 | % | (217 | ) | -19.4 | % | 37 | 2.9 | % | |||||||||||
| Other Markets | 1 | 136 | 72.33 | % | 207 | 78 | 129 | 207 | 76 | 131 | 0 | 0.0 | % | 2 | 2.6 | % | (2 | ) | -1.5 | % | ||||||||||||
| 68 | 19,331 | 87.07 | % | 34,892 | 14,996 | 19,896 | 35,358 | 14,460 | 20,898 | (466 | ) | -1.3 | % | 536 | 3.7 | % | (1,002 | ) | -4.8 | % | ||||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 22 | 6,323 | 91.11 | % | 15,524 | 6,462 | 9,062 | 16,197 | 6,271 | 9,926 | (673 | ) | -4.2 | % | 191 | 3.0 | % | (864 | ) | -8.7 | % | |||||||||||
| Indianapolis | 33 | 10,039 | 86.10 | % | 13,334 | 6,287 | 7,047 | 14,093 | 6,110 | 7,983 | (759 | ) | -5.4 | % | 177 | 2.9 | % | (936 | ) | -11.7 | % | |||||||||||
| Grand Rapids-Lansing | 14 | 5,094 | 92.72 | % | 8,352 | 3,953 | 4,399 | 8,964 | 3,515 | 5,449 | (612 | ) | -6.8 | % | 438 | 12.5 | % | (1,050 | ) | -19.3 | % | |||||||||||
| Cincinnati — Dayton | 19 | 3,733 | 79.47 | % | 5,526 | 2,404 | 3,122 | 5,668 | 2,349 | 3,319 | (142 | ) | -2.5 | % | 55 | 2.3 | % | (197 | ) | -5.9 | % | |||||||||||
| Detroit — Ann Arbor | 7 | 2,074 | 66.64 | % | 2,877 | 1,294 | 1,583 | 2,857 | 1,158 | 1,699 | 20 | 0.7 | % | 136 | 11.7 | % | (116 | ) | -6.8 | % | ||||||||||||
| Fort Wayne | 3 | 2,440 | 96.29 | % | 3,759 | 1,483 | 2,276 | 4,080 | 1,813 | 2,267 | (321 | ) | -7.9 | % | (330 | ) | -18.2 | % | 9 | 0.4 | % | |||||||||||
| Columbus | 9 | 2,012 | 68.24 | % | 2,361 | 980 | 1,381 | 2,362 | 1,017 | 1,345 | (1 | ) | 0.0 | % | (37 | ) | -3.6 | % | 36 | 2.7 | % | |||||||||||
| Kansas City | 5 | 1,296 | 60.53 | % | 1,368 | 470 | 898 | 1,482 | 724 | 758 | (114 | ) | -7.7 | % | (254 | ) | -35.1 | % | 140 | 18.5 | % | |||||||||||
| Minneapolis — St Paul | 4 | 1,098 | 59.46 | % | 1,360 | 614 | 746 | 1,478 | 426 | 1,052 | (118 | ) | -8.0 | % | 188 | 44.1 | % | (306 | ) | -29.1 | % | |||||||||||
| Other Markets | 15 | 3,096 | 55.54 | % | 3,004 | 1,249 | 1,755 | 3,084 | 1,258 | 1,826 | (80 | ) | -2.6 | % | (9 | ) | -0.7 | % | (71 | ) | -3.9 | % | ||||||||||
| 131 | 37,205 | 81.58 | % | 57,465 | 25,196 | 32,269 | 60,265 | 24,641 | 35,624 | (2,800 | ) | -4.6 | % | 555 | 2.3 | % | (3,355 | ) | -9.4 | % | ||||||||||||
23
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 36 | 9,467 | 91.69 | % | 13,792 | 7,078 | 6,714 | 14,846 | 6,412 | 8,434 | (1,054 | ) | -7.1 | % | 666 | 10.4 | % | (1,720 | ) | -20.4 | % | |||||||||||
| Dallas-Fort Worth | 26 | 6,483 | 82.83 | % | 8,561 | 4,727 | 3,834 | 9,256 | 4,660 | 4,596 | (695 | ) | -7.5 | % | 67 | 1.4 | % | (762 | ) | -16.6 | % | |||||||||||
| San Antonio | 14 | 3,269 | 100.00 | % | 5,032 | 2,425 | 2,607 | 4,841 | 2,129 | 2,712 | 191 | 3.9 | % | 296 | 13.9 | % | (105 | ) | -3.9 | % | ||||||||||||
| Austin-San Marcos | 10 | 2,217 | 92.42 | % | 3,610 | 1,701 | 1,909 | 3,803 | 1,900 | 1,903 | (193 | ) | -5.1 | % | (199 | ) | -10.5 | % | 6 | 0.3 | % | |||||||||||
| Other Markets | 8 | 1,747 | 71.65 | % | 1,853 | 817 | 1,036 | 1,937 | 787 | 1,150 | (84 | ) | -4.3 | % | 30 | 3.8 | % | (114 | ) | -9.9 | % | |||||||||||
| 94 | 23,183 | 88.95 | % | 32,848 | 16,748 | 16,100 | 34,683 | 15,888 | 18,795 | (1,835 | ) | -5.3 | % | 860 | 5.4 | % | (2,695 | ) | -14.3 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 28 | 7,447 | 92.09 | % | 10,565 | 5,534 | 5,031 | 10,722 | 4,933 | 5,789 | (157 | ) | -1.5 | % | 601 | 12.2 | % | (758 | ) | -13.1 | % | |||||||||||
| Denver — Front Range | 22 | 4,743 | 79.73 | % | 7,035 | 2,905 | 4,130 | 8,219 | 2,212 | 6,007 | (1,184 | ) | -14.4 | % | 693 | 31.3 | % | (1,877 | ) | -31.2 | % | |||||||||||
| Salt Lake City-Ogden | 4 | 1,511 | 82.73 | % | 2,085 | 781 | 1,304 | 2,012 | 648 | 1,364 | 73 | 3.6 | % | 133 | 20.5 | % | (60 | ) | -4.4 | % | ||||||||||||
| Las Vegas | 4 | 1,253 | 86.88 | % | 1,805 | 777 | 1,028 | 1,826 | 705 | 1,121 | (21 | ) | -1.2 | % | 72 | 10.2 | % | (93 | ) | -8.3 | % | |||||||||||
| Tucson | 4 | 1,157 | 100.00 | % | 1,568 | 756 | 812 | 1,708 | 684 | 1,024 | (140 | ) | -8.2 | % | 72 | 10.5 | % | (212 | ) | -20.7 | % | |||||||||||
| Seattle | 4 | 468 | 53.42 | % | 585 | 253 | 332 | 541 | 217 | 324 | 44 | 8.1 | % | 36 | 16.6 | % | 8 | 2.5 | % | |||||||||||||
| Other Markets | 5 | 1,024 | 63.60 | % | 1,050 | 477 | 573 | 1,041 | 486 | 555 | 9 | 0.9 | % | (9 | ) | -1.9 | % | 18 | 3.2 | % | ||||||||||||
| 71 | 17,603 | 85.42 | % | 24,693 | 11,483 | 13,210 | 26,069 | 9,885 | 16,184 | (1,376 | ) | -5.3 | % | 1,598 | 16.2 | % | (2,974 | ) | -18.4 | % | ||||||||||||
| California | ||||||||||||||||||||||||||||||||
| Los Angeles-Long Beach — Ventura | 15 | 4,830 | 89.27 | % | 17,305 | 6,465 | 10,840 | 16,652 | 4,441 | 12,211 | 653 | 3.9 | % | 2,024 | 45.6 | % | (1,371 | ) | -11.2 | % | ||||||||||||
| San Diego | 7 | 2,237 | 96.76 | % | 6,683 | 2,125 | 4,558 | 6,323 | 1,647 | 4,676 | 360 | 5.7 | % | 478 | 29.0 | % | (118 | ) | -2.5 | % | ||||||||||||
| Orange County — Riverside | 7 | 1,611 | 95.48 | % | 5,180 | 1,655 | 3,525 | 5,178 | 1,384 | 3,794 | 2 | 0.0 | % | 271 | 19.6 | % | (269 | ) | -7.1 | % | ||||||||||||
| Bay Area | 6 | 1,661 | 57.86 | % | 2,981 | 1,146 | 1,835 | 3,170 | 1,131 | 2,039 | (189 | ) | -6.0 | % | 15 | 1.3 | % | (204 | ) | -10.0 | % | |||||||||||
| Sacramento | 1 | 180 | 22.05 | % | 106 | 55 | 51 | 101 | 33 | 68 | 5 | 5.0 | % | 22 | 66.7 | % | (17 | ) | -25.0 | % | ||||||||||||
| 36 | 10,519 | 85.70 | % | 32,255 | 11,446 | 20,809 | 31,424 | 8,636 | 22,788 | 831 | 2.6 | % | 2,810 | 32.5 | % | (1,979 | ) | -8.7 | % | |||||||||||||
| SAME STORE SALES TOTALS | 580 | 163,415 | 84.18 | % | 290,301 | 120,328 | 169,973 | 295,242 | 110,374 | 184,868 | (4,941 | ) | -1.7 | % | 9,954 | 9.0 | % | (14,895 | ) | -8.1 | % | |||||||||||
| Plus: Minority partners' share of consolidated same store sales | 30,890 | 13,263 | 17,627 | 31,507 | 12,420 | 19,087 | ||||||||||||||||||||||||||
| Less: Aimco's share of unconsolidated same store sales | (11,034 | ) | (5,267 | ) | (5,767 | ) | (14,252 | ) | (4,834 | ) | (9,418 | ) | ||||||||||||||||||||
| Less: Newly consolidated | (3,070 | ) | (1,257 | ) | (1,813 | ) | — | — | — | |||||||||||||||||||||||
| Consolidated same store sales | 307,087 | 127,067 | 180,020 | 312,497 | 117,960 | 194,537 | ||||||||||||||||||||||||||
24
Supplemental Schedule X
Income Statement Information
YTD 2003 compared to YTD 2002
(in thousands)
(unaudited)
| | Year Ended December 31, 2003 | Year Ended December 31, 2002 | Change 2003 vs 2002 | % Change 2003 vs 2002 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues: | ||||||||||||||
| Consolidated same store properties | $ | 983,901 | $ | 1,021,083 | $ | (37,182 | ) | -3.6 | % | |||||
| Acquisition properties | 223,145 | 146,506 | 76,639 | 52.3 | % | |||||||||
| Newly consolidated properties | 171,554 | 67,493 | 104,061 | 154.2 | % | |||||||||
| Affordable properties | 15,571 | 17,419 | (1,848 | ) | -10.6 | % | ||||||||
| Redevelopment properties | 35,544 | 27,406 | 8,138 | 29.7 | % | |||||||||
| Other properties | 16,081 | 12,445 | 3,636 | 29.2 | % | |||||||||
| Total rental and other property revenues | $ | 1,445,796 | $ | 1,292,352 | $ | 153,444 | 11.9 | % | ||||||
| Expenses: | ||||||||||||||
| Consolidated same store properties | $ | 418,180 | $ | 381,017 | $ | 37,163 | 9.8 | % | ||||||
| Acquisition properties | 83,716 | 51,717 | 31,999 | 61.9 | % | |||||||||
| Newly consolidated properties | 76,096 | 24,656 | 51,440 | 208.6 | % | |||||||||
| Affordable properties | 7,794 | 10,127 | (2,333 | ) | -23.0 | % | ||||||||
| Redevelopment properties | 19,811 | 12,828 | 6,983 | 54.4 | % | |||||||||
| Partnership expenses | 9,993 | 9,614 | 379 | 3.9 | % | |||||||||
| Property management expense | 18,946 | 15,942 | 3,004 | 18.8 | % | |||||||||
| Casualty gains | (3,279 | ) | — | (3,279 | ) | — | ||||||||
| Other properties | 11,440 | 9,462 | 1,978 | 20.9 | % | |||||||||
| Total property operating expense | $ | 642,697 | $ | 515,363 | $ | 127,334 | 24.7 | % | ||||||
| Net Operating Income: | ||||||||||||||
| Consolidated same store properties | $ | 565,721 | $ | 640,066 | $ | (74,345 | ) | -11.6 | % | |||||
| Acquisition properties | 139,429 | 94,789 | 44,640 | 47.1 | % | |||||||||
| Newly consolidated properties | 95,458 | 42,837 | 52,621 | 122.8 | % | |||||||||
| Affordable properties | 7,777 | 7,292 | 485 | 6.7 | % | |||||||||
| Redevelopment properties | 15,733 | 14,578 | 1,155 | 7.9 | % | |||||||||
| Partnership expenses | (9,993 | ) | (9,614 | ) | (379 | ) | 3.9 | % | ||||||
| Property management expense | (18,946 | ) | (15,942 | ) | (3,004 | ) | 18.8 | % | ||||||
| Casualty gains | 3,279 | — | 3,279 | — | ||||||||||
| Other properties | 4,641 | 2,983 | 1,658 | 55.6 | % | |||||||||
| Total net operating income | $ | 803,099 | $ | 776,989 | $ | 26,110 | 3.4 | % | ||||||
| Reconciliation of consolidated same store properties to Aimco's share of same store sales: | ||||||||||||||
| Revenues: | ||||||||||||||
| Consolidated same store properties | $ | 983,901 | $ | 1,021,083 | $ | (37,182 | ) | |||||||
| Plus: Newly consolidated properties | 110,250 | 114,231 | (3,981 | ) | ||||||||||
| Less: Minority partners' share of consolidated same store | (100,053 | ) | (104,392 | ) | 4,339 | |||||||||
| Plus: Aimco's share of unconsolidated same store | 44,844 | 44,888 | (44 | ) | ||||||||||
| Aimco's share of same store sales | $ | 1,038,942 | $ | 1,075,810 | $ | (36,868 | ) | -3.4 | % | |||||
| Expenses: | ||||||||||||||
| Consolidated same store properties | $ | 418,180 | $ | 381,017 | $ | 37,163 | ||||||||
| Plus: Newly consolidated properties | 47,288 | 42,743 | 4,545 | |||||||||||
| Less: Minority partners' share of consolidated same store | (43,443 | ) | (39,096 | ) | (4,347 | ) | ||||||||
| Plus: Aimco's share of unconsolidated same store | 19,154 | 16,866 | 2,288 | |||||||||||
| Aimco's share of same store sales | $ | 441,179 | $ | 401,530 | $ | 39,649 | 9.9 | % | ||||||
| Net Operating Income: | ||||||||||||||
| Consolidated same store properties | $ | 565,721 | $ | 640,066 | $ | (74,345 | ) | |||||||
| Plus: Newly consolidated properties | 62,962 | 71,488 | (8,526 | ) | ||||||||||
| Less: Minority partners' share of consolidated same store | (56,610 | ) | (65,296 | ) | 8,686 | |||||||||
| Plus: Aimco's share of unconsolidated same store | 25,690 | 28,022 | (2,332 | ) | ||||||||||
| Aimco's share of same store sales | $ | 597,763 | $ | 674,280 | $ | (76,517 | ) | -11.3 | % | |||||
25
DEFINITIONS:
Consolidated same store properties —consist of all conventional properties owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter and for the relevant comparable period.
Acquisition properties —consist of all consolidated properties owned less than one year as of the beginning of the most recent quarter.
Newly consolidated properties —consist of all properties consolidated for less than one year as of the beginning of the most recent quarter.
Affordable properties —consist of all affordable properties (which are properties that benefit from governmental programs designed to provide housing for people with low or moderate incomes) owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter.
Redevelopment properties —consist of all consolidated properties where (i) a substantial number of available units have been vacated for major renovations and have not been stabilized for at least one year as of the beginning of the most recent quarter or (ii) significant renovation is underway or has been complete for less than one year on exteriors, common areas and/or unit improvements (on turns) and the properties have been removed from Same Store Sales.
Other properties —consist of all consolidated properties that are not multifamily (such as commercial, university communities, etc).
Partnership expenses —consist of expenses incurred at the partnership level either directly or indirectly (such as partnership audit, tax and legal expenses).
Property management expenses —consist of off-site expenses associated with the self-management of consolidated properties.
