AIV - Earnings call transcript Q1 2018 | Apartment Investment and Management Company

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Operator

Good day, and welcome to the Aimco First Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Lisa Cohn, Executive Vice President and General Counsel. Please go ahead.

Lisa Cohn

you. Thank day. Good

a call, differ on conference results. statements make discussed filings. and we statements found can During our today. from in judgment, the what including based SEC uncertainties, risks certain management's subject results XXXX of projections are which are be may this Actual to forward-looking description materially related These be to may

the AFFO most also full certain Aimco's GAAP part are non-GAAP and as FFO. come today discuss such and is These Prepared Terry will website. the We reconciled earnings in our and Considine, prepared measures, to Paul President, comparable measures Kimmel, and the charge that on Officer. supplemental defined are financial remarks Chief Beldin, Terry? from CEO; release information published our the Vice Terry Chief Bezzant, will question-and-answer I Executive call our Investment Keith follow our to session will Considine. Financial Officer; of Chairman turn in now A remarks. John Property Operations; of

Terry Considine

management, market, produce are year-over-year Thank Aimco and the and a you in purchased in Fairfax in two know We cash both and portfolio internal in this do in portfolio we our Same-store three revenue of to pair was value with increase County, time, expertise improved this Aimco's up. Aimco on on redevelopment and projects City. interest acquisitions points. on market, Aimco's the know communities market, quarter for mainly built community and funded by to positive first University operational with, can rate by contributed flow who years. communities April. late we budget creating in fully free first selected to trade developer development, your that's all expected X.X%, call. in even six-A the West the In trades trend In Aimco. we to you, was we creation executed Later apartment XXX continues portfolio and buildings of XX the where were February, are good XXXXs. Tree developer value. basis a priced located significant announced In pair for close Bent with Apartments, In exactly property past two same up Thank basis solid occupancy quality well return the quarter. operations, increased a we rent partnership so Lisa result X Blended we best enjoyed you Center Philadelphia know morning of increases sales the all a Bent profitability. in April, City, prominent the in Tree's Philadelphia what to and points the

record was so and and at excellent consecutive net of are a share, with of million top results. multiyear year, Aimco for asset responsibility a a consistent companies of investor at shared for Aimco shaped Colorado with -- I'm him April that by affordable value. of partner, customer million business. and and this In focus in to recognized humbled Aimco's intentional energized a respect due asset and all only XX our welcome a exit remaining published management gratified sell resulted that We valued Carl $XX price and top from line pleased we're Aimco to becoming at doing units OP in excess completing of a collaboration, team communities, four published confidence Aimco hard-working state. These long-term as seven in good the entire $XX taking net and agreed asset a by at transactions in indeed, later $XXX our to his work as April, we Aimco's value. methodical other across portfolio of in grateful Later workplace sixth our our culture are in per

successes and to thanks in the my these teammates, Aimco their country. hard both Denver and here sincere For across offer I work, all

of more to a Keith? detailed Head over for Operations. turn the report Now Property on the first quarter, Kimmel, Keith I'll call

Keith Kimmel

that up pleased solid than first had XX up operations. in report points X.X%. first XXXX. Terry. for up of quarter, Thanks a daily strong income The and the expenses average same-store X.X%, we We of quarter operating had quarter occupancy I'm the to basis net X.X% XX.X% better revenues

XXth customer X.XX to five with service. stars. better out provide stars four Residents the exceptional gave continue We us consecutive than for quarter

turnover quarter turnover high operational expense satisfaction for contributor to XX.X% Our basis than XXXX. our results. be the Lower continues a customer our key and XXX of first to limited to better the quarter, points efficiencies

at Diego. We had These only renewal and of rents account the XX% rates with Nashville, We basis and were pressure leases X.X% lease rates of which in X.X%, new same-store These impactful in up new same-store are transacted some quarter, having lease Angeles, less of same-store a our NOI. our most markets San lease the X% XX of up markets, Baltimore. points. of NOI. new most leases, Los Looking for in quarter increases saw important on which and represent rates Miami, solid blended Seattle, about

Turning to the quarter first growth. same-store revenue

Area, Seattle. were had Diego, Strong and performers, Philadelphia. of growth Angeles, flat top and revenue growth Boston, performers in to revenue finally, had York, X%, X% and Atlanta New had Our With X% Los This over Chicago was quarter. for and includes over and Washington, down increases D.C. Miami, revenue Bay which we the San revenue the Denver.

outside off now is portfolio reminder, along substantial a and redevelopment in two have strong XX% sterling premier not Philadelphia portfolio Philadelphia As our started redevelopments, our XXXX. is include Those same-store our occupied. The communities same-store of does with properties.

of slated are until the Park we're in XX% occupied Towne today, occurred The final is construction finished fourth of towers preleased first while and about our as September, three about first be of and late not XX% and tower move-ins to April.

San the are Center rental with we've XXX City units development XXX leased at plan. communities completed in X,XXX At our rates the at with rents Philadelphia in units line confident in at XX% above Saybrook total the line over a are lease of occupied with We properties, renovated our market. our Having currently Across rents of our Jose, in redevelopment projections. X,XXX all of and homes underwriting.

running new where have to encouraged new Turning acquisitions, results which rates our is applied our operational Philadelphia. we occupied, our communities we XX% Bent day underwriting. ground one our solid in Tree expertise. lease early new exceed hit on from And four the are the by all of XX.X% up with currently we've with

team have transition. during execution Our days gone first for according plan few their and this our we thank to

see at second of the a as strong look we new solid results, quarter rates. lease a average continuation to with our As same-store start occupancy our and daily we of April strengthening

than and Bezzant, May occupancy marks consecutive daily went commitment turn as increases. our our renewals well X% Aimco's of XXXX. thanks some Officer. lease Chief June accelerating May to John? up points. average the to with XX I'll a the in X.X%, John And with expect month new points success. call to Blended up basis your field trend in XX.X%, was X.X% Our higher rates to fourth lease to we great up basis and renewal X% offers over rates, Denver April teams with out new and the for Finally, were Investment here for in April XX leases continue

John Bezzant

Keith. you, Thank

only philosophy months In on Dallas mentioned miles Keith our transactions just million. the in take execute few in opportunistic for of advantage $XXX our trade trade rents Bent that we is and increasing apartments will since Southeast this in are identified we few discussed, County, the ability Tree for airport Terry Bent Aimco the acquisition, closed story. Fairfax knowledge a purchase unique indicative of rent believe a team's of pair specific outperform a opportunity recent on presented eye us of an of February, and part the but to executed Aimco's for As investing. market Virginia, general. raise Tree progress to to

saw opportunities we in following areas, Specifically, the market. the

As in recent City which team, built are that six efficiently seamlessly the it provides management which Commons. plan. by The structures very us Aimco announced Bent knows other taken Shenandoah entered a from and opportunity various new portfolio and world-class May that renovations Tree, a initial found the and Terry the Berkshire Philadelphia on Aimco's market built Tree operates had both prior of Commons. and four These fits properties Berkshire She property are of understand similar in years mid-April existing communities of the market. and capital team We've we miles our bring and complements the the Bent our Aimco's noted, and opportunity strength. Bent communities upon a properties, a those the Philadelphia. We were from clearly manager building, and operations properties will communities that enhancements acquire Aimco portfolio, an of to construction, We knowledge pay. the similar And is knows to with market, of University of to local what where system. located we implementing three on three outperform in closed build demand communities, when the same the agreement in storage The acquisition focus Tree. promoted two of we Crossing new about through City operate these and best-of-class Center an Xst. has will finally, to developer set that five quickly two ability XX

of and team by rents, transaction, Wes reallocation Powell our X% a allocation for another completion and acquisitions Upon by to great unique weaker has its from City great Kessler, of this professional on margins, cash performing stronger. emergence greater identifying, as pair step And team, operations Philadelphia Chestnut communities. family in our opportunities. and community Matt revenue with submarkets a their led done more one. Mosher, part that led them job will the flow [Indiscernible], suburban of to from and asset securing Coast and City into capital East from Center XX% job University increase the continued as Coast allocation closing growth trade value north transaction residential to Aimco's potential for in of continued and higher Our day free gross submarkets others has with Conrad, Village, integrating and thriving sell of Aimco of as higher Kevin invested Jason will Aimco East an in older Philadelphia, assisted done of Hill by many the and in

in of development and flow will community XX-year early X.X% yield apartment per implementation the And when for adding to we operating anticipate a rents internal home operating X%. net of platform, approximately $X,XXX about five we'll expected rate year, generate next of completed return properties. of be average Aimco's the free With have cash one portfolio a this year income the of operating

it what is remind Now drives this I'd Investor City Day missed Center like the and to us those you to Philadelphia that to who specifically, ago, City our few a and of in market University submarkets. years

Center that top new over jobs we the ratio apartment REIS, rate or First XX and and tier are virtually lags well identical new that multifamily our and behind strong on supply as highest Sacramento degree announced the markets. Cambridge. of And of ratio higher. multifamily is believe with approximately asset Philadelphia of homes Street properties. only and Philadelphia's the California. seen It five unit markets, where even agreement Alto third compound was that X.X% business in to is Park bachelor's portfolio XX% and our $X crept concentrating one remaining and This This The In the to looking last of every Bay Green workforce leased integral X.X number supported inland, few top multifamily driven companies related target Palo educational Place that Management Keith family the market. place, Asset XXXX of and to foremost, We since multiyear communities REIT and high of of largest Research, a demand XXXX, many in supplies finally, believe years. data the make at nationally. binding estate and redeveloped strong of X.X to a late substantial according for our by exiting a Much ratio, hundreds growth new affordable have years And volatility. it And has job Aimco's in on the They year management among this April, of up Aimco largely Affordable have underwriting, if amongst in ranks capstone MPF and equilibrium Towne Sterling across that highly minute teammates much growth its delivered contributions City's to drives the of growth driven have first by to an investment agreement announced attainment market. annual for had resurgence helped the and country in the of appreciate supply. sale olds business noted, growth rent City, we the the is into a of affordable Seattle million. business is $XXX is have for real spend an the Based to strategy, deposit less the demand market levels we from successful. was our our communities. to our double educated we been This the tap job XX a sell downtown XX I'll relation nearly to is in Philadelphia's Area Center by is capital of and for and part

the expect Paul? by well call activity close our I now of our construction transaction to We over in our terms be are reported, And quarter in like Financial the entirely to as Chief over track transaction on redevelopment turn this doing Beldin, With would Officer. of Paul that, and third to remain year. and to pace. this lease-up projects Keith not

Paul Beldin

I'd of financial One and of Tree, stronger quarter. profit $X.XX the of AFFO about guidance. ahead including like Bent subjects of than midpoint from is of we benefit quarter. due today cover a own to share for operations, half up which guided year-over-year of $X.XX outperformance $X.XX the to for X% first our John. the with a number Thanks starting per was results

The other capital due $X.XX replacement the to of timing spending. is

liquid, and balance safe, remains strong. Our sheet

of have limited year. up X.X less our leverage this of debt We our property year years, X% risk, refunding balance maturity is from during slightly weighted the than of matures average The end.

with powder revolving and more We credit dry $X.X to liquid unencumbered than facility support additional properties available as capacity, on billion billion in our are abundant available $X our borrowings.

primarily have debt. rate limited because entity We long-term property risk fixed to we use non-recourse continue

During the rate the interest of average by and by of weighted points quarter, almost XX debt expense total loans lowering interest rate X.XX%, $X to senior reducing a million. we more fixed-rate at X.XX% average annual closed rate interest of basis $XXX than our million weighted fixed

property maturity of repayment We borrowing, a the interest loans also all-in at $XXX placed million floating-rate exposure and an X.XX%. rates LIBOR than after to X% term leverage. fills today hole our of with less rate floating in five-year interest bps, XXX five-year of reduces our ladder, plus term of XX-day expected to total The our

year-to-date Next, I'd like activities. to cover the financial highlights of transaction our

A paired sale Our these the investment activities, XXXX the by Proceeds management it the affordable a funds from of Village asset two-tenths Bent next discipline quarter of turn, is acquisitions, Philadelphia and four fund redevelopment Tree Hill second fund Class when and in our leverage Chestnut the will of funding acquisitions communities is complete reduce to portfolio, for redemption trades. and remaining stock the callable preferred year. by

free sold a return, fund basis flow, we than to XXX expect assets by higher points purchases. from purchased have internal Taken properties Aimco the together, cash of the the rate

While the cash into for dilutive of redeploys AFFO the high be couple of it the the will to operating value years, asset our trade communities next depleting flows business management of short-term quality cash durable of flows our free is and some earnings. cash This a reduction choosing and future in if with value-creation is even long-term growth, there promising example good flow trade growth. mildly

last the take NOI is full same-store quarter night's good another expense, beat and we turning second release. as still no to entering Notwithstanding the second year revenue, Now made XXXX the early change we guidance. year will momentum after updated look and first to It guidance, quarter. quarter, and in in our Aimco's

the forma our management for the results $XX of guidance sale closes per the million pending AFFO quarter first midpoint quarter. of the $XX the from million and to activities. the lowered asset in year Given take business, $X.XX pro $XX million, we by account and We third assuming of to the sale sometime FFO into to share transactional impact lowered

This point reimbursements. annual this such utility of revenue, like our and we set and revenue clearer seven growth resident expected of rates. to same-store view We schedules. is contemplated to believe reimbursements guidance growth enhancements net We exclusive basis our underlying I'd by out was and results now in present change a revenue expense year decrease presentation to full when full of expenses Now, property points. year supplemental

first the For basis point revenue a in quarter, the XX impact was same-store reduction growth.

our up the the over we We Lynn and or been experience reflects your all Laura, We you Aimco's consolidated in from me, and amount for so process now to to in these for clearly shows Aimco. unconsolidated we the also the as call to Several summer, how revised adjusted scheduled the Please but now more tour you. time open highlight the we Schedule questions will and for firsthand added to while those also you not accommodate interest, invest activities portfolio. With as of questions. the in an of exciting. slightly consolidated Philadelphia work, out share for place I'll XA like attributable reach has the limit Schedule two that, a Susie, of for and and create turn to share. AFFO AFFO to we what diversify it please communities present attractive XB first we queue. the proportionate makes Last, will well Aimco's are our should to question. would invite find being dates tours to Aimco XX third-parties redevelopment Aimco investments. Schedule to some of results, to what of helpful activities given Philadelphia development investor value schedule present

Operator

from of Markets. [Operator And will our Wurschmidt Austin KeyBanc come Capital Instructions] you. Thank question first

Austin Wurschmidt

morning good there. Hi out

increase of of revenue guys you blended X.X%. average daily midpoint the occupancy of lease basis points rate, XX about about So, growth was talked an growth of last and in quarter, comprised

was You not And continued, on the a achieved occupancy better if blended of lease the bps, those XX results in April, growth improved, into with rate trends particularly quarter first occupancy X.X%. side. bit

just expect being you're just the year. in the as the trend a balance early remains if if So lower you to bit that of year? Or through curious conservative little it

Paul Beldin

question. our year, recapped And exactly of XX% start you We're thank the the to great a for fact to is off Austin, you Paul. is but it your business. right. This

XX% to proceed So we peak as we yet forward of so the other leases progress and reporting but through what we to far, like we our our have have look achieved leasing. we transact,

Austin Wurschmidt

the when do you look expect that the versus then, XXXX into so And XXXX as progresses? year steady to supply? early as you expectation look at decrease or quarter-by-quarter, picture then supply kind remain you of ramp, what's the fairly And

Paul Beldin

Austin, if is then to it over Paul wants and else anybody additional this some I'll color. turn add

our stock just has are we and think that I third-party supply to submarkets communities. meaningful, is ratable actually projecting. is about remind price-point forecasters basis. at supply submarket percentage expected to delivered be delivered the currently a supply always We'll to that's it existing definition, we like change. is see what pace supply, that's at all we we our And Aimco being it in have a X% everybody, as predicting a than when a where is XXXX, greater as is challenging, that happens, of is that into and aggregate of in think I look throughout supply see subject particularly collectively supply talk when that, somewhat in you learned quarterly what about but on fairly What

and if quarter. roughly that And we asset that of so look where end have of criteria, value XX% we maybe as in the supply a down our in meet gross were the from fourth similar, that that's not fairly we would actually at slightly, lens, about

Austin Wurschmidt

Paul. Great. Thanks questions taking the for

Operator

will of next question the from And Nick Joseph Citi. come

Michael Bilerman

arguably if XX, Bilerman basis yield. spent bunch step a share XX% just it's Terry, It's about equity transaction? tax, where stock matter because Michael guess, of to XX for the what Dranoff its him, taking assets. a basis, cash, it only contributed out if pricing, So, doesn't in the basis about the to long-dated it's here much or points in of you you at right? I it the nature it's what not total, to current almost in Hey, back, with something why equity wonder on deal the a XX% piece is focus an time OP and is talking can took somewhat the Nick. is XX% I on that's material so total even price on XX%, unit $XX overall at but of his

Terry Considine

Thank you, Michael.

one Carl's weight of doing. for place the the the appreciate is, in very it's in but eye it the we're to I course, of I'm what and of beholder, grateful we think things relative

going think work be I help us our partner he'll a forward. and great in

Michael Bilerman

basis if big of $XX I transaction taken, stock in number his the cash. the units that And The basis proceeds fictional mean, the his protect The just current is not you XX basis. But took it is part the is points on assets from a isn't -- he's proceeds the tax because it's price, to really an reality of he's perspective. He's only majority taking that it's exit selling. at right? the

So, why but I'm know it's I misleading. -- headline, I a the want think you bit little just

Terry Considine

a your you're entitled It's country, Michael. opinion, free to

Michael Bilerman

ask the to into you then NAV, in what assets? why related the low rate north we If at premium this five at in roll the cap market proceeds six a is your you of about XXs NAV at stock how $XX, assets and disclosed not sold the other the the from at perspectives. buy Well,

Terry Considine

and toolkit. one. we a quarter something keep it's I think think about, You each ask this that it's question our And we good in

know may we buybacks times that again, yet and stock made in at haven't quarter. we've scale but this we You done it previous

Michael Bilerman

which back market? by your rather put buying use those certainly you not premium at in either debt at numbers, NAV, to your buy of of But to related majority credit, if $XXX the you or why taking assets a what believe in justified which script, is the was line of cash, truly using the right? transaction in million, any context of The million $XXX than capacity spending into have you

Terry Considine

a good question. It's very

we think may past something didn't we've it's about, the said, in we this something done the in do do and future, but I've we quarter. As

Michael Bilerman

you. Okay. Thank

Operator

Lynch. And come of of will question Merrill Bank next the America from Sanabria Juan

Unidentified Analyst

is actually Juan with [Indiscernible] This Sanabria.

So that? on how business, disposition, cap also on affordable when asset you do question guys and you management a the rates your say units value

John Bezzant

give I'll you kind guidelines. So, rough just of

fee to were is fours stream So underlying it cap a rate little not into se this over were estate, to mid a from in tough the The it a a a with way it on runoff not rate that the fee-based the per so we effectively, perspective. valuation model we kind Pointe asset the four those estate of put ended really that on it at real And are the IRR-based a the cap Hunters and apply caps. looked as are value income associated management business, and We communities basis. of because it transactions, business. fours. is real selling Those they that's business. an We look at of up

Paul Beldin

that San IRR quoted Francisco. said, just cash fee Point to that's that John the the the Hunters clarify X.X% free actually fours, he flow described of what flow and return the stream cash affordable four communities in rate free John for Shirley, the and in And internal of combined it's

Unidentified Analyst

Got it.

opportunity? I acquisition looking flip that Fairfax So, place in you in Philly, for at addition, and any guess, you're guys other side, also

Keith Kimmel

measure lower we what trade think have of here return. we Well, portfolio out a we where cash basis on to making in do this via quarter. the assets terms When flow we than can basis value trade on trade to make the continue of we look rate long-term that other highlighted are country internal a as all and paired trade, kind we're over buying, a of we a of opportunities, that we've regular free

pipeline an that opportunities have at. of ongoing look we We

If anything. you would we've look when we see buy I very forward, done of we we will I think a we year, do expect didn't deals, as and selective deals opportunity. to look last couple back an This year,

Unidentified Analyst

Okay.

Operator

And a & of question Dennis from next we Zelman Associates. McGill have

Dennis McGill

increased City sort your in mentioned, of driven in it's the interested that and are Center came has question by with the because Philly perhaps opportunity had you exposure. met to you interest somewhat that more was Or area the Was expanding in? area do an metrics in First that of some it particular? just the you to Philly of

John Bezzant

it's a both. think of bit I little

in and a as an We the that things submarket local to look fits on good of, look portfolio, to opportunity deal. within that our his it we submarkets together was it that property that submarket was market. up Philadelphia. who at and the high Weston that we a relation we the able that was team What and be opportunity have fit on so to we the This certainly we for in how out thought we portfolio accretive, had This and is saw are think I come new frankly look we our not a attracted was portfolio. the had was at come approach a put when specifically prior see question, kind owner, where quality and go could developer very located. opportunities, following that in quite and across, portfolio to the of we trade our trade portfolio out we it an into within to that better at would

Dennis McGill

on then I rent that operational what And Okay. blended about the you April you could ago? a us side, think is tell versus rates talked year were in X.X%,

Paul Beldin

blended rate believe this this Yes. up is portfolio ago about X.X%. lease Paul. a we're for Dennis, I year

Dennis McGill

seeing you think X.X% that's that's year? about year, you you're thinking or but so seasonal there'd each Okay. X.X% And the some lift. you preventing lift? basically Is are if what about there normal month, how would something think this it's guys versus Or normally be been far so seasonality trended far seasonal this how that

Keith Kimmel

demand Its how into days, early point will see that occupied on being and when this this and rates exactly peak in going positioning and season. Keith. a to we're plan get point accelerates into when is our season. our see Dennis, peak is That through May, basically typically produced wait at we strong we August, and but lift. we having happens, and about highly We June this our optimistic

Dennis McGill

Okay. Thank it. Appreciate you.

Operator

will our Drew next question And from of Baird. Babin come

Andrew Babin

my Miami. off? points question. curious taking up XXX on specifically and occupancy, a for something Is demand happening sequential the help. question pickup in basis was is what quite Miami? good Quick there pricing. supply Is on so think color kind just and will or I Any Obviously, it it in side? Thanks burning I of

Keith Kimmel

the through it's Keith. Drew, walk I'll you piece. Miami

It's in This start the anticipated Brickell, across first little we've that our in a has occupancy of to had moving, anticipated. than panorama. going delayed lease-up performed in Club then Yacht a we street a particular the quarter. been going balance the happening fourth a happening little we stronger will building, stronger has very So, deliveries, also a so quarter. And that's that's their the had into specific portfolio a little building, there have be had that we

it and we a than in Brickell specifically bit So, say I'd better of the it rest supply, timing thought. is little a of is on doing some

Andrew Babin

your Comcast of that's Okay, that's jobs opening Is demand but proximate specifically other kind that might some types to by Philadelphia, helpful. the forecast this to are you anything Center your anything And then, regarding Or year? quickly the Technology Philadelphia? to point I specifically? of on end can assuming in in? bring to very decision that Obviously, up then The assets, critical weight guess of something Sterling and what you

John Bezzant

building This completed the The Center on. is the you the Sterling across for literally Innovation Comcast That alley we question. redevelopment from Thank that is John.

XX% over say The that for today. building nothing Keith anticipate will but earlier, good occupied it's We Sterling. that heard do You

mile. and X.X half that's about a For the away to are less within Dranoff Park mile Towne, buildings of it from X.XX a also there than

five And I was with out in dynamism, right we an so that's in but feel I lot and see and as element different the our years with their that's what just ago get that's yes, of tour. been we're over couple and with other got the of town of you there the to forward, and happening, Philadelphia. in doubters companies time. the there not some things area. now And walking years. just there one in realized operations And We've leverage. the there We have around we're streets, streets bringing that a is walk there, of them Comcast, looking Vanguard really candidly next last and a were were you walking what to and good we did of look out downtown than dynamic forward week and Philadelphia looking a there's We Board, are

Andrew Babin

And is Great. or of it that the some year guidance specifically then Paul in Thanks some debt for that. regarding paying point, pre-payable one and of your sheet. there is anything at refinancing maturities, that XXXX down? this for assume debt question I otherwise balance

Paul Beldin

question. the Drew, you Yes, for thank

right. You're

XXXX have our par, XX% the fourth in We at is quarter. of maturities about pre-payable starting

guidance lenders We rates our we're have started our benefit in on refinancing debt the working that discussions that contemplated was that, and at today's achieve with and so potential from that. to

Andrew Babin

me. All right, for you. Thank all That's great.

Operator

question of will our And John Green come Instructions] next [Operator Pawlowski from Street Advisors.

John Pawlowski

my Terry, today. the question portfolio as on Thanks. first sits is footprint it

First peers. is your

your higher assets. amount peers units across sense fewest make and markets, being the internally? G&A actively broadly the it such are considered footprint? operate Why a as markets clearly And than of have that of spread most was You exit is to disparate does of your percent most so

Terry Considine

thank opinion can of all, and that weighting. investment as it do opportunities of on boy And have maybe you changing a call, the first others at to we really by much, G&A. reassure Philadelphia very more than and is you an that driven weighting markets hometown you'll like John, it's we'd look confident I'm by our increase and markets other where about our

of the returns. risk-adjusted right or in is frugal main can a have and we highest investment the as and we be so GADs but the pack, issue -- G&A it careful and put capital where revenue to Our percentage the about want of middle

John Pawlowski

any you exit actively? markets now right exploring Are

Terry Considine

across them. we we returns regularly and mentioned, lots look at higher very sell to the country much would but we of because the lots for deals, of do properties ones John than that have sort As few look fund

For recently, basis is and paired the XXX between buying that example, spread trade in the most points. Paul selling described

John Pawlowski

valuation the Board forward, asks couple gap done in team the when Okay. are going to do do you years? than And the What you've you me. you going what close the and last for say? differently to Terry, past of one

Terry Considine

think meeting, on reflected report necessarily the this what I be over meeting, the of market. and in our on time, the business at Board think focus value increasing -- and broadly, want asset they call. our shareholders be here wouldn't on course, in But net we Well, the wouldn't should goes that what on to goes Board as do, will that

John Pawlowski

Okay. Thanks.

Operator

And this any for concludes to our the Considine question-and-answer would like remarks. turn session. Terry I conference over back closing to

Terry Considine

or reiterate look interest. of you, all seeing I tour you you So, at again. on for invitation many in Paul's month's and and Bent thank your I time Tree forward to NAREIT. call Philadelphia, thank Thanks to a the

Operator

Thank concluded. attending now has for you conference today's The presentation.

disconnect. now may You

Apartment Investment and Management (AIV) 8 May 182018 Q1 Earnings call transcript