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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 | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.98% | 8.28 | 8.29 | 8.195 | 8.22 | 746,250 | 23:06:26 |
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 |
THIRD QUARTER | YEAR-TO-DATE | ||||||||||||||
(all items per common share - diluted) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net income | $ | 0.12 | $ | 0.85 | $ | 1.09 | $ | 1.81 | |||||||
Funds From Operations (FFO) / Pro forma Funds From Operations (Pro forma FFO) | $ | 0.57 | $ | 0.51 | $ | 1.64 | $ | 1.53 | |||||||
Deduct Aimco share of Capital Replacements | $ | (0.09 | ) | $ | (0.12 | ) | $ | (0.24 | ) | $ | (0.27 | ) | |||
Adjusted Funds From Operations (AFFO) | $ | 0.48 | $ | 0.39 | $ | 1.40 | $ | 1.26 |
1 |
THIRD QUARTER | YEAR-TO-DATE | |||||||||||||||
Year-over-Year | Sequential | Year-over-Year | ||||||||||||||
2015 | 2014 | Variance | 2nd Qtr. | Variance | 2015 | 2014 | Variance | |||||||||
Average Rent Per Apartment Home | $1,567 | $1,499 | 4.5 | % | $1,537 | 2.0 | % | $1,543 | $1,476 | 4.5 | % | |||||
Other Income Per Apartment Home | 183 | 178 | 2.8 | % | 182 | 0.5 | % | 182 | 175 | 4.0 | % | |||||
Average Revenue Per Apartment Home | $1,750 | $1,677 | 4.4 | % | $1,719 | 1.8 | % | $1,725 | $1,651 | 4.5 | % | |||||
Average Daily Occupancy | 95.6 | % | 95.7 | % | (0.1 | )% | 96.3 | % | (0.7 | )% | 95.9 | % | 95.9 | % | — | % |
$ in Millions | ||||||||||||||||
Revenue | $164.9 | $158.1 | 4.3 | % | $163.1 | 1.1 | % | $489.0 | $467.8 | 4.5 | % | |||||
Expenses | 52.7 | 51.7 | 1.9 | % | 50.7 | 4.0 | % | 156.2 | 154.1 | 1.4 | % | |||||
NOI | $112.2 | $106.4 | 5.4 | % | $112.4 | (0.3 | )% | $332.8 | $313.7 | 6.1 | % |
2015 | 1st Qtr. | 2nd Qtr. | Jul | Aug | Sep | 3rd Qtr. | Year-to-Date |
Renewal rent increases | 4.8% | 5.1% | 5.7% | 6.1% | 6.3% | 6.0% | 5.5% |
New lease rent increases | 1.2% | 5.7% | 6.4% | 7.7% | 5.2% | 6.6% | 5.0% |
Weighted average rent increases | 2.8% | 5.4% | 6.0% | 7.0% | 5.8% | 6.3% | 5.2% |
2 |
• | Increased its period-end Conventional portfolio average revenue per apartment home by 43% to $1,810. 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 15% through the sale of lower-rent communities and reinvestment in higher-rent communities; and |
• | Increased to 89% the percentage of its Conventional Property Net Operating Income earned in Aimco's target markets. |
3 |
AS OF SEPTEMBER 30, 2015 | ||||||
$ in Millions | Amount | % of Total | Weighted Avg. Maturity (Yrs.) | |||
Aimco share of long-term, non-recourse property debt | $ | 3,673.6 | 91 | % | 8.3 | |
Outstanding borrowings on revolving credit facility | 128.2 | 3 | % | 3.0 | ||
Preferred securities | 247.7 | 6 | % | Perpetual | ||
Total leverage | $ | 4,049.5 | 100 | % | n/a |
TRAILING-TWELVE-MONTHS ENDED SEPTEMBER 30, | ||
2015 | 2014 | |
Debt to EBITDA | 6.6x | 6.6x |
Debt and Preferred Equity to EBITDA | 7.1x | 7.1x |
EBITDA to Interest | 3.0x | 2.7x |
EBITDA to Interest and Preferred Dividends | 2.7x | 2.6x |
4 |
($ Amounts represent Aimco Share) | FULL YEAR 2015 | PREVIOUS FULL YEAR 2015 | FULL YEAR 2014 |
Net income per share | $1.20 to $1.24 | $1.16 to $1.26 | $2.06 |
Pro forma FFO per share | $2.20 to $2.24 | $2.16 to $2.26 | $2.07 |
AFFO per share | $1.87 to $1.91 | $1.83 to $1.93 | $1.68 |
Conventional Same Store Operating Measures | |||
NOI change compared to prior year | 5.40% to 5.80% | 5.00% to 6.00% | 5.5% |
Revenue change compared to prior year | 4.40% to 4.60% | 4.25% to 4.75% | 4.5% |
Expense change compared to prior year | 2.10% to 2.30% | 2.00% to 2.50% | 2.3% |
FOURTH QUARTER 2015 | |
Net income per share | $0.11 to $0.15 |
Pro forma FFO per share | $0.56 to $0.60 |
AFFO per share | $0.47 to $0.51 |
Conventional Same Store Operating Measures | |
NOI change compared to fourth quarter 2014 | 4.00% to 4.50% |
NOI change compared to third quarter 2015 | 2.50% to 3.00% |
Live Conference Call: | Conference Call Replay: |
Wednesday, November 4, 2015 at 1:00 p.m. ET | Replay available until 9:00 a.m. ET on February 4, 2016 |
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: 8171031 | Passcode: 10074435 |
Live webcast and replay: http://www.aimco.com/investors |
5 |
6 |
Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share data) (unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
REVENUES | ||||||||||||||||
Rental and other property revenues | $ | 240,382 | $ | 239,873 | $ | 717,308 | $ | 719,501 | ||||||||
Tax credit and asset management revenues | 6,005 | 6,970 | 18,127 | 22,684 | ||||||||||||
Total revenues | 246,387 | 246,843 | 735,435 | 742,185 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Property operating expenses | 88,621 | 95,240 | 272,043 | 289,008 | ||||||||||||
Investment management expenses | 1,905 | 1,279 | 4,594 | 3,552 | ||||||||||||
Depreciation and amortization | 77,237 | 69,437 | 226,819 | 211,143 | ||||||||||||
