Exhibit 99.1
AIMCO 1st Quarter 2004
Denver, Colorado - May 6, 2004
Apartment Investment and Management Company
Announces First Quarter 2004 Results
SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced first quarter 2004 results including:
• Net Income was $14.0 million, compared with $21.8 million in the first quarter 2003. Earnings (loss) per share (EPS) was $(0.06) on a diluted basis, compared with $0.00 in the first quarter 2003, based on Net loss attributable to common stockholders. In the first quarter 2004, Aimco adopted FASB Interpretation Number 46, Consolidation of Variable Interest Entities (FIN 46). As a result, first quarter 2004 Net income includes a charge of $4.0 million for the cumulative effect of a change in accounting principle related to FIN 46. Income before cumulative effect of change in accounting principle was $18.0 million.
• Funds from Operations (diluted) (FFO; a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary)) was $62.5 million, or $0.67 per share compared with $83.8 million, or $0.85 per share, in the first 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). First quarter 2004 FFO increased by $0.1 million as a result of a net impairment loss recovery on real estate assets sold. Excluding the net impairment loss recovery, first quarter 2004 FFO would have been $62.4 million, unchanged at $0.67 per share, within Aimco guidance and meeting First Call consensus.
• Adjusted Funds from Operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $51.0 million, or $0.55 per share, slightly above Aimco guidance, compared with $60.7 million, or $0.64 per share, in the first quarter 2003. AFFO includes a deduction of $0.12 and $0.26 per share for capital replacement expenditures in the first quarter 2004 and 2003, respectively.
DILUTED PER SHARE RESULTS |
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| First Quarter |
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| 2004 |
| 2003 |
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Earnings (loss) — EPS |
| $ | (0.06 | ) | $ | 0.00 |
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Funds from Operations — FFO |
| $ | 0.67 |
| $ | 0.85 |
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FFO before Impairment Charges |
| $ | 0.67 |
| $ | 0.90 |
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Adjusted Funds from Operations — AFFO |
| $ | 0.55 |
| $ | 0.64 |
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Contact: Investor Relations 303.691.4350, Investor@Aimco.com |
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Jennifer Martin, Vice President-Investor Relations 303.691.4440 |
Management Comments
Chairman and Chief Executive Officer Terry Considine comments: “The turnaround in Aimco property operations is well underway and, during the first quarter, key pricing and resident quality initiatives began to take hold. I am encouraged by the improvement in key measurements that Jeff Adler reports below. However, the anticipated decline in occupancy from implementing higher resident quality standards has been greater and lasted longer than expected and has negatively impacted “Same Store” revenue with “Same Store” Net Operating Income at the low end of Aimco’s guidance for the first quarter. We have reflected the lower revenue and slower pace of revenue recovery in Aimco’s guidance range for the balance of 2004. We are highly focused on growing revenue and occupancy and are taking actions to improve both to market levels.”
Executive Vice President - Conventional Property Operations Jeff Adler reports: “During the first quarter, Aimco: recovered some pricing power - raising renewal rents by 3% and rents paid by new residents by 8%; reduced bad debt by improving the quality of Aimco residents; improved resident satisfaction as evident, for example, in an Aimco record 58% rate of renewal; and established better cost controls with our 15 member Regional Financial Officer team in place.”
Mr. Adler continues, “Aimco’s actions to raise revenue and occupancy to market levels are centered around better customer service and training at the leasing level, incentives for both sales people and consumers, weekly inventory pricing reviews and refinements to our media placement strategy.”
Senior Vice President and Chief Accounting Officer Tom Herzog adds: “As I settle into my Aimco responsibilities, I have spoken with many investors and analysts to learn how to make Aimco quarterly disclosures more helpful. We have made several changes in response to suggestions. These changes are described on page 21 of the Supplemental Information.”
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 626 properties with 175,690 units in which Aimco had a weighted average 78% ownership. During the first 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 $152.5 million. Conventional operations also generated revenues net of expenses of $1.7 million from property management.
“Same Store” Results
The “Same Store” portfolio is a sub-set of total conventional properties. In the first quarter 2004 the “Same Store” portfolio included 576 communities with a net 129,688 apartment units based on Aimco’s weighted average ownership of 79.9% (see Supplemental Schedules 6a through 7). First quarter 2004 revenue from the “Same Store” portfolio was $271.0 million compared with $274.8 million in the first quarter 2003, a decline of $3.8 million or 1.4%. Comparing the first quarter 2004 with the first quarter 2003, the “Same Store” portfolio experienced a 1.5 percentage point decrease in average occupancy from 90.5% to 89.0% and a $5 per unit decrease (or less than 1%) in average rent per unit from $730 to $725. These factors were
somewhat offset by higher other revenue (which includes revenue from utility reimbursements and ancillary services) and lower bad debt. “Same Store” expenses of $115.5 million increased by $4.2 million, or 3.7%, compared with the first quarter 2003. Increased expenses were primarily due to: (i) $4.4 million in expenses related to personnel costs, including lower capitalized costs due to reduced redevelopment activity; (ii) $1.6 million in higher utility expenses due to higher rates for natural gas; and (iii) $1.3 million higher insurance expense; all partially offset by lower turnover expenses and lower maintenance expense due to the high snow removal charges incurred in 2003. “Same Store” portfolio net operating income was $155.6 million for the first quarter 2004, down 4.8% from the first quarter 2003.
Comparing “Same Store” results on a sequential basis, total revenue declined $5.0 million in the first quarter 2004 compared with the fourth quarter 2003, driven primarily by a 2.8 percentage point decline in average occupancy from 91.8% to 89.0%. This was partially offset by a $4 increase (less than 1%) in average rent per unit, increased other revenue and lower bad debt. Expenses increased $1.3 million due primarily to higher utilities, personnel and insurance expenses, somewhat offset by lower turnover, repairs and maintenance, and marketing expenses. Net Operating Income decreased $6.3 million, or 3.9%, on a sequential basis.
SAME STORE OPERATING RESULTS |
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| First Quarter |
| Sequential |
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| 2004 |
| 2003 |
| Variance |
| 4th Qtr 03 |
| Variance |
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Same Store Operating Measures: |
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Average Physical Occupancy |
| 89.0 | % | 90.5 | % | -150 | bp | 91.8 | % | -280 | bp | |||
Average Rent/unit |
| $ | 725 |
| $ | 730 |
| -0.7 | % | $ | 721 |
| 0.6 | % |
Total Same Store |
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Revenue |
| $ | 271.0 |
| $ | 274.8 |
| -1.4 | % | $ | 276.1 |
| -1.8 | % |
Expenses |
| (115.5 | ) | (111.3 | ) | 3.7 | % | (114.2 | ) | 1.1 | % | |||
NOI ($mm) |
| $ | 155.6 |
| $ | 163.4 |
| -4.8 | % | $ | 161.9 |
| -3.9 | % |
AIMCO CAPITAL - Aimco Capital oversees affordable property operations and asset management 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 first quarter 2004, Affordable property operations included 478 properties with 57,672 units. Aimco has an average 37% ownership in its affordable properties. Occupancy and rents in the affordable sector were stable and averaged 95% and $639, respectively, in the first quarter 2004, consistent with the fourth quarter 2003. Aimco Capital generated FCF of $17.5 million from property operations. Aimco Capital also generated Property management revenue, net of expenses, of $4.2 million and Activity and asset management revenues, net of expenses, of $6.1 million.
Portfolio Management and Redevelopment Activity
ACQUISITIONS - - As previously announced, Aimco made two acquisitions in the first quarter 2004 totaling $181 million. The properties include The Palazzo at Park La Brea, a 521-unit luxury mid-rise located in the mid-Wilshire district of Los Angeles purchased for $163 million
and a three-property portfolio totaling 75-units on the Upper East Side in Manhattan, purchased for $18 million. During the first quarter Aimco also purchased for an aggregate of $3.9 million additional limited partnership interests in 68 partnerships that own 159 properties.
DISPOSITIONS - - Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. Aimco considers these properties Non-Core (defined in the Glossary) and seeks to hold them over the intermediate term.
Aimco sold 21 properties with 4,355 units in the first quarter 2004 for $129 million in gross proceeds. Aimco’s share of net proceeds after payment of property debt and transaction costs was $46 million. See Supplemental Schedule 8 for additional information on disposition activity.
GAIN ON DISPOSITIONS - Aimco’s property disposition program resulted in total Gains on dispositions of real estate (including gains (losses) recognized from sales of unconsolidated properties and from discontinued operations), net of related taxes, of $10.6 million for the first quarter 2004, compared with a gain of $2.1 million for the first quarter 2003.
REDEVELOPMENT ACTIVITY - Flamingo South Beach, Aimco’s largest redevelopment project, reached completion at quarter-end. The 1,688-unit luxury high-rise, waterfront property located in Miami Beach, Florida is currently in lease-up. At quarter-end the property was 62% occupied.
As previously announced, Aimco’s Construction Services Group has initiated a redevelopment program designed to improve the asset quality of 40 to 50 properties per year. These redevelopment projects, typically $2 million to $10 million, will be completed primarily as units turn with little disruption to the residents. At quarter-end, four projects were under construction with an additional 13 approved and in the design phase. Further information on current redevelopment projects is provided in Supplemental Schedule 10.
Additional Financial Information
Note: Please refer to page 21 of the Supplemental Information for a description of changes to the presentation of Aimco’s Income Statement that affect Property management income, Activity and asset management income and General and administrative expenses.
PROPERTY MANAGEMENT INCOME - Income from property management is generated from management of properties in which Aimco has unconsolidated holdings. Property management revenues net of expenses was $5.9 million in the first quarter 2004 compared with $7.1 million in the first 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, tax credit redevelopment and refinancings, 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 was $6.0 million in the first quarter 2004 compared with $4.0 million in the first 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 $1.4 million) was $7.5 million for the first quarter, an increase of $1.4 million compared with the first
quarter 2003. Interest income is generated from notes receivable totaling $196.6 million at March 31, 2004.
DEBT ACTIVITY - During the first quarter 2004, Aimco closed 22 mortgage loans, including 17 refinancings and five new mortgages. Total proceeds were $255.2 million at a weighted average interest rate of 3.8%. After repayment of existing debt, transaction costs, distributions to limited partners and funding new debt on acquisitions totaling $218.5 million, Aimco’s share of net proceeds was $36.7 million.
During the first quarter 2004 Aimco drew $46.5 million on its revolving credit facility, increasing the balance from $81 million to $127.5 million and leaving $317.5 million, (less $23 million in outstanding letters of credit), in available capacity.
Total consolidated debt increased by $109 million during the quarter including: (i) a $173 million net increase in mortgage debt; and (ii) a $35 million increase in short-term borrowings; both partially offset by a $99 million reduction in Mandatorily redeemable securities due to the redemption of the floating rate Class S Cumulative Redeemable Preferred Stock. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.
INTEREST EXPENSE - Consolidated interest expense was $94.7 million for the first quarter 2004, an increase of $4.0 million when compared with $90.7 million in the first 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 consolidated debt.
PREFERRED STOCK ACTIVITY - During the first quarter Aimco issued in a public offering 8 million shares of 7.75% Class U Cumulative Preferred Stock for gross proceeds of $200 million. Proceeds from the Class U were used in part to redeem the $74 million remaining balance on the privately held floating rate Class S Cumulative Redeemable Preferred Stock and, in April, to redeem the 9.0% Class P Convertible Cumulative Preferred Stock for $100 million.
G&A - - General and Administrative expenses for the first quarter 2004 were $18.6 million, up from $9.7 million in the first quarter 2003 primarily due to: (i) $1.0 million of benefit in the first quarter 2003 related to forfeited deposits on sales; (ii) $3.0 of million higher IT consulting, legal and compliance costs; and (iii) $3.9 million of higher compensation and benefit expenses attributable to a new employee health plan, increased staffing levels and accrued variable compensation.
OTHER EXPENSES (INCOME), NET - Other expenses (income), net was ($1.1) million for the first quarter compared with ($3.6) million in the first quarter 2003. This line item was added as part of the presentation changes to the Income statement and includes Income tax provisions/benefits and partnership expenses.
Outlook
For the second quarter 2004 FFO is forecast to range from $0.61 to $0.65 per share and AFFO from $0.46 to $0.50 per share. For the full year 2004, FFO is forecast to range from $2.75 to $3.00 per share and AFFO from $2.03 to $2.28 per share. These forecast ranges are narrowed and lowered from the forecast ranges provided in the first quarter 2004 of $2.85 to $3.20 and $2.10 to $2.45, respectively. Please refer to the Outlook Schedule for the second quarter and full year 2004, which follows the Consolidated Financial Statements in this release.
Dividends on Common Stock
As announced on April 30, 2004, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended March 31, 2004, payable on May 28, 2004 to stockholders of record on May 18, 2004. The dividend represents 109% of AFFO (diluted) and 90% of FFO (diluted), on a per share basis, for the quarter ended March 31, 2004 and an 8.5% annualized yield based on the $28.16 closing price of Aimco’s Class A Common Stock on April 29, 2004.
Earnings Conference Call
Please join Aimco management for the First Quarter 2004 earnings conference call to be held Thursday, May 6, 2004 at 2:00 p.m. Eastern Time. You may join the conference call through an Internet audiocast via Aimco’s Website at www.aimco.com/about/financial/1Q2004.asp, then click on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-240-7305, or 303-262-2190 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 First 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 577136#.
Supplemental Information
The Supplemental Information referenced in this release is available at Aimco’s Website at the link www.aimco.com/about/financial/1Q2004.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 future results, that are subject to certain risks and uncertainties, including but not limited to Aimco’s ability to improve current occupancy, rent levels, and “same store” results. Actual results may differ materially from those described and could be affected by a variety of factors including: economic conditions; changes in interest rates; governmental regulations; competition; financing risks; variations in real estate values; the failure of acquisitions to perform in accordance with expectations; litigation; possible environmental liabilities; and other risks described in our filings with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.
About Aimco
Aimco is a real estate investment trust headquartered in Denver, Colorado owning and operating a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates approximately 1,600 properties, including 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.
