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Second Quarter 2004
Denver, Colorado—August 4, 2004
Apartment Investment and Management Company Announces Second Quarter 2004 Results
SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced second quarter 2004 results including:
- •
- Net income was $14.0 million, compared with $59.2 million in the second quarter 2003. Earnings (loss) per share (EPS) was $(0.08) on a diluted basis, compared with $0.37 in the second quarter 2003, based on net income (loss) attributable to common stockholders.
- •
- Funds from operations (diluted) (FFO; a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary)) was $59.7 million, or $0.63 per share compared with $83.7 million, or $0.86 per share, in the second quarter 2003. These FFO results were calculated in accordance with the definition of FFO prescribed by the National Association of Real Estate Investment Trusts (NAREIT). Second quarter 2004 FFO decreased by $2.4 million as a result of impairment losses from real estate assets sold or held for sale. Excluding these charges, second quarter 2004 FFO would have been $61.8 million (adjusted for minority interest in Aimco operating partnership), or $0.65 per share, within Aimco guidance and exceeding First Call consensus.
- •
- Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $44.5 million, or $0.48 per share, within Aimco guidance, compared with $68.1 million, or $0.70 per share, in the second quarter 2003. AFFO includes a deduction of $0.17 and $0.21 per share for capital replacement expenditures in the second quarter 2004 and 2003, respectively.
DILUTED PER SHARE RESULTS
| | Second Quarter
| | Year to Date
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| | 2004
| | 2003
| | 2004
| | 2003
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| Earnings (loss)—EPS | | $ | (0.08 | ) | $ | 0.37 | | $ | (0.15 | ) | $ | 0.37 |
| Funds from operations—FFO | | $ | 0.63 | | $ | 0.86 | | $ | 1.30 | | $ | 1.71 |
| FFO before impairment and preferred redemption charges | | $ | 0.65 | | $ | 0.91 | | $ | 1.32 | | $ | 1.81 |
| Adjusted funds from operations—AFFO | | $ | 0.48 | | $ | 0.70 | | $ | 1.03 | | $ | 1.35 |
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Apartment Investment and Management Company
Second Quarter 2004
Management Comments
Chairman and Chief Executive Officer Terry Considine comments: "Under the leadership of Jeff Adler and with the benefit of an improving economy, occupancy, rental rates and net operating income for the Aimco portfolio of conventional properties increased each month during the second quarter. Similarly, David Robertson and the Aimco Capital team produced better than expected results. These positive facts make me optimistic that Aimco will enjoy improved profitability during the second half of this year."
Mr. Considine continues: "During July, Aimco marked its tenth anniversary as a public company. Thanks to our satisfied customers and the hard work of our dedicated employees, Aimco has grown from a $300 million asset base in 1994 to an S&P 500 company. Although our investment returns have been disappointing over the last three years, the compounded annual return since the IPO is 13.6%, which is in line with apartment peer returns over the same period. The entire Aimco team takes pride in what has been accomplished, and we are enthusiastic about what lies ahead."
Executive Vice President Conventional Property Operations, Jeff Adler, adds: "Dedicated efforts to drive improved revenue through a focus on sales and marketing, customer service and better pricing decisions have successfully led to an increase in "Same Store" occupancy to 92% at the end of July as well as increased rents on new leases in July. In the third quarter we expect to see improved revenue; however, it will be accompanied by higher turnover and marketing expenses in the period related to increased leasing activity. While there is much work ahead, we are setting the foundation for improved results going forward."
President and Chief Executive Officer of Aimco Capital, David Robertson, remarks: "We continue to have a strong pipeline of potential fee-generating transactions within the Aimco Capital portfolio. During the second quarter we executed more than 40 transactions, delivering asset management and transaction fee revenues of $9.3 million."
Business Components—Conventional Operations and Aimco Capital
CONVENTIONAL REAL ESTATE OPERATIONS—Conventional real estate operations include Aimco's diversified portfolio of market rate apartment communities. At quarter-end this portfolio had 616 properties with 172,635 units in which Aimco had a weighted average 79% ownership. During the second quarter 2004, conventional real estate operations generated free cash flow (FCF; a non-GAAP financial measure defined in the Glossary and presented and reconciled to GAAP on Supplemental Schedule 2) of $142.9 million. Conventional operations also generated revenues, net of expenses, of $2.4 million from property management.
"Same Store" Results
The "Same Store" portfolio is a sub-set of total conventional properties. In the second quarter 2004 the "Same Store" portfolio included 569 communities with 127,608 effective units based on Aimco's weighted average ownership of 79.9% (see Supplemental Schedules 6a through 7). Second quarter 2004 revenue from the "Same Store" portfolio was $265.6 million compared with $275.0 million in the second quarter 2003, a decline of $9.3 million or 3.4%. Comparing the second quarter 2004 with the second quarter 2003, the "Same Store" portfolio experienced
Apartment Investment and Management Company
Second Quarter 2004
a 4.5 percentage point decrease in average occupancy from 92.6% to 88.1%, somewhat offset by a $2 per unit increase in average rent per unit from $724 to $726. Lower net rental income was somewhat offset by higher other property revenue (which includes revenue from utility reimbursements and ancillary services) and lower bad debt. "Same Store" expenses of $115.8 million increased by $4.0 million, or 3.5%, compared with the second quarter 2003. Increased expenses were primarily due to $4.9 million in expenses related to personnel costs, partially offset by $1.0 million of lower taxes and insurance. "Same Store" portfolio net operating income was $149.8 million for the second quarter 2004, down 8.1% from the second quarter 2003.
Comparing "Same Store" results on a sequential basis, total revenue declined $0.6 million in the second quarter 2004 compared with the first quarter 2004, driven primarily by a 0.9 percentage point decline in average occupancy from 89.0% to 88.1%. This was partially offset by a $1 increase in average rent per unit, increased other property revenue and lower bad debt. Expenses increased $1.9 million due primarily to higher resident turnover, personnel costs, and seasonal maintenance, somewhat offset by lower utilities and lower taxes. Net operating income decreased $2.5 million, or 1.6%, on a sequential basis.
SAME STORE OPERATING RESULTS
| | Second Quarter
| | Sequential
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| | 2004
| | 2003
| | Variance
| | 1st Qtr
| | Variance
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| Same Store Operating Measures: | | | | | | | | | | | | | | |
| | Average Physical Occupancy | | | 88.1 | % | | 92.6 | % | -450 bp | | | 89.0 | % | -90 bp | |
| | Average Rent/unit | | $ | 726 | | $ | 724 | | 0.3% | | $ | 725 | | 0.1 | % |
Total Same Store |
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| | Revenue | | $ | 265.6 | | $ | 275.0 | | -3.4% | | $ | 266.2 | | -0.2 | % |
| | Expenses | | | (115.8 | ) | | (111.9 | ) | 3.5% | | | (113.9 | ) | 1.7 | % |
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| | NOI ($mm) | | $ | 149.8 | | $ | 163.1 | | -8.1% | | $ | 152.3 | | -1.6 | % |
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AIMCO CAPITAL—Aimco Capital oversees affordable property operations, asset management and transactional activities, and is led by a management team dedicated to this sector. Aimco is among the largest owners and operators of affordable properties in the United States. During the second quarter 2004, affordable property operations included 464 properties with 56,370 units. Aimco has a weighted average 38% ownership in its affordable properties. Occupancy and rents in the affordable sector were stable and averaged 94% and $635, respectively, in the second quarter 2004, consistent with the first quarter 2004. Aimco Capital generated FCF of $19.0 million from property operations. Aimco Capital also generated property management revenue, net of expenses, of $5.0 million and activity and asset management revenues, net of expenses, of $4.6 million.
Portfolio Management and Redevelopment Activity
Acquisitions—Aimco made two acquisitions during the second quarter 2004 for a total purchase price of $33.5 million. The properties include: Castle Court Apartments, a 240-unit, garden-style property located in Fall River, Massachusetts purchased for $19.0 million; and, five contiguous buildings with 72 units located on the Upper East Side of Manhattan,
Apartment Investment and Management Company
Second Quarter 2004
purchased for $14.5 million. During the second quarter Aimco also purchased for an aggregate of $12 million additional limited partnership interests in 92 partnerships that own 163 properties.
DISPOSITIONS—Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. Aimco considers these properties as "Non-Core" (defined in the Glossary) and seeks to hold them over the intermediate term.
Aimco sold 25 properties with 4,228 units in the second quarter 2004 for $146 million in gross proceeds. Aimco's share of net proceeds after payment of property debt and transaction costs was $47 million. See Supplemental Schedule 8 for additional information on disposition activity.
GAIN ON DISPOSITIONS—Aimco's property dispositions resulted in total gains on dispositions of real estate (including gains from sales of unconsolidated entities and discontinued operations), net of related taxes, of $12.3 million for the second quarter 2004, compared with a gain of $38.9 million for the second quarter 2003.
REDEVELOPMENT ACTIVITY—Aimco's Construction Services Group is progressing on its initiative to improve asset quality through redevelopment projects that are typically $2 million to $10 million in size and that are designed for completion primarily as units are leased to new residents. At quarter-end, eleven projects were under construction. Further information on current redevelopment projects is provided in Supplemental Schedule 10.
Additional Financial Information
PROPERTY MANAGEMENT INCOME—Income from property management is generated from management of properties in which Aimco has unconsolidated holdings or manages for third parties. Property management revenues net of expenses was $7.4 million in the second quarter 2004 compared with $7.7 million in the second quarter 2003. Property management revenues net of expenses declined primarily due to increased consolidation of real estate partnerships, resulting in the elimination of associated management income.
ACTIVITY FEE AND ASSET MANAGEMENT INCOME—Activity fees are generated from transactional activity including dispositions, refinancings, and tax credit syndications and redevelopment, and are earned primarily from Aimco Capital holdings. Asset management income is earned by Aimco Capital from the financial management of properties, rather than management of day-to-day operations. Activity fee and asset management revenues net of expenses from both conventional and Aimco Capital operations was $5.1 million in the second quarter 2004 compared with $1.1 million in the second quarter 2003. The amount of this income may vary each quarter depending upon the nature and timing of transactional activity.
INTEREST INCOME—Interest income (which includes transactional accretion income of $0.7 million) was $7.5 million for the second quarter, an increase of $0.5 million compared with the second quarter 2003. Interest income is generated from notes receivable totaling $203.6 million at June 30, 2004.
DEBT ACTIVITY—During the second quarter 2004, Aimco closed 17 mortgage loans, all of which were refinancings of existing mortgage debt. Total proceeds were $111.6 million at a weighted average interest rate of 3.85%. After repayment of existing debt, transaction costs, and distributions to limited partners totaling $102.7 million, Aimco's share of net proceeds was $8.9 million.
Apartment Investment and Management Company
Second Quarter 2004
During the second quarter 2004 Aimco drew $158.1 million on its revolving credit facility ($100 million of which was used to redeem the 9.0% Class P Convertible Cumulative Preferred Stock), increasing the balance from $127.5 million to $285.6 million and leaving $159.4 million (less $22.7 million in outstanding letters of credit) in available capacity.
Total consolidated debt increased by $225 million during the quarter including: (i) a $67 million net increase in mortgage debt; and (ii) a $158 million increase in short-term borrowings. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.
INTEREST EXPENSE—Consolidated interest expense was $96.4 million for the second quarter 2004, an increase of $5.2 million when compared with $91.2 million in the second quarter 2003. The increase in interest expense is primarily the result of: (i) lower capitalized interest with the completion of Flamingo South Beach; and (ii) increased corporate borrowings.
PREFERRED STOCK ACTIVITY—As previously announced, during the second quarter Aimco redeemed the 9.0% Class P Convertible Cumulative Preferred Stock for $100 million.
G&A—General and administrative expenses for the second quarter 2004 were $18.4 million, up from $7.6 million in the second quarter 2003. This increase is primarily due to: (i) $3.2 million of higher salaries and benefit costs due to increased staffing levels and a new health care plan, and higher variable compensation costs; (ii) $0.9 million of one-time executive recruitment and relocation costs; (iii) $1.3 million of higher compliance costs resulting from Sarbanes 404 and increased legal fees; (iv) $0.2 million of increased travel costs incurred in connection with monthly Regional Operating Center reviews by senior management; (v) $1.9 million favorable change in estimate in the second quarter of 2003 pertaining to the collectibility of corporate receivables from unconsolidated partnerships; and (vi) miscellaneous other one-time expenses incurred in 2004 and one-time benefits realized in 2003.
OTHER INCOME, NET—Other income, net was $0.6 million for the second quarter 2004 compared with $3.6 million in the second quarter 2003. This line item primarily includes income tax provisions/benefits, partnership expenses and risk management activities related to unconsolidated partnerships. The decline in income in the second quarter 2004 compared with the second quarter 2003 is primarily due to risk management activities.
Outlook
For the third quarter 2004, FFO is forecast to range from $0.66 to $0.68 per share, before impairment and preferred redemption charges, and AFFO from $0.48 to $0.51 per share. For the full year 2004, FFO is forecast to range from $2.75 to $2.78 per share, before impairment and preferred redemption charges, and AFFO is forecast to range from $2.09 to $2.14 per share. These forecast ranges are narrowed from the forecast ranges provided in May 2004 of $2.75 to $3.00 and $2.03 to $2.28, respectively. Please refer to the Outlook Schedule for the third quarter and full year 2004, which follows the Consolidated Financial Statements in this release.
Dividends on Common Stock
As announced on July 29, 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 June 30, 2004, payable on August 31, 2004 to stockholders of record on August 20, 2004. The dividend represents 125% of AFFO (diluted) and 95% of FFO (diluted), on a per share basis, for the
Apartment Investment and Management Company
Second Quarter 2004
quarter ended June 30, 2004 and a 7.6% annualized yield based on the $31.70 closing price of Aimco's Class A Common Stock on July 29, 2004.
Earnings Conference Call
Please join Aimco management for the Second Quarter 2004 earnings conference call to be held Wednesday, August 4, 2004 at 3:00 p.m. Eastern Time. You may join the conference call through an Internet audiocast via Aimco's Website at www.aimco.com/about/financial/2Q2004.asp, then click on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-218-0204, or 303-262-2130 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 Second Quarter 2004 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 11002189#.
Supplemental Information
The Supplemental Information referenced in this release is available at Aimco's Website at the link www.aimco.com/about/financial/2Q2004.asp or by calling Investor Relations at 303-691-4350.
Forward-looking Statements
This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results. These forward-looking statements are based on certain risks and uncertainties, including but not limited to Aimco's ability to 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; financial 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 or properties presently owned or previously owned by Aimco. 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 21 regional operating centers. Aimco, through its subsidiaries, operates nearly 1,600 properties, including
Apartment Investment and Management Company
Second Quarter 2004
approximately 280,000 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.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
| | For the Three Months Ended
June 30,
| | For the Six Months Ended
June 30,
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| | 2004
| | 2003
| | 2004
| | 2003
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| REVENUES: | | | | | | | | | | | | | |
| | Rental and other property revenues | | $ | 361,001 | | $ | 353,898 | | $ | 715,066 | | $ | 699,641 | |
| | Property management revenues, primarily from affiliates | | | 9,371 | | | 9,607 | | | 17,627 | | | 18,846 | |
| | Activity fees and asset management revenues, primarily from affiliates | | | 9,820 | | | 3,111 | | | 18,088 | | | 8,899 | |
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| | | Total revenues | | | 380,192 | | | 366,616 | | | 750,781 | | | 727,386 | |
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| EXPENSES: | | | | | | | | | | | | | |
| | Property operating expenses | | | 167,704 | | | 150,880 | | | 330,684 | | | 300,120 | |
| | Property management expenses | | | 1,989 | | | 1,925 | | | 4,331 | | | 4,042 | |
| | Activity and asset management expenses | | | 4,716 | | | 1,972 | | | 7,027 | | | 3,807 | |
| | Depreciation and amortization | | | 93,216 | | | 87,645 | | | 182,900 | | | 171,878 | |
| | General and administrative expenses | | | 18,407 | | | 7,566 | | | 37,039 | | | 17,301 | |
| | Other income, net | | | (589 | ) | | (3,579 | ) | | (1,786 | ) | | (7,202 | ) |
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| | | Total expenses | | | 285,443 | | | 246,409 | | | 560,195 | | | 489,946 | |
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| Operating income | | | 94,749 | | | 120,207 | | | 190,586 | | | 237,440 | |
Interest income |
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7,533 |
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7,067 |
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15,006 |
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13,142 |
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| Provision for losses on notes receivable | | | (1,180 | ) | | (791 | ) | | (1,101 | ) | | (1,488 | ) |
| Interest expense | | | (96,372 | ) | | (91,174 | ) | | (189,411 | ) | | (180,014 | ) |
| Deficit distributions to minority partners | | | (2,650 | ) | | (3,633 | ) | | (7,088 | ) | | (9,101 | ) |
| Equity in losses of unconsolidated real estate partnerships | | | (1,038 | ) | | (3,132 | ) | | (2,472 | ) | | (4,814 | ) |
| Impairment loss on investment in unconsolidated real estate partnerships | | | (1,881 | ) | | - | | | (1,733 | ) | | - | |
| Gain on disposition of real estate related to unconsolidated entities and other | | | 2,097 | | | 839 | | | 2,080 | | | 756 | |
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| Income before minority interests, discontinued operations and cumulative effect of change in accounting principle | | | 1,258 | | | 29,383 | | | 5,867 | | | 55,921 | |
Minority interests: |
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| | Minority interest in consolidated real estate partnerships | | | 3,650 | | | (1,579 | ) | | 4,659 | | | (2,648 | ) |
| | Minority interest in Aimco Operating Partnership, preferred [a] | | | (1,971 | ) | | (2,604 | ) | | (3,940 | ) | | (5,225 | ) |
| | Minority interest in Aimco Operating Partnership, common [a] | | | 2,163 | | | (164 | ) | | 4,404 | | | (251 | ) |
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| Total minority interests | | | 3,842 | | | (4,347 | ) | | 5,123 | | | (8,124 | ) |
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| Income from continuing operations | | | 5,100 | | | 25,036 | | | 10,990 | | | 47,797 | |
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Income from discontinued operations, net [b] |
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8,886 |
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34,194 |
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20,981 |
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33,256 |