Provision for real estate impairment losses | — | 1,413 | — | 1,413 | ||||||||||||
General and administrative expenses | 11,013 | 10,658 | 33,727 | 31,304 | ||||||||||||
Other expenses, net | 3,590 | 1,349 | 7,521 | 7,223 | ||||||||||||
Total operating expenses | 182,366 | 179,376 | 544,704 | 543,643 | ||||||||||||
Operating income | 64,021 | 67,467 | 190,731 | 198,542 | ||||||||||||
Interest income | 1,737 | 1,787 | 5,167 | 5,187 | ||||||||||||
Interest expense | (48,285 | ) | (57,806 | ) | (151,410 | ) | (168,613 | ) | ||||||||
Other, net | (1,983 | ) | 1,733 | 631 | (57 | ) | ||||||||||
Income before income taxes and gain on dispositions | 15,490 | 13,181 | 45,119 | 35,059 | ||||||||||||
Income tax benefit | 8,279 | 5,005 | 21,014 | 13,110 | ||||||||||||
Income from continuing operations | 23,769 | 18,186 | 66,133 | 48,169 | ||||||||||||
Gain on dispositions of real estate, net of tax | — | 126,329 | 130,474 | 262,483 | ||||||||||||
Net income | 23,769 | 144,515 | 196,607 | 310,652 | ||||||||||||
Noncontrolling interests: | ||||||||||||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 785 | (8,337 | ) | (4,082 | ) | (21,952 | ) | |||||||||
Net income attributable to preferred noncontrolling interests in Aimco OP | (1,736 | ) | (1,601 | ) | (5,208 | ) | (4,808 | ) | ||||||||
Net income attributable to common noncontrolling interests in Aimco OP | (893 | ) | (6,549 | ) | (8,263 | ) | (13,895 | ) | ||||||||
Net income attributable to noncontrolling interests | (1,844 | ) | (16,487 | ) | (17,553 | ) | (40,655 | ) | ||||||||
Net income attributable to Aimco | 21,925 | 128,028 | 179,054 | 269,997 | ||||||||||||
Net income attributable to Aimco preferred stockholders | (2,757 | ) | (2,875 | ) | (9,037 | ) | (5,087 | ) | ||||||||
Net loss (income) attributable to participating securities | 11 | (447 | ) | (690 | ) | (962 | ) | |||||||||
Net income attributable to Aimco common stockholders | $ | 19,179 | $ | 124,706 | $ | 169,327 | $ | 263,948 | ||||||||
Earnings attributable to Aimco per common share - basic: | ||||||||||||||||
Income from continuing operations | $ | 0.12 | $ | 0.86 | $ | 1.09 | $ | 1.81 | ||||||||
Net income | $ | 0.12 | $ | 0.86 | $ | 1.09 | $ | 1.81 | ||||||||
Earnings attributable to Aimco per common share - diluted: | ||||||||||||||||
Income from continuing operations | $ | 0.12 | $ | 0.85 | $ | 1.09 | $ | 1.81 | ||||||||
Net income | $ | 0.12 | $ | 0.85 | $ | 1.09 | $ | 1.81 |
7 |
Consolidated Balance Sheets | ||||||||
(in thousands) (unaudited) | ||||||||
September 30, 2015 | December 31, 2014 | |||||||
ASSETS | ||||||||
Buildings and improvements | $ | 6,421,572 | $ | 6,259,318 | ||||
Land | 1,878,350 | 1,885,640 | ||||||
Total real estate | 8,299,922 | 8,144,958 | ||||||
Accumulated depreciation | (2,719,651 | ) | (2,672,179 | ) | ||||
Net real estate | 5,580,271 | 5,472,779 | ||||||
Cash and cash equivalents | 45,241 | 28,971 | ||||||
Restricted cash | 93,230 | 91,445 | ||||||
Other assets | 478,961 | 476,727 | ||||||
Assets held for sale | 19,959 | 27,106 | ||||||
Total assets | $ | 6,217,662 | $ | 6,097,028 | ||||
LIABILITIES AND EQUITY | ||||||||
Non-recourse property debt | $ | 3,807,699 | $ | 4,022,809 | ||||
Revolving credit facility borrowings | 128,200 | 112,330 | ||||||
Total indebtedness | 3,935,899 | 4,135,139 | ||||||
Accounts payable | 37,311 | 41,919 | ||||||
Accrued liabilities and other | 324,746 | 279,077 | ||||||
Deferred income | 65,694 | 81,882 | ||||||
Liabilities related to assets held for sale | 17,311 | 28,969 | ||||||
Total liabilities | 4,380,961 | 4,566,986 | ||||||
Preferred noncontrolling interests in Aimco OP | 87,937 | 87,937 | ||||||
Equity: | ||||||||
Perpetual Preferred Stock | 159,126 | 186,126 | ||||||
Class A Common Stock | 1,564 | 1,464 | ||||||
Additional paid-in capital | 4,064,729 | 3,696,143 | ||||||
Accumulated other comprehensive loss | (6,810 | ) | (6,456 | ) | ||||
Distributions in excess of earnings | (2,616,919 | ) | (2,649,542 | ) | ||||
Total Aimco equity | 1,601,690 | 1,227,735 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 164,439 | 233,296 | ||||||
Common noncontrolling interests in Aimco OP | (17,365 | ) | (18,926 | ) | ||||
Total equity | 1,748,764 | 1,442,105 | ||||||
Total liabilities and equity | $ | 6,217,662 | $ | 6,097,028 | ||||
8 |
Supplemental Schedule 1 | |||||||||||||||||
Funds From Operations and Adjusted Funds From Operations | |||||||||||||||||
(in thousands, except per share data) (unaudited) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net income attributable to Aimco common stockholders | $ | 19,179 | $ | 124,706 | $ | 169,327 | $ | 263,948 | |||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization, net of noncontrolling partners' interest | 75,509 | 67,531 | 221,128 | 205,513 | |||||||||||||