26
Supplemental Schedule XI
Same Store Sales
Year to Date 2003 versus Year to Date 2002
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Year Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year Ended December 31, 2003 | Year Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 28 | 12,458 | 82.02 | % | 117,323 | 39,728 | 77,595 | 116,822 | 35,015 | 81,807 | 501 | 0.4 | % | 4,713 | 13.5 | % | (4,212 | ) | -5.1 | % | ||||||||||||
| New England | 1 | 412 | 57.72 | % | 3,049 | 946 | 2,103 | 3,148 | 826 | 2,322 | (99 | ) | -3.1 | % | 120 | 14.5 | % | (219 | ) | -9.4 | % | |||||||||||
| Philadelphia | 12 | 5,734 | 78.77 | % | 55,290 | 20,872 | 34,418 | 54,655 | 18,137 | 36,518 | 635 | 1.2 | % | 2,735 | 15.1 | % | (2,100 | ) | -5.8 | % | ||||||||||||
| Baltimore | 11 | 2,044 | 79.52 | % | 16,835 | 6,499 | 10,336 | 16,399 | 4,945 | 11,454 | 436 | 2.7 | % | 1,554 | 31.4 | % | (1,118 | ) | -9.8 | % | ||||||||||||
| Dutchess County | 1 | 835 | 100.00 | % | 9,169 | 3,530 | 5,639 | 8,954 | 2,958 | 5,996 | 215 | 2.4 | % | 572 | 19.3 | % | (357 | ) | -6.0 | % | ||||||||||||
| Hartford | 2 | 650 | 100.00 | % | 7,135 | 2,024 | 5,111 | 7,249 | 1,897 | 5,352 | (114 | ) | -1.6 | % | 127 | 6.7 | % | (241 | ) | -4.5 | % | |||||||||||
| Other Markets | 1 | 324 | 69.85 | % | 1,750 | 834 | 916 | 1,709 | 719 | 990 | 41 | 2.4 | % | 115 | 16.0 | % | (74 | ) | -7.5 | % | ||||||||||||
| 56 | 22,457 | 81.53 | % | 210,551 | 74,433 | 136,118 | 208,936 | 64,497 | 144,439 | 1,615 | 0.8 | % | 9,936 | 15.4 | % | (8,321 | ) | -5.8 | % | |||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 21 | 5,931 | 83.04 | % | 34,374 | 17,682 | 16,692 | 37,980 | 15,689 | 22,291 | (3,606 | ) | -9.5 | % | 1,993 | 12.7 | % | (5,599 | ) | -25.1 | % | |||||||||||
| Norfolk | 12 | 3,565 | 83.75 | % | 27,660 | 9,356 | 18,304 | 26,437 | 8,446 | 17,991 | 1,223 | 4.6 | % | 910 | 10.8 | % | 313 | 1.7 | % | |||||||||||||
| Nashville | 11 | 3,752 | 79.43 | % | 21,994 | 8,737 | 13,257 | 22,092 | 7,818 | 14,274 | (98 | ) | -0.4 | % | 919 | 11.8 | % | (1,017 | ) | -7.1 | % | |||||||||||
| Raleigh-Durham-Chapel Hill | 10 | 2,843 | 71.10 | % | 13,605 | 6,120 | 7,485 | 14,953 | 5,623 | 9,330 | (1,348 | ) | -9.0 | % | 497 | 8.8 | % | (1,845 | ) | -19.8 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 11 | 2,336 | 87.46 | % | 11,842 | 6,172 | 5,670 | 12,562 | 5,959 | 6,603 | (720 | ) | -5.7 | % | 213 | 3.6 | % | (933 | ) | -14.1 | % | |||||||||||
| Richmond — Petersburg | 7 | 1,513 | 78.46 | % | 10,207 | 3,435 | 6,772 | 10,335 | 3,049 | 7,286 | (128 | ) | -1.2 | % | 386 | 12.7 | % | (514 | ) | -7.1 | % | |||||||||||
| Columbia | 6 | 1,438 | 65.39 | % | 6,338 | 2,910 | 3,428 | 6,433 | 2,662 | 3,771 | (95 | ) | -1.5 | % | 248 | 9.3 | % | (343 | ) | -9.1 | % | |||||||||||
| Charleston | 3 | 680 | 88.33 | % | 4,638 | 1,751 | 2,887 | 4,481 | 1,589 | 2,892 | 157 | 3.5 | % | 162 | 10.2 | % | (5 | ) | -0.2 | % | ||||||||||||
| Savannah | 2 | 416 | 100.00 | % | 3,151 | 1,201 | 1,950 | 3,103 | 1,089 | 2,014 | 48 | 1.5 | % | 112 | 10.3 | % | (64 | ) | -3.2 | % | ||||||||||||
| Other Markets | 30 | 6,320 | 78.58 | % | 31,482 | 14,633 | 16,849 | 32,782 | 13,115 | 19,667 | (1,300 | ) | -4.0 | % | 1,518 | 11.6 | % | (2,818 | ) | -14.3 | % | |||||||||||
| 113 | 28,794 | 80.10 | % | 165,291 | 71,997 | 93,294 | 171,158 | 65,039 | 106,119 | (5,867 | ) | -3.4 | % | 6,958 | 10.7 | % | (12,825 | ) | -12.1 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 24 | 6,132 | 88.01 | % | 40,470 | 18,325 | 22,145 | 41,254 | 17,486 | 23,768 | (784 | ) | -1.9 | % | 839 | 4.8 | % | (1,623 | ) | -6.8 | % | |||||||||||
| Tampa-St. Petersburg | 21 | 5,637 | 88.70 | % | 36,914 | 16,338 | 20,576 | 38,318 | 15,486 | 22,832 | (1,404 | ) | -3.7 | % | 852 | 5.5 | % | (2,256 | ) | -9.9 | % | |||||||||||
| West Palm Beach-Boca | 6 | 1,727 | 100.00 | % | 16,019 | 6,237 | 9,782 | 16,583 | 6,028 | 10,555 | (564 | ) | -3.4 | % | 209 | 3.5 | % | (773 | ) | -7.3 | % | |||||||||||
| Miami | 6 | 2,171 | 76.45 | % | 21,697 | 9,380 | 12,317 | 22,383 | 8,180 | 14,203 | (686 | ) | -3.1 | % | 1,200 | 14.7 | % | (1,886 | ) | -13.3 | % | |||||||||||
| Jacksonville | 6 | 2,406 | 75.86 | % | 14,877 | 6,032 | 8,845 | 14,861 | 5,526 | 9,335 | 16 | 0.1 | % | 506 | 9.2 | % | (490 | ) | -5.2 | % | ||||||||||||
| FortLauderdale | 4 | 1,122 | 88.56 | % | 9,460 | 4,055 | 5,405 | 9,822 | 3,774 | 6,048 | (362 | ) | -3.7 | % | 281 | 7.4 | % | (643 | ) | -10.6 | % | |||||||||||
| Other Markets | 1 | 136 | 72.33 | % | 828 | 328 | 500 | 843 | 298 | 545 | (15 | ) | -1.8 | % | 30 | 10.1 | % | (45 | ) | -8.3 | % | |||||||||||
| 68 | 19,331 | 87.07 | % | 140,265 | 60,695 | 79,570 | 144,064 | 56,778 | 87,286 | (3,799 | ) | -2.6 | % | 3,917 | 6.9 | % | (7,716 | ) | -8.8 | % | ||||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 22 | 6,323 | 91.11 | % | 63,573 | 27,027 | 36,546 | 66,553 | 24,736 | 41,817 | (2,980 | ) | -4.5 | % | 2,291 | 9.3 | % | (5,271 | ) | -12.6 | % | |||||||||||
| Indianapolis | 33 | 10,039 | 86.10 | % | 54,100 | 26,379 | 27,721 | 56,890 | 24,219 | 32,671 | (2,790 | ) | -4.9 | % | 2,160 | 8.9 | % | (4,950 | ) | -15.2 | % | |||||||||||
| Grand Rapids-Lansing | 14 | 5,094 | 92.72 | % | 34,656 | 15,951 | 18,705 | 36,298 | 14,297 | 22,001 | (1,642 | ) | -4.5 | % | 1,654 | 11.6 | % | (3,296 | ) | -15.0 | % | |||||||||||
| Cincinnati — Dayton | 19 | 3,733 | 79.47 | % | 22,574 | 9,942 | 12,632 | 22,823 | 9,004 | 13,819 | (249 | ) | -1.1 | % | 938 | 10.4 | % | (1,187 | ) | -8.6 | % | |||||||||||
| Fort Wayne | 3 | 2,440 | 96.29 | % | 15,132 | 6,936 | 8,196 | 16,844 | 6,541 | 10,303 | (1,712 | ) | -10.2 | % | 395 | 6.0 | % | (2,107 | ) | -20.5 | % | |||||||||||
| Detroit — Ann Arbor | 7 | 2,074 | 66.64 | % | 11,355 | 5,399 | 5,956 | 11,937 | 4,661 | 7,276 | (582 | ) | -4.9 | % | 738 | 15.8 | % | (1,320 | ) | -18.1 | % | |||||||||||
| Columbus | 9 | 2,012 | 68.24 | % | 9,584 | 4,015 | 5,569 | 9,768 | 3,609 | 6,159 | (184 | ) | -1.9 | % | 406 | 11.2 | % | (590 | ) | -9.6 | % | |||||||||||
| Kansas City | 5 | 1,296 | 96.29 | % | 5,708 | 2,095 | 3,613 | 6,016 | 2,337 | 3,679 | (308 | ) | -5.1 | % | (242 | ) | -10.4 | % | (66 | ) | -1.8 | % | ||||||||||
| Minneapolis — St Paul | 4 | 1,098 | 59.26 | % | 5,425 | 2,609 | 2,816 | 5,696 | 2,183 | 3,513 | (271 | ) | -4.8 | % | 426 | 19.5 | % | (697 | ) | -19.8 | % | |||||||||||
| Other Markets | 15 | 3,096 | 55.54 | % | 12,001 | 5,247 | 6,754 | 12,382 | 5,009 | 7,373 | (381 | ) | -3.1 | % | 238 | 4.8 | % | (619 | ) | -8.4 | % | |||||||||||
| 131 | 37,205 | 81.58 | % | 234,108 | 105,600 | 128,508 | 245,207 | 96,596 | 148,611 | (11,099 | ) | -4.5 | % | 9,004 | 9.3 | % | (20,103 | ) | -13.5 | % | ||||||||||||
27
| | | | | | | | | | | Change Year Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year Ended December 31, 2003 | Year Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 36 | 9,467 | 91.69 | % | 57,331 | 28,141 | 29,190 | 61,672 | 26,465 | 35,207 | (4,341 | ) | -7.0 | % | 1,676 | 6.3 | % | (6,017 | ) | -17.1 | % | |||||||||||
| Dallas-Fort Worth | 26 | 6,483 | 82.83 | % | 35,421 | 18,320 | 17,101 | 38,176 | 18,891 | 19,285 | (2,755 | ) | -7.2 | % | (571 | ) | -3.0 | % | (2,184 | ) | -11.3 | % | ||||||||||
| San Antonio | 14 | 3,269 | 100.00 | % | 19,701 | 9,677 | 10,024 | 19,876 | 9,020 | 10,856 | (175 | ) | -0.9 | % | 657 | 7.3 | % | (832 | ) | -7.7 | % | |||||||||||
| Austin-San Marcos | 10 | 2,217 | 92.42 | % | 14,391 | 7,444 | 6,947 | 15,611 | 7,726 | 7,885 | (1,220 | ) | -7.8 | % | (282 | ) | -3.7 | % | (938 | ) | -11.9 | % | ||||||||||
| Other Markets | 8 | 1,747 | 71.65 | % | 7,475 | 3,375 | 4,100 | 7,573 | 3,090 | 4,483 | (98 | ) | -1.3 | % | 285 | 9.2 | % | (383 | ) | -8.5 | % | |||||||||||
| 94 | 23,183 | 88.95 | % | 134,319 | 66,957 | 67,362 | 142,908 | 65,192 | 77,716 | (8,589 | ) | -6.0 | % | 1,765 | 2.7 | % | (10,354 | ) | -13.3 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 28 | 7,447 | 92.09 | % | 42,229 | 21,987 | 20,242 | 46,094 | 18,803 | 27,291 | (3,865 | ) | -8.4 | % | 3,184 | 16.9 | % | (7,049 | ) | -25.8 | % | |||||||||||
| Denver — Front Range | 22 | 4,743 | 79.73 | % | 29,685 | 11,135 | 18,550 | 34,899 | 9,214 | 25,685 | (5,214 | ) | -14.9 | % | 1,921 | 20.8 | % | (7,135 | ) | -27.8 | % | |||||||||||
| Salt Lake City-Ogden | 4 | 1,511 | 82.73 | % | 8,347 | 3,086 | 5,261 | 8,610 | 2,662 | 5,948 | (263 | ) | -3.1 | % | 424 | 15.9 | % | (687 | ) | -11.6 | % | |||||||||||
| Las Vegas | 4 | 1,253 | 86.88 | % | 7,267 | 3,185 | 4,082 | 7,464 | 2,728 | 4,736 | (197 | ) | -2.6 | % | 457 | 16.8 | % | (654 | ) | -13.8 | % | |||||||||||
| Tucson | 4 | 1,157 | 100.00 | % | 6,298 | 2,900 | 3,398 | 6,713 | 2,705 | 4,008 | (415 | ) | -6.2 | % | 195 | 7.2 | % | (610 | ) | -15.2 | % | |||||||||||
| Seattle | 4 | 468 | 53.42 | % | 2,189 | 1,029 | 1,160 | 2,172 | 837 | 1,335 | 17 | 0.8 | % | 192 | 22.9 | % | (175 | ) | -13.1 | % | ||||||||||||
| Other Markets | 5 | 1,024 | 63.60 | % | 4,238 | 1,943 | 2,295 | 4,093 | 1,785 | 2,308 | 145 | 3.5 | % | 158 | 8.9 | % | (13 | ) | -0.6 | % | ||||||||||||
| 71 | 17,603 | 85.42 | % | 100,253 | 45,265 | 54,988 | 110,045 | 38,734 | 71,311 | (9,792 | ) | -8.9 | % | 6,531 | 16.9 | % | (16,323 | ) | -22.9 | % | ||||||||||||
| California | ||||||||||||||||||||||||||||||||
| San Diego | 6 | 1,737 | 95.85 | % | 19,752 | 5,652 | 14,100 | 18,965 | 5,044 | 13,921 | 787 | 4.1 | % | 608 | 12.1 | % | 179 | 1.3 | % | |||||||||||||
| Los Angeles-Long Beach — Ventura | 4 | 1,683 | 69.32 | % | 17,556 | 4,925 | 12,631 | 17,256 | 4,391 | 12,865 | 300 | 1.7 | % | 534 | 12.2 | % | (234 | ) | -1.8 | % | ||||||||||||
| Bay Area | 6 | 1,661 | 57.86 | % | 12,308 | 4,232 | 8,076 | 12,905 | 3,957 | 8,948 | (597 | ) | -4.6 | % | 275 | 6.9 | % | (872 | ) | -9.7 | % | |||||||||||
| Orange County — Riverside | 3 | 490 | 85.30 | % | 4,122 | 1,241 | 2,881 | 3,963 | 1,156 | 2,807 | 159 | 4.0 | % | 85 | 7.4 | % | 74 | 2.6 | % | |||||||||||||
| Sacramento | 1 | 180 | 22.05 | % | 417 | 182 | 235 | 403 | 146 | 257 | 14 | 3.5 | % | 36 | 24.7 | % | (22 | ) | -8.6 | % | ||||||||||||
| 20 | 5,751 | 73.90 | % | 54,155 | 16,232 | 37,923 | 53,492 | 14,694 | 38,798 | 663 | 1.2 | % | 1,538 | 10.5 | % | (875 | ) | -2.3 | % | |||||||||||||
| SAME STORE SALES TOTALS | 553 | 154,324 | 83.24 | % | 1,038,942 | 441,179 | 597,763 | 1,075,810 | 401,530 | 674,280 | (36,868 | ) | -3.4 | % | 39,649 | 9.9 | % | (76,517 | ) | -11.3 | % | |||||||||||
| Plus: Minority partners' share of consolidated same store sales | 100,053 | 43,443 | 56,610 | 104,392 | 39,096 | 65,296 | ||||||||||||||||||||||||||
| Less: Aimco's share of unconsolidated same store sales | (44,844 | ) | (19,154 | ) | (25,690 | ) | (44,888 | ) | (16,866 | ) | (28,022 | ) | ||||||||||||||||||||
| Less: Newly consolidated | (110,250 | ) | (47,288 | ) | (62,962 | ) | (114,231 | ) | (42,743 | ) | (71,488 | ) | ||||||||||||||||||||
| Consolidated same store sales | 983,901 | 418,180 | 565,721 | 1,021,083 | 381,017 | 640,066 | ||||||||||||||||||||||||||
28
Supplemental Schedule XII
Income Statement Information
Q4 2003 compared to Q3 2003
(in thousands)
(unaudited)
| | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | Change Q4 2003 vs Q3 2003 | % Change Q4 2003 vs Q3 2003 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues: | ||||||||||||||
| Consolidated same store properties | $ | 307,087 | $ | 312,863 | $ | (5,776 | ) | -1.8 | % | |||||
| Acquisition properties | 2,599 | 1,971 | 628 | 31.9 | % | |||||||||
| Newly consolidated properties | 9,095 | 7,139 | 1,956 | 27.4 | % | |||||||||
| Affordable properties | 29,036 | 30,389 | (1,353 | ) | -4.5 | % | ||||||||
| Redevelopment properties | 10,666 | 10,863 | (197 | ) | -1.8 | % | ||||||||
| Other properties | 4,254 | 4,228 | 26 | 0.6 | % | |||||||||
| Total rental and other property revenues | $ | 362,737 | $ | 367,453 | $ | (4,716 | ) | -1.3 | % | |||||
| Expenses: | ||||||||||||||
| Consolidated same store properties | $ | 127,067 | $ | 132,982 | $ | (5,915 | ) | -4.4 | % | |||||
| Acquisition properties | 726 | 799 | (73 | ) | -9.1 | % | ||||||||
| Newly consolidated properties | 3,708 | 3,426 | 282 | 8.2 | % | |||||||||
| Affordable properties | 14,225 | 15,242 | (1,017 | ) | -6.7 | % | ||||||||
| Redevelopment properties | 7,969 | 5,663 | 2,306 | 40.7 | % | |||||||||
| Partnership expenses | 3,685 | 1,089 | 2,596 | 238.4 | % | |||||||||
| Property management expense | 5,616 | 3,586 | 2,030 | 56.6 | % | |||||||||
| Casualty gains | (3,279 | ) | — | (3,279 | ) | — | ||||||||
| Other properties | 3,002 | 3,090 | (88 | ) | -2.8 | % | ||||||||
| Total property operating expense | $ | 162,719 | $ | 165,877 | $ | (3,158 | ) | -1.9 | % | |||||
| Net Operating Income: | ||||||||||||||
| Consolidated same store properties | $ | 180,020 | $ | 179,881 | $ | 139 | 0.1 | % | ||||||
| Acquisition properties | 1,873 | 1,172 | 701 | 59.8 | % | |||||||||
| Newly consolidated properties | 5,387 | 3,713 | 1,674 | 45.1 | % | |||||||||
| Affordable properties | 14,811 | 15,147 | (336 | ) | -2.2 | % | ||||||||
| Redevelopment properties | 2,697 | 5,200 | (2,503 | ) | -48.1 | % | ||||||||
| Partnership expenses | (3,685 | ) | (1,089 | ) | (2,596 | ) | 238.4 | % | ||||||
| Property management expense | (5,616 | ) | (3,586 | ) | (2,030 | ) | 56.6 | % | ||||||
| Casualty gains | 3,279 | — | 3,279 | — | ||||||||||
| Other properties | 1,252 | 1,138 | 114 | 10.0 | % | |||||||||
| Total net operating income | $ | 200,018 | $ | 201,576 | $ | (1,558 | ) | -0.8 | % | |||||
| Reconciliation of Consolidated same store properties to Aimco's share of same store sales: | ||||||||||||||
| Revenues: | ||||||||||||||
| Consolidated same store properties | $ | 307,087 | $ | 312,863 | $ | (5,776 | ) | |||||||
| Plus: Newly consolidated properties | 3,070 | 2,866 | 204 | |||||||||||
| Less: Minority partners' share of consolidated same store | (30,890 | ) | (31,167 | ) | 277 | |||||||||
| Plus: Aimco's share of unconsolidated same store | 11,034 | 11,691 | (657 | ) | ||||||||||
| Aimco's share of same store sales | $ | 290,301 | $ | 296,253 | $ | (5,952 | ) | -2.0 | % | |||||
| Expenses: | ||||||||||||||
| Consolidated same store properties | $ | 127,067 | $ | 132,982 | $ | (5,915 | ) | |||||||
| Plus: Newly consolidated properties | 1,257 | 1,148 | 109 | |||||||||||
| Less: Minority partners' share of consolidated same store | (13,263 | ) | (13,835 | ) | 572 | |||||||||
| Plus: Aimco's share of unconsolidated same store | 5,267 | 4,971 | 296 | |||||||||||
| Aimco's share of same store sales | $ | 120,328 | $ | 125,266 | $ | (4,938 | ) | -3.9 | % | |||||
| Net Operating Income: | ||||||||||||||
| Consolidated same store properties | $ | 180,020 | $ | 179,881 | $ | 139 | ||||||||
| Plus: Newly consolidated properties | 1,813 | 1,718 | 95 | |||||||||||
| Less: Minority partners' share of consolidated same store | (17,627 | ) | (17,332 | ) | (295 | ) | ||||||||
| Plus: Aimco's share of unconsolidated same store | 5,767 | 6,720 | (953 | ) | ||||||||||
| Aimco's share of same store sales | $ | 169,973 | $ | 170,987 | $ | (1,014 | ) | -0.6 | % | |||||
29
DEFINITIONS:
Consolidated same store properties —consist of all conventional properties owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter and for the relevant comparable period.
Acquisition properties —consist of all consolidated properties owned less than one year as of the beginning of the most recent quarter.
Newly consolidated properties —consist of all properties consolidated for less than one year as of the beginning of the most recent quarter.
Affordable properties —consist of all affordable properties (which are properties that benefit from governmental programs designed to provide housing for people with low or moderate incomes) owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter.
Redevelopment properties —consist of all consolidated properties where (i) a substantial number of available units have been vacated for major renovations and have not been stabilized for at least one year as of the beginning of the most recent quarter or (ii) significant renovation is underway or has been complete for less than one year on exteriors, common areas and/or unit improvements (on turns) and the properties have been removed from Same Store Sales.
Other properties —consist of all consolidated properties that are not multifamily (such as commercial, university communities, etc).
Partnership expenses —consist of expenses incurred at the partnership level either directly or indirectly (such as partnership audit, tax and legal expenses).
Property management expenses —consist of off-site expenses associated with the self-management of consolidated properties.
