Exhibit 99.1
Apartment Investment and Management Company
Financial and Share Information Adjusted for Special Dividends — December 2008
Financial and Share Information Adjusted for Special Dividends — December 2008
In December 2007, July 2008, and October 2008, Apartment Investment and Management Company (“Aimco”) declared special dividends, which were paid in a combination of cash and stock. Accounting principles generally accepted in the United States (GAAP) require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares in connection with these special dividends as if such shares had been issued at the beginning of the earliest period presented.
The purpose of this document is to provide additional information to users of Aimco’s financial information to facilitate an understanding of the effect of shares issued in connection with the special dividends on previously reported Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share. The analyses that follow this summary represent the detailed computations of the adjustments to these metrics resulting from the retroactive adjustments to reported weighted average shares and share equivalents as required by GAAP on a quarterly and annual basis for the years 2005, 2006, 2007 and the first three quarters of 2008.
Aimco is not providing updated guidance; however, users of Aimco’s financial information should be aware that guidance provided during Aimco’s third quarter earnings conference call did not contemplate the number of shares to be issued in connection with the special dividend declared in October 2008, as the number of shares to be issued was not determinable at that time.
The number of shares issued and the percentage increase in shares outstanding on the record dates as a result of the special dividends were as follows:
Dividend payment date | January 30, 2008 | August 29, 2008 | December 1, 2008 | |||||||||
Shares issued | 4,594,074 | 5,731,310 | 12,572,267 | |||||||||
Percentage increase in shares outstanding on record date | 4.95 | % | 6.70 | % | 14.18 | % |
Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
Financial Results
(per share) (unaudited)
3Q 2008 | 2Q 2008 | 1Q 2008 | 4Q 2007 | 3Q 2007 | 2Q 2007 | 1Q 2007 | 4Q 2006 | 3Q 2006 | 2Q 2006 | 1Q 2006 | 4Q 2005 | 3Q 2005 | 2Q 2005 | 1Q 2005 | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings — EPS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | $ | 1.81 | $ | 2.76 | $ | (0.43 | ) | $ | (0.28 | ) | $ | (0.22 | ) | $ | 0.03 | $ | 0.09 | $ | 0.69 | $ | (0.48 | ) | $ | 0.17 | $ | 0.63 | $ | (0.07 | ) | $ | 0.05 | $ | 0.06 | $ | (0.22 | ) | ||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | 0.01 | 0.01 | (0.00 | ) | (0.00 | ) | (0.03 | ) | 0.01 | (0.01 | ) | (0.03 | ) | 0.00 | (0.00 | ) | (0.00 | ) | 0.01 | ||||||||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | (0.17 | ) | 0.03 | 0.02 | 0.01 | (0.00 | ) | (0.01 | ) | (0.04 | ) | 0.04 | (0.01 | ) | (0.04 | ) | 0.01 | (0.01 | ) | (0.00 | ) | 0.01 | |||||||||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | (0.22 | ) | (0.32 | ) | 0.05 | 0.03 | 0.02 | (0.01 | ) | (0.01 | ) | (0.08 | ) | 0.05 | (0.02 | ) | (0.07 | ) | 0.00 | (0.00 | ) | (0.01 | ) | 0.03 | ||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 1.59 | $ | 2.27 | $ | (0.35 | ) | $ | (0.22 | ) | $ | (0.18 | ) | $ | 0.02 | $ | 0.07 | $ | 0.54 | $ | (0.38 | ) | $ | 0.13 | $ | 0.49 | $ | (0.06 | ) | $ | 0.04 | $ | 0.05 | $ | (0.17 | ) | ||||||||||||||||||||||||