Depreciation and amortization related to non-real estate assets, net of noncontrolling partners' interest | (2,588 | ) | (2,439 | ) | (7,686 | ) | (7,211 | ) | |||||||||
Gain on dispositions and other, net of income taxes and noncontrolling partners' interest | (91 | ) | (119,807 | ) | (124,122 | ) | (242,824 | ) | |||||||||
Provision for impairment losses related to depreciable real estate assets, including amounts related to unconsolidated entities and net of noncontrolling partners' interest | — | 1,413 | 656 | 1,790 | |||||||||||||
Common noncontrolling interests in Aimco OP's share of above adjustments | (3,513 | ) | 2,200 | (4,345 | ) | 1,650 | |||||||||||
Amounts allocable to participating securities | (310 | ) | 188 | (381 | ) | 152 | |||||||||||
FFO Attributable to Aimco common stockholders | $ | 88,186 | $ | 73,792 | $ | 254,577 | $ | 223,018 | |||||||||
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 | $ | 88,186 | $ | 73,792 | $ | 255,235 | $ | 223,018 | |||||||||
Capital Replacements, net of common noncontrolling interests in Aimco OP and participating securities | (13,584 | ) | (16,325 | ) | (37,332 | ) | (39,918 | ) | |||||||||
AFFO Attributable to Aimco common stockholders | $ | 74,602 | $ | 57,467 | $ | 217,903 | $ | 183,100 | |||||||||
Weighted average common shares outstanding | 155,639 | 145,672 | 154,994 | 145,601 | |||||||||||||
Dilutive common stock equivalents | 369 | 432 | 418 | 323 | |||||||||||||
Total shares and dilutive share equivalents | 156,008 | 146,104 | 155,412 | 145,924 | |||||||||||||
FFO / Pro forma FFO per share - diluted | $ | 0.57 | $ | 0.51 | $ | 1.64 | $ | 1.53 | |||||||||
AFFO per share - diluted | $ | 0.48 | $ | 0.39 | $ | 1.40 | $ | 1.26 | |||||||||
9 |
Supplemental Schedule 2(a) | ||||||||||||||||||||||||||||||||
Proportionate Adjusted Funds From Operations Presentation | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2015 Compared to Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2015 | Three Months Ended September 30, 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 | $ | 172,461 | $ | — | $ | (7,289 | ) | $ | 165,172 | $ | 165,160 | $ | — | $ | (6,874 | ) | $ | 158,286 | ||||||||||||||
Conventional Redevelopment and Development | 18,379 | — | — | 18,379 | 13,949 | — | — | 13,949 | ||||||||||||||||||||||||
Conventional Acquisition | 7,195 | — | — | 7,195 | 1,414 | — | — | 1,414 | ||||||||||||||||||||||||
Other Conventional | 16,142 | 464 | — | 16,606 | 13,584 | 499 | — | 14,083 | ||||||||||||||||||||||||
Total Conventional | 214,177 | 464 | (7,289 | ) | 207,352 | 194,107 | 499 | (6,874 | ) | 187,732 | ||||||||||||||||||||||
Affordable Same Store | 22,078 | — | — | 22,078 | 21,728 | — | — | 21,728 | ||||||||||||||||||||||||
Other Affordable | 2,598 | 997 | (138 | ) | 3,457 | 2,289 | 1,011 | (146 | ) | 3,154 | ||||||||||||||||||||||
Total Affordable | 24,676 | 997 | (138 | ) | 25,535 | 24,017 | 1,011 | (146 | ) | 24,882 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates | 7 | (59 | ) | 148 | 96 | 34 | (58 | ) | 142 | 118 | ||||||||||||||||||||||
Total rental and other property revenues | 238,860 | 1,402 | (7,279 | ) | 232,983 | 218,158 | 1,452 | (6,878 | ) | 212,732 | ||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Conventional Same Store | 54,938 | — | (2,295 | ) | 52,643 | 54,008 | — | (2,351 | ) | 51,657 | ||||||||||||||||||||||
Conventional Redevelopment and Development | 6,580 | — | — | 6,580 | 5,579 | — | — | 5,579 | ||||||||||||||||||||||||
Conventional Acquisition | 3,064 | — | — | 3,064 | 464 | — | — | 464 | ||||||||||||||||||||||||
Other Conventional | 7,155 | 189 | — | 7,344 | 6,068 | 154 | — | 6,222 | ||||||||||||||||||||||||
Total Conventional | 71,737 | 189 | (2,295 | ) | 69,631 | 66,119 | 154 | (2,351 | ) | 63,922 | ||||||||||||||||||||||
Affordable Same Store | 8,765 | — | — | 8,765 | 8,589 | — | — | 8,589 | ||||||||||||||||||||||||
Other Affordable | 1,019 | 426 | (66 | ) | 1,379 | 857 | 476 | (83 | ) | 1,250 | ||||||||||||||||||||||
Total Affordable | 9,784 | 426 | (66 | ) | 10,144 | 9,446 | 476 | (83 | ) | 9,839 | ||||||||||||||||||||||
Casualties | 830 | — | 17 | 847 | 2,588 | — | 137 | 2,725 | ||||||||||||||||||||||||
Property management expenses | 5,806 | — | 4 | 5,810 | 6,205 | — | (315 | ) | 5,890 | |||||||||||||||||||||||
Total property operating expenses | 88,157 | 615 | (2,340 | ) | 86,432 | 84,358 | 630 | (2,612 | ) | 82,376 | ||||||||||||||||||||||
Net real estate operations | 150,703 | 787 | (4,939 | ) | 146,551 | 133,800 | 822 | (4,266 | ) | 130,356 | ||||||||||||||||||||||
Amortization of deferred tax credit income | 5,939 | — | — | 5,939 | 6,837 | — | — | 6,837 | ||||||||||||||||||||||||
Non-recurring revenues | 66 | — | — | 66 | 133 | — | 9 | 142 | ||||||||||||||||||||||||
Total tax credit and asset management revenues | 6,005 | — | — | 6,005 | 6,970 | — | 9 | 6,979 | ||||||||||||||||||||||||