30
Supplemental Schedule XIII
Same Store Sales
Fourth Quarter 2003 versus Third Quarter 2003
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From September 30, 2003 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 28 | 12,458 | 82.02 | % | 29,161 | 9,890 | 19,271 | 29,683 | 9,943 | 19,740 | (522 | ) | -1.8 | % | (53 | ) | -0.5 | % | (469 | ) | -2.4 | % | ||||||||||
| New England | 12 | 4,735 | 96.32 | % | 14,665 | 4,711 | 9,954 | 15,401 | 4,677 | 10,724 | (736 | ) | -4.8 | % | 34 | 0.7 | % | (770 | ) | -7.2 | % | |||||||||||
| Philadelphia | 12 | 5,734 | 78.77 | % | 14,276 | 4,905 | 9,371 | 14,024 | 5,285 | 8,739 | 252 | 1.8 | % | (380 | ) | -7.2 | % | 632 | 7.2 | % | ||||||||||||
| Baltimore | 11 | 2,044 | 79.52 | % | 4,246 | 1,535 | 2,711 | 4,338 | 1,555 | 2,783 | (92 | ) | -2.1 | % | (20 | ) | -1.3 | % | (72 | ) | -2.6 | % | ||||||||||
| Dutchess County | 1 | 835 | 100.00 | % | 2,383 | 806 | 1,577 | 2,391 | 711 | 1,680 | (8 | ) | -0.3 | % | 95 | 13.4 | % | (103 | ) | -6.1 | % | |||||||||||
| Hartford | 2 | 650 | 100.00 | % | 1,694 | 500 | 1,194 | 1,853 | 527 | 1,326 | (159 | ) | -8.6 | % | (27 | ) | -5.1 | % | (132 | ) | -10.0 | % | ||||||||||
| Other Markets | 1 | 324 | 69.85 | % | 455 | 176 | 279 | 441 | 192 | 249 | 14 | 3.2 | % | (16 | ) | -8.3 | % | 30 | 12.0 | % | ||||||||||||
| 67 | 26,780 | 84.51 | % | 66,880 | 22,523 | 44,357 | 68,131 | 22,890 | 45,241 | (1,251 | ) | -1.8 | % | (367 | ) | -1.6 | % | (884 | ) | -2.0 | % | |||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 21 | 5,931 | 83.04 | % | 8,477 | 4,450 | 4,027 | 9,166 | 4,689 | 4,477 | (689 | ) | -7.5 | % | (239 | ) | -5.1 | % | (450 | ) | -10.1 | % | ||||||||||
| Norfolk | 12 | 3,565 | 83.75 | % | 6,967 | 2,394 | 4,573 | 7,044 | 2,339 | 4,705 | (77 | ) | -1.1 | % | 55 | 2.4 | % | (132 | ) | -2.8 | % | |||||||||||
| Nashville | 11 | 3,752 | 79.43 | % | 5,596 | 2,088 | 3,508 | 5,555 | 2,316 | 3,239 | 41 | 0.7 | % | (228 | ) | -9.8 | % | 269 | 8.3 | % | ||||||||||||
| Raleigh-Durham-Chapel Hill | 10 | 2,843 | 71.10 | % | 3,356 | 1,535 | 1,821 | 3,412 | 1,644 | 1,768 | (56 | ) | -1.6 | % | (109 | ) | -6.6 | % | 53 | 3.0 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 11 | 2,336 | 87.46 | % | 2,985 | 1,600 | 1,385 | 3,018 | 1,585 | 1,433 | (33 | ) | -1.1 | % | 15 | 0.9 | % | (48 | ) | -3.3 | % | |||||||||||
| Richmond — Petersburg | 7 | 1,513 | 78.41 | % | 2,536 | 838 | 1,698 | 2,575 | 922 | 1,653 | (39 | ) | -1.5 | % | (84 | ) | -9.1 | % | 45 | 2.7 | % | |||||||||||
| Columbia | 6 | 1,438 | 65.39 | % | 1,566 | 695 | 871 | 1,618 | 800 | 818 | (52 | ) | -3.2 | % | (105 | ) | -13.1 | % | 53 | 6.5 | % | |||||||||||
| Charleston | 3 | 680 | 78.46 | % | 1,182 | 430 | 752 | 1,174 | 475 | 699 | 8 | 0.7 | % | (45 | ) | -9.5 | % | 53 | 7.6 | % | ||||||||||||
| Savannah | 2 | 416 | 100.00 | % | 801 | 287 | 514 | 791 | 305 | 486 | 10 | 1.3 | % | (18 | ) | -5.9 | % | 28 | 5.8 | % | ||||||||||||
| Other Markets | 30 | 6,320 | 78.58 | % | 7,802 | 3,619 | 4,183 | 7,956 | 3,891 | 4,065 | (154 | ) | -1.9 | % | (272 | ) | -7.0 | % | 118 | 2.9 | % | |||||||||||
| 113 | 28,794 | 80.10 | % | 41,268 | 17,936 | 23,332 | 42,309 | 18,966 | 23,343 | (1,041 | ) | -2.5 | % | (1,030 | ) | -5.4 | % | (11 | ) | 0.0 | % | |||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 24 | 6,132 | 88.01 | % | 10,075 | 4,449 | 5,626 | 10,339 | 4,745 | 5,594 | (264 | ) | -2.6 | % | (296 | ) | -6.2 | % | 32 | 0.6 | % | |||||||||||
| Tampa-St. Petersburg | 21 | 5,637 | 88.70 | % | 9,230 | 4,033 | 5,197 | 9,275 | 4,298 | 4,977 | (45 | ) | -0.5 | % | (265 | ) | -6.2 | % | 220 | 4.4 | % | |||||||||||
| West Palm Beach-Boca | 6 | 1,727 | 100.00 | % | 3,983 | 1,505 | 2,478 | 4,060 | 1,495 | 2,565 | (77 | ) | -1.9 | % | 10 | 0.7 | % | (87 | ) | -3.4 | % | |||||||||||
| Miami | 6 | 2,171 | 76.45 | % | 5,414 | 2,547 | 2,867 | 5,457 | 2,175 | 3,282 | (43 | ) | -0.8 | % | 372 | 17.1 | % | (415 | ) | -12.6 | % | |||||||||||
| Jacksonville | 6 | 2,406 | 75.86 | % | 3,768 | 1,480 | 2,288 | 3,740 | 1,601 | 2,139 | 28 | 0.7 | % | (121 | ) | -7.6 | % | 149 | 7.0 | % | ||||||||||||
| FortLauderdale | 4 | 1,122 | 88.56 | % | 2,215 | 904 | 1,311 | 2,470 | 1,067 | 1,403 | (255 | ) | -10.3 | % | (163 | ) | -15.3 | % | (92 | ) | -6.6 | % | ||||||||||
| Other Markets | 1 | 136 | 72.33 | % | 207 | 78 | 129 | 210 | 83 | 127 | (3 | ) | -1.4 | % | (5 | ) | -6.0 | % | 2 | 1.6 | % | |||||||||||
| 68 | 19,331 | 87.07 | % | 34,892 | 14,996 | 19,896 | 35,551 | 15,464 | 20,087 | (659 | ) | -1.9 | % | (468 | ) | -3.0 | % | (191 | ) | -1.0 | % | |||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 22 | 6,323 | 91.11 | % | 15,524 | 6,462 | 9,062 | 16,040 | 6,778 | 9,262 | (516 | ) | -3.2 | % | (316 | ) | -4.7 | % | (200 | ) | -2.2 | % | ||||||||||
| Indianapolis | 33 | 10,039 | 86.10 | % | 13,334 | 6,287 | 7,047 | 13,450 | 7,641 | 5,809 | (116 | ) | -0.9 | % | (1,354 | ) | -17.7 | % | 1,238 | 21.3 | % | |||||||||||
| Grand Rapids-Lansing | 14 | 5,094 | 92.72 | % | 8,352 | 3,953 | 4,399 | 8,713 | 4,007 | 4,706 | (361 | ) | -4.1 | % | (54 | ) | -1.3 | % | (307 | ) | -6.5 | % | ||||||||||
| Cincinnati — Dayton | 19 | 3,733 | 79.47 | % | 5,526 | 2,404 | 3,122 | 5,683 | 2,514 | 3,169 | (157 | ) | -2.8 | % | (110 | ) | -4.4 | % | (47 | ) | -1.5 | % | ||||||||||
| Fort Wayne | 3 | 2,440 | 96.29 | % | 3,759 | 1,483 | 2,276 | 3,754 | 2,107 | 1,647 | 5 | 0.1 | % | (624 | ) | -29.6 | % | 629 | 38.2 | % | ||||||||||||
| Detroit — Ann Arbor | 7 | 2,074 | 66.64 | % | 2,877 | 1,294 | 1,583 | 2,780 | 1,362 | 1,418 | 97 | 3.5 | % | (68 | ) | -5.0 | % | 165 | 11.6 | % | ||||||||||||
| Columbus | 9 | 2,012 | 70.86 | % | 2,361 | 980 | 1,381 | 2,408 | 1,017 | 1,391 | (47 | ) | -2.0 | % | (37 | ) | -3.6 | % | (10 | ) | -0.7 | % | ||||||||||
| Kansas City | 5 | 1,296 | 60.53 | % | 1,368 | 470 | 898 | 1,426 | 631 | 795 | (58 | ) | -4.1 | % | (161 | ) | -25.5 | % | 103 | 13.0 | % | |||||||||||
| Minneapolis | 4 | 1,098 | 59.26 | % | 1,360 | 614 | 746 | 1,296 | 705 | 591 | 64 | 4.9 | % | (91 | ) | -12.9 | % | 155 | 26.2 | % | ||||||||||||
| Other Markets | 15 | 3,096 | 55.54 | % | 3,004 | 1,249 | 1,755 | 3,010 | 1,368 | 1,642 | (6 | ) | -0.2 | % | (119 | ) | -8.7 | % | 113 | 6.9 | % | |||||||||||
| 131 | 37,205 | 81.58 | % | 57,465 | 25,196 | 32,269 | 58,560 | 28,130 | 30,430 | (1,095 | ) | -1.9 | % | (2,934 | ) | -10.4 | % | 1,839 | 6.0 | % | ||||||||||||
31
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From September 30, 2003 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 36 | 9,467 | 91.69 | % | 13,792 | 7,078 | 6,714 | 14,456 | 7,701 | 6,755 | (664 | ) | -4.6 | % | (623 | ) | -8.1 | % | (41 | ) | -0.6 | % | ||||||||||
| Dallas-Fort Worth | 26 | 6,483 | 82.83 | % | 8,561 | 4,727 | 3,834 | 8,888 | 4,872 | 4,016 | (327 | ) | -3.7 | % | (145 | ) | -3.0 | % | (182 | ) | -4.5 | % | ||||||||||
| San Antonio | 14 | 3,269 | 100.00 | % | 5,032 | 2,425 | 2,607 | 5,041 | 2,547 | 2,494 | (9 | ) | -0.2 | % | (122 | ) | -4.8 | % | 113 | 4.5 | % | |||||||||||
| Austin-San Marcos | 10 | 2,217 | 92.42 | % | 3,610 | 1,701 | 1,909 | 3,650 | 2,113 | 1,537 | (40 | ) | -1.1 | % | (412 | ) | -19.5 | % | 372 | 24.2 | % | |||||||||||
| Other Markets | 8 | 1,747 | 71.65 | % | 1,853 | 817 | 1,036 | 1,860 | 928 | 932 | (7 | ) | -0.4 | % | (111 | ) | -12.0 | % | 104 | 11.2 | % | |||||||||||
| 94 | 23,183 | 88.95 | % | 32,848 | 16,748 | 16,100 | 33,895 | 18,161 | 15,734 | (1,047 | ) | -3.1 | % | (1,413 | ) | -7.8 | % | 366 | 2.3 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 28 | 7,447 | 92.09 | % | 10,565 | 5,534 | 5,031 | 10,874 | 5,765 | 5,109 | (309 | ) | -2.8 | % | (231 | ) | -4.0 | % | (78 | ) | -1.5 | % | ||||||||||
| Denver — Front Range | 22 | 4,743 | 79.73 | % | 7,035 | 2,905 | 4,130 | 7,507 | 2,925 | 4,582 | (472 | ) | -6.3 | % | (20 | ) | -0.7 | % | (452 | ) | -9.9 | % | ||||||||||
| Salt Lake City-Ogden | 4 | 1,511 | 82.73 | % | 2,085 | 781 | 1,304 | 2,207 | 806 | 1,401 | (122 | ) | -5.5 | % | (25 | ) | -3.1 | % | (97 | ) | -6.9 | % | ||||||||||
| Las Vegas | 4 | 1,253 | 86.88 | % | 1,805 | 777 | 1,028 | 1,842 | 887 | 955 | (37 | ) | -2.0 | % | (110 | ) | -12.4 | % | 73 | 7.6 | % | |||||||||||
| Tucson | 4 | 1,157 | 100.00 | % | 1,568 | 756 | 812 | 1,550 | 766 | 784 | 18 | 1.2 | % | (10 | ) | -1.3 | % | 28 | 3.6 | % | ||||||||||||
| Seattle | 4 | 468 | 53.42 | % | 585 | 253 | 332 | 548 | 287 | 261 | 37 | 6.8 | % | (34 | ) | -11.8 | % | 71 | 27.2 | % | ||||||||||||
| Other Markets | 5 | 1,024 | 63.60 | % | 1,050 | 477 | 573 | 1,066 | 534 | 532 | (16 | ) | -1.5 | % | (57 | ) | -10.7 | % | 41 | 7.7 | % | |||||||||||
| 71 | 17,603 | 85.42 | % | 24,693 | 11,483 | 13,210 | 25,594 | 11,970 | 13,624 | (901 | ) | -3.5 | % | (487 | ) | -4.1 | % | (414 | ) | -3.0 | % | |||||||||||
| California | ||||||||||||||||||||||||||||||||
| Los Angeles-Long Beach — Ventura | 15 | 4,830 | 89.27 | % | 17,305 | 6,465 | 10,840 | 17,376 | 4,747 | 12,629 | (71 | ) | -0.4 | % | 1,718 | 36.2 | % | (1,789 | ) | -14.2 | % | |||||||||||
| San Diego | 7 | 2,237 | 96.76 | % | 6,683 | 2,125 | 4,558 | 6,516 | 2,018 | 4,498 | 167 | 2.6 | % | 107 | 5.3 | % | 60 | 1.3 | % | |||||||||||||
| Orange County — Riverside | 7 | 1,611 | 95.48 | % | 5,180 | 1,655 | 3,525 | 5,179 | 1,813 | 3,366 | 1 | 0.0 | % | (158 | ) | -8.7 | % | 159 | 4.7 | % | ||||||||||||
| Bay Area | 6 | 1,661 | 57.86 | % | 2,981 | 1,146 | 1,835 | 3,040 | 1,064 | 1,976 | (59 | ) | -1.9 | % | 82 | 7.7 | % | (141 | ) | -7.1 | % | |||||||||||
| Sacramento | 1 | 180 | 22.05 | % | 106 | 55 | 51 | 102 | 43 | 59 | 4 | 3.9 | % | 12 | 27.9 | % | (8 | ) | -13.6 | % | ||||||||||||
| 36 | 10,519 | 85.70 | % | 32,255 | 11,446 | 20,809 | 32,213 | 9,685 | 22,528 | 42 | 0.1 | % | 1,761 | 18.2 | % | (1,719 | ) | -7.6 | % | |||||||||||||
| SAME STORE SALES TOTALS | 580 | 163,415 | 84.18 | % | 290,301 | 120,328 | 169,973 | 296,253 | 125,266 | 170,987 | (5,952 | ) | -2.0 | % | (4,938 | ) | -3.9 | % | (1,014 | ) | -0.6 | % | ||||||||||
| Plus: Minority partners' share of consolidated same store sales | 30,890 | 13,263 | 17,627 | 31,167 | 13,835 | 17,332 | ||||||||||||||||||||||||||
| Less: Aimco's share of unconsolidated same store sales | (11,034 | ) | (5,267 | ) | (5,767 | ) | (11,691 | ) | (4,971 | ) | (6,720 | ) | ||||||||||||||||||||
| Less: Newly consolidated | (3,070 | ) | (1,257 | ) | (1,813 | ) | (2,866 | ) | (1,148 | ) | (1,718 | ) | ||||||||||||||||||||
| Consolidated same store sales | 307,087 | 127,067 | 180,020 | 312,863 | 132,982 | 179,881 | ||||||||||||||||||||||||||
32
Supplemental Schedule XIV
Outlook and Forward Looking Statement
First Quarter and Full Year 2004
(unaudited)
The Outlook information provided on this Supplemental Schedule XIV contains information that is forward-looking, including statements concerning projected first quarter and full year 2004 results. These forward-looking statements are based on current expectations, estimates, and projections about the markets and the industry in which Aimco operates as well as management's beliefs and assumptions. These forward-looking statements are also based on certain risks and uncertainties, including but not limited to Aimco's ability to maintain and improve upon current occupancy, rent levels and "same store" results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that Aimco's cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco's financial statements and notes thereto, as well as the risk factors described in Aimco's Annual Report on Form 10-K for the year ended December 31, 2002 and the other documents Aimco files from time to time with the Securities and Exchange Commission.
| | First Quarter 2004(5) | Full Year 2004 | | ||||
|---|---|---|---|---|---|---|---|
| GAAP Earnings per share(1) | -$0.25 to -$0.20 | -$0.93 to -$0.58 | |||||
| Add: Depreciation and other | $0.90 | $3.78 | |||||
| FFO per share before Impairments(2) | $0.65 to $0.70 | $2.85 to $3.20 | |||||
| AFFO per share | $0.50 to $0.54 | $2.10 to $2.45 | |||||
| 2004 Same Store Operating Assumptions | |||||||
| Expected physical occupancy (weighted average) | 90.0% to 90.5% | 91.0% to 93.0% | |||||
| 2004 vs. 2003 NOI change — sequential | -4.0% to -2.0% | -2.0% to 1.0% | |||||
| Gross dispositions(3) | $600MM to $700MM | (Aimco Share $440MM — $560MM) | |||||
| Gross acquisitions(4) | $440MM to $560MM | (Aimco Share $440MM — $560MM) | |||||
- (1)
- Aimco's earnings per share guidance does not include estimates for (i) gain on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) deferred costs recognized on early repayment of debt or upon redemption of preferred securities.
- (2)
- Aimco's FFO (diluted) per share guidance does not include estimates for (i) gain on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) deferred costs recognized on early repayment of debt or upon redemption of preferred securities.
- (3)
- Aimco is currently marketing for sale approximately 75 conventional properties (approximately 18,000 units) and 200 affordable properties (approximately 20,000 units). Aimco anticipates gross sales proceeds of approximately $600 to $700 million for 2004 (Aimco share $440 to $560 million). Aimco expects that its share of cash from these dispositions, net of limited partner interests and after repayment of mortgage debt, will be approximately $175 to $225 million.
- (4)
- Acquisitions include property acquisitions, limited partnership acquisitions, preferred stock redemptions, and common stock repurchases.
- (5)
- Flamingo South Beach — construction and permitting of 281 units is underway and completion of these units is expected at the end of the first quarter 2004.
33
Supplemental Schedule XV
Apartment Unit Summary
As of December 31, 2003
(unaudited)
| Ownership % | Total # Properties | Total # Units | Aimco's Effective # Properties | Aimco's Effective # Units | Aimco's Average Ownership % | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Real Estate: | |||||||||||||
| 100% | 389 | 96,801 | 389 | 96,801 | 100 | % | |||||||
| 51.00% to 99.99% | 243 | 64,824 | 176 | 46,648 | 72 | % | |||||||
| 25.00% to 50.99% | 47 | 12,547 | 14 | 3,800 | 30 | % | |||||||
| 5.00% to 24.99% | — | — | — | — | 0 | % | |||||||
| < 4.99% | — | — | — | — | 0 | % | |||||||
| Total | 679 | 174,172 | 579 | 147,249 | 85 | % | |||||||
| Unconsolidated Real Estate: | |||||||||||||
| 100% | — | — | — | — | 0 | % | |||||||
| 51.00% to 99.99% | 2 | 709 | 1 | 418 | 59 | % | |||||||
| 25.00% to 50.99% | 133 | 24,357 | 50 | 9,336 | 38 | % | |||||||
| 5.00% to 24.99% | 189 | 23,137 | 26 | 3,245 | 14 | % | |||||||
| < 4.99% | 117 | 14,620 | 1 | 181 | 1 | % | |||||||
| Total | 441 | 62,823 | 78 | 13,180 | 21 | % | |||||||
| Total Owned Portfolio: | |||||||||||||
| 100% | 389 | 96,801 | 389 | 96,801 | 100 | % | |||||||
| 51.00% to 99.99% | 245 | 65,533 | 177 | 47,066 | 72 | % | |||||||
| 25.00% to 50.99% | 180 | 36,904 | 64 | 13,136 | 36 | % | |||||||
| 5.00% to 24.99% | 189 | 23,137 | 26 | 3,245 | 14 | % | |||||||
| < 4.99% | 117 | 14,620 | 1 | 181 | 1 | % | |||||||
| Total | 1,120 | 236,995 | 657 | 160,429 | 68 | % | |||||||
| Conventional Real Estate: | |||||||||||||
| 100% | 304 | 85,764 | 304 | 85,764 | 100 | % | |||||||
| 51.00% to 99.99% | 194 | 59,756 | 137 | 42,551 | 71 | % | |||||||
| 25.00% to 50.99% | 99 | 25,448 | 34 | 8,959 | 35 | % | |||||||
| 5.00% to 24.99% | 35 | 7,429 | 6 | 1,320 | 18 | % | |||||||
| < 4.99% | — | — | — | — | 0 | % | |||||||
| Total | 632 | 178,397 | 481 | 138,594 | 78 | % | |||||||
| Government Assisted Real Estate: | |||||||||||||
| 100% | 85 | 11,037 | 85 | 11,037 | 100 | % | |||||||
| 51.00% to 99.99% | 51 | 5,777 | 40 | 4,515 | 78 | % | |||||||
| 25.00% to 50.99% | 81 | 11,456 | 30 | 4,177 | 36 | % | |||||||
| 5.00% to 24.99% | 154 | 15,708 | 20 | 1,925 | 12 | % | |||||||
| < 4.99% | 117 | 14,620 | 1 | 181 | 1 | % | |||||||
| Total | 488 | 58,598 | 176 | 21,835 | 37 | % | |||||||
| Total Owned Portfolio: | |||||||||||||
| 100% | 389 | 96,801 | 389 | 96,801 | 100 | % | |||||||
| 51.00% to 99.99% | 245 | 65,533 | 177 | 47,066 | 72 | % | |||||||
| 25.00% to 50.99% | 180 | 36,904 | 64 | 13,136 | 36 | % | |||||||
| 5.00% to 24.99% | 189 | 23,137 | 26 | 3,245 | 14 | % | |||||||
| < 4.99% | 117 | 14,620 | 1 | 181 | 1 | % | |||||||
| Total | 1,120 | 236,995 | 657 | 160,429 | 68 | % | |||||||
| Management Contracts: | |||||||||||||
| Long Term Contractual | 70 | 7,178 | |||||||||||
| Short Term Third Party | 26 | 3,959 | |||||||||||
| Third Party Asset-Managed | 29 | 4,205 | |||||||||||
| Asset-Managed (indirect ownership) | 384 | 35,223 | |||||||||||
| Total | 509 | 50,565 | |||||||||||
| Total Portfolio | 1,629 | 287,560 | |||||||||||
34
Reporting by Business Component
INTRODUCTION Starting in the third quarter 2003, Aimco is providing business component reporting for Aimco Conventional operations and Aimco Capital with the addition of Supplemental Schedules XVI through XXVIII. These schedules present select, non-GAAP information related to income statement, free cash flow, balance sheet and operating measures. The Conventional and Aimco Capital business components are differentiated primarily in that Conventional rents are set in the market and paid by the consumer and Affordable rents, i.e., those earned by properties operated by Aimco Capital, are set pursuant to government regulations and paid, in large part, by the government.
CONVENTIONAL The Conventional property portfolio includes both high-rise and garden style properties offering a wide range of rents and located to provide Aimco geographic diversification in its portfolio. The principal activities of Conventional operations are:
- 1.
- ownership, both outright and in partnership, on a long-term basis of properties whose locations are regarded as enduring. Conventional property operations are concentrated in 46 markets, which Aimco describes as its "Selected" markets (the "Core Portfolio");
- 2.
- ownership, both outright and in partnership, of properties that Aimco intends to hold for an intermediate term and that are located outside the Selected markets or which are located in less favored locations within the Selected markets (the "Non-Core Portfolio");
- 3.
- redevelopment of conventional properties, generally within the Core Portfolio.
AIMCO CAPITAL Aimco Capital oversees the Affordable property operations, the management of which requires specialized accounting and legal expertise to comply with the regulatory framework that affects Affordable property ownership and management. The principal activities of Aimco Capital operations are:
- 1.