Funds from operations — FFO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | $ | 0.82 | $ | 0.83 | $ | 0.72 | $ | 0.87 | $ | 0.83 | $ | 0.88 | $ | 0.74 | $ | 0.88 | $ | 0.74 | $ | 0.73 | $ | 0.68 | $ | 0.60 | $ | 0.58 | $ | 0.67 | $ | 0.63 | ||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | (0.05 | ) | (0.04 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | (0.10 | ) | (0.10 | ) | (0.09 | ) | (0.10 | ) | (0.09 | ) | (0.10 | ) | (0.08 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.07 | ) | (0.07 | ) | (0.06 | ) | (0.07 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Adjusted FFO | $ | 0.72 | $ | 0.68 | $ | 0.59 | $ | 0.68 | $ | 0.65 | $ | 0.69 | $ | 0.58 | $ | 0.69 | $ | 0.58 | $ | 0.57 | $ | 0.54 | $ | 0.47 | $ | 0.46 | $ | 0.52 | $ | 0.50 | ||||||||||||||||||||||||||||||
FFO before impairment and preferred redemption charges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | $ | 0.84 | $ | 0.90 | $ | 0.72 | $ | 0.92 | $ | 0.86 | $ | 0.88 | $ | 0.75 | $ | 0.88 | $ | 0.78 | $ | 0.73 | $ | 0.70 | $ | 0.60 | $ | 0.65 | $ | 0.67 | $ | 0.67 | ||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | (0.06 | ) | (0.04 | ) | (0.06 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | (0.10 | ) | (0.10 | ) | (0.09 | ) | (0.10 | ) | (0.10 | ) | (0.10 | ) | (0.08 | ) | (0.10 | ) | (0.09 | ) | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||||||||||||
Adjusted FFO before impairment and preferred redemption charges | $ | 0.74 | $ | 0.74 | $ | 0.59 | $ | 0.72 | $ | 0.67 | $ | 0.69 | $ | 0.59 | $ | 0.69 | $ | 0.61 | $ | 0.57 | $ | 0.55 | $ | 0.47 | $ | 0.51 | $ | 0.52 | $ | 0.52 | ||||||||||||||||||||||||||||||
Adjusted funds from operations — AFFO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | $ | 0.57 | $ | 0.66 | $ | 0.51 | $ | 0.65 | $ | 0.58 | $ | 0.64 | $ | 0.58 | $ | 0.73 | $ | 0.58 | $ | 0.53 | $ | 0.55 | $ | 0.41 | $ | 0.40 | $ | 0.42 | $ | 0.51 | ||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | (0.07 | ) | (0.08 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.07 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | (0.06 | ) | ||||||||||||||||||||||||||||||
Adjusted AFFO | $ | 0.50 | $ | 0.54 | $ | 0.42 | $ | 0.51 | $ | 0.46 | $ | 0.50 | $ | 0.46 | $ | 0.57 | $ | 0.45 | $ | 0.42 | $ | 0.43 | $ | 0.32 | $ | 0.31 | $ | 0.33 | $ | 0.40 | ||||||||||||||||||||||||||||||
Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
Financial Results
(per share) (unaudited)
2007 | 2006 | 2005 | ||||||||||
Earnings — EPS | ||||||||||||
Originally reported | $ | (0.38 | ) | $ | 1.00 | $ | (0.18 | ) | ||||
Effect of December 2007 special dividend | 0.02 | (0.05 | ) | 0.01 | ||||||||
Effect of July 2008 special dividend | 0.02 | (0.06 | ) | 0.01 | ||||||||
Effect of October 2008 special dividend | 0.04 | (0.11 | ) | 0.02 | ||||||||
Adjusted EPS | $ | (0.30 | ) | $ | 0.78 | $ | (0.14 | ) | ||||
Funds from operations — FFO | ||||||||||||
Originally reported | $ | 3.32 | $ | 3.04 | $ | 2.48 | ||||||
Effect of December 2007 special dividend | (0.15 | ) | (0.14 | ) | (0.11 | ) | ||||||
Effect of July 2008 special dividend | (0.20 | ) | (0.18 | ) | (0.15 | ) | ||||||
Effect of October 2008 special dividend | (0.36 | ) | (0.33 | ) | (0.27 | ) | ||||||
Adjusted FFO | $ | 2.61 | $ | 2.39 | $ | 1.95 | ||||||
FFO before impairment and preferred redemption charges | ||||||||||||
Originally reported | �� | $ | 3.41 | $ | 3.09 | $ | 2.59 | |||||
Effect of December 2007 special dividend | (0.16 | ) | (0.14 | ) | (0.12 | ) | ||||||
Effect of July 2008 special dividend | (0.20 | ) | (0.18 | ) | (0.15 | ) | ||||||
Effect of October 2008 special dividend | (0.38 | ) | (0.34 | ) | (0.29 | ) | ||||||
