We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apartment Investment and Management Company | NYSE:AIV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.045 | 0.55% | 8.165 | 8.26 | 8.165 | 8.22 | 136,578 | 16:57:56 |
MARYLAND | 1-13232 | 84-1259577 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation or organization) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. | Results of Operations and Financial Condition. |
Earnings Release | ||
Consolidated Statements of Operations | ||
Consolidated Balance Sheets | ||
Schedule 1 – Funds From Operations and Adjusted Funds From Operations | ||
Schedule 2 – Proportionate Adjusted Funds From Operations Presentation | ||
Schedule 3 – Portfolio Summary | ||
Schedule 4 – Proportionate Balance Sheet Data | ||
Schedule 5 – Capitalization and Financial Metrics | ||
Schedule 6 – Conventional Same Store Operating Results | ||
Schedule 7 – Conventional Portfolio Data by Market | ||
Schedule 8 – Apartment Community Disposition and Acquisition Activity | ||
Schedule 9 – Capital Additions | ||
Schedule 10 – Summary of Redevelopment and Development Activity | ||
Glossary and Reconciliations |
FIRST QUARTER | |||||||
(all items per common share - diluted) | 2015 | 2014 | |||||
Net income | $ | 0.58 | $ | 0.44 | |||
Funds From Operations (FFO) | $ | 0.51 | $ | 0.50 | |||
Add back Aimco's share of preferred equity redemption related amounts | $ | 0.01 | $ | — | |||
Pro forma Funds From Operations (Pro forma FFO) | $ | 0.52 | $ | 0.50 | |||
Deduct Aimco share of Capital Replacements | $ | (0.06 | ) | $ | (0.07 | ) | |
Adjusted Funds From Operations (AFFO) | $ | 0.46 | $ | 0.43 |
1 |
FIRST QUARTER | ||||||||||
Year-over-Year | Sequential | |||||||||
2015 | 2014 | Variance | 4th Qtr. | Variance | ||||||
Average Rent Per Apartment Home | $1,471 | $1,409 | 4.4 | % | $1,464 | 0.5 | % | |||
Other Income Per Apartment Home | 181 | 175 | 3.4 | % | 165 | 9.7 | % | |||
Average Revenue Per Apartment Home | $1,652 | $1,584 | 4.3 | % | $1,629 | 1.4 | % | |||
Average Daily Occupancy | 95.9 | % | 95.8 | % | 0.1 | % | 95.6 | % | 0.3 | % |
$ in Millions | ||||||||||
Revenue | $172.1 | $164.8 | 4.4 | % | $169.2 | 1.7 | % | |||
Expenses | 57.3 | 55.7 | 2.9 | % | 52.2 | 9.8 | % | |||
NOI | $114.8 | $109.1 | 5.2 | % | $117.0 | (1.9 | )% |
2015 | Jan | Feb | Mar | 1st Qtr. |
Renewal rent increases | 4.2% | 5.3% | 4.8% | 4.8% |
New lease rent increases | 0.3% | 0.9% | 2.3% | 1.2% |
Weighted average rent increases | 2.1% | 2.9% | 3.5% | 2.8% |
• | Increased its period-end Conventional portfolio average revenue per apartment home by 35% to $1,704. This rate of growth reflects the impact of market rent growth, and more significantly, the impact of portfolio management through dispositions, redevelopment and acquisitions. |
• | Increased its Conventional portfolio free cash flow margin by 10% through the sale of lower-rent properties and reinvestment in higher-rent properties; |
2 |
• | Reduced by 83% the percentage of its portfolio represented by "C" quality properties and increased by 49% the percentage of its portfolio represented by "A" quality properties; and |
• | Increased to 90% the percentage of its Conventional Property Net Operating Income earned in Aimco's target markets. |
3 |
AS OF MARCH 31, 2015 | ||||||
$ in Millions | Amount | % of Total | Weighted Avg. Maturity (Yrs.) | |||
Aimco share of long-term, non-recourse property debt | $ | 3,779.0 | 94 | % | 8.1 | |
Preferred securities | 247.7 | 6 | % | Perpetual | ||
Total leverage | $ | 4,026.7 | 100 | % | n/a |
TRAILING-TWELVE-MONTHS ENDED MARCH 31, | ||
2015 | 2014 | |
Debt to EBITDA | 6.5x | 7.1x |
Debt and Preferred Equity to EBITDA | 6.9x | 7.4x |
EBITDA Coverage of Interest | 2.8x | 2.6x |
EBITDA Coverage of Interest and Preferred Dividends | 2.6x | 2.5x |
4 |
($ Amounts represent Aimco Share) | FULL YEAR 2015 | PREVIOUS FULL YEAR 2015 | FULL YEAR 2014 |
Net income per share | $0.88 to $0.98 | $0.48 to $0.58 | $2.06 |
Pro forma FFO per share | $2.14 to $2.24 | $2.12 to $2.22 | $2.07 |
AFFO per share | $1.82 to $1.92 | $1.80 to $1.90 | $1.68 |
Conventional Same Store Operating Measures | |||
NOI change compared to prior year | 4.50% to 5.50% | 4.00% to 5.50% | 5.5% |
Revenue change compared to prior year | 4.00% to 4.50% | 3.75% to 4.50% | 4.5% |
Expense change compared to prior year | 2.50% to 3.00% | 2.50% to 3.00% | 2.3% |
Transactions | |||
Real estate value of property dispositions | $250M to $300M | $225M to $275M | $689.5M |
Aimco net proceeds from property dispositions | $150M to $160M | $130M to $140M | $435.2M |
SECOND QUARTER 2015 | |
Net income per share | $0.08 to $0.12 |
Pro forma FFO per share | $0.51 to $0.55 |
AFFO per share | $0.42 to $0.46 |
Conventional Same Store Operating Measures | |
NOI change compared to second quarter 2014 | 4.25% to 5.25% |
NOI change compared to first quarter 2015 | 1.50% to 2.50% |
Live Conference Call: | Conference Call Replay: |
Friday, May 1, 2015 at 1:00 p.m. ET | Replay available until 9:00 a.m. ET on May 16, 2015 |
Domestic Dial-In Number: 1-888-317-6003 | Domestic Dial-In Number: 1-877-344-7529 |
International Dial-In Number: 1-412-317-6061 | International Dial-In Number: 1-412-317-0088 |
Passcode: 5559512 | Passcode: 10063555 |
Live webcast and replay: http://www.aimco.com/investors/events-presentations/webcasts |
5 |
6 |
7 |
Consolidated Statements of Operations | |||||||||
(in thousands, except per share data) (unaudited) | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
REVENUES | |||||||||
Rental and other property revenues | $ | 238,289 | $ | 240,136 | |||||
Tax credit and asset management revenues | 5,976 | 8,788 | |||||||
Total revenues | 244,265 | 248,924 | |||||||
OPERATING EXPENSES | |||||||||
Property operating expenses | 95,492 | 99,268 | |||||||
Investment management expenses | 1,603 | 1,252 | |||||||
Depreciation and amortization | 74,432 | 70,307 | |||||||
General and administrative expenses | 10,652 | 10,527 | |||||||
Other expenses, net | 1,019 | 2,296 | |||||||
Total operating expenses | 183,198 | 183,650 | |||||||
Operating income | 61,067 | 65,274 | |||||||
Interest income | 1,725 | 1,730 | |||||||
Interest expense | (53,520 | ) | (55,745 | ) | |||||
Other, net | 2,264 | (1,977 | ) | ||||||
Income before income taxes and gain on dispositions | 11,536 | 9,282 | |||||||
Income tax benefit | 6,921 | 2,758 | |||||||
Income from continuing operations | 18,457 | 12,040 | |||||||
Gain on dispositions of real estate, net of tax | 85,693 | 69,492 | |||||||
Net income | 104,150 | 81,532 | |||||||
Noncontrolling interests: | |||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (4,756 | ) | (11,389 | ) | |||||
Net income attributable to preferred noncontrolling interests in Aimco OP | (1,736 | ) | (1,605 | ) | |||||
Net income attributable to common noncontrolling interests in Aimco OP | (4,398 | ) | (3,611 | ) | |||||
Net income attributable to noncontrolling interests | (10,890 | ) | (16,605 | ) | |||||
Net income attributable to Aimco | 93,260 | 64,927 | |||||||
Net income attributable to Aimco preferred stockholders | (3,522 | ) | (454 | ) | |||||
Net income attributable to participating securities | (394 | ) | (239 | ) | |||||
Net income attributable to Aimco common stockholders | $ | 89,344 | $ | 64,234 | |||||
Earnings attributable to Aimco per common share - basic and diluted: | |||||||||
Income from continuing operations | $ | 0.58 | $ | 0.44 | |||||
Net income | $ | 0.58 | $ | 0.44 |
8 |
Consolidated Balance Sheets | ||||||||
(in thousands) (unaudited) | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
ASSETS | ||||||||
Buildings and improvements | $ | 6,304,829 | $ | 6,259,318 | ||||
Land | 1,883,128 | 1,885,640 | ||||||
Total real estate | 8,187,957 | 8,144,958 | ||||||
Accumulated depreciation | (2,703,934 | ) | (2,672,179 | ) | ||||
Net real estate | 5,484,023 | 5,472,779 | ||||||
Cash and cash equivalents | 164,490 | 28,971 | ||||||
Restricted cash | 95,428 | 91,445 | ||||||
Other assets | 465,332 | 476,727 | ||||||
Assets held for sale | 6,180 | 27,106 | ||||||
Total assets | $ | 6,215,453 | $ | 6,097,028 | ||||
LIABILITIES AND EQUITY | ||||||||
Non-recourse property debt | $ | 3,888,284 | $ | 4,022,809 | ||||
Revolving credit facility borrowings | — | 112,330 | ||||||