- ownership, both outright and in partnership, of approximately 500 properties including 60,000 units located in 47 states;
- 2.
- asset management of the above as well as two other large portfolios that are asset managed only, which include an additional 400 properties with 40,000 units;
- 3.
- oversight of related transactional activity that can generate fees for asset management, disposition activity, refinancing, syndication of tax credits and redevelopment.
The Conventional and Aimco Capital business components have different operating managements and share corporate services such as accounting, purchasing, debt placement, legal, human resources, information technology and partner relations.
35
Supplemental Schedule XVI
Business Components Income Statement Presentation
For the Three Months Ended December 31, 2003
(in thousands)
(unaudited)
| | Consolidated GAAP Statement of Income | Conventional | Aimco Capital | Corporate | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUES: | |||||||||||||||
| Rental and other property revenues | $ | 362,737 | $ | 331,269 | $ | 31,468 | $ | — | |||||||
| Management fees and other income primarily from affiliates | 19,126 | 5,761 | 13,365 | — | |||||||||||
| Total revenues | 381,863 | 337,030 | 44,833 | — | |||||||||||
| EXPENSES: | |||||||||||||||
| Property operating expenses | 162,719 | 146,641 | 16,078 | — | |||||||||||
| Management and other expenses | 21,495 | 9,496 | 11,999 | — | |||||||||||
| Depreciation of rental property | 86,342 | 80,100 | 6,242 | — | |||||||||||
| Amortization of intangibles | 1,986 | 1,136 | 850 | — | |||||||||||
| General and administrative expenses | 9,277 | 5,685 | 3,592 | — | |||||||||||
| Provision for losses on accounts, fees and notes receivable | 718 | (284 | ) | 1,002 | — | ||||||||||
| Total expenses | 282,537 | 242,774 | 39,763 | — | |||||||||||
| Operating income | 99,326 | 94,256 | 5,070 | — | |||||||||||
| Interest and other income | 6,731 | 4,360 | 2,371 | — | |||||||||||
| Interest expense | (94,703 | ) | (78,657 | ) | (7,594 | ) | (8,452 | ) | |||||||
| Equity in earnings (losses) of unconsolidated real estate partnerships | 164 | (769 | ) | 933 | — | ||||||||||
| Deficit distributions to minority partners | (1,744 | ) | (1,848 | ) | 104 | — | |||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | (4,122 | ) | (2,205 | ) | (1,917 | ) | — | ||||||||
| Gain (loss) on dispositions of real estate related to unconsolidated entities | 969 | 2,088 | (1,119 | ) | — | ||||||||||
| Income (loss) before minority interests and discontinued operations | 6,621 | 17,225 | (2,152 | ) | (8,452 | ) | |||||||||
| Minority interests: | |||||||||||||||
| Minority interest in consolidated real estate partnerships | 2,117 | 2,352 | (235 | ) | — | ||||||||||
| Minority interest in Aimco Operating Partnership | (533 | ) | — | — | (533 | ) | |||||||||
| Total minority interest | 1,584 | 2,352 | (235 | ) | (533 | ) | |||||||||
| Income (loss) from continuing operations | 8,205 | 19,577 | (2,387 | ) | (8,985 | ) | |||||||||
| Discontinued operations: | |||||||||||||||
| Income (loss) from discontinued operations, net | 28,964 | 31,180 | 1,474 | (3,690 | ) | ||||||||||
| Net income (loss) | $ | 37,169 | $ | 50,757 | $ | (913 | ) | $ | (12,675 | ) | |||||
| Reconciliation to Free Cash Flow (see Supplemental Schedule II): | |||||||||||||||
| Minority interest in Aimco Operating Partnership | 533 | — | — | 533 | |||||||||||
| Interest expense (see Supplemental Schedule II) | |||||||||||||||
| Interest expense, related to consolidated entities — secured debt | 86,251 | 78,657 | 7,594 | — | |||||||||||
| Minority partners' share of interest expense — secured debt | (10,119 | ) | (9,617 | ) | (502 | ) | — | ||||||||
| Interest expense, related to unconsolidated entities | 8,188 | 4,138 | 4,050 | — | |||||||||||
| Lines of credit and other unsecured debt | 6,727 | — | — | 6,727 | |||||||||||
| Interest expense on mandatorily redeemable preferred securities | 1,479 | — | — | 1,479 | |||||||||||
| Interest expense on mandatorily redeemable convertible preferred securities | 246 | — | — | 246 | |||||||||||
| Amortization of intangibles | 1,986 | 1,136 | 850 | — | |||||||||||
| (Gain) loss on dispositions of real estate related to unconsolidated entities | (969 | ) | (2,088 | ) | 1,119 | — | |||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | 4,122 | 2,205 | 1,917 | — | |||||||||||
| (Income) loss from discontinued operations | (28,964 | ) | (31,180 | ) | (1,474 | ) | 3,690 | ||||||||
| Depreciation on rental property, net of minority partners' interest (see Supplemental Schedule II) | 78,888 | 73,068 | 5,820 | — | |||||||||||
| Depreciation on rental property related to unconsolidated entities (see Supplemental Schedule II) | 6,486 | 2,626 | 3,860 | — | |||||||||||
| Deficit distributions to minority partners | 1,744 | 1,848 | (104 | ) | — | ||||||||||
| Capital Replacements | (18,751 | ) | (16,445 | ) | (2,306 | ) | — | ||||||||
| Capital Enhancements | (232 | ) | (204 | ) | (28 | ) | — | ||||||||
| Free Cash Flow | 174,784 | 154,901 | 19,883 | — | |||||||||||
| Interest expense, related to consolidated entities — secured debt | (86,251 | ) | (78,657 | ) | (7,594 | ) | — | ||||||||
| Minority partners' share of interest expense — secured debt | 10,119 | 9,617 | 502 | — | |||||||||||
| Interest expense, related to unconsolidated entities | (8,188 | ) | (4,138 | ) | (4,050 | ) | — | ||||||||
| Free Cash Flow less property interest expense | $ | 90,464 | $ | 81,723 | $ | 8,741 | $ | — | |||||||
36
Supplemental Schedule XVII
Business Component Proportionate Income Statement Presentation
For the Three Months Ended December 31, 2003
(in thousands)
(unaudited)
| | Proportionate Consolidated Income Statement [a] | Conventional | Aimco Capital | Corporate | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUES: | |||||||||||||||
| Rental and other property revenues | $ | 356,501 | $ | 307,608 | $ | 48,893 | $ | — | |||||||
| Management fees and other income primarily from affiliates | 19,126 | 5,761 | 13,365 | — | |||||||||||
| Total revenues | 375,627 | 313,369 | 62,258 | — | |||||||||||
| EXPENSES: | |||||||||||||||
| Property operating expenses | 157,101 | 131,282 | 25,819 | — | |||||||||||
| Management and other expenses | 21,495 | 9,496 | 11,999 | — | |||||||||||
| Depreciation of rental property | 85,374 | 75,694 | 9,680 | — | |||||||||||
| Amortization of intangibles | 1,986 | 1,136 | 850 | — | |||||||||||
| General and administrative expenses | 9,277 | 5,685 | 3,592 | — | |||||||||||
| Provision for losses on accounts, fees and notes receivable | 718 | (284 | ) | 1,002 | — | ||||||||||
| Total expenses | 275,951 | 223,009 | 52,942 | — | |||||||||||
| Operating income | 99,676 | 90,360 | 9,316 | — | |||||||||||
| Interest and other income | 6,731 | 4,360 | 2,371 | — | |||||||||||
| Interest expense | (92,772 | ) | (73,178 | ) | (11,142 | ) | (8,452 | ) | |||||||
| Deficit distributions to minority partners | (1,744 | ) | (1,848 | ) | 104 | — | |||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | (4,122 | ) | (2,205 | ) | (1,917 | ) | — | ||||||||
| Gain (loss) on dispositions of real estate related to unconsolidated entities | 969 | 2,088 | (1,119 | ) | — | ||||||||||
| Income before minority interests and discontinued operations | 8,738 | 19,577 | (2,387 | ) | (8,452 | ) | |||||||||
| Minority interest in Aimco Operating Partnership | (533 | ) | — | — | (533 | ) | |||||||||
| Income from continuing operations | 8,205 | 19,577 | (2,387 | ) | (8,985 | ) | |||||||||
| Discontinued operations: | |||||||||||||||
| Income (loss) from discontinued operations, net | 28,964 | 31,180 | 1,474 | (3,690 | ) | ||||||||||
| Net income | $ | 37,169 | $ | 50,757 | $ | (913 | ) | $ | (12,675 | ) | |||||
| Reconciliation to Free Cash Flow (see Supplemental Schedules II and IV): | |||||||||||||||
| Minority interest in Aimco Operating Partnership | 533 | — | — | 533 | |||||||||||
| Interest expense — secured debt | 84,320 | 73,178 | 11,142 | — | |||||||||||
| Lines of credit and other unsecured debt | 6,727 | — | — | 6,727 | |||||||||||
| Interest expense on mandatorily redeemable preferred securities | 1,479 | — | — | 1,479 | |||||||||||
| Interest expense on mandatorily redeemable convertible preferred securities | 246 | — | — | 246 | |||||||||||
| Amortization of intangibles | 1,986 | 1,136 | 850 | — | |||||||||||
| (Gain) loss on dispositions of real estate related to unconsolidated entities | (969 | ) | (2,088 | ) | 1,119 | — | |||||||||
| Impairment loss on investment in unconsolidated real estate partnerships | 4,122 | 2,205 | 1,917 | — | |||||||||||
| (Income) loss from discontinued operations | (28,964 | ) | (31,180 | ) | (1,474 | ) | 3,690 | ||||||||
| Depreciation on rental property, net of minority partners' interest | 85,374 | 75,694 | 9,680 | — | |||||||||||
| Deficit distributions to minority partners | 1,744 | 1,848 | (104 | ) | — | ||||||||||
| Capital Replacements | (18,751 | ) | (16,445 | ) | (2,306 | ) | — | ||||||||
| Capital Enhancements | (232 | ) | (204 | ) | (28 | ) | — | ||||||||
| Free Cash Flow | 174,784 | 154,901 | 19,883 | — | |||||||||||
| Interest expense — secured debt | (84,320 | ) | (73,178 | ) | (11,142 | ) | — | ||||||||
| Free Cash Flow less property interest expense | $ | 90,464 | $ | 81,723 | $ | 8,741 | $ | — | |||||||
- [a]
- Total consolidated operations plus Aimco's proportionate share of unconsolidated real estate partnerships less minority partners' share of consolidated operations. See Supplemental Schedule IV
37
Supplemental Schedule XVIII
Business Component Balance Sheet Presentation
As of December 31, 2003 (in thousands)
(unaudited)
| | Consolidated GAAP Balance Sheet As of December 31, 2003 | Conventional | Aimco Capital | Corporate | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||||||
| Buildings and improvements | $ | 8,515,493 | $ | 7,964,118 | $ | 551,375 | $ | — | |||||||
| Land | 2,085,425 | 1,981,053 | 104,372 | — | |||||||||||
| Accumulated depreciation | (1,847,652 | ) | (1,762,522 | ) | (85,130 | ) | — | ||||||||
| Cash and cash equivalents | 98,129 | 83,240 | 14,889 | — | |||||||||||
| Restricted cash | 245,818 | 182,867 | 62,951 | — | |||||||||||
| Accounts receivable | 67,379 | 43,788 | 23,591 | — | |||||||||||
| Accounts receivable from affiliates | 56,874 | 36,961 | 19,913 | — | |||||||||||
| Deferred financing costs | 73,736 | 70,378 | 3,358 | — | |||||||||||
| Notes receivable, primarily from unconsolidated real estate partnerships | 206,187 | 116,739 | 89,448 | — | |||||||||||
| Investment in unconsolidated real estate partnerships | 237,699 | 145,185 | 92,514 | — | |||||||||||
| Other assets | 284,343 | 226,739 | 57,604 | — | |||||||||||
| Assets held for sale | 89,931 | 69,530 | 20,401 | — | |||||||||||
| TOTAL ASSETS | $ | 10,113,362 | $ | 9,158,076 | $ | 955,286 | $ | — | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
| Secured tax-exempt bond financing | $ | 1,199,360 | $ | 1,197,095 | $ | 2,265 | $ | — | |||||||
| Secured notes payable | 4,449,541 | 4,020,592 | 428,949 | — | |||||||||||
| Mandatorily redeemable preferred securities | 113,619 | — | — | 113,619 | |||||||||||
| Term loans | 354,387 | — | — | 354,387 | |||||||||||
| Credit facility | 81,000 | — | — | 81,000 | |||||||||||
| TOTAL INDEBTEDNESS | 6,197,907 | 5,217,687 | 431,214 | 549,006 | |||||||||||
| Accounts payable | 18,491 | 11,342 | 7,149 | — | |||||||||||
| Accrued liabilities and other | 401,456 | 292,925 | 108,531 | — | |||||||||||
| Deferred income | 26,024 | 24,508 | 1,516 | — | |||||||||||
| Security deposits | 41,366 | 38,074 | 3,292 | — | |||||||||||
| Deferred income taxes payable | 26,065 | 26,065 | — | — | |||||||||||
| Liabilities related to assets held for sale | 45,543 | 32,591 | 12,952 | — | |||||||||||
| TOTAL LIABILITIES | 6,756,852 | 5,643,192 | 564,654 | 549,006 | |||||||||||
| Minority interest in consolidated real estate partnerships | 191,948 | 189,709 | 2,239 | — | |||||||||||
| Minority interest in Aimco Operating Partnership | 303,905 | — | — | 303,905 | |||||||||||
| NET OPERATING ASSETS | $ | 3,325,175 | $ | 388,393 | $ | (852,911 | ) | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||
| Class A Common Stock | 939 | ||||||||||||||
| Additional paid-in capital | 3,052,420 | ||||||||||||||
| Perpetual preferred stock | 555,250 | ||||||||||||||
| Convertible preferred stock | 299,992 | ||||||||||||||
| Distributions in excess of earnings | (998,018 | ) | |||||||||||||
| Unvested restricted stock | (9,880 | ) | |||||||||||||
| Notes due on common stock purchases | (40,046 | ) | |||||||||||||
| 2,860,657 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 10,113,362 | |||||||||||||
38
Supplemental Schedule XIX
Business Component Proportionate Balance Sheet Presentation
As of December 31, 2003 (in thousands)
(unaudited)
| | Consolidated GAAP Balance Sheet As of December 31, 2003 | Proportionate Share of Unconsolidated Partnerships [a] | Proportionate Share of Minority Interest [b] | Proportionate Consolidated Balance Sheet [c] | Conventional | Aimco Capital | Corporate | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||||||||||||||||
| Buildings and improvements | $ | 8,515,493 | $ | 531,202 | $ | (1,114,599 | ) | $ | 7,932,096 | $ | 7,181,130 | $ | 750,966 | $ | — | ||||||||||
| Land | 2,085,425 | 82,178 | (124,810 | ) | 2,042,793 | 1,910,756 | 132,037 | — | |||||||||||||||||
| Accumulated depreciation | (1,847,652 | ) | (104,792 | ) | 577,443 | (1,375,001 | ) | (1,262,082 | ) | (112,919 | ) | — | |||||||||||||
| Cash and cash equivalents | 98,129 | — | — | 98,129 | 83,240 | 14,889 | — | ||||||||||||||||||
| Restricted cash | 245,818 | — | — | 245,818 | 182,867 | 62,951 | — | ||||||||||||||||||
| Accounts receivable | 67,379 | — | — | 67,379 | 43,788 | 23,591 | — | ||||||||||||||||||
| Accounts receivable from affiliates | 56,874 | — | — | 56,874 | 36,961 | 19,913 | — | ||||||||||||||||||
| Deferred financing costs | 73,736 | — | — | 73,736 | 70,378 | 3,358 | — | ||||||||||||||||||
| Notes receivable, primarily from unconsolidated real estate partnerships | 206,187 | — | — | 206,187 | 116,739 | 89,448 | — | ||||||||||||||||||
| Investment in unconsolidated real estate partnerships | 237,699 | (154,228 | ) | — | 83,471 | 45,524 | 37,947 | — | |||||||||||||||||
| Other assets | 284,343 | — | — | 284,343 | 226,739 | 57,604 | — | ||||||||||||||||||
| Assets held for sale | 89,931 | — | — | 89,931 | 69,530 | 20,401 | — | ||||||||||||||||||
| TOTAL ASSETS | $ | 10,113,362 | $ | 354,360 | $ | (661,966 | ) | $ | 9,805,756 | $ | 8,705,570 | $ | 1,100,186 | $ | — | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
| Secured tax-exempt bond financing | $ | 1,199,360 | $ | 29,131 | $ | (37,941 | ) | $ | 1,190,550 | $ | 1,180,671 | $ | 9,879 | $ | — | ||||||||||
| Secured notes payable | 4,449,541 | 325,229 | (683,996 | ) | 4,090,774 | 3,530,232 | 560,542 | — | |||||||||||||||||
| Mandatorily redeemable preferred securities | 113,619 | — | — | 113,619 | — | — | 113,619 | ||||||||||||||||||
| Term loans | 354,387 | — | — | 354,387 | — | — | 354,387 | ||||||||||||||||||
| Credit facility | 81,000 | — | — | 81,000 | — | — | 81,000 | ||||||||||||||||||
| TOTAL INDEBTEDNESS | 6,197,907 | 354,360 | (721,937 | ) | 5,830,330 | 4,710,903 | 570,421 | 549,006 | |||||||||||||||||
| Accounts payable | 18,491 | — | — | 18,491 | 11,342 | 7,149 | — | ||||||||||||||||||
| Accrued liabilities and other | 401,456 | — | — | 401,456 | 292,925 | 108,531 | — | ||||||||||||||||||
| Deferred income | 26,024 | — | — | 26,024 | 24,508 | 1,516 | — | ||||||||||||||||||
| Security deposits | 41,366 | — | — | 41,366 | 38,074 | 3,292 | — | ||||||||||||||||||
| Deferred income taxes payable | 26,065 | — | — | 26,065 | 26,065 | — | — | ||||||||||||||||||
| Liabilities related to assets held for sale | 45,543 | — | — | 45,543 | 32,591 | 12,952 | — | ||||||||||||||||||
| TOTAL LIABILITIES | 6,756,852 | 354,360 | (721,937 | ) | 6,389,275 | 5,136,408 | 703,861 | 549,006 | |||||||||||||||||
| Minority interest in consolidated real estate partnerships | 191,948 | — | 59,971 | 251,919 | 243,987 | 7,932 | — | ||||||||||||||||||
| Minority interest in Aimco Operating Partnership | 303,905 | — | — | 303,905 | — | — | 303,905 | ||||||||||||||||||
| NET OPERATING ASSETS | $ | — | $ | — | $ | 2,860,657 | $ | 3,325,175 | $ | 388,393 | $ | (852,911 | ) | ||||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
| Class A Common Stock | 939 | ||||||||||||||||||||||||
| Additional paid-in capital | 3,052,420 | ||||||||||||||||||||||||
| Perpetual preferred stock | 555,250 | ||||||||||||||||||||||||
| Convertible preferred stock | 299,992 | ||||||||||||||||||||||||
| Distributions in excess of earnings | (998,018 | ) | |||||||||||||||||||||||
| Unvested restricted stock | (9,880 | ) | |||||||||||||||||||||||
| Notes due on common stock purchases | (40,046 | ) | |||||||||||||||||||||||
| 2,860,657 | |||||||||||||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 10,113,362 | |||||||||||||||||||||||
- [a]
- Total of Aimco's proportionate share of selected unconsolidated balance sheet data, which includes only buildings and improvements, land, accumulated depreciation and secured debt, as of December 31, 2003.
- [b]
- Total of minority partners' share of selected balance sheet data, which includes only buildings and improvements, land, accumulated depreciation and secured debt, as of December 31, 2003.
- [c]
- Aimco's proportionate consolidated balance sheet, which includes the GAAP balance sheet as of December 31, 2003, plus the proportionate share of selected unconsolidated and less minority partners' share of balance sheet data, which includes only buildings and improvements, land, accumulated depreciation and secured debt, as of December 31, 2003.
