EXHIBIT 99.1
AIMCO
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
Net Asset Value
May 15, 2002
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FORWARD LOOKING STATEMENT
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This presentation contains information that is forward-looking, including
statements regarding the Company's future financial performance. Actual results
may differ materially from those described and could be affected by a variety of
factors including economic conditions; changes in interest rates; government
regulations; competition; financing risks; variations in real estate values; the
failure of acquisitions to perform in accordance with expectations; 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 we assume no obligation to revise or
update them to reflect future events or circumstances.
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Aimco Net Asset Value
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Overview of Presentation
1. The Casden Acquisition
2. The Aimco Portfolio
3. Aimco NAV - March 31, 2002
4. Market Cap Rates
5. Option Values Not Included In Aimco NAV
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1. The Casden Acquisition
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Casden Acquisition Components
- - 17 conventional properties
- 16 properties (6148 units) in Southern California including
Park La Brea
- 1 property (208 units) in South Florida
- - 99 affordable properties (11,027 units) located in 25 states
- - NAPICO which controls more than 400 properties with more than 41,000
units as general partner
- - Option to acquire a proposed 350 apartment unit project located in the
heart of Westwood Village
- - An interest in Casden Development Company providing Aimco an option to
purchase, upon completion and at favorable cap rates, all Casden
Development multifamily rental projects
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Casden Asset Value vs. Purchase Price
Casden purchase generated $92 to $271 million in incremental Net Asset Value
<Table>
<Caption>
(In millions) ANNUALIZED FCF IMPLIED VALUE PURCHASE PRICE
- ------------- -------------- ------------- --------------
Average Monthly Rent > $1,000 $47.8
Free Cash Flow Cap Rate 7.0% to 8.0% $597 to $683
Average Monthly Rent $900-$1,000 7.5
Free Cash Flow Cap Rate 7.5% to 8.25% 91 to 100
Average Monthly Rent $600-$700 0.7
Free Cash Flow Cap Rate 8.7% to 8.9% 8 to 8
Affordable 41.8
Free Cash Flow Cap Rate 8.50% to 10.25% 408 to 492
TOTAL REAL ESTATE $1,104 TO $1,283 $1,041
NAPICO/Mayer Management 36 36
Tax Exempt Debt 29
TOTAL ASSETS $1,169 TO $1,348 $1,077
</Table>
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[PROPERTY MAP]
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Casden Property Pictures
Tour
o Villa Azure
o Crescent Gardens
o Broadcast Center
o Villas at Park La Brea
o Hillcreste
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[PHOTO]
Villa Azure
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[PHOTO]
Crescent Gardens
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[PHOTO]
Broadcast Center
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[PHOTO]
Villas at Park La Brea
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[PHOTO]
Hillcreste
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Additional Casden Properties:
o Creekside
o Lakes at South Coast
o Mariners Cove
o Peppertree
o Malibu Canyon
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[PHOTO]
Creekside
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[PHOTO]
Lakes at South Coast Plaza
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[PHOTO]
Mariners Cove
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[PHOTO]
Peppertree
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[PHOTO]
Malibu Canyon
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2. The Aimco Portfolio
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Aimco Portfolio Breakdown
A Property - These are the best locations in Aimco's portfolio. The locations
are highly desirable and would be expected to remain so for the next 20
years. The demographics of the surrounding area will reflect very high
average income and home prices, well above the average of the MSA. This
will manifest itself in high rental rates at the property. The
amenities and level of service at these properties will be appropriate
for the rent level being charged. These will generally be renter by
choice properties.
B Property - These are Aimco's bread and butter. These properties will typically
be located in enduring locations, and Aimco has no immediate plans to
sell. The average income and average home prices in the immediate area
will typically be at or above the average for the MSA which will
manifest itself in rents that are at or above the average for the MSA.
Most of these properties will be located in major MSA's.
C Property - These are properties that Aimco might sell over time. These are the
lowest rated locations in our portfolio. These low ratings are
typically due to a location with low incomes and low home prices in the
immediate area which will typically manifest itself in rents that are
at or below the average for the MSA. Some of these properties are
outliers or properties in tertiary markets.