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| Income before cumulative effect of change in accounting principle | | | 13,986 | | | 59,230 | | | 31,971 | | | 81,053 | |
Cumulative effect of change in accounting principle |
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(3,957 |
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| Net income | | | 13,986 | | | 59,230 | | | 28,014 | | | 81,053 | |
Net income attributable to preferred stockholders |
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21,773 |
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24,961 |
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41,640 |
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47,102 |
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| Net income (loss) attributable to common stockholders | | $ | (7,787 | ) | $ | 34,269 | | $ | (13,626 | ) | $ | 33,951 | |
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| Weighted average number of common shares outstanding | | | 93,065 | | | 92,747 | | | 92,938 | | | 92,720 | |
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| Weighted average number of common shares and common share equivalents outstanding | | | 93,065 | | | 92,832 | | | 92,938 | | | 92,809 | |
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| Earnings (loss) per common share - basic: | | | | | | | | | | | | | |
| | Income (loss) from continuing operations (net of preferred dividends) | | $ | (0.18 | ) | $ | 0.00 | | $ | (0.33 | ) | $ | 0.01 | |
| | Income from discontinued operations | | | 0.10 | | | 0.37 | | | 0.22 | | | 0.36 | |
| | Cumulative effect of change in accounting principle | | | - | | | - | | | (0.04 | ) | | - | |
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| | Net income (loss) attributable to common stockholders | | $ | (0.08 | ) | $ | 0.37 | | $ | (0.15 | ) | $ | 0.37 | |
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| Earnings (loss) per common share - diluted: | | | | | | | | | | | | | |
| | Income (loss) from continuing operations (net of preferred dividends) | | $ | (0.18 | ) | $ | 0.00 | | $ | (0.33 | ) | $ | 0.01 | |
| | Income from discontinued operations | | | 0.10 | | | 0.37 | | | 0.22 | | | 0.36 | |
| | Cumulative effect of change in accounting principle | | | - | | | - | | | (0.04 | ) | | - | |
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| | Net income (loss) attributable to common stockholders | | $ | (0.08 | ) | $ | 0.37 | | $ | (0.15 | ) | $ | 0.37 | |
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- [a]
- The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco's UPREIT structure
- [b]
- Income from discontinued operations of consolidated properties is broken down as follows (in thousands):
| | Quarter Ended
30-Jun-04
| | Quarter Ended
30-Jun-03
| | Year Ended
30-Jun-04
| | Year Ended
30-Jun-03
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| | Income from operations | | $ | 488 | | $ | 2,909 | | $ | 101 | | $ | 4,764 | |
| | Gain on dispositions of real estate, net of minority partners' interest | | | 10,225 | | | 41,050 | | | 21,585 | | | 44,542 | |
| | Impairment loss on real estate assets sold or held for sale | | | (477 | ) | | (2,654 | ) | | (491 | ) | | (7,941 | ) |
| | Recovery of deficit distributions to minority partners | | | 5 | | | 275 | | | 3,318 | | | 500 | |
| | Income tax arising from disposals | | | (92 | ) | | (2,978 | ) | | (789 | ) | | (4,306 | ) |
| | Minority interest in Aimco Operating Partnership | | | (1,263 | ) | | (4,408 | ) | | (2,743 | ) | | (4,303 | ) |
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| | Income from discontinued operations | | $ | 8,886 | | $ | 34,194 | | $ | 20,981 | | $ | 33,256 | |
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Consolidated Balance Sheets
(in thousands)
(unaudited)
| | As of
June 30, 2004
| | As of
December 31, 2003
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| ASSETS | |
| Buildings and improvements | | $ | 8,746,119 | | $ | 8,351,762 | |
| Land | | | 2,177,716 | | | 2,059,400 | |
| Accumulated depreciation | | | (1,976,291 | ) | | (1,805,386 | ) |
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| | TOTAL REAL ESTATE | | | 8,947,544 | | | 8,605,776 | |
| Cash and cash equivalents | | | 90,619 | | | 96,983 | |
| Restricted cash | | | 285,586 | | | 243,174 | |
| Accounts receivable | | | 58,703 | | | 66,943 | |
| Accounts receivable from affiliates | | | 69,357 | | | 56,874 | |
| Deferred financing costs | | | 74,159 | | | 72,830 | |
| Notes receivable from unconsolidated real estate partnerships | | | 143,685 | | | 137,416 | |
| Notes receivable from non-affiliates | | | 59,933 | | | 68,771 | |
| Investment in unconsolidated real estate partnerships | | | 180,392 | | | 237,056 | |
| Other assets | | | 343,924 | | | 283,634 | |
| Assets held for sale | | | 105,289 | | | 243,905 | |
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| | TOTAL ASSETS | | $ | 10,359,191 | | $ | 10,113,362 | |
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| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| Secured tax-exempt bond financing | | $ | 1,229,367 | | $ | 1,199,360 | |
| Secured notes payable | | | 4,541,102 | | | 4,331,104 | |
| Mandatorily redeemable preferred securities | | | 15,019 | | | 113,619 | |
| Term loans | | | 343,000 | | | 354,387 | |
| Credit facility | | | 285,600 | | | 81,000 | |
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| | TOTAL INDEBTEDNESS | | | 6,414,088 | | | 6,079,470 | |
| Accounts payable | | | 40,965 | | | 24,139 | |
| Accrued liabilities and other | | | 407,384 | | | 392,866 | |
| Deferred income | | | 31,245 | | | 25,856 | |
| Security deposits | | | 40,615 | | | 40,490 | |
| Deferred income taxes payable | | | 18,235 | | | 26,065 | |
| Liabilities related to assets held for sale | | | 83,871 | | | 167,966 | |
| | |
| |
| |
| | TOTAL LIABILITIES | | | 7,036,403 | | | 6,756,852 | |
| | |
| |
| |
| Minority interest in consolidated real estate partnerships | | | 210,285 | | | 191,948 | |
| Minority interest in Aimco Operating Partnership | | | 269,719 | | | 303,905 | |
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
| | Class A Common Stock | | | 946 | | | 939 | |
| | Additional paid-in capital | | | 3,069,095 | | | 3,053,312 | |
| | Perpetual preferred stock | | | 755,250 | | | 555,250 | |
| | Convertible preferred stock | | | 200,000 | | | 299,992 | |
| | Distributions in excess of earnings | | | (1,121,842 | ) | | (998,018 | ) |
| | Unvested restricted stock | | | (21,018 | ) | | (10,772 | ) |
| | Notes due on common stock purchases | | | (39,647 | ) | | (40,046 | ) |
| | |
| |
| |
| | TOTAL STOCKHOLDERS' EQUITY | | | 2,842,784 | | | 2,860,657 | |
| | |
| |
| |
| | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 10,359,191 | | $ | 10,113,362 | |
| | |
| |
| |
GAAP Statements of Cash Flows
|
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | Six Months Ended
June 30, 2004
| | Six Months Ended
June 30, 2003
| |
|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |
| Net income | | $ | 28,014 | | $ | 81,053 | |
| Depreciation and amortization | | | 182,900 | | | 171,878 | |
| Adjustments to net income from discontinued operations | | | (19,405 | ) | | (16,366 | ) |
| Changes in operating assets and liabilities | | | (33,482 | ) | | 30,067 | |
| Other adjustments to reconcile net income | | | 7,957 | | | 21,283 | |
| | |
| |
| |
| | Net cash provided by operating activities | | | 165,984 | | | 287,915 | |
| | |
| |
| |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |
| Purchases of real estate | | | (176,971 | ) | | (5,000 | ) |
| Capital expenditures | | | (102,930 | ) | | (122,354 | ) |
| Purchases of non-real estate assets | | | (20,083 | ) | | (11,274 | ) |
| Proceeds from dispositions of real estate | | | 112,362 | | | 243,916 | |
| Purchases of general and limited partnership interests and other assets | | | (35,232 | ) | | (33,023 | ) |
| Originations of notes receivable from unconsolidated real estate partnerships | | | (28,176 | ) | | (20,631 | ) |
| Distributions received from investments in unconsolidated real estate partnerships | | | 41,624 | | | 46,422 | |
| Other investing activities | | | 31,243 | | | 15,262 | |
| | |
| |
| |
| | Net cash (used in) provided by investing activities | | | (178,163 | ) | | 113,318 | |
| | |
| |
| |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |
| Proceeds from secured notes payable borrowings | | | 154,788 | | | 266,999 | |
| Principal repayments on secured notes payable | | | (181,682 | ) | | (377,379 | ) |
| Proceeds from tax-exempt bond financing | | | 69,471 | | | - | |
| Principal repayments on tax-exempt bond financing | | | (46,137 | ) | | (12,689 | ) |
| Net borrowings (paydowns) on term loans and revolving credit facility | | | 193,213 | | | (51,624 | ) |
| Proceeds from issuance (redemption) of mandatorily redeemable preferred securities | | | (98,875 | ) | | 97,250 | |
| Proceeds from issuance of preferred stock | | | 193,250 | | | - | |
| Redemption of preferred stock | | | (99,926 | ) | | (59,845 | ) |
| Repurchase of Class A Common Stock and redemption of OP Units | | | (13,088 | ) | | (1,086 | ) |
| Payment of Class A Common Stock dividends | | | (112,532 | ) | | (152,425 | ) |
| Payment of preferred stock dividends | | | (39,306 | ) | | (45,630 | ) |
| Contributions from minority interest | | | 22,155 | | | - | |
| Payment of distributions to minority interest | | | (44,107 | ) | | (52,006 | ) |
| Other financing activities | | | (6,024 | ) | | (6,436 | ) |
| | |
| |
| |
| | Net cash used in financing activities | | | (8,800 | ) | | (394,871 | ) |
| | |
| |
| |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | | | (20,979 | ) | | 6,362 | |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | 96,983 | | | 95,413 | |
| NET (INCREASE) DECREASE IN CASH AND CASH EQUIVALENTS INCLUDED WITHIN ASSETS HELD FOR SALE FROM BEGINNING TO END OF PERIOD | | | 14,615 | | | (80 | ) |
| | |
| |
| |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | 90,619 | | $ | 101,695 | |
| | |
| |
| |
Outlook and Forward Looking Statement
Third Quarter and Full Year 2004
(unaudited)
The Outlook information provided on this Schedule contains information that is forward-looking, including statements concerning projected third 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 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, 2003 and the other documents Aimco files from time to time with the Securities and Exchange Commission.
| | Third Quarter 2004
| | Full Year 2004
| |
|
|---|
| GAAP Earnings per share (1) | | $-0.06 to $-0.04 | | $-0.38 to $-0.35 | | |
| Add: Depreciation and other | | $0.72 | | $3.13 | | |
| FFO per share before Impairments (2) | | $0.66 to $0.68 | | $2.75 to $2.78 | | |
| AFFO per share | | $0.48 to $0.51 | | $2.09 to $2.14 | | |
2004 Same Store Operating Assumptions |
|
|
|
|
|
|
| |
Expected physical occupancy (weighted average) |
|
91.4% to 92.4% |
|
89.8% to 90.5% |
|
|
| | NOI change - sequential and 2004 vs. 2003 | | 1.5% to 2.5% | | -3.75% to -4.5% | | |
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 has sold or 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. In addition, Aimco has listed for sale a small number of core properties that are not included in the sales guidance above.
- (4)
- Acquisitions include property acquisitions, limited partnership acquisitions, preferred stock redemptions, and common stock repurchases.
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.
ACQUISITION PROPERTIES: Consolidated properties owned less than one year as of the beginning of the most recent quarter.
AFFORDABLE PROPERTIES: Affordable properties benefit from government programs designed to pay rental income on behalf of people with low or moderate incomes and includes properties that were owned for all periods presented.
ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement 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 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. From the second quarter 2002 through the fourth quarter 2003, the calculation of AFFO also deducted Capital Enhancements expenditures (CE). CE expenditures were made to improve Aimco's assets by adding a new feature or revenue source; however, as part of changes effective as of the first quarter 2004, these expenditures are included within capital improvements. Capital improvement expenditures are not deducted in the calculation of AFFO and FCF.
Please see Supplemental Schedule I for AFFO data reconciled to Net Income as determined in accordance with GAAP.
CAPITAL IMPROVEMENTS (CI): As of the first quarter 2004, CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. This category combines certain of Aimco's prior capital expenditure categories. This new classification, along with Capital Replacements, is intended to be simpler to apply, allow more discrete differentiation between categories, facilitate sound economic decisions, and assist investors and analysts in better understanding capital spending.
CI expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.
CAPITAL REPLACEMENTS (CR): CR expenditures do not increase the value, profitability or useful life of an asset from its original purchase condition. It represents the share of expenditures that is deemed to replace the consumed portion of acquired capital assets. CR expenditures are deducted in the calculation of AFFO and FCF. Effective January 1, 2004 Aimco refined the methodology in calculating CR. Please refer to Schedule 9 for further detail.
CR expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.
CORE PROPERTIES: Conventional properties located in selected markets that Aimco intends to hold and improve over the long-term.
EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimco's ownership share.
FREE CASH FLOW (FCF): FCF, as defined by Aimco, is net operating income from real estate minus CR spending. FCF also includes cash flows generated from the Investment Management Business, Interest income, General and administrative expenses, Provision for losses on notes receivable and other expenses (income), net incurred by Aimco. FCF measures profitability of operations and is prior to 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 2 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 (NAREIT) as net income (loss), computed in accordance with GAAP, excluding gains and losses from extraordinary items, cumulative effect of change in accounting principle, gains on dispositions of depreciable real estate property, gains on 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 on preferred stock/partnership units, adding back preferred dividends/distributions on dilutive preferred securities and adding back the interest
expense on dilutive mandatorily redeemable convertible preferred securities. 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 Schedule 1 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 average 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.
NON-CORE PROPERTIES: Properties located in markets that are not considered selected markets or in less favored locations within selected markets, which Aimco intends to hold for the intermediate term.
OTHER PROPERTIES: Properties that are not multi-family such as commercial properties or fitness facilities.
PARTNERSHIP EXPENSES: Expenses incurred at the partnership level, either directly or indirectly, such as audit, tax and legal.
REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio.
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.
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 6a through 6c 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 the GAAP financial statements.
Funds From Operations and Adjusted Funds From Operations [a]
(in thousands, except per share data)
(unaudited)
| | For the Three Months
Ended June 30,
| | For the Six Months
Ended June 30,
| |
|---|
| | 2004
| | 2003
| | 2004
| | 2003
| |
|---|
| Net income (loss) attributable to common stockholders | | $ | (7,787 | ) | $ | 34,269 | | $ | (13,626 | ) | $ | 33,951 | |
| Adjustments: | | | | | | | | | | | | | |
| | Depreciation and amortization | | | 93,216 | | | 87,645 | | | 182,900 | | | 171,878 | |
| | Depreciation and amortization related to non-real estate assets | | | (4,287 | ) | | (5,471 | ) | | (9,207 | ) | | (10,757 | ) |
| | Depreciation of rental property related to minority partners' interest | | | (12,203 | ) | | (8,058 | ) | | (22,963 | ) | | (15,243 | ) |
| | Depreciation of rental property related to unconsolidated entities | | | 5,574 | | | 6,539 | | | 11,644 | | | 13,042 | |
| | Gain on disposition of real estate related to unconsolidated entities and other | | | (2,097 | ) | | (839 | ) | | (2,080 | ) | | (756 | ) |
| | Gain on disposition of land | | | 875 | | | - | | | 875 | | | - | |
| | Deficit distributions to minority partners | | | 2,650 | | | 3,633 | | | 7,088 | | | 9,101 | |
| | Cumulative effect of change in accounting principle | | | - | | | - | | | 3,957 | | | - | |
| | Discontinued operations: | | | | | | | | | | | | | |
| | | Gain on dispositions of real estate, net of minority partners' interest | | | (10,225 | ) | | (41,050 | ) | | (21,585 | ) | | (44,542 | ) |
| | | Depreciation of rental property, net of minority partners' interest | | | 710 | | | 6,728 | | | 2,380 | | | 14,506 | |
| | | Recovery of deficit distributions to minority partners | | | (5 | ) | | (275 | ) | | (3,318 | ) | | (500 | ) |
| | | Income tax arising from disposals | | | 92 | | | 2,978 | | | 789 | | | 4,306 | |
| Minority interest in Aimco Operating Partnership's share of above adjustments | | | (7,917 | ) | | (5,918 | ) | | (16,339 | ) | | (16,128 | ) |
| Preferred stock dividends | | | 21,685 | | | 22,806 | | | 41,552 | | | 44,947 | |
| Redemption related preferred stock issuance costs | | | 88 | | | 2,155 | | | 88 | | | 2,155 | |
| | |
| |
| |
| |
| |
| Funds From Operations | | | 80,369 | | | 105,142 | | | 162,155 | | | 205,960 | |
| Preferred stock dividends | | | (21,685 | ) | | (22,806 | ) | | (41,552 | ) | | (44,947 | ) |
| Redemption related preferred stock issuance costs | | | (88 | ) | | (2,155 | ) | | (88 | ) | | (2,155 | ) |
| Dividends/distributions on dilutive preferred securities | | | 1,059 | | | 3,293 | | | 1,688 | | | 8,156 | |
| Interest expense on dilutive mandatorily redeemable convertible preferred securities | | | - | | | 247 | | | - | | | 494 | |
| | |
| |
| |
| |
| |
| Funds From Operations Attributable to Common Stockholders - Diluted | | $ | 59,655 | | $ | 83,721 | | $ | 122,203 | | $ | 167,508 | |
Capital Replacements |
|
|
(18,269 |
) |
|
(20,890 |
) |
|
(30,469 |
) |
|
(46,972 |
) |
| Capital Enhancements [b] | | | - | | | (1,501 | ) | | - | | | (2,164 | ) |
| Impairment loss on investment in unconsolidated real estate partnerships | | | 1,881 | | | - | | | 1,733 | | | - | |
| Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | | | 477 | | | 2,654 | | | 491 | | | 7,941 | |
| Redemption related preferred stock issuance costs | | | 88 | | | 2,155 | | | 88 | | | 2,155 | |
| Minority interest in Aimco Operating Partnership's share of above adjustments | | | 1,694 | | | 2,006 | | | 3,057 | | | 4,464 | |
| Dividends/distributions on non-dilutive preferred securities | | | (1,018 | ) | | - | | | (1,605 | ) | | (4,066 | ) |
| | |
| |
| |
| |
| |
| Adjusted Funds From Operations Attributable to Common Stockholders - Diluted | | $ | 44,508 | | $ | 68,145 | | $ | 95,498 | | $ | 128,866 | |
| | |
| |
| |
| |
| |
| Funds From Operations: | | | | | | | | | | | | | |
| Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | | | | | | | | | | | | | |
| | | Common shares and equivalents | | | 93,080 | | | 92,832 | | | 92,968 | | | 92,809 | |
| | | Dilutive preferred securities | | | 1,794 | | | 4,250 | | | 1,381 | | | 4,912 | |
| | |
| |
| |
| |
| |
| | | | 94,874 | | | 97,082 | | | 94,349 | | | 97,721 | |
| | |
| |
| |
| |
| |
| Adjusted Funds From Operations: | | | | | | | | | | | | | |
| Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: | | | | | | | | | | | | | |
| | | Common shares and equivalents | | | 93,080 | | | 92,832 | | | 92,968 | | | 92,809 | |
| | | Dilutive preferred securities | | | 94 | | | 4,250 | | | 88 | | | 2,821 | |
| | |
| |
| |
| |
| |
| | | | 93,174 | | | 97,082 | | | 93,056 | | | 95,630 | |
| | |
| |
| |
| |
| |
| Per Share: | | | | | | | | | | | | | |
| Funds From Operations - Diluted | | $ | 0.63 | | $ | 0.86 | | $ | 1.30 | | $ | 1.71 | |
| Funds From Operations - Diluted (excluding impairment losses and redemption related preferred stock issuance costs) [c] [d] | | $ | 0.65 | | $ | 0.91 | | $ | 1.32 | | $ | 1.81 | |
| Adjusted Funds From Operations - Diluted | | $ | 0.48 | | $ | 0.70 | | $ | 1.03 | | $ | 1.35 | |
| Dividends Declared | | $ | 0.60 | | $ | 0.82 | | $ | 1.20 | | $ | 1.64 | |
[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.
[b] Effective January 1, 2004 and on a prospective basis, Capital Enhancements are now included as part of Capital Improvements (See Supplemental Schedule 9 for further details).
[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 and six months ended June 30, 2004 includes impairment losses of $2.4 million and $2.2 million, respectively. FFO for the three and six months ended June 30, 2003 includes an adjustment of $2.7 million and $7.9 million, respectively, to reflect this change.
[d] In accordance with the Securities and Exchange Commission's July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco now includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three and six months ended June 30, 2004 includes issuance costs of $0.08 million, respectively. FFO for the three and six months ended June 30, 2003 includes an adjustment of $2.2 million, respectively, to reflect this change.