39
Supplemental Schedule XX
Fourth Quarter 2003
CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS
| | % of Conventional FCF | CORE PROPERTIES | NON-CORE PROPERTIES | | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | Washington | 10.7 | % | 0.8 | % | ||||
| 2 | Los Angeles-Long Beach — Ventura | 7.3 | % | 0.0 | % | ||||
| 3 | New England | 5.9 | % | 0.0 | % | ||||
| 4 | Philadelphia | 4.6 | % | 0.0 | % | ||||
| 5 | Chicago | 4.2 | % | 0.4 | % | ||||
| 6 | Indianapolis | 2.9 | % | 0.9 | % | ||||
| 7 | Denver — Front Range | 2.7 | % | 0.0 | % | ||||
| 8 | Houston — Galveston | 2.6 | % | 1.3 | % | ||||
| 9 | San Diego | 2.4 | % | 0.0 | % | ||||
| 10 | Norfolk | 2.4 | % | 0.2 | % | ||||
| 11 | Tampa-St. Petersburg | 2.2 | % | 0.7 | % | ||||
| 12 | Miami | 2.1 | % | 0.0 | % | ||||
| 13 | Orange County — Riverside | 1.9 | % | 0.0 | % | ||||
| 14 | Grand Rapids-Lansing | 1.6 | % | 0.8 | % | ||||
| 15 | Phoenix-Mesa | 1.5 | % | 1.2 | % | ||||
| 16 | Orlando — Daytona | 1.3 | % | 1.9 | % | ||||
| 17 | Fort Wayne | 1.3 | % | 0.0 | % | ||||
| 18 | Baltimore | 1.3 | % | 0.4 | % | ||||
| 19 | Atlanta | 1.3 | % | 1.1 | % | ||||
| 20 | West Palm Beach-Boca | 1.2 | % | 0.2 | % | ||||
| 21 | Jacksonville | 1.1 | % | 0.3 | % | ||||
| 22 | Nashville | 1.0 | % | 1.2 | % | ||||
| 23 | Bay Area | 1.0 | % | 0.0 | % | ||||
| 24 | Columbus | 0.9 | % | 0.2 | % | ||||
| 25 | Cincinnati — Dayton | 0.9 | % | 0.9 | % | ||||
| 26 | Richmond — Petersburg | 0.9 | % | 0.1 | % | ||||
| 27 | Austin-San Marcos | 0.9 | % | 0.6 | % | ||||
| 28 | Dutchess County | 0.8 | % | 0.0 | % | ||||
| 29 | Detroit — Ann Arbor | 0.8 | % | 0.2 | % | ||||
| 30 | Dallas-Fort Worth | 0.7 | % | 1.3 | % | ||||
| 31 | Raleigh-Durham-Chapel Hill | 0.6 | % | 0.4 | % | ||||
| 32 | Hartford | 0.6 | % | 0.0 | % | ||||
| 33 | Minneapolis — St. Paul | 0.6 | % | 0.0 | % | ||||
| 34 | New York — Manhattan | 0.6 | % | 0.0 | % | ||||
| 35 | Kansas City | 0.5 | % | 0.1 | % | ||||
| 36 | Charleston | 0.5 | % | 0.0 | % | ||||
| 37 | FortLauderdale | 0.4 | % | 0.0 | % | ||||
| 38 | Charlotte-Gastonia-Rock Hill | 0.4 | % | 0.4 | % | ||||
| 39 | Seattle | 0.3 | % | 0.0 | % | ||||
| 40 | Savannah | 0.3 | % | 0.0 | % | ||||
| 41 | Salt Lake City-Ogden | 0.2 | % | 0.6 | % | ||||
| 42 | Columbia | 0.2 | % | 0.6 | % | ||||
| 43 | Sacramento | 0.0 | % | 0.0 | % | ||||
| 44 | San Antonio | 0.0 | % | 1.4 | % | ||||
| 45 | Las Vegas | 0.0 | % | 0.6 | % | ||||
| 46 | Tucson | 0.0 | % | 0.5 | % | ||||
| 75.6 | % | 19.3 | % | 94.9 | % | ||||
| OTHER MARKETS | |||||||||
| Southeast other | 0.0 | % | 2.5 | % | |||||
| Midwest other | 0.0 | % | 1.2 | % | |||||
| Texas other | 0.0 | % | 0.6 | % | |||||
| Northeast other | 0.0 | % | 0.3 | % | |||||
| West other | 0.0 | % | 0.3 | % | |||||
| Florida other | 0.0 | % | 0.2 | % | |||||
| 0.0 | % | 5.1 | % | 5.1 | % | ||||
| TOTAL | 75.6 | % | 24.4 | % | 100.0 | % | |||
40
Supplemental Schedule XXI
Fourth Quarter 2003
PORTFOLIO SUMMARY
ALL CONVENTIONAL PROPERTIES
| | CORE PROPERTIES | NON-CORE PROPERTIES | TOTAL CONVENTIONAL | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Total Properties | Total Units | Effective Units | % Conventional Real Estate FCF | Total Properties | Total Units | Effective Units | % Conventional Real Estate FCF | Total Properties | Total Units | Effective Units | % Conventional Real Estate FCF | ||||||||||||||
| Selected Markets | 367 | 115,158 | 96,400 | 75.6 | % | 184 | 45,312 | 37,532 | 19.3 | % | 551 | 160,470 | 133,932 | 94.9 | % | |||||||||||
| Other Markets | — | — | — | 0.0 | % | 77 | 16,848 | 9,791 | 5.1 | % | 77 | 16,848 | 9,791 | 5.1 | % | |||||||||||
| Total | 367 | 115,158 | 96,400 | 75.6 | % | 261 | 62,160 | 47,323 | 24.4 | % | 628 | 177,318 | 143,723 | 100.0 | % | |||||||||||
PORTFOLIO SUMMARY
SAME STORE SALES (SSS) CONVENTIONAL PROPERTIES
| | CORE PROPERTIES | NON-CORE PROPERTIES | TOTAL SAME STORE CONVENTIONAL | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Total Properties | Total Units | Effective Units | % SSS Real Estate FCF | Total Properties | Total Units | Effective Units | % SSS Real Estate FCF | Total Properties | Total Units | Effective Units | % SSS Real Estate FCF | ||||||||||||||
| Selected Markets | 344 | 107,690 | 91,760 | 72.6 | % | 176 | 43,078 | 36,881 | 18.3 | % | 520 | 150,768 | 128,641 | 90.9 | % | |||||||||||
| Other Markets | — | — | — | 0.0 | % | 60 | 12,647 | 8,914 | 4.9 | % | 60 | 12,647 | 8,914 | 4.9 | % | |||||||||||
| Total | 344 | 107,690 | 91,760 | 72.6 | % | 236 | 55,725 | 45,795 | 23.2 | % | 580 | 163,415 | 137,555 | 95.8 | % | |||||||||||
41
Supplemental Schedule XXII
PORTFOLIO SUMMARY
SAME STORE PERFORMANCE
| | SAME STORE PORTFOLIO | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | CORE (1) | NON-CORE (2) | TOTAL (3) | ||||||||
| Rent, average fourth quarter | $ | 798 | $ | 564 | $ | 719 | |||||
| Occupancy, average fourth quarter | 92.5 | % | 90.4 | % | 91.8 | % | |||||
| Change Three Months Ended December 31, 2003 less December 31, 2002 | |||||||||||
| Revenue | -1.4 | % | -2.5 | % | -1.7 | % | |||||
| Expenses | 10.3 | % | 6.1 | % | 9.0 | % | |||||
| NOI | -7.7 | % | -9.2 | % | -8.1 | % | |||||
| Change Year Ended December 31, 2003 less December 31, 2002 | |||||||||||
| Revenue | -2.9 | % | -4.8 | % | -3.4 | % | |||||
| Expenses | 9.8 | % | 10.0 | % | 9.9 | % | |||||
| NOI | -9.8 | % | -15.5 | % | -11.3 | % | |||||
| Change Three Months Ended December 31, 2003 less September 30, 2003 | |||||||||||
| Revenue | -1.8 | % | -2.5 | % | -2.0 | % | |||||
| Expenses | -3.0 | % | -6.1 | % | -3.9 | % | |||||
| NOI | -1.1 | % | 1.1 | % | -0.6 | % | |||||
- (1)
- See Supplemental Schedules XXIII, XXV, and XXVII for Same Store Sales — Core Properties
- (2)
- See Supplemental Schedules XXIV, XXVI, and XXVIII for Same Store Sales — Non-Core Properties
- (3)
- See Supplemental Schedules VIII — XIII for Total Same Store Sales
42
Supplemental Schedule XXIII
Same Store Sales — Core Properties
Fourth Quarter 2003 versus Fourth Quarter 2002
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 23 | 11,448 | 80.50 | % | 26,759 | 8,834 | 17,925 | 26,411 | 7,755 | 18,656 | 348 | 1.3 | % | 1,079 | 13.9 | % | (731 | ) | -3.9 | % | ||||||||||||
| New England | 12 | 4,735 | 96.33 | % | 14,665 | 4,711 | 9,954 | 14,775 | 4,156 | 10,619 | (110 | ) | -0.7 | % | 555 | 13.4 | % | (665 | ) | -6.3 | % | |||||||||||
| Philadelphia | 12 | 5,734 | 78.77 | % | 14,276 | 4,905 | 9,371 | 13,893 | 4,517 | 9,376 | 383 | 2.8 | % | 388 | 8.6 | % | (5 | ) | -0.1 | % | ||||||||||||
| Baltimore | 9 | 1,551 | 73.01 | % | 3,107 | 1,061 | 2,046 | 3,004 | 856 | 2,148 | 103 | 3.4 | % | 205 | 23.9 | % | (102 | ) | -4.7 | % | ||||||||||||
| Dutchess County | 1 | 835 | 100.00 | % | 2,383 | 806 | 1,577 | 2,253 | 693 | 1,560 | 130 | 5.8 | % | 113 | 16.3 | % | 17 | 1.1 | % | |||||||||||||
| Hartford | 2 | 650 | 100.00 | % | 1,694 | 500 | 1,194 | 1,789 | 509 | 1,280 | (95 | ) | -5.3 | % | (9 | ) | -1.8 | % | (86 | ) | -6.7 | % | ||||||||||
| 59 | 24,953 | 83.80 | % | 62,884 | 20,817 | 42,067 | 62,125 | 18,486 | 43,639 | 759 | 1.2 | % | 2,331 | 12.6 | % | (1,572 | ) | -3.6 | % | |||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 14 | 3,948 | 76.39 | % | 5,158 | 2,692 | 2,466 | 5,504 | 2,590 | 2,914 | (346 | ) | -6.3 | % | 102 | 3.9 | % | (448 | ) | -15.4 | % | |||||||||||
| Norfolk | 10 | 3,161 | 83.06 | % | 6,302 | 2,124 | 4,178 | 6,057 | 1,869 | 4,188 | 245 | 4.0 | % | 255 | 13.6 | % | (10 | ) | -0.2 | % | ||||||||||||
| Nashville | 5 | 1,532 | 86.14 | % | 2,837 | 1,039 | 1,798 | 2,802 | 916 | 1,886 | 35 | 1.2 | % | 123 | 13.4 | % | (88 | ) | -4.7 | % | ||||||||||||
| Raleigh-Durham-Chapel Hill | 7 | 1,976 | 63.72 | % | 2,015 | 933 | 1,082 | 2,269 | 893 | 1,376 | (254 | ) | -11.2 | % | 40 | 4.5 | % | (294 | ) | -21.4 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 2 | 556 | 100.00 | % | 927 | 395 | 532 | 863 | 428 | 435 | 64 | 7.4 | % | (33 | ) | -7.7 | % | 97 | 22.3 | % | ||||||||||||
| Richmond — Petersburg | 5 | 1,208 | 76.23 | % | 2,056 | 656 | 1,400 | 1,959 | 594 | 1,365 | 97 | 5.0 | % | 62 | 10.4 | % | 35 | 2.6 | % | |||||||||||||
| Columbia | 2 | 432 | 57.33 | % | 432 | 189 | 243 | 448 | 194 | 254 | (16 | ) | -3.6 | % | (5 | ) | -2.6 | % | (11 | ) | -4.3 | % | ||||||||||
| Charleston | 3 | 680 | 88.38 | % | 1,182 | 430 | 752 | 1,111 | 426 | 685 | 71 | 6.4 | % | 4 | 0.9 | % | 67 | 9.8 | % | |||||||||||||
| Savannah | 2 | 416 | 100.00 | % | 801 | 287 | 514 | 763 | 295 | 468 | 38 | 5.0 | % | (8 | ) | -2.7 | % | 46 | 9.8 | % | ||||||||||||
| 50 | 13,909 | 78.88 | % | 21,710 | 8,745 | 12,965 | 21,776 | 8,205 | 13,571 | (66 | ) | -0.3 | % | 540 | 6.6 | % | (606 | ) | -4.5 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 8 | 2,329 | 89.61 | % | 4,023 | 1,780 | 2,243 | 4,101 | 1,796 | 2,305 | (78 | ) | -1.9 | % | (16 | ) | -0.9 | % | (62 | ) | -2.7 | % | ||||||||||
| Tampa-St. Petersburg | 15 | 3,965 | 91.35 | % | 6,634 | 2,872 | 3,762 | 6,806 | 2,797 | 4,009 | (172 | ) | -2.5 | % | 75 | 2.7 | % | (247 | ) | -6.2 | % | |||||||||||
| West Palm Beach-Boca | 5 | 1,505 | 100.00 | % | 3,506 | 1,305 | 2,201 | 3,571 | 1,276 | 2,295 | (65 | ) | -1.8 | % | 29 | 2.3 | % | (94 | ) | -4.1 | % | |||||||||||
| Jacksonville | 4 | 1,794 | 79.00 | % | 2,975 | 1,195 | 1,780 | 2,957 | 1,118 | 1,839 | 18 | 0.6 | % | 77 | 6.9 | % | (59 | ) | -3.2 | % | ||||||||||||
| Miami | 6 | 2,171 | 76.45 | % | 5,414 | 2,547 | 2,867 | 5,349 | 2,054 | 3,295 | 65 | 1.2 | % | 493 | 24.0 | % | (428 | ) | -13.0 | % | ||||||||||||
| FortLauderdale | 4 | 1,122 | 88.56 | % | 2,215 | 904 | 1,311 | 2,395 | 1,121 | 1,274 | (180 | ) | -7.5 | % | (217 | ) | -19.4 | % | 37 | 2.9 | % | |||||||||||
| 42 | 12,886 | 88.59 | % | 24,767 | 10,603 | 14,164 | 25,179 | 10,162 | 15,017 | (412 | ) | -1.6 | % | 441 | 4.3 | % | (853 | ) | -5.7 | % | ||||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 19 | 5,644 | 91.49 | % | 14,197 | 5,794 | 8,403 | 14,716 | 5,599 | 9,117 | (519 | ) | -3.5 | % | 195 | 3.5 | % | (714 | ) | -7.8 | % | |||||||||||
| Indianapolis | 19 | 6,713 | 93.55 | % | 9,896 | 4,583 | 5,313 | 10,400 | 4,298 | 6,102 | (504 | ) | -4.8 | % | 285 | 6.6 | % | (789 | ) | -12.9 | % | |||||||||||
| Grand Rapids-Lansing | 6 | 3,176 | 95.33 | % | 5,692 | 2,624 | 3,068 | 6,069 | 2,326 | 3,743 | (377 | ) | -6.2 | % | 298 | 12.8 | % | (675 | ) | -18.0 | % | |||||||||||
| Cincinnati — Dayton | 10 | 1,792 | 83.86 | % | 3,095 | 1,316 | 1,779 | 3,194 | 1,239 | 1,955 | (99 | ) | -3.1 | % | 77 | 6.2 | % | (176 | ) | -9.0 | % | |||||||||||
| Fort Wayne | 2 | 2,284 | 100.00 | % | 3,661 | 1,431 | 2,230 | 3,982 | 1,767 | 2,215 | (321 | ) | -8.1 | % | (336 | ) | -19.0 | % | 15 | 0.7 | % | |||||||||||
| Detroit — Ann Arbor | 5 | 1,721 | 100.00 | % | 2,418 | 1,074 | 1,344 | 2,432 | 968 | 1,464 | (14 | ) | -0.6 | % | 106 | 11.0 | % | (120 | ) | -8.2 | % | |||||||||||
| Columbus | 6 | 1,304 | 68.20 | % | 1,629 | 596 | 1,033 | 1,614 | 637 | 977 | 15 | 0.9 | % | (41 | ) | -6.4 | % | 56 | 5.7 | % | ||||||||||||
| Kansas City | 3 | 795 | 70.06 | % | 1,024 | 331 | 693 | 1,102 | 555 | 547 | (78 | ) | -7.1 | % | (224 | ) | -40.4 | % | 146 | 26.7 | % | |||||||||||
| Minneapolis — St Paul | 4 | 1,098 | 68.20 | % | 1,360 | 614 | 746 | 1,478 | 426 | 1,052 | (118 | ) | -8.0 | % | 188 | 44.1 | % | (306 | ) | -29.1 | % | |||||||||||
| 74 | 24,527 | 87.20 | % | 42,972 | 18,363 | 24,609 | 44,987 | 17,815 | 27,172 | (2,015 | ) | -4.5 | % | 548 | 3.1 | % | (2,563 | ) | -9.4 | % | ||||||||||||
43
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 25 | 6,863 | 91.80 | % | 10,652 | 5,120 | 5,532 | 11,258 | 4,535 | 6,723 | (606 | ) | -5.4 | % | 585 | 12.9 | % | (1,191 | ) | -17.7 | % | |||||||||||
| Dallas-Fort Worth | 13 | 3,621 | 76.73 | % | 4,537 | 2,475 | 2,062 | 4,877 | 2,588 | 2,289 | (340 | ) | -7.0 | % | (113 | ) | -4.4 | % | (227 | ) | -9.9 | % | ||||||||||
| San Antonio | 1 | 224 | 100.00 | % | 327 | 157 | 170 | 323 | 85 | 238 | 4 | 1.2 | % | 72 | 84.7 | % | (68 | ) | -28.6 | % | ||||||||||||
| Austin-San Marcos | 8 | 1,697 | 96.23 | % | 2,931 | 1,394 | 1,537 | 3,073 | 1,579 | 1,494 | (142 | ) | -4.6 | % | (185 | ) | -11.7 | % | 43 | 2.9 | % | |||||||||||
| 47 | 12,405 | 88.15 | % | 18,447 | 9,146 | 9,301 | 19,531 | 8,787 | 10,744 | (1,084 | ) | -5.6 | % | 359 | 4.1 | % | (1,443 | ) | -13.4 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 14 | 3,681 | 93.49 | % | 5,661 | 2,832 | 2,829 | 5,854 | 2,515 | 3,339 | (193 | ) | -3.3 | % | 317 | 12.6 | % | (510 | ) | -15.3 | % | |||||||||||
| Denver — Front Range | 17 | 3,892 | 81.78 | % | 6,215 | 2,320 | 3,895 | 7,162 | 1,827 | 5,335 | (947 | ) | -13.2 | % | 493 | 27.0 | % | (1,440 | ) | -27.0 | % | |||||||||||
| Salt Lake City-Ogden | 1 | 450 | 55.40 | % | 479 | 162 | 317 | 467 | 144 | 323 | 12 | 2.6 | % | 18 | 12.5 | % | (6 | ) | -1.9 | % | ||||||||||||
| Seattle | 4 | 468 | 53.42 | % | 585 | 253 | 332 | 541 | 217 | 324 | 44 | 8.1 | % | 36 | 16.6 | % | 8 | 2.5 | % | |||||||||||||
| 36 | 8,491 | 83.90 | % | 12,940 | 5,567 | 7,373 | 14,024 | 4,703 | 9,321 | (1,084 | ) | -7.7 | % | 864 | 18.4 | % | (1,948 | ) | -20.9 | % | ||||||||||||
| California | ||||||||||||||||||||||||||||||||
| Los Angeles-Long Beach — Ventura | 15 | 4,830 | 89.27 | % | 17,305 | 6,465 | 10,840 | 16,652 | 4,441 | 12,211 | 653 | 3.9 | % | 2,024 | 45.6 | % | (1,371 | ) | -11.2 | % | ||||||||||||
| San Diego | 7 | 2,237 | 96.76 | % | 6,683 | 2,125 | 4,558 | 6,323 | 1,647 | 4,676 | 360 | 5.7 | % | 478 | 29.0 | % | (118 | ) | -2.5 | % | ||||||||||||
| Orange County — Riverside | 7 | 1,611 | 95.48 | % | 5,180 | 1,655 | 3,525 | 5,178 | 1,384 | 3,794 | 2 | 0.0 | % | 271 | 19.6 | % | (269 | ) | -7.1 | % | ||||||||||||
| Bay Area | 6 | 1,661 | 57.86 | % | 2,981 | 1,146 | 1,835 | 3,170 | 1,131 | 2,039 | (189 | ) | -6.0 | % | 15 | 1.3 | % | (204 | ) | -10.0 | % | |||||||||||
| Sacramento | 1 | 180 | 22.05 | % | 106 | 55 | 51 | 101 | 33 | 68 | 5 | 5.0 | % | 22 | 66.7 | % | (17 | ) | -25.0 | % | ||||||||||||
| 36 | 10,519 | 85.70 | % | 32,255 | 11,446 | 20,809 | 31,424 | 8,636 | 22,788 | 831 | 2.6 | % | 2,810 | 32.5 | % | (1,979 | ) | -8.7 | % | |||||||||||||