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Aimco Portfolio Breakdown (Pro Forma Casden)
<Table>
<Caption>
% of
Conventional
Real Estate
Weighted Free Cash
Rank Properties Average Rent Flow
- ---- ---------- ------------ ------------
A's 52 $1,153 14%
B's 481 $ 700 69%
C's 234 $ 573 17%
</Table>
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- Representative Properties Pictures
<Table>
<Caption>
A's B's C's
--- --- ---
Calhoun Beach Steeple Chase Westlake Arms
Evanston Place Hillmeade Chelsea Place
Elm Creek Captiva Club Bradford Place
</Table>
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[PHOTO]
Calhoun Beach
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[PHOTO]
Evanston Place
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[PHOTO]
Elm Creek
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[PHOTO]
Steeple Chase
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[PHOTO]
Hillmeade
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[PHOTO]
Captiva Club
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[PHOTO]
Westlake Arms
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[PHOTO]
Chelsea Place
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[PHOTO]
Bradford Place
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3. AIMCO NAV - March 31, 2002
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March 31, 2002 Published NAV
<Table>
<Caption>
PERCENT OF
IMPLIED VALUE ASSET VALUE
------------- ------------
REAL ESTATE:
FCF Capitalization Rate 8.7% after $440 per unit of CR $ 10,309,211 86%
INVESTMENT MANAGEMENT:
Property Management Contracts $ 118,500
Implied Value of Buyers Access $ 12,500
Implied Value of NAPICO/Mayer Management $ 36,000
Activity Based Fees $ 7,600
TOTAL INVESTMENT MANAGEMENT $ 174,600 2%
OTHER ASSETS $ 1,460,649 12%
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TOTAL ASSET VALUE $ 11,944,460 100%
TOTAL LIABILITIES $ (7,278,802)
------------
NET ASSET VALUE $ 4,995,657
SHARES AND OP UNITS OUTSTANDING 104,411
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NET ASSET VALUE PER SHARE $ 47.85
</Table>
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NAV Per Share Breakdown
<Table>
<Caption>
Reported
--------
Aimco (Excluding Casden) $ 47.02
Casden $ 0.83
--------
Total $ 47.85
</Table>
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Growth Rate Sensitivity
<Table>
<Caption>
Compounded
Growth Rate NAV
- ----------- ---
3.26% $48.76
[2.62% $47.85]
1.97% $46.93
1.32% $46.01
0.66% $45.09
</Table>
[ ] First Quarter 2002 was evaluated using 4% simple interest which equals
quarterly compounding of 2.62%.
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Occupancy Sensitivity
<Table>
<Caption>
Occupancy NAV
- --------- ---
95% $50.59
94% $49.67
93% $48.76
[92% $47.85]
91% $46.93
</Table>
[ ] First Quarter 2002
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Growth/Occupancy Matrix
<Table>
<Caption>
OCCUPANCY
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GROWTH 90% 91% 92% 93% 94% 95%
------ --- --- --- --- --- ---
0% $42.41 $43.29 $44.17 $45.05 $45.93 $46.81
0.66% $43.31 $44.20 $45.09 $45.98 $46.87 [$47.76]
1.32% $44.21 $45.11 $46.01 $46.91 [$47.80] $48.70
1.97% $45.12 $46.02 $46.93 [$47.83] $48.74 $49.64
2.62% $46.02 $46.93 [$47.85] $48.76 $49.67 $50.59
3.26% $46.92 [$47.84] $48.76 $49.69 $50.61 $51.53
</Table>
[ ] Aimco Range given in First Quarter Conference Call
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3. Market Cap Rates
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Free Cash Flow Cap Rate Range
<Table>
<Caption>
NAV
---
$47.85 to $51.98
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Cap Rate Range
Average Monthly Rent Reported Actual
- -------------------- -------- ------
>$1,000 8.00% to 7.70%
$900 - $1,000 8.25% to 8.00%
$800 - $900 8.50% to 8.07%
$700 - $800 8.70% to 8.29%
$600 - $700 8.90% to 8.51%
$500 - $600 9.20% to 9.21%
< $500 9.50% to 8.94%
Affordable 10.00% to 8.50%
</Table>
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NAV Per Share Breakdown
<Table>
<Caption>
Reported Market
-------- --------
Aimco (Excluding Casden) $ 47.02 $ 49.39
Casden $ 0.83 $ 2.59
-------- --------
Total $ 47.85 $ 51.98
</Table>
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Comparison of Completed Sales * of Aimco's
Weakest Properties to NAV Cap Rates
<Table>
<Caption>
AS REPORTED COMPLETED SALES
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AIMCO CAP RATE CAP RATE CAP RATE
NUMBER OF (4% GROWTH, (4%GROWTH, (4% GROWTH,
PRICE POINT PROPERTIES UNITS $440 CR) $440 CR) $600 CR)
- ----------- ---------- ----- -------------- ---------- -----------
$800-$900 2 354 8.50% 8.92% 8.56%
$600-$700 7 1,755 8.90% 8.42% 8.00%
$500-$600 14 3,070 9.20% 8.90% 8.37%
<$500 5 823 9.50% 8.84% 8.11%
Affordable 27 3,042 10% 8.50% 7.79%
TOTAL 55 9,044 8.68% 8.17%
</Table>
* Includes sales since July of 2001.