GAAP Income Statements
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
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| For the Three Months Ended March 31, |
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| 2004 |
| 2003 |
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REVENUES: |
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Rental and other property revenues |
| $ | 359,902 |
| $ | 351,398 |
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Property management revenues, primarily from affiliates |
| 8,256 |
| 9,239 |
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Activity fees and asset management revenues, primarily from affiliates |
| 8,268 |
| 5,788 |
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Total revenues |
| 376,426 |
| 366,425 |
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EXPENSES: |
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Property operating expenses |
| 165,753 |
| 152,256 |
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Property management expenses |
| 2,342 |
| 2,117 |
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Activity and asset management expenses |
| 2,311 |
| 1,835 |
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Depreciation and amortization |
| 90,870 |
| 85,467 |
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General and administrative expenses |
| 18,632 |
| 9,735 |
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Other expenses (income), net |
| (1,141 | ) | (3,595 | ) | ||||
Total expenses |
| 278,767 |
| 247,815 |
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Operating income |
| 97,659 |
| 118,610 |
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Interest income |
| 7,476 |
| 6,078 |
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Recovery of (provision for) losses on notes receivable |
| 79 |
| (697 | ) | ||||
Interest expense |
| (94,710 | ) | (90,661 | ) | ||||
Deficit distributions to minority partners |
| (4,438 | ) | (5,468 | ) | ||||
Equity in losses of unconsolidated real estate partnerships |
| (1,434 | ) | (1,682 | ) | ||||
Net recovery of impairment loss on investment in unconsolidated real estate partnerships |
| 148 |
| — |
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Loss on dispositions of real estate related to unconsolidated real estate partnerships |
| (17 | ) | (79 | ) | ||||
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Income before minority interests, discontinued operations and cumulative effect of change in accounting principle |
| 4,763 |
| 26,101 |
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Minority interests: |
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Minority interest in consolidated real estate partnerships |
| 1,004 |
| (1,069 | ) | ||||
Minority interest in Aimco Operating Partnership, preferred [a] |
| (1,969 | ) | (2,621 | ) | ||||
Minority interest in Aimco Operating Partnership, common [a] |
| 2,251 |
| (87 | ) | ||||
Total minority interests |
| 1,286 |
| (3,777 | ) | ||||
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Income from continuing operations |
| 6,049 |
| 22,324 |
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Discontinued operations: |
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Income (loss) from discontinued operations, net [b] |
| 11,936 |
| (501 | ) | ||||
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Income before cumulative effect of change in accounting principle |
| 17,985 |
| 21,823 |
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Cumulative effect of change in accounting principle |
| (3,957 | ) | — |
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Net income |
| 14,028 |
| 21,823 |
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Net income attributable to preferred stockholders |
| 19,867 |
| 22,141 |
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Net loss attributable to common stockholders |
| $ | (5,839 | ) | $ | (318 | ) | ||
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Weighted average number of common shares outstanding |
| 92,811 |
| 92,692 |
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Weighted average number of common shares and common share equivalents outstanding |
| 92,811 |
| 92,786 |
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Earnings (loss) per common share — basic: |
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Income (loss) from continuing operations (net of preferred dividends) |
| $ | (0.15 | ) | $ | 0.00 |
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Income (loss) from discontinued operations |
| 0.13 |
| 0.00 |
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Cumulative effect of change in accounting principle |
| (0.04 | ) | 0.00 |
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Net loss attributable to common stockholders |
| $ | (0.06 | ) | $ | 0.00 |
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Earnings (loss) per common share — diluted: |
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Income (loss) from continuing operations (net of preferred dividends) |
| $ | (0.15 | ) | $ | 0.00 |
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Income (loss) from discontinued operations |
| 0.13 |
| 0.00 |
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Cumulative effect of change in accounting principle |
| (0.04 | ) | 0.00 |
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Net loss attributable to common stockholders |
| $ | (0.06 | ) | $ | 0.00 |
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[a] The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure
[b] Income (loss) from discontinued operations (loss) of consolidated properties is broken down as follows (in thousands):
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| Quarter Ended |
| Quarter Ended |
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| 31-Mar-04 |
| 31-Mar-03 |
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Income (loss) from operations |
| $ | (536 | ) | $ | 2,296 |
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Gain on dispositions of real estate, net of minority partners’ interest |
| 11,360 |
| 3,488 |
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Impairment loss on real estate assets sold or held for sale |
| (14 | ) | (5,287 | ) | ||
Recovery of deficit distributions to minority partners |
| 3,313 |
| 225 |
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Income tax arising from disposals (primarily deferred) |
| (697 | ) | (1,328 | ) | ||
Minority interest in Aimco Operating Partnership |
| (1,490 | ) | 105 |
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Income (loss) from discontinued operations |
| 11,936 |
| (501 | ) | ||
GAAP Balance Sheets
Consolidated Balance Sheets
(in thousands)
(unaudited)
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| As of |
| As of |
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| March 31, 2004 |
| December 31, 2003 |
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ASSETS |
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Buildings and improvements |
| $ | 8,707,914 |
| $ | 8,470,792 |
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Land |
| 2,159,728 |
| 2,078,504 |
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Accumulated depreciation |
| (1,912,245 | ) | (1,834,031 | ) | ||
TOTAL REAL ESTATE |
| 8,955,397 |
| 8,715,265 |
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Cash and cash equivalents |
| 88,465 |
| 97,613 |
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Restricted cash |
| 278,598 |
| 245,498 |
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Accounts receivable |
| 74,104 |
| 67,221 |
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Accounts receivable from affiliates |
| 58,989 |
| 56,874 |
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Deferred financing costs |
| 74,433 |
| 73,462 |
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Notes receivable from unconsolidated real estate partnerships |
| 137,252 |
| 137,416 |
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Notes receivable from non-affiliates |
| 59,390 |
| 68,771 |
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Investment in unconsolidated real estate partnerships |
| 206,456 |
| 237,631 |
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Other assets |
| 359,066 |
| 284,154 |
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Assets held for sale |
| 51,258 |
| 129,457 |
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TOTAL ASSETS |
| $ | 10,343,408 |
| $ | 10,113,362 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Secured tax-exempt bond financing |
| $ | 1,236,328 |
| $ | 1,199,360 |
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Secured notes payable |
| 4,558,010 |
| 4,422,173 |
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Mandatorily redeemable preferred securities |
| 15,119 |
| 113,619 |
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Term loans |
| 343,000 |
| 354,387 |
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Credit facility |
| 127,500 |
| 81,000 |
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TOTAL INDEBTEDNESS |
| 6,279,957 |
| 6,170,539 |
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Accounts payable |
| 26,643 |
| 18,402 |
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Accrued liabilities and other |
| 420,793 |
| 400,321 |
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Deferred income |
| 33,106 |
| 25,978 |
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Security deposits |
| 40,964 |
| 41,163 |
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Deferred income taxes payable |
| 21,742 |
| 26,065 |
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Liabilities related to assets held for sale |
| 32,032 |
| 74,384 |
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TOTAL LIABILITIES |
| 6,855,237 |
| 6,756,852 |
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Minority interest in consolidated real estate partnerships |
| 208,861 |
| 191,948 |
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Minority interest in Aimco Operating Partnership |
| 284,898 |
| 303,905 |
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STOCKHOLDERS' EQUITY |
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Class A Common Stock |
| 939 |
| 939 |
| ||
Additional paid-in capital |
| 3,047,756 |
| 3,053,312 |
| ||
Perpetual preferred stock |
| 755,250 |
| 555,250 |
| ||
Convertible preferred stock |
| 299,992 |
| 299,992 |
| ||
Distributions in excess of earnings |
| (1,059,503 | ) | (998,018 | ) | ||
Unvested restricted stock |
| (10,068 | ) | (10,772 | ) | ||
Notes due on common stock purchases |
| (39,954 | ) | (40,046 | ) | ||
TOTAL STOCKHOLDERS' EQUITY |
| 2,994,412 |
| 2,860,657 |
| ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 10,343,408 |
| $ | 10,113,362 |
|
GAAP Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
| Three Months Ended |
| Three Months Ended |
| ||
|
| March 31, 2004 |
| March 31, 2003 |
| ||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
| ||
|
|
|
|
|
| ||
Net Income |
| $ | 14,028 |
| $ | 21,823 |
|
|
|
|
|
|
| ||
Depreciation and amortization |
| 90,870 |
| 85,467 |
| ||
|
|
|
|
|
| ||
Gain on discontinued operations |
| (11,360 | ) | (3,488 | ) | ||
|
|
|
|
|
| ||
Change in accounts receivable |
| (11,708 | ) | (1,548 | ) | ||
|
|
|
|
|
| ||
Change in other assets |
| (51,215 | ) | 1,708 |
| ||
|
|
|
|
|
| ||
Other adjustments to reconcile Net Income |
| 10,967 |
| 18,745 |
| ||
|
|
|
|
|
| ||
Net cash provided by operating activities |
| 41,582 |
| 122,707 |
| ||
|
|
|
|
|
| ||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
| ||
|
|
|
|
|
| ||
Purchase of real estate |
| (175,521 | ) | (5,000 | ) | ||
|
|
|
|
|
| ||
Capital expenditures |
| (38,036 | ) | (58,350 | ) | ||
|
|
|
|
|
| ||
Purchase of non-real estate assets |
| (16,659 | ) | (6,055 | ) | ||
|
|
|
|
|
| ||
Proceeds from dispositions of real estate |
| 83,354 |
| 79,766 |
| ||
|
|
|
|
|
| ||
Purchase of general and limited partnership interests and other assets |
| (18,452 | ) | (12,773 | ) | ||
|
|
|
|
|
| ||
Originations of notes receivable from unconsolidated real estate partnerships |
| (11,935 | ) | (9,645 | ) | ||
|
|
|
|
|
| ||
Distributions received from investments in unconsolidated real estate partnerships |
| 25,153 |
| 20,859 |
| ||
|
|
|
|
|
| ||
Other investing activities |
| 4,275 |
| 10,488 |
| ||
|
|
|
|
|
| ||
Net cash (used in) provided by investing activities |
| (147,821 | ) | 19,290 |
| ||
|
|
|
|
|
| ||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
| ||
|
|
|
|
|
| ||
Proceeds from secured notes payable borrowings |
| 126,882 |
| 24,120 |
| ||
|
|
|
|
|
| ||
Principal repayments on secured notes payable |
| (95,178 | ) | (96,852 | ) | ||
|
|
|
|
|
| ||
Proceeds from tax-exempt bond financing |
| 50,772 |
| - |
| ||
|
|
|
|
|
| ||
Principal repayments on tax-exempt bond financing |
| (23,697 | ) | (1,479 | ) | ||
|
|
|
|
|
| ||
Net borrowings on term loans and revolving credit facility |
| 35,113 |
| 65,376 |
| ||
|
|
|
|
|
| ||
Redemption of mandatorily redeemable preferred securities |
| (98,875 | ) | - |
| ||
|
|
|
|
|
| ||
Proceeds from issuance of preferred stock |
| 193,700 |
| - |
| ||
|
|
|
|
|
| ||
Repurchase of Class A Common Stock and redemption of OP Units |
| (12,889 | ) | (81 | ) | ||
|
|
|
|
|
| ||
Payment of Class A Common Stock dividends |
| (55,980 | ) | (76,001 | ) | ||
|
|
|
|
|
| ||
Payment of preferred stock dividends |
| (19,534 | ) | (22,092 | ) | ||
|
|
|
|
|
| ||
Contributions from minority interest |
| 12,930 |
| - |
| ||
|
|
|
|
|
| ||
Payment of distributions to minority interest |
| (25,294 | ) | (29,376 | ) | ||
|
|
|
|
|
| ||
Other financing activities |
| (2,971 | ) | 1,752 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activities |
| 84,979 |
| (134,633 | ) | ||
|
|
|
|
|
| ||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
| (21,260 | ) | 7,364 |
| ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
| 97,613 |
| 96,676 |
| ||
NET (INCREASE) DECREASE IN CASH AND CASH EQUIVALENTS INCLUDED WITHIN ASSETS HELD FOR SALE FROM BEGINNING TO END OF PERIOD |
| 12,112 |
| (914 | ) | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
| $ | 88,465 |
| $ | 103,126 |
|
Outlook and Forward Looking Statement
Second Quarter and Full Year 2004
(unaudited)
The Outlook information provided on this Schedule contains information that is forward-looking, including statements concerning projected second 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.
|
| Second Quarter 2004 |
| Full Year 2004 |
|
|
|
GAAP Earnings per share (1) |
| -$0.20 to -$0.16 |
| -$0.42 to -$0.17 |
|
|
|
Add: Depreciation and other |
| $0.81 |
| $3.17 |
|
|
|
FFO per share before Impairments (2) |
| $0.61 to $0.65 |
| $2.75 to $3.00 |
|
|
|
AFFO per share |
| $0.46 to $0.50 |
| $2.03 to $2.28 |
|
|
|
2004 Same Store Operating Assumptions |
|
|
|
|
|
|
|
Expected physical occupancy (weighted average) |
| 87.5% to 89.0% |
| 89.5% to 91.0% |
|
|
|
NOI change - sequential and 2004 vs. 2003 |
| -1.5% to -2.5% |
| -1.5% to -3.5% |
|
|
|
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.
(4) Acquisitions include property acquisitions, limited partnership acquisitions, preferred stock redemptions, and common stock repurchases.
AIMCO 1st Quarter 2004
Financial Statements and Supplemental Information
TABLE OF CONTENTS
THE FOLLOWING SUPPLEMENTAL INFORMATION INCLUDES A NUMBER OF MODIFICATIONS FROM PREVIOUS VERSIONS OF AIMCO’S QUARTERLY SUPPLEMENTAL INFORMATION INTENDED TO REDUCE THE SIZE AND COMPLEXITY OF THE QUARTERLY PACKAGE. IMPROVEMENTS TO THE PRESENTATION INCLUDE: (1) RECLASSIFICATION OF CERTAIN AMOUNTS IN THE INCOME STATEMENT TO NEW LINE ITEMS; (2) CONDENSING A NUMBER OF SCHEDULES INTO A NEW SCHEDULE 2; AND (3) EXPANDED INFORMATION ON DEBT AND SHARE COUNT.
|
Schedule 1 - Funds From Operations and Adjusted Funds From Operations |
|
Schedule 2 - Business Component Proportionate Income Statement Presentation |
|
Schedule 3 - Business Component Proportionate Balance Sheet Presentation |
|
|
|
|
|
|
|
|
Description of Income Statement Presentation Changes |
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 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.
DISPOSITION CAPITAL EXPENDITURES: Disposition Capital Expenditures are those capital expenditures made on conventional and affordable properties sold, held for sale, or identified as to-be-sold within one year and those capital expenditures made on certain affordable properties that are subject to regulatory restrictions on distribution and that are expected to be sold on completion of regulatory requirements. As part of changes effective as of the first quarter 2004, these expenditures are included in CR and CI expenditures.
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 and other income, General and administrative expenses, Provision for losses on accounts, fees and notes receivable and other expenses (income) 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 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 and university communities.
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 6b 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.