| SAME STORE SALES — CORE PROPERTIES TOTALS | 344 | 107,690 | 85.21 | % | 215,975 | 84,687 | 131,288 | 219,046 | 76,794 | 142,252 | (3,071 | ) | -1.4 | % | 7,893 | 10.3 | % | (10,964 | ) | -7.7 | % | |||||||||||
| Plus: Same Store Sales — Non-Core Properties (see Supplemental Schedule XXIV) | 74,326 | 35,641 | 38,685 | 76,196 | 33,580 | 42,616 | ||||||||||||||||||||||||||
| Total Same Store Sales (see Supplemental Schedule IX) | 290,301 | 120,328 | 169,973 | 295,242 | 110,374 | 184,868 | ||||||||||||||||||||||||||
44
Supplemental Schedule XXIV
Same Store Sales — Non-Core Properties
Fourth Quarter 2003 versus Fourth Quarter 2002
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 5 | 1,010 | 99.29 | % | 2,402 | 1,056 | 1,346 | 2,452 | 854 | 1,598 | (50 | ) | -2.0 | % | 202 | 23.7 | % | (252 | ) | -15.8 | % | |||||||||||
| Baltimore | 2 | 493 | 100.00 | % | 1,139 | 474 | 665 | 1,104 | 435 | 669 | 35 | 3.2 | % | 39 | 9.0 | % | (4 | ) | -0.6 | % | ||||||||||||
| Other Markets | 1 | 324 | 69.85 | % | 455 | 176 | 279 | 427 | 162 | 265 | 28 | 6.6 | % | 14 | 8.6 | % | 14 | 5.3 | % | |||||||||||||
| 8 | 1,827 | 94.26 | % | 3,996 | 1,706 | 2,290 | 3,983 | 1,451 | 2,532 | 13 | 0.3 | % | 255 | 17.6 | % | (242 | ) | -9.6 | % | |||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 7 | 1,983 | 96.29 | % | 3,319 | 1,758 | 1,561 | 3,396 | 1,616 | 1,780 | (77 | ) | -2.3 | % | 142 | 8.8 | % | (219 | ) | -12.3 | % | |||||||||||
| Norfolk | 2 | 404 | 89.07 | % | 665 | 270 | 395 | 647 | 254 | 393 | 18 | 2.8 | % | 16 | 6.3 | % | 2 | 0.5 | % | |||||||||||||
| Nashville | 6 | 2,220 | 74.80 | % | 2,759 | 1,049 | 1,710 | 2,559 | 973 | 1,586 | 200 | 7.8 | % | 76 | 7.8 | % | 124 | 7.8 | % | |||||||||||||
| Raleigh-Durham-Chapel Hill | 3 | 867 | 87.91 | % | 1,341 | 602 | 739 | 1,315 | 603 | 712 | 26 | 2.0 | % | (1 | ) | -0.2 | % | 27 | 3.8 | % | ||||||||||||
| Charlotte-Gastonia-Rock Hill | 9 | 1,780 | 83.54 | % | 2,058 | 1,205 | 853 | 2,044 | 1,177 | 867 | 14 | 0.7 | % | 28 | 2.4 | % | (14 | ) | -1.6 | % | ||||||||||||
| Richmond — Petersburg | 2 | 305 | 83.90 | % | 480 | 182 | 298 | 485 | 186 | 299 | (5 | ) | -1.0 | % | (4 | ) | -2.2 | % | (1 | ) | -0.3 | % | ||||||||||
| Columbia | 4 | 1,006 | 68.85 | % | 1,134 | 506 | 628 | 1,085 | 513 | 572 | 49 | 4.5 | % | (7 | ) | -1.4 | % | 56 | 9.8 | % | ||||||||||||
| Other Markets | 30 | 6,320 | 78.58 | % | 7,802 | 3,619 | 4,183 | 8,028 | 3,400 | 4,628 | (226 | ) | -2.8 | % | 219 | 6.4 | % | (445 | ) | -9.6 | % | |||||||||||
| 63 | 14,885 | 81.25 | % | 19,558 | 9,191 | 10,367 | 19,559 | 8,722 | 10,837 | (1 | ) | 0.0 | % | 469 | 5.4 | % | (470 | ) | -4.3 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 16 | 3,803 | 87.03 | % | 6,052 | 2,669 | 3,383 | 6,059 | 2,625 | 3,434 | (7 | ) | -0.1 | % | 44 | 1.7 | % | (51 | ) | -1.5 | % | |||||||||||
| Tampa-St. Petersburg | 6 | 1,672 | 82.41 | % | 2,596 | 1,161 | 1,435 | 2,659 | 1,109 | 1,550 | (63 | ) | -2.4 | % | 52 | 4.7 | % | (115 | ) | -7.4 | % | |||||||||||
| West Palm Beach-Boca | 1 | 222 | 100.00 | % | 477 | 200 | 277 | 477 | 182 | 295 | 0 | 0.0 | % | 18 | 9.9 | % | (18 | ) | -6.1 | % | ||||||||||||
| Jacksonville | 2 | 612 | 66.65 | % | 793 | 285 | 508 | 777 | 306 | 471 | 16 | 2.1 | % | (21 | ) | -6.9 | % | 37 | 7.9 | % | ||||||||||||
| Other Markets | 1 | 136 | 72.33 | % | 207 | 78 | 129 | 207 | 76 | 131 | 0 | 0.0 | % | 2 | 2.6 | % | (2 | ) | -1.5 | % | ||||||||||||
| 26 | 6,445 | 84.03 | % | 10,125 | 4,393 | 5,732 | 10,179 | 4,298 | 5,881 | (54 | ) | -0.5 | % | 95 | 2.2 | % | (149 | ) | -2.5 | % | ||||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 3 | 679 | 87.95 | % | 1,327 | 668 | 659 | 1,481 | 672 | 809 | (154 | ) | -10.4 | % | (4 | ) | -0.6 | % | (150 | ) | -18.5 | % | ||||||||||
| Indianapolis | 14 | 3,326 | 71.07 | % | 3,438 | 1,704 | 1,734 | 3,693 | 1,812 | 1,881 | (255 | ) | -6.9 | % | (108 | ) | -6.0 | % | (147 | ) | -7.8 | % | ||||||||||
| Grand Rapids-Lansing | 8 | 1,918 | 88.40 | % | 2,660 | 1,329 | 1,331 | 2,895 | 1,189 | 1,706 | (235 | ) | -8.1 | % | 140 | 11.8 | % | (375 | ) | -22.0 | % | |||||||||||
| Cincinnati — Dayton | 9 | 1,941 | 75.41 | % | 2,431 | 1,088 | 1,343 | 2,474 | 1,110 | 1,364 | (43 | ) | -1.7 | % | (22 | ) | -2.0 | % | (21 | ) | -1.5 | % | ||||||||||
| Detroit — Ann Arbor | 2 | 353 | 84.85 | % | 459 | 220 | 239 | 425 | 190 | 235 | 34 | 8.0 | % | 30 | 15.8 | % | 4 | 1.7 | % | |||||||||||||
| Fort Wayne | 1 | 156 | 41.90 | % | 98 | 52 | 46 | 98 | 46 | 52 | 0 | 0.0 | % | 6 | 13.0 | % | (6 | ) | -11.5 | % | ||||||||||||
| Columbus | 3 | 708 | 75.31 | % | 732 | 384 | 348 | 748 | 380 | 368 | (16 | ) | -2.1 | % | 4 | 1.1 | % | (20 | ) | -5.4 | % | |||||||||||
| Kansas City | 2 | 501 | 45.51 | % | 344 | 139 | 205 | 380 | 169 | 211 | (36 | ) | -9.5 | % | (30 | ) | -17.8 | % | (6 | ) | -2.8 | % | ||||||||||
| Other Markets | 15 | 3,096 | 55.54 | % | 3,004 | 1,249 | 1,755 | 3,084 | 1,258 | 1,826 | (80 | ) | -2.6 | % | (9 | ) | -0.7 | % | (71 | ) | -3.9 | % | ||||||||||
| 57 | 12,678 | 70.72 | % | 14,493 | 6,833 | 7,660 | 15,278 | 6,826 | 8,452 | (785 | ) | -5.1 | % | 7 | 0.1 | % | (792 | ) | -9.4 | % | ||||||||||||
45
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 11 | 2,604 | 91.42 | % | 3,140 | 1,958 | 1,182 | 3,588 | 1,877 | 1,711 | (448 | ) | -12.5 | % | 81 | 4.3 | % | (529 | ) | -30.9 | % | |||||||||||
| Dallas-Fort Worth | 13 | 2,862 | 90.55 | % | 4,024 | 2,252 | 1,772 | 4,379 | 2,072 | 2,307 | (355 | ) | -8.1 | % | 180 | 8.7 | % | (535 | ) | -23.2 | % | |||||||||||
| San Antonio | 13 | 3,045 | 100.00 | % | 4,705 | 2,268 | 2,437 | 4,518 | 2,044 | 2,474 | 187 | 4.1 | % | 224 | 11.0 | % | (37 | ) | -1.5 | % | ||||||||||||
| Austin-San Marcos | 2 | 520 | 79.97 | % | 679 | 307 | 372 | 730 | 321 | 409 | (51 | ) | -7.0 | % | (14 | ) | -4.4 | % | (37 | ) | -9.0 | % | ||||||||||
| Other Markets | 8 | 1,747 | 71.65 | % | 1,853 | 817 | 1,036 | 1,937 | 787 | 1,150 | (84 | ) | -4.3 | % | 30 | 3.8 | % | (114 | ) | -9.9 | % | |||||||||||
| 47 | 10,778 | 89.86 | % | 14,401 | 7,602 | 6,799 | 15,152 | 7,101 | 8,051 | (751 | ) | -5.0 | % | 501 | 7.1 | % | (1,252 | ) | -15.6 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 14 | 3,766 | 90.71 | % | 4,904 | 2,702 | 2,202 | 4,868 | 2,418 | 2,450 | 36 | 0.7 | % | 284 | 11.7 | % | (248 | ) | -10.1 | % | ||||||||||||
| Denver — Front Range | 5 | 851 | 70.34 | % | 820 | 585 | 235 | 1,057 | 385 | 672 | (237 | ) | -22.4 | % | 200 | 51.9 | % | (437 | ) | -65.0 | % | |||||||||||
| Salt Lake City-Ogden | 3 | 1,061 | 94.33 | % | 1,606 | 619 | 987 | 1,545 | 504 | 1,041 | 61 | 3.9 | % | 115 | 22.8 | % | (54 | ) | -5.2 | % | ||||||||||||
| Las Vegas | 4 | 1,253 | 86.88 | % | 1,805 | 777 | 1,028 | 1,826 | 705 | 1,121 | (21 | ) | -1.2 | % | 72 | 10.2 | % | (93 | ) | -8.3 | % | |||||||||||
| Tucson | 4 | 1,157 | 100.00 | % | 1,568 | 756 | 812 | 1,708 | 684 | 1,024 | (140 | ) | -8.2 | % | 72 | 10.5 | % | (212 | ) | -20.7 | % | |||||||||||
| Other Markets | 5 | 1,024 | 63.60 | % | 1,050 | 477 | 573 | 1,041 | 486 | 555 | 9 | 0.9 | % | (9 | ) | -1.9 | % | 18 | 3.2 | % | ||||||||||||
| 35 | 9,112 | 86.84 | % | 11,753 | 5,916 | 5,837 | 12,045 | 5,182 | 6,863 | (292 | ) | -2.4 | % | 734 | 14.2 | % | (1,026 | ) | -14.9 | % | ||||||||||||
| SAME STORE SALES — NON-CORE PROPERTIES TOTALS | 236 | 55,725 | 82.18 | % | 74,326 | 35,641 | 38,685 | 76,196 | 33,580 | 42,616 | (1,870 | ) | -2.5 | % | 2,061 | 6.1 | % | (3,931 | ) | -9.2 | % | |||||||||||
| Plus: Same Store Sales — Core Properties (see Supplemental Schedule XXIII) | 215,975 | 84,687 | 131,288 | 219,046 | 76,794 | 142,252 | ||||||||||||||||||||||||||
| Total Same Store Sales (see Supplemental Schedule IX) | 290,301 | 120,328 | 169,973 | 295,242 | 110,374 | 184,868 | ||||||||||||||||||||||||||
46
Supplemental Schedule XXV
Same Store Sales — Core Properties
Year to Date 2003 versus Year to Date 2002
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Year Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year Ended December 31, 2003 | Year Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 23 | 11,448 | 80.50 | % | 107,545 | 35,630 | 71,915 | 107,068 | 31,849 | 75,219 | 477 | 0.4 | % | 3,781 | 11.9 | % | (3,304 | ) | -4.4 | % | ||||||||||||
| New England | 1 | 412 | 57.72 | % | 3,049 | 946 | 2,103 | 3,148 | 826 | 2,322 | (99 | ) | -3.1 | % | 120 | 14.5 | % | (219 | ) | -9.4 | % | |||||||||||
| Philadelphia | 12 | 5,734 | 78.77 | % | 55,290 | 20,872 | 34,418 | 54,655 | 18,137 | 36,518 | 635 | 1.2 | % | 2,735 | 15.1 | % | (2,100 | ) | -5.8 | % | ||||||||||||
| Baltimore | 9 | 1,551 | 73.01 | % | 12,284 | 4,325 | 7,959 | 11,894 | 3,405 | 8,489 | 390 | 3.3 | % | 920 | 27.0 | % | (530 | ) | -6.2 | % | ||||||||||||
| Dutchess County | 1 | 835 | 100.00 | % | 9,169 | 3,530 | 5,639 | 8,954 | 2,958 | 5,996 | 215 | 2.4 | % | 572 | 19.3 | % | (357 | ) | -6.0 | % | ||||||||||||
| Hartford | 2 | 650 | 100.00 | % | 7,135 | 2,024 | 5,111 | 7,249 | 1,897 | 5,352 | (114 | ) | -1.6 | % | 127 | 6.7 | % | (241 | ) | -4.5 | % | |||||||||||
| 48 | 20,630 | 80.41 | % | 194,472 | 67,327 | 127,145 | 192,968 | 59,072 | 133,896 | 1,504 | 0.8 | % | 8,255 | 14.0 | % | (6,751 | ) | -5.0 | % | |||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 14 | 3,948 | 76.39 | % | 21,145 | 10,850 | 10,295 | 23,675 | 9,539 | 14,136 | (2,530 | ) | -10.7 | % | 1,311 | 13.7 | % | (3,841 | ) | -27.2 | % | |||||||||||
| Norfolk | 10 | 3,161 | 83.06 | % | 25,018 | 8,292 | 16,726 | 23,862 | 7,431 | 16,431 | 1,156 | 4.8 | % | 861 | 11.6 | % | 295 | 1.8 | % | |||||||||||||
| Nashville | 5 | 1,532 | 86.14 | % | 11,361 | 4,187 | 7,174 | 11,383 | 3,712 | 7,671 | (22 | ) | -0.2 | % | 475 | 12.8 | % | (497 | ) | -6.5 | % | |||||||||||
| Raleigh-Durham-Chapel Hill | 7 | 1,976 | 63.72 | % | 8,409 | 3,787 | 4,622 | 9,307 | 3,415 | 5,892 | (898 | ) | -9.6 | % | 372 | 10.9 | % | (1,270 | ) | -21.6 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 2 | 556 | 100.00 | % | 3,702 | 1,517 | 2,185 | 3,838 | 1,530 | 2,308 | (136 | ) | -3.5 | % | (13 | ) | -0.8 | % | (123 | ) | -5.3 | % | ||||||||||
| Richmond — Petersburg | 5 | 1,208 | 77.02 | % | 8,244 | 2,686 | 5,558 | 8,312 | 2,352 | 5,960 | (68 | ) | -0.8 | % | 334 | 14.2 | % | (402 | ) | -6.7 | % | |||||||||||
| Columbia | 2 | 432 | 57.33 | % | 1,822 | 777 | 1,045 | 1,877 | 736 | 1,141 | (55 | ) | -2.9 | % | 41 | 5.6 | % | (96 | ) | -8.4 | % | |||||||||||
| Charleston | 3 | 680 | 88.33 | % | 4,638 | 1,751 | 2,887 | 4,481 | 1,589 | 2,892 | 157 | 3.5 | % | 162 | 10.2 | % | (5 | ) | -0.2 | % | ||||||||||||
| Savannah | 2 | 416 | 100.00 | % | 3,151 | 1,201 | 1,950 | 3,103 | 1,089 | 2,014 | 48 | 1.5 | % | 112 | 10.3 | % | (64 | ) | -3.2 | % | ||||||||||||
| 50 | 13,909 | 78.88 | % | 87,490 | 35,048 | 52,442 | 89,838 | 31,393 | 58,445 | (2,348 | ) | -2.6 | % | 3,655 | 11.6 | % | (6,003 | ) | -10.3 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 8 | 2,329 | 89.61 | % | 16,221 | 7,419 | 8,802 | 16,678 | 7,110 | 9,568 | (457 | ) | -2.7 | % | 309 | 4.3 | % | (766 | ) | -8.0 | % | |||||||||||
| Tampa-St. Petersburg | 15 | 3,965 | 91.35 | % | 26,451 | 11,680 | 14,771 | 27,532 | 11,002 | 16,530 | (1,081 | ) | -3.9 | % | 678 | 6.2 | % | (1,759 | ) | -10.6 | % | |||||||||||
| West Palm Beach-Boca | 5 | 1,505 | 100.00 | % | 14,096 | 5,445 | 8,651 | 14,632 | 5,233 | 9,399 | (536 | ) | -3.7 | % | 212 | 4.1 | % | (748 | ) | -8.0 | % | |||||||||||
| Miami | 6 | 2,171 | 82.48 | % | 21,697 | 9,380 | 12,317 | 22,383 | 8,180 | 14,203 | (686 | ) | -3.1 | % | 1,200 | 14.7 | % | (1,886 | ) | -13.3 | % | |||||||||||
| Jacksonville | 4 | 1,794 | 79.00 | % | 11,771 | 4,864 | 6,907 | 11,795 | 4,422 | 7,373 | (24 | ) | -0.2 | % | 442 | 10.0 | % | (466 | ) | -6.3 | % | |||||||||||
| FortLauderdale | 4 | 1,122 | 88.56 | % | 9,460 | 4,055 | 5,405 | 9,822 | 3,774 | 6,048 | (362 | ) | -3.7 | % | 281 | 7.4 | % | (643 | ) | -10.6 | % | |||||||||||
| 42 | 12,886 | 88.59 | % | 99,696 | 42,843 | 56,853 | 102,842 | 39,721 | 63,121 | (3,146 | ) | -3.1 | % | 3,122 | 7.9 | % | (6,268 | ) | -9.9 | % | ||||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 19 | 5,644 | 91.49 | % | 58,237 | 23,889 | 34,348 | 60,439 | 22,111 | 38,328 | (2,202 | ) | -3.6 | % | 1,778 | 8.0 | % | (3,980 | ) | -10.4 | % | |||||||||||
| Indianapolis | 19 | 6,713 | 93.55 | % | 39,847 | 18,679 | 21,168 | 41,918 | 16,939 | 24,979 | (2,071 | ) | -4.9 | % | 1,740 | 10.3 | % | (3,811 | ) | -15.3 | % | |||||||||||
| Grand Rapids-Lansing | 6 | 3,176 | 95.33 | % | 23,605 | 10,749 | 12,856 | 24,395 | 9,234 | 15,161 | (790 | ) | -3.2 | % | 1,515 | 16.4 | % | (2,305 | ) | -15.2 | % | |||||||||||
| Cincinnati — Dayton | 10 | 1,792 | 83.86 | % | 12,593 | 5,431 | 7,162 | 12,607 | 4,883 | 7,724 | (14 | ) | -0.1 | % | 548 | 11.2 | % | (562 | ) | -7.3 | % | |||||||||||
| Fort Wayne | 2 | 2,284 | 100.00 | % | 14,737 | 6,721 | 8,016 | 16,441 | 6,347 | 10,094 | (1,704 | ) | -10.4 | % | 374 | 5.9 | % | (2,078 | ) | -20.6 | % | |||||||||||
| Detroit — Ann Arbor | 5 | 1,721 | 62.91 | % | 9,700 | 4,573 | 5,127 | 10,272 | 3,876 | 6,396 | (572 | ) | -5.6 | % | 697 | 18.0 | % | (1,269 | ) | -19.8 | % | |||||||||||
| Columbus | 6 | 1,304 | 68.20 | % | 6,570 | 2,423 | 4,147 | 6,533 | 2,258 | 4,275 | 37 | 0.6 | % | 165 | 7.3 | % | (128 | ) | -3.0 | % | ||||||||||||
| Kansas City | 3 | 795 | 70.00 | % | 4,257 | 1,549 | 2,708 | 4,496 | 1,768 | 2,728 | (239 | ) | -5.3 | % | (219 | ) | -12.4 | % | (20 | ) | -0.7 | % | ||||||||||
| Minneapollis | 4 | 1,098 | 68.20 | % | 5,425 | 2,609 | 2,816 | 5,696 | 2,183 | 3,513 | (271 | ) | -4.8 | % | 426 | 19.5 | % | (697 | ) | -19.8 | % | |||||||||||
| 74 | 24,527 | 87.20 | % | 174,971 | 76,623 | 98,348 | 182,797 | 69,599 | 113,198 | (7,826 | ) | -4.3 | % | 7,024 | 10.1 | % | (14,850 | ) | -13.1 | % | ||||||||||||
47
| | | | | | | | | | | Change Year Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year Ended December 31, 2003 | Year Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 25 | 6,863 | 91.80 | % | 43,663 | 20,293 | 23,370 | 46,597 | 19,071 | 27,526 | (2,934 | ) | -6.3 | % | 1,222 | 6.4 | % | (4,156 | ) | -15.1 | % | |||||||||||