Supplemental Schedule 2(a)
|
Business Component Proportionate Income Statement Presentation
For the Three Months Ended June 30, 2004
(in thousands)
(unaudited)
| | Aimco
GAAP Income
Statement
| | Proportionate
Share of
Unconsolidated
Partnerships
| | Minority
Partners'
Interest
| | Total
Proportionate
Consolidated
Income
Statement
| | Conventional (1)
| | Aimco
Capital (1)
| | Corporate
| | Total
Proportionate
Consolidated
Income
Statement
| |
|---|
| Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Rental and other property revenues (1): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Same store properties (2) | | $ | 302,953 | | $ | 8,963 | | $ | (46,267 | ) | $ | 265,649 | | $ | 265,649 | | $ | - | | $ | - | | $ | 265,649 | |
| | | Acquisition properties | | | 7,831 | | | 411 | | | (7 | ) | | 8,235 | | | 8,235 | | | - | | | - | | | 8,235 | |
| | | Redevelopment properties | | | 12,085 | | | 410 | | | (2,055 | ) | | 10,440 | | | 10,440 | | | - | | | - | | | 10,440 | |
| | | Disposition properties | | | - | | | 349 | | | - | | | 349 | | | 349 | | | - | | | - | | | 349 | |
| | | Other properties | | | 4,785 | | | 2,384 | | | (1,222 | ) | | 5,947 | | | 5,947 | | | - | | | - | | | 5,947 | |
| | | Affordable properties | | | 33,347 | | | 14,165 | | | (4,281 | ) | | 43,231 | | | - | | | 43,231 | | | - | | | 43,231 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | Total rental and other property revenues | | | 361,001 | | | 26,682 | | | (53,832 | ) | | 333,851 | | | 290,620 | | | 43,231 | | | - | | | 333,851 | |
| |
Property management revenues, primarily from affiliates |
|
|
9,371 |
|
|
- - |
|
|
- - |
|
|
9,371 |
|
|
3,033 |
|
|
6,338 |
|
|
- - |
|
|
9,371 |
|
| | Activity fees and asset management revenues, primarily from affiliates | | | 9,820 | | | - | | | - | | | 9,820 | | | 477 | | | 9,343 | | | - | | | 9,820 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | | Total revenues | | | 380,192 | | | 26,682 | | | (53,832 | ) | | 353,042 | | | 294,130 | | | 58,912 | | | - | | | 353,042 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | Property operating expenses (1): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Same store properties (2) | | | 133,173 | | | 3,973 | | | (21,533 | ) | | 115,613 | | | 115,613 | | | - | | | - | | | 115,613 | |
| | | Acquisition properties | | | 3,284 | | | 370 | | | (2 | ) | | 3,652 | | | 3,652 | | | - | | | - | | | 3,652 | |
| | | Redevelopment properties | | | 5,821 | | | 243 | | | (1,262 | ) | | 4,802 | | | 4,802 | | | - | | | - | | | 4,802 | |
| | | Disposition properties | | | 0 | | | 251 | | | - | | | 251 | | | 251 | | | - | | | - | | | 251 | |
| | | Other properties | | | 3,746 | | | 1,766 | | | (1,002 | ) | | 4,510 | | | 4,510 | | | - | | | - | | | 4,510 | |
| | | Affordable properties | | | 16,747 | | | 6,336 | | | (2,296 | ) | | 20,787 | | | - | | | 20,787 | | | - | | | 20,787 | |
| | | Casualties | | | (237 | ) | | (11 | ) | | 301 | | | 53 | | | (111 | ) | | 164 | | | - | | | 53 | |
| | | Property management expenses (consolidated properties) | | | 5,170 | | | 1,516 | | | (2,647 | ) | | 4,039 | | | 2,883 | | | 1,156 | | | - | | | 4,039 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | Total property operating expenses | | | 167,704 | | | 14,444 | | | (28,441 | ) | | 153,707 | | | 131,600 | | | 22,107 | | | - | | | 153,707 | |
| |
Property management expenses (unconsolidated and third party properties) |
|
|
1,989 |
|
|
- - |
|
|
- - |
|
|
1,989 |
|
|
667 |
|
|
1,322 |
|
|
- - |
|
|
1,989 |
|
| | Activity and asset management expenses | | | 4,716 | | | - | | | - | | | 4,716 | | | - | | | 4,716 | | | - | | | 4,716 | |
| | Depreciation and amortization | | | 93,216 | | | 5,574 | | | (12,203 | ) | | 86,587 | | | 76,354 | | | 10,233 | | | - | | | 86,587 | |
| | General and administrative expenses | | | 18,407 | | | - | | | - | | | 18,407 | | | 11,596 | | | 6,811 | | | - | | | 18,407 | |
| | Other expenses (income), net | | | (589 | ) | | 993 | | | (2,306 | ) | | (1,902 | ) | | 2,737 | | | (4,639 | ) | | - | | | (1,902 | ) |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | | Total expenses | | | 285,443 | | | 21,011 | | | (42,950 | ) | | 263,504 | | | 222,955 | | | 40,549 | | | - | | | 263,504 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
Operating income |
|
|
94,749 |
|
|
5,671 |
|
|
(10,882 |
) |
|
89,538 |
|
|
71,175 |
|
|
18,363 |
|
|
- - |
|
|
89,538 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | General partner loan interest | | | 5,424 | | | - | | | - | | | 5,424 | | | 4,454 | | | 970 | | | - | | | 5,424 | |
| | | Money market and interest bearing accounts | | | 1,377 | | | 263 | | | (55 | ) | | 1,585 | | | 795 | | | 790 | | | - | | | 1,585 | |
| | | Accretion on discounted notes receivable | | | 732 | | | - | | | - | | | 732 | | | 288 | | | 444 | | | - | | | 732 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Total interest income | | | 7,533 | | | 263 | | | (55 | ) | | 7,741 | | | 5,537 | | | 2,204 | | | - | | | 7,741 | |
Provision for losses on notes receivable |
|
|
(1,180 |
) |
|
- - |
|
|
- - |
|
|
(1,180 |
) |
|
(273 |
) |
|
(907 |
) |
|
- - |
|
|
(1,180 |
) |
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | Property debt (primarily non-recourse) | | | (88,923 | ) | | (6,891 | ) | | 14,693 | | | (81,121 | ) | | (72,592 | ) | | (8,529 | ) | | - | | | (81,121 | ) |
| | | Lines of credit | | | (8,491 | ) | | - | | | - | | | (8,491 | ) | | - | | | - | | | (8,491 | ) | | (8,491 | ) |
| | | Interest expense on mandatorily redeemable convertible preferred securities | | | (246 | ) | | - | | | - | | | (246 | ) | | - | | | - | | | (246 | ) | | (246 | ) |
| | | Capitalized interest | | | 1,288 | | | (81 | ) | | (106 | ) | | 1,101 | | | 1,038 | | | 63 | | | - | | | 1,101 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Total interest expense | | | (96,372 | ) | | (6,972 | ) | | 14,587 | | | (88,757 | ) | | (71,554 | ) | | (8,466 | ) | | (8,737 | ) | | (88,757 | ) |
Deficit distributions to minority partners |
|
|
(2,650 |
) |
|
- - |
|
|
- - |
|
|
(2,650 |
) |
|
(2,744 |
) |
|
94 |
|
|
- - |
|
|
(2,650 |
) |
| Equity in losses of unconsolidated real estate partnerships | | | (1,038 | ) | | 1,038 | | | - | | | - | | | - | | | - | | | - | | | - | |
| Impairment loss on investment in unconsolidated real estate partnerships | | | (1,881 | ) | | - | | | - | | | (1,881 | ) | | (354 | ) | | (1,527 | ) | | - | | | (1,881 | ) |
| Gain on disposition of real estate related to unconsolidated entities and other | | | 2,097 | | | - | | | - | | | 2,097 | | | 1,216 | | | 881 | | | - | | | 2,097 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Income before minority interests, discontinued operations and cumulative effect of change in accounting principle | | | 1,258 | | | - | | | 3,650 | | | 4,908 | | | 3,003 | | | 10,642 | | | (8,737 | ) | | 4,908 | |
Minority interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | Minority interest in consolidated real estate partnerships | | | 3,650 | | | - | | | (3,650 | ) | | - | | | - | | | - | | | - | | | - | |
| | Minority interest in Aimco Operating Partnership | | | 192 | | | - | | | - | | | 192 | | | - | | | - | | | 192 | | | 192 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Total minority interests | | | 3,842 | | | - | | | (3,650 | ) | | 192 | | | - | | | - | | | 192 | | | 192 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Income from continuing operations | | | 5,100 | | | - | | | - | | | 5,100 | | | 3,003 | | | 10,642 | | | (8,545 | ) | | 5,100 | |
| |
Income from discontinued operations, net |
|
|
8,886 |
|
|
- - |
|
|
- - |
|
|
8,886 |
|
|
7,687 |
|
|
2,463 |
|
|
(1,263 |
) |
|
8,886 |
|
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Income before cumulative effect of change in accounting principle | | | 13,986 | | | - | | | - | | | 13,986 | | | 10,690 | | | 13,105 | | | (9,809 | ) | | 13,986 | |
Cumulative effect of change in accounting principle |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Net income | | $ | 13,986 | | $ | - | | $ | - | | $ | 13,986 | | $ | 10,690 | | $ | 13,105 | | $ | (9,809 | ) | $ | 13,986 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
- (1)
- See definitions and descriptions in Glossary
- (2)
- Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6c. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco's acquisition of additional partnership interests.
Supplemental Schedule 2(a)
|
Business Component Proportionate Income Statement Presentation
For the Three Months Ended June 30, 2004
(in thousands)
(unaudited)
| | Aimco
GAAP Income
Statement
| | Proportionate
Share of
Unconsolidated
Partnerships
| | Minority
Partners'
Interest
| | Total
Proportionate
Consolidated
Income
Statement
| | Conventional (1)
| | Aimco
Capital (1)
| | Corporate
| | Total
Proportionate
Consolidated
Income
Statement
| |
|---|
| Reconciliation of Net Income to FFO, AFFO and FCF: | | | | | | | | | | | | | | | | | | | | | | |
Net income (see above) |
|
|
|
|
|
|
|
|
13,986 |
|
|
10,690 |
|
|
13,105 |
|
|
(9,809 |
) |
|
13,986 |
|
| |
Proportionate share of depreciation and amortization |
|
|
|
|
|
|
|
|
86,587 |
|
|
76,354 |
|
|
10,233 |
|
|
- - |
|
|
86,587 |
|
| | Depreciation and amortization related to non-real estate assets | | | | | | | | | (4,287 | ) | | (4,287 | ) | | - | | | - | | | (4,287 | ) |
| | Deficit distributions to minority partners | | | | | | | | | 2,650 | | | 2,744 | | | (94 | ) | | - | | | 2,650 | |
| | Gain on disposition of real estate related to unconsolidated entities and other | | | | | | | | | (2,097 | ) | | (1,216 | ) | | (881 | ) | | - | | | (2,097 | ) |
| | Gain on disposition of land | | | | | | | | | 875 | | | 875 | | | - | | | - | | | 875 | |
| | Discontinued operations | | | | | | | | | (9,428 | ) | | (6,611 | ) | | (2,817 | ) | | - | | | (9,428 | ) |
| | Minority interest in Aimco Operating Partnership's share of adjustments | | | | | | | | | (7,917 | ) | | - | | | - | | | (7,917 | ) | | (7,917 | ) |
| | Preferred stock dividends | | | | | | | | | (21,685 | ) | | - | | | - | | | (21,685 | ) | | (21,685 | ) |
| | Redemption related preferred stock issuance costs | | | | | | | | | (88 | ) | | - | | | - | | | (88 | ) | | (88 | ) |
| | Dividends/distributions on dilutive preferred securities | | | | | | | | | 1,059 | | | - | | | - | | | 1,059 | | | 1,059 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| FFO Attributable to Common Stockholders - Diluted | | | | | | | | | 59,655 | | | 78,549 | | | 19,546 | | | (38,440 | ) | | 59,655 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| |
Capital Replacements |
|
|
|
|
|
|
|
|
(18,269 |
) |
|
(16,169 |
) |
|
(2,100 |
) |
|
- - |
|
|
(18,269 |
) |
| | Impairment loss on investment in unconsolidated real estate partnerships | | | | | | | | | 1,881 | | | 354 | | | 1,527 | | | - | | | 1,881 | |
| | Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | | | �� | | | | | | 477 | | | - | | | 477 | | | - | | | 477 | |
| | Redemption related preferred stock issuance costs | | | | | | | | | 88 | | | - | | | - | | | 88 | | | 88 | |
| | Minority interest in Aimco Operating Partnership's share of adjustments | | | | | | | | | 1,694 | | | - | | | - | | | 1,694 | | | 1,694 | |
| | Dividends/distributions on non-dilutive preferred securities | | | | | | | | | (1,018 | ) | | - | | | - | | | (1,018 | ) | | (1,018 | ) |
| | | | | | | | |
| |
| |
| |
| |
| |
| AFFO Attributable to Common Stockholders - Diluted | | | | | | | | | 44,508 | | | 62,734 | | | 19,450 | | | (37,676 | ) | | 44,508 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| |
Interest expense |
|
|
|
|
|
|
|
|
88,757 |
|
|
71,554 |
|
|
8,465 |
|
|
8,738 |
|
|
88,757 |
|
| | Discontinued operations | | | | | | | | | 65 | | | (1,076 | ) | | (122 | ) | | 1,263 | | | 65 | |
| | Gain on disposition of land | | | | | | | | | (875 | ) | | (875 | ) | | - | | | - | | | (875 | ) |
| | Preferred stock dividends and distributions | | | | | | | | | 21,685 | | | - | | | - | | | 21,685 | | | 21,685 | |
| | Depreciation and amortization related to non-real estate assets | | | | | | | | | 4,287 | | | 4,287 | | | - | | | - | | | 4,287 | |
| | Dividends/distributions on non-dilutive preferred securities | | | | | | | | | (42 | ) | | - | | | - | | | (42 | ) | | (42 | ) |
| | Minority interest in Aimco Operating Partnership | | | | | | | | | (192 | ) | | - | | | - | | | (192 | ) | | (192 | ) |
| | Minority interest in Aimco Operating Partnership's share of adjustments | | | | | | | | | 6,224 | | | - | | | - | | | 6,224 | | | 6,224 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| FCF | | | | | | | | $ | 164,417 | | $ | 136,624 | | $ | 27,793 | | $ | - | | $ | 164,417 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| | FCF Breakdown: | | | | | | | | | | | | | | | | | | | | | | |
| | | Real Estate | | | | | | | | | 161,875 | | | | | | | | | | | | | |
| | | Property management | | | | | | | | | 7,382 | | | | | | | | | | | | | |
| | | Activity and asset management | | | | | | | | | 5,104 | | | | | | | | | | | | | |
| | | Interest income | | | | | | | | | 7,741 | | | | | | | | | | | | | |
| | | Provision for losses on notes receivable | | | | | | | | | (1,180 | ) | | | | | | | | | | | | |
| | | General and administrative expenses | | | | | | | | | (18,407 | ) | | | | | | | | | | | | |
| | | Other income, net | | | | | | | | | 1,902 | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | |
| | Total FCF | | | | | | | | $ | 164,417 | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | |
| | For the Three Months Ended June 30, 2004
| |
| |
| |
| |
| |
|
|---|
| | FFO
| | AFFO
| | FCF
| |
| |
| |
| |
| |
|
|---|
| Reconciliation of Net Income to FFO, AFFO and FCF: | | | | | | | | | | | | | | | | | | | |
Net income |
|
$ |
13,986 |
|
$ |
13,986 |
|
$ |
13,986 |
|
|
|
|
|
|
|
|
|
|
| Total interest expense after minority partners' share | | | - | | | - | | | 88,757 | | | | | | | | | | |
| Dividends on preferred stock | | | (21,685 | ) | | (21,685 | ) | | - | | | | | | | | | | |
| Redemption related preferred stock issuance costs | | | (88 | ) | | - | | | - | | | | | | | | | | |
| Proportionate share of depreciation and amortization | | | 86,587 | | | 86,587 | | | 86,587 | | | | | | | | | | |
| Depreciation and amortization related to non-real estate assets | | | (4,287 | ) | | (4,287 | ) | | - | | | | | | | | | | |
| Gain on disposition of real estate related to unconsolidated entities and other | | | (2,097 | ) | | (2,097 | ) | | (2,097 | ) | | | | | | | | | |
| Gain on disposition of land | | | 875 | | | 875 | | | - | | | | | | | | | | |
| Impairment loss on investment in unconsolidated real estate partnerships | | | - | | | 1,881 | | | 1,881 | | | | | | | | | | |
| Discontinued operations: | | | | | | | | | | | | | | | | | | | |
| | Income from discontinued operations, net | | | - | | | - | | | (8,886 | ) | | | | | | | | | |
| | Depreciation of rental property, net of minority partners' interest | | | 710 | | | 710 | | | - | | | | | | | | | | |
| | Gain on dispositions of real estate, net of minority partners' interest | | | (10,225 | ) | | (10,225 | ) | | - | | | | | | | | | | |
| | Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | | | - | | | 477 | | | - | | | | | | | | | | |
| | Recovery of deficit distributions to minority partners | | | (5 | ) | | (5 | ) | | - | | | | | | | | | | |
| | Income tax arising from disposals | | | 92 | | | 92 | | | - | | | | | | | | | | |
| Deficit distributions to minority partners | | | 2,650 | | | 2,650 | | | 2,650 | | | | | | | | | | |
| Capital Replacements | | | - | | | (18,269 | ) | | (18,269 | ) | | | | | | | | | |
| Dividends/distributions on dilutive preferred securities | | | 1,059 | | | 42 | | | - | | | | | | | | | | |
| Minority interest in Aimco Operating Partnership's share of above adjustments | | | (7,917 | ) | | (6,224 | ) | | - | | | | | | | | | | |
| Minority interest in Aimco Operating Partnership | | | - | | | - | | | (192 | ) | | | | | | | | | |
| | |
| |
| |
| | | | | | | | | | |
| Total | | $ | 59,655 | | $ | 44,508 | | $ | 164,417 | | | | | | | | | | |
| | |
| |
| |
| | | | | | | | | | |
Supplemental Schedule 2(b)
|
Business Component Proportionate Income Statement Presentation
For the Six Months Ended June 30, 2004
(in thousands)
(unaudited)
| | Aimco
GAAP Income
Statement
| | Proportionate
Share of
Unconsolidated
Partnerships
| | Minority
Partners'
Interest
| | Total
Proportionate
Consolidated
Income
Statement
| | Conventional (1)
| | Aimco
Capital (1)
| | Corporate
| | Total
Proportionate
Consolidated
Income
Statement
| |
|---|
| Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Rental and other property revenues (1): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Same store properties (2) | | $ | 593,089 | | | 19,615 | | $ | (90,923 | ) | $ | 521,781 | | $ | 521,781 | | $ | - | | $ | - | | $ | 521,781 | |
| | | Acquisition properties | | | 14,300 | | | 907 | | | (44 | ) | | 15,163 | | | 15,163 | | | - | | | - | | | 15,163 | |
| | | Redevelopment properties | | | 33,803 | | | 792 | | | (5,190 | ) | | 29,405 | | | 29,405 | | | - | | | - | | | 29,405 | |
| | | Disposition properties | | | - | | | 830 | | | - | | | 830 | | | 830 | | | - | | | - | | | 830 | |
| | | Other properties | | | 9,756 | | | 4,425 | | | (2,113 | ) | | 12,068 | | | 12,068 | | | - | | | - | | | 12,068 | |
| | | Affordable properties | | | 64,118 | | | 28,171 | | | (6,201 | ) | | 86,088 | | | - | | | 86,088 | | | - | | | 86,088 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | Total rental and other property revenues | | | 715,066 | | | 54,740 | | | (104,471 | ) | | 665,335 | | | 579,247 | | | 86,088 | | | - | | | 665,335 | |
| |
Property management revenues, primarily from affiliates |
|
|
17,627 |
|
|
- - |
|
|
- - |
|
|
17,627 |
|
|
5,557 |
|
|
12,070 |
|
|
- - |
|
|
17,627 |
|
| | Activity fees and asset management revenues, primarily from affiliates | | | 18,088 | | | - | | | - | | | 18,088 | | | 379 | | | 17,709 | | | - | | | 18,088 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | | Total revenues | | | 750,781 | | | 54,740 | | | (104,471 | ) | | 701,050 | | | 585,183 | | | 115,867 | | | - | | | 701,050 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | Property operating expenses (1): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Same store properties (2) | | | 256,892 | | | 8,880 | | | (41,908 | ) | | 223,864 | | | 223,864 | | | - | | | - | | | 223,864 | |
| | | Acquisition properties | | | 5,844 | | | 683 | | | (29 | ) | | 6,498 | | | 6,498 | | | - | | | - | | | 6,498 | |
| | | Redevelopment properties | | | 17,510 | | | 489 | | | (2,709 | ) | | 15,290 | | | 15,290 | | | - | | | - | | | 15,290 | |
| | | Disposition properties | | | - | | | 549 | | | - | | | 549 | | | 549 | | | - | | | - | | | 549 | |
| | | Other properties | | | 8,203 | | | 3,395 | | | (2,436 | ) | | 9,162 | | | 9,162 | | | - | | | - | | | 9,162 | |
| | | Affordable properties | | | 33,842 | | | 13,201 | | | (3,389 | ) | | 43,654 | | | - | | | 43,654 | | | - | | | 43,654 | |
| | | Casualties | | | (1,694 | ) | | 39 | | | 327 | | | (1,328 | ) | | (1,249 | ) | | (79 | ) | | - | | | (1,328 | ) |
| | | Property management expenses (consolidated properties) | | | 10,087 | | | 3,125 | | | (4,861 | ) | | 8,351 | | | 5,922 | | | 2,429 | | | - | | | 8,351 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | Total property operating expenses | | | 330,684 | | | 30,361 | | | (55,005 | ) | | 306,040 | | | 260,036 | | | 46,004 | | | - | | | 306,040 | |
| |
Property management expenses (unconsolidated and third party properties) |
|
|
4,331 |
|
|
- - |
|
|
- - |
|
|
4,331 |
|
|
1,451 |
|
|
2,880 |
|
|
- - |
|
|
4,331 |
|
| | Activity and asset management expenses | | | 7,027 | | | - | | | - | | | 7,027 | | | - | | | 7,027 | | | - | | | 7,027 | |
| | Depreciation and amortization | | | 182,900 | | | 11,644 | | | (22,963 | ) | | 171,581 | | | 152,240 | | | 19,341 | | | - | | | 171,581 | |
| | General and administrative expenses | | | 37,039 | | | - | | | - | | | 37,039 | | | 23,014 | | | 14,025 | | | - | | | 37,039 | |
| | Other expenses (income), net | | | (1,786 | ) | | 1,583 | | | (3,150 | ) | | (3,353 | ) | | 4,202 | | | (7,555 | ) | | - | | | (3,353 | ) |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | | Total expenses | | | 560,195 | | | 43,588 | | | (81,118 | ) | | 522,665 | | | 440,943 | | | 81,722 | | | - | | | 522,665 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
Operating income |
|
|
190,586 |
|
|
11,152 |
|
|
(23,353 |
) |
|
178,385 |
|
|
144,240 |
|
|
34,145 |
|
|
- - |
|
|
178,385 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | General partner loan interest | | | 10,110 | | | - | | | - | | | 10,110 | | | 8,340 | | | 1,770 | | | - | | | 10,110 | |
| | | Money market and interest bearing accounts | | | 2,717 | | | 741 | | | (76 | ) | | 3,382 | | | 1,379 | | | 2,003 | | | - | | | 3,382 | |
| | | Accretion on discounted notes receivable | | | 2,179 | | | - | | | - | | | 2,179 | | | 1,770 | | | 409 | | | - | | | 2,179 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Total interest income | | | 15,006 | | | 741 | | | (76 | ) | | 15,671 | | | 11,489 | | | 4,182 | | | - | | | 15,671 | |
Recovery of (provision for) losses on notes receivable |
|
|
(1,101 |
) |
|
- - |
|
|
- - |
|
|
(1,101 |
) |
|
167 |
|
|
(1,268 |
) |
|
- - |
|
|
(1,101 |
) |
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | Property debt (primarily non-recourse) | | | (174,489 | ) | | (14,367 | ) | | 28,325 | | | (160,531 | ) | | (142,021 | ) | | (18,510 | ) | | - | | | (160,531 | ) |
| | | Lines of credit | | | (15,567 | ) | | - | | | - | | | (15,567 | ) | | - | | | - | | | (15,567 | ) | | (15,567 | ) |
| | | Interest expense on mandatorily redeemable convertible preferred securities | | | (1,161 | ) | | - | | | - | | | (1,161 | ) | | - | | | - | | | (1,161 | ) | | (1,161 | ) |
| | | Interest expense on mandatorily redeemable convertible preferred securities | | | (491 | ) | | - | | | - | | | (491 | ) | | - | | | - | | | (491 | ) | | (491 | ) |
| | | Capitalized interest | | | 2,297 | | | 2 | | | (237 | ) | | 2,062 | | | 1,640 | | | 422 | | | - | | | 2,062 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Total interest expense | | | (189,411 | ) | | (14,365 | ) | | 28,088 | | | (175,688 | ) | | (140,381 | ) | | (18,088 | ) | | (17,219 | ) | | (175,688 | ) |
Deficit distributions to minority partners |
|
|
(7,088 |
) |
|
- - |
|
|
- - |
|
|
(7,088 |
) |
|
(6,143 |
) |
|
(945 |
) |
|
- - |
|
|
(7,088 |
) |
| Equity in losses of unconsolidated real estate partnerships | | | (2,472 | ) | | 2,472 | | | - | | | - | | | - | | | - | | | - | | | - | |
| Impairment loss on investment in unconsolidated real estate partnerships | | | (1,733 | ) | | - | | | - | | | (1,733 | ) | | (355 | ) | | (1,378 | ) | | - | | | (1,733 | ) |
| Gain on disposition of real estate related to unconsolidated entities and other | | | 2,080 | | | - | | | - | | | 2,080 | | | (1,847 | ) | | 3,927 | | | - | | | 2,080 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Income before minority interests, discontinued operations and cumulative effect of change in accounting principle | | | 5,867 | | | - | | | 4,659 | | | 10,526 | | | 7,170 | | | 20,575 | | | (17,219 | ) | | 10,526 | |
Minority interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | Minority interest in consolidated real estate partnerships | | | 4,659 | | | - | | | (4,659 | ) | | - | | | - | | | - | | | - | | | - | |
| | Minority interest in Aimco Operating Partnership | | | 464 | | | - | | | - | | | 464 | | | - | | | - | | | 464 | | | 464 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Total minority interests | | | 5,123 | | | - | | | (4,659 | ) | | 464 | | | - | | | - | | | 464 | | | 464 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Income from continuing operations | | | 10,990 | | | - | | | - | | | 10,990 | | | 7,170 | | | 20,575 | | | (16,755 | ) | | 10,990 | |
| |
Income from discontinued operations, net |
|
|
20,981 |
|
|
- - |
|
|
- - |
|
|
20,981 |
|
|
20,699 |
|
|
3,025 |
|
|
(2,743 |
) |
|
20,981 |
|
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Income before cumulative effect of change in accounting principle | | | 31,971 | | | - | | | - | | | 31,971 | | | 27,869 | | | 23,600 | | | (19,498 | ) | | 31,971 | |
Cumulative effect of change in accounting principle |
|
|
(3,957 |
) |
|
- - |
|
|
- - |
|
|
(3,957 |
) |
|
(512 |
) |
|
(3,445 |
) |
|
- - |
|
|
(3,957 |
) |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Net income | | $ | 28,014 | | $ | - | | $ | - | | $ | 28,014 | | $ | 27,357 | | $ | 20,155 | | $ | (19,498 | ) | $ | 28,014 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
- (1)
- see definitions and descriptions in Glossary
- (2)
- Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6c. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco's acquisition of additional partnership interests.