Total indebtedness | 3,888,284 | 4,135,139 | ||||||
Accounts payable | 50,860 | 41,919 | ||||||
Accrued liabilities and other | 270,204 | 279,077 | ||||||
Deferred income | 76,682 | 81,882 | ||||||
Liabilities related to assets held for sale | 6,855 | 28,969 | ||||||
Total liabilities | 4,292,885 | 4,566,986 | ||||||
Preferred noncontrolling interests in Aimco OP | 87,942 | 87,937 | ||||||
Equity: | ||||||||
Perpetual Preferred Stock | 159,126 | 186,126 | ||||||
Class A Common Stock | 1,563 | 1,464 | ||||||
Additional paid-in capital | 4,065,411 | 3,696,143 | ||||||
Accumulated other comprehensive loss | (7,009 | ) | (6,456 | ) | ||||
Distributions in excess of earnings | (2,603,564 | ) | (2,649,542 | ) | ||||
Total Aimco equity | 1,615,527 | 1,227,735 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 235,750 | 233,296 | ||||||
Common noncontrolling interests in Aimco OP | (16,651 | ) | (18,926 | ) | ||||
Total equity | 1,834,626 | 1,442,105 | ||||||
Total liabilities and equity | $ | 6,215,453 | $ | 6,097,028 | ||||
9 |
Supplemental Schedule 1 | |||||||||
Funds From Operations and Adjusted Funds From Operations | |||||||||
(in thousands, except per share data) (unaudited) | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income attributable to Aimco common stockholders | $ | 89,344 | $ | 64,234 | |||||
Adjustments: | |||||||||
Depreciation and amortization, net of noncontrolling partners' interest | 72,622 | 68,429 | |||||||
Depreciation and amortization related to non-real estate assets, net of noncontrolling partners' interest | (2,489 | ) | (2,387 | ) | |||||
Gain on dispositions and other, net of income taxes and noncontrolling partners' interest | (80,728 | ) | (57,046 | ) | |||||
Provision for impairment losses related to depreciable real estate assets, net of noncontrolling partners' interest | — | 541 | |||||||
Common noncontrolling interests in Aimco OP's share of above adjustments | 516 | (505 | ) | ||||||
Amounts allocable to participating securities | 41 | (35 | ) | ||||||
FFO Attributable to Aimco common stockholders | $ | 79,306 | $ | 73,231 | |||||
Preferred equity redemption related amounts, net of common noncontrolling interests in Aimco OP and participating securities | 658 | — | |||||||
Pro forma FFO Attributable to Aimco common stockholders | $ | 79,964 | $ | 73,231 | |||||
Capital Replacements, net of common noncontrolling interests in Aimco OP and participating securities | (9,130 | ) | (11,280 | ) | |||||
AFFO Attributable to Aimco common stockholders | $ | 70,834 | $ | 61,951 | |||||
FFO per share - diluted | $ | 0.51 | $ | 0.50 | |||||
Pro forma FFO per share - diluted | $ | 0.52 | $ | 0.50 | |||||
AFFO per share - diluted | $ | 0.46 | $ | 0.43 | |||||
10 |
Supplemental Schedule 2(a) | ||||||||||||||||||||||||||||||||
Proportionate Adjusted Funds From Operations Presentation | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 Compared to Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Consolidated Amount | Proportionate Share of Unconsolidated Partnerships | Noncontrolling Interests | Proportionate Amount | Consolidated Amount | Proportionate Share of Unconsolidated Partnerships | Noncontrolling Interests | Proportionate Amount | |||||||||||||||||||||||||
Real estate operations: | ||||||||||||||||||||||||||||||||
Rental and other property revenues | ||||||||||||||||||||||||||||||||
Conventional Same Store | $ | 179,331 | $ | — | $ | (6,976 | ) | $ | 172,355 | $ | 171,616 | $ | — | $ | (6,691 | ) | $ | 164,925 | ||||||||||||||
Conventional Redevelopment | 15,463 | — | — | 15,463 | 10,853 | — | — | 10,853 | ||||||||||||||||||||||||
Conventional Acquisition | 6,014 | — | — | 6,014 | 485 | — | — | 485 | ||||||||||||||||||||||||
Other Conventional | 9,488 | 532 | — | 10,020 | 7,587 | 462 | — | 8,049 | ||||||||||||||||||||||||
Total Conventional | 210,296 | 532 | (6,976 | ) | 203,852 | 190,541 | 462 | (6,691 | ) | 184,312 | ||||||||||||||||||||||
Affordable Same Store | 21,965 | — | — | 21,965 | 21,384 | — | — | 21,384 | ||||||||||||||||||||||||
Other Affordable | 2,556 | 1,006 | (139 | ) | 3,423 | 2,283 | 999 | (136 | ) | 3,146 | ||||||||||||||||||||||
Total Affordable | 24,521 | 1,006 | (139 | ) | 25,388 | 23,667 | 999 | (136 | ) | 24,530 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates | 2 | (58 | ) | 146 | 90 | 2 | (63 | ) | 140 | 79 | ||||||||||||||||||||||
Total rental and other property revenues | 234,819 | 1,480 | (6,969 | ) | 229,330 | 214,210 | 1,398 | (6,687 | ) | 208,921 | ||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Conventional Same Store | 59,553 | — | (2,362 | ) | 57,191 | 57,993 | — | (2,386 | ) | 55,607 | ||||||||||||||||||||||
Conventional Redevelopment | 6,016 | — | — | 6,016 | 4,762 | — | — | 4,762 | ||||||||||||||||||||||||
Conventional Acquisition | 2,286 | — | — | 2,286 | 285 | — | — | 285 | ||||||||||||||||||||||||
Other Conventional | 5,221 | 187 | — | 5,408 | 4,173 | 132 | — | 4,305 | ||||||||||||||||||||||||
Total Conventional | 73,076 | 187 | (2,362 | ) | 70,901 | 67,213 | 132 | (2,386 | ) | 64,959 | ||||||||||||||||||||||
Affordable Same Store | 9,318 | — | — | 9,318 | 9,345 | — | — | 9,345 | ||||||||||||||||||||||||
Other Affordable | 1,182 | 434 | (63 | ) | 1,553 | 1,060 | 426 | (60 | ) | 1,426 | ||||||||||||||||||||||
Total Affordable | 10,500 | 434 | (63 | ) | 10,871 | 10,405 | 426 | (60 | ) | 10,771 | ||||||||||||||||||||||
Casualties | 4,084 | — | (55 | ) | 4,029 | 4,090 | — | 171 | 4,261 | |||||||||||||||||||||||
Property management expenses | 6,005 | — | 3 | 6,008 | 6,388 | — | (32 | ) | 6,356 | |||||||||||||||||||||||
Total property operating expenses | 93,665 | 621 | (2,477 | ) | 91,809 | 88,096 | 558 | (2,307 | ) | 86,347 | ||||||||||||||||||||||
Net real estate operations | 141,154 | 859 | (4,492 | ) | 137,521 | 126,114 | 840 | (4,380 | ) | 122,574 | ||||||||||||||||||||||
Amortization of deferred tax credit income | 5,939 | — | — | 5,939 | 6,833 | — | — | 6,833 | ||||||||||||||||||||||||
Non-recurring revenues | 37 | — | 273 | 310 | 1,955 | — | 4 | 1,959 | ||||||||||||||||||||||||
Total tax credit and asset management revenues | 5,976 | — | 273 | 6,249 | 8,788 | — | 4 | 8,792 | ||||||||||||||||||||||||
Investment management expenses | (1,603 | ) | — | — | (1,603 | ) | (1,252 | ) | — | — | (1,252 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (2,490 | ) | — | 4 | (2,486 | ) | (2,360 | ) | — | 5 | (2,355 | ) | ||||||||||||||||||||
General and administrative expenses | (10,652 | ) | — | — | (10,652 | ) | (10,527 | ) | — | 19 | (10,508 | ) | ||||||||||||||||||||
Other expenses, net | (968 | ) | (38 | ) | 23 | (983 | ) | (2,129 | ) | (61 | ) | 197 | (1,993 | ) | ||||||||||||||||||
Interest income | 1,732 | — | 8 | 1,740 | 1,731 | (12 | ) | 16 | 1,735 | |||||||||||||||||||||||
Interest expense | (52,735 | ) | (307 | ) | 1,629 | (51,413 | ) | (50,675 | ) | (333 | ) | 1,666 | (49,342 | ) | ||||||||||||||||||
Other, net of non-FFO items | (64 | ) | 333 | 1,578 | 1,847 | 454 | 333 | (590 | ) | 197 | ||||||||||||||||||||||
Income tax benefit | 7,940 | — | — | 7,940 | 2,621 | — | — | 2,621 | ||||||||||||||||||||||||
FFO related to Sold and Held For Sale Apartment Communities | 796 | — | 19 | 815 | 9,526 | 31 | (346 | ) | 9,211 | |||||||||||||||||||||||
Preferred dividends and distributions | (5,258 | ) | — | — | (5,258 | ) | (2,059 | ) | — | — | (2,059 | ) | ||||||||||||||||||||
Common noncontrolling interests in Aimco OP | (4,058 | ) | — | — | (4,058 | ) | (4,116 | ) | — | — | (4,116 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (353 | ) | — | — | (353 | ) | (274 | ) | — | — | (274 | ) | ||||||||||||||||||||
FFO | $ | 79,417 | $ | 847 | $ | (958 | ) | $ | 79,306 | $ | 75,842 | $ | 798 | $ | (3,409 | ) | $ | 73,231 | ||||||||||||||
Preferred stock redemption related amounts, net | 658 | — | — | 658 | — | — | — | — | ||||||||||||||||||||||||
Pro forma FFO | $ | 80,075 | $ | 847 | $ | (958 | ) | $ | 79,964 | $ | 75,842 | $ | 798 | $ | (3,409 | ) | $ | 73,231 | ||||||||||||||
Capital Replacements | (9,936 | ) | — | 806 | (9,130 | ) | (12,153 | ) | — | 873 | (11,280 | ) | ||||||||||||||||||||
AFFO | $ | 70,139 | $ | 847 | $ | (152 | ) | $ | 70,834 | $ | 63,689 | $ | 798 | $ | (2,536 | ) | $ | 61,951 |
11 |
Supplemental Schedule 3 | |||||||||||||