Investment management expenses | (1,905 | ) | — | — | (1,905 | ) | (1,279 | ) | — | — | (1,279 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (2,590 | ) | — | 4 | (2,586 | ) | (2,416 | ) | — | 4 | (2,412 | ) | ||||||||||||||||||||
General and administrative expenses | (11,013 | ) | — | — | (11,013 | ) | (10,658 | ) | — | 16 | (10,642 | ) | ||||||||||||||||||||
Other expenses, net | (3,568 | ) | (104 | ) | 30 | (3,642 | ) | (1,170 | ) | 88 | (316 | ) | (1,398 | ) | ||||||||||||||||||
Interest income | 1,737 | — | 14 | 1,751 | 1,788 | — | 13 | 1,801 | ||||||||||||||||||||||||
Interest expense | (47,966 | ) | (320 | ) | 1,535 | (46,751 | ) | (53,131 | ) | (325 | ) | 1,620 | (51,836 | ) | ||||||||||||||||||
Other, net of non-FFO items | 925 | 339 | (1,187 | ) | 77 | 4,777 | 291 | (4,546 | ) | 522 | ||||||||||||||||||||||
Income tax benefit | 8,214 | — | — | 8,214 | 4,925 | — | — | 4,925 | ||||||||||||||||||||||||
FFO related to Sold and Held For Sale Apartment Communities | 714 | — | 2 | 716 | 5,951 | — | (89 | ) | 5,862 | |||||||||||||||||||||||
Preferred dividends and distributions | (4,493 | ) | — | — | (4,493 | ) | (4,476 | ) | — | — | (4,476 | ) | ||||||||||||||||||||
Common noncontrolling interests in Aimco OP | (4,439 | ) | — | — | (4,439 | ) | (4,351 | ) | — | — | (4,351 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (299 | ) | — | — | (299 | ) | (259 | ) | — | — | (259 | ) | ||||||||||||||||||||
FFO / Pro forma FFO | $ | 92,025 | $ | 702 | $ | (4,541 | ) | $ | 88,186 | $ | 80,471 | $ | 876 | $ | (7,555 | ) | $ | 73,792 | ||||||||||||||
Capital Replacements | (14,569 | ) | — | 985 | (13,584 | ) | (17,825 | ) | — | 1,500 | (16,325 | ) | ||||||||||||||||||||
AFFO | $ | 77,456 | $ | 702 | $ | (3,556 | ) | $ | 74,602 | $ | 62,646 | $ | 876 | $ | (6,055 | ) | $ | 57,467 |
10 |
Supplemental Schedule 2(b) | ||||||||||||||||||||||||||||||||
Proportionate Funds From Operations and Adjusted Funds From Operations Presentation | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2015 Compared to Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 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 | $ | 511,292 | $ | — | $ | (21,365 | ) | $ | 489,927 | $ | 488,699 | $ | — | $ | (20,343 | ) | $ | 468,356 | ||||||||||||||
Conventional Redevelopment and Development | 50,350 | — | — | 50,350 | 36,801 | — | — | 36,801 | ||||||||||||||||||||||||
Conventional Acquisition | 19,060 | — | — | 19,060 | 1,710 | — | — | 1,710 | ||||||||||||||||||||||||
Other Conventional | 46,678 | 1,532 | — | 48,210 | 40,008 | 1,463 | — | 41,471 | ||||||||||||||||||||||||
Total Conventional | 627,380 | 1,532 | (21,365 | ) | 607,547 | 567,218 | 1,463 | (20,343 | ) | 548,338 | ||||||||||||||||||||||
Affordable Same Store | 65,998 | — | — | 65,998 | 64,717 | — | — | 64,717 | ||||||||||||||||||||||||
Other Affordable | 7,647 | 2,997 | (416 | ) | 10,228 | 6,867 | 3,019 | (419 | ) | 9,467 | ||||||||||||||||||||||
Total Affordable | 73,645 | 2,997 | (416 | ) | 76,226 | 71,584 | 3,019 | (419 | ) | 74,184 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates | 11 | (177 | ) | 436 | 270 | 66 | (181 | ) | 418 | 303 | ||||||||||||||||||||||
Total rental and other property revenues | 701,036 | 4,352 | (21,345 | ) | 684,043 | 638,868 | 4,301 | (20,344 | ) | 622,825 | ||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Conventional Same Store | 162,794 | — | (6,888 | ) | 155,906 | 160,594 | — | (6,950 | ) | 153,644 | ||||||||||||||||||||||
Conventional Redevelopment and Development | 18,266 | — | — | 18,266 | 15,491 | — | — | 15,491 | ||||||||||||||||||||||||
Conventional Acquisition | 7,948 | — | — | 7,948 | 624 | — | — | 624 | ||||||||||||||||||||||||
Other Conventional | 21,477 | 570 | — | 22,047 | 17,695 | 450 | — | 18,145 | ||||||||||||||||||||||||
Total Conventional | 210,485 | 570 | (6,888 | ) | 204,167 | 194,404 | 450 | (6,950 | ) | 187,904 | ||||||||||||||||||||||
Affordable Same Store | 26,339 | — | — | 26,339 | 26,358 | — | — | 26,358 | ||||||||||||||||||||||||
Other Affordable | 3,075 | 1,307 | (191 | ) | 4,191 | 3,068 | 1,387 | (238 | ) | 4,217 | ||||||||||||||||||||||
Total Affordable | 29,414 | 1,307 | (191 | ) | 30,530 | 29,426 | 1,387 | (238 | ) | 30,575 | ||||||||||||||||||||||
Casualties | 6,449 | — | (30 | ) | 6,419 | 9,530 | — | 271 | 9,801 | |||||||||||||||||||||||
Property management expenses | 17,912 | — | 12 | 17,924 | 18,537 | — | (416 | ) | 18,121 | |||||||||||||||||||||||
Total property operating expenses | 264,260 | 1,877 | (7,097 | ) | 259,040 | 251,897 | 1,837 | (7,333 | ) | 246,401 | ||||||||||||||||||||||
Net real estate operations | 436,776 | 2,475 | (14,248 | ) | 425,003 | 386,971 | 2,464 | (13,011 | ) | 376,424 | ||||||||||||||||||||||
Amortization of deferred tax credit income | 17,990 | — | — | 17,990 | 20,504 | — | — | 20,504 | ||||||||||||||||||||||||
Non-recurring revenues | 137 | — | 473 | 610 | 2,180 | — | 17 | 2,197 | ||||||||||||||||||||||||