| Dallas-Fort Worth | 13 | 3,621 | 76.73 | % | 18,819 | 9,422 | 9,397 | 19,812 | 10,713 | 9,099 | (993 | ) | -5.0 | % | (1,291 | ) | -12.1 | % | 298 | 3.3 | % | |||||||||||
| San Antonio | 1 | 224 | 100.00 | % | 1,275 | 614 | 661 | 1,277 | 528 | 749 | (2 | ) | -0.2 | % | 86 | 16.3 | % | (88 | ) | -11.7 | % | |||||||||||
| Austin-San Marcos | 8 | 1,697 | 96.23 | % | 11,609 | 6,148 | 5,461 | 12,652 | 6,412 | 6,240 | (1,043 | ) | -8.2 | % | (264 | ) | -4.1 | % | (779 | ) | -12.5 | % | ||||||||||
| 47 | 12,405 | 88.15 | % | 75,366 | 36,477 | 38,889 | 80,338 | 36,724 | 43,614 | (4,972 | ) | -6.2 | % | (247 | ) | -0.7 | % | (4,725 | ) | -10.8 | % | |||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 14 | 3,681 | 93.49 | % | 23,009 | 11,021 | 11,988 | 24,844 | 9,547 | 15,297 | (1,835 | ) | -7.4 | % | 1,474 | 15.4 | % | (3,309 | ) | -21.6 | % | |||||||||||
| Denver — Front Range | 17 | 3,892 | 81.78 | % | 26,317 | 9,011 | 17,306 | 30,173 | 7,671 | 22,502 | (3,856 | ) | -12.8 | % | 1,340 | 17.5 | % | (5,196 | ) | -23.1 | % | |||||||||||
| Salt Lake City-Ogden | 1 | 450 | 55.40 | % | 1,912 | 666 | 1,246 | 1,948 | 585 | 1,363 | (36 | ) | -1.8 | % | 81 | 13.8 | % | (117 | ) | -8.6 | % | |||||||||||
| Seattle | 4 | 468 | 53.42 | % | 2,189 | 1,029 | 1,160 | 2,172 | 837 | 1,335 | 17 | 0.8 | % | 192 | 22.9 | % | (175 | ) | -13.1 | % | ||||||||||||
| 36 | 8,491 | 83.90 | % | 53,427 | 21,727 | 31,700 | 59,137 | 18,640 | 40,497 | (5,710 | ) | -9.7 | % | 3,087 | 16.6 | % | (8,797 | ) | -21.7 | % | ||||||||||||
| California | ||||||||||||||||||||||||||||||||
| San Diego | 6 | 1,737 | 95.85 | % | 19,752 | 5,652 | 14,100 | 18,965 | 5,044 | 13,921 | 787 | 4.1 | % | 608 | 12.1 | % | 179 | 1.3 | % | |||||||||||||
| Los Angeles-Long Beach — Ventura | 4 | 1,683 | 69.32 | % | 17,556 | 4,925 | 12,631 | 17,256 | 4,391 | 12,865 | 300 | 1.7 | % | 534 | 12.2 | % | (234 | ) | -1.8 | % | ||||||||||||
| Bay Area | 6 | 1,661 | 57.86 | % | 12,308 | 4,232 | 8,076 | 12,905 | 3,957 | 8,948 | (597 | ) | -4.6 | % | 275 | 6.9 | % | (872 | ) | -9.7 | % | |||||||||||
| Orange County — Riverside | 3 | 490 | 85.30 | % | 4,122 | 1,241 | 2,881 | 3,963 | 1,156 | 2,807 | 159 | 4.0 | % | 85 | 7.4 | % | 74 | 2.6 | % | |||||||||||||
| Sacramento | 1 | 180 | 22.05 | % | 417 | 182 | 235 | 403 | 146 | 257 | 14 | 3.5 | % | 36 | 24.7 | % | (22 | ) | -8.6 | % | ||||||||||||
| 20 | 5,751 | 73.90 | % | 54,155 | 16,232 | 37,923 | 53,492 | 14,694 | 38,798 | 663 | 1.2 | % | 1,538 | 10.5 | % | (875 | ) | -2.3 | % | |||||||||||||
| SAME STORE SALES — CORE PROPERTIES TOTALS | 317 | 98,599 | 83.85 | % | 739,577 | 296,277 | 443,300 | 761,412 | 269,843 | 491,569 | (21,835 | ) | -2.9 | % | 26,434 | 9.8 | % | (48,269 | ) | -9.8 | % | |||||||||||
| Plus: Same Store Sales — Non-Core Properties (see Supplemental Schedule XXVI) | 299,365 | 144,902 | 154,463 | 314,398 | 131,687 | 182,711 | ||||||||||||||||||||||||||
| Total Same Store Sales (see Supplemental Schedule XI) | 1,038,942 | 441,179 | 597,763 | 1,075,810 | 401,530 | 674,280 | ||||||||||||||||||||||||||
48
Supplemental Schedule XXVI
Same Store Sales — Non-Core Properties
Year to Date 2003 versus Year to Date 2002
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Year Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year Ended December 31, 2003 | Year Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 5 | 1,010 | 99.29 | % | 9,778 | 4,098 | 5,680 | 9,754 | 3,166 | 6,588 | 24 | 0.2 | % | 932 | 29.4 | % | (908 | ) | -13.8 | % | ||||||||||||
| Baltimore | 2 | 493 | 100.00 | % | 4,551 | 2,174 | 2,377 | 4,505 | 1,540 | 2,965 | 46 | 1.0 | % | 634 | 41.2 | % | (588 | ) | -19.8 | % | ||||||||||||
| Other Markets | 1 | 324 | 99.29 | % | 1,750 | 834 | 916 | 1,709 | 719 | 990 | 41 | 2.4 | % | 115 | 16.0 | % | (74 | ) | -7.5 | % | ||||||||||||
| 8 | 1,827 | 94.26 | % | 16,079 | 7,106 | 8,973 | 15,968 | 5,425 | 10,543 | 111 | 0.7 | % | 1,681 | 31.0 | % | (1,570 | ) | -14.9 | % | |||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 7 | 1,983 | 96.29 | % | 13,229 | 6,832 | 6,397 | 14,305 | 6,150 | 8,155 | (1,076 | ) | -7.5 | % | 682 | 11.1 | % | (1,758 | ) | -21.6 | % | |||||||||||
| Norfolk | 2 | 404 | 89.07 | % | 2,642 | 1,064 | 1,578 | 2,575 | 1,015 | 1,560 | 67 | 2.6 | % | 49 | 4.8 | % | 18 | 1.2 | % | |||||||||||||
| Nashville | 6 | 2,220 | 74.80 | % | 10,633 | 4,550 | 6,083 | 10,709 | 4,106 | 6,603 | (76 | ) | -0.7 | % | 444 | 10.8 | % | (520 | ) | -7.9 | % | |||||||||||
| Raleigh-Durham-Chapel Hill | 3 | 867 | 87.91 | % | 5,196 | 2,333 | 2,863 | 5,646 | 2,208 | 3,438 | (450 | ) | -8.0 | % | 125 | 5.7 | % | (575 | ) | -16.7 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 9 | 1,780 | 83.54 | % | 8,140 | 4,655 | 3,485 | 8,724 | 4,429 | 4,295 | (584 | ) | -6.7 | % | 226 | 5.1 | % | (810 | ) | -18.9 | % | |||||||||||
| Richmond — Petersburg | 2 | 305 | 83.90 | % | 1,963 | 749 | 1,214 | 2,023 | 697 | 1,326 | (60 | ) | -3.0 | % | 52 | 7.5 | % | (112 | ) | -8.4 | % | |||||||||||
| Columbia | 4 | 1,006 | 68.85 | % | 4,516 | 2,133 | 2,383 | 4,556 | 1,926 | 2,630 | (40 | ) | -0.9 | % | 207 | 10.7 | % | (247 | ) | -9.4 | % | |||||||||||
| Other Markets | 30 | 6,320 | 78.58 | % | 31,482 | 14,633 | 16,849 | 32,782 | 13,115 | 19,667 | (1,300 | ) | -4.0 | % | 1,518 | 11.6 | % | (2,818 | ) | -14.3 | % | |||||||||||
| 63 | 14,885 | 81.25 | % | 77,801 | 36,949 | 40,852 | 81,320 | 33,646 | 47,674 | (3,519 | ) | -4.3 | % | 3,303 | 9.8 | % | (6,822 | ) | -14.3 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 16 | 3,803 | 88.23 | % | 24,249 | 10,906 | 13,343 | 24,576 | 10,376 | 14,200 | (327 | ) | -1.3 | % | 530 | 5.1 | % | (857 | ) | -6.0 | % | |||||||||||
| Tampa-St. Petersburg | 6 | 1,672 | 82.41 | % | 10,463 | 4,658 | 5,805 | 10,786 | 4,484 | 6,302 | (323 | ) | -3.0 | % | 174 | 3.9 | % | (497 | ) | -7.9 | % | |||||||||||
| West Palm Beach-Boca | 1 | 222 | 100.00 | % | 1,923 | 792 | 1,131 | 1,951 | 795 | 1,156 | (28 | ) | -1.4 | % | (3 | ) | -0.4 | % | (25 | ) | -2.2 | % | ||||||||||
| Jacksonville | 2 | 612 | 66.65 | % | 3,106 | 1,168 | 1,938 | 3,066 | 1,104 | 1,962 | 40 | 1.3 | % | 64 | 5.8 | % | (24 | ) | -1.2 | % | ||||||||||||
| Other Markets | 1 | 136 | 72.33 | % | 828 | 328 | 500 | 843 | 298 | 545 | (15 | ) | -1.8 | % | 30 | 10.1 | % | (45 | ) | -8.3 | % | |||||||||||
| 26 | 6,445 | 84.03 | % | 40,569 | 17,852 | 22,717 | 41,222 | 17,057 | 24,165 | (653 | ) | -1.6 | % | 795 | 4.7 | % | (1,448 | ) | -6.0 | % | ||||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Indianapolis | 14 | 3,326 | 71.07 | % | 14,253 | 7,700 | 6,553 | 14,972 | 7,280 | 7,692 | (719 | ) | -4.8 | % | 420 | 5.8 | % | (1,139 | ) | -14.8 | % | |||||||||||
| Chicago | 3 | 679 | 87.95 | % | 5,336 | 3,138 | 2,198 | 6,114 | 2,625 | 3,489 | (778 | ) | -12.7 | % | 513 | 19.5 | % | (1,291 | ) | -37.0 | % | |||||||||||
| Grand Rapids-Lansing | 8 | 1,918 | 88.40 | % | 11,051 | 5,202 | 5,849 | 11,903 | 5,063 | 6,840 | (852 | ) | -7.2 | % | 139 | 2.7 | % | (991 | ) | -14.5 | % | |||||||||||
| Cincinnati — Dayton | 9 | 1,941 | 75.41 | % | 9,981 | 4,511 | 5,470 | 10,216 | 4,121 | 6,095 | (235 | ) | -2.3 | % | 390 | 9.5 | % | (625 | ) | -10.3 | % | |||||||||||
| Fort Wayne | 1 | 156 | 41.90 | % | 395 | 215 | 180 | 403 | 194 | 209 | (8 | ) | -2.0 | % | 21 | 10.8 | % | (29 | ) | -13.9 | % | |||||||||||
| Detroit — Ann Arbor | 2 | 353 | 84.85 | % | 1,655 | 826 | 829 | 1,665 | 785 | 880 | (10 | ) | -0.6 | % | 41 | 5.2 | % | (51 | ) | -5.8 | % | |||||||||||
| Columbus | 3 | 708 | 75.31 | % | 3,014 | 1,592 | 1,422 | 3,235 | 1,351 | 1,884 | (221 | ) | -6.8 | % | 241 | 17.8 | % | (462 | ) | -24.5 | % | |||||||||||
| Kansas City | 2 | 501 | 75.31 | % | 1,451 | 546 | 905 | 1,520 | 569 | 951 | (69 | ) | -4.5 | % | (23 | ) | -4.0 | % | (46 | ) | -4.8 | % | ||||||||||
| Other Markets | 15 | 3,096 | 55.54 | % | 12,001 | 5,247 | 6,754 | 12,382 | 5,009 | 7,373 | (381 | ) | -3.1 | % | 238 | 4.8 | % | (619 | ) | -8.4 | % | |||||||||||
| 57 | 12,678 | 70.72 | % | 59,137 | 28,977 | 30,160 | 62,410 | 26,997 | 35,413 | (3,273 | ) | -5.2 | % | 1,980 | 7.3 | % | (5,253 | ) | -14.8 | % | ||||||||||||
49
| | | | | | | | | | | Change Year Ended December 31, 2003 From December 31, 2002 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year Ended December 31, 2003 | Year Ended December 31, 2002 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 11 | 2,604 | 91.42 | % | 13,668 | 7,848 | 5,820 | 15,075 | 7,394 | 7,681 | (1,407 | ) | -9.3 | % | 454 | 6.1 | % | (1,861 | ) | -24.2 | % | |||||||||||
| Dallas-Fort Worth | 13 | 2,862 | 90.55 | % | 16,602 | 8,898 | 7,704 | 18,364 | 8,178 | 10,186 | (1,762 | ) | -9.6 | % | 720 | 8.8 | % | (2,482 | ) | -24.4 | % | |||||||||||
| San Antonio | 13 | 3,045 | 100.00 | % | 18,426 | 9,063 | 9,363 | 18,599 | 8,492 | 10,107 | (173 | ) | -0.9 | % | 571 | 6.7 | % | (744 | ) | -7.4 | % | |||||||||||
| Austin-San Marcos | 2 | 520 | 79.97 | % | 2,782 | 1,296 | 1,486 | 2,959 | 1,314 | 1,645 | (177 | ) | -6.0 | % | (18 | ) | -1.4 | % | (159 | ) | -9.7 | % | ||||||||||
| Other Markets | 8 | 1,747 | 71.65 | % | 7,475 | 3,375 | 4,100 | 7,573 | 3,090 | 4,483 | (98 | ) | -1.3 | % | 285 | 9.2 | % | (383 | ) | -8.5 | % | |||||||||||
| 47 | 10,778 | 89.86 | % | 58,953 | 30,480 | 28,473 | 62,570 | 28,468 | 34,102 | (3,617 | ) | -5.8 | % | 2,012 | 7.1 | % | (5,629 | ) | -16.5 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 14 | 3,766 | 90.71 | % | 19,220 | 10,966 | 8,254 | 21,250 | 9,256 | 11,994 | (2,030 | ) | -9.6 | % | 1,710 | 18.5 | % | (3,740 | ) | -31.2 | % | |||||||||||
| Denver — Front Range | 5 | 851 | 70.34 | % | 3,368 | 2,124 | 1,244 | 4,726 | 1,543 | 3,183 | (1,358 | ) | -28.7 | % | 581 | 37.7 | % | (1,939 | ) | -60.9 | % | |||||||||||
| Salt Lake City-Ogden | 3 | 1,061 | 94.33 | % | 6,435 | 2,420 | 4,015 | 6,662 | 2,077 | 4,585 | (227 | ) | -3.4 | % | 343 | 16.5 | % | (570 | ) | -12.4 | % | |||||||||||
| Las Vegas | 4 | 1,253 | 86.88 | % | 7,267 | 3,185 | 4,082 | 7,464 | 2,728 | 4,736 | (197 | ) | -2.6 | % | 457 | 16.8 | % | (654 | ) | -13.8 | % | |||||||||||
| Tucson | 4 | 1,157 | 100.00 | % | 6,298 | 2,900 | 3,398 | 6,713 | 2,705 | 4,008 | (415 | ) | -6.2 | % | 195 | 7.2 | % | (610 | ) | -15.2 | % | |||||||||||
| Other Markets | 5 | 1,024 | 63.60 | % | 4,238 | 1,943 | 2,295 | 4,093 | 1,785 | 2,308 | 145 | 3.5 | % | 158 | 8.9 | % | (13 | ) | -0.6 | % | ||||||||||||
| 35 | 9,112 | 86.84 | % | 46,826 | 23,538 | 23,288 | 50,908 | 20,094 | 30,814 | (4,082 | ) | -8.0 | % | 3,444 | 17.1 | % | (7,526 | ) | -24.4 | % | ||||||||||||
| SAME STORE SALES — NON-CORE PROPERTIES TOTALS | 236 | 55,725 | 82.18 | % | 299,365 | 144,902 | 154,463 | 314,398 | 131,687 | 182,711 | (15,033 | ) | -4.8 | % | 13,215 | 10.0 | % | (28,248 | ) | -15.5 | % | |||||||||||
| Plus: Same Store Sales — Core Properties (see Supplemental Schedule XXV) | 739,577 | 296,277 | 443,300 | 761,412 | 269,843 | 491,569 | ||||||||||||||||||||||||||
| Total Same Store Sales (see Supplemental Schedule XI) | 1,038,942 | 441,179 | 597,763 | 1,075,810 | 401,530 | 674,280 | ||||||||||||||||||||||||||
50
Supplemental Schedule XXVII
Same Store Sales — Core Properties
Fourth Quarter 2003 versus Third Quarter 2003
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From September 30, 2003 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 23 | 11,448 | 80.50 | % | 26,759 | 8,833 | 17,926 | 27,284 | 8,927 | 18,357 | (525 | ) | -1.9 | % | (94 | ) | -1.1 | % | (431 | ) | -2.3 | % | ||||||||||
| New England | 12 | 4,735 | 96.32 | % | 14,665 | 4,711 | 9,954 | 15,401 | 4,677 | 10,724 | (736 | ) | -4.8 | % | 34 | 0.7 | % | (770 | ) | -7.2 | % | |||||||||||
| Philadelphia | 12 | 5,734 | 78.77 | % | 14,276 | 4,905 | 9,371 | 14,024 | 5,285 | 8,739 | 252 | 1.8 | % | (380 | ) | -7.2 | % | 632 | 7.2 | % | ||||||||||||
| Baltimore | 9 | 1,551 | 73.01 | % | 3,107 | 1,061 | 2,046 | 3,174 | 1,106 | 2,068 | (67 | ) | -2.1 | % | (45 | ) | -4.1 | % | (22 | ) | -1.1 | % | ||||||||||
| Dutchess County | 1 | 835 | 100.00 | % | 2,383 | 806 | 1,577 | 2,391 | 711 | 1,680 | (8 | ) | -0.3 | % | 95 | 13.4 | % | (103 | ) | -6.1 | % | |||||||||||
| Hartford | 2 | 650 | 100.00 | % | 1,694 | 500 | 1,194 | 1,853 | 527 | 1,326 | (159 | ) | -8.6 | % | (27 | ) | -5.1 | % | (132 | ) | -10.0 | % | ||||||||||
| 59 | 24,953 | 83.80 | % | 62,884 | 20,816 | 42,068 | 64,127 | 21,233 | 42,894 | (1,243 | ) | -1.9 | % | (417 | ) | -2.0 | % | (826 | ) | -1.9 | % | |||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Atlanta | 14 | 3,948 | 76.39 | % | 5,158 | 2,692 | 2,466 | 5,485 | 2,976 | 2,509 | (327 | ) | -6.0 | % | (284 | ) | -9.5 | % | (43 | ) | -1.7 | % | ||||||||||
| Norfolk | 10 | 3,161 | 83.06 | % | 6,301 | 2,124 | 4,177 | 6,370 | 2,053 | 4,317 | (69 | ) | -1.1 | % | 71 | 3.5 | % | (140 | ) | -3.2 | % | |||||||||||
| Nashville | 5 | 1,532 | 86.14 | % | 2,837 | 1,039 | 1,798 | 2,846 | 1,094 | 1,752 | (9 | ) | -0.3 | % | (55 | ) | -5.0 | % | 46 | 2.6 | % | |||||||||||
| Raleigh-Durham-Chapel Hill | 7 | 1,976 | 63.72 | % | 2,015 | 933 | 1,082 | 2,112 | 1,022 | 1,090 | (97 | ) | -4.6 | % | (89 | ) | -8.7 | % | (8 | ) | -0.7 | % | ||||||||||
| Charlotte-Gastonia-Rock Hill | 2 | 556 | 100.00 | % | 927 | 395 | 532 | 920 | 384 | 536 | 7 | 0.8 | % | 11 | 2.9 | % | (4 | ) | -0.7 | % | ||||||||||||
| Richmond — Petersburg | 5 | 1,208 | 77.02 | % | 2,056 | 656 | 1,400 | 2,063 | 719 | 1,344 | (7 | ) | -0.3 | % | (63 | ) | -8.8 | % | 56 | 4.2 | % | |||||||||||
| Columbia | 2 | 432 | 57.33 | % | 432 | 189 | 243 | 474 | 209 | 265 | (42 | ) | -8.9 | % | (20 | ) | -9.6 | % | (22 | ) | -8.3 | % | ||||||||||
| Charleston | 3 | 680 | 88.33 | % | 1,182 | 430 | 752 | 1,174 | 475 | 699 | 8 | 0.7 | % | (45 | ) | -9.5 | % | 53 | 7.6 | % | ||||||||||||
| Savannah | 2 | 416 | 100.00 | % | 801 | 287 | 514 | 791 | 305 | 486 | 10 | 1.3 | % | (18 | ) | -5.9 | % | 28 | 5.8 | % | ||||||||||||