Supplemental Schedule 1
Funds From Operations and Adjusted Funds From Operations [a]
(in thousands, except per share data)
(unaudited)
|
| For the Three Months |
| ||||
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Net loss attributable to common stockholders |
| $ | (5,839 | ) | $ | (318 | ) |
Adjustments: |
|
|
|
|
| ||
Depreciation and amortization |
| 90,870 |
| 85,467 |
| ||
Depreciation and amortization related to non-real estate assets |
| (4,920 | ) | (5,286 | ) | ||
Depreciation of rental property related to minority partners' interest |
| (10,788 | ) | (7,273 | ) | ||
Depreciation of rental property related to unconsolidated entities |
| 6,070 |
| 6,503 |
| ||
Loss on dispositions of real estate related to unconsolidated real estate partnerships |
| 17 |
| 79 |
| ||
Deficit distributions to minority partners |
| 4,438 |
| 5,468 |
| ||
Cumulative effect of change in accounting principle |
| 3,957 |
| — |
| ||
Discontinued operations: |
|
|
|
|
| ||
Gain on dispositions of real estate, net of minority partners' interest |
| (11,360 | ) | (3,488 | ) | ||
Depreciation of rental property, net of minority partners' interest |
| 512 |
| 6,632 |
| ||
Recovery of deficit distributions to minority partners |
| (3,313 | ) | (225 | ) | ||
Income tax arising from disposals |
| 697 |
| 1,328 |
| ||
Minority interest in Aimco Operating Partnership's share of above adjustments |
| (8,422 | ) | (10,210 | ) | ||
Preferred stock dividends |
| 19,867 |
| 22,141 |
| ||
Funds From Operations |
| 81,786 |
| 100,818 |
| ||
Preferred stock dividends |
| (19,867 | ) | (22,141 | ) | ||
Dividends/distributions on dilutive preferred securities |
| 629 |
| 4,863 |
| ||
Interest expense on mandatorily redeemable convertible preferred securities |
| — |
| 247 |
| ||
Funds From Operations Attributable to Common Stockholders - Diluted |
| $ | 62,548 |
| $ | 83,787 |
|
|
|
|
|
|
| ||
Capital Replacements |
| (12,200 | ) | (26,082 | ) | ||
Capital Enhancements [b] |
| — |
| (663 | ) | ||
Net recovery of impairment loss on investment in unconsolidated real estate partnerships |
| (148 | ) | — |
| ||
Impairment loss on real estate assets sold or held for sale, net of minority partners' interest |
| 14 |
| 5,287 |
| ||
Minority interest in Aimco Operating Partnership's share of above adjustments |
| 1,363 |
| 2,458 |
| ||
Dividends/distributions on non-dilutive preferred securities |
| (587 | ) | (4,066 | ) | ||
|
|
|
|
|
| ||
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted |
| $ | 50,990 |
| $ | 60,721 |
|
|
|
|
|
|
| ||
Funds From Operations: |
|
|
|
|
| ||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: |
|
|
|
|
| ||
Common shares and equivalents |
| 92,856 |
| 92,786 |
| ||
Dilutive preferred securities |
| 967 |
| 5,574 |
| ||
|
| 93,823 |
| 98,360 |
| ||
|
|
|
|
|
| ||
Adjusted Funds From Operations: |
|
|
|
|
| ||
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding: |
|
|
|
|
| ||
Common shares and equivalents |
| 92,856 |
| 92,786 |
| ||
Dilutive preferred securities |
| 82 |
| 1,392 |
| ||
|
| 92,938 |
| 94,178 |
| ||
|
|
|
|
|
| ||
Per Share: |
|
|
|
|
| ||
Funds From Operations - Diluted |
| $ | 0.67 |
| $ | 0.85 |
|
Funds From Operations - Diluted (excluding impairment losses) [c] |
| $ | 0.67 |
| $ | 0.90 |
|
Adjusted Funds From Operations - Diluted |
| $ | 0.55 |
| $ | 0.64 |
|
Dividends Declared |
| $ | 0.60 |
| $ | 0.82 |
|
[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 months ended March 31, 2004 includes a net recovery of impairment loss of $0.1 million and for the three months ended March 31, 2003 an adjustment of $5.3 million was made to reflect this change.
Supplemental Schedule 2
Business Component Proportionate Income Statement Presentation
For the Three Months Ended March 31, 2004
(in thousands)
(unaudited)
|
| Aimco GAAP Income Statement |
| Porportionate Share of Unconsolidated Partnerships |
| Minority Partners' Interest |
| Total Income Statement |
| Conventional | (1) | Aimco Capital | (1) | Corporate |
| Total Proportionate Consolidated Income Statement |
| |||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Rental and other property revenues (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Same store properties |
| $ | 304,427 |
| $ | 11,640 |
| $ | (45,042 | ) | $ | 271,025 |
| $ | 271,025 |
| $ | — |
| $ | — |
| $ | 271,025 |
| |||
Acquisition properties |
| 6,411 |
| 466 |
| (9 | ) | 6,868 |
| 6,868 |
| — |
| — |
| 6,868 |
| |||||||||||
Redevelopment properties |
| 12,949 |
| 382 |
| (3,715 | ) | 9,616 |
| 9,616 |
| — |
| — |
| 9,616 |
| |||||||||||
Disposition properties |
| — |
| 263 |
| — |
| 263 |
| — |
| 263 |
| — |
| 263 |
| |||||||||||
Other properties |
| 3,856 |
| 1,345 |
| (31 | ) | 5,170 |
| 5,170 |
| — |
| — |
| 5,170 |
| |||||||||||
Affordable properties |
| 32,259 |
| 13,962 |
| (1,920 | ) | 44,301 |
| — |
| 44,301 |
| — |
| 44,301 |
| |||||||||||
Total rental and other property revenues |
| 359,902 |
| 28,058 |
| (50,717 | ) | 337,243 |
| 292,679 |
| 44,564 |
| — |
| 337,243 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Property management revenues, primarily from affiliates |
| 8,256 |
| — |
| — |
| 8,256 |
| 2,523 |
| 5,733 |
| — |
| 8,256 |
| |||||||||||
Activity fees and asset management revenues, primarily from affiliates |
| 8,268 |
| — |
| — |
| 8,268 |
| (97 | ) | 8,365 |
| — |
| 8,268 |
| |||||||||||
Total revenues |
| 376,426 |
| 28,058 |
| (50,717 | ) | 353,767 |
| 295,105 |
| 58,662 |
| — |
| 353,767 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Property operating expenses (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Same store properties |
| 130,616 |
| 5,442 |
| (20,583 | ) | 115,475 |
| 115,475 |
| — |
| — |
| 115,475 |
| |||||||||||
Acquisition properties |
| 2,511 |
| 290 |
| (4 | ) | 2,797 |
| 2,797 |
| — |
| — |
| 2,797 |
| |||||||||||
Redevelopment properties |
| 8,043 |
| 246 |
| (1,832 | ) | 6,457 |
| 6,457 |
| — |
| — |
| 6,457 |
| |||||||||||
Disposition properties |
| — |
| 213 |
| — |
| 213 |
| — |
| 213 |
| — |
| 213 |
| |||||||||||
Other properties |
| 3,261 |
| 1,261 |
| (898 | ) | 3,624 |
| 3,624 |
| — |
| — |
| 3,624 |
| |||||||||||
Affordable properties |
| 17,866 |
| 6,807 |
| (1,094 | ) | 23,579 |
| — |
| 23,579 |
| — |
| 23,579 |
| |||||||||||
Casualties |
| (1,461 | ) | 49 |
| 27 |
| (1,385 | ) | (1,143 | ) | (242 | ) | — |
| (1,385 | ) | |||||||||||
Property management expenses (consolidated properties) |
| 4,917 |
| 1,609 |
| (2,217 | ) | 4,309 |
| 3,048 |
| 1,261 |
| — |
| 4,309 |
| |||||||||||
Total property operating expenses |
| 165,753 |
| 15,917 |
| (26,601 | ) | 155,069 |
| 130,258 |
| 24,811 |
| — |
| 155,069 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Property management expenses (unconsolidated and third party properties) |
| 2,342 |
| — |
| — |
| 2,342 |
| 785 |
| 1,557 |
| — |
| 2,342 |
| |||||||||||
Activity and asset management expenses |
| 2,311 |
| — |
| — |
| 2,311 |
| — |
| 2,311 |
| — |
| 2,311 |
| |||||||||||
Depreciation and amortization |
| 90,870 |
| 6,070 |
| (10,788 | ) | 86,152 |
| 77,017 |
| 9,135 |
| — |
| 86,152 |
| |||||||||||
General and administrative expenses |
| 18,632 |
| — |
| — |
| 18,632 |
| 11,418 |
| 7,214 |
| — |
| 18,632 |
| |||||||||||
Other expenses (income), net |
| (1,141 | ) | 589 |
| (836 | ) | (1,388 | ) | 1,644 |
| (3,032 | ) | — |
| (1,388 | ) | |||||||||||
Total expenses |
| 278,767 |
| 22,576 |
| (38,225 | ) | 263,118 |
| 221,122 |
| 41,996 |
| — |
| 263,118 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income |
| 97,659 |
| 5,482 |
| (12,492 | ) | 90,649 |
| 73,983 |
| 16,666 |
| — |
| 90,649 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
General partner loan interest |
| 4,686 |
| — |
| — |
| 4,686 |
| 3,887 |
| 799 |
| — |
| 4,686 |
| |||||||||||
Money market and interest bearing accounts |
| 1,343 |
| 475 |
| (22 | ) | 1,796 |
| 1,016 |
| 780 |
| — |
| 1,796 |
| |||||||||||
Accretion on discounted notes receivable |
| 1,447 |
| — |
| — |
| 1,447 |
| 1,482 |
| (35 | ) | — |
| 1,447 |
| |||||||||||
Total interest income |
| 7,476 |
| 475 |
| (22 | ) | 7,929 |
| 6,385 |
| 1,544 |
| — |
| 7,929 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Recovery of losses on notes receivable |
| 79 |
| — |
| — |
| 79 |
| 387 |
| (308 | ) | — |
| 79 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Property debt (primarily non-recourse) |
| (87,236 | ) | (7,474 | ) | 13,649 |
| (81,061 | ) | (71,035 | ) | (10,026 | ) | — |
| (81,061 | ) | |||||||||||
Lines of credit |
| (7,076 | ) | — |
| — |
| (7,076 | ) | — |
| — |
| (7,076 | ) | (7,076 | ) | |||||||||||
Interest expense on mandatorily redeemable preferred securities |
| (1,161 | ) | — |
| — |
| (1,161 | ) | — |
| — |
| (1,161 | ) | (1,161 | ) | |||||||||||
Interest expense on mandatorily redeemable convertible preferred securities |
| (246 | ) | — |
| — |
| (246 | ) | — |
| — |
| (246 | ) | (246 | ) | |||||||||||
Capitalized interest |
| 1,009 |
| 83 |
| (131 | ) | 961 |
| 603 |
| 358 |
| — |
| 961 |
| |||||||||||
Total interest expense |
| (94,710 | ) | (7,391 | ) | 13,518 |
| (88,583 | ) | (70,432 | ) | (9,668 | ) | (8,483 | ) | (88,583 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Deficit distributions to minority partners |
| (4,438 | ) | — |
| — |
| (4,438 | ) | (3,475 | ) | (963 | ) | — |
| (4,438 | ) | |||||||||||
Equity in earnings (losses) of unconsolidated real estate partnerships |
| (1,434 | ) | 1,434 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||||||||
Net recovery of impairment (loss) on investment in unconsolidated real estate partnerships |
| 148 |
| — |
| — |
| 148 |
| 749 |
| (601 | ) | — |
| 148 |
| |||||||||||
Gain (loss) on dispositions of real estate related to unconsolidated real estate partnerships |
| (17 | ) | — |
| — |
| (17 | ) | (2,826 | ) | 2,809 |
| — |
| (17 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle |
| 4,763 |
| — |
| 1,004 |
| 5,767 |
| 4,771 |
| 9,479 |
| (8,483 | ) | 5,767 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Minority interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Minority interest in consolidated real estate partnerships |
| 1,004 |
| — |
| (1,004 | ) | — |
| — |
| — |
| — |
| — |
| |||||||||||
Minority interest in Aimco Operating Partnership |
| 282 |
| — |
| — |
| 282 |
| — |
| — |
| 282 |
| 282 |
| |||||||||||
Total minority interests |
| 1,286 |
| — |
| (1,004 | ) | 282 |
| — |
| — |
| 282 |
| 282 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from continuing operations |
| 6,049 |
| — |
| — |
| 6,049 |
| 4,771 |
| 9,479 |
| (8,201 | ) | 6,049 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from discontinued operations, net |
| 11,936 |
| — |
| — |
| 11,936 |
| 12,997 |
| 429 |
| (1,490 | ) | 11,936 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Income before cumulative effect of change in accounting principle |
| 17,985 |
| — |
| — |
| 17,985 |
| 17,768 |
| 9,908 |
| (9,691 | ) | 17,985 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Cumulative effect of change in accounting principle |
| (3,957 | ) | — |
| — |
| (3,957 | ) | (512 | ) | (3,445 | ) | — |
| (3,957 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net income |
| $ | 14,028 |
| $ | — |
| $ | — |
| $ | 14,028 |
| $ | 17,256 |
| $ | 6,463 |
| $ | (9,691 | ) | $ | 14,028 |
| |||
(1) see definitions and descriptions in Glossary
Business Component Proportionate Income Statement Presentation
For the Three Months Ended March 31, 2004
(in thousands)
(unaudited)
|
| Aimco GAAP Income Statement |
| Porportionate Share of Unconsolidated Partnerships |
| Minority Partners' Interest |
| Total 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) |
|
|
|
|
|
|
| 14,028 |
| 17,256 |
| 6,463 |
| (9,691 | ) | 14,028 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Proportionate share of depreciation and amortization |