Total tax credit and asset management revenues | 18,127 | — | 473 | 18,600 | 22,684 | — | 17 | 22,701 | ||||||||||||||||||||||||
Investment management expenses | (4,594 | ) | — | — | (4,594 | ) | (3,552 | ) | — | — | (3,552 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real estate assets | (7,679 | ) | — | 13 | (7,666 | ) | (7,120 | ) | — | 13 | (7,107 | ) | ||||||||||||||||||||
General and administrative expenses | (33,727 | ) | — | — | (33,727 | ) | (31,304 | ) | — | 48 | (31,256 | ) | ||||||||||||||||||||
Other expenses, net | (7,073 | ) | (275 | ) | 65 | (7,283 | ) | (6,809 | ) | (27 | ) | (449 | ) | (7,285 | ) | |||||||||||||||||
Interest income | 5,175 | 1 | 29 | 5,205 | 5,119 | (11 | ) | 38 | 5,146 | |||||||||||||||||||||||
Interest expense | (148,578 | ) | (942 | ) | 4,810 | (144,710 | ) | (152,663 | ) | (1,048 | ) | 4,692 | (149,019 | ) | ||||||||||||||||||
Other, net of non-FFO items | 1,152 | 1,065 | 1,597 | 3,814 | 5,313 | 995 | (5,647 | ) | 661 | |||||||||||||||||||||||
Income tax benefit | 22,972 | — | — | 22,972 | 12,680 | — | — | 12,680 | ||||||||||||||||||||||||
FFO related to Sold and Held For Sale Apartment Communities | 5,183 | — | 35 | 5,218 | 27,118 | 43 | (584 | ) | 26,577 | |||||||||||||||||||||||
Preferred dividends and distributions | (14,245 | ) | — | — | (14,245 | ) | (9,895 | ) | — | — | (9,895 | ) | ||||||||||||||||||||
Common noncontrolling interests in Aimco OP | (12,939 | ) | — | — | (12,939 | ) | (12,247 | ) | — | — | (12,247 | ) | ||||||||||||||||||||
Amounts allocated to participating securities | (1,071 | ) | — | — | (1,071 | ) | (810 | ) | — | — | (810 | ) | ||||||||||||||||||||
FFO | $ | 259,479 | $ | 2,324 | $ | (7,226 | ) | $ | 254,577 | $ | 235,485 | $ | 2,416 | $ | (14,883 | ) | $ | 223,018 | ||||||||||||||
Preferred stock redemption related amounts | 658 | — | — | 658 | — | — | — | — | ||||||||||||||||||||||||
Pro forma FFO | $ | 260,137 | $ | 2,324 | $ | (7,226 | ) | $ | 255,235 | $ | 235,485 | $ | 2,416 | $ | (14,883 | ) | $ | 223,018 | ||||||||||||||
Capital Replacements | (40,140 | ) | — | 2,808 | (37,332 | ) | (43,299 | ) | — | 3,381 | (39,918 | ) | ||||||||||||||||||||
AFFO | $ | 219,997 | $ | 2,324 | $ | (4,418 | ) | $ | 217,903 | $ | 192,186 | $ | 2,416 | $ | (11,502 | ) | $ | 183,100 |
11 |
Supplemental Schedule 3 | |||||||||||||
Portfolio Summary | |||||||||||||
As of September 30, 2015 | |||||||||||||
(unaudited) | |||||||||||||
Number of Apartment Communities | Number of Apartment Homes | Effective Apartment Homes | Average Ownership | ||||||||||
Conventional Same Store | 109 | 33,733 | 32,832 | 97 | % | ||||||||
Conventional Redevelopment and Development | 9 | 3,308 | 3,308 | 100 | % | ||||||||
Conventional Acquisition | 8 | 1,391 | 1,391 | 100 | % | ||||||||
Other Conventional | 15 | 2,521 | 2,451 | 97 | % | ||||||||
Conventional Held for Sale | 2 | 476 | 476 | 100 | % | ||||||||
Total Conventional portfolio | 143 | 41,429 | 40,458 | 98 | % | ||||||||
Affordable Same Store [1] | 45 | 7,311 | 7,311 | 100 | % | ||||||||
Other Affordable [2] | 11 | 1,374 | 975 | 71 | % | ||||||||
Total Affordable portfolio | 56 | 8,685 | 8,286 | 95 | % | ||||||||
Total portfolio | 199 | 50,114 | 48,744 | 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 September 30, 2015 | ||||||||||||||||
(in thousands)(unaudited) | ||||||||||||||||
Consolidated GAAP Balance Sheet | Proportionate Share of Unconsolidated Partnerships | Noncontrolling Interests | Proportionate Balance Sheet | |||||||||||||
ASSETS | ||||||||||||||||
Real estate | $ | 8,299,922 | $ | 50,715 | $ | (254,410 | ) | $ | 8,096,227 | |||||||
Accumulated depreciation | (2,719,651 | ) | (10,613 | ) | 83,542 | (2,646,722 | ) | |||||||||
Net real estate | 5,580,271 | 40,102 | (170,868 | ) | 5,449,505 | |||||||||||
Cash and cash equivalents | 45,241 | 237 | (3,502 | ) | 41,976 | |||||||||||
Restricted cash | 93,230 | 1,587 | (1,859 | ) | 92,958 | |||||||||||
Investment in unconsolidated real estate partnerships | 15,274 | (15,274 | ) | — | — | |||||||||||
Deferred financing costs, net | 26,614 | 202 | (294 | ) | 26,522 | |||||||||||
Goodwill | 44,094 | — | — | 44,094 | ||||||||||||
Other assets | 392,979 | (1,895 | ) | (150,444 | ) | 240,640 | ||||||||||
Assets held for sale | 19,959 | — | — | 19,959 | ||||||||||||
Total assets | $ | 6,217,662 | $ | 24,959 | $ | (326,967 | ) | $ | 5,915,654 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Non-recourse property debt | $ | 3,807,699 | $ | 23,689 | $ | (157,805 | ) | $ | 3,673,583 | |||||||
Revolving credit facility borrowings | 128,200 | — | — | 128,200 | ||||||||||||
Deferred income [1] | 65,694 | 22 | (182 | ) | 65,534 | |||||||||||
Other liabilities | 362,057 | 1,248 | (157,059 | ) | 206,246 | |||||||||||
Liabilities related to assets held for sale | 17,311 | — | — | 17,311 | ||||||||||||
Total liabilities | 4,380,961 | 24,959 | (315,046 | ) | 4,090,874 | |||||||||||
Preferred noncontrolling interests in Aimco OP | 87,937 | — | — | 87,937 | ||||||||||||