Portfolio Summary | |||||||||||||
As of March 31, 2015 | |||||||||||||
(unaudited) | |||||||||||||
Number of Apartment Communities | Number of Apartment Homes | Effective Apartment Homes | Average Ownership | ||||||||||
Conventional Same Store | 112 | 37,099 | 36,198 | 98 | % | ||||||||
Conventional Redevelopment | 7 | 2,886 | 2,886 | 100 | % | ||||||||
Conventional Acquisition | 8 | 1,306 | 1,306 | 100 | % | ||||||||
Other Conventional | 14 | 1,275 | 1,205 | 95 | % | ||||||||
Total Conventional portfolio | 141 | 42,566 | 41,595 | 98 | % | ||||||||
Affordable Same Store [1] | 45 | 7,311 | 7,311 | 100 | % | ||||||||
Other Affordable [2] | 11 | 1,374 | 975 | 71 | % | ||||||||
Affordable Held for Sale | 1 | 84 | 67 | 80 | % | ||||||||
Total Affordable portfolio | 57 | 8,769 | 8,353 | 95 | % | ||||||||
Total portfolio | 198 | 51,335 | 49,948 | 97 | % | ||||||||
[1] Represents Aimco's portfolio of Affordable Apartment Communities redeveloped with Low Income Housing Tax Credits, generally | |||||||||||||
between 2005 and 2009. Aimco expects to sell these apartment communities as the tax credit delivery or compliance periods | |||||||||||||
expire, which expirations occur primarily between 2015 to 2023. | |||||||||||||
[2] Represents Aimco's portfolio of Affordable Apartment Communities that do not meet the Same Store Apartment Community definition. | |||||||||||||
12 |
Supplemental Schedule 4 | ||||||||||||||||
Proportionate Balance Sheet Data | ||||||||||||||||
As of March 31, 2015 | ||||||||||||||||
Consolidated GAAP Balance Sheet | Proportionate Share of Unconsolidated Partnerships | Noncontrolling Interests | Proportionate Balance Sheet | |||||||||||||
ASSETS | ||||||||||||||||
Real estate | $ | 8,187,957 | $ | 50,662 | $ | (253,830 | ) | $ | 7,984,789 | |||||||
Accumulated depreciation | (2,703,934 | ) | (10,408 | ) | 79,911 | (2,634,431 | ) | |||||||||
Net real estate | 5,484,023 | 40,254 | (173,919 | ) | 5,350,358 | |||||||||||
Cash and cash equivalents | 164,490 | 374 | (9,713 | ) | 155,151 | |||||||||||
Restricted cash | 95,428 | 1,421 | (2,586 | ) | 94,263 | |||||||||||
Investment in unconsolidated real estate partnerships | 15,997 | (15,997 | ) | — | — | |||||||||||
Deferred financing costs, net | 28,689 | 203 | (284 | ) | 28,608 | |||||||||||
Goodwill | 44,703 | — | — | 44,703 | ||||||||||||
Other assets | 375,943 | (749 | ) | (159,658 | ) | 215,536 | ||||||||||
Assets held for sale | 6,180 | — | (974 | ) | 5,206 | |||||||||||
Total assets | $ | 6,215,453 | $ | 25,506 | $ | (347,134 | ) | $ | 5,893,825 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Non-recourse property debt | $ | 3,888,284 | $ | 24,105 | $ | (133,404 | ) | $ | 3,778,985 | |||||||
Deferred income [1] | 76,682 | 30 | (245 | ) | 76,467 | |||||||||||
Other liabilities | 321,064 | 1,371 | (127,335 | ) | 195,100 | |||||||||||
Liabilities related to assets held for sale | 6,855 | — | (1,371 | ) | 5,484 | |||||||||||
Total liabilities | 4,292,885 | 25,506 | (262,355 | ) | 4,056,036 | |||||||||||
Preferred noncontrolling interests in Aimco OP | 87,942 | — | — | 87,942 | ||||||||||||
Perpetual preferred stock | 159,126 | — | — | 159,126 | ||||||||||||
Other Aimco equity | 1,456,401 | — | 150,971 | 1,607,372 | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | 235,750 | — | (235,750 | ) | — | |||||||||||
Common noncontrolling interests in Aimco OP | (16,651 | ) | — | — | (16,651 | ) | ||||||||||
Total liabilities and equity | $ | 6,215,453 | $ | 25,506 | $ | (347,134 | ) | $ | 5,893,825 |
[1] | Deferred income represents cash received by Aimco and other amounts required by GAAP to be recognized in earnings in future periods as Aimco performs certain responsibilities under tax credit agreements or as other events occur in the future. Because Aimco does not have an obligation to settle these amounts in cash, Aimco does not include deferred income in liabilities for purposes of calculating NAV. Future earnings related to these amounts are also excluded from Aimco's calculations of NAV. |
13 |
Supplemental Schedule 5 | |||||||||||||||||||||
Capitalization and Financial Metrics | (Page 1 of 2) | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
(dollars in thousands) (unaudited) | |||||||||||||||||||||
Non-Recourse Property Debt Balances and Characteristics | |||||||||||||||||||||
Debt | Consolidated | Proportionate Share of Unconsolidated Partnerships | Noncontrolling Interests | Proportionate Balances | Weighted Average Maturity (Years) | ||||||||||||||||
Fixed rate loans payable | $ | 3,723,209 | $ | 24,105 | $ | (133,404 | ) | $ | 3,613,910 | 7.9 | |||||||||||
Floating rate tax-exempt bonds | 86,167 | — | — | 86,167 | 4.5 | ||||||||||||||||
Fixed rate tax-exempt bonds | 78,908 | — | — | 78,908 | 24.5 | ||||||||||||||||
Total non-recourse property debt | $ | 3,888,284 | $ | 24,105 | $ | (133,404 | ) | $ | 3,778,985 | [1] | 8.1 | ||||||||||
Cash and restricted cash | (259,918 | ) | (1,795 | ) | 12,299 | (249,414 | ) | ||||||||||||||
Securitization Trust Assets [2] | (61,847 | ) | — | — | (61,847 | ) | |||||||||||||||
Net Debt | $ | 3,566,519 | $ | 22,310 | $ | (121,105 | ) | $ | 3,467,724 |
Aimco Share Non-Recourse Property Debt | |||||||||||||||||||
Amortization | Maturities | Total | Maturities as a Percent of Total Debt | Average Rate on Maturing Debt | |||||||||||||||
2015 2Q | $ | 20,176 | $ | 3,944 | $ | 24,120 | 0.10 | % | 5.91 | % | |||||||||
2015 3Q | 19,553 | 55,270 | 74,823 | 1.46 | % | 5.22 | % | ||||||||||||
2015 4Q | 19,985 | 42,371 | 62,356 | 1.12 | % | 5.72 | % | ||||||||||||
Total 2015 | 59,714 | 101,585 | 161,299 | 2.69 | % | 5.46 | % | ||||||||||||
2016 1Q | 19,028 | 84,604 | 103,632 | 2.24 | % | 5.70 | % | ||||||||||||
2016 2Q | 19,785 | 1,211 | 20,996 | 0.03 | % | 5.85 | % | ||||||||||||
2016 3Q | 19,390 | — | 19,390 | — | % | — | % | ||||||||||||
2016 4Q | 20,178 | 247,994 | 268,172 | 6.56 | % | 4.67 | % | ||||||||||||
Total 2016 | 78,381 | 333,809 | 412,190 | 8.83 | % | 4.93 | % | ||||||||||||
2017 | 78,439 | 325,912 | 404,351 | 8.62 | % | 5.92 | % | ||||||||||||
2018 | 74,166 | 155,412 | 229,578 | 4.11 | % | 4.33 | % | ||||||||||||
2019 | 67,762 | 542,449 | 610,211 | 14.35 | % | 5.54 | % | ||||||||||||
2020 | 59,838 | 333,649 | 393,487 | 8.83 | % | 6.26 | % | ||||||||||||
2021 | 41,036 | 683,565 | [3] | 724,601 | 18.09 | % | 5.50 | % | |||||||||||
2022 | 29,014 | 233,439 | 262,453 | 6.18 | % | 4.77 | % | ||||||||||||
2023 | 14,079 | 83,238 | 97,317 | 2.20 | % | 5.13 | % | ||||||||||||
2024 | 11,892 | 36,514 | 48,406 | 0.97 | % | 4.12 | % | ||||||||||||
Thereafter | 348,060 | 87,032 | 435,092 | 2.30 | % | 3.15 | % | ||||||||||||
Total | $ | 862,381 | $ | 2,916,604 | $ | 3,778,985 | 4.87 | % | [4] |
[1] | Represents the carrying amount of Aimco's debt at March 31, 2015, which debt had a mark-to-market liability of $233.8 million at quarter end. | ||||||||
[2] | In 2011, $673.8 million of Aimco's loans payable were securitized in a trust holding only these loans. Aimco purchased for $51.5 million the subordinate positions in the trust that holds these loans. The subordinate positions have a face value of $100.9 million and a carrying amount of $61.8 million, and are included in other assets on Aimco’s Consolidated Balance Sheet at March 31, 2015. The carrying amount of these investments effectively reduces Aimco's March 31, 2015 debt balances. | ||||||||
[3] | 2021 maturities include property loans that will repay substantially all of Aimco’s subordinate positions in the securitization trust discussed above. | ||||||||
[4] | Represents the Money-Weighted Average Interest Rate on Aimco’s fixed and floating rate property debt, which takes into account the timing of amortization and maturities. This rate is calculated by Aimco based on the unpaid principal balance as of March 31, 2015, and all contractual debt service payments associated with each of its fixed and floating rate property loans. The Money-Weighted Average Interest Rate can be compared to market interest rates to estimate the difference between the book value of Aimco’s fixed and floating rate property debt and the market value of such debt. |
14 |
Supplemental Schedule 5 (continued) | |||||||||||
Capitalization and Financial Metrics | (Page 2 of 2) | ||||||||||