| 50 | 13,909 | 78.88 | % | 21,709 | 8,745 | 12,964 | 22,235 | 9,237 | 12,998 | (526 | ) | -2.4 | % | (492 | ) | -5.3 | % | (34 | ) | -0.3 | % | |||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 8 | 2,329 | 89.61 | % | 4,023 | 1,780 | 2,243 | 4,100 | 1,913 | 2,187 | (77 | ) | -1.9 | % | (133 | ) | -7.0 | % | 56 | 2.6 | % | |||||||||||
| Tampa-St. Petersburg | 15 | 3,965 | 91.35 | % | 6,634 | 2,872 | 3,762 | 6,623 | 3,083 | 3,540 | 11 | 0.2 | % | (211 | ) | -6.8 | % | 222 | 6.3 | % | ||||||||||||
| West Palm Beach-Boca | 5 | 1,505 | 100.00 | % | 3,506 | 1,305 | 2,201 | 3,554 | 1,320 | 2,234 | (48 | ) | -1.4 | % | (15 | ) | -1.1 | % | (33 | ) | -1.5 | % | ||||||||||
| Miami | 6 | 2,171 | 82.48 | % | 5,414 | 2,547 | 2,867 | 5,457 | 2,175 | 3,282 | (43 | ) | -0.8 | % | 372 | 17.1 | % | (415 | ) | -12.6 | % | |||||||||||
| Jacksonville | 4 | 1,794 | 79.00 | % | 2,975 | 1,195 | 1,780 | 2,965 | 1,293 | 1,672 | 10 | 0.3 | % | (98 | ) | -7.6 | % | 108 | 6.5 | % | ||||||||||||
| FortLauderdale | 4 | 1,122 | 88.56 | % | 2,215 | 904 | 1,311 | 2,470 | 1,067 | 1,403 | (255 | ) | -10.3 | % | (163 | ) | -15.3 | % | (92 | ) | -6.6 | % | ||||||||||
| 42 | 12,886 | 88.59 | % | 24,767 | 10,603 | 14,164 | 25,169 | 10,851 | 14,318 | (402 | ) | -1.6 | % | (248 | ) | -2.3 | % | (154 | ) | -1.1 | % | |||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 19 | 5,644 | 91.49 | % | 14,197 | 5,794 | 8,403 | 14,673 | 5,999 | 8,674 | (476 | ) | -3.2 | % | (205 | ) | -3.4 | % | (271 | ) | -3.1 | % | ||||||||||
| Indianapolis | 19 | 6,713 | 93.55 | % | 9,896 | 4,583 | 5,313 | 9,911 | 5,501 | 4,410 | (15 | ) | -0.2 | % | (918 | ) | -16.7 | % | 903 | 20.5 | % | |||||||||||
| Grand Rapids-Lansing | 6 | 3,176 | 95.33 | % | 5,692 | 2,624 | 3,068 | 5,955 | 2,645 | 3,310 | (263 | ) | -4.4 | % | (21 | ) | -0.8 | % | (242 | ) | -7.3 | % | ||||||||||
| Cincinnati — Dayton | 10 | 1,792 | 83.86 | % | 3,095 | 1,316 | 1,779 | 3,156 | 1,367 | 1,789 | (61 | ) | -1.9 | % | (51 | ) | -3.7 | % | (10 | ) | -0.6 | % | ||||||||||
| Fort Wayne | 2 | 2,284 | 100.00 | % | 3,661 | 1,431 | 2,230 | 3,658 | 2,055 | 1,603 | 3 | 0.1 | % | (624 | ) | -30.4 | % | 627 | 39.1 | % | ||||||||||||
| Detroit — Ann Arbor | 5 | 1,721 | 62.91 | % | 2,418 | 1,074 | 1,344 | 2,387 | 1,158 | 1,229 | 31 | 1.3 | % | (84 | ) | -7.3 | % | 115 | 9.4 | % | ||||||||||||
| Columbus | 6 | 1,304 | 64.41 | % | 1,629 | 596 | 1,033 | 1,635 | 617 | 1,018 | (6 | ) | -0.4 | % | (21 | ) | -3.4 | % | 15 | 1.5 | % | |||||||||||
| Kansas City | 3 | 795 | 70.00 | % | 1,024 | 331 | 693 | 1,059 | 485 | 574 | (35 | ) | -3.3 | % | (154 | ) | -31.8 | % | 119 | 20.7 | % | |||||||||||
| Minneapolis — St Paul | 4 | 1,098 | 59.26 | % | 1,360 | 614 | 746 | 1,296 | 705 | 591 | 64 | 4.9 | % | (91 | ) | -12.9 | % | 155 | 26.2 | % | ||||||||||||
| 74 | 24,527 | 87.20 | % | 42,972 | 18,363 | 24,609 | 43,730 | 20,532 | 23,198 | (758 | ) | -1.7 | % | (2,169 | ) | -10.6 | % | 1,411 | 6.1 | % | ||||||||||||
51
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From September 30, 2003 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 25 | 6,863 | 91.80 | % | 10,652 | 5,120 | 5,532 | 10,966 | 5,588 | 5,378 | (314 | ) | -2.9 | % | (468 | ) | -8.4 | % | 154 | 2.9 | % | |||||||||||
| Dallas-Fort Worth | 13 | 3,621 | 76.73 | % | 4,537 | 2,475 | 2,062 | 4,700 | 2,505 | 2,195 | (163 | ) | -3.5 | % | (30 | ) | -1.2 | % | (133 | ) | -6.1 | % | ||||||||||
| San Antonio | 1 | 224 | 100.00 | % | 327 | 157 | 170 | 317 | 153 | 164 | 10 | 3.2 | % | 4 | 2.6 | % | 6 | 3.7 | % | |||||||||||||
| Austin-San Marcos | 8 | 1,697 | 96.23 | % | 2,931 | 1,394 | 1,537 | 2,952 | 1,743 | 1,209 | (21 | ) | -0.7 | % | (349 | ) | -20.0 | % | 328 | 27.1 | % | |||||||||||
| 47 | 12,405 | 88.15 | % | 18,447 | 9,146 | 9,301 | 18,935 | 9,989 | 8,946 | (488 | ) | -2.6 | % | (843 | ) | -8.4 | % | 355 | 4.0 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 14 | 3,681 | 93.49 | % | 5,661 | 2,832 | 2,829 | 5,923 | 2,931 | 2,992 | (262 | ) | -4.4 | % | (99 | ) | -3.4 | % | (163 | ) | -5.4 | % | ||||||||||
| Denver — Front Range | 17 | 3,892 | 81.78 | % | 6,215 | 2,320 | 3,895 | 6,646 | 2,362 | 4,284 | (431 | ) | -6.5 | % | (42 | ) | -1.8 | % | (389 | ) | -9.1 | % | ||||||||||
| Salt Lake City-Ogden | 1 | 450 | 55.40 | % | 479 | 162 | 317 | 510 | 188 | 322 | (31 | ) | -6.1 | % | (26 | ) | -13.8 | % | (5 | ) | -1.6 | % | ||||||||||
| Seattle | 4 | 468 | 53.42 | % | 585 | 253 | 332 | 548 | 287 | 261 | 37 | 6.8 | % | (34 | ) | -11.8 | % | 71 | 27.2 | % | ||||||||||||
| 36 | 8,491 | 83.90 | % | 12,940 | 5,567 | 7,373 | 13,627 | 5,768 | 7,859 | (687 | ) | -5.0 | % | (201 | ) | -3.5 | % | (486 | ) | -6.2 | % | |||||||||||
| California | ||||||||||||||||||||||||||||||||
| Los Angeles-Long Beach — Ventura | 15 | 4,830 | 89.27 | % | 17,305 | 6,465 | 10,840 | 17,376 | 4,747 | 12,629 | (71 | ) | -0.4 | % | 1,718 | 36.2 | % | (1,789 | ) | -14.2 | % | |||||||||||
| San Diego | 7 | 2,237 | 96.76 | % | 6,683 | 2,125 | 4,558 | 6,516 | 2,018 | 4,498 | 167 | 2.6 | % | 107 | 5.3 | % | 60 | 1.3 | % | |||||||||||||
| Orange County — Riverside | 7 | 1,611 | 95.48 | % | 5,180 | 1,655 | 3,525 | 5,179 | 1,813 | 3,366 | 1 | 0.0 | % | (158 | ) | -8.7 | % | 159 | 4.7 | % | ||||||||||||
| Bay Area | 6 | 1,661 | 57.86 | % | 2,981 | 1,146 | 1,835 | 3,040 | 1,064 | 1,976 | (59 | ) | -1.9 | % | 82 | 7.7 | % | (141 | ) | -7.1 | % | |||||||||||
| Sacramento | 1 | 180 | 22.05 | % | 106 | 55 | 51 | 102 | 43 | 59 | 4 | 3.9 | % | 12 | 27.9 | % | (8 | ) | -13.6 | % | ||||||||||||
| 36 | 10,519 | 85.70 | % | 32,255 | 11,446 | 20,809 | 32,213 | 9,685 | 22,528 | 42 | 0.1 | % | 1,761 | 18.2 | % | (1,719 | ) | -7.6 | % | |||||||||||||
| SAME STORE SALES — CORE PROPERTIES TOTALS | 344 | 107,690 | 85.21 | % | 215,974 | 84,686 | 131,288 | 220,036 | 87,295 | 132,741 | (4,062 | ) | -1.8 | % | (2,609 | ) | -3.0 | % | (1,453 | ) | -1.1 | % | ||||||||||
| Plus: Same Store Sales — Non-Core Properties (see Supplemental Schedule XXVIII) | 74,327 | 35,642 | 38,685 | 76,217 | 37,971 | 38,246 | ||||||||||||||||||||||||||
| Total Same Store Sales (see Supplemental Schedule XIII) | 290,301 | 120,328 | 169,973 | 296,253 | 125,266 | 170,987 | ||||||||||||||||||||||||||
52
Supplemental Schedule XXVIII
Same Store Sales — Non-Core Properties
Fourth Quarter 2003 versus Third Quarter 2003
(unaudited) (in thousands, except site and unit data)
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From September 30, 2003 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Northeast | ||||||||||||||||||||||||||||||||
| Washington | 5 | 1,010 | 99.29 | % | 2,402 | 1,057 | 1,345 | 2,399 | 1,016 | 1,383 | 3 | 0.1 | % | 41 | 4.0 | % | (38 | ) | -2.7 | % | ||||||||||||
| Baltimore | 2 | 493 | 100.00 | % | 1,139 | 474 | 665 | 1,164 | 449 | 715 | (25 | ) | -2.1 | % | 25 | 5.6 | % | (50 | ) | -7.0 | % | |||||||||||
| Other Markets | 1 | 324 | 69.85 | % | 455 | 176 | 279 | 441 | 192 | 249 | 14 | 3.2 | % | (16 | ) | -8.3 | % | 30 | 12.0 | % | ||||||||||||
| 8 | 1,827 | 94.26 | % | 3,996 | 1,707 | 2,289 | 4,004 | 1,657 | 2,347 | (8 | ) | -0.2 | % | 50 | 3.0 | % | (58 | ) | -2.5 | % | ||||||||||||
| Southeast | ||||||||||||||||||||||||||||||||
| Nashville | 6 | 2,220 | 74.80 | % | 2,759 | 1,049 | 1,710 | 2,709 | 1,222 | 1,487 | 50 | 1.8 | % | (173 | ) | -14.2 | % | 223 | 15.0 | % | ||||||||||||
| Atlanta | 7 | 1,983 | 96.29 | % | 3,319 | 1,758 | 1,561 | 3,681 | 1,713 | 1,968 | (362 | ) | -9.8 | % | 45 | 2.6 | % | (407 | ) | -20.7 | % | |||||||||||
| Charlotte-Gastonia-Rock Hill | 9 | 1,780 | 83.54 | % | 2,058 | 1,205 | 853 | 2,098 | 1,201 | 897 | (40 | ) | -1.9 | % | 4 | 0.3 | % | (44 | ) | -4.9 | % | |||||||||||
| Raleigh-Durham-Chapel Hill | 3 | 867 | 87.91 | % | 1,341 | 602 | 739 | 1,300 | 622 | 678 | 41 | 3.2 | % | (20 | ) | -3.2 | % | 61 | 9.0 | % | ||||||||||||
| Columbia | 4 | 1,006 | 68.85 | % | 1,134 | 506 | 628 | 1,144 | 591 | 553 | (10 | ) | -0.9 | % | (85 | ) | -14.4 | % | 75 | 13.6 | % | |||||||||||
| Norfolk | 2 | 404 | 89.07 | % | 666 | 270 | 396 | 674 | 286 | 388 | (8 | ) | -1.2 | % | (16 | ) | -5.6 | % | 8 | 2.1 | % | |||||||||||
| Richmond — Petersburg | 2 | 305 | 83.90 | % | 480 | 182 | 298 | 512 | 203 | 309 | (32 | ) | -6.3 | % | (21 | ) | -10.3 | % | (11 | ) | -3.6 | % | ||||||||||
| Other Markets | 30 | 6,320 | 78.58 | % | 7,802 | 3,619 | 4,183 | 7,956 | 3,891 | 4,065 | (154 | ) | -1.9 | % | (272 | ) | -7.0 | % | 118 | 2.9 | % | |||||||||||
| 63 | 14,885 | 81.25 | % | 19,559 | 9,191 | 10,368 | 20,074 | 9,729 | 10,345 | (515 | ) | -2.6 | % | (538 | ) | -5.5 | % | 23 | 0.2 | % | ||||||||||||
| Florida | ||||||||||||||||||||||||||||||||
| Orlando — Daytona | 16 | 3,803 | 87.03 | % | 6,052 | 2,669 | 3,383 | 6,239 | 2,832 | 3,407 | (187 | ) | -3.0 | % | (163 | ) | -5.8 | % | (24 | ) | -0.7 | % | ||||||||||
| Tampa-St. Petersburg | 6 | 1,672 | 82.41 | % | 2,596 | 1,161 | 1,435 | 2,652 | 1,215 | 1,437 | (56 | ) | -2.1 | % | (54 | ) | -4.4 | % | (2 | ) | -0.1 | % | ||||||||||
| Jacksonville | 2 | 612 | 66.65 | % | 793 | 285 | 508 | 775 | 308 | 467 | 18 | 2.3 | % | (23 | ) | -7.5 | % | 41 | 8.8 | % | ||||||||||||
| West Palm Beach-Boca | 1 | 222 | 100.00 | % | 477 | 200 | 277 | 506 | 175 | 331 | (29 | ) | -5.7 | % | 25 | 14.3 | % | (54 | ) | -16.3 | % | |||||||||||
| Other Markets | 1 | 136 | 72.33 | % | 207 | 78 | 129 | 210 | 83 | 127 | (3 | ) | -1.4 | % | (5 | ) | -6.0 | % | 2 | 1.6 | % | |||||||||||
| 26 | 6,445 | 84.03 | % | 10,125 | 4,393 | 5,732 | 10,382 | 4,613 | 5,769 | (257 | ) | -2.5 | % | (220 | ) | -4.8 | % | (37 | ) | -0.6 | % | |||||||||||
| Midwest | ||||||||||||||||||||||||||||||||
| Chicago | 3 | 679 | 87.95 | % | 1,327 | 668 | 659 | 1,367 | 779 | 588 | (40 | ) | -2.9 | % | (111 | ) | -14.2 | % | 71 | 12.1 | % | |||||||||||
| Indianapolis | 14 | 3,326 | 71.07 | % | 3,438 | 1,704 | 1,734 | 3,539 | 2,140 | 1,399 | (101 | ) | -2.9 | % | (436 | ) | -20.4 | % | 335 | 23.9 | % | |||||||||||
| Grand Rapids-Lansing | 8 | 1,918 | 88.40 | % | 2,660 | 1,329 | 1,331 | 2,758 | 1,362 | 1,396 | (98 | ) | -3.6 | % | (33 | ) | -2.4 | % | (65 | ) | -4.7 | % | ||||||||||
| Cincinnati — Dayton | 9 | 1,941 | 75.41 | % | 2,431 | 1,088 | 1,343 | 2,527 | 1,147 | 1,380 | (96 | ) | -3.8 | % | (59 | ) | -5.1 | % | (37 | ) | -2.7 | % | ||||||||||
| Fort Wayne | 1 | 156 | 41.90 | % | 98 | 52 | 46 | 96 | 52 | 44 | 2 | 2.1 | % | 0 | 0.0 | % | 2 | 4.5 | % | |||||||||||||
| Detroit — Ann Arbor | 2 | 353 | 84.85 | % | 459 | 220 | 239 | 393 | 204 | 189 | 66 | 16.8 | % | 16 | 7.8 | % | 50 | 26.5 | % | |||||||||||||
| Columbus | 3 | 708 | 75.31 | % | 732 | 384 | 348 | 773 | 400 | 373 | (41 | ) | -5.3 | % | (16 | ) | -4.0 | % | (25 | ) | -6.7 | % | ||||||||||
| Kansas City | 2 | 501 | 45.51 | % | 344 | 139 | 205 | 367 | 146 | 221 | (23 | ) | -6.3 | % | (7 | ) | -4.8 | % | (16 | ) | -7.2 | % | ||||||||||
| Other Markets | 15 | 3,096 | 55.54 | % | 3,004 | 1,249 | 1,755 | 3,010 | 1,368 | 1,642 | (6 | ) | -0.2 | % | (119 | ) | -8.7 | % | 113 | 6.9 | % | |||||||||||
| 57 | 12,678 | 70.72 | % | 14,493 | 6,833 | 7,660 | 14,830 | 7,598 | 7,232 | (337 | ) | -2.3 | % | (765 | ) | -10.1 | % | 428 | 5.9 | % | ||||||||||||
53
| | | | | | | | | | | Change Three Months Ended December 31, 2003 From September 30, 2003 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Three Months Ended December 31, 2003 | Three Months Ended September 30, 2003 | |||||||||||||||||||||||||||
| | | | | Revenue | Expenses | NOI | ||||||||||||||||||||||||||
| | Sites | Units | Owner% | REV | EXP | NOI | REV | EXP | NOI | Amt | % | Amt | % | Amt | % | |||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||
| Houston — Galveston | 11 | 2,604 | 91.42 | % | 3,140 | 1,958 | 1,182 | 3,490 | 2,113 | 1,377 | (350 | ) | -10.0 | % | (155 | ) | -7.3 | % | (195 | ) | -14.2 | % | ||||||||||
| Dallas-Fort Worth | 13 | 2,862 | 90.55 | % | 4,024 | 2,252 | 1,772 | 4,188 | 2,367 | 1,821 | (164 | ) | -3.9 | % | (115 | ) | -4.9 | % | (49 | ) | -2.7 | % | ||||||||||
| San Antonio | 13 | 3,045 | 100.00 | % | 4,705 | 2,268 | 2,437 | 4,724 | 2,394 | 2,330 | (19 | ) | -0.4 | % | (126 | ) | -5.3 | % | 107 | 4.6 | % | |||||||||||
| Austin-San Marcos | 2 | 520 | 79.97 | % | 679 | 307 | 372 | 698 | 370 | 328 | (19 | ) | -2.7 | % | (63 | ) | -17.0 | % | 44 | 13.4 | % | |||||||||||
| Other Markets | 8 | 1,747 | 71.65 | % | 1,853 | 817 | 1,036 | 1,860 | 928 | 932 | (7 | ) | -0.4 | % | (111 | ) | -12.0 | % | 104 | 11.2 | % | |||||||||||
| 47 | 10,778 | 89.86 | % | 14,401 | 7,602 | 6,799 | 14,960 | 8,172 | 6,788 | (559 | ) | -3.7 | % | (570 | ) | -7.0 | % | 11 | 0.2 | % | ||||||||||||
| West | ||||||||||||||||||||||||||||||||
| Phoenix-Mesa | 14 | 3,766 | 90.71 | % | 4,904 | 2,702 | 2,202 | 4,951 | 2,834 | 2,117 | (47 | ) | -0.9 | % | (132 | ) | -4.7 | % | 85 | 4.0 | % | |||||||||||
| Denver — Front Range | 5 | 851 | 70.34 | % | 820 | 585 | 235 | 861 | 563 | 298 | (41 | ) | -4.8 | % | 22 | 3.9 | % | (63 | ) | -21.1 | % | |||||||||||
| Salt Lake City-Ogden | 3 | 1,061 | 94.33 | % | 1,606 | 619 | 987 | 1,697 | 618 | 1,079 | (91 | ) | -5.4 | % | 1 | 0.2 | % | (92 | ) | -8.5 | % | |||||||||||
| Las Vegas | 4 | 1,253 | 86.88 | % | 1,805 | 777 | 1,028 | 1,842 | 887 | 955 | (37 | ) | -2.0 | % | (110 | ) | -12.4 | % | 73 | 7.6 | % | |||||||||||
| Tucson | 4 | 1,157 | 100.00 | % | 1,568 | 756 | 812 | 1,550 | 766 | 784 | 18 | 1.2 | % | (10 | ) | -1.3 | % | 28 | 3.6 | % | ||||||||||||
| Other Markets | 5 | 1,024 | 63.60 | % | 1,050 | 477 | 573 | 1,066 | 534 | 532 | (16 | ) | -1.5 | % | (57 | ) | -10.7 | % | 41 | 7.7 | % | |||||||||||
| 35 | 9,112 | 86.84 | % | 11,753 | 5,916 | 5,837 | 11,967 | 6,202 | 5,765 | (214 | ) | -1.8 | % | (286 | ) | -4.6 | % | 72 | 1.2 | % | ||||||||||||
| SAME STORE SALES — NON-CORE PROPERTIES TOTALS | 236 | 55,725 | 82.18 | % | 74,327 | 35,642 | 38,685 | 76,217 | 37,971 | 38,246 | (1,890 | ) | -2.5 | % | (2,329 | ) | -6.1 | % | 439 | 1.1 | % | |||||||||||
| Plus: Same Store Sales — Core Properties (see Supplemental Schedule XXVII) | 215,974 | 84,686 | 131,288 | 220,036 | 87,295 | 132,741 | ||||||||||||||||||||||||||
| Total Same Store Sales (see Supplemental Schedule XIII) | 290,301 | 120,328 | 169,973 | 296,253 | 125,266 | 170,987 | ||||||||||||||||||||||||||
54