Perpetual preferred stock | 159,126 | — | — | 159,126 | ||||||||||||
Other Aimco equity | 1,442,564 | — | 152,518 | 1,595,082 | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | 164,439 | — | (164,439 | ) | — | |||||||||||
Common noncontrolling interests in Aimco OP | (17,365 | ) | — | — | (17,365 | ) | ||||||||||
Total liabilities and equity | $ | 6,217,662 | $ | 24,959 | $ | (326,967 | ) | $ | 5,915,654 |
[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 September 30, 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 | $ | 3,644,014 | $ | 23,689 | $ | (157,805 | ) | $ | 3,509,898 | 8.1 | |||||||||||
Floating rate tax-exempt bonds | 85,552 | — | — | 85,552 | 4.0 | ||||||||||||||||
Fixed rate tax-exempt bonds | 78,133 | — | — | 78,133 | 24.0 | ||||||||||||||||
Total non-recourse property debt | $ | 3,807,699 | $ | 23,689 | $ | (157,805 | ) | $ | 3,673,583 | [1] | 8.3 | ||||||||||
Revolving credit facility borrowings | 128,200 | — | — | 128,200 | |||||||||||||||||
Cash and restricted cash | (138,471 | ) | (1,824 | ) | 5,361 | (134,934 | ) | ||||||||||||||
Securitization Trust Assets [2] | (64,134 | ) | — | — | (64,134 | ) | |||||||||||||||
Net Debt | $ | 3,733,294 | $ | 21,865 | $ | (152,444 | ) | $ | 3,602,715 |
Aimco Share Non-Recourse Property Debt | |||||||||||||||||||
Amortization | Maturities | Total | Maturities as a Percent of Total Debt | Average Rate on Maturing Debt | |||||||||||||||
2015 4Q | 19,178 | 12,344 | 31,522 | 0.34 | % | 5.56 | % | ||||||||||||
Total 2015 | 19,178 | 12,344 | 31,522 | 0.34 | % | 5.56 | % | ||||||||||||
2016 1Q | 18,671 | 14,933 | 33,604 | 0.41 | % | 5.60 | % | ||||||||||||
2016 2Q | 19,419 | 1,211 | 20,630 | 0.03 | % | 5.85 | % | ||||||||||||
2016 3Q | 19,016 | — | 19,016 | — | % | — | % | ||||||||||||
2016 4Q | 19,816 | 247,964 | 267,780 | 6.75 | % | 4.64 | % | ||||||||||||
Total 2016 | 76,922 | 264,108 | 341,030 | 7.19 | % | 4.70 | % | ||||||||||||
2017 | 75,290 | 325,853 | 401,143 | 8.87 | % | 5.92 | % | ||||||||||||
2018 | 73,482 | 155,412 | 228,894 | 4.23 | % | 4.33 | % | ||||||||||||
2019 | 68,086 | 542,449 | 610,535 | 14.77 | % | 5.54 | % | ||||||||||||
2020 | 60,614 | 303,741 | 364,355 | 8.27 | % | 6.12 | % | ||||||||||||
2021 | 43,758 | 683,631 | [3] | 727,389 | 18.61 | % | 5.50 | % | |||||||||||
2022 | 31,509 | 233,439 | 264,948 | 6.35 | % | 4.77 | % | ||||||||||||
2023 | 16,770 | 107,294 | 124,064 | 2.92 | % | 5.14 | % | ||||||||||||
2024 | 13,755 | 36,489 | 50,244 | 0.99 | % | 4.12 | % | ||||||||||||
Thereafter | 357,344 | 172,115 | 529,459 | 4.69 | % | 3.30 | % | ||||||||||||
Total | $ | 836,708 | $ | 2,836,875 | $ | 3,673,583 | 4.71 | % | [4] |
[1] | Represents the carrying amount of Aimco's debt at September 30, 2015, which debt had a mark-to-market liability of $184.2 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 $64.1 million, and are included in other assets on Aimco’s Consolidated Balance Sheet at September 30, 2015. The carrying amount of these investments effectively reduces Aimco's September 30, 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 September 30, 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 September 30, 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 | 3,278 | 7.895% | 87,937 | ||||||||
Total preferred securities | 7.255% | $ | 247,728 | ||||||||
Common Stock, Partnership Units and Equivalents | |||||||||||
As of | |||||||||||
September 30, 2015 | |||||||||||
Class A Common Stock outstanding | 155,724 | ||||||||||
Dilutive options and restricted stock | 517 | ||||||||||
Total shares and dilutive share equivalents | 156,241 | ||||||||||
Common Partnership Units and equivalents | 7,584 | ||||||||||
Total shares, units and dilutive share equivalents | 163,825 | ||||||||||
Debt Ratios | ||||||||||
Trailing Twelve Months Ended September 30, | ||||||||||
2015 | 2014 | |||||||||
Debt to EBITDA | 6.6x | 6.6x | ||||||||
Debt and Preferred Equity to EBITDA | 7.1x | 7.1x | ||||||||
EBITDA to Interest | 3.0x | 2.7x | ||||||||
EBITDA to Interest and Preferred Dividends | 2.7x | 2.6x | ||||||||
Revolving Line of Credit Debt Coverage Covenants | ||||||||||
Amount | Covenant | |||||||||
Debt Service Coverage Ratio | 1.95x | 1.50x | ||||||||
Fixed Charge Coverage Ratio | 1.84x | 1.40x | ||||||||
Credit Ratings | ||||||||||
Standard and Poor’s | Corporate Credit Rating | BBB- (stable) | ||||||||
Fitch Ratings | Issuer Default Rating | BBB- (stable) | ||||||||
15 |
Supplemental Schedule 6(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Conventional Same Store Operating Results | |||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2015 Compared to Third 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 | 3Q 2015 | 3Q 2014 | Growth | 3Q 2015 | 3Q 2014 | Growth | 3Q 2015 | 3Q 2014 | Growth | 3Q 2015 | 3Q 2015 | 3Q 2014 | 3Q 2015 | 3Q 2014 | |||||||||||||||||||||||||||||||