(share, unit and dollar amounts in thousands) (unaudited) | |||||||||||
Preferred Securities | |||||||||||
Shares/Units Outstanding as of March 31, 2015 | Date First Available for Redemption by Aimco | Coupon | Amount | ||||||||
Perpetual Preferred Stock: | |||||||||||
Class A | 5,000 | 5/17/2019 | 6.875% | $ | 125,000 | ||||||
Class Z | 1,392 | 7/29/2016 | 7.000% | 34,791 | |||||||
Total perpetual preferred stock | 6.902% | 159,791 | |||||||||
Preferred Partnership Units | 3,279 | 7.895% | 87,942 | ||||||||
Total preferred securities | 7.255% | $ | 247,733 | ||||||||
Common Stock, Partnership Units and Equivalents | |||||||||||
As of | |||||||||||
March 31, 2015 | |||||||||||
Class A Common Stock outstanding | 155,524 | ||||||||||
Dilutive options and restricted stock | 618 | ||||||||||
Total shares and dilutive share equivalents | 156,142 | ||||||||||
Common Partnership Units and equivalents | 7,635 | ||||||||||
Total shares, units and dilutive share equivalents | 163,777 | ||||||||||
Debt Ratios | ||||||||||
Trailing Twelve Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Debt to EBITDA | 6.5x | 7.1x | ||||||||
Debt and Preferred Equity to EBITDA | 6.9x | 7.4x | ||||||||
EBITDA Coverage of Interest | 2.8x | 2.6x | ||||||||
EBITDA Coverage of Interest and Preferred Dividends | 2.6x | 2.5x | ||||||||
Revolving Line of Credit Debt Coverage Covenants | ||||||||||
Amount | Covenant | |||||||||
Debt Service Coverage Ratio | 1.85x | 1.50x | ||||||||
Fixed Charge Coverage Ratio | 1.75x | 1.40x | ||||||||
Credit Ratings | ||||||||||
Standard and Poor’s [4] | Corporate Credit Rating | BBB- (stable) | ||||||||
Fitch Ratings | Issuer Default Rating | BB+ (positive) | ||||||||
[4] During March 2015, Standard & Poor's Rating Services upgraded Aimco to BBB- from BB+. | ||||||||||
15 |
Supplemental Schedule 6(a) | ||||||||||||||||||||||||||||||||||||||||||||||
Conventional Same Store Operating Results | ||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2015 Compared to First Quarter 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except community, home and per home data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Expenses | Net Operating Income | Operating Margin | Average Daily Occupancy During Period | Average Revenue per Effective Apartment Home | |||||||||||||||||||||||||||||||||||||||||
Apartment Communities | Apartment Homes | Effective Apartment Homes | 1Q 2015 | 1Q 2014 | Growth | 1Q 2015 | 1Q 2014 | Growth | 1Q 2015 | 1Q 2014 | Growth | 1Q 2015 | 1Q 2015 | 1Q 2014 | 1Q 2015 | 1Q 2014 | ||||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | 12 | 3,552 | 2,901 | $ | 21,118 | $ | 19,925 | 6.0 | % | $ | 5,755 | $ | 5,759 | (0.1 | )% | $ | 15,363 | $ | 14,166 | 8.4 | % | 72.7% | 95.9% | 95.8% | $ | 2,530 | $ | 2,390 | ||||||||||||||||||
Orange County | 1 | 770 | 770 | 4,956 | 4,784 | 3.6 | % | 1,341 | 1,327 | 1.1 | % | 3,615 | 3,457 | 4.6 | % | 72.9% | 95.1% | 96.4% | 2,255 | 2,149 | ||||||||||||||||||||||||||
San Diego | 6 | 2,032 | 2,032 | 9,603 | 9,042 | 6.2 | % | 2,610 | 2,614 | (0.2 | )% | 6,993 | 6,428 | 8.8 | % | 72.8% | 96.0% | 96.5% | 1,641 | 1,538 | ||||||||||||||||||||||||||
Southern CA Total | 19 | 6,354 | 5,703 | 35,677 | 33,751 | 5.7 | % | 9,706 | 9,700 | 0.1 | % | 25,971 | 24,051 | 8.0 | % | 72.8% | 95.8% | 96.1% | 2,176 | 2,053 | ||||||||||||||||||||||||||
East Bay | 1 | 246 | 246 | 1,668 | 1,454 | 14.7 | % | 526 | 471 | 11.7 | % | 1,142 | 983 | 16.2 | % | 68.5% | 95.9% | 98.1% | 2,357 | 2,007 | ||||||||||||||||||||||||||
San Jose | 1 | 224 | 224 | 1,336 | 1,277 | 4.6 | % | 422 | 428 | (1.4 | )% | 914 | 849 | 7.7 | % | 68.4% | 94.7% | 95.3% | 2,099 | 1,995 | ||||||||||||||||||||||||||
San Francisco | 5 | 774 | 774 | 5,448 | 4,963 | 9.8 | % | 1,464 | 1,496 | (2.1 | )% | 3,984 | 3,467 | 14.9 | % | 73.1% | 96.5% | 96.0% | 2,431 | 2,226 | ||||||||||||||||||||||||||
Northern CA Total | 7 | 1,244 | 1,244 | 8,452 | 7,694 | 9.9 | % | 2,412 | 2,395 | 0.7 | % | 6,040 | 5,299 | 14.0 | % | 71.5% | 96.1% | 96.3% | 2,358 | 2,141 | ||||||||||||||||||||||||||
Atlanta | 5 | 1,295 | 1,281 | 4,469 | 4,241 | 5.4 | % | 1,648 | 1,583 | 4.1 | % | 2,821 | 2,658 | 6.1 | % | 63.1% | 93.7% | 95.2% | 1,240 | 1,159 | ||||||||||||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 17,649 | 16,758 | 5.3 | % | 6,834 | 6,533 | 4.6 | % | 10,815 | 10,225 | 5.8 | % | 61.3% | 96.7% | 95.5% | 1,458 | 1,401 | ||||||||||||||||||||||||||
Chicago | 10 | 3,245 | 3,245 | 14,980 | 14,458 | 3.6 | % | 5,313 | 5,282 | 0.6 | % | 9,667 | 9,176 | 5.4 | % | 64.5% | 96.4% | 95.5% | 1,597 | 1,555 | ||||||||||||||||||||||||||
Denver | 6 | 1,317 | 1,278 | 5,447 | 5,089 | 7.0 | % | 1,485 | 1,492 | (0.5 | )% | 3,962 | 3,597 | 10.1 | % | 72.7% | 95.4% | 95.9% | 1,488 | 1,383 | ||||||||||||||||||||||||||
Manhattan | 8 | 230 | 230 | 2,174 | 2,039 | 6.6 | % | 975 | 954 | 2.2 | % | 1,199 | 1,085 | 10.5 | % | 55.2% | 98.4% | 97.6% | 3,202 | 3,027 | ||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,460 | 16,001 | 15,018 | 6.5 | % | 4,949 | 4,703 | 5.2 | % | 11,052 | 10,315 | 7.1 | % | 69.1% | 97.2% | 97.6% | 2,231 | 2,085 | ||||||||||||||||||||||||||
Philadelphia | 4 | 2,042 | 1,963 | 8,570 | 8,314 | 3.1 | % | 3,355 | 3,356 | — | % | 5,215 | 4,958 | 5.2 | % | 60.9% | 96.0% | 96.2% | 1,515 | 1,467 | ||||||||||||||||||||||||||
Phoenix | 2 | 812 | 812 | 2,517 | 2,451 | 2.7 | % | 892 | 852 | 4.7 | % | 1,625 | 1,599 | 1.6 | % | 64.6% | 94.5% | 92.2% | 1,094 | 1,091 | ||||||||||||||||||||||||||
Seattle | 1 | 104 | 104 | 521 | 483 | 7.9 | % | 206 | 218 | (5.5 | )% | 315 | 265 | 18.9 | % | 60.5% | 98.6% | 97.5% | 1,693 | 1,587 | ||||||||||||||||||||||||||
Suburban New York - New Jersey | 2 | 1,162 | 1,162 | 5,292 | 5,005 | 5.7 | % | 1,731 | 1,756 | (1.4 | )% | 3,561 | 3,249 | 9.6 | % | 67.3% | 96.9% | 95.7% | 1,567 | 1,500 | ||||||||||||||||||||||||||
Washington - No. Va - MD | 14 | 6,547 | 6,519 | 28,616 | 28,389 | 0.8 | % | 9,526 | 8,951 | 6.4 | % | 19,090 | 19,438 | (1.8 | )% | 66.7% | 95.6% | 95.4% | 1,530 | 1,521 | ||||||||||||||||||||||||||
Total Target Markets | 95 | 30,996 | 30,174 | 150,365 | 143,690 | 4.6 | % | 49,032 | 47,775 | 2.6 | % | 101,333 | 95,915 | 5.6 | % | 67.4% | 96.0% | 95.8% | 1,730 | 1,657 | ||||||||||||||||||||||||||
Other Markets | ||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 3,146 | 3,185 | (1.2 | )% | 1,225 | 1,167 | 5.0 | % | 1,921 | 2,018 | (4.8 | )% | 61.1% | 92.5% | 95.4% | 1,422 | 1,396 | ||||||||||||||||||||||||||
Nashville | 3 | 764 | 764 | 2,868 | 2,652 | 8.1 | % | 977 | 929 | 5.2 | % | 1,891 | 1,723 | 9.8 | % | 65.9% | 96.0% | 96.2% | 1,304 | 1,203 | ||||||||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 4,554 | 4,481 | 1.6 | % | 1,506 | 1,438 | 4.7 | % | 3,048 | 3,043 | 0.2 | % | 66.9% | 95.5% | 94.4% | 1,129 | 1,124 | ||||||||||||||||||||||||||
Other Markets | 5 | 3,055 | 3,055 | 11,125 | 10,753 | 3.5 | % | 4,548 | 4,370 | 4.1 | % | 6,577 | 6,383 | 3.0 | % | 59.1% | 95.5% | 96.6% | 1,271 | 1,215 | ||||||||||||||||||||||||||
Total Other Markets | 17 | 6,103 | 6,024 | 21,693 | 21,071 | 3.0 | % | 8,256 | 7,904 | 4.5 | % | 13,437 | 13,167 | 2.1 | % | 61.9% | 95.2% | 95.8% | 1,261 | 1,216 | ||||||||||||||||||||||||||
Grand Total | 112 | 37,099 | 36,198 | $ | 172,058 | $ | 164,761 | 4.4 | % | $ | 57,288 | $ | 55,679 | 2.9 | % | $ | 114,770 | $ | 109,082 | 5.2 | % | 66.7% | 95.9% | 95.8% | $ | 1,652 | $ | 1,584 |
16 |
Supplemental Schedule 6(b) | ||||||||||||||||||||||||||||||||||||||||||||||
Conventional Same Store Operating Results | ||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2015 Compared to Fourth Quarter 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except community, home and per home data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Expenses | Net Operating Income | Operating Margin | Average Daily Occupancy During Period | Average Revenue per Effective Apartment Home | |||||||||||||||||||||||||||||||||||||||||
Apartment Communities | Apartment Homes | Effective Apartment Homes | 1Q 2015 | 4Q 2014 | Growth | 1Q 2015 | 4Q 2014 | Growth | 1Q 2015 | 4Q 2014 | Growth | 1Q 2015 | 1Q 2015 | 4Q 2014 | 1Q 2015 | 4Q 2014 | ||||||||||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | 12 | 3,552 | 2,901 | $ | 21,118 | $ | 20,788 | 1.6 | % | $ | 5,755 | $ | 5,354 | 7.5 | % | $ | 15,363 | $ | 15,434 | (0.5 | )% | 72.7% | 95.9% | 95.9% | $ | 2,530 | $ | 2,491 | ||||||||||||||||||