|
|
|
|
|
|
| 86,152 |
| 77,017 |
| 9,135 |
| — |
| 86,152 |
| |||||
Depreciation and amortization related to non-real estate assets |
|
|
|
|
|
|
| (4,920 | ) | (4,920 | ) | — |
| — |
| (4,920 | ) | |||||
Deficit distributions to minority partners |
|
|
|
|
|
|
| 4,438 |
| 3,475 |
| 963 |
| — |
| 4,438 |
| |||||
Gain (loss) on dispositions of real estate related to unconsolidated real estate partnerships |
|
|
|
|
|
|
| 17 |
| 2,826 |
| (2,809 | ) | — |
| 17 |
| |||||
Cumulative effect of change in accounting principle |
|
|
|
|
|
|
| 3,957 |
| 512 |
| 3,445 |
| — |
| 3,957 |
| |||||
Discontinued operations |
|
|
|
|
|
|
| (13,464 | ) | (13,230 | ) | (234 | ) | — |
| (13,464 | ) | |||||
Preferred stock dividends and distributions |
|
|
|
|
|
|
| (19,867 | ) | — |
| — |
| (19,867 | ) | (19,867 | ) | |||||
Dividends/distributions on dilutive preferred securities |
|
|
|
|
|
|
| 629 |
| — |
| — |
| 629 |
| 629 |
| |||||
Minority interest in Aimco Operating Partnership's share of adjustments |
|
|
|
|
|
|
| (8,422 | ) | — |
| — |
| (8,422 | ) | (8,422 | ) | |||||
FFO Attributable to Common Stockholders - Diluted |
|
|
|
|
|
|
| 62,548 |
| 82,936 |
| 16,963 |
| (37,351 | ) | 62,548 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Capital Replacements |
|
|
|
|
|
|
| (12,200 | ) | (9,944 | ) | (2,256 | ) | — |
| (12,200 | ) | |||||
(Net recovery of) impairment loss on investment in unconsolidated real estate partnerships |
|
|
|
|
|
|
| (148 | ) | (749 | ) | 601 |
| — |
| (148 | ) | |||||
Impairment loss on real estate assets sold or held for sale, net of minority partners' interest |
|
|
|
|
|
|
| 14 |
| — |
| 14 |
| — |
| 14 |
| |||||
Dividends/distributions on non-dilutive preferred securities |
|
|
|
|
|
|
| (587 | ) | — |
| — |
| (587 | ) | (587 | ) | |||||
Minority interest in Aimco Operating Partnership's share of adjustments |
|
|
|
|
|
|
| 1,363 |
| — |
| — |
| 1,363 |
| 1,363 |
| |||||
AFFO Attributable to Common Stockholders - Diluted |
|
|
|
|
|
|
| 50,990 |
| 72,243 |
| 15,322 |
| (36,575 | ) | 50,990 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense |
|
|
|
|
|
|
| 88,583 |
| 70,432 |
| 9,668 |
| 8,483 |
| 88,583 |
| |||||
Discontinued operations |
|
|
|
|
|
|
| 1,514 |
| 233 |
| (209 | ) | 1,490 |
| 1,514 |
| |||||
Preferred stock dividends and distributions |
|
|
|
|
|
|
| 19,867 |
| — |
| — |
| 19,867 |
| 19,867 |
| |||||
Depreciation and amortization related to non-real estate assets |
|
|
|
|
|
|
| 4,920 |
| 4,920 |
| — |
| — |
| 4,920 |
| |||||
Dividends/distributions on non-dilutive preferred securities |
|
|
|
|
|
|
| (42 | ) | — |
| — |
| (42 | ) | (42 | ) | |||||
Minority interest in Aimco Operating Partnership, common |
|
|
|
|
|
|
| (282 | ) | — |
| — |
| (282 | ) | (282 | ) | |||||
Minority interest in Aimco Operating Partnership's share of adjustments |
|
|
|
|
|
|
| 7,059 |
| — |
| — |
| 7,059 |
| 7,059 |
| |||||
FCF |
|
|
|
|
|
|
| $ | 172,609 |
| $ | 147,828 |
| $ | 24,781 |
| $ | — |
| $ | 172,609 |
|
FCF Breakdown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate |
|
|
|
|
|
|
| 169,974 |
|
|
|
|
|
|
|
|
| |||||
Property management |
|
|
|
|
|
|
| 5,914 |
|
|
|
|
|
|
|
|
| |||||
Activity and asset management |
|
|
|
|
|
|
| 5,957 |
|
|
|
|
|
|
|
|
| |||||
Interest income |
|
|
|
|
|
|
| 7,929 |
|
|
|
|
|
|
|
|
| |||||
Recovery of losses on notes receivable |
|
|
|
|
|
|
| 79 |
|
|
|
|
|
|
|
|
| |||||
General and administrative expenses |
|
|
|
|
|
|
| (18,632 | ) |
|
|
|
|
|
|
|
| |||||
Other (expenses) income, net |
|
|
|
|
|
|
| 1,388 |
|
|
|
|
|
|
|
|
| |||||
Total FCF |
|
|
|
|
|
|
| $ | 172,609 |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reconciliation of Net Income to FFO, AFFO and FCF: |
| For the Three Months Ended March 31, 2004 |
| |||||||
|
| FFO |
| AFFO |
| FCF |
| |||
|
|
|
|
|
|
|
| |||
Net income |
| $ | 14,028 |
| $ | 14,028 |
| $ | 14,028 |
|
Total interest expense after minority partners' share |
| — |
| — |
| 88,583 |
| |||
Dividends on preferred stock |
| (19,867 | ) | (19,867 | ) | — |
| |||
Proportionate share of depreciation and amortization |
| 86,152 |
| 86,152 |
| 86,152 |
| |||
Depreciation and amortization related to non-real estate assets |
| (4,920 | ) | (4,920 | ) |
|
| |||
Loss on dispositions of real estate related to unconsolidated real estate partnerships |
| 17 |
| 17 |
| 17 |
| |||
Net recovery of impairment loss on investment in unconsolidated real estate partnerships |
| — |
| (148 | ) | (148 | ) | |||
Cumulative effect of change in accounting principle |
| 3,957 |
| 3,957 |
| 3,957 |
| |||
Discontinued operations: |
|
|
|
|
|
|
| |||
Income from discontinued operations, net |
| — |
| — |
| (11,936 | ) | |||
Depreciation of rental property, net of minority partners' interest |
| 512 |
| 512 |
| — |
| |||
Gain on dispositions of real estate, net of minority partners' interest |
| (11,360 | ) | (11,360 | ) | — |
| |||
Impairment loss on real estate assets sold or held for sale, net of minority partners' interest |
| — |
| 14 |
| — |
| |||
Recovery of deficit distributions to minority partners |
| (3,313 | ) | (3,313 | ) | — |
| |||
Income tax arising from disposals |
| 697 |
| 697 |
| — |
| |||
Deficit distributions to minority partners |
| 4,438 |
| 4,438 |
| 4,438 |
| |||
Capital Replacements |
| — |
| (12,200 | ) | (12,200 | ) | |||
Dividends/distributions on dilutive preferred securities |
| 629 |
| 42 |
| — |
| |||
Minority interest in Aimco Operating Partnership's share of above adjustments |
| (8,422 | ) | (7,059 | ) | — |
| |||
Minority interest in Aimco Operating Partnership |
| — |
| — |
| (282 | ) | |||
Amount shown above |
| $ | 62,548 |
| $ | 50,990 |
| $ | 172,609 |
|
|
|
|
|
|
|
|
|
Supplemental Schedule 3
Business Component Proportionate Balance Sheet Presentation
As of March 31, 2004 (in thousands)
(unaudited)
|
| Consolidated GAAP Balance Sheet As of March 31, 2004 |
| Proportionate Share of Unconsolidated Partnerships [a] |
| Minority Interest [b] |
| Proportionate Consolidated Balance Sheet [c] |
| Conventional |
| Aimco Capital |
| Corporate |
| |||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Buildings and improvements |
| $ | 8,707,914 |
| $ | 546,528 |
| $ | (1,316,364 | ) | $ | 7,938,078 |
| $ | 7,162,058 |
| $ | 776,020 |
| $ | — |
|
Land |
| 2,159,728 |
| 81,049 |
| (167,322 | ) | 2,073,455 |
| 1,939,820 |
| 133,635 |
| — |
| |||||||
Accumulated depreciation |
| (1,912,245 | ) | (111,921 | ) | 361,016 |
| (1,663,150 | ) | (1,524,708 | ) | (138,442 | ) | — |
| |||||||
TOTAL REAL ESTATE |
| 8,955,397 |
| 515,656 |
| (1,122,670 | ) | 8,348,383 |
| 7,577,170 |
| 771,213 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash and cash equivalents |
| 88,465 |
| 14,614 |
| — |
| 103,079 |
| 74,107 |
| 28,972 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Restricted cash |
| 278,598 |
| 39,248 |
| — |
| 317,846 |
| 193,791 |
| 124,055 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Accounts receivable |
| 74,104 |
| 2,651 |
| — |
| 76,755 |
| 55,894 |
| 20,861 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Accounts receivable from affiliates |
| 58,989 |
| — |
| — |
| 58,989 |
| 20,646 |
| 38,343 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Deferred financing costs |
| 74,433 |
| — |
| — |
| 74,433 |
| 70,451 |
| 3,982 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Notes receivable from unconsolidated real estate partnerships |
| 137,252 |
| — |
| — |
| 137,252 |
| 50,100 |
| 87,152 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Notes receivable from non-affiliates |
| 59,390 |
| — |
| — |
| 59,390 |
| 59,390 |
| — |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investment in unconsolidated real estate partnerships |
| 206,456 |
| (133,201 | ) | — |
| 73,255 |
| 49,622 |
| 23,633 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other assets |
| 359,066 |
| 9,637 |
| — |
| 368,703 |
| 268,551 |
| 100,152 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Assets held for sale |
| 51,258 |
| — |
| — |
| 51,258 |
| 34,867 |
| 16,391 |
| — |
| |||||||
TOTAL ASSETS |
| $ | 10,343,408 |
| $ | 448,605 |
| $ | (1,122,670 | ) | $ | 9,669,343 |
| $ | 8,454,589 |
| $ | 1,214,754 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Secured tax-exempt bond financing |
| $ | 1,236,328 |
| $ | 28,725 |
| $ | (51,333 | ) | $ | 1,213,720 |
| $ | 1,170,975 |
| $ | 42,745 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Secured notes payable |
| 4,558,010 |
| 350,337 |
| (742,495 | ) | 4,165,852 |
| 3,579,203 |
| 586,649 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Mandatorily redeemable preferred securities |
| 15,119 |
| — |
| — |
| 15,119 |
| — |
| — |
| 15,119 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Term loans |
| 343,000 |
| — |
| — |
| 343,000 |
| — |
| — |
| 343,000 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Credit facility |
| 127,500 |
| — |
| — |
| 127,500 |
| — |
| — |
| 127,500 |
| |||||||
TOTAL INDEBTEDNESS |
| 6,279,957 |
| 379,062 |
| (793,828 | ) | 5,865,191 |
| 4,750,178 |
| 629,394 |
| 485,619 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Accounts payable |
| 26,643 |
| 69,543 |
| — |
| 96,186 |
| 55,771 |
| 40,415 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Accrued liabilities and other |
| 420,793 |
| — |
| — |
| 420,793 |
| 320,170 |
| 100,623 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Deferred income |
| 33,106 |
| — |
| — |
| 33,106 |
| 31,358 |
| 1,748 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Security deposits |
| 40,964 |
| — |
| — |
| 40,964 |
| 37,345 |
| 3,619 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Deferred income taxes payable |
| 21,742 |
| — |
| — |
| 21,742 |
| 21,742 |
| — |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Liabilities related to assets held for sale |
| 32,032 |
| — |
| — |
| 32,032 |
| 22,632 |
| 9,400 |
| — |
| |||||||
TOTAL LIABILITIES |
| 6,855,237 |
| 448,605 |
| (793,828 | ) | 6,510,014 |
| 5,239,196 |
| 785,199 |
| 485,619 |
| |||||||
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minority interest in consolidated real estate partnerships |
| 208,861 |
| — |
| (328,842 | ) | (119,981 | ) | (122,149 | ) | 2,168 |
| — |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minority interest in Aimco Operating Partnership |
| 284,898 |
| — |
| — |
| 284,898 |
| — |
| — |
| 284,898 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
NET OPERATING ASSETS |
|
|
| $ | — |
| $ | — |
| $ | 2,994,412 |
| $ | 3,337,543 |
| $ | 427,387 |
| $ | (770,517 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A Common Stock |
| 939 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Additional paid-in capital |
| 3,047,756 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Perpetual preferred stock |
| 755,250 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Convertible preferred stock |
| 299,992 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distributions in excess of earnings |
| (1,059,503 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Unvested restricted stock |
| (10,068 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Notes due on common stock purchases |
| (39,954 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
TOTAL STOCKHOLDERS' EQUITY |
| 2,994,412 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 10,343,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
[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 cash and restricted cash is $24.6 million and minority partners' share of notes receivable is $65.0 million.
[c] Aimco's proportionate consolidated balance sheet, which includes the GAAP balance sheet as of March 31, 2004, plus the proportionate share of selected unconsolidated and less minority partners' share of selected balance sheet data.