Target Markets [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 6 | 1,325 | 1,311 | $ | 4,928 | $ | 4,710 | 4.6 | % | $ | 1,951 | $ | 1,975 | (1.2 | )% | $ | 2,977 | $ | 2,735 | 8.8 | % | 60.4% | 94.7% | 95.7% | $ | 1,323 | $ | 1,251 | |||||||||||||||||||
Bay Area | 7 | 1,244 | 1,244 | 9,027 | 8,204 | 10.0 | % | 2,500 | 2,452 | 2.0 | % | 6,527 | 5,752 | 13.5 | % | 72.3% | 96.3% | 97.0% | 2,511 | 2,265 | |||||||||||||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 18,244 | 17,316 | 5.4 | % | 6,376 | 6,384 | (0.1 | )% | 11,868 | 10,932 | 8.6 | % | 65.1% | 96.8% | 96.1% | 1,506 | 1,439 | |||||||||||||||||||||||||||
Chicago | 10 | 3,246 | 3,246 | 15,052 | 14,660 | 2.7 | % | 4,956 | 4,925 | 0.6 | % | 10,096 | 9,735 | 3.7 | % | 67.1% | 94.6% | 95.6% | 1,634 | 1,574 | |||||||||||||||||||||||||||
Denver | 6 | 1,325 | 1,286 | 5,746 | 5,310 | 8.2 | % | 1,462 | 1,467 | (0.3 | )% | 4,284 | 3,843 | 11.5 | % | 74.6% | 95.8% | 95.7% | 1,555 | 1,438 | |||||||||||||||||||||||||||
Greater DC | 13 | 5,325 | 5,297 | 23,591 | 23,155 | 1.9 | % | 7,522 | 7,358 | 2.2 | % | 16,069 | 15,797 | 1.7 | % | 68.1% | 95.9% | 95.4% | 1,547 | 1,527 | |||||||||||||||||||||||||||
Greater LA | 13 | 4,322 | 3,671 | 26,899 | 25,657 | 4.8 | % | 7,193 | 7,104 | 1.3 | % | 19,706 | 18,553 | 6.2 | % | 73.3% | 96.3% | 96.3% | 2,538 | 2,420 | |||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,460 | 15,906 | 15,373 | 3.5 | % | 5,245 | 4,822 | 8.8 | % | 10,661 | 10,551 | 1.0 | % | 67.0% | 94.1% | 95.5% | 2,290 | 2,182 | |||||||||||||||||||||||||||
Greater New York | 9 | 496 | 496 | 4,272 | 3,978 | 7.4 | % | 1,453 | 1,475 | (1.5 | )% | 2,819 | 2,503 | 12.6 | % | 66.0% | 96.5% | 94.6% | 2,973 | 2,825 | |||||||||||||||||||||||||||
Philadelphia | 4 | 2,042 | 1,963 | 8,563 | 8,373 | 2.3 | % | 2,988 | 2,928 | 2.0 | % | 5,575 | 5,445 | 2.4 | % | 65.1% | 95.2% | 95.5% | 1,527 | 1,489 | |||||||||||||||||||||||||||
San Diego | 6 | 2,032 | 2,032 | 10,013 | 9,457 | 5.9 | % | 2,654 | 2,853 | (7.0 | )% | 7,359 | 6,604 | 11.4 | % | 73.5% | 95.9% | 95.8% | 1,713 | 1,619 | |||||||||||||||||||||||||||
Seattle | 1 | 104 | 104 | 555 | 512 | 8.4 | % | 215 | 219 | (1.8 | )% | 340 | 293 | 16.0 | % | 61.3% | 96.2% | 97.7% | 1,850 | 1,680 | |||||||||||||||||||||||||||
Total Target Markets | 92 | 28,105 | 27,283 | 142,796 | 136,705 | 4.5 | % | 44,515 | 43,962 | 1.3 | % | 98,281 | 92,743 | 6.0 | % | 68.8% | 95.7% | 95.8% | 1,823 | 1,743 | |||||||||||||||||||||||||||
Other Markets [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 3,020 | 3,050 | (1.0 | )% | 1,253 | 1,112 | 12.7 | % | 1,767 | 1,938 | (8.8 | )% | 58.5% | 90.9% | 94.0% | 1,390 | 1,356 | |||||||||||||||||||||||||||
Nashville | 3 | 764 | 764 | 2,970 | 2,781 | 6.8 | % | 1,000 | 992 | 0.8 | % | 1,970 | 1,789 | 10.1 | % | 66.3% | 94.2% | 94.5% | 1,376 | 1,284 | |||||||||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 4,677 | 4,548 | 2.8 | % | 1,565 | 1,553 | 0.8 | % | 3,112 | 2,995 | 3.9 | % | 66.5% | 96.5% | 95.8% | 1,147 | 1,123 | |||||||||||||||||||||||||||
Other Markets | 5 | 2,580 | 2,580 | 11,400 | 11,018 | 3.5 | % | 4,407 | 4,120 | 7.0 | % | 6,993 | 6,898 | 1.4 | % | 61.3% | 96.5% | 95.7% | 1,526 | 1,487 | |||||||||||||||||||||||||||
Total Other Markets | 17 | 5,628 | 5,549 | 22,067 | 21,397 | 3.1 | % | 8,225 | 7,777 | 5.8 | % | 13,842 | 13,620 | 1.6 | % | 62.7% | 95.4% | 95.3% | 1,390 | 1,348 | |||||||||||||||||||||||||||
Grand Total | 109 | 33,733 | 32,832 | $ | 164,863 | $ | 158,102 | 4.3 | % | $ | 52,740 | $ | 51,739 | 1.9 | % | $ | 112,123 | $ | 106,363 | 5.4 | % | 68.0% | 95.6% | 95.7% | $ | 1,750 | $ | 1,677 | |||||||||||||||||||
[1] In third quarter 2015, Aimco condensed the markets presented in this schedule to reflect its focus on 12 target markets, which markets were discussed at Aimco's Investor and Analyst Day in October 2015. Compared to prior quarters, the following changes were made: the combination of the East Bay, San Jose and San Francisco markets into a single Bay Area market; the combination of the Los Angeles and Orange County markets into a Greater LA market; the combination of Manhattan and Suburban New York - New Jersey into the Greater New York market; the renaming of Washington - No. Va - MD as the Greater DC market; and the removal of Phoenix as a Target Market. As part of these changes, one of the properties previously included in the Suburban New York - New Jersey market was reclassified into Other Markets. | |||||||||||||||||||||||||||||||||||||||||||||||
16 |
Supplemental Schedule 6(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Conventional Same Store Operating Results | |||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2015 Compared to Second Quarter 2015 | |||||||||||||||||||||||||||||||||||||||||||||||
(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 | 3Q 2015 | 2Q 2015 | Growth | 3Q 2015 | 2Q 2015 | Growth | 3Q 2015 | 2Q 2015 | Growth | 3Q 2015 | 3Q 2015 | 2Q 2015 | 3Q 2015 | 2Q 2015 | |||||||||||||||||||||||||||||||