Orange County | 1 | 770 | 770 | 4,956 | 4,959 | (0.1 | )% | 1,341 | 1,218 | 10.1 | % | 3,615 | 3,741 | (3.4 | )% | 72.9% | 95.1% | 97.1% | 2,255 | 2,211 | ||||||||||||||||||||||||||
San Diego | 6 | 2,032 | 2,032 | 9,603 | 9,497 | 1.1 | % | 2,610 | 2,249 | 16.1 | % | 6,993 | 7,248 | (3.5 | )% | 72.8% | 96.0% | 96.2% | 1,641 | 1,619 | ||||||||||||||||||||||||||
Southern CA Total | 19 | 6,354 | 5,703 | 35,677 | 35,244 | 1.2 | % | 9,706 | 8,821 | 10.0 | % | 25,971 | 26,423 | (1.7 | )% | 72.8% | 95.8% | 96.2% | 2,176 | 2,142 | ||||||||||||||||||||||||||
East Bay | 1 | 246 | 246 | 1,668 | 1,623 | 2.8 | % | 526 | 478 | 10.0 | % | 1,142 | 1,145 | (0.3 | )% | 68.5% | 95.9% | 97.5% | 2,357 | 2,256 | ||||||||||||||||||||||||||
San Jose | 1 | 224 | 224 | 1,336 | 1,333 | 0.2 | % | 422 | 397 | 6.3 | % | 914 | 936 | (2.4 | )% | 68.4% | 94.7% | 94.3% | 2,099 | 2,104 | ||||||||||||||||||||||||||
San Francisco | 5 | 774 | 774 | 5,448 | 5,377 | 1.3 | % | 1,464 | 1,308 | 11.9 | % | 3,984 | 4,069 | (2.1 | )% | 73.1% | 96.5% | 97.2% | 2,431 | 2,382 | ||||||||||||||||||||||||||
Northern CA Total | 7 | 1,244 | 1,244 | 8,452 | 8,333 | 1.4 | % | 2,412 | 2,183 | 10.5 | % | 6,040 | 6,150 | (1.8 | )% | 71.5% | 96.1% | 96.7% | 2,358 | 2,308 | ||||||||||||||||||||||||||
Atlanta | 5 | 1,295 | 1,281 | 4,469 | 4,447 | 0.5 | % | 1,648 | 1,580 | 4.3 | % | 2,821 | 2,867 | (1.6 | )% | 63.1% | 93.7% | 94.0% | 1,240 | 1,230 | ||||||||||||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 17,649 | 17,321 | 1.9 | % | 6,834 | 5,997 | 14.0 | % | 10,815 | 11,324 | (4.5 | )% | 61.3% | 96.7% | 96.0% | 1,458 | 1,441 | ||||||||||||||||||||||||||
Chicago | 10 | 3,245 | 3,245 | 14,980 | 14,844 | 0.9 | % | 5,313 | 4,936 | 7.6 | % | 9,667 | 9,908 | (2.4 | )% | 64.5% | 96.4% | 96.1% | 1,597 | 1,587 | ||||||||||||||||||||||||||
Denver | 6 | 1,317 | 1,278 | 5,447 | 5,350 | 1.8 | % | 1,485 | 1,400 | 6.1 | % | 3,962 | 3,950 | 0.3 | % | 72.7% | 95.4% | 95.9% | 1,488 | 1,455 | ||||||||||||||||||||||||||
Manhattan | 8 | 230 | 230 | 2,174 | 2,131 | 2.0 | % | 975 | 926 | 5.3 | % | 1,199 | 1,205 | (0.5 | )% | 55.2% | 98.4% | 97.3% | 3,202 | 3,175 | ||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,460 | 16,001 | 15,764 | 1.5 | % | 4,949 | 4,690 | 5.5 | % | 11,052 | 11,074 | (0.2 | )% | 69.1% | 97.2% | 96.8% | 2,231 | 2,207 | ||||||||||||||||||||||||||
Philadelphia | 4 | 2,042 | 1,963 | 8,570 | 8,420 | 1.8 | % | 3,355 | 2,799 | 19.9 | % | 5,215 | 5,621 | (7.2 | )% | 60.9% | 96.0% | 96.8% | 1,515 | 1,477 | ||||||||||||||||||||||||||
Phoenix | 2 | 812 | 812 | 2,517 | 2,535 | (0.7 | )% | 892 | 823 | 8.4 | % | 1,625 | 1,712 | (5.1 | )% | 64.6% | 94.5% | 96.0% | 1,094 | 1,084 | ||||||||||||||||||||||||||
Seattle | 1 | 104 | 104 | 521 | 504 | 3.4 | % | 206 | 230 | (10.4 | )% | 315 | 274 | 15.0 | % | 60.5% | 98.6% | 93.5% | 1,693 | 1,728 | ||||||||||||||||||||||||||
Suburban New York - New Jersey | 2 | 1,162 | 1,162 | 5,292 | 5,169 | 2.4 | % | 1,731 | 1,694 | 2.2 | % | 3,561 | 3,475 | 2.5 | % | 67.3% | 96.9% | 95.4% | 1,567 | 1,555 | ||||||||||||||||||||||||||
Washington - No. Va - MD | 14 | 6,547 | 6,519 | 28,616 | 28,036 | 2.1 | % | 9,526 | 8,613 | 10.6 | % | 19,090 | 19,423 | (1.7 | )% | 66.7% | 95.6% | 94.9% | 1,530 | 1,511 | ||||||||||||||||||||||||||
Total Target Markets | 95 | 30,996 | 30,174 | 150,365 | 148,098 | 1.5 | % | 49,032 | 44,692 | 9.7 | % | 101,333 | 103,406 | (2.0 | )% | 67.4% | 96.0% | 95.8% | 1,730 | 1,707 | ||||||||||||||||||||||||||
Other Markets | ||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 3,146 | 3,047 | 3.2 | % | 1,225 | 1,063 | 15.2 | % | 1,921 | 1,984 | (3.2 | )% | 61.1% | 92.5% | 92.7% | 1,422 | 1,374 | ||||||||||||||||||||||||||
Nashville | 3 | 764 | 764 | 2,868 | 2,861 | 0.2 | % | 977 | 903 | 8.2 | % | 1,891 | 1,958 | (3.4 | )% | 65.9% | 96.0% | 94.5% | 1,304 | 1,320 | ||||||||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 4,554 | 4,513 | 0.9 | % | 1,506 | 1,473 | 2.2 | % | 3,048 | 3,040 | 0.3 | % | 66.9% | 95.5% | 95.4% | 1,129 | 1,120 | ||||||||||||||||||||||||||
Other Markets | 5 | 3,055 | 3,055 | 11,125 | 10,633 | 4.6 | % | 4,548 | 4,059 | 12.0 | % | 6,577 | 6,574 | — | % | 59.1% | 95.5% | 94.7% | 1,271 | 1,225 | ||||||||||||||||||||||||||
Total Other Markets | 17 | 6,103 | 6,024 | 21,693 | 21,054 | 3.0 | % | 8,256 | 7,498 | 10.1 | % | 13,437 | 13,556 | (0.9 | )% | 61.9% | 95.2% | 94.6% | 1,261 | 1,232 | ||||||||||||||||||||||||||
Grand Total | 112 | 37,099 | 36,198 | $ | 172,058 | $ | 169,152 | 1.7 | % | $ | 57,288 | $ | 52,190 | 9.8 | % | $ | 114,770 | $ | 116,962 | (1.9 | )% | 66.7% | 95.9% | 95.6% | $ | 1,652 | $ | 1,629 |
17 |
Supplemental Schedule 6(c) | |||||||||||||||
Conventional Same Store Operating Expense Detail | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
Quarterly Comparison | |||||||||||||||
1Q 2015 | % of Total | 1Q 2014 | $ Change | % Change | |||||||||||
Real estate taxes | $ | 17,043 | 29.7 | % | $ | 16,236 | $ | 807 | 5.0 | % | |||||
Onsite payroll | 10,369 | 18.1 | % | 10,245 | 124 | 1.2 | % | ||||||||
Utilities | 12,688 | 22.1 | % | 12,333 | 355 | 2.9 | % | ||||||||
Repairs and maintenance | 7,338 | 12.8 | % | 6,718 | 620 | 9.2 | % | ||||||||
Software, technology and other | 3,681 | 6.4 | % | 3,737 | (56 | ) | (1.5 | )% | |||||||
Insurance | 2,628 | 4.6 | % | 2,719 | (91 | ) | (3.3 | )% | |||||||
Marketing | 1,849 | 3.2 | % | 2,206 | (357 | ) | (16.2 | )% | |||||||
Expensed turnover costs | 1,692 | 3.1 | % | 1,485 | 207 | 13.9 | % | ||||||||
Total | $ | 57,288 | 100.0 | % | $ | 55,679 | $ | 1,609 | 2.9 | % | |||||
Sequential Comparison | |||||||||||||||
1Q 2015 | % of Total | 4Q 2014 | $ Change | % Change | |||||||||||
Real estate taxes | $ | 17,043 | 29.7 | % | $ | 16,299 | $ | 744 | 4.6 | % | |||||
Onsite payroll | 10,369 | 18.1 | % | 9,782 | 587 | 6.0 | % | ||||||||
Utilities | 12,688 | 22.1 | % | 10,500 | 2,188 | 20.8 | % | ||||||||
Repairs and maintenance | 7,338 | 12.8 | % | 6,391 | 947 | 14.8 | % | ||||||||
Software, technology and other | 3,681 | 6.4 | % | 3,547 | 134 | 3.8 | % | ||||||||
Insurance | 2,628 | 4.6 | % | 2,072 | 556 | 26.8 | % | ||||||||
Marketing | 1,849 | 3.2 | % | 1,591 | 258 | 16.2 | % | ||||||||
Expensed turnover costs | 1,692 | 3.1 | % | 2,008 | (316 | ) | (15.7 | )% | |||||||
Total | $ | 57,288 | 100.0 | % | $ | 52,190 | $ | 5,098 | 9.8 | % | |||||
18 |
Supplemental Schedule 7(a) | ||||||||||||||||||||||||||||||||
Conventional Portfolio Data by Market | ||||||||||||||||||||||||||||||||
First Quarter 2015 Compared to First Quarter 2014 | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Quarter Ended March 31, 2015 | Quarter Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Apartment Communities | Apartment Homes | Effective Apartment Homes | % Aimco NOI | Average Revenue per Effective Apartment Home | Apartment Communities | Apartment Homes | Effective Apartment Homes | % Aimco NOI | Average Revenue per Effective Apartment Home | |||||||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||||||||
Los Angeles | 13 | 4,319 | 3,668 | 14.3 | % | $ | 2,540 | 13 | 4,248 | 3,597 | 11.4 | % | $ | 2,369 | ||||||||||||||||||
Orange County | 2 | 966 | 966 | 3.1 | % | 2,040 | 4 | 1,213 | 1,213 | 3.5 | % | 1,843 | ||||||||||||||||||||
San Diego | 12 | 2,430 | 2,360 | 5.8 | % | 1,586 | 12 | 2,430 | 2,360 | 5.6 | % | 1,514 | ||||||||||||||||||||
Southern CA Total | 27 | 7,715 | 6,994 | 23.2 | % | 2,153 | 29 | 7,891 | 7,170 | 20.5 | % | 1,975 | ||||||||||||||||||||
East Bay | 2 | 413 | 413 | 1.2 | % | 1,930 | 2 | 413 | 413 | 1.1 | % | 1,712 | ||||||||||||||||||||
San Jose | 2 | 548 | 548 | 1.6 | % | 2,269 | 1 | 224 | 224 | 0.6 | % | 1,993 | ||||||||||||||||||||
San Francisco | 7 | 1,208 | 1,208 | 4.7 | % | 2,582 | 7 | 1,208 | 1,208 | 3.1 | % | 2,244 | ||||||||||||||||||||
Northern CA Total | 11 | 2,169 | 2,169 | 7.5 | % | 2,374 | 10 | 1,845 | 1,845 | 4.8 | % | 2,066 | ||||||||||||||||||||
Atlanta | 8 | 1,497 | 1,483 | 2.5 | % | 1,305 | 6 | 1,325 | 1,311 | 2.1 | % | 1,185 | ||||||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 8.2 | % | 1,458 | 12 | 4,173 | 4,173 | 7.9 | % | 1,400 | ||||||||||||||||||||
Chicago | 10 | 3,245 | 3,245 | 7.3 | % | 1,597 | 10 | 3,245 | 3,245 | 7.0 | % | 1,554 | ||||||||||||||||||||