Supplemental Schedule 4
Share Data
As of March 31, 2004
(in thousands)
(unaudited)
|
| Coupon |
| Amount |
| Shares/Units Outstanding at March 31, 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 |
|
|
|
|
| 93,898 |
| 92,811 |
| 92,811 |
| 92,811 |
| |
Common stock equivalents |
|
|
|
|
| — |
| — |
| 45 |
| 45 |
| |
Common Partnership Units and equivalents |
|
|
|
|
| 11,305 |
| — |
| — |
| — |
| |
Total |
|
|
|
|
| 105,203 |
| 92,811 |
| 92,856 |
| 92,856 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
| — |
| — |
| — |
| |
Class O |
| 9.00 | % | 100,000 |
| 1,905 |
| — |
| — |
| — |
| |
Class P |
| 9.00 | % | 99,992 |
| 4,000 |
| — |
| — |
| — |
| |
|
|
|
| 299,992 |
| 9,905 |
| — |
| — |
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Preferred Partnership Units |
| 8.76 | % | 90,835 |
| 3,322 |
| — |
| 967 |
| 82 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total convertible |
|
|
| $ | 390,827 |
| 13,227 |
| — |
| 967 |
| 82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total preferred securities |
|
|
| $ | 1,146,327 |
| 43,447 |
| — |
| 967 |
| 82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mandatorily redeemable convertible securities |
| 6.50 | % | $ | 15,119 |
| 302 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
|
|
|
|
| 92,811 |
| 93,823 |
| 92,938 |
|
Supplemental Schedule 5
Selected Debt Structure and Maturity Data
As of March 31, 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 |
| $ | 3,786,487 |
| $ | 147,950 |
| $ | (631,878 | ) | $ | 3,302,559 |
| 13.3 |
| 7.05 | % |
Floating rate secured notes payable |
| 322,698 |
| 7,135 |
| (53,189 | ) | 276,644 |
| 12.8 |
| 2.36 | % | ||||
Total secured notes payable: |
| 4,109,185 |
| 155,085 |
| (685,067 | ) | 3,579,203 |
| 13.3 |
| 6.69 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed rate tax-exempt bonds |
| 378,169 |
| 10,446 |
| (9,864 | ) | 378,751 |
| 15.4 |
| 5.78 | % | ||||
Floating rate tax-exempt bonds |
| 812,167 |
| 10,619 |
| (30,562 | ) | 792,224 |
| 11.7 |
| 2.25 | % | ||||
Total tax-exempt bonds: |
| 1,190,336 |
| 21,065 |
| (40,426 | ) | 1,170,975 |
| 12.9 |
| 3.39 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Property Debt on Conventional Portfolio |
| 5,299,521 |
| 176,150 |
| (725,493 | ) | 4,750,178 |
| 13.2 |
| 5.88 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Affordable Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed rate secured notes payable |
| 438,317 |
| 195,093 |
| (57,428 | ) | 575,982 |
| 18.4 |
| 6.63 | % | ||||
Floating rate secured notes payable |
| 10,508 |
| 159 |
| — |
| 10,667 |
| 3.2 |
| 3.33 | % | ||||
Total secured notes payable: |
| 448,825 |
| 195,252 |
| (57,428 | ) | 586,649 |
| 18.1 |
| 6.56 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed rate tax-exempt bonds |
| 45,992 |
| 6,077 |
| (10,907 | ) | 41,162 |
| 28.7 |
| 6.48 | % | ||||
Floating rate tax-exempt bonds |
| — |
| 1,583 |
| — |
| 1,583 |
| — |
| 2.01 | % | ||||
Total tax-exempt bonds: |
| 45,992 |
| 7,660 |
| (10,907 | ) | 42,745 |
| 28.0 |
| 6.45 | % | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Property Debt on Affordable Portfolio |
| 494,817 |
| 202,912 |
| (68,335 | ) | 629,394 |
| 18.8 |
| 6.55 | % | ||||
Total Property Debt (1) |
| $ | 5,794,338 |
| $ | 379,062 |
| $ | (793,828 | ) | $ | 5,379,572 |
| 13.8 |
| 5.95 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Term Loans |
| $ | 343,000 |
| $ | — |
| $ | — |
| $ | 343,000 |
|
|
| 3.90 | % |
Credit Facility |
| 127,500 |
| — |
| — |
| 127,500 |
|
|
| 3.98 | % | ||||
Total Corporate Debt |
| $ | 470,500 |
| $ | — |
| $ | — |
| $ | 470,500 |
|
|
| 3.92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Mandatorily Redeemable Securities |
| $ | 15,119 |
| $ | — |
| $ | — |
| $ | 15,119 |
|
|
| 6.50 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Debt |
| $ | 6,279,957 |
| $ | 379,062 |
| $ | (793,828 | ) | $ | 5,865,191 |
|
|
|
|
|
(1) | At March 31, 2004, Aimco's consolidated property debt includes 133 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 $1,139 million and $1,079 million, respectively, at March 31, 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. |
II. Debt Maturities | ||||||||||||||
Consolidated Property Debt |
|
|
|
|
|
|
| Percent |
| Average |
| |||
|
| Amortization |
| Maturities |
| Total |
| of Total |
| Rate |
| |||
2004 (remaining) |
| $ | 104,029 |
| $ | 55,673 |
| $ | 159,702 |
| 2.8 | % | 6.85 | % |
2005 |
| 146,269 |
| 146,599 |
| 292,868 |
| 5.0 | % | 6.46 | % | |||
2006 |
| 150,259 |
| 408,726 |
| 558,985 |
| 9.6 | % | 5.94 | % | |||
2007 |
| 151,923 |
| 251,275 |
| 403,198 |
| 7.0 | % | 2.84 | % | |||
2008 |
| 155,738 |
| 187,030 |
| 342,768 |
| 5.9 | % | 5.03 | % | |||
Thereafter |
|
|
|
|
| 4,036,817 |
| 69.7 | % |
|
| |||
Total Property Debt: |
| $ | 708,218 |
| $ | 1,049,303 |
| $ | 5,794,338 |
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Debt |
|
|
|
|
|
|
| Percent |
| Average |
| |||
|
| Amortization |
| Maturities |
| Total |
| of Total |
| Rate |
| |||
2005 |
| $ | — |
| $ | 220,500 |
| $ | 220,500 |
| 46.9 | % | 4.00 | % |
2008 |
| — |
| 250,000 |
| 250,000 |
| 53.1 | % | 3.86 | % | |||
Total Corporate Debt: |
| $ | — |
| $ | 470,500 |
| $ | 470,500 |
| 100.0 | % |
|
|
Supplemental Schedule 5 (Continued)
Selected Debt Structure and Maturity Data
As of March 31, 2004
(in millions)
(unaudited)
III. Loan Closings |
FIRST QUARTER LOAN CLOSINGS |
| Original |
| New |
| Aimco |
| Aimco |
| Aimco |
|
|
|
|
| |||||
|
| Loan |
| Loan |
| Share |
| Share |
| Net |
| Prior |
| New |
| |||||
Mortgage Type (all non-recourse) |
| Amount |
| Amount |
| Original Loan |
| New Loan |
| Proceeds (1) |
| Rate |
| Rate |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Refinancings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed Rate |
| $ | — |
| $ | 15.4 |
| $ | — |
| $ | 11.9 |
| $ | 10.8 |
| N/A |
| 4.52 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Floating Rate |
| 11.7 |
| 11.3 |
| 8.9 |
| 8.3 |
| (0.2 | ) | 8.15 | % | 4.30 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tax-Exempt Bonds |
| 35.3 |
| 57.1 |
| 22.0 |
| 22.0 |
| 6.0 |
| 7.60 | % | 5.31 | % | |||||
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Affordable Mark-to-Market and other |
| 28.5 |
| 71.1 |
| 13.3 |
| 33.6 |
| 20.1 |
| 8.34 | % | 3.61 | % | |||||
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Loans relating to acquisitions: |
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Fixed Rate |
| — |
| 12.2 |
| — |
| 12.2 |
| 12.1 |
| N/A |
| 5.38 | % | |||||
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Floating Rate |
| — |
| 88.1 |
| — |
| 88.1 |
| 87.4 |
| N/A |
| 2.60 | % | |||||
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Totals |
| $ | 75.5 |
| $ | 255.2 |
| $ | 44.2 |
| $ | 176.1 |
| $ | 136.2 |
| 7.83 | % | 3.81 | % |
(1) Aimco net proceeds is after transaction costs
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IV. Capitalization | ||||||||||||||||
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| At |
| Percent of Total |
| At |
| Percent of Total |
| At |
| Percent of Total |
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Corporate debt |
| $ | 514 |
| 5 | % | $ | 435 |
| 4 | % | $ | 471 |
| 5 | % |
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Property debt (Aimco's share) |
| 5,536 |
| 51 | % | 5,315 |
| 53 | % | 5,380 |
| 53 | % | |||
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Mandatorily redeemable securities |
| 113 |
| 1 | % | 114 |
| 1 | % | 15 |
| 0 | % | |||
Total Debt |
| 6,163 |
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| 5,864 |
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| 5,866 |
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Less: Cash and restricted cash |
| (355 | ) | -4 | % | (363 | ) | -3 | % | (396 | ) | -3 | % | |||
Net Debt |
| 5,808 |
| 53 | % | 5,501 |
| 55 | % | 5,470 |
| 55 | % | |||
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Preferred equity |
| 947 |
| 9 | % | 946 |
| 9 | % | 1,146 |
| 12 | % | |||
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Common equity at market (2) |
| 4,168 |
| 38 | % | 3,641 |
| 36 | % | 3,271 |
| 33 | % | |||
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Total Capitalization |
| $ | 10,923 |
| 100 | % | $ | 10,088 |
| 100 | % | $ | 9,887 |
| 100 | % |
(2) Common equity at market at March 31, 2004 was calculated using 105.2 million shares of Class A Common Stock and common Partnership Units outstanding multiplied by the closing price of $31.09 per share/unit, as of March 31, 2004
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V. Ratings on Preferred Securities |
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Moody's Investor Service |
| Ba3 (negative outlook) |
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Standard and Poors |
| B+ (negative outlook) |
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Fitch |
| BB+ (negative outlook) |
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Supplemental Schedule 6(a)
Same Store Sales
First Quarter 2004 versus First Quarter 2003
(unaudited) (in thousands, except site and unit data)
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| Three Months Ended March 31, 2004 |
| Three Months Ended March 31, 2003 |
| Change Three Months Ended March 31, 2004 |
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| Revenue |
| Expenses |
| NOI |
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| Sites |
| Units |
| Owner% |
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| REV |
| EXP |
| NOI |
| REV |
| EXP |
| NOI |
| Amt |
| % |
| Amt |
| % |
| Amt |
| % |
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Northeast |
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Washington |
| 28 |
| 12,458 |
| 82.04 | % |
|
| 28,682 |
| 10,699 |
| 17,983 |
| 28,876 |
| 10,265 |
| 18,611 |
| (194 | ) | -0.7 | % | 434 |
| 4.2 | % | (628 | ) | -3.4 | % | ||
New England |
| 14 |
| 5,385 |
| 96.81 | % |
|
| 15,985 |
| 5,808 |
| 10,177 |
| 16,468 |
| 6,083 |
| 10,385 |
| (483 | ) | -2.9 | % | (275 | ) | -4.5 | % | (208 | ) | -2.0 | % | ||
Philadelphia |
| 12 |
| 5,734 |
| 79.23 | % |
|
| 14,044 |
| 5,532 |
| 8,512 |
| 13,504 |
| 5,486 |
| 8,018 |
| 540 |
| 4.0 | % | 46 |
| 0.8 | % | 494 |
| 6.2 | % | ||
Baltimore |
| 11 |
| 2,044 |
| 82.59 | % |
|
| 4,383 |
| 1,727 |
| 2,656 |
| 4,191 |
| 1,957 |
| 2,234 |
| 192 |
| 4.6 | % | (230 | ) | -11.8 | % | 422 |
| 18.9 | % | ||
New York |
| 1 |
| 835 |
| 100.00 | % |
|
| 2,312 |
| 1,125 |
| 1,187 |
| 2,173 |
| 1,111 |
| 1,062 |
| 139 |
| 6.4 | % | 14 |
| 1.3 | % | 125 |
| 11.8 | % | ||
Other Markets |
| 2 |
| 532 |
| 81.80 | % |
|
| 780 |
| 427 |
| 353 |
| 756 |
| 400 |
| 356 |
| 24 |
| 3.2 | % | 27 |
| 6.8 | % | (3 | ) | -0.8 | % | ||
|
| 68 |
| 26,988 |
| 84.98 | % |
|
| 66,186 |
| 25,318 |
| 40,868 |
| 65,968 |
| 25,302 |
| 40,666 |
| 218 |
| 0.3 | % | 16 |
| 0.1 | % | 202 |
| 0.5 | % | ||
Southeast |
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Atlanta |
| 21 |
| 5,931 |
| 83.28 | % |
|
| 8,152 |
| 4,646 |
| 3,506 |
| 8,724 |
| 4,176 |
| 4,548 |
| (572 | ) | -6.6 | % | 470 |
| 11.3 | % | (1,042 | ) | -22.9 | % | ||
Augusta |
| 2 |
| 416 |
| 100.00 | % |
|
| 813 |
| 291 |
| 522 |
| 769 |
| 285 |
| 484 |
| 44 |
| 5.7 | % | 6 |
| 2.1 | % | 38 |
| 7.9 | % | ||
Norfolk |
| 12 |
| 3,565 |
| 68.68 | % |
|
| 5,789 |
| 1,882 |
| 3,907 |
| 5,417 |
| 1,872 |
| 3,545 |
| 372 |
| 6.9 | % | 10 |
| 0.5 | % | 362 |
| 10.2 | % | ||
Nashville |
| 11 |
| 3,752 |
| 80.05 | % |
|
| 5,352 |
| 2,135 |
| 3,217 |
| 5,467 |
| 2,215 |
| 3,252 |