Target Markets [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 6 | 1,325 | 1,311 | $ | 4,928 | $ | 4,784 | 3.0 | % | $ | 1,951 | $ | 1,845 | 5.7 | % | $ | 2,977 | $ | 2,939 | 1.3 | % | 60.4% | 94.7% | 94.4% | $ | 1,323 | $ | 1,287 | |||||||||||||||||||
Bay Area | 7 | 1,244 | 1,244 | 9,027 | 8,715 | 3.6 | % | 2,500 | 2,253 | 11.0 | % | 6,527 | 6,462 | 1.0 | % | 72.3% | 96.3% | 97.2% | 2,511 | 2,403 | |||||||||||||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 18,244 | 18,036 | 1.2 | % | 6,376 | 6,531 | (2.4 | )% | 11,868 | 11,505 | 3.2 | % | 65.1% | 96.8% | 97.0% | 1,506 | 1,485 | |||||||||||||||||||||||||||
Chicago | 10 | 3,246 | 3,246 | 15,052 | 15,092 | (0.3 | )% | 4,956 | 4,987 | (0.6 | )% | 10,096 | 10,105 | (0.1 | )% | 67.1% | 94.6% | 96.6% | 1,634 | 1,605 | |||||||||||||||||||||||||||
Denver | 6 | 1,325 | 1,286 | 5,746 | 5,520 | 4.1 | % | 1,462 | 1,433 | 2.0 | % | 4,284 | 4,087 | 4.8 | % | 74.6% | 95.8% | 96.2% | 1,555 | 1,487 | |||||||||||||||||||||||||||
Greater DC | 13 | 5,325 | 5,297 | 23,591 | 23,448 | 0.6 | % | 7,522 | 6,897 | 9.1 | % | 16,069 | 16,551 | (2.9 | )% | 68.1% | 95.9% | 96.6% | 1,547 | 1,527 | |||||||||||||||||||||||||||
Greater LA | 13 | 4,322 | 3,671 | 26,899 | 26,319 | 2.2 | % | 7,193 | 6,772 | 6.2 | % | 19,706 | 19,547 | 0.8 | % | 73.3% | 96.3% | 96.3% | 2,538 | 2,482 | |||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,460 | 15,906 | 16,040 | (0.8 | )% | 5,245 | 5,048 | 3.9 | % | 10,661 | 10,992 | (3.0 | )% | 67.0% | 94.1% | 95.7% | 2,290 | 2,272 | |||||||||||||||||||||||||||
Greater New York | 9 | 496 | 496 | 4,272 | 4,141 | 3.2 | % | 1,453 | 1,468 | (1.0 | )% | 2,819 | 2,673 | 5.5 | % | 66.0% | 96.5% | 96.3% | 2,973 | 2,890 | |||||||||||||||||||||||||||
Philadelphia | 4 | 2,042 | 1,963 | 8,563 | 8,588 | (0.3 | )% | 2,988 | 2,770 | 7.9 | % | 5,575 | 5,818 | (4.2 | )% | 65.1% | 95.2% | 97.0% | 1,527 | 1,504 | |||||||||||||||||||||||||||
San Diego | 6 | 2,032 | 2,032 | 10,013 | 9,871 | 1.4 | % | 2,654 | 2,527 | 5.0 | % | 7,359 | 7,344 | 0.2 | % | 73.5% | 95.9% | 96.9% | 1,713 | 1,672 | |||||||||||||||||||||||||||
Seattle | 1 | 104 | 104 | 555 | 545 | 1.8 | % | 215 | 208 | 3.4 | % | 340 | 337 | 0.9 | % | 61.3% | 96.2% | 98.2% | 1,850 | 1,777 | |||||||||||||||||||||||||||
Total Target Markets | 92 | 28,105 | 27,283 | 142,796 | 141,099 | 1.2 | % | 44,515 | 42,739 | 4.2 | % | 98,281 | 98,360 | (0.1 | )% | 68.8% | 95.7% | 96.5% | 1,823 | 1,787 | |||||||||||||||||||||||||||
Other Markets [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 3,020 | 3,186 | (5.2 | )% | 1,253 | 1,269 | (1.3 | )% | 1,767 | 1,917 | (7.8 | )% | 58.5% | 90.9% | 92.7% | 1,390 | 1,437 | |||||||||||||||||||||||||||
Nashville | 3 | 764 | 764 | 2,970 | 2,937 | 1.1 | % | 1,000 | 962 | 4.0 | % | 1,970 | 1,975 | (0.3 | )% | 66.3% | 94.2% | 96.1% | 1,376 | 1,333 | |||||||||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 4,677 | 4,560 | 2.6 | % | 1,565 | 1,499 | 4.4 | % | 3,112 | 3,061 | 1.7 | % | 66.5% | 96.5% | 96.0% | 1,147 | 1,124 | |||||||||||||||||||||||||||
Other Markets | 5 | 2,580 | 2,580 | 11,400 | 11,339 | 0.5 | % | 4,407 | 4,224 | 4.3 | % | 6,993 | 7,115 | (1.7 | )% | 61.3% | 96.5% | 95.8% | 1,526 | 1,529 | |||||||||||||||||||||||||||
Total Other Markets | 17 | 5,628 | 5,549 | 22,067 | 22,022 | 0.2 | % | 8,225 | 7,954 | 3.4 | % | 13,842 | 14,068 | (1.6 | )% | 62.7% | 95.4% | 95.5% | 1,390 | 1,386 | |||||||||||||||||||||||||||
Grand Total | 109 | 33,733 | 32,832 | $ | 164,863 | $ | 163,121 | 1.1 | % | $ | 52,740 | $ | 50,693 | 4.0 | % | $ | 112,123 | $ | 112,428 | (0.3 | )% | 68.0% | 95.6% | 96.3% | $ | 1,750 | $ | 1,719 | |||||||||||||||||||
[1] In third quarter 2015, Aimco condensed the markets presented in this schedule to reflect its focus on 12 target markets, which markets were discussed at Aimco's Investor and Analyst Day in October 2015. Compared to prior quarters, the following changes were made: the combination of the East Bay, San Jose and San Francisco markets into a single Bay Area market; the combination of the Los Angeles and Orange County markets into a Greater LA market; the combination of Manhattan and Suburban New York - New Jersey into the Greater New York market; the renaming of Washington - No. Va - MD as the Greater DC market; and the removal of Phoenix as a Target Market. As part of these changes, one of the properties previously included in the Suburban New York - New Jersey market was reclassified into Other Markets. | |||||||||||||||||||||||||||||||||||||||||||||||
17 |
Supplemental Schedule 6(c) | |||||||||||||||||||||||||||||||||||||||||||||||
Conventional Same Store Operating Results | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2015 Compared to Nine Months Ended September 30, 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 | YTD 3Q 2015 | YTD 3Q 2014 | Growth | YTD 3Q 2015 | YTD 3