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5. Option Values Not Included in Aimco NAV
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Option Value Not Included In
Aimco NAV
A. Partnership Acquisitions - Conventional Properties
B. Affordable Realization
C. Redevelopment
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Option Value Not Included In Aimco NAV
A. Partnership Acquisitions - Conventional Properties
o 50% of the conventional property partnerships are owned by
third parties
o $210 million of Free Cash Flow available for tenders
o Aimco Guidance projects $70 million to $90 million of 2002
partnership acquisitions
o This level of activity will increase recurring earnings by $2
to $3 million accretion above the cost of capital
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Option Value Not Included In Aimco NAV
B. Affordable Realization
Value creation in excess of NAV can be generated from:
o Mark-Up-To-Market
o Conversion to Conventional / Senior Living
o Tax Credit Redevelopment
o Sale of Property to Tax Credit / Not-for-Profit-Buyer
o Sales to 501c3 Entities (Not for Profits)
o Tender Opportunities in Aimco and NAPICO portfolios
o Transaction fee income, including disposition and refinance
fees
In 2002, Affordable Realization is expected to contribute $4 to $5
million in activity based fees, $2 to $3 million in transactional
income and $1 million in run rate improvement through expense
controls. In later years, Affordable Realization will increase
recurring real estate income, net of capital costs, after completion
of redevelopment as conventional properties.
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Option Value Not Included In Aimco NAV
C. Redevelopment
o Aimco has 11 properties (4,517 units) under redevelopment
o Aimco's share of the estimated total investment is $324
million of which approximately $119 million remains to be
spent
o Aimco projects a greater than 10% Free Cash Flow yield upon
stabilization or $5 to $6 million in excess of cost of debt
and equity
o In 2002, Aimco guidance assumes $5 to $6 million in
incremental Free Cash Flow which is $1 million in AFFO
accretion
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Peer Comparison
<Table>
<Caption>
AVERAGE
AVERAGE AVERAGE AVERAGE RENT PER
AGE OF UNIT RENT PER SQUARE
COMPANY UNITS SIZE UNIT FOOT
- --------- -------- -------- -------- --------
Aimco A 18 872 $ 1,136 $ 1.30
Aimco B 19 839
Aimco C 21
EQR 14 898 $ 738 $ 0.82
UDR 12 873 $ 707 $ 0.81
Archstone 15 888 $ 1,169 $ 1.32
</Table>
Source: Green Street - February 2002 Report
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Peer Comparison
<Table>
<Caption>
AVERAGE
AVERAGE AVERAGE AVERAGE RENT PER
AGE OF UNIT RENT PER SQUARE
COMPANY UNITS SIZE UNIT FOOT
- ----------- -------- -------- -------- --------
Aimco A 18 872 $ 1,136 $ 1.30
Aimco B 19 881 $ 700 $ 0.79
Aimco C 21 839 $ 571 $ 0.70
EQR * 14 898 $ 738 $ 0.82
UDR * 12 873 $ 707 $ 0.81
Archstone * 15 888 $ 1,169 $ 1.32
</Table>
* Source: Green Street - February 2002 Report
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