| (115 | ) | -2.1 | % | (80 | ) | -3.6 | % | (35 | ) | -1.1 | % | ||
Raleigh-Durham-Chapel Hill |
| 10 |
| 2,843 |
| 71.46 | % |
|
| 3,239 |
| 1,417 |
| 1,822 |
| 3,413 |
| 1,495 |
| 1,918 |
| (174 | ) | -5.1 | % | (78 | ) | -5.2 | % | (96 | ) | -5.0 | % | ||
Charlotte-Gastonia-Rock Hill |
| 11 |
| 2,336 |
| 87.62 | % |
|
| 2,994 |
| 1,674 |
| 1,320 |
| 2,779 |
| 1,400 |
| 1,379 |
| 215 |
| 7.7 | % | 274 |
| 19.6 | % | (59 | ) | -4.3 | % | ||
Richmond - Petersburg |
| 6 |
| 1,284 |
| 75.18 | % |
|
| 2,091 |
| 723 |
| 1,368 |
| 2,086 |
| 688 |
| 1,398 |
| 5 |
| 0.2 | % | 35 |
| 5.1 | % | (30 | ) | -2.1 | % | ||
Columbia/Charleston |
| 9 |
| 2,117 |
| 72.98 | % |
|
| 2,705 |
| 1,195 |
| 1,510 |
| 2,684 |
| 1,094 |
| 1,590 |
| 21 |
| 0.8 | % | 101 |
| 9.2 | % | (80 | ) | -5.0 | % | ||
Other Markets |
| 30 |
| 6,320 |
| 78.95 | % |
|
| 7,686 |
| 3,612 |
| 4,074 |
| 7,903 |
| 3,601 |
| 4,302 |
| (217 | ) | -2.7 | % | 11 |
| 0.3 | % | (228 | ) | -5.3 | % | ||
|
| 112 |
| 28,564 |
| 78.37 | % |
|
| 38,821 |
| 17,575 |
| 21,246 |
| 39,242 |
| 16,826 |
| 22,416 |
| (421 | ) | -1.1 | % | 749 |
| 4.5 | % | (1,170 | ) | -5.2 | % | ||
Florida |
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Orlando - Daytona |
| 24 |
| 6,132 |
| 88.32 | % |
|
| 10,004 |
| 4,506 |
| 5,498 |
| 9,992 |
| 4,387 |
| 5,605 |
| 12 |
| 0.1 | % | 119 |
| 2.7 | % | (107 | ) | -1.9 | % | ||
Tampa-St. Petersburg |
| 21 |
| 5,637 |
| 73.38 | % |
|
| 7,554 |
| 3,323 |
| 4,231 |
| 7,659 |
| 3,362 |
| 4,297 |
| (105 | ) | -1.4 | % | (39 | ) | -1.2 | % | (66 | ) | -1.5 | % | ||
West Palm Beach-Boca |
| 6 |
| 1,727 |
| 100.00 | % |
|
| 3,984 |
| 1,504 |
| 2,480 |
| 3,935 |
| 1,576 |
| 2,359 |
| 49 |
| 1.2 | % | (72 | ) | -4.6 | % | 121 |
| 5.1 | % | ||
Jacksonville |
| 6 |
| 2,406 |
| 75.94 | % |
|
| 3,743 |
| 1,410 |
| 2,333 |
| 3,679 |
| 1,452 |
| 2,227 |
| 64 |
| 1.7 | % | (42 | ) | -2.9 | % | 106 |
| 4.8 | % | ||
Miami/FortLauderdale |
| 10 |
| 3,293 |
| 79.98 | % |
|
| 7,416 |
| 2,877 |
| 4,539 |
| 7,294 |
| 3,195 |
| 4,099 |
| 122 |
| 1.7 | % | (318 | ) | -10.0 | % | 440 |
| 10.7 | % | ||
Other Markets |
| 1 |
| 136 |
| 72.93 | % |
|
| 196 |
| 76 |
| 120 |
| 211 |
| 86 |
| 125 |
| (15 | ) | -7.1 | % | (10 | ) | -11.6 | % | (5 | ) | -4.0 | % | ||
|
| 68 |
| 19,331 |
| 81.94 | % |
|
| 32,897 |
| 13,696 |
| 19,201 |
| 32,770 |
| 14,058 |
| 18,712 |
| 127 |
| 0.4 | % | (362 | ) | -2.6 | % | 489 |
| 2.6 | % | ||
Midwest |
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Chicago |
| 22 |
| 6,323 |
| 81.47 | % |
|
| 13,888 |
| 6,167 |
| 7,721 |
| 14,451 |
| 5,982 |
| 8,469 |
| (563 | ) | -3.9 | % | 185 |
| 3.1 | % | (748 | ) | -8.8 | % | ||
Indianapolis |
| 36 |
| 12,479 |
| 88.51 | % |
|
| 16,982 |
| 7,773 |
| 9,209 |
| 17,535 |
| 7,561 |
| 9,974 |
| (553 | ) | -3.2 | % | 212 |
| 2.8 | % | (765 | ) | -7.7 | % | ||
Grand Rapids-Lansing |
| 13 |
| 4,734 |
| 63.93 | % |
|
| 5,105 |
| 2,656 |
| 2,449 |
| 5,680 |
| 2,608 |
| 3,072 |
| (575 | ) | -10.1 | % | 48 |
| 1.8 | % | (623 | ) | -20.3 | % | ||
Cincinnati - Dayton |
| 19 |
| 3,733 |
| 71.69 | % |
|
| 4,875 |
| 2,178 |
| 2,697 |
| 5,033 |
| 2,306 |
| 2,727 |
| (158 | ) | -3.1 | % | (128 | ) | -5.6 | % | (30 | ) | -1.1 | % | ||
Detroit - Ann Arbor |
| 7 |
| 2,074 |
| 67.01 | % |
|
| 2,769 |
| 1,280 |
| 1,489 |
| 2,819 |
| 1,413 |
| 1,406 |
| (50 | ) | -1.8 | % | (133 | ) | -9.4 | % | 83 |
| 5.9 | % | ||
Columbus |
| 9 |
| 2,012 |
| 68.83 | % |
|
| 2,374 |
| 1,003 |
| 1,371 |
| 2,423 |
| 999 |
| 1,424 |
| (49 | ) | -2.0 | % | 4 |
| 0.4 | % | (53 | ) | -3.7 | % | ||
Kansas City |
| 5 |
| 1,296 |
| 61.51 | % |
|
| 1,347 |
| 878 |
| 469 |
| 1,451 |
| 420 |
| 1,031 |
| (104 | ) | -7.2 | % | 458 |
| 109.0 | % | (562 | ) | -54.5 | % | ||
Minneapolis - St Paul |
| 4 |
| 1,098 |
| 59.96 | % |
|
| 1,352 |
| 629 |
| 723 |
| 1,412 |
| 593 |
| 819 |
| (60 | ) | -4.2 | % | 36 |
| 6.1 | % | (96 | ) | -11.7 | % | ||
Other Markets |
| 14 |
| 2,896 |
| 56.20 | % |
|
| 2,744 |
| 1,392 |
| 1,352 |
| 2,794 |
| 1,237 |
| 1,557 |
| (50 | ) | -1.8 | % | 155 |
| 12.5 | % | (205 | ) | -13.2 | % | ||
|
| 129 |
| 36,645 |
| 75.74 | % |
|
| 51,436 |
| 23,956 |
| 27,480 |
| 53,598 |
| 23,119 |
| 30,479 |
| (2,162 | ) | -4.0 | % | 837 |
| 3.6 | % | (2,999 | ) | -9.8 | % | ||
Texas |
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Houston - Galveston |
| 36 |
| 9,467 |
| 66.10 | % |
|
| 9,699 |
| 5,116 |
| 4,583 |
| 10,294 |
| 4,746 |
| 5,548 |
| (595 | ) | -5.8 | % | 370 |
| 7.8 | % | (965 | ) | -17.4 | % | ||
Dallas-Fort Worth |
| 26 |
| 6,483 |
| 73.06 | % |
|
| 7,258 |
| 3,914 |
| 3,344 |
| 7,828 |
| 3,788 |
| 4,040 |
| (570 | ) | -7.3 | % | 126 |
| 3.3 | % | (696 | ) | -17.2 | % | ||
San Antonio |
| 14 |
| 3,269 |
| 94.60 | % |
|
| 4,642 |
| 2,207 |
| 2,435 |
| 4,435 |
| 2,178 |
| 2,257 |
| 207 |
| 4.7 | % | 29 |
| 1.3 | % | 178 |
| 7.9 | % | ||
Austin-San Marcos |
| 10 |
| 2,217 |
| 92.52 | % |
|
| 3,476 |
| 1,851 |
| 1,625 |
| 3,579 |
| 1,890 |
| 1,689 |
| (103 | ) | -2.9 | % | (39 | ) | -2.1 | % | (64 | ) | -3.8 | % | ||
Other Markets |
| 7 |
| 1,499 |
| 72.95 | % |
|
| 1,591 |
| 720 |
| 871 |
| 1,677 |
| 672 |
| 1,005 |
| (86 | ) | -5.1 | % | 48 |
| 7.1 | % | (134 | ) | -13.3 | % | ||
|
| 93 |
| 22,935 |
| 75.13 | % |
|
| 26,666 |
| 13,808 |
| 12,858 |
| 27,813 |
| 13,274 |
| 14,539 |
| (1,147 | ) | -4.1 | % | 534 |
| 4.0 | % | (1,681 | ) | -11.6 | % | ||
West |
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Phoenix-Mesa |
| 28 |
| 7,447 |
| 92.20 | % |
|
| 10,318 |
| 5,180 |
| 5,138 |
| 10,318 |
| 5,003 |
| 5,315 |
| 0 |
| 0.0 | % | 177 |
| 3.5 | % | (177 | ) | -3.3 | % | ||
Denver - Front Range |
| 22 |
| 4,743 |
| 80.37 | % |
|
| 7,144 |
| 3,129 |
| 4,015 |
| 7,712 |
| 2,441 |
| 5,271 |
| (568 | ) | -7.4 | % | 688 |
| 28.2 | % | (1,256 | ) | -23.8 | % | ||
Salt Lake City-Ogden |
| 4 |
| 1,511 |
| 83.33 | % |
|
| 1,983 |
| 764 |
| 1,219 |
| 1,941 |
| 758 |
| 1,183 |
| 42 |
| 2.2 | % | 6 |
| 0.8 | % | 36 |
| 3.0 | % | ||
Las Vegas |
| 4 |
| 1,253 |
| 87.16 | % |
|
| 1,847 |
| 764 |
| 1,083 |
| 1,784 |
| 719 |
| 1,065 |
| 63 |
| 3.5 | % | 45 |
| 6.3 | % | 18 |
| 1.7 | % | ||
Tucson |
| 3 |
| 887 |
| 100.00 | % |
|
| 1,192 |
| 563 |
| 629 |
| 1,237 |
| 550 |
| 687 |
| (45 | ) | -3.6 | % | 13 |
| 2.4 | % | (58 | ) | -8.4 | % | ||
Seattle |
| 4 |
| 468 |
| 54.41 | % |
|
| 531 |
| 260 |
| 271 |
| 545 |
| 219 |
| 326 |
| (14 | ) | -2.6 | % | 41 |
| 18.7 | % | (55 | ) | -16.9 | % | ||
Other Markets |
| 5 |
| 1,024 |
| 63.61 | % |
|
| 1,021 |
| 467 |
| 554 |
| 1,049 |
| 446 |
| 208 |
| (28 | ) | -2.7 | % | 21 |
| 4.7 | % | (49 | ) | -8.1 | % | ||
|
| 70 |
| 17,333 |
| 85.51 | % |
|
| 24,036 |
| 11,127 |
| 12,909 |
| 24,586 |
| 10,136 |
| 14,450 |
| (550 | ) | -2.2 | % | 991 |
| 9.8 | % | (1,541 | ) | -10.7 | % | ||
California |
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Los Angeles-Long Beach - Ventura |
| 15 |
| 4,830 |
| 89.32 | % |
|
| 17,429 |
| 5,448 |
| 11,981 |
| 16,851 |
| 4,533 |
| 12,318 |
| 578 |
| 3.4 | % | 915 |
| 20.2 | % | (337 | ) | -2.7 | % | ||
San Diego |
| 7 |
| 2,237 |
| 93.46 | % |
|
| 6,035 |
| 1,790 |
| 4,245 |
| 6,104 |
| 1,683 |
| 4,421 |
| (69 | ) | -1.1 | % | 107 |
| 6.4 | % | (176 | ) | -4.0 | % | ||
Orange County - Riverside |
| 7 |
| 1,611 |
| 81.26 | % |
|
| 4,454 |
| 1,600 |
| 2,854 |
| 4,542 |
| 1,337 |
| 3,205 |
| (88 | ) | -1.9 | % | 263 |
| 19.7 | % | (351 | ) | -11.0 | % | ||
Bay Area |
| 6 |
| 1,661 |
| 57.99 | % |
|
| 2,962 |
| 1,120 |
| 1,842 |
| 3,175 |
| 1,008 |
| 2,167 |
| (213 | ) | -6.7 | % | 112 |
| 11.1 | % | (325 | ) | -15.0 | % | ||
Sacramento |
| 1 |
| 180 |
| 22.05 | % |
|
| 103 |
| 37 |
| 66 |
| 107 |
| 40 |
| 67 |
| (4 | ) | -3.7 | % | (3 | ) | -7.5 | % | (1 | ) | -1.5 | % | ||
|
| 36 |
| 10,519 |
| 82.87 | % |
|
| 30,983 |
| 9,995 |
| 20,988 |
| 30,779 |
| 8,601 |
| 22,178 |
| 204 |
| 0.7 | % | 1,394 |
| 16.2 | % | (1,190 | ) | -5.4 | % | ||
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SAME STORE SALES TOTALS |
| 576 |
| 162,315 |
| 79.90 | % |
|
| 271,025 |
| 115,475 |
| 155,550 |
| 274,756 |
| 111,316 |
| 163,440 |
| (3,731 | ) | -1.4 | % | 4,159 |
| 3.7 | % | (7,890 | ) | -4.8 | % | ||
Plus: Minority partners' share of consolidated same store sales |
| 45,042 |
| 20,583 |
| 24,459 |
| 45,834 |
| 19,217 |
| 26,617 |
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Less: Aimco's share of unconsolidated same store sales |
| (11,640 | ) | (5,442 | ) | (6,198 | ) | (12,276 | ) | (5,231 | ) | (7,045 | ) |
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Plus: Other consolidated entities |
| 55,475 |
| 35,137 |
| 20,338 |
| 43,084 |
| 26,954 |
| 16,130 |
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Total Rental and other property revenues and property operating expense per GAAP Income Statement |
| 359,902 |
| 165,753 |
| 194,149 |
| 351,398 |
| 152,256 |
| 199,142 |
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Supplemental Schedule 6(b)
Same Store Sales
First Quarter 2004 versus Fourth Quarter 2003
(unaudited) (in thousands, except site and unit data)
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| Three Months Ended March 31, 2004 |
| Three Months Ended December 31, 2003 |
| Change 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 |
| % |
| Amt |
| % |
| Amt |
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Northeast |
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Washington |
| 28 |
| 12,458 |
| 82.04 | % | 28,682 |
| 10,699 |
| 17,983 |
| 29,209 |
| 9,950 |
| 19,259 |
| (527 | ) | -1.8 | % | 749 |
| 7.5 | % | (1,276 | ) | -6.6 | % |
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New England |
| 14 |
| 5,385 |
| 96.81 | % | 15,985 |
| 5,808 |
| 10,177 |
| 16,306 |
| 5,285 |
| 11,021 |
| (321 | ) | -2.0 | % | 523 |
| 9.9 | % | (844 | ) | -7.7 | % |
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Philadelphia |
| 12 |
| 5,734 |
| 79.23 | % | 14,044 |
| 5,532 |
| 8,512 |
| 14,254 |
| 4,870 |
| 9,384 |
| (210 | ) | -1.5 | % | 662 |
| 13.6 | % | (872 | ) | -9.3 | % |
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Baltimore |
| 11 |
| 2,044 |
| 82.59 | % | 4,383 |
| 1,727 |
| 2,656 |
| 4,418 |
| 1,594 |
| 2,824 |
| (35 | ) | -0.8 | % | 133 |
| 8.3 | % | (168 | ) | -5.9 | % |
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New York |
| 1 |
| 835 |
| 100.00 | % | 2,312 |
| 1,125 |
| 1,187 |
| 2,365 |
| 744 |
| 1,621 |
| (53 | ) | -2.2 | % | 381 |
| 51.2 | % | (434 | ) | -26.8 | % |
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Other Markets |
| 2 |
| 532 |
| 81.80 | % | 780 |
| 427 |
| 353 |
| 820 |
| 320 |
| 500 |
| (40 | ) | -4.9 | % | 107 |
| 33.4 | % | (147 | ) | -29.4 | % |
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|
| 68 |
| 26,988 |
| 84.98 | % | 66,186 |
| 25,318 |
| 40,868 |
| 67,372 |
| 22,763 |
| 44,609 |
| (1,186 | ) | -1.8 | % | 2,555 |
| 11.2 | % | (3,741 | ) | -8.4 | % |
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Southeast |
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Atlanta |
| 21 |
| 5,931 |
| 83.28 | % | 8,152 |
| 4,646 |
| 3,506 |
| 8,323 |
| 4,491 |
| 3,832 |
| (171 | ) | -2.1 | % | 155 |
| 3.5 | % | (326 | ) | -8.5 | % |
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Augusta |
| 2 |
| 416 |
| 100.00 | % | 813 |
| 291 |
| 522 |
| 804 |
| 319 |
| 485 |
| 9 |
| 1.1 | % | (28 | ) | -8.8 | % | 37 |
| 7.6 | % |
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Norfolk |
| 12 |
| 3,565 |
| 68.68 | % | 5,789 |
| 1,882 |
| 3,907 |
| 5,659 |
| 1,906 |
| 3,753 |
| 130 |
| 2.3 | % | (24 | ) | -1.3 | % | 154 |
| 4.1 | % |
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Nashville |
| 11 |
| 3,752 |
| 80.05 | % | 5,352 |
| 2,135 |
| 3,217 |
| 5,634 |
| 2,149 |
| 3,485 |
| (282 | ) | -5.0 | % | (14 | ) | -0.7 | % | (268 | ) | -7.7 | % |
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Raleigh-Durham-Chapel Hill |
| 10 |
| 2,843 |
| 71.46 | % | 3,239 |
| 1,417 |
| 1,822 |
| 3,366 |
| 1,565 |
| 1,801 |
| (127 | ) | -3.8 | % | (148 | ) | -9.5 | % | 21 |
| 1.2 | % |
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Charlotte-Gastonia-Rock Hill |
| 11 |
| 2,336 |
| 87.62 | % | 2,994 |
| 1,674 |
| 1,320 |
| 2,995 |
| 1,624 |
| 1,371 |
| (1 | ) | 0.0 | % | 50 |
| 3.1 | % | (51 | ) | -3.7 | % |
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Richmond - Petersburg |
| 6 |
| 1,284 |
| 75.18 | % | 2,091 |
| 723 |
| 1,368 |
| 2,133 |
| 713 |
| 1,420 |
| (42 | ) | -2.0 | % | 10 |
| 1.4 | % | (52 | ) | -3.7 | % |
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Columbia/Charleston |
| 9 |
| 2,117 |
| 72.98 | % | 2,705 |
| 1,195 |
| 1,510 |
| 2,766 |
| 1,127 |
| 1,639 |
| (61 | ) | -2.2 | % | 68 |
| 6.0 | % | (129 | ) | -7.9 | % |
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Other Markets |
| 30 |
| 6,320 |
| 78.95 | % | 7,686 |
| 3,612 |
| 4,074 |
| 7,817 |
| 3,649 |
| 4,168 |
| (131 | ) | -1.7 | % | (37 | ) | -1.0 | % | (94 | ) | -2.3 | % |
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|
| 112 |
| 28,564 |
| 78.37 | % | 38,821 |
| 17,575 |
| 21,246 |
| 39,497 |
| 17,543 |
| 21,954 |
| (676 | ) | -1.7 | % | 32 |
| 0.2 | % | (708 | ) | -3.2 | % |
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Florida |
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Orlando - Daytona |
| 24 |
| 6,132 |
| 88.32 | % | 10,004 |
| 4,506 |
| 5,498 |
| 10,094 |
| 4,474 |
| 5,620 |
| (90 | ) | -0.9 | % | 32 |
| 0.7 | % | (122 | ) | -2.2 | % |
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Tampa-St. Petersburg |
| 21 |
| 5,637 |
| 73.38 | % | 7,554 |
| 3,323 |
| 4,231 |
| 7,703 |
| 3,331 |
| 4,372 |
| (149 | ) | -1.9 | % | (8 | ) | -0.2 | % | (141 | ) | -3.2 | % |
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West Palm Beach-Boca |
| 6 |
| 1,727 |
| 100.00 | % | 3,984 |
| 1,504 |
| 2,480 |
| 3,984 |
| 1,503 |
| 2,481 |
| 0 |
| 0.0 | % | 1 |
| 0.1 | % | (1 | ) | 0.0 | % |
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Jacksonville |
| 6 |
| 2,406 |
| 75.94 | % | 3,743 |
| 1,410 |
| 2,333 |
| 3,775 |
| 1,480 |
| 2,295 |
| (32 | ) | -0.8 | % | (70 | ) | -4.7 | % | 38 |
| 1.7 | % |
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Miami/FortLauderdale |
| 10 |
| 3,293 |
| 79.98 | % | 7,416 |
| 2,877 |
| 4,539 |
| 7,289 |
| 3,380 |
| 3,909 |
| 127 |
| 1.7 | % | (503 | ) | -14.9 | % | 630 |
| 16.1 | % |
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Other Markets |
| 1 |
| 136 |
| 72.93 | % | 196 |
| 76 |
| 120 |
| 209 |
| 79 |
| 130 |
| (13 | ) | -6.2 | % | (3 | ) | -3.8 | % | (10 | ) | -7.7 | % |
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|
| 68 |
| 19,331 |
| 81.94 | % | 32,897 |
| 13,696 |
| 19,201 |
| 33,054 |
| 14,247 |
| 18,807 |
| (157 | ) | -0.5 | % | (551 | ) | -3.9 | % | 394 |
| 2.1 | % |
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Midwest |
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Chicago |
| 22 |
| 6,323 |
| 81.47 | % | 13,888 |
| 6,167 |
| 7,721 |
| 14,150 |
| 5,834 |
| 8,316 |
| (262 | ) | -1.9 | % | 333 |
| 5.7 | % | (595 | ) | -7.2 | % |
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Indianapolis |
| 36 |
| 12,479 |
| 88.51 | % | 16,982 |
| 7,773 |
| 9,209 |
| 17,227 |
| 7,807 |
| 9,420 |
| (245 | ) | -1.4 | % | (34 | ) | -0.4 | % | (211 | ) | -2.2 | % |
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Grand Rapids-Lansing |
| 13 |
| 4,734 |
| 63.93 | % | 5,105 |
| 2,656 |
| 2,449 |
| 5,418 |
| 2,586 |
| 2,832 |
| (313 | ) | -5.8 | % | 70 |
| 2.7 | % | (383 | ) | -13.5 | % |
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Cincinnati - Dayton |
| 19 |
| 3,733 |
| 71.69 | % | 4,875 |
| 2,178 |
| 2,697 |
| 5,023 |
| 2,129 |
| 2,894 |
| (148 | ) | -2.9 | % | 49 |
| 2.3 | % | (197 | ) | -6.8 | % |
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Detroit - Ann Arbor |
| 7 |
| 2,074 |
| 67.01 | % | 2,769 |
| 1,280 |
| 1,489 |
| 2,889 |
| 1,299 |
| 1,590 |
| (120 | ) | -4.2 | % | (19 | ) | -1.5 | % | (101 | ) | -6.4 | % |
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Columbus |
| 9 |
| 2,012 |
| 68.83 | % | 2,374 |
| 1,003 |
| 1,371 |
| 2,385 |
| 942 |
| 1,443 |
| (11 | ) | -0.5 | % | 61 |
| 6.5 | % | (72 | ) | -5.0 | % |
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Kansas City |
| 5 |
| 1,296 |
| 61.51 | % | 1,347 |
| 878 |
| 469 |
| 1,391 |
| 476 |
| 915 |
| (44 | ) | -3.2 | % | 402 |
| 84.5 | % | (446 | ) | -48.7 | % |
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Minneapolis - St Paul |
| 4 |
| 1,098 |
| 59.96 | % | 1,352 |
| 629 |
| 723 |
| 1,391 |
| 605 |
| 786 |
| (39 | ) | -2.8 | % | 24 |
| 4.0 | % | (63 | ) | -8.0 | % |
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Other Markets |
| 14 |
| 2,896 |
| 56.20 | % | 2,744 |
| 1,392 |
| 1,352 |
| 2,813 |
| 1,198 |
| 1,615 |
| (69 | ) | -2.5 | % | 194 |
| 16.2 | % | (263 | ) | -16.3 | % |
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|
| 129 |
| 36,645 |
| 75.74 | % | 51,436 |
| 23,956 |
| 27,480 |
| 52,687 |
| 22,876 |
| 29,811 |
| (1,251 | ) | -2.4 | % | 1,080 |
| 4.7 | % | (2,331 | ) | -7.8 | % |
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Texas |
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Houston - Galveston |
| 36 |
| 9,467 |
| 66.10 | % | 9,699 |
| 5,116 |
| 4,583 |
| 9,871 |
| 5,224 |
| 4,647 |
| (172 | ) | -1.7 | % | (108 | ) | -2.1 | % | (64 | ) | -1.4 | % |
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Dallas-Fort Worth |
| 26 |
| 6,483 |
| 73.06 | % | 7,258 |
| 3,914 |
| 3,344 |
| 7,480 |
| 4,121 |
| 3,359 |
| (222 | ) | -3.0 | % | (207 | ) | -5.0 | % | (15 | ) | -0.4 | % |
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San Antonio |
| 14 |
| 3,269 |
| 94.60 | % | 4,642 |
| 2,207 |
| 2,435 |
| 4,794 |
| 2,408 |
| 2,386 |
| (152 | ) | -3.2 | % | (201 | ) | -8.3 | % | 49 |
| 2.1 | % |
| ||||
Austin-San Marcos |
| 10 |
| 2,217 |
| 92.52 | % | 3,476 |
| 1,851 |
| 1,625 |
| 3,663 |
| 1,744 |
| 1,919 |
| (187 | ) | -5.1 | % | 107 |
| 6.1 | % | (294 | ) | -15.3 | % |
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Other Markets |
| 7 |
| 1,499 |
| 72.95 | % | 1,591 |
| 720 |
| 871 |
| 1,645 |
| 712 |
| 933 |
| (54 | ) | -3.3 | % | 8 |
| 1.1 | % | (62 | ) | -6.6 | % |
| ||||
|
| 93 |
| 22,935 |
| 75.13 | % | 26,666 |
| 13,808 |
| 12,858 |
| 27,453 |
| 14,209 |
| 13,244 |
| (787 | ) | -2.9 | % | (401 | ) | -2.8 | % | (386 | ) | -2.9 | % |
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West |
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Phoenix-Mesa |
| 28 |
| 7,447 |
| 92.20 | % | 10,318 |
| 5,180 |
| 5,138 |
| 10,571 |
| 5,743 |
| 4,828 |
| (253 | ) | -2.4 | % | (563 | ) | -9.8 | % | 310 |
| 6.4 | % |
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Denver - Front Range |
| 22 |
| 4,743 |
| 80.37 | % | 7,144 |
| 3,129 |
| 4,015 |
| 7,097 |
| 2,939 |
| 4,158 |
| 47 |
| 0.7 | % | 190 |
| 6.5 | % | (143 | ) | -3.4 | % |
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Salt Lake City-Ogden |
| 4 |
| 1,511 |
| 83.33 | % | 1,983 |
| 764 |
| 1,219 |
| 2,087 |
| 791 |
| 1,296 |
| (104 | ) | -5.0 | % | (27 | ) | -3.4 | % | (77 | ) | -5.9 | % |
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Las Vegas |
| 4 |
| 1,253 |
| 87.16 | % | 1,847 |
| 764 |
| 1,083 |
| 1,815 |
| 773 |
| 1,042 |
| 32 |
| 1.8 | % | (9 | ) | -1.2 | % | 41 |
| 3.9 | % |
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Tucson |
| 3 |
| 887 |
| 100.00 | % | 1,192 |
| 563 |
| 629 |
| 1,226 |
| 579 |
| 647 |
| (34 | ) | -2.8 | % | (16 | ) | -2.8 | % | (18 | ) | -2.8 | % |
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Seattle |
| 4 |
| 468 |
| 54.41 | % | 531 |
| 260 |
| 271 |
| 595 |
| 255 |
| 340 |
| (64 | ) | -10.8 | % | 5 |
| 2.0 | % | (69 | ) | -20.3 | % |
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Other Markets |
| 5 |
| 1,024 |
| 63.61 | % | 1,021 |
| 467 |
| 554 |
| 1,055 |
| 478 |
| 577 |
| (34 | ) | -3.2 | % | (11 | ) | -2.3 | % | (23 | ) | -4.0 | % |
| ||||
|
| 70 |
| 17,333 |
| 85.51 | % | 24,036 |
| 11,127 |
| 12,909 |
| 24,446 |
| 11,558 |
| 12,888 |
| (410 | ) | -1.7 | % | (431 | ) | -3.7 | % | 21 |
| 0.2 | % |
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California |
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Los Angeles-Long Beach - Ventura |
| 15 |
| 4,830 |
| 89.32 | % | 17,429 |
| 5,448 |
| 11,981 |
| 17,372 |
| 6,325 |
| 11,047 |
| 57 |
| 0.3 | % | (877 | ) | -13.9 | % | 934 |
| 8.5 | % |
| ||||
San Diego |
| 7 |
| 2,237 |
| 93.46 | % | 6,035 |
| 1,790 |
| 4,245 |
| 6,503 |
| 2,073 |
| 4,430 |
| (468 | ) | -7.2 | % | (283 | ) | -13.7 | % | (185 | ) | -4.2 | % |
| ||||
Orange County - Riverside |
| 7 |
| 1,611 |
| 81.26 | % | 4,454 |
| 1,600 |
| 2,854 |
| 4,600 |
| 1,406 |
| 3,194 |
| (146 | ) | -3.2 | % | 194 |
| 13.8 | % | (340 | ) | -10.6 | % |
| ||||
Bay Area |
| 6 |
| 1,661 |
| 57.99 | % | 2,962 |
| 1,120 |
| 1,842 |
| 2,977 |
| 1,132 |
| 1,845 |
| (15 | ) | -0.5 | % | (12 | ) | -1.1 | % | (3 | ) | -0.2 | % |
| ||||
Sacramento |
| 1 |
| 180 |
| 22.05 | % | 103 |
| 37 |
| 66 |
| 106 |
| 52 |
| 54 |
| (3 | ) | -2.8 | % | (15 | ) | -28.8 | % | 12 |
| 22.2 | % |
| ||||
|
| 36 |
| 10,519 |
| 82.87 | % | 30,983 |
| 9,995 |
| 20,988 |
| 31,558 |
| 10,988 |
| 20,570 |
| (575 | ) | -1.8 | % | (993 | ) | -9.0 | % | 418 |
| 2.0 | % |
| ||||
SAME STORE SALES TOTALS |
| 576 |
| 162,315 |
| 79.90 | % | 271,025 |
| 115,475 |
| 155,550 |
| 276,067 |
| 114,184 |
| 161,883 |
| (5,042 | ) | -1.8 | % | 1,291 |
| 1.1 | % | (6,333 | ) | -3.9 | % |
| ||||
Plus: Minority partners' share of consolidated same store sales | 45,042 |
| 20,583 |
| 24,459 |
| 45,284 |
| 19,462 |
| 25,822 |
|
|
Less: Aimco's share of unconsolidated same store sales | (11,640 | ) | (5,442 | ) | (6,198 | ) | (11,410 | ) | (5,102 | ) | (6,308 | ) |
|
Plus: Other consolidated entities | 55,475 |
| 35,137 |
| 20,338 |
| 50,651 |
| 29,283 |
| 21,368 |
|
|
Total Rental and other property revenues and property operating expense per GAAP Income Statement | 359,902 |
| 165,753 |
| 194,149 |
| 360,592 |
| 157,827 |
| 202,765 |
|
|
Supplemental Schedule 7
Selected Portfolio Performance Data
(unaudited)
PORTFOLIO SUMMARY
SAME STORE PERFORMANCE
|
| SAME STORE PORTFOLIO |
| |||||||
|
| CORE |
| NON-CORE |
| TOTAL |
| |||
|
|
|
|
|
|
|
| |||
Rent, average first quarter 2004 |
| $ | 802 |
| $ | 568 |
| $ | 725 |
|
Occupancy, average first quarter 2004 |
| 89.9 | % | 87.7 | % | 89.0 | % | |||
Total # of Properties |
| 344 |
| 232 |
| 576 |
| |||
Total # of Units |
| 107,690 |
| 54,625 |
| 162,315 |
| |||
Proportionate Owned Units |
| 84,578 |
| 45,110 |
| 129,688 |
| |||
|
|
|
|
|
|
|
| |||
1st Quarter 2004 v. |
|
|
|
|
|
|
| |||
1st Quarter 2003 |
|
|
|
|
|
|
| |||
Revenue |
| -1.2 | % | -1.7 | % | -1.4 | % | |||
Expenses |
| 3.8 | % | 3.6 | % | 3.7 | % | |||
NOI |
| -4.3 | % | -6.6 | % | -4.8 | % | |||
|
|
|
|
|
|
|
| |||
Sequential, 1st Quarter 2004 v. |
|
|
|
|
|
|
| |||
4th Quarter 2003 |
|
|
|
|
|
|
| |||
Revenue |
| -1.6 | % | -2.4 | % | -1.8 | % | |||
Expenses |
| 1.3 | % | 0.7 | % | 1.1 | % | |||
NOI |
| -3.5 | % | -5.4 | % | -3.9 | % | |||
|
|
|
|
|
|
|
| |||
CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS
|
| Quarter ended March 31, 2004 |
| Quarter ended March 31, 2003 |
| ||||||||||||||
|
| TOTAL CONVENTIONAL PORTFOLIO |
| TOTAL CONVENTIONAL PORTFOLIO |
| ||||||||||||||
% of Conventional NOI |
| CORE |
| NON-CORE |
| TOTAL |
| CORE |
| NON-CORE |
| TOTAL |
| ||||||
Top 10 Markets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1 Washington |
| 10.5 | % | 0.6 | % | 11.1 | % | 9.3 | % | 0.6 | % | 9.9 | % | ||||||
2 Los Angeles-Long Beach -Ventura |
| 7.4 | % | 0.0 | % | 7.4 | % | 6.5 | % | 0.0 | % | 6.5 | % | ||||||
3 Philadelphia |
| 5.5 | % | 0.0 | % | 5.5 | % | 4.6 | % | 0.0 | % | 4.6 | % | ||||||
4 New England |
| 5.3 | % | 0.0 | % | 5.3 | % | 4.7 | % | 0.0 | % | 4.7 | % | ||||||
5 Chicago |
| 4.2 | % | 0.3 | % | 4.5 | % | 4.0 | % | 0.3 | % | 4.3 | % | ||||||
6 Indianapolis |
| 3.8 | % | 1.4 | % | 5.2 | % | 3.6 | % | 1.3 | % | 4.9 | % | ||||||
7 Miami/FortLauderdale |
| 3.8 | % | 0.0 | % | 3.8 | % | 2.8 | % | 1.5 | % | 4.3 | % | ||||||
8 Houston - Galveston |
| 2.8 | % | 0.8 | % | 3.6 | % | 3.0 | % | 1.2 | % | 4.2 | % | ||||||
9 Norfolk |
| 2.6 | % | 0.2 | % | 2.8 | % | 2.1 | % | 0.4 | % | 2.5 | % | ||||||
10 Denver - Front Range, CO |
| 2.4 | % | 0.2 | % | 2.6 | % | 2.7 | % | 0.3 | % | 3.0 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
All Other Markets |
| 28.8 | % | 19.4 | % | 48.2 | % | 26.2 | % | 24.9 | % | 51.1 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Conventional NOI |
| 77.1 | % | 22.9 | % | 100.0 | % | 69.5 | % | 30.5 | % | 100.0 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Rent, average first quarter |
| $ | 814 |
| $ | 568 |
| $ | 732 |
| $ | 806 |
| $ | 581 |
| $ | 697 |
|
Occupancy, average first quarter |
| 88.3 | % | 87.4 | % | 87.9 | % | 90.9 | % | 89.7 | % | 90.4 |
| ||||||
Total # of Properties |
| 374 |
| 252 |
| 626 |
| 373 |
| 342 |
| 715 |
| ||||||
Total # of Units |
| 115,265 |
| 60,425 |
| 175,690 |
| 111,607 |
| 80,296 |
| 191,903 |
| ||||||
Proportionate Owned Units |
| 90,114 |
| 47,969 |
| 138,083 |
| 94,271 |
| 61,126 |
| 155,397 |
| ||||||
Supplemental Schedule 8
Property Sales Activity
(unaudited)
FIRST QUARTER 2004 PROPERTY SALES ACTIVITY |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Number |
| Gross |
|
|
| Property |
| Net Sales |
| Aimco Net |
| Average |
| |||||
|
| of |
| Proceeds |
| FCF | (1) | Debt |
| Proceeds | (2) | Proceeds |
| Rent |
| |||||
|
| Units |
| ($mm) |
| Yield |
| ($mm) |
| ($mm) |
| ($mm) |
| ($/unit) |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Conventional |
| 2,817 |
| $ | 89 |
| 6.3 | % | $ | 35 |
| $ | 50 |
| $ | 42 |
| $ | 492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Affordable (3) |
| 1,538 |
| 40 |
| 7.0 | % | 26 |
| 10 |
| 4 |
| 601 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Dispositions |
| 4,355 |
| $ | 129 |
| 6.5 | % | $ | 61 |
| $ | 60 |
| $ | 46 |
| $ | 531 |
|
(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 in the first quarter of 2004 |
Supplemental Schedule 9
Capital Expenditures
For the Quarter Ended March 31, 2004
(in thousands, except per unit amounts)
(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 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 quarter ended March 31, 2004 (per unit is based on 162,000 units):
|
| Actual Amount |
|
|
| ||
Capital Replacements: |
| (in thousands) |
| Per Unit |
| ||
|
|
|
|
|
| ||
Building Interiors |
| $ | 3,092 |
| $ | 19 |
|
Includes: hot water heaters, kitchen/bath, computers, submetering |
|
|
|
|
| ||
|
|
|
|
|
| ||
Building Exteriors |
| 1,352 |
| 8 |
| ||
Includes: roofs, exterior painting, electrical, plumbing |
|
|
|
|
| ||
|
|
|
|
|
| ||
Landscaping and Grounds |
| 782 |
| 5 |
| ||
Includes: parking lot improvements, pool improvements |
|
|
|
|
| ||
|
|
|
|
|
| ||
Turnover Related |
| 4,317 |
| 27 |
| ||
Includes: carpet, vinyl, tile, appliance and fixture replacements |
|
|
|
|
| ||
|
|
|
|
|
| ||
Capitalized payroll and other indirect costs |
| 2,657 |
| 16 |
| ||
|
|
|
|
|
| ||
Total Aimco's share of Capital Replacements |
| $ | 12,200 |
| $ | 75 |
|
|
|
|
|
|
| ||
Capital Improvements: |
|
|
|
|
| ||
|
|
|
|
|
| ||
Conventional |
| 6,847 |
|
|
| ||
Affordable |
| 2,493 |
|
|
| ||
|
|
|
|
|
| ||
Total Aimco's share of Capital Improvements |
| $ | 9,340 |
|
|
| |
|
|
|
|
|
| ||
Redevelopment (see Schedule 10 for further project details): |
|
|
|
|
| ||
|
|
|
|
|
| ||
Total Aimco's share of Redevelopment |
| $ | 14,111 |
|
|
| |
|
|
|
|
|
| ||
Total Aimco's share of Capital Expenditures |
| $ | 35,651 |
|
|
| |
|
|
|
|
|
| ||
Plus minority partners' share of consolidated spending |
| 4,905 |
|
|
| ||
Less Aimco's share of unconsolidated spending |
| (2,520 | ) |
|
| ||
|
|
|
|
|
| ||
Total Spending per Consolidated Statement of Cash Flows |
| $ | 38,036 |
|
|
|
Supplemental Schedule 10
Summary of 2004 Redevelopment Activity
As of March 31, 2004
(in millions, except unit data)
(values are not adjusted for Aimco's ownership unless indicated)
(unaudited)
|
|
|
|
|
|
|
| Cost in Millions |
|
|
| Redevelopment Timeline |
| Number of Units |
| |||||||||||||||||||||||
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 Yield |
| Acquisition |
| Construction Start |
| Construction Complete |
| Stabilization |
| Completed |
| Leased |
| Out of Service |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Redevelopment - Large Project Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Flamingo South Beach |
| Miami Beach, FL |
| 77.0 | % | 1,688 |
| $ | 280.3 |
| $ | 274.9 |
| $ | 5.2 |
| $ | 4.0 |
| 6 | % | Q3 1997 |
| Q3 1997 |
| Q1 2004 |
| Q2 2005 |
| 1,679 |
| 1,085 |
| 9 |
| |||
Belmont Place |
| Marietta, GA |
| 57.1 | % | 326 |
| 31.3 |
| 3.7 |
| 1.5 |
| 0.9 |
| 10 | % | Q2 1998 |
| Q4 2003 |
| Q2 2005 |
| Q2 2006 |
| 0 |
| 0 |
| 326 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| Subtotal |
| 2,014 |
| 311.6 |
| 278.6 |
| 6.7 |
| 4.9 |
|
|
|
|
|
|
|
|
|
|
| 1,679 |
| 1,085 |
| 335 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Redevelopment - Other Active Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Construction - Conventional |
| 13 properties |
|
|
| 4,612 |
| 102.3 |
| 91.0 |
| 4.7 |
| 4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Construction - Affordable |
| 10 properties |
|
|
| 1,970 |
| 64.3 |
| 23.4 |
| 4.6 |
| 2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Pre-Construction and Other Redevelopment |
|
|
|
|
|
|
|
|
|
|
| 2.9 |
| 1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| Subtotal |
| 6,582 |
| 166.6 |
| 114.4 |
| 12.2 |
| 9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| Total |
| 8,596 |
| $ | 478.2 |
| $ | 393.0 |
| $ | 18.9 |
| $ | 14.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Supplemental Schedule 11
Apartment Unit Summary
As of March 31, 2004
(unaudited)
|
|
|
|
|
| Aimco's |
| Aimco's |
| Aimco's |
|
|
| Total |
| Total |
| Effective |
| Effective |
| Average |
|
|
| # Properties |
| # Units |
| # Properties |
| # Units |
| Ownership% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional Real Estate Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly-owned Core Properties |
| 191 |
| 58,073 |
| 191 |
| 58,073 |
| 100 | % |
Partially-owned Core Properties |
| 183 |
| 57,192 |
| 103 |
| 32,041 |
| 56 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total Core Properties |
| 374 |
| 115,265 |
| 294 |
| 90,114 |
| 78 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Wholly-owned Non-Core Properties |
| 143 |
| 33,371 |
| 143 |
| 33,371 |
| 100 | % |
Partially-owned Non-Core Properties |
| 109 |
| 27,054 |
| 59 |
| 14,598 |
| 54 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total Non-Core Properties |
| 252 |
| 60,425 |
| 202 |
| 47,969 |
| 79 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 626 |
| 175,690 |
| 496 |
| 138,083 |
| 78 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Aimco Capital Real Estate Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly-owned Properties |
| 88 |
| 11,819 |
| 88 |
| 11,819 |
| 100 | % |
Partially-owned Properties |
| 390 |
| 45,853 |
| 87 |
| 10,200 |
| 22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 478 |
| 57,672 |
| 175 |
| 22,019 |
| 37 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total Owned Real Estate Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly-owned consolidated |
| 422 |
| 103,263 |
| 422 |
| 103,263 |
| 100 | % |
Partially-owned consolidated |
| 276 |
| 71,530 |
| 169 |
| 43,705 |
| 61 | % |
Partially-owned unconsolidated |
| 406 |
| 58,569 |
| 91 |
| 13,134 |
| 22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 1,104 |
| 233,362 |
| 682 |
| 160,102 |
| 69 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Management Contracts: |
|
|
|
|
|
|
|
|
|
|
|
Long Term Contractual |
| 67 |
| 6,778 |
|
|
|
|
|
|
|
Short Term Third Party |
| 23 |
| 3,726 |
|
|
|
|
|
|
|
Third Party Asset-Managed |
| 29 |
| 4,205 |
|
|
|
|
|
|
|
Asset-Managed (indirect ownership) |
| 382 |
| 34,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 501 |
| 49,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
| 1,605 |
| 283,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT - PRESENTATION CHANGES
Beginning with the First Quarter 2004, Aimco has modified the presentation of its Consolidated Statements of Income in order to add visibility and clarity to its operations. We believe this presentation change is helpful and provides a better understanding of Aimco’s business. It is important to note that these changes do not affect the accounting treatment of amounts reported, only their classification within the income statement.
Revenue previously classified as Management fees and other income is now presented primarily in two line items: (1) Property management revenues; and (2) Activity fees and asset management revenues. Expenses previously classified as Management and other expenses are now presented primarily in three line items: (1) Property management expense; (2) Activity and asset management expenses; and (3) General and administrative expenses (G&A).
The new presentation also reclassifies:
• Certain administrative expenses from Management and other expenses to G&A;
• Income tax provision/benefit from Management and other expenses to Other expenses (income), net;
• Insurance claim losses and risk management operations related to unconsolidated real estate partnerships from Management and other expenses to Other expenses (income), net; and
• Depreciation and amortization related to corporate fixed assets (non-real estate related) from Management and other expenses to Depreciation and amortization.
One of the primary reasons behind these changes is the evolution of Aimco’s Investment Management business segment. Over the past few years, the amounts reported for this segment have diminished as Aimco has consolidated an increased portion of its real estate holdings and reduced its third party management activities.
These presentation changes:
• Add greater clarity to property management and activity fee and asset management business activities;
• Reflect only costs that are directly associated with property management and activity fee and asset management business activities and no longer include allocable indirect costs;
• Separate recurring income generated by property management from transaction- based income generated by fee and asset management activities; and
• Provide enhanced visibility of Aimco’s core activities to facilitate a better understanding by our investors and easier modeling for investors and analysts.
In order to assist Aimco’s shareholders in modeling and analyzing the company using this new income statement presentation, income statements for each quarter of 2003 in the new presentation format are posted to Aimco’s Website.