Supplemental Schedule 2(b)
|
Business Component Proportionate Income Statement Presentation
For the Six Months Ended June 30, 2004
(in thousands)
(unaudited)
| | Aimco
GAAP Income
Statement
| | Proportionate
Share of
Unconsolidated
Partnerships
| | Minority
Partners'
Interest
| | Total
Proportionate
Consolidated
Income
Statement
| | Conventional (1)
| | Aimco
Capital (1)
| | Corporate
| | Total
Proportionate
Consolidated
Income
Statement
| |
|---|
| Reconciliation of Net Income to FFO, AFFO and FCF: | | | | | | | | | | | | | | | | | | | | | | |
Net income (see above) |
|
|
|
|
|
|
|
|
28,014 |
|
|
27,357 |
|
|
20,155 |
|
|
(19,498 |
) |
|
28,014 |
|
| |
Proportionate share of depreciation and amortization |
|
|
|
|
|
|
|
|
171,581 |
|
|
152,240 |
|
|
19,341 |
|
|
- - |
|
|
171,581 |
|
| | Depreciation and amortization related to non-real estate assets | | | | | | | | | (9,207 | ) | | (9,207 | ) | | - | | | - | | | (9,207 | ) |
| | Deficit distributions to minority partners | | | | | | | | | 7,088 | | | 6,143 | | | 945 | | | - | | | 7,088 | |
| | Gain on disposition of real estate related to unconsolidated entities and other | | | | | | | | | (2,080 | ) | | 1,847 | | | (3,927 | ) | | - | | | (2,080 | ) |
| | Gain on disposition of land | | | | | | | | | 875 | | | 875 | | | - | | | - | | | 875 | |
| | Cumulative effect of change in account principle | | | | | | | | | 3,957 | | | 512 | | | 3,445 | | | - | | | 3,957 | |
| | Discontinued operations | | | | | | | | | (21,734 | ) | | (18,884 | ) | | (2,849 | ) | | - | | | (21,733 | ) |
| | Minority interest in Aimco Operating Partnership's share of adjustments | | | | | | | | | (16,339 | ) | | - | | | - | | | (16,339 | ) | | (16,339 | ) |
| | Preferred stock dividends and distributions | | | | | | | | | (41,552 | ) | | - | | | - | | | (41,552 | ) | | (41,552 | ) |
| | Redemption related preferred stock issuance costs | | | | | | | | | (88 | ) | | - | | | - | | | (88 | ) | | (88 | ) |
| | Dividends/distributions on dilutive preferred securities | | | | | | | | | 1,688 | | | - | | | - | | | 1,688 | | | 1,688 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| FFO Attributable to Common Stockholders - Diluted | | | | | | | | | 122,203 | | | 160,882 | | | 37,110 | | | (75,789 | ) | | 122,203 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| |
Capital Replacements |
|
|
|
|
|
|
|
|
(30,469 |
) |
|
(26,113 |
) |
|
(4,356 |
) |
|
- - |
|
|
(30,469 |
) |
| | Impairment loss on investment in unconsolidated real estate partnerships | | | | | | | | | 1,733 | | | 355 | | | 1,378 | | | - | | | 1,733 | |
| | Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | | | | | | | | | 491 | | | - | | | 491 | | | - | | | 491 | |
| | Redemption related preferred stock issuance costs | | | | | | | | | 88 | | | - | | | - | | | 88 | | | 88 | |
| | Minority interest in Aimco Operating Partnership's share of adjustments | | | | | | | | | 3,057 | | | - | | | - | | | 3,057 | | | 3,057 | |
| | Dividends/distributions on non-dilutive preferred securities | | | | | | | | | (1,605 | ) | | - | | | - | | | (1,605 | ) | | (1,605 | ) |
| | | | | | | | |
| |
| |
| |
| |
| |
| AFFO Attributable to Common Stockholders - Diluted | | | | | | | | | 95,498 | | | 135,124 | | | 34,623 | | | (74,249 | ) | | 95,498 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| |
Interest expense |
|
|
|
|
|
|
|
|
175,688 |
|
|
140,381 |
|
|
18,088 |
|
|
17,219 |
|
|
175,688 |
|
| | Discontinued operations | | | | | | | | | 262 | | | (1,814 | ) | | (667 | ) | | 2,743 | | | 262 | |
| | Gain on disposition of land | | | | | | | | | (875 | ) | | (875 | ) | | - | | | - | | | (875 | ) |
| | Preferred stock dividends and distributions | | | | | | | | | 41,552 | | | - | | | - | | | 41,552 | | | 41,552 | |
| | Depreciation and amortization related to non-real estate assets | | | | | | | | | 9,207 | | | 9,207 | | | - | | | - | | | 9,207 | |
| | Dividends/distributions on non-dilutive preferred securities | | | | | | | | | (83 | ) | | - | | | - | | | (83 | ) | | (83 | ) |
| | Minority interest in Aimco Operating Partnership | | | | | | | | | (464 | ) | | - | | | - | | | (464 | ) | | (464 | ) |
| | Minority interest in Aimco Operating Partnership's share of adjustments | | | | | | | | | 13,282 | | | - | | | - | | | 13,282 | | | 13,282 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| FCF | | | | | | | | $ | 334,067 | | $ | 282,023 | | $ | 52,044 | | $ | - | | $ | 334,067 | |
| | | | | | | | |
| |
| |
| |
| |
| |
| | FCF Breakdown: | | | | | | | | | | | | | | | | | | | | | | |
| | | Real Estate | | | | | | | | | 328,826 | | | | | | | | | | | | | |
| | | Property management | | | | | | | | | 13,296 | | | | | | | | | | | | | |
| | | Activity and asset management | | | | | | | | | 11,061 | | | | | | | | | | | | | |
| | | Interest income | | | | | | | | | 15,671 | | | | | | | | | | | | | |
| | | Provision for losses on notes receivable | | | | | | | | | (1,101 | ) | | | | | | | | | | | | |
| | | General and administrative expenses | | | | | | | | | (37,039 | ) | | | | | | | | | | | | |
| | | Other income, net | | | | | | | | | 3,353 | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | |
| | Total FCF | | | | | | | | $ | 334,067 | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | |
| | For the Six Months Ended June 30, 2004
| |
| |
| |
| |
| |
|
|---|
| | FFO
| | AFFO
| | FCF
| |
| |
| |
| |
| |
|
|---|
| Reconciliation of Net Income to FFO, AFFO and FCF: | | | | | | | | | | | | | | | | | | | |
Net income |
|
$ |
28,014 |
|
$ |
28,014 |
|
$ |
28,014 |
|
|
|
|
|
|
|
|
|
|
| Total interest expense after minority partners' share | | | - | | | - | | | 175,688 | | | | | | | | | | |
| Dividends on preferred stock | | | (41,552 | ) | | (41,552 | ) | | - | | | | | | | | | | |
| Redemption related preferred stock issuance costs | | | (88 | ) | | - | | | - | | | | | | | | | | |
| Proportionate share of depreciation and amortization | | | 171,581 | | | 171,581 | | | 171,581 | | | | | | | | | | |
| Depreciation and amortization related to non-real estate assets | | | (9,207 | ) | | (9,207 | ) | | - | | | | | | | | | | |
| Gain on disposition of real estate related to unconsolidated entities and other | | | (2,080 | ) | | (2,080 | ) | | (2,080 | ) | | | | | | | | | |
| Gain on disposition of land | | | 875 | | | 875 | | | - | | | | | | | | | | |
| Impairment loss on investment in unconsolidated real estate partnerships | | | - | | | 1,733 | | | 1,733 | | | | | | | | | | |
| Cumulative effect of change in accounting principle | | | 3,957 | | | 3,957 | | | 3,957 | | | | | | | | | | |
| Discontinued operations: | | | | | | | | | | | | | | | | | | | |
| | Income from discontinued operations, net | | | - | | | - | | | (20,981 | ) | | | | | | | | | |
| | Depreciation of rental property, net of minority partners' interest | | | 2,380 | | | 2,380 | | | - | | | | | | | | | | |
| | Gain on dispositions of real estate, net of minority partners' interest | | | (21,585 | ) | | (21,585 | ) | | - | | | | | | | | | | |
| | Impairment loss on real estate assets sold or held for sale, net of minority partners' interest | | | - | | | 491 | | | - | | | | | | | | | | |
| | Recovery of deficit distributions to minority partners | | | (3,318 | ) | | (3,318 | ) | | - | | | | | | | | | | |
| | Income tax arising from disposals | | | 789 | | | 789 | | | - | | | | | | | | | | |
| Deficit distributions to minority partners | | | 7,088 | | | 7,088 | | | 7,088 | | | | | | | | | | |
| Capital Replacements | | | - | | | (30,469 | ) | | (30,469 | ) | | | | | | | | | |
| Dividends/distributions on dilutive preferred securities | | | 1,688 | | | 83 | | | - | | | | | | | | | | |
| Minority interest in Aimco Operating Partnership's share of above adjustments | | | (16,339 | ) | | (13,282 | ) | | - | | | | | | | | | | |
| Minority interest in Aimco Operating Partnership | | | - | | | - | | | (464 | ) | | | | | | | | | |
| | |
| |
| |
| | | | | | | | | | |
| Total | | $ | 122,203 | | $ | 95,498 | | $ | 334,067 | | | | | | | | | | |
| | |
| |
| |
| | | | | | | | | | |
Business Component Proportionate Balance Sheet Presentation
As of June 30, 2004 (in thousands)
(unaudited)
| | Consolidated
GAAP
Balance Sheet
As of
June 30, 2004
| | Proportionate
Share of
Unconsolidated
Partnerships [a]
| | Minority
Partners'
Interest [b]
| | Proportionate
Consolidated
Balance
Sheet [c]
| | Conventional
| | Aimco
Capital
| | Corporate
| | Proportionate
Consolidated
Balance
Sheet [c]
| |
|---|
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
| Buildings and improvements | | $ | 8,746,119 | | $ | 562,979 | | $ | (1,355,614 | ) | $ | 7,953,484 | | $ | 7,164,924 | | $ | 788,560 | | $ | - | | $ | 7,953,484 | |
| Land | | | 2,177,716 | | | 76,867 | | | (134,505 | ) | | 2,120,078 | | | 1,989,112 | | | 130,966 | | | - | | | 2,120,078 | |
| Accumulated depreciation | | | (1,976,291 | ) | | (130,925 | ) | | 603,602 | | | (1,503,614 | ) | | (1,341,722 | ) | | (161,892 | ) | | - | | | (1,503,614 | ) |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | TOTAL REAL ESTATE | | | 8,947,544 | | | 508,921 | | | (886,517 | ) | | 8,569,948 | | | 7,812,314 | | | 757,634 | | | - | | | 8,569,948 | |
Cash and cash equivalents |
|
|
90,619 |
|
|
16,935 |
|
|
(23,394 |
) |
|
84,160 |
|
|
61,104 |
|
|
23,056 |
|
|
- - |
|
|
84,160 |
|
| Restricted cash | | | 285,586 | | | 42,565 | | | (44,914 | ) | | 283,237 | | | 193,247 | | | 89,990 | | | - | | | 283,237 | |
| Accounts receivable | | | 58,703 | | | 3,642 | | | - | | | 62,345 | | | 26,011 | | | 36,334 | | | - | | | 62,345 | |
| Accounts receivable from affiliates | | | 69,357 | | | - | | | - | | | 69,357 | | | 34,763 | | | 34,594 | | | - | | | 69,357 | |
| Deferred financing costs | | | 74,159 | | | - | | | - | | | 74,159 | | | 67,244 | | | 6,915 | | | - | | | 74,159 | |
| Notes receivable from unconsolidated real estate partnerships | | | 143,685 | | | - | | | - | | | 143,685 | | | 88,896 | | | 54,789 | | | - | | | 143,685 | |
| Notes receivable from non-affiliates | | | 59,933 | | | - | | | - | | | 59,933 | | | 23,731 | | | 36,202 | | | - | | | 59,933 | |
| Investment in unconsolidated real estate partnerships | | | 180,392 | | | (156,972 | ) | | - | | | 23,420 | | | 24,941 | | | (1,521 | ) | | - | | | 23,420 | |
| Other assets | | | 343,924 | [d] | | 20,654 | | | - | | | 364,578 | | | 307,277 | | | 57,301 | | | - | | | 364,578 | |
| Assets held for sale | | | 105,289 | | | - | | | - | | | 105,289 | | | 78,753 | | | 26,536 | | | - | | | 105,289 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | TOTAL ASSETS | | $ | 10,359,191 | | $ | 435,745 | | $ | (954,825 | ) | $ | 9,840,111 | | $ | 8,718,281 | | $ | 1,121,830 | | $ | - | | $ | 9,840,111 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
| Secured tax-exempt bond financing | | $ | 1,229,367 | | $ | 28,786 | | $ | (83,755 | ) | $ | 1,174,398 | | $ | 1,164,758 | | $ | 9,640 | | $ | - | | $ | 1,174,398 | |
| Secured notes payable | | | 4,541,102 | | | 327,470 | | | (748,566 | ) | | 4,120,006 | | | 3,535,054 | | | 584,952 | | | - | | | 4,120,006 | |
| Mandatorily redeemable preferred securities | | | 15,019 | | | - | | | - | | | 15,019 | | | - | | | - | | | 15,019 | | | 15,019 | |
| Term loans | | | 343,000 | | | - | | | - | | | 343,000 | | | - | | | - | | | 343,000 | | | 343,000 | |
| Credit facility | | | 285,600 | | | - | | | - | | | 285,600 | | | - | | | - | | | 285,600 | | | 285,600 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | TOTAL INDEBTEDNESS | | | 6,414,088 | | | 356,256 | | | (832,321 | ) | | 5,938,023 | | | 4,699,812 | | | 594,592 | | | 643,619 | | | 5,938,023 | |
Accounts payable |
|
|
40,965 |
|
|
79,489 |
|
|
- - |
|
|
120,454 |
|
|
73,594 |
|
|
46,860 |
|
|
- - |
|
|
120,454 |
|
| Accrued liabilities and other | | | 407,384 | | | - | | | - | | | 407,384 | | | 317,856 | | | 89,528 | | | - | | | 407,384 | |
| Deferred income | | | 31,245 | | | - | | | - | | | 31,245 | | | 25,344 | | | 5,901 | | | - | | | 31,245 | |
| Security deposits | | | 40,615 | | | - | | | - | | | 40,615 | | | 37,041 | | | 3,574 | | | - | | | 40,615 | |
| Deferred income taxes payable | | | 18,235 | | | - | | | - | | | 18,235 | | | 18,235 | | | - | | | - | | | 18,235 | |
| Liabilities related to assets held for sale | | | 83,871 | | | - | | | - | | | 83,871 | | | 67,966 | | | 15,905 | | | - | | | 83,871 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| | TOTAL LIABILITIES | | | 7,036,403 | | | 435,745 | | | (832,321 | ) | | 6,639,827 | | | 5,239,848 | | | 756,360 | | | 643,619 | | | 6,639,827 | |
| | |
| |
| |
| |
| |
| |
| |
| |
| |
| Minority interest in consolidated real estate partnerships | | | 210,285 | | | - | | | (122,504 | ) | | 87,781 | | | 89,501 | | | (1,720 | ) | | - | | | 87,781 | |
Minority interest in Aimco Operating Partnership |
|
|
269,719 |
|
|
- - |
|
|
- - |
|
|
269,719 |
|
|
- - |
|
|
- - |
|
|
269,719 |
|
|
269,719 |
|
| | | | | |
| |
| |
| |
| |
| |
| |
| |
| | NET OPERATING ASSETS | | | | | $ | - | | $ | - | | $ | 2,842,784 | | $ | 3,388,932 | | $ | 367,190 | | $ | (913,338 | ) | $ | 2,842,784 | |
| | | | | |
| |
| |
| |
| |
| |
| |
| |
| STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Class A Common Stock | | | 946 | | | | | | | | | | | | | | | | | | | | | | |
| | Additional paid-in capital | | | 3,069,095 | | | | | | | | | | | | | | | | | | | | | | |
| | Perpetual preferred stock | | | 755,250 | | | | | | | | | | | | | | | | | | | | | | |
| | Convertible preferred stock | | | 200,000 | | | | | | | | | | | | | | | | | | | | | | |
| | Distributions in excess of earnings | | | (1,121,842 | ) | | | | | | | | | | | | | | | | | | | | | |
| | Unvested restricted stock | | | (21,018 | ) | | | | | | | | | | | | | | | | | | | | | |
| | Notes due on common stock purchases | | | (39,647 | ) | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | TOTAL STOCKHOLDERS' EQUITY | | | 2,842,784 | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 10,359,191 | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | | | | | | | | | | | |
- [a]
- Total of Aimco's proportionate share of selected unconsolidated balance sheet data.
- [b]
- Total of minority partners' share of selected balance sheet data. Additionally, minority partners' share of notes receivable is $80.2 million
- [c]
- Aimco's proportionate consolidated balance sheet, which includes the GAAP balance sheet as of June 30, 2004, plus Aimco's proportionate share of selected unconsolidated and less minority partners' share of selected balance sheet data.
- [d]
- Other assets includes $99.1 million related to goodwill and $21.1 million related to investment in management contracts.
Share Data
As of June 30, 2004
(in thousands)
(unaudited)
| | Coupon
| | Amount
| | Shares/Units
Outstanding
at June 30, 2004
| | Current Quarter
Weighted Average
Outstanding Shares
(EPS)
| | Current Quarter
Weighted Average
Outstanding Shares
(FFO)
| | Current Quarter
Weighted Average
Outstanding Shares
(AFFO)
|
|---|
| Class A Common Stock | | | | | | | 94,631 | | 93,065 | (1) | 93,065 | | 93,065 |
| Common stock equivalents | | | | | | | - | | - | | 15 | | 15 |
| Common Partnership Units and equivalents | | | | | | | 11,010 | | - | | - | | - |
| | | | | | | |
| |
| |
| |
|
| | Total | | | | | | | 105,641 | | 93,065 | | 93,080 | | 93,080 |
| | | | | | | |
| |
| |
| |
|
Perpetual Preferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class D | | 8.75 | % | $ | 67,500 | | 2,700 | | - | | - | | - |
| Class G | | 9.375 | % | | 101,250 | | 4,050 | | - | | - | | - |
| Class Q | | 10.10 | % | | 63,250 | | 2,530 | | - | | - | | - |
| Class R | | 10.00 | % | | 173,500 | | 6,940 | | - | | - | | - |
| Class T | | 8.00 | % | | 150,000 | | 6,000 | | | | | | |
| Class U | | 7.75 | % | | 200,000 | | 8,000 | | - | | - | | - |
| | | | |
| |
| |
| |
| |
|
| Total perpetual | | | | $ | 755,500 | | 30,220 | | - | | - | | - |
| | | | |
| |
| |
| |
| |
|
Convertible Preferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class N | | 9.00 | % | | 100,000 | | 4,000 | (2) | - | | - | | - |
| Class O | | 9.00 | % | | 100,000 | | 1,905 | | - | | - | | - |
| | | | |
| |
| |
| |
| |
|
| | | | | | 200,000 | | 5,905 | | - | | - | | - |
Preferred Partnership Units |
|
8.76 |
% |
|
90,835 |
|
3,322 |
|
- - |
|
1,794 |
|
94 |
| | | | |
| |
| |
| |
| |
|
| | Total convertible | | | | $ | 290,835 | | 9,227 | | - | | 1,794 | | 94 |
| | | | |
| |
| |
| |
| |
|
| Total preferred securities | | | | $ | 1,046,335 | | 39,447 | | - | | 1,794 | | 94 |
| | | | |
| |
| |
| |
| |
|
| Mandatorily redeemable convertible securities | | 6.50 | % | $ | 15,019 | | 300 | | - | | - | | - |
| | | | |
| |
| |
| |
| |
|
| Total common, common equivalents and dilutive securities | | | | | | | | | 93,065 | | 94,874 | | 93,174 |
| | | | | | | | | |
| |
| |
|
- (1)
- Includes a deduction of 1,272 for non-recourse shares and unvested restricted stock
- (2)
- Conversion ratio for Class N is 0.4762
Selected Debt Structure and Maturity Data
As of June 30, 2004
(dollars in thousands)
(unaudited)
I. Debt Balances and Data
Debt
| | Consolidated
| | Proportionate Share
of Unconsolidated
| | Minority Interest
| | Total Aimco
Share
| | Weighted
Average Maturity
| | Weighted
Average Rate
| |
|---|
| Property Debt: | | | | | | | | | | | | | | | | | |
Conventional Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed rate secured notes payable |
|
$ |
3,760,679 |
|
$ |
128,789 |
|
$ |
(627,033 |
) |
$ |
3,262,435 |
|
13.2 |
|
7.05 |
% |
| | Floating rate secured notes payable | | | 319,912 | | | 4,107 | | | (51,399 | ) | | 272,620 | | 12.5 | | 2.54 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total secured notes payable: | | | 4,080,591 | | | 132,896 | | | (678,432 | ) | | 3,535,055 | | 13.2 | | 6.70 | % |
| |
Fixed rate tax-exempt bonds |
|
|
328,072 |
|
|
10,564 |
|
|
(9,806 |
) |
|
328,830 |
|
15.9 |
|
5.81 |
% |
| | Floating rate tax-exempt bonds | | | 855,705 | | | 10,607 | | | (30,384 | ) | | 835,928 | | 11.2 | | 2.21 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total tax-exempt bonds: | | | 1,183,777 | | | 21,171 | | | (40,190 | ) | | 1,164,758 | | 12.6 | | 3.23 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total Property Debt on Conventional Portfolio | | | 5,264,368 | | | 154,067 | | | (718,622 | ) | | 4,699,813 | | 13.0 | | 5.84 | % |
| | |
| |
| |
| |
| |
| |
| |
Affordable Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | Fixed rate secured notes payable | | | 450,234 | | | 186,253 | | | (70,134 | ) | | 566,353 | | 17.8 | | 6.21 | % |
| | Floating rate secured notes payable | | | 10,277 | | | 8,321 | | | - | | | 18,598 | | 9.0 | | 3.34 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total secured notes payable: | | | 460,511 | | | 194,574 | | | (70,134 | ) | | 584,951 | | 17.6 | | 6.12 | % |
| |
Fixed rate tax-exempt bonds |
|
|
45,590 |
|
|
6,032 |
|
|
(43,565 |
) |
|
8,057 |
|
25.4 |
|
7.79 |
% |
| | Floating rate tax-exempt bonds | | | - | | | 1,583 | | | - | | | 1,583 | | 10.2 | | 2.01 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total tax-exempt bonds: | | | 45,590 | | | 7,615 | | | (43,565 | ) | | 9,640 | | 22.9 | | 7.45 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total Property Debt on Affordable Portfolio | | | 506,101 | | | 202,189 | | | (113,699 | ) | | 594,591 | | 17.6 | | 6.14 | % |
| | |
| |
| |
| |
| |
| |
| |
| Total Property Debt (1) | | $ | 5,770,469 | | $ | 356,256 | | $ | (832,321 | ) | $ | 5,294,404 | | 13.5 | | 5.87 | % |
| | |
| |
| |
| |
| |
| |
| |
Corporate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans |
|
$ |
343,000 |
|
$ |
- - |
|
$ |
- - |
|
$ |
343,000 |
|
- - |
|
4.22 |
%(2) |
| Credit Facility | | | 285,600 | | | - | | | - | | | 285,600 | | - | | 4.45 | %(2) |
| | |
| |
| |
| |
| |
| |
| |
| Total Corporate Debt | | $ | 628,600 | | $ | - | | $ | - | | $ | 628,600 | | - | | 4.33 | % |
| | |
| |
| |
| |
| |
| |
| |
Mandatorily Redeemable Securities |
|
$ |
15,019 |
|
$ |
- - |
|
$ |
- - |
|
$ |
15,019 |
|
- - |
|
6.50 |
% |
| | |
| |
| |
| |
| |
| |
| |
| Total Debt | | $ | 6,414,088 | | $ | 356,256 | | $ | (832,321 | ) | $ | 5,938,023 | | - | | 5.72 | % |
| | |
| |
| |
| |
| |
| |
| |
- (1)
- At June 30, 2004, Aimco's consolidated property debt includes 139 non-recourse loans with a carrying value in excess of 90% of the carrying value of the related collateral real estate assets. Such property debt and real estate assets reported in the consolidated balance sheet total $1,138 million and $1,077 million, respectively, at June 30, 2004. As a result of appreciation in real estate market values, the fair value of our real estate assets typically exceeds the related carrying value.
- (2)
- Effective in May 2004, the LIBOR spread on Aimco's credit facility and term loans increased 25 basis points from 285 to 310.
II. Debt Maturities
Consolidated Property Debt
| | Amortization
| | Maturities
| | Total
| | Percent
of Total
| | Average
Rate
| |
|---|
| 2004 (remaining) | | $ | 92,864 | | $ | 49,264 | | $ | 142,128 | | 2.5 | % | 6.97 | % |
| 2005 | | | 179,003 | | | 135,305 | | | 314,308 | | 5.4 | % | 6.39 | % |
| 2006 | | | 160,840 | | | 368,938 | | | 529,778 | | 9.2 | % | 5.88 | % |
| 2007 | | | 162,334 | | | 247,200 | | | 409,534 | | 7.1 | % | 2.56 | % |
| 2008 | | | 162,936 | | | 164,644 | | | 327,580 | | 5.7 | % | 5.04 | % |
| Thereafter | | | | | | | | | 4,047,141 | | 70.1 | % | | |
| | |
| |
| |
| |
| | | |
| Total Property Debt: | | $ | 757,977 | | $ | 965,351 | | $ | 5,770,469 | | 100.0 | % | | |
| | |
| |
| |
| |
| | | |
Corporate Debt
| | Amortization
| | Maturities
| | Total
| | Percent
of Total
| | Average
Rate
| |
|---|
| 2005 | | $ | - | | $ | 378,600 | | $ | 378,600 | | 60.2 | % | 4.39 | % |
| 2008 | | | - | | | 250,000 | | | 250,000 | | 39.8 | % | 4.23 | % |
| | |
| |
| |
| |
| | | |
| Total Corporate Debt: | | $ | - | | $ | 628,600 | | $ | 628,600 | | 100.0 | % | | |
| | |
| |
| |
| |
| | | |
Supplemental Schedule 5 (Continued)
|
Selected Debt Structure and Maturity Data
As of June 30, 2004
(dollars in thousands)
(unaudited)
III. Loan Closings
SECOND QUARTER LOAN CLOSINGS
Mortgage Type (all non-recourse)
| | Original
Loan
Amount
| | New
Loan
Amount
| | Aimco
Share
Original Loan
| | Aimco
Share
New Loan
| | Aimco
Net
Proceeds (1)
| | Prior
Rate
| | New
Rate
| |
|---|
| Refinancings: | | | | | | | | | | | | | | | | | | | | |
Fixed Rate |
|
$ |
24.7 |
|
$ |
25.9 |
|
$ |
13.8 |
|
$ |
14.4 |
|
$ |
0.6 |
|
7.95 |
% |
7.64 |
% |
| Floating Rate | | | - | | | 8.2 | | | - | | | 4.6 | | | 4.5 | | - | | 3.99 | % |
| Tax-Exempt Bonds | | | 40.5 | | | 40.5 | | | 40.6 | | | 40.5 | | | (0.1 | ) | 6.43 | % | 1.74 | % |
| Affordable Mark-to-Market and other | | | 28.8 | | | 37.0 | | | 15.0 | | | 21.6 | | | 3.9 | | 10.66 | % | 3.47 | % |
| | |
| |
| |
| |
| |
| |
| |
| |
| Totals | | $ | 94.0 | | $ | 111.6 | | $ | 69.4 | | $ | 81.1 | | $ | 8.9 | | 8.12 | % | 3.85 | % |
| | |
| |
| |
| |
| |
| |
| |
| |
YEAR-TO-DATE LOAN CLOSINGS
Mortgage Type (all non-recourse)
| | Original
Loan
Amount
| | New
Loan
Amount
| | Aimco
Share
Original Loan
| | Aimco
Share
New Loan
| | Aimco
Net
Proceeds (1)
| | Prior
Rate
| | New
Rate
| |
|---|
| Refinancings: | | | | | | | | | | | | | | | | | | | | |
Fixed Rate |
|
$ |
24.7 |
|
$ |
41.3 |
|
$ |
13.8 |
|
$ |
26.3 |
|
$ |
11.4 |
|
7.95 |
% |
6.47 |
% |
| Floating Rate | | | 11.7 | | | 19.5 | | | 8.9 | | | 12.9 | | | 4.3 | | 8.15 | % | 4.17 | % |
| Tax-Exempt Bonds | | | 75.8 | | | 97.6 | | | 62.6 | | | 62.5 | | | 5.9 | | 6.97 | % | 3.82 | % |
| Affordable Mark-to-Market and other | | | 57.3 | | | 108.1 | | | 28.3 | | | 55.2 | | | 24.0 | | 9.50 | % | 3.56 | % |
Loans relating to acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
|
- - |
|
|
12.2 |
|
|
- - |
|
|
12.2 |
|
|
12.1 |
|
- - |
|
5.38 |
% |
| Floating Rate | | | - | | | 88.1 | | | - | | | 88.1 | | | 87.4 | | - | | 2.60 | % |
| | |
| |
| |
| |
| |
| |
| |
| |
| Totals | | $ | 169.5 | | $ | 366.8 | | $ | 113.6 | | $ | 257.2 | | $ | 145.1 | | 8.05 | % | 3.82 | % |
| | |
| |
| |
| |
| |
| |
| |
| |
- (1)
- Aimco net proceeds is after transaction costs
IV. Capitalization
| | At
December 31, 2003
| | Percent
of Total
| | At
March 31, 2004
| | Percent
of Total
| | At
June 30, 2004
| | Percent
of Total
| |
|---|
| Corporate debt | | $ | 435 | | 4 | % | $ | 471 | | 5 | % | $ | 629 | | 6 | % |
Property debt (Aimco's share) |
|
|
5,315 |
|
53 |
% |
|
5,380 |
|
53 |
% |
|
5,294 |
|
53 |
% |
Mandatorily redeemable securities |
|
|
114 |
|
1 |
% |
|
15 |
|
0 |
% |
|
15 |
|
0 |
% |
| | |
| |
| |
| |
| |
| |
| |
| | Total Debt | | | 5,864 | | | | | 5,866 | | | | | 5,938 | | | |
Less: Cash and restricted cash |
|
|
(363 |
) |
- -3 |
% |
|
(396 |
) |
- -3 |
% |
|
(367 |
) |
- -4 |
% |
| | |
| |
| |
| |
| |
| |
| |
| | Net Debt | | | 5,501 | | 55 | % | | 5,470 | | 55 | % | | 5,571 | | 56 | % |
Preferred equity |
|
|
946 |
|
9 |
% |
|
1,146 |
|
12 |
% |
|
1,046 |
|
11 |
% |
Common equity at market (2) |
|
|
3,641 |
|
36 |
% |
|
3,271 |
|
33 |
% |
|
3,287 |
|
33 |
% |
| | |
| |
| |
| |
| |
| |
| |
| | Total Capitalization | | $ | 10,088 | | 100 | % | $ | 9,887 | | 100 | % | $ | 9,904 | | 100 | % |
| | |
| |
| |
| |
| |
| |
| |
- (2)
- Common equity at market at June 30, 2004 was calculated using 105.6 million shares of Class A Common Stock and common Partnership Units outstanding multiplied by the closing price of $31.13 per share/unit, as of June 30, 2004
V. Ratings on Preferred Securities
| Moody's Investor Service | | Ba3 (negative outlook) |
| Standard and Poors | | B+ (negative outlook) |
| Fitch | | BB+ (negative outlook) |
Supplemental Schedule 6(a)
|
Same Store Sales
Second Quarter 2004 versus Second Quarter 2003
(unaudited) (in thousands, except site and unit data)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| | Change Three Months Ended June 30, 2004
From June 30, 2003
| |
|---|
| |
| |
| |
| | Three Months Ended
June 30, 2004
| | Three Months Ended
June 30, 2003
| |
|---|
| |
| |
| |
| | Revenue
| | Expenses
| | NOI
| |
|---|
| | Sites
| | Units
| | Owner%
| | REV
| | EXP
| | NOI
| | REV
| | EXP
| | NOI
| | Amt
| | %
| | Amt
| | %
| | Amt
| | %
| |
|---|
| |
| |
| |
| |
| |
| |
|---|
| Northeast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Baltimore | | 11 | | 2,044 | | 83.73 | % | 4,463 | | 1,674 | | 2,789 | | 4,468 | | 1,544 | | 2,924 | | (5 | ) | -0.1 | % | 130 | | 8.4 | % | (135 | ) | -4.6 | % |
| | | New England | | 14 | | 5,385 | | 96.81 | % | 16,150 | | 5,891 | | 10,259 | | 17,122 | | 5,502 | | 11,620 | | (972 | ) | -5.7 | % | 389 | | 7.1 | % | (1,361 | ) | -11.7 | % |
| | | Philadelphia | | 12 | | 5,734 | | 79.46 | % | 14,169 | | 5,342 | | 8,827 | | 13,618 | | 5,323 | | 8,295 | | 551 | | 4.0 | % | 19 | | 0.4 | % | 532 | | 6.4 | % |
| | | Washington | | 28 | | 12,458 | | 83.53 | % | 29,980 | | 10,712 | | 19,268 | | 30,145 | | 9,600 | | 20,545 | | (165 | ) | -0.5 | % | 1,112 | | 11.6 | % | (1,277 | ) | -6.2 | % |
| | | Other Markets | | 3 | | 1,367 | | 92.92 | % | 3,061 | | 1,265 | | 1,796 | | 3,058 | | 1,331 | | 1,727 | | 3 | | 0.1 | % | (66 | ) | -5.0 | % | 69 | | 4.0 | % |
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| |
| | | 68 | | 26,988 | | 85.80 | % | 67,823 | | 24,884 | | 42,939 | | 68,411 | | 23,300 | | 45,111 | | (588 | ) | -0.9 | % | 1,584 | | 6.8 | % | (2,172 | ) | -4.8 | % |
| Southeast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Atlanta | | 21 | | 5,931 | | 83.35 | % | 8,277 | | 4,441 | | 3,836 | | 8,179 | | 4,400 | | 3,779 | | 98 | | 1.2 | % | 41 | | 0.9 | % | 57 | | 1.5 | % |
| | | Augusta-Savannah | | 5 | | 1,004 | | 87.19 | % | 1,556 | | 620 | | 936 | | 1,464 | | 652 | | 812 | | 92 | | 6.3 | % | (32 | ) | -4.9 | % | 124 | | 15.3 | % |
| | | Charlotte-Gastonia-Rock Hill | | 11 | | 2,336 | | 87.63 | % | 2,955 | | 1,664 | | 1,291 | | 3,040 | | 1,567 | | 1,473 | | (85 | ) | -2.8 | % | 97 | | 6.2 | % | (182 | ) | -12.4 | % |
| | | Columbia-Charleston | | 9 | | 2,118 | | 72.99 | % | 2,699 | | 1,298 | | 1,401 | | 2,792 | | 1,157 | | 1,635 | | (93 | ) | -3.3 | % | 141 | | 12.2 | % | (234 | ) | -14.3 | % |
| | | Nashville | | 11 | | 3,752 | | 74.08 | % | 4,930 | | 2,014 | | 2,916 | | 5,045 | | 2,061 | | 2,984 | | (115 | ) | -2.3 | % | (47 | ) | -2.3 | % | (68 | ) | -2.3 | % |
| | | Norfolk | | 12 | | 3,565 | | 69.62 | % | 5,970 | | 2,035 | | 3,935 | | 5,687 | | 1,870 | | 3,817 | | 283 | | 5.0 | % | 165 | | 8.8 | % | 118 | | 3.1 | % |
| | | Raleigh-Durham-Chapel Hill | | 10 | | 2,843 | | 71.62 | % | 3,205 | | 1,648 | | 1,557 | | 3,451 | | 1,455 | | 1,996 | | (246 | ) | -7.1 | % | 193 | | 13.3 | % | (439 | ) | -22.0 | % |
| | | Richmond-Petersburg | | 6 | | 1,284 | | 75.21 | % | 2,152 | | 751 | | 1,401 | | 2,163 | | 669 | | 1,494 | | (11 | ) | -0.5 | % | 82 | | 12.3 | % | (93 | ) | -6.2 | % |
| | | Other Markets | | 25 | | 5,282 | | 81.14 | % | 6,494 | | 3,424 | | 3,070 | | 6,883 | | 3,079 | | 3,804 | | (389 | ) | -5.7 | % | 345 | | 11.2 | % | (734 | ) | -19.3 | % |
| | |
| |
| | | 110 | | 28,115 | | 78.11 | % | 38,238 | | 17,895 | | 20,343 | | 38,704 | | 16,910 | | 21,794 | | (466 | ) | -1.2 | % | 985 | | 5.8 | % | (1,451 | ) | -6.7 | % |
| Florida | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Jacksonville | | 6 | | 2,406 | | 75.94 | % | 3,679 | | 1,475 | | 2,204 | | 3,706 | | 1,466 | | 2,240 | | (27 | ) | -0.7 | % | 9 | | 0.6 | % | (36 | ) | -1.6 | % |
| | | Miami-Fort Lauderdale | | 9 | | 2,591 | | 75.44 | % | 4,833 | | 2,159 | | 2,674 | | 4,866 | | 1,869 | | 2,997 | | (33 | ) | -0.7 | % | 290 | | 15.5 | % | (323 | ) | -10.8 | % |
| | | Orlando-Daytona | | 24 | | 6,076 | | 90.38 | % | 10,175 | | 4,891 | | 5,284 | | 10,243 | | 4,782 | | 5,461 | | (68 | ) | -0.7 | % | 109 | | 2.3 | % | (177 | ) | -3.2 | % |
| | | Tampa-St. Petersburg | | 21 | | 5,637 | | 70.83 | % | 7,411 | | 3,356 | | 4,055 | | 7,408 | | 3,226 | | 4,182 | | 3 | | 0.0 | % | 130 | | 4.0 | % | (127 | ) | -3.0 | % |
| | | West Palm Beach-Boca | | 6 | | 1,727 | | 100.00 | % | 3,857 | | 1,715 | | 2,142 | | 4,081 | | 1,590 | | 2,491 | | (224 | ) | -5.5 | % | 125 | | 7.9 | % | (349 | ) | -14.0 | % |
| | | Other Markets | | 1 | | 136 | | 72.97 | % | 197 | | 74 | | 123 | | 205 | | 79 | | 126 | | (8 | ) | -3.9 | % | (5 | ) | -6.3 | % | (3 | ) | -2.4 | % |
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| | | 67 | | 18,573 | | 81.26 | % | 30,152 | | 13,670 | | 16,482 | | 30,509 | | 13,012 | | 17,497 | | (357 | ) | -1.2 | % | 658 | | 5.1 | % | (1,015 | ) | -5.8 | % |
| Midwest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Chicago | | 22 | | 6,323 | | 82.02 | % | 13,754 | | 6,154 | | 7,600 | | 15,019 | | 6,713 | | 8,306 | | (1,265 | ) | -8.4 | % | (559 | ) | -8.3 | % | (706 | ) | -8.5 | % |
| | | Cincinnati-Dayton | | 19 | | 3,733 | | 66.63 | % | 4,469 | | 2,131 | | 2,338 | | 4,813 | | 2,036 | | 2,777 | | (344 | ) | -7.1 | % | 95 | | 4.7 | % | (439 | ) | -15.8 | % |
| | | Columbus | | 9 | | 2,012 | | 66.61 | % | 2,231 | | 971 | | 1,260 | | 2,317 | | 1,001 | | 1,316 | | (86 | ) | -3.7 | % | (30 | ) | -3.0 | % | (56 | ) | -4.3 | % |
| | | Detroit-Ann Arbor | | 8 | | 2,142 | | 65.42 | % | 2,755 | | 1,245 | | 1,510 | | 2,929 | | 1,349 | | 1,580 | | (174 | ) | -5.9 | % | (104 | ) | -7.7 | % | (70 | ) | -4.4 | % |
| | | Grand Rapids-Lansing | | 13 | | 4,734 | | 65.31 | % | 5,261 | | 2,739 | | 2,522 | | 5,818 | | 2,643 | | 3,175 | | (557 | ) | -9.6 | % | 96 | | 3.6 | % | (653 | ) | -20.6 | % |
| | | Indianapolis-Fort Wayne | | 36 | | 12,479 | | 88.60 | % | 16,515 | | 8,232 | | 8,283 | | 17,545 | | 8,302 | | 9,243 | | (1,030 | ) | -5.9 | % | (70 | ) | -0.8 | % | (960 | ) | -10.4 | % |
| | | Kansas City | | 4 | | 953 | | 69.24 | % | 1,178 | | 513 | | 665 | | 1,328 | | 498 | | 830 | | (150 | ) | -11.3 | % | 15 | | 3.0 | % | (165 | ) | -19.9 | % |
| | | Minneapolis-St Paul | | 5 | | 1,430 | | 69.45 | % | 2,789 | | 1,374 | | 1,415 | | 3,536 | | 1,613 | | 1,923 | | (747 | ) | -21.1 | % | (239 | ) | -14.8 | % | (508 | ) | -26.4 | % |
| | | Other Markets | | 12 | | 2,458 | | 51.18 | % | 2,178 | | 942 | | 1,236 | | 2,207 | | 967 | | 1,240 | | (29 | ) | -1.3 | % | (25 | ) | -2.6 | % | (4 | ) | -0.3 | % |
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| |
| | | 128 | | 36,264 | | 75.76 | % | 51,130 | | 24,301 | | 26,829 | | 55,512 | | 25,122 | | 30,390 | | (4,382 | ) | -7.9 | % | (821 | ) | -3.3 | % | (3,561 | ) | -11.7 | % |
| Texas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Austin-San Marcos | | 10 | | 2,217 | | 92.59 | % | 3,276 | | 1,801 | | 1,475 | | 3,517 | | 1,769 | | 1,748 | | (241 | ) | -6.9 | % | 32 | | 1.8 | % | (273 | ) | -15.6 | % |
| | | Dallas-Fort Worth | | 25 | | 6,387 | | 73.07 | % | 6,938 | | 4,199 | | 2,739 | | 7,759 | | 3,918 | | 3,841 | | (821 | ) | -10.6 | % | 281 | | 7.2 | % | (1,102 | ) | -28.7 | % |
| | | Houston-Galveston | | 36 | | 9,570 | | 66.96 | % | 9,791 | | 5,498 | | 4,293 | | 11,156 | | 5,095 | | 6,061 | | (1,365 | ) | -12.2 | % | 403 | | 7.9 | % | (1,768 | ) | -29.2 | % |
| | | San Antonio | | 14 | | 3,269 | | 94.86 | % | 4,599 | | 2,396 | | 2,203 | | 4,693 | | 2,254 | | 2,439 | | (94 | ) | -2.0 | % | 142 | | 6.3 | % | (236 | ) | -9.7 | % |
| | | Other Markets | | 7 | | 1,499 | | 72.96 | % | 1,527 | | 785 | | 742 | | 1,638 | | 711 | | 927 | | (111 | ) | -6.8 | % | 74 | | 10.4 | % | (185 | ) | -20.0 | % |
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| |
| | | 92 | | 22,942 | | 75.50 | % | 26,131 | | 14,679 | | 11,452 | | 28,763 | | 13,747 | | 15,016 | | (2,632 | ) | -9.2 | % | 932 | | 6.8 | % | (3,564 | ) | -23.7 | % |
| West | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Denver - Front Range | | 22 | | 4,743 | | 80.58 | % | 7,384 | | 3,435 | | 3,949 | | 7,596 | | 2,875 | | 4,721 | | (212 | ) | -2.8 | % | 560 | | 19.5 | % | (772 | ) | -16.4 | % |
| | | Las Vegas | | 4 | | 1,250 | | 87.13 | % | 1,909 | | 801 | | 1,108 | | 1,822 | | 765 | | 1,057 | | 87 | | 4.8 | % | 36 | | 4.7 | % | 51 | | 4.8 | % |
| | | Phoenix-Mesa | | 28 | | 7,447 | | 92.21 | % | 10,072 | | 5,314 | | 4,758 | | 10,608 | | 5,746 | | 4,862 | | (536 | ) | -5.1 | % | (432 | ) | -7.5 | % | (104 | ) | -2.1 | % |
| | | Salt Lake City-Ogden | | 4 | | 1,511 | | 83.36 | % | 1,967 | | 844 | | 1,123 | | 2,124 | | 746 | | 1,378 | | (157 | ) | -7.4 | % | 98 | | 13.1 | % | (255 | ) | -18.5 | % |
| | | Seattle | | 4 | | 468 | | 54.52 | % | 550 | | 272 | | 278 | | 515 | | 283 | | 232 | | 35 | | 6.8 | % | (11 | ) | -3.9 | % | 46 | | 19.8 | % |
| | | Tucson | | 3 | | 887 | | 100.00 | % | 1,171 | | 602 | | 569 | | 1,210 | | 541 | | 669 | | (39 | ) | -3.2 | % | 61 | | 11.3 | % | (100 | ) | -14.9 | % |
| | | Other Markets | | 4 | | 760 | | 50.97 | % | 633 | | 321 | | 312 | | 672 | | 301 | | 371 | | (39 | ) | -5.8 | % | 20 | | 6.6 | % | (59 | ) | -15.9 | % |
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| |
| | | 69 | | 17,066 | | 85.35 | % | 23,686 | | 11,589 | | 12,097 | | 24,547 | | 11,257 | | 13,290 | | (861 | ) | -3.5 | % | 332 | | 2.9 | % | (1,193 | ) | -9.0 | % |
| California | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Bay Area | | 6 | | 1,661 | | 57.99 | % | 2,909 | | 1,082 | | 1,827 | | 3,135 | | 1,014 | | 2,121 | | (226 | ) | -7.2 | % | 68 | | 6.7 | % | (294 | ) | -13.9 | % |
| | | Los Angeles-Long Beach-Ventura | | 14 | | 4,132 | | 87.53 | % | 14,580 | | 4,358 | | 10,222 | | 14,659 | | 4,735 | | 9,924 | | (79 | ) | -0.5 | % | (377 | ) | -8.0 | % | 298 | | 3.0 | % |
| | | Orange County-Riverside | | 7 | | 1,611 | | 81.95 | % | 4,596 | | 1,530 | | 3,066 | | 4,495 | | 1,074 | | 3,421 | | 101 | | 2.2 | % | 456 | | 42.5 | % | (355 | ) | -10.4 | % |
| | | Sacramento | | 1 | | 180 | | 22.05 | % | 96 | | 42 | | 54 | | 103 | | 44 | | 59 | | (7 | ) | -6.8 | % | (2 | ) | -4.5 | % | (5 | ) | -8.5 | % |
| | | San Diego | | 7 | | 2,237 | | 93.62 | % | 6,308 | | 1,772 | | 4,536 | | 6,127 | | 1,625 | | 4,502 | | 181 | | 3.0 | % | 147 | | 9.0 | % | 34 | | 0.8 | % |
| | |
| |
| | | 35 | | 9,821 | | 81.81 | % | 28,489 | | 8,784 | | 19,705 | | 28,519 | | 8,492 | | 20,027 | | (30 | ) | -0.1 | % | 292 | | 3.4 | % | (322 | ) | -1.6 | % |
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| | SAME STORE SALES TOTALS | | 569 | | 159,769 | | 79.87 | % | 265,649 | | 115,802 | | 149,847 | | 274,965 | | 111,840 | | 163,125 | | (9,316 | ) | -3.4 | % | 3,962 | | 3.5 | % | (13,278 | ) | -8.1 | % |
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| |
| Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1) | | | | | | | | 95,352 | | 51,902 | | 43,450 | | 78,933 | | 39,040 | | 39,893 | | | | | | | | | | | | | |
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| | | | | | | | | | | | | |
| Total Rental and other property revenues and property operating expense per GAAP Income Statement | | | | | | | | 361,001 | | 167,704 | | 193,297 | | 353,898 | | 150,880 | | 203,018 | | | | | | | | | | | | | |
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| | | | | | | | | | | | | |
- (1)
- Includes: (i) minority partners' share of consolidated less Aimco's share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.
Supplemental Schedule 6(b)
|
Same Store Sales
Second Quarter 2004 versus First Quarter 2004
(unaudited) (in thousands, except site and unit data)
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| | Change Three Months Ended June 30, 2004
From March 31, 2004
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| | Three Months Ended
June 30, 2004
| | Three Months Ended
March 31, 2004
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| | Revenue
| | Expenses
| | NOI
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| | Sites
| | Units
| | Owner%
| | REV
| | EXP
| | NOI
| | REV
| | EXP
| | NOI
| | Amt
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| | Amt
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| Northeast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Baltimore | | 11 | | 2,044 | | 83.73 | % | 4,463 | | 1,674 | | 2,789 | | 4,452 | | 1,747 | | 2,705 | | 11 | | 0.2 | % | (73 | ) | -4.2 | % | 84 | | 3.1 | % |
| | | New England | | 14 | | 5,385 | | 96.81 | % | 16,150 | | 5,891 | | 10,259 | | 15,985 | | 5,801 | | 10,184 | | 165 | | 1.0 | % | 90 | | 1.6 | % | 75 | | 0.7 | % |
| | | Philadelphia | | 12 | | 5,734 | | 79.46 | % | 14,169 | | 5,342 | | 8,827 | | 14,096 | | 5,558 | | 8,538 | | 73 | | 0.5 | % | (216 | ) | -3.9 | % | 289 | | 3.4 | % |
| | | Washington | | 28 | | 12,458 | | 83.53 | % | 29,980 | | 10,712 | | 19,268 | | 29,189 | | 10,909 | | 18,280 | | 791 | | 2.7 | % | (197 | ) | -1.8 | % | 988 | | 5.4 | % |
| | | Other Markets | | 3 | | 1,367 | | 92.92 | % | 3,061 | | 1,265 | | 1,796 | | 3,093 | | 1,553 | | 1,540 | | (32 | ) | -1.0 | % | (288 | ) | -18.5 | % | 256 | | 16.6 | % |
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| |
| | | 68 | | 26,988 | | 85.80 | % | 67,823 | | 24,884 | | 42,939 | | 66,815 | | 25,568 | | 41,247 | | 1,008 | | 1.5 | % | (684 | ) | -2.7 | % | 1,692 | | 4.1 | % |
| Southeast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Atlanta | | 21 | | 5,931 | | 83.35 | % | 8,277 | | 4,441 | | 3,836 | | 8,158 | | 4,647 | | 3,511 | | 119 | | 1.5 | % | (206 | ) | -4.4 | % | 325 | | 9.3 | % |
| | | Augusta-Savannah | | 5 | | 1,004 | | 87.19 | % | 1,556 | | 620 | | 936 | | 1,517 | | 586 | | 931 | | 39 | | 2.6 | % | 34 | | 5.8 | % | 5 | | 0.5 | % |
| | | Charlotte-Gastonia-Rock Hill | | 11 | | 2,336 | | 87.63 | % | 2,955 | | 1,664 | | 1,291 | | 2,994 | | 1,673 | | 1,321 | | (39 | ) | -1.3 | % | (9 | ) | -0.5 | % | (30 | ) | -2.3 | % |
| | | Columbia-Charleston | | 9 | | 2,118 | | 72.99 | % | 2,699 | | 1,298 | | 1,401 | | 2,705 | | 1,197 | | 1,508 | | (6 | ) | -0.2 | % | 101 | | 8.4 | % | (107 | ) | -7.1 | % |
| | | Nashville | | 11 | | 3,752 | | 74.08 | % | 4,930 | | 2,014 | | 2,916 | | 4,973 | | 1,982 | | 2,991 | | (43 | ) | -0.9 | % | 32 | | 1.6 | % | (75 | ) | -2.5 | % |
| | | Norfolk | | 12 | | 3,565 | | 69.62 | % | 5,970 | | 2,035 | | 3,935 | | 5,870 | | 1,904 | | 3,966 | | 100 | | 1.7 | % | 131 | | 6.9 | % | (31 | ) | -0.8 | % |
| | | Raleigh-Durham-Chapel Hill | | 10 | | 2,843 | | 71.62 | % | 3,205 | | 1,648 | | 1,557 | | 3,247 | | 1,421 | | 1,826 | | (42 | ) | -1.3 | % | 227 | | 16.0 | % | (269 | ) | -14.7 | % |
| | | Richmond-Petersburg | | 6 | | 1,284 | | 75.21 | % | 2,152 | | 751 | | 1,401 | | 2,092 | | 723 | | 1,369 | | 60 | | 2.9 | % | 28 | | 3.9 | % | 32 | | 2.3 | % |
| | | Other Markets | | 25 | | 5,282 | | 81.14 | % | 6,494 | | 3,424 | | 3,070 | | 6,614 | | 3,153 | | 3,461 | | (120 | ) | -1.8 | % | 271 | | 8.6 | % | (391 | ) | -11.3 | % |
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| | | 110 | | 28,115 | | 78.11 | % | 38,238 | | 17,895 | | 20,343 | | 38,170 | | 17,286 | | 20,884 | | 68 | | 0.2 | % | 609 | | 3.5 | % | (541 | ) | -2.6 | % |
| Florida | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Jacksonville | | 6 | | 2,406 | | 75.94 | % | 3,679 | | 1,475 | | 2,204 | | 3,743 | | 1,404 | | 2,339 | | (64 | ) | -1.7 | % | 71 | | 5.1 | % | (135 | ) | -5.8 | % |
| | | Miami-Fort Lauderdale | | 9 | | 2,591 | | 75.44 | % | 4,833 | | 2,159 | | 2,674 | | 4,790 | | 1,919 | | 2,871 | | 43 | | 0.9 | % | 240 | | 12.5 | % | (197 | ) | -6.9 | % |
| | | Orlando-Daytona | | 24 | | 6,076 | | 90.38 | % | 10,175 | | 4,891 | | 5,284 | | 10,162 | | 4,586 | | 5,576 | | 13 | | 0.1 | % | 305 | | 6.7 | % | (292 | ) | -5.2 | % |
| | | Tampa-St. Petersburg | | 21 | | 5,637 | | 70.83 | % | 7,411 | | 3,356 | | 4,055 | | 7,286 | | 3,212 | | 4,074 | | 125 | | 1.7 | % | 144 | | 4.5 | % | (19 | ) | -0.5 | % |
| | | West Palm Beach-Boca Raton | | 6 | | 1,727 | | 100.00 | % | 3,857 | | 1,715 | | 2,142 | | 3,984 | | 1,504 | | 2,480 | | (127 | ) | -3.2 | % | 211 | | 14.0 | % | (338 | ) | -13.6 | % |
| | | Other Markets | | 1 | | 136 | | 72.97 | % | 197 | | 74 | | 123 | | 196 | | 77 | | 119 | | 1 | | 0.5 | % | (3 | ) | -3.9 | % | 4 | | 3.4 | % |
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| | | 67 | | 18,573 | | 81.26 | % | 30,152 | | 13,670 | | 16,482 | | 30,161 | | 12,702 | | 17,459 | | (9 | ) | 0.0 | % | 968 | | 7.6 | % | (977 | ) | -5.6 | % |
| Midwest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Chicago | | 22 | | 6,323 | | 82.02 | % | 13,754 | | 6,154 | | 7,600 | | 13,968 | | 6,197 | | 7,771 | | (214 | ) | -1.5 | % | (43 | ) | -0.7 | % | (171 | ) | -2.2 | % |
| | | Cincinnati-Dayton | | 19 | | 3,733 | | 66.63 | % | 4,469 | | 2,131 | | 2,338 | | 4,555 | | 2,046 | | 2,509 | | (86 | ) | -1.9 | % | 85 | | 4.2 | % | (171 | ) | -6.8 | % |
| | | Columbus | | 9 | | 2,012 | | 66.61 | % | 2,231 | | 971 | | 1,260 | | 2,292 | | 970 | | 1,322 | | (61 | ) | -2.7 | % | 1 | | 0.1 | % | (62 | ) | -4.7 | % |
| | | Detroit-Ann Arbor | | 8 | | 2,142 | | 65.42 | % | 2,755 | | 1,245 | | 1,510 | | 2,790 | | 1,272 | | 1,518 | | (35 | ) | -1.3 | % | (27 | ) | -2.1 | % | (8 | ) | -0.5 | % |
| | | Grand Rapids-Lansing | | 13 | | 4,734 | | 65.31 | % | 5,261 | | 2,739 | | 2,522 | | 5,220 | | 2,709 | | 2,511 | | 41 | | 0.8 | % | 30 | | 1.1 | % | 11 | | 0.4 | % |
| | | Indianapolis-Fort Wayne | | 36 | | 12,479 | | 88.60 | % | 16,515 | | 8,232 | | 8,283 | | 17,002 | | 7,777 | | 9,225 | | (487 | ) | -2.9 | % | 455 | | 5.9 | % | (942 | ) | -10.2 | % |
| | | Kansas City | | 4 | | 953 | | 69.24 | % | 1,178 | | 513 | | 665 | | 1,179 | | 790 | | 389 | | (1 | ) | -0.1 | % | (277 | ) | -35.1 | % | 276 | | 71.0 | % |
| | | Minneapolis-St Paul | | 5 | | 1,430 | | 69.45 | % | 2,789 | | 1,374 | | 1,415 | | 2,901 | | 1,542 | | 1,359 | | (112 | ) | -3.9 | % | (168 | ) | -10.9 | % | 56 | | 4.1 | % |
| | | Other Markets | | 12 | | 2,458 | | 51.18 | % | 2,178 | | 942 | | 1,236 | | 2,140 | | 1,039 | | 1,101 | | 38 | | 1.8 | % | (97 | ) | -9.3 | % | 135 | | 12.3 | % |
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| | | 128 | | 36,264 | | 75.76 | % | 51,130 | | 24,301 | | 26,829 | | 52,047 | | 24,342 | | 27,705 | | (917 | ) | -1.8 | % | (41 | ) | -0.2 | % | (876 | ) | -3.2 | % |
| Texas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Austin-San Marcos | | 10 | | 2,217 | | 92.59 | % | 3,276 | | 1,801 | | 1,475 | | 3,478 | | 1,851 | | 1,627 | | (202 | ) | -5.8 | % | (50 | ) | -2.7 | % | (152 | ) | -9.3 | % |
| | | Dallas-Fort Worth | | 25 | | 6,387 | | 73.07 | % | 6,938 | | 4,199 | | 2,739 | | 7,140 | | 3,857 | | 3,283 | | (202 | ) | -2.8 | % | 342 | | 8.9 | % | (544 | ) | -16.6 | % |
| | | Houston-Galveston | | 36 | | 9,570 | | 66.96 | % | 9,791 | | 5,498 | | 4,293 | | 10,060 | | 5,253 | | 4,807 | | (269 | ) | -2.7 | % | 245 | | 4.7 | % | (514 | ) | -10.7 | % |
| | | San Antonio | | 14 | | 3,269 | | 94.86 | % | 4,599 | | 2,396 | | 2,203 | | 4,654 | | 2,211 | | 2,443 | | (55 | ) | -1.2 | % | 185 | | 8.4 | % | (240 | ) | -9.8 | % |
| | | Other Markets | | 7 | | 1,499 | | 72.96 | % | 1,527 | | 785 | | 742 | | 1,591 | | 716 | | 875 | | (64 | ) | -4.0 | % | 69 | | 9.6 | % | (133 | ) | -15.2 | % |
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| | | 92 | | 22,942 | | 75.50 | % | 26,131 | | 14,679 | | 11,452 | | 26,923 | | 13,888 | | 13,035 | | (792 | ) | -2.9 | % | 791 | | 5.7 | % | (1,583 | ) | -12.1 | % |
| West | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Denver - Front Range | | 22 | | 4,743 | | 80.58 | % | 7,384 | | 3,435 | | 3,949 | | 7,159 | | 3,138 | | 4,021 | | 225 | | 3.1 | % | 297 | | 9.5 | % | (72 | ) | -1.8 | % |
| | | Las Vegas | | 4 | | 1,250 | | 87.13 | % | 1,909 | | 801 | | 1,108 | | 1,847 | | 765 | | 1,082 | | 62 | | 3.4 | % | 36 | | 4.7 | % | 26 | | 2.4 | % |
| | | Phoenix-Mesa | | 28 | | 7,447 | | 92.21 | % | 10,072 | | 5,314 | | 4,758 | | 10,319 | | 5,206 | | 5,113 | | (247 | ) | -2.4 | % | 108 | | 2.1 | % | (355 | ) | -6.9 | % |
| | | Salt Lake City-Ogden | | 4 | | 1,511 | | 83.36 | % | 1,967 | | 844 | | 1,123 | | 1,984 | | 765 | | 1,219 | | (17 | ) | -0.9 | % | 79 | | 10.3 | % | (96 | ) | -7.9 | % |
| | | Seattle | | 4 | | 468 | | 54.52 | % | 550 | | 272 | | 278 | | 532 | | 260 | | 272 | | 18 | | 3.4 | % | 12 | | 4.6 | % | 6 | | 2.2 | % |
| | | Tucson | | 3 | | 887 | | 100.00 | % | 1,171 | | 602 | | 569 | | 1,192 | | 563 | | 629 | | (21 | ) | -1.8 | % | 39 | | 6.9 | % | (60 | ) | -9.5 | % |
| | | Other Markets | | 4 | | 760 | | 50.97 | % | 633 | | 321 | | 312 | | 629 | | 301 | | 328 | | 4 | | 0.6 | % | 20 | | 6.6 | % | (16 | ) | -4.9 | % |
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| | | 69 | | 17,066 | | 85.35 | % | 23,686 | | 11,589 | | 12,097 | | 23,662 | | 10,998 | | 12,664 | | 24 | | 0.1 | % | 591 | | 5.4 | % | (567 | ) | -4.5 | % |
| California | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Bay Area | | 6 | | 1,661 | | 57.99 | % | 2,909 | | 1,082 | | 1,827 | | 2,962 | | 1,099 | | 1,863 | | (53 | ) | -1.8 | % | (17 | ) | -1.5 | % | (36 | ) | -1.9 | % |
| | | Los Angeles-Long Beach-Ventura | | 14 | | 4,132 | | 87.53 | % | 14,580 | | 4,358 | | 10,222 | | 14,838 | | 4,544 | | 10,294 | | (258 | ) | -1.7 | % | (186 | ) | -4.1 | % | (72 | ) | -0.7 | % |
| | | Orange County - Riverside | | 7 | | 1,611 | | 81.95 | % | 4,596 | | 1,530 | | 3,066 | | 4,483 | | 1,607 | | 2,876 | | 113 | | 2.5 | % | (77 | ) | -4.8 | % | 190 | | 6.6 | % |
| | | Sacramento | | 1 | | 180 | | 22.05 | % | 96 | | 42 | | 54 | | 103 | | 34 | | 69 | | (7 | ) | -6.8 | % | 8 | | 23.5 | % | (15 | ) | -21.7 | % |
| | | San Diego | | 7 | | 2,237 | | 93.62 | % | 6,308 | | 1,772 | | 4,536 | | 6,045 | | 1,792 | | 4,253 | | 263 | | 4.4 | % | (20 | ) | -1.1 | % | 283 | | 6.7 | % |
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| | | 35 | | 9,821 | | 81.81 | % | 28,489 | | 8,784 | | 19,705 | | 28,431 | | 9,076 | | 19,355 | | 58 | | 0.2 | % | (292 | ) | -3.2 | % | 350 | | 1.8 | % |
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| | SAME STORE SALES TOTALS | | 569 | | 159,769 | | 79.87 | % | 265,649 | | 115,802 | | 149,847 | | 266,209 | | 113,860 | | 152,349 | | (560 | ) | -0.2 | % | 1,942 | | 1.7 | % | (2,502 | ) | -1.6 | % |
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| Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1) | | | | | | | | 95,352 | | 51,902 | | 43,450 | | 87,855 | | 49,120 | | 38,736 | | | | | | | | | | | | | |
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| Total Rental and other property revenues and property operating expense per GAAP Income Statement | | | | | | | | 361,001 | | 167,704 | | 193,297 | | 354,064 | | 162,980 | | 191,085 | | | | | | | | | | | | | |
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- (1)
- Includes: (i) minority partners' share of consolidated less Aimco's share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; and (iii) elimination and other adjustments made in accordance with GAAP.
Supplemental Schedule 6(c)
|
Same Store Sales
Six Months Ended 2004 versus Six Months Ended 2003
(unaudited) (in thousands, except site and unit data)
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| | Change Six Months Ended June 30, 2004
From June 30, 2003
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| | Six Months Ended
June 30, 2004
| | Six Months Ended
June 30, 2003
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| | Revenue
| | Expenses
| | NOI
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| | Sites
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| | EXP
| | NOI
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| | EXP
| | NOI
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| Northeast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Baltimore | | 11 | | 2,044 | | 83.73 | % | 8,915 | | 3,420 | | 5,495 | | 8,727 | | 3,736 | | 4,991 | | 188 | | 2.2 | % | (316 | ) | -8.5 | % | 504 | | 10.1 | % |
| | | New England | | 14 | | 5,385 | | 96.81 | % | 32,135 | | 11,691 | | 20,444 | | 33,591 | | 11,702 | | 21,889 | | (1,456 | ) | -4.3 | % | (11 | ) | -0.1 | % | (1,445 | ) | -6.6 | % |
| | | Philadelphia | | 10 | | 5,338 | | 77.93 | % | 24,897 | | 9,687 | | 15,210 | | 24,165 | | 9,436 | | 14,729 | | 732 | | 3.0 | % | 251 | | 2.7 | % | 481 | | 3.3 | % |
| | | Washington | | 28 | | 12,458 | | 83.53 | % | 59,168 | | 21,623 | | 37,545 | | 59,518 | | 20,348 | | 39,170 | | (350 | ) | -0.6 | % | 1,275 | | 6.3 | % | (1,625 | ) | -4.1 | % |
| | | Other Markets | | 2 | | 1,159 | | 91.65 | % | 5,434 | | 2,462 | | 2,972 | | 5,289 | | 2,514 | | 2,775 | | 145 | | 2.7 | % | (52 | ) | -2.1 | % | 197 | | 7.1 | % |
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| | | 65 | | 26,384 | | 85.48 | % | 130,549 | | 48,883 | | 81,666 | | 131,290 | | 47,736 | | 83,554 | | (741 | ) | -0.6 | % | 1,147 | | 2.4 | % | (1,888 | ) | -2.3 | % |
| Southeast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Atlanta | | 21 | | 5,931 | | 83.35 | % | 16,435 | | 9,090 | | 7,345 | | 16,909 | | 8,564 | | 8,345 | | (474 | ) | -2.8 | % | 526 | | 6.1 | % | (1,000 | ) | -12.0 | % |
| | | Augusta-Savannah | | 5 | | 1,004 | | 87.19 | % | 3,073 | | 1,205 | | 1,868 | | 2,920 | | 1,273 | | 1,647 | | 153 | | 5.2 | % | (68 | ) | -5.3 | % | 221 | | 13.4 | % |
| | | Charlotte-Gastonia-Rock Hill | | 11 | | 2,336 | | 87.63 | % | 5,949 | | 3,337 | | 2,612 | | 5,820 | | 2,957 | | 2,863 | | 129 | | 2.2 | % | 380 | | 12.9 | % | (251 | ) | -8.8 | % |
| | | Columbia-Charleston | | 9 | | 2,118 | | 72.99 | % | 5,404 | | 2,494 | | 2,910 | | 5,476 | | 2,242 | | 3,234 | | (72 | ) | -1.3 | % | 252 | | 11.2 | % | (324 | ) | -10.0 | % |
| | | Nashville | | 11 | | 3,752 | | 74.08 | % | 9,903 | | 3,996 | | 5,907 | | 10,096 | | 4,136 | | 5,960 | | (193 | ) | -1.9 | % | (140 | ) | -3.4 | % | (53 | ) | -0.9 | % |
| | | Norfolk | | 12 | | 3,565 | | 69.62 | % | 11,839 | | 3,939 | | 7,900 | | 11,180 | | 3,760 | | 7,420 | | 659 | | 5.9 | % | 179 | | 4.8 | % | 480 | | 6.5 | % |
| | | Raleigh-Durham-Chapel Hill | | 10 | | 2,843 | | 71.62 | % | 6,452 | | 3,069 | | 3,383 | | 6,871 | | 2,950 | | 3,921 | | (419 | ) | -6.1 | % | 119 | | 4.0 | % | (538 | ) | -13.7 | % |
| | | Richmond-Petersburg | | 6 | | 1,284 | | 75.21 | % | 4,244 | | 1,473 | | 2,771 | | 4,250 | | 1,399 | | 2,851 | | (6 | ) | -0.1 | % | 74 | | 5.3 | % | (80 | ) | -2.8 | % |
| | | Other Markets | | 25 | | 5,282 | | 81.14 | % | 13,108 | | 6,577 | | 6,531 | | 13,748 | | 6,542 | | 7,206 | | (640 | ) | -4.7 | % | 35 | | 0.5 | % | (675 | ) | -9.4 | % |
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| | | 110 | | 28,115 | | 78.11 | % | 76,407 | | 35,180 | | 41,227 | | 77,270 | | 33,823 | | 43,447 | | (863 | ) | -1.1 | % | 1,357 | | 4.0 | % | (2,220 | ) | -5.1 | % |
| Florida | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Jacksonville | | 6 | | 2,406 | | 75.94 | % | 7,423 | | 2,879 | | 4,544 | | 7,386 | | 2,879 | | 4,507 | | 37 | | 0.5 | % | 0 | | 0.0 | % | 37 | | 0.8 | % |
| | | Miami-Fort Lauderdale | | 9 | | 2,591 | | 75.44 | % | 9,624 | | 4,078 | | 5,546 | | 9,661 | | 3,774 | | 5,887 | | (37 | ) | -0.4 | % | 304 | | 8.1 | % | (341 | ) | -5.8 | % |
| | | Orlando-Daytona | | 23 | | 5,964 | | 90.20 | % | 19,896 | | 9,210 | | 10,686 | | 19,983 | | 8,967 | | 11,016 | | (87 | ) | -0.4 | % | 243 | | 2.7 | % | (330 | ) | -3.0 | % |
| | | Tampa-St. Petersburg | | 21 | | 5,637 | | 70.83 | % | 14,697 | | 6,568 | | 8,129 | | 14,785 | | 6,437 | | 8,348 | | (88 | ) | -0.6 | % | 131 | | 2.0 | % | (219 | ) | -2.6 | % |
| | | West Palm Beach-Boca Raton | | 6 | | 1,727 | | 100.00 | % | 7,842 | | 3,219 | | 4,623 | | 8,016 | | 3,118 | | 4,898 | | (174 | ) | -2.2 | % | 101 | | 3.2 | % | (275 | ) | -5.6 | % |
| | | Other Markets | | 1 | | 136 | | 72.97 | % | 393 | | 150 | | 243 | | 415 | | 162 | | 253 | | (22 | ) | -5.3 | % | (12 | ) | -7.4 | % | (10 | ) | -4.0 | % |
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| | | 66 | | 18,461 | | 81.15 | % | 59,875 | | 26,104 | | 33,771 | | 60,246 | | 25,337 | | 34,909 | | (371 | ) | -0.6 | % | 767 | | 3.0 | % | (1,138 | ) | -3.3 | % |
| Midwest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Chicago | | 22 | | 6,323 | | 82.02 | % | 27,721 | | 12,350 | | 15,371 | | 29,541 | | 12,726 | | 16,815 | | (1,820 | ) | -6.2 | % | (376 | ) | -3.0 | % | (1,444 | ) | -8.6 | % |
| | | Cincinnati-Dayton | | 18 | | 3,709 | | 66.73 | % | 8,963 | | 4,130 | | 4,833 | | 9,417 | | 4,165 | | 5,252 | | (454 | ) | -4.8 | % | (35 | ) | -0.8 | % | (419 | ) | -8.0 | % |
| | | Columbus | | 9 | | 2,012 | | 66.61 | % | 4,524 | | 1,941 | | 2,583 | | 4,663 | | 1,977 | | 2,686 | | (139 | ) | -3.0 | % | (36 | ) | -1.8 | % | (103 | ) | -3.8 | % |
| | | Detroit-Ann Arbor | | 8 | | 2,142 | | 65.42 | % | 5,545 | | 2,518 | | 3,027 | | 5,770 | | 2,768 | | 3,002 | | (225 | ) | -3.9 | % | (250 | ) | -9.0 | % | 25 | | 0.8 | % |
| | | Grand Rapids-Lansing | | 13 | | 4,734 | | 65.31 | % | 10,482 | | 5,448 | | 5,034 | | 11,622 | | 5,308 | | 6,314 | | (1,140 | ) | -9.8 | % | 140 | | 2.6 | % | (1,280 | ) | -20.3 | % |
| | | Indianapolis-Fort Wayne | | 36 | | 12,479 | | 88.60 | % | 33,517 | | 16,010 | | 17,507 | | 35,100 | | 15,943 | | 19,157 | | (1,583 | ) | -4.5 | % | 67 | | 0.4 | % | (1,650 | ) | -8.6 | % |
| | | Kansas City | | 4 | | 953 | | 69.24 | % | 2,357 | | 1,303 | | 1,054 | | 2,583 | | 872 | | 1,711 | | (226 | ) | -8.7 | % | 431 | | 49.4 | % | (657 | ) | -38.4 | % |
| | | Minneapolis-St Paul | | 4 | | 1,098 | | 41.27 | % | 2,626 | | 1,204 | | 1,422 | | 2,805 | | 1,301 | | 1,504 | | (179 | ) | -6.4 | % | (97 | ) | -7.5 | % | (82 | ) | -5.5 | % |
| | | Other Markets | | 12 | | 2,458 | | 51.18 | % | 4,318 | | 1,981 | | 2,337 | | 4,389 | | 1,915 | | 2,474 | | (71 | ) | -1.6 | % | 66 | | 3.4 | % | (137 | ) | -5.5 | % |
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| | | 126 | | 35,908 | | 74.97 | % | 100,053 | | 46,885 | | 53,168 | | 105,890 | | 46,975 | | 58,915 | | (5,837 | ) | -5.5 | % | (90 | ) | -0.2 | % | (5,747 | ) | -9.8 | % |
| Texas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Austin-San Marcos | | 9 | | 1,873 | | 91.23 | % | 5,552 | | 2,956 | | 2,596 | | 5,932 | | 2,888 | | 3,044 | | (380 | ) | -6.4 | % | 68 | | 2.4 | % | (448 | ) | -14.7 | % |
| | | Dallas-Fort Worth | | 25 | | 6,387 | | 73.07 | % | 14,078 | | 8,056 | | 6,022 | | 15,468 | | 7,612 | | 7,856 | | (1,390 | ) | -9.0 | % | 444 | | 5.8 | % | (1,834 | ) | -23.3 | % |
| | | Houston-Galveston | | 35 | | 9,261 | | 66.71 | % | 18,970 | | 10,286 | | 8,684 | | 20,788 | | 9,574 | | 11,214 | | (1,818 | ) | -8.7 | % | 712 | | 7.4 | % | (2,530 | ) | -22.6 | % |
| | | San Antonio | | 14 | | 3,269 | | 94.86 | % | 9,253 | | 4,607 | | 4,646 | | 9,141 | | 4,439 | | 4,702 | | 112 | | 1.2 | % | 168 | | 3.8 | % | (56 | ) | -1.2 | % |
| | | Other Markets | | 7 | | 1,499 | | 72.96 | % | 3,118 | | 1,501 | | 1,617 | | 3,316 | | 1,390 | | 1,926 | | (198 | ) | -6.0 | % | 111 | | 8.0 | % | (309 | ) | -16.0 | % |
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| | | 90 | | 22,289 | | 75.14 | % | 50,971 | | 27,406 | | 23,565 | | 54,645 | | 25,903 | | 28,742 | | (3,674 | ) | -6.7 | % | 1,503 | | 5.8 | % | (5,177 | ) | -18.0 | % |
| West | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Denver - Front Range | | 22 | | 4,743 | | 80.58 | % | 14,544 | | 6,573 | | 7,971 | | 15,326 | | 5,349 | | 9,977 | | (782 | ) | -5.1 | % | 1,224 | | 22.9 | % | (2,006 | ) | -20.1 | % |
| | | Las Vegas | | 4 | | 1,250 | | 87.13 | % | 3,756 | | 1,566 | | 2,190 | | 3,606 | | 1,493 | | 2,113 | | 150 | | 4.2 | % | 73 | | 4.9 | % | 77 | | 3.6 | % |
| | | Phoenix-Mesa | | 28 | | 7,447 | | 92.21 | % | 20,389 | | 10,520 | | 9,869 | | 20,927 | | 10,974 | | 9,953 | | (538 | ) | -2.6 | % | (454 | ) | -4.1 | % | (84 | ) | -0.8 | % |
| | | Salt Lake City-Ogden | | 4 | | 1,511 | | 83.36 | % | 3,951 | | 1,609 | | 2,342 | | 4,066 | | 1,513 | | 2,553 | | (115 | ) | -2.8 | % | 96 | | 6.3 | % | (211 | ) | -8.3 | % |
| | | Seattle | | 4 | | 468 | | 54.52 | % | 1,083 | | 532 | | 551 | | 1,061 | | 502 | | 559 | | 22 | | 2.1 | % | 30 | | 6.0 | % | (8 | ) | -1.4 | % |
| | | Tucson | | 3 | | 887 | | 100.00 | % | 2,364 | | 1,165 | | 1,199 | | 2,447 | | 1,105 | | 1,342 | | (83 | ) | -3.4 | % | 60 | | 5.4 | % | (143 | ) | -10.7 | % |
| | | Other Markets | | 4 | | 760 | | 50.97 | % | 1,262 | | 622 | | 640 | | 1,343 | | 586 | | 757 | | (81 | ) | -6.0 | % | 36 | | 6.1 | % | (117 | ) | -15.5 | % |
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| | | 69 | | 17,066 | | 85.35 | % | 47,349 | | 22,587 | | 24,762 | | 48,776 | | 21,522 | | 27,254 | | (1,427 | ) | -2.9 | % | 1,065 | | 4.9 | % | (2,492 | ) | -9.1 | % |
| California | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Bay Area | | 6 | | 1,661 | | 57.99 | % | 5,870 | | 2,182 | | 3,688 | | 6,309 | | 2,012 | | 4,297 | | (439 | ) | -7.0 | % | 170 | | 8.4 | % | (609 | ) | -14.2 | % |
| | | Los Angeles-Long Beach-Ventura | | 14 | | 4,132 | | 87.53 | % | 29,418 | | 8,902 | | 20,516 | | 28,901 | | 8,490 | | 20,411 | | 517 | | 1.8 | % | 412 | | 4.9 | % | 105 | | 0.5 | % |
| | | Orange County - Riverside | | 7 | | 1,611 | | 81.95 | % | 9,080 | | 3,136 | | 5,944 | | 9,064 | | 2,400 | | 6,664 | | 16 | | 0.2 | % | 736 | | 30.7 | % | (720 | ) | -10.8 | % |
| | | Sacramento | | 1 | | 180 | | 22.05 | % | 199 | | 76 | | 123 | | 210 | | 84 | | 126 | | (11 | ) | -5.2 | % | (8 | ) | -9.5 | % | (3 | ) | -2.4 | % |
| | | San Diego | | 7 | | 2,237 | | 93.62 | % | 12,354 | | 3,564 | | 8,790 | | 12,241 | | 3,288 | | 8,953 | | 113 | | 0.9 | % | 276 | | 8.4 | % | (163 | ) | -1.8 | % |
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| | | 35 | | 9,821 | | 81.81 | % | 56,921 | | 17,860 | | 39,061 | | 56,725 | | 16,274 | | 40,451 | | 196 | | 0.3 | % | 1,586 | | 9.7 | % | (1,390 | ) | -3.4 | % |
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| | SAME STORE SALES TOTALS | | 561 | | 158,044 | | 79.58 | % | 522,125 | | 224,905 | | 297,220 | | 534,842 | | 217,570 | | 317,272 | | (12,717 | ) | -2.4 | % | 7,335 | | 3.4 | % | (20,052 | ) | -6.3 | % |
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| Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1) | | | | | | | | 192,941 | | 105,779 | | 87,162 | | 164,799 | | 82,550 | | 82,249 | | | | | | | | | | | | | |
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| |
| | | | | | | | | | | | | |
| Total Rental and other property revenues and property operating expense per GAAP Income Statement | | | | | | | | 715,066 | | 330,684 | | 384,382 | | 699,641 | | 300,120 | | 399,521 | | | | | | | | | | | | | |
| | | | | | | | |
| |
| | | | | | | | | | | | | |
- (1)
- Includes: (i) minority partners' share of consolidated less Aimco's share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; and (iii) elimination and other adjustments made in accordance with GAAP.
Selected Portfolio Performance Data
(unaudited)
PORTFOLIO SUMMARY
SAME STORE PERFORMANCE
| | SAME STORE PORTFOLIO
| |
|---|
| | CORE
| | NON-CORE
| | TOTAL
| |
|---|
| Rent, average second quarter 2004 | | $ | 801 | | $ | 571 | | $ | 726 | |
| Occupancy, average second quarter 2004 | | | 89.2 | % | | 85.7 | % | | 88.1 | % |
| Total # of Properties | | | 344 | | | 225 | | | 569 | |
| Total # of Units | | | 106,358 | | | 53,411 | | | 159,769 | |
| Proportionate Owned Units | | | 83,121 | | | 44,487 | | | 127,608 | |
2nd Quarter 2004 vs. 2nd Quarter 2003 |
|
|
|
|
|
|
|
|
|
|
| | Revenue | | | -3.0 | % | | -4.3 | % | | -3.4 | % |
| | Expenses | | | 4.2 | % | | 2.0 | % | | 3.5 | % |
| | NOI | | | -7.5 | % | | -10.2 | % | | -8.1 | % |
Sequential, 2nd Quarter 2004 vs 1st Quarter 2004 |
|
|
|
|
|
|
|
|
|
|
| | Revenue | | | 0.0 | % | | -0.7 | % | | -0.2 | % |
| | Expenses | | | 1.4 | % | | 2.4 | % | | 1.7 | % |
| | NOI | | | -1.0 | % | | -3.8 | % | | -1.6 | % |
YTD June 2004 vs. YTD June 2003 |
|
|
|
|
|
|
|
|
|
|
| | Revenue | | | -2.1 | % | | -3.0 | % | | -2.4 | % |
| | Expenses | | | 4.4 | % | | 1.8 | % | | 3.4 | % |
| | NOI | | | -6.0 | % | | -7.5 | % | | -6.3 | % |
CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS
| | Quarter ended June 30, 2004
TOTAL CONVENTIONAL PORTFOLIO
| | Quarter ended June 30, 2003
TOTAL CONVENTIONAL PORTFOLIO
| |
|---|
% of Conventional NOI
| |
|---|
| | CORE
| | NON-CORE
| | TOTAL
| | CORE
| | NON-CORE
| | TOTAL
| |
|---|
| Top 10 Markets | | | | | | | | | | | | | | | | | | | |
| | 1 Washington, D.C. | | | 11.0 | % | | 0.9 | % | | 11.9 | % | | 9.7 | % | | 0.8 | % | | 10.5 | % |
| | 2 Los Angeles-Long Beach-Ventura | | | 9.4 | % | | 0.0 | % | | 9.4 | % | | 6.7 | % | | 0.0 | % | | 6.7 | % |
| | 3 New England | | | 6.5 | % | | 0.0 | % | | 6.5 | % | | 6.1 | % | | 0.0 | % | | 6.1 | % |
| | 4 Philadelphia | | | 5.8 | % | | 0.0 | % | | 5.8 | % | | 4.6 | % | | 0.0 | % | | 4.6 | % |
| | 5 Indianapolis | | | 3.9 | % | | 1.4 | % | | 5.3 | % | | 3.5 | % | | 1.7 | % | | 5.2 | % |
| | 6 Chicago | | | 4.4 | % | | 0.3 | % | | 4.7 | % | | 4.6 | % | | 0.2 | % | | 4.8 | % |
| | 7 Orlando-Daytona | | | 1.3 | % | | 1.8 | % | | 3.1 | % | | 1.1 | % | | 2.2 | % | | 3.3 | % |
| | 8 Miami-Fort Lauderdale | | | 3.0 | % | | 0.0 | % | | 3.0 | % | | 2.7 | % | | 1.2 | % | | 3.9 | % |
| | 9 Phoenix-Mesa | | | 1.7 | % | | 1.3 | % | | 3.0 | % | | 1.6 | % | | 1.1 | % | | 2.7 | % |
| | 10 San Diego | | | 2.8 | % | | 0.0 | % | | 2.8 | % | | 2.5 | % | | 0.0 | % | | 2.5 | % |
All Other Markets |
|
|
28.3 |
% |
|
16.2 |
% |
|
44.5 |
% |
|
29.7 |
% |
|
20.0 |
% |
|
49.7 |
% |
Total Conventional NOI |
|
|
78.1 |
% |
|
21.9 |
% |
|
100.0 |
% |
|
72.8 |
% |
|
27.2 |
% |
|
100.0 |
% |
Rent, average second quarter |
|
$ |
824 |
|
$ |
569 |
|
$ |
742 |
|
$ |
810 |
|
$ |
569 |
|
$ |
711 |
|
| Occupancy, average second quarter | | | 88.1 | % | | 82.2 | % | | 86.1 | % | | 92.8 | % | | 90.9 | % | | 92.0 | % |
| Total # of Properties | | | 376 | | | 240 | | | 616 | | | 359 | | | 324 | | | 683 | |
| Total # of Units | | | 115,249 | | | 57,386 | | | 172,635 | | | 112,049 | | | 79,379 | | | 191,428 | |
| Proportionate Owned Units | | | 90,605 | | | 46,275 | | | 136,880 | | | 94,163 | | | 58,978 | | | 153,141 | |
Property Sales Activity
(unaudited)
SECOND QUARTER 2004 PROPERTY SALES ACTIVITY
| | Number
of
Units
| | Gross
Proceeds
($mm)
| | FCF (1)
Yield
| | Property
Debt
($mm)
| | Net Sales
Proceeds (2)
($mm)
| | Aimco Net
Proceeds
($mm)
| | Average
Rent
($/unit)
|
|---|
| Conventional | | 2,750 | | $ | 94 | | 6.0 | % | $ | 45 | | $ | 43 | | $ | 37 | | $ | 539 |
| Affordable (3) | | 1,478 | | | 52 | | 7.1 | % | | 31 | | | 18 | | | 10 | | | 614 |
| | |
| |
| |
| |
| |
| |
| |
|
| | Total Dispositions | | 4,228 | | $ | 146 | | 6.4 | % | $ | 76 | | $ | 61 | | $ | 47 | | $ | 566 |
| | |
| |
| |
| |
| |
| |
| |
|
YEAR TO DATE 2004 PROPERTY SALES ACTIVITY
| | Number
of
Units
| | Gross
Proceeds
($mm)
| | FCF (1)
Yield
| | Property
Debt
($mm)
| | Net Sales
Proceeds (2)
($mm)
| | Aimco Net
Proceeds
($mm)
| | Average
Rent
($/unit)
|
|---|
| Conventional | | 5,567 | | $ | 183 | | 6.2 | % | $ | 80 | | $ | 93 | | $ | 80 | | $ | 515 |
| Affordable (3) | | 3,016 | | | 92 | | 7.0 | % | | 57 | | | 28 | | | 13 | | | 602 |
| | |
| |
| |
| |
| |
| |
| |
|
| | Total Dispositions | | 8,583 | | $ | 275 | | 6.4 | % | $ | 137 | | $ | 121 | | $ | 93 | | $ | 546 |
| | |
| |
| |
| |
| |
| |
| |
|
- (1)
- FCF Yield is calculated as the Free Cash Flow earned by the properties during the 12 months prior to their sale divided by the sales price
- (2)
- Net Sales Proceeds are after repayment of existing debt and payment of transaction costs
- (3)
- Sales activity provided in the table above does not include sales of certain NAPICO properties that generated net proceeds to Aimco of $5.1 million to date in 2004
Capital Expenditures
For the Six Months Ended June 30, 2004
(in thousands, except per unit)
(unaudited)
Effective January 1, 2004, all capital spending is classified as either Capital Replacements ("CR"), Capital Improvements ("CI") or Redevelopment. These categories replace Aimco's prior capital spending categories - capital replacements, capital enhancements, redevelopment, initial capital expenditures, and disposition capital expenditures. Aimco believes the new classifications will be simpler to apply, allow more discrete differentiation between categories, facilitate sound economic decisions, and assist investors and analysts in better understanding of its capital spending.
Non-redevelopment capitalizable expenditures are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco's ownership of the item represents CR; the portion of the item that was consumed prior to Aimco's ownership represents CI). See the Glossary for further descriptions.
The table below details Aimco's share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements Capital Improvements and Redevelopment for the six months ended June 30, 2004 (per unit is based on approximately 158,000 units):
| | Actual Amount
| | Per Unit
|
|---|
| Capital Replacements: | | | | | | |
| Building Interiors | | $ | 6,895 | | $ | 44 |
| | Includes: hot water heaters, kitchen/bath, computers | | | | | | |
Building Exteriors |
|
|
4,929 |
|
|
31 |
| | Includes: Roofs, exterior painting, electrical, plumbing | | | | | | |
Landscaping and Grounds |
|
|
3,114 |
|
|
20 |
| | Includes: Parking lot improvements, pool improvements | | | | | | |
Turnover Related |
|
|
10,412 |
|
|
66 |
| | Includes: Carpet, vinyl, tile, appliance and fixture replacements | | | | | | |
Capitalized payroll and other indirect costs |
|
|
5,119 |
|
|
32 |
| | |
| |
|
| Total Aimco's share of Capital Replacements | | $ | 30,469 | | $ | 193 |
| | |
| |
|
Capital Improvements: |
|
|
|
|
|
|
| Conventional | | | 19,551 | | | |
| Affordable | | | 6,515 | | | |
| | |
| | | |
| Total Aimco's share of Capital Improvements | | $ | 26,066 | | | |
| | |
| | | |
Redevelopment (see Schedule 10 for further project details): |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Aimco's share of Redevelopment | | $ | 32,194 | | | |
| | |
| | | |
|
|
|
|
|
|
| Total Aimco's share of Capital Expenditures | | $ | 88,729 | | | |
| | |
| | | |
Plus minority partners' share of consolidated spending |
|
|
19,416 |
|
|
|
| Less Aimco's share of unconsolidated spending | | | (5,215 | ) | | |
|
|
|
|
|
|
| Total Spending per Consolidated Statement of Cash Flows | | $ | 102,930 | | | |
| | |
| | | |
Summary of 2004 Redevelopment Activity
As of June 30, 2004
(in millions, except unit data)
(values are not adjusted for Aimco's ownership unless indicated)
(unaudited)
| |
| |
| |
| | Cost in Millions
| |
| |
|---|
Property
| | City, State
| | Ownership
%
| | Number of
Units
| | Total
Expected
Spend at
100%
| | Inception
to Date
Spend at
100%
| | Year to
Date
Spend at
100%
| | Year to
Date
Spend at
AIV%
| | Expected
FCF
Yield
| |
|---|
| Redevelopment - Large Project Detail | | | | | | | | | | | | | |
Flamingo South Beach |
|
Miami Beach, FL |
|
77.0 |
% |
1,688 |
|
283.4 |
|
277.7 |
|
8.0 |
|
6.2 |
|
6 |
% |
| Belmont Place | | Marietta, GA | | 57.2 | % | 326 | | 32.2 | | 6.0 | | 3.8 | | 2.1 | | 9 | % |
| | | | | | |
| |
| | | |
| | | Subtotal | | 2,014 | | 315.6 | | 283.7 | | 11.8 | | 8.3 | | | |
Redevelopment - Other Active Construction |
|
|
|
|
|
|
|
|
|
|
|
Construction - Conventional |
|
19 properties |
|
|
|
7,734 |
|
147.6 |
|
96.4 |
|
10.2 |
|
9.7 |
|
|
|
| Construction - Affordable | | 10 properties | | | | 1,970 | | 68.4 | | 31.9 | | 13.1 | | 5.7 | | | |
| Pre-Construction and Other Redevelopment | | | | | | | | | | 9.8 | | 8.5 | | | |
| | | | | | |
| |
| | | |
| | | Subtotal | | 9,704 | | 216.0 | | 128.3 | | 33.1 | | 23.9 | | | |
| | | | | | |
| |
| | | |
| | | Total | | 11,718 | | 531.6 | | 412.0 | | 44.9 | | 32.2 | | | |
| | | | | | |
| |
| | | |
| |
| | Redevelopment Timeline
| | Number of Units
|
|---|
Property
| | City, State
| | Acquisition
| | Construction
Start
| | Construction
Complete
| | Stabilization
| | Completed
| | Leased (1)
| | Out of
Service (2)
|
|---|
| Redevelopment - Large Project Detail | | | | | | | | | | | | |
Flamingo South Beach |
|
Miami Beach, FL |
|
Q3 1997 |
|
Q3 1997 |
|
Q1 2004 |
|
Q2 2005 |
|
1,682 |
|
1,165 |
|
6 |
| Belmont Place | | Marietta, GA | | Q2 1998 | | Q4 2003 | | Q2 2005 | | Q2 2006 | | 0 | | 0 | | 326 |
| | | | | | | | | | | | |
|
| | | Subtotal | | 1,682 | | 1,165 | | 332 |
Redevelopment - Other Active Construction |
|
|
|
|
|
|
|
|
|
|
Construction - Conventional |
|
19 properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction - Affordable | | 10 properties | | | | | | | | | | | | | | |
| Pre-Construction and Other Redevelopment | | | | | | | | | | | | | | |
- (1)
- Leased units include pre-leased.
- (2)
- Out of service units include those units that have not been turned over to property operations by the redevelopment group.
Apartment Unit Summary
As of June 30, 2004
(unaudited)
| | Total
# Properties
| | Total
# Units
| | Aimco's
Effective
# Units
| | Aimco's
Average
Ownership %
| |
|---|
| Conventional Real Estate Portfolio: | | | | | | | | | |
| | Wholly-owned Consolidated Core Properties | | 191 | | 58,055 | | 58,055 | | 100 | % |
| | Partially-owned Consolidated Core Properties | | 146 | | 48,164 | | 29,214 | | 61 | % |
| | Partially-owned Unconsolidated Core Properties | | 39 | | 9,030 | | 3,336 | | 37 | % |
| | |
| |
| |
| |
| |
| | Sub-total Core Properties | | 376 | | 115,249 | | 90,605 | | 79 | % |
| | |
| |
| |
| |
| |
| |
Wholly-owned Consolidated Non-Core Properties |
|
140 |
|
32,544 |
|
32,544 |
|
100 |
% |
| | Partially-owned Consolidated Non-Core Properties | | 69 | | 17,723 | | 11,540 | | 65 | % |
| | Partially-owned Unconsolidated Non-Core Properties | | 31 | | 7,119 | | 2,191 | | 31 | % |
| | |
| |
| |
| |
| |
| | Sub-total Non-Core Properties | | 240 | | 57,386 | | 46,275 | | 81 | % |
| | |
| |
| |
| |
| |
| | Total | | 616 | | 172,635 | | 136,880 | | 79 | % |
| | |
| |
| |
| |
| |
Aimco Capital Real Estate Portfolio: |
|
|
|
|
|
|
|
|
|
| | Wholly-owned Consolidated Properties | | 84 | | 11,327 | | 11,327 | | 100 | % |
| | Partially-owned Consolidated Properties | | 68 | | 6,947 | | 3,745 | | 54 | % |
| | Partially-owned Unconsolidated Properties | | 312 | | 38,096 | | 6,320 | | 17 | % |
| | |
| |
| |
| |
| |
| | Total | | 464 | | 56,370 | | 21,392 | | 38 | % |
| | |
| |
| |
| |
| |
Total Owned Real Estate Portfolio: |
|
|
|
|
|
|
|
|
|
| | Wholly-owned Consolidated Properties | | 415 | | 101,926 | | 101,926 | | 100 | % |
| | Partially-owned Consolidated Properties | | 283 | | 72,834 | | 44,499 | | 61 | % |
| | Partially-owned Unconsolidated Properties | | 382 | | 54,245 | | 11,847 | | 22 | % |
| | |
| |
| |
| |
| |
| | Total | | 1,080 | | 229,005 | | 158,272 | | 69 | % |
| | |
| |
| |
| |
| |
Management Contracts: |
|
|
|
|
|
|
|
|
|
| | Long Term Contractual | | 66 | | 6,654 | | | | | |
| | Short Term Third Party | | 16 | | 2,880 | | | | | |
| | Third Party Asset-Managed | | 31 | | 4,353 | | | | | |
| | Asset-Managed (indirect ownership) | | 385 | | 35,119 | | | | | |
| | |
| |
| | | | | |
| | Total | | 498 | | 49,006 | | | | | |
| | |
| |
| | | | | |
| Total Portfolio | | 1,578 | | 278,011 | | | | | |
| | |
| |
| | | | | |
QuickLinks