Adjusted FFO before impairment and preferred redemption charges | $ | 2.67 | $ | 2.43 | $ | 2.03 | ||||||
Adjusted funds from operations — AFFO | ||||||||||||
Originally reported | $ | 2.45 | $ | 2.39 | $ | 1.74 | ||||||
Effect of December 2007 special dividend | (0.11 | ) | (0.11 | ) | (0.08 | ) | ||||||
Effect of July 2008 special dividend | (0.15 | ) | (0.14 | ) | (0.11 | ) | ||||||
Effect of October 2008 special dividend | (0.27 | ) | (0.26 | ) | (0.19 | ) | ||||||
Adjusted AFFO | $ | 1.92 | $ | 1.88 | $ | 1.36 | ||||||
Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
3Q 2008 | 2Q 2008 | 1Q 2008 | 4Q 2007 | 3Q 2007 | 2Q 2007 | 1Q 2007 | 4Q 2006 | 3Q 2006 | 2Q 2006 | 1Q 2006 | 4Q 2005 | 3Q 2005 | 2Q 2005 | 1Q 2005 | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings — EPS weighted average common shares outstanding, diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | 90,266 | 87,790 | 90,973 | 93,463 | 95,017 | 95,973 | 95,971 | 95,715 | 96,061 | 96,071 | 95,183 | 94,282 | 94,041 | 93,807 | 93,448 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | 4,523 | 4,522 | 4,521 | 4,523 | 4,530 | 4,525 | 4,519 | 4,516 | 4,504 | 4,502 | 4,501 | 4,497 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | 5,882 | 6,095 | 6,565 | 6,669 | 6,733 | 6,733 | 6,716 | 6,739 | 6,740 | 6,680 | 6,619 | 6,602 | 6,587 | 6,563 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | 12,783 | 13,287 | 13,769 | 14,830 | 15,065 | 15,210 | 15,210 | 15,172 | 15,223 | 15,224 | 15,089 | 14,951 | 14,914 | 14,879 | 14,825 | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS weighted average common shares outstanding, diluted | 103,049 | 106,959 | 110,837 | 119,381 | 121,273 | 122,437 | 122,437 | 122,133 | 122,548 | 122,554 | 121,468 | 120,356 | 120,059 | 119,774 | 119,333 | |||||||||||||||||||||||||||||||||||||||||||||
Funds from operations — FFO weighted average common shares outstanding, diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | 92,772 | 90,618 | 93,168 | 96,437 | 96,287 | 99,200 | 99,981 | 99,906 | 99,984 | 97,566 | 96,635 | 94,840 | 95,013 | 94,446 | 93,856 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | 4,672 | 4,587 | 4,646 | 4,690 | 4,704 | 4,655 | 4,598 | 4,592 | 4,533 | 4,553 | 4,533 | 4,518 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | 6,070 | 6,241 | 6,772 | 6,755 | 6,949 | 7,001 | 6,997 | 7,002 | 6,839 | 6,778 | 6,657 | 6,668 | 6,630 | 6,590 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | 13,138 | 13,692 | 14,088 | 15,266 | 15,200 | 15,565 | 15,626 | 15,621 | 15,673 | 15,365 | 15,232 | 15,015 | 15,008 | 14,949 | 14,874 | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted FFO weighted average common shares outstanding, diluted | 105,910 | 110,380 | 113,497 | 123,147 | 122,829 | 126,360 | 127,298 | 127,228 | 127,314 | 124,368 | 123,237 | 121,045 | 121,242 | 120,558 | 119,838 | |||||||||||||||||||||||||||||||||||||||||||||
FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | 92,792 | 90,637 | 93,168 | 96,437 | 96,287 | 99,200 | 99,981 | 99,906 | 100,038 | 97,566 | 96,635 | 94,840 | 95,117 | 94,446 | 93,856 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | 4,672 | 4,587 | 4,646 | 4,690 | 4,704 | 4,658 | 4,598 | 4,592 | 4,533 | 4,558 | 4,533 | 4,518 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | 6,072 | 6,241 | 6,772 | 6,755 | 6,949 | 7,001 | 6,997 | 7,006 | 6,839 | 6,778 | 6,657 | 6,675 | 6,630 | 6,590 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | 13,141 | 13,695 | 14,088 | 15,266 | 15,200 | 15,565 | 15,626 | 15,621 | 15,682 | 15,365 | 15,232 | 15,015 | 15,024 | 14,949 | 14,874 | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | 105,933 | 110,404 | 113,497 | 123,147 | 122,829 | 126,360 | 127,298 | 127,228 | 127,384 | 124,368 | 123,237 | 121,045 | 121,374 | 120,558 | 119,838 | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted funds from operations — AFFO weighted average common shares outstanding, diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originally reported | 90,376 | 88,389 | 91,267 | 94,371 | 96,201 | 99,128 | 99,981 | 99,834 | 99,957 | 97,475 | 96,539 | 94,729 | 95,013 | 94,336 | 93,782 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of December 2007 special dividend | — | — | — | 4,570 | 4,583 | 4,642 | 4,690 | 4,700 | 4,654 | 4,593 | 4,587 | 4,528 | 4,553 | 4,528 | 4,514 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of July 2008 special dividend | — | 5,921 | 6,114 | 6,627 | 6,749 | 6,944 | 7,001 | 6,992 | 7,000 | 6,833 | 6,771 | 6,649 | 6,668 | 6,622 | 6,585 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of October 2008 special dividend | 12,799 | 13,355 | 13,800 | 14,938 | 15,186 | 15,554 | 15,626 | 15,610 | 15,669 | 15,351 | 15,217 | 14,997 | 15,008 | 14,932 | 14,862 | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted AFFO weighted average common shares outstanding, diluted | 103,175 | 107,665 | 111,181 | 120,506 | 122,719 | 126,268 | 127,298 | 127,136 | 127,280 | 124,252 | 123,114 | 120,903 | 121,242 | 120,418 | 119,743 | |||||||||||||||||||||||||||||||||||||||||||||
Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
2007 | 2006 | 2005 | ||||||||||
Earnings — EPS weighted average common shares outstanding, diluted | ||||||||||||
Originally reported | 95,106 | 95,758 | 93,894 | |||||||||
Effect of December 2007 special dividend | 4,523 | 4,522 | 4,503 | |||||||||
Effect of July 2008 special dividend | 6,675 | 6,719 | 6,593 | |||||||||
Effect of October 2008 special dividend | 15,079 | 15,177 | 14,892 | |||||||||
Adjusted EPS weighted average common shares outstanding, diluted | 121,383 | 122,176 | 119,882 | |||||||||
Funds from operations — FFO weighted average common shares outstanding, diluted | ||||||||||||
Originally reported | 97,983 | 98,522 | 94,539 | |||||||||
Effect of December 2007 special dividend | 4,643 | 4,714 | 4,535 | |||||||||
Effect of July 2008 special dividend | 6,869 | 6,904 | 6,636 | |||||||||
Effect of October 2008 special dividend | 15,414 | 15,473 | 14,962 | |||||||||
Adjusted FFO weighted average common shares outstanding, diluted | 124,909 | 125,613 | 120,672 | |||||||||
FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | ||||||||||||
Originally reported | 97,983 | 98,536 | 94,565 | |||||||||
Effect of December 2007 special dividend | 4,643 | 4,714 | 4,536 | |||||||||
Effect of July 2008 special dividend | 6,869 | 6,905 | 6,638 | |||||||||
Effect of October 2008 special dividend | 15,414 | 15,475 | 14,966 | |||||||||
Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | 124,909 | 125,630 | 120,705 | |||||||||
Adjusted funds from operations — AFFO weighted average common shares outstanding, diluted | ||||||||||||
Originally reported | 97,421 | 98,451 | 94,465 | |||||||||
Effect of December 2007 special dividend | 4,621 | 4,710 | 4,531 | |||||||||
Effect of July 2008 special dividend | 6,830 | 6,899 | 6,631 | |||||||||
Effect of October 2008 special dividend | 15,326 | 15,462 | 14,950 | |||||||||
Adjusted AFFO weighted average common shares outstanding, diluted | 124,198 | 125,522 | 120,577 | |||||||||