Denver | 8 | 2,057 | 2,018 | 4.4 | % | 1,420 | 7 | 1,613 | 1,540 | 3.2 | % | 1,333 | ||||||||||||||||||||
Manhattan | 17 | 775 | 775 | 2.9 | % | 3,328 | 23 | 999 | 999 | 2.7 | % | 2,851 | ||||||||||||||||||||
Miami | 5 | 2,540 | 2,529 | 8.4 | % | 2,231 | 5 | 2,512 | 2,501 | 7.9 | % | 2,084 | ||||||||||||||||||||
Philadelphia | 6 | 3,532 | 3,453 | 6.5 | % | 1,664 | 7 | 3,888 | 3,809 | 7.5 | % | 1,555 | ||||||||||||||||||||
Phoenix | 2 | 812 | 812 | 1.2 | % | 1,094 | 5 | 1,374 | 1,230 | 1.7 | % | 1,016 | ||||||||||||||||||||
Seattle | 2 | 239 | 239 | 0.6 | % | 1,936 | 2 | 239 | 239 | 0.4 | % | 1,767 | ||||||||||||||||||||
Suburban New York - New Jersey | 2 | 1,162 | 1,162 | 2.7 | % | 1,567 | 2 | 1,162 | 1,162 | 2.5 | % | 1,499 | ||||||||||||||||||||
Washington - No. Va - MD | 14 | 6,547 | 6,519 | 14.4 | % | 1,530 | 14 | 6,547 | 6,519 | 14.9 | % | 1,520 | ||||||||||||||||||||
Total Target Markets | 124 | 36,463 | 35,571 | 89.8 | % | 1,780 | 132 | 36,813 | 35,743 | 83.1 | % | 1,664 | ||||||||||||||||||||
Other Markets | ||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 1.5 | % | 1,422 | 5 | 1,180 | 1,066 | 2.0 | % | 1,355 | ||||||||||||||||||||
Nashville | 3 | 764 | 764 | 1.4 | % | 1,304 | 4 | 1,114 | 1,114 | 1.7 | % | 1,130 | ||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 2.3 | % | 1,129 | 6 | 1,643 | 1,564 | 2.5 | % | 1,109 | ||||||||||||||||||||
Other Markets | 5 | 3,055 | 3,055 | 5.0 | % | 1,271 | 14 | 8,564 | 8,501 | 10.7 | % | 990 | ||||||||||||||||||||
Total Other Markets | 17 | 6,103 | 6,024 | 10.2 | % | 1,261 | 29 | 12,501 | 12,245 | 16.9 | % | 1,050 | ||||||||||||||||||||
Grand Total | 141 | 42,566 | 41,595 | 100.0 | % | $ | 1,704 | 161 | 49,314 | 47,988 | 100.0 | % | $ | 1,505 |
19 |
Supplemental Schedule 7(b) | ||||||||||||||||||||||||||
Conventional Portfolio Data by Market | ||||||||||||||||||||||||||
Fourth Quarter 2014 Market Information | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Aimco portfolio strategy seeks predictable rent growth from a portfolio of "A," "B" and "C+" quality market-rate apartment communities, averaging "B/B+" in quality, and diversified among the largest coastal and job growth markets in the U.S., as measured by total apartment value. Aimco measures asset quality based on rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines asset quality as follows: "A" quality assets are those with rents greater than 125% of local market average; "B" quality assets are those with rents 90% to 125% of local market average; "C+" quality assets are those with rents lower than 90% of the local market average, and greater than $1,100 per month; and "C" quality assets are those with rents lower than 90% of local market average, and less than $1,100 per month. The schedule below illustrates Aimco’s Conventional Apartment Community portfolio quality based on 4Q 2014 data, the most recent period for which third-party data is available. The portfolio data has been adjusted to remove apartment communities sold through 1Q 2015. The average age of Aimco's portfolio as of March 31, 2015, adjusted for its sizable investment in redevelopment, is approximately 31 years. See the Glossary for further information. | ||||||||||||||||||||||||||
Quarter Ended December 31, 2014 | ||||||||||||||||||||||||||
Apartment Communities | Apartment Homes | Effective Apartment Homes | % Aimco NOI | Average Rent per Effective Apartment Home [1] | Market Rent [2] | Percentage of Market Rent Average | Average Age of Apartment Communities | |||||||||||||||||||
Target Markets | ||||||||||||||||||||||||||
Los Angeles | 13 | 4,319 | 3,668 | 13.9 | % | $ | 2,321 | $ | 1,494 | 155.4 | % | 13 | ||||||||||||||
Orange County | 2 | 966 | 966 | 3.2 | % | 1,867 | 1,648 | 113.3 | % | 10 | ||||||||||||||||
San Diego | 12 | 2,430 | 2,360 | 6.0 | % | 1,421 | 1,460 | 97.3 | % | 27 | ||||||||||||||||
Southern CA Total | 27 | 7,715 | 6,994 | 23.1 | % | 1,953 | 1,505 | 129.8 | % | 17 | ||||||||||||||||
East Bay | 2 | 413 | 413 | 1.2 | % | 1,673 | 1,559 | 107.3 | % | 35 | ||||||||||||||||
San Jose | 2 | 548 | 548 | 0.8 | % | 2,060 | 1,879 | 109.6 | % | 17 | ||||||||||||||||
San Francisco | 7 | 1,208 | 1,208 | 4.5 | % | 2,279 | 2,237 | 101.9 | % | 24 | ||||||||||||||||
Northern CA Total | 11 | 2,169 | 2,169 | 6.5 | % | 2,103 | 2,012 | 104.5 | % | 24 | ||||||||||||||||
Atlanta | 7 | 1,403 | 1,389 | 2.2 | % | 1,160 | 848 | 136.8 | % | 16 | ||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 8.5 | % | 1,346 | 1,898 | 70.9 | % | 41 | ||||||||||||||||
Chicago | 10 | 3,245 | 3,245 | 7.5 | % | 1,385 | 1,117 | 124.0 | % | 20 | ||||||||||||||||
Denver | 8 | 2,057 | 2,018 | 4.1 | % | 1,243 | 986 | 126.1 | % | 21 | ||||||||||||||||
Manhattan | 17 | 775 | 775 | 3.2 | % | 3,206 | 3,223 | 99.5 | % | 109 | ||||||||||||||||
Miami | 5 | 2,530 | 2,519 | 8.3 | % | 1,936 | 1,196 | 161.9 | % | 25 | ||||||||||||||||
Philadelphia | 6 | 3,537 | 3,458 | 7.4 | % | 1,426 | 1,124 | 126.9 | % | 31 | ||||||||||||||||
Phoenix | 2 | 812 | 812 | 1.3 | % | 961 | 765 | 125.6 | % | 14 | ||||||||||||||||
Seattle | 2 | 239 | 239 | 0.5 | % | 1,687 | 1,210 | 139.4 | % | 12 | ||||||||||||||||
Suburban New York - New Jersey | 2 | 1,162 | 1,162 | 2.6 | % | 1,403 | 1,317 | 106.5 | % | 33 | ||||||||||||||||
Washington - No. Va - MD | 14 | 6,547 | 6,519 | 14.6 | % | 1,372 | 1,563 | 87.8 | % | 44 | ||||||||||||||||
Total Target Markets | 123 | 36,364 | 35,472 | 89.8 | % | 1,588 | 1,455 | 109.1 | % | 30 | ||||||||||||||||
Other Markets | ||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 1.5 | % | 1,261 | 1,107 | 113.9 | % | 43 | ||||||||||||||||
Nashville | 3 | 764 | 764 | 1.5 | % | 1,120 | 832 | 134.6 | % | 22 | ||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 2.3 | % | 959 | 913 | 105.0 | % | 26 | ||||||||||||||||
Other Markets | 5 | 3,055 | 3,055 | 4.9 | % | 1,046 | 1,005 | 104.1 | % | 39 | ||||||||||||||||
Total Other Markets | 17 | 6,103 | 6,024 | 10.2 | % | 1,063 | 975 | 109.0 | % | 34 | ||||||||||||||||
Grand Total | 140 | 42,467 | 41,496 | 100.0 | % | $ | 1,512 | $ | 1,384 | 109.2 | % | 31 | ||||||||||||||
[1] Represents rents after concessions and vacancy loss, divided by the number of Effective Apartment Homes. Does not include other rental income. | ||||||||||||||||||||||||||
[2] 4Q 2014 effective rents per REIS. |
20 |
Supplemental Schedule 8 | ||||||||||||||||||||||||||||||||||||||
Apartment Community Disposition and Acquisition Activity | ||||||||||||||||||||||||||||||||||||||
(dollars in millions, except average revenue per home) (unaudited) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2015 Dispositions | ||||||||||||||||||||||||||||||||||||||
Apartment Communities | Number of Homes | Weighted Average Ownership | Gross Proceeds | NOI Cap Rate [1] | Free Cash Flow Cap Rate [2] | Property Debt | Net Sales Proceeds [3] | Aimco Gross Proceeds | Aimco Net Proceeds | Average Revenue per Home | ||||||||||||||||||||||||||||
Conventional | 4 | 926 | 87% | $ | 143.8 | 5.5 | % | 4.7 | % | $ | 56.1 | $ | 72.1 | $ | 129.8 | $ | 71.3 | $ | 1,277 | |||||||||||||||||||
Affordable | 2 | 174 | 2% | 4.0 | — | % | [4] | — | % | [4] | — | 3.7 | 2.0 | 2.0 | 465 | |||||||||||||||||||||||
Total Dispositions | 6 | 1,100 | 74% | $ | 147.8 | 5.5 | % | 4.7 | % | $ | 56.1 | $ | 75.8 | $ | 131.8 | $ | 73.3 | $ | 1,274 | |||||||||||||||||||
[1] NOI Cap Rate is calculated based on Aimco's share of the trailing twelve month prior to sale proportionate property NOI, less a 3.0% management fee, divided by Aimco gross proceeds, less prepayment | ||||||||||||||||||||||||||||||||||||||
penalties associated with the related property debt, if applicable. Conventional Apartment Communities sold during 2015 are primarily outside of Aimco's target markets or in less desirable locations | ||||||||||||||||||||||||||||||||||||||
within Aimco's target markets, and had average revenues per apartment home approximately 25% below Aimco's retained portfolio. Accordingly, the NOI capitalization rates for Conventional Apartment | ||||||||||||||||||||||||||||||||||||||
Communities sold during 2015 are not necessarily representative of those for Aimco's retained portfolio. | ||||||||||||||||||||||||||||||||||||||
[2] Free Cash Flow Cap Rate represents the NOI cap rate, adjusted for assumed Capital Replacements spending of $1,200 per apartment home. | ||||||||||||||||||||||||||||||||||||||
[3] Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable. | ||||||||||||||||||||||||||||||||||||||
[4] The Affordable apartment communities sold had negative NOI and Free Cash Flow Cap Rates based on operating losses, and thus these amounts have been omitted. | ||||||||||||||||||||||||||||||||||||||
First Quarter 2015 Acquisitions | ||||||||||||||||||||||||||||||||||||||
On March 10, 2015, Aimco acquired for $38.3 million Mezzo Apartment Homes, a 94-apartment home community located in Atlanta, Georgia, between Midtown and Buckhead. Built in 2008, this 19-story building includes 2,800 square feet of retail space. Stabilized revenues per apartment home are expected to average $3,600, making this an "A" quality asset for Aimco. |
21 |
Supplemental Schedule 9 | ||||||||||||
Capital Additions | ||||||||||||
(in thousands, except per apartment home data) (unaudited) | ||||||||||||
Aimco classifies capital additions as Capital Replacements (“CR”), Capital Improvements (“CI”), Property Upgrades, Redevelopment, Development or Casualty. Recurring capital additions are apportioned between CR and CI based on the useful life of the item under consideration and the period over which Aimco has owned the item. Under this method of classification, CR represents the portion of the item consumed during Aimco’s ownership of the item, while CI represents the portion of the item that was consumed prior to Aimco’s ownership. See the Glossary for further descriptions. | ||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
Conventional | Affordable | Total | ||||||||||
Capital Additions | ||||||||||||
Capital Replacements | ||||||||||||
Buildings and grounds | $ | 4,191 | $ | 776 | $ | 4,967 | ||||||
Turnover capital additions | 1,765 | 224 | 1,989 | |||||||||
Capitalized site payroll and indirect costs | 783 | 20 | 803 | |||||||||
Capital Replacements | 6,739 | 1,020 | 7,759 | |||||||||
Capital Improvements | 2,690 | 154 | 2,844 | |||||||||
Property Upgrades | 9,203 | 52 | 9,255 | |||||||||
Redevelopment | 23,475 | — | 23,475 | |||||||||
Development | 17,838 | — | 17,838 | |||||||||
Casualty | 1,329 | 1,314 | 2,643 | |||||||||
Total Capital Additions [1] | $ | 61,274 | $ | 2,540 | $ | 63,814 | ||||||
Total apartment homes | 42,566 | 9,122 | 51,688 | |||||||||
Capital Replacements per apartment home | $ | 158 | $ | 112 | $ | 150 |
[1] Total Capital Additions reported above exclude $0.1 million, for the three months ended March 31, 2015, related to consolidated apartment communities sold or classified as held for sale at the end of the period. For the three months ended March 31, 2015, Total Capital Additions include $2.5 million of capitalized interest costs. |
22 |
Supplemental Schedule 10 | ||||||||||||||||||||||||||||||
Summary of Redevelopment and Development Activity | (Page 1 of 4) | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||
(dollars in millions, except per apartment home data) (unaudited) | ||||||||||||||||||||||||||||||
Schedule | Incremental Monthly Revenue per Apartment Home | |||||||||||||||||||||||||||||
Total Number of Apartment Homes at Completion | Estimated Net Investment | Inception-to-Date Net Investment | Construction Start | Initial Occupancy | Construction Complete | Stabilized Occupancy | Rent | Other Income | Total | Incremental Commercial Revenue | Current Residential Occupancy | |||||||||||||||||||
Redevelopment of Operating Communities | ||||||||||||||||||||||||||||||
2900 on First Apartments | 135 | $ | 15.2 | $ | 12.1 | 1Q 2014 | 1Q 2014 | 2Q 2015 | 1Q 2015 | $ | 520 | $ | 45 | $ | 565 | $ | 0.1 | 89 | % | |||||||||||
Ocean House on Prospect | 53 | 14.8 | 4.8 | 4Q 2014 | 3Q 2015 | 4Q 2015 | 1Q 2016 | 930 | 80 | 1,010 | — | n/a | ||||||||||||||||||
Park Towne | 954 | 60.0 | 11.9 | Multiple | 3Q 2015 | 3Q 2016 | 2Q 2016 | 225 | 80 | 305 | 0.1 | 80 | % | |||||||||||||||||
The Sterling | 536 | 36.0 | 26.4 | Multiple | Multiple | 3Q 2015 | 4Q 2015 | 270 | 20 | 290 | 0.5 | 89 | % | |||||||||||||||||
Subtotal | 1,678 | $ | 126.0 | $55.2 | ||||||||||||||||||||||||||
Schedule | Monthly Revenue per Apartment Home | |||||||||||||||||||||||||||||
Total Number of Apartment Homes at Completion | Estimated Net Investment | Inception-to-Date Net Investment | Construction Start | Initial Occupancy | Construction Complete | Stabilized Occupancy | Rent | Other Income | Total | Commercial Revenue | Current Residential Occupancy | |||||||||||||||||||
New Development | ||||||||||||||||||||||||||||||
One Canal Street | 310 | $ | 190.0 | $ | 80.7 | 4Q 2013 | 1Q 2016 | 2Q 2016 | 2Q 2017 | $ | 3,450 | $ | 415 | $ | 3,865 | $ | 1.1 | n/a | ||||||||||||
Completed This Quarter | ||||||||||||||||||||||||||||||
Lincoln Place | 795 | $ | 360.0 | $ | 359.0 | Multiple | Multiple | 1Q 2015 | 2Q 2015 | $ | 2,800 | $ | 150 | $ | 2,950 | — | 83 | % | ||||||||||||
The Preserve at Marin | 126 | 124.0 | 123.4 | 4Q 2012 | 1Q 2014 | 1Q 2015 | 2Q 2015 | 5,350 | 155 | 5,505 | — | 64 | % | |||||||||||||||||
Subtotal | 921 | $ | 484.0 | $ | 482.4 | |||||||||||||||||||||||||
Grand Total | 2,909 | $ | 800.0 | $ | 618.3 | |||||||||||||||||||||||||
Weighted Average Projected NOI as a % of Estimated Net Investment (Unescalated Rents) | 5.6 | % | ||||||||||||||||||||||||||||
The investment in Lincoln Place is funded in part by a $190.7 million non-recourse property loan, of which $7.8 million was available to draw at March 31, 2015. | ||||||||||||||||||||||||||||||
The investment in One Canal Street is funded in part by a $114.0 million non-recourse property loan, of which $75.6 million was available to draw at March 31, 2015. | ||||||||||||||||||||||||||||||
See the following pages for Terms and Definitions and a Summary of Redevelopment Projects. |
23 |
Supplemental Schedule 10 (continued) | ||||||||||||||||
Summary of Redevelopment and Development Activity | (Page 2 of 4) | |||||||||||||||
Terms and Definitions | ||||||||||||||||
Estimated Net Investment - represents total estimated investment, net of tax and other credits earned by Aimco as a direct result of its redevelopment or development of the community. Total estimated investment includes all capitalized costs projected to be incurred to redevelop or develop the respective community, as determined in accordance with GAAP. Where possible, Aimco makes use of tax and other available credits to reduce its invested capital, thereby maximizing investment returns. Aimco seeks historic tax and other credits related to several other communities in its redevelopment pipeline, which, if successful, Aimco will include in the net estimated investment. | ||||||||||||||||
Stabilized Occupancy - period in which Aimco expects to achieve targeted physical occupancy, generally greater than 90%. | ||||||||||||||||
Incremental Monthly Revenue per Apartment Home - represents the sum of the amounts by which rents and other rental income per apartment home are projected to increase compared to pre-redevelopment amounts. Projections are based on management's judgment and take into consideration factors including but not limited to: current rent and other rental income expectations; current market rents; and rental achievement to date. Aimco expects to update its projections at least annually to reflect changes in market rents and rental rate achievement. | ||||||||||||||||
Commercial Revenue - represents the projected annual revenue, or incremental revenue, contribution from commercial rents attributable to the redevelopment of commercial space. | ||||||||||||||||
Current Residential Occupancy - for previously vacant communities and new development, represents physical occupancy as of March 31, 2015. For operating communities, represents first quarter 2015 average daily occupancy. | ||||||||||||||||
Monthly Revenue per Apartment Home - represents the sum of projected rents and other rental income on a per-apartment home basis. Projections are based on management's judgment and take into consideration factors including but not limited to: current rent and other rental income expectations; current market rents; and rental achievement to date. Aimco expects to update these projections at least annually to reflect changes in market rents and rental rate achievement. | ||||||||||||||||
Weighted Average Projected NOI as a % of Estimated Net Investment (Unescalated Rents) - projected NOI takes into consideration the revenue information provided herein, as well as expectations around 1) operating costs associated with previously vacant communities and new development, and 2) net incremental changes in operating costs, if any, resulting from the redevelopment of operating communities. |
24 |
Supplemental Schedule 10 (Continued) | |
Summary of Redevelopment Projects | (Page 3 of 4) |
Community | Project Summary |
2900 on First Apartments Seattle, WA | Redevelopment includes the renovation of all apartment homes, new and/or enhanced amenities and other building interior and commercial space upgrades. All apartment home renovations have been completed and stabilized occupancy has been achieved. The fitness and amenity building will be complete by the end of May 2015. |
Ocean House on Prospect La Jolla, CA | During 2013, Aimco acquired for $29 million this 60-apartment home community with the intent of redeveloping the community at a future date. The redevelopment of Ocean House includes renovation of all apartment homes, common areas, exteriors and amenities. During construction, Aimco expects to combine some apartment homes so that the community, at completion, will include 53 apartment homes. In order to facilitate the extensive construction activity, Aimco de-leased the building in fourth quarter 2014. Construction is underway and on schedule. |
Park Towne Place Philadelphia, PA | In 2014, Aimco completed a multi-phase capital project at this community in anticipation of subsequent redevelopment, which is now underway. Aimco expects to redevelop Park Towne Place in several phases, the first of which includes renovating existing commercial space, upgrading common areas and amenities, and redeveloping one of the four residential towers. During construction, Aimco expects to combine some apartment homes in this 234-apartment home building so that the tower, at completion, will include 229 apartment homes. In order to facilitate the extensive construction activity, Aimco de-leased the tower in fourth quarter 2014. Construction is underway and on schedule. Aimco’s net investment in the first phase of the redevelopment of Park Towne Place is projected to be $60 million, reflecting a gross investment of $71 million, reduced by $11 million of historic tax credits. Depending on the success of this initial phase and other investment alternatives, Aimco may redevelop additional apartment homes at Park Towne Place. Should Aimco elect to redevelop the other three residential towers, its net investment, including the work described above, could be between $148 and $160 million, reflecting a gross investment of $180 to $195 million reduced by $32 to $35 million of historic tax credits. |
The Sterling Philadelphia, PA | This redevelopment includes significant renovation of existing commercial space, upgrading common areas, and the phased redevelopment of apartment homes. During 2014, Aimco completed the redevelopment of the first 69 apartment homes as planned, at a cost consistent with underwriting and at rents in excess of Aimco's underwriting. Based on the success of this initial phase of apartment home redevelopment, in the fourth quarter 2014, Aimco approved a project to redevelop an additional 105 apartment homes for an additional investment of approximately $11 million. Aimco expects this phase of construction to be complete in third quarter 2015, with occupancy stabilized the following quarter. Renovation of the common areas and commercial space is proceeding as planned and Aimco continues to expect construction to be complete in second quarter 2015 at a cost consistent with underwriting. Depending on the success of this next phase and other investment alternatives, Aimco may continue to redevelop additional apartment homes at The Sterling. Should Aimco elect to redevelop all 536 apartment homes, the total investment, including the work described above, could be between $70 and $80 million over the next several years. |
25 |
Supplemental Schedule 10 (Continued) | |
Summary of Redevelopment Projects | (Page 4 of 4) |
Community | Project Summary |
One Canal Street Boston, MA | Aimco expects to invest approximately $190 million in the development of a 12-story building at One Canal Street in the historic Bulfinch Triangle neighborhood of Boston’s West End. Located near the Boston Garden, one block from North Station and adjacent to the historic North End, the site enjoys excellent access to public transit, the Government Center, Financial District, and Massachusetts General Hospital employment centers, as well as the dining, recreation, and shopping amenities of its urban core location. The building will include 310 apartment homes and 22,000 square feet of commercial space. Aimco has partnered with an experienced developer to construct the building, which Aimco will own and operate after its completion. |
Lincoln Place Venice, CA | Lincoln Place is comprised of 795 apartment homes situated on 35-acres one mile from Venice Beach. The scope of this redevelopment included: • Redevelopment of 49 residential buildings, with 696 apartment homes, consistent with standards required by the community’s historic designation.• Construction of 11 new residential buildings with 99 apartment homes on existing vacant land.• Construction of a 5,000 square foot leasing center and a 6,100 square foot fitness center and pool area.This redevelopment was completed in first quarter 2015. Aimco’s inception to date investment consists of a gross investment of $386 million, offset by $26 million of historic tax and other credits associated with the redevelopment. Rents achieved to date are in excess of Aimco's underwriting. |
The Preserve at Marin Corte Madera, CA | Aimco acquired The Preserve at Marin as a vacant community in 2011, with the intent of redeveloping the 126-apartment home community. This redevelopment was completed in first quarter 2015 and included comprehensive interior and exterior redevelopment of all seven three-story buildings, redesign of all apartment homes to feature large bay windows, modern kitchens, and upscale finishes, as well as construction of a new resident clubhouse, which includes a fitness center, business center, saltwater pool, wine bar and outdoor fire pits. Rents achieved to date are in excess of Aimco's underwriting. |
26 |
27 |
28 |
March 31, 2015 | |||||||
Deferred tax credit income balance | $ | 32,897 | |||||
Cash contributions to be received in the future | 25,584 | ||||||
Total to be amortized | $ | 58,481 |
Revenue | Expense | Projected Income | |||||||||||
2015 2Q - 4Q | $ | 17,818 | $ | (1,193 | ) | $ | 16,625 | ||||||
2016 | 18,236 | (1,405 | ) | 16,831 | |||||||||
2017 | 14,375 | (1,170 | ) | 13,205 | |||||||||
2018 | 6,879 | (681 | ) | 6,198 | |||||||||
2019 | 4,255 | (535 | ) | 3,720 | |||||||||
Thereafter | 7,064 | (5,162 | ) | 1,902 | |||||||||
Total | $ | 68,627 | $ | (10,146 | ) | $ | 58,481 |
29 |
Reconciliation of GAAP to Supplemental Schedule 6(a) Proportionate Conventional Same Store NOI Amounts | ||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 179,331 | $ | (6,976 | ) | $ | 172,355 | $ | (297 | ) | $ | 172,058 | ||||||||
Property operating expenses | 59,553 | (2,362 | ) | 57,191 | 97 | 57,288 | ||||||||||||||
Property NOI | $ | 119,778 | $ | (4,614 | ) | $ | 115,164 | $ | (394 | ) | $ | 114,770 |
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 171,616 | $ | (6,691 | ) | $ | 164,925 | $ | (164 | ) | $ | 164,761 | ||||||||
Property operating expenses | 57,993 | (2,386 | ) | 55,607 | 72 | 55,679 | ||||||||||||||
Property NOI | $ | 113,623 | $ | (4,305 | ) | $ | 109,318 | $ | (236 | ) | $ | 109,082 |
Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts | ||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 176,709 | $ | (6,905 | ) | $ | 169,804 | $ | (652 | ) | 169,152 | |||||||||
Property operating expenses | 54,310 | (2,225 | ) | 52,085 | 105 | 52,190 | ||||||||||||||
Property NOI | $ | 122,399 | $ | (4,680 | ) | $ | 117,719 | $ | (757 | ) | $ | 116,962 |
30 |
31 |
1 Year Apartment Investment and... Chart |
1 Month Apartment Investment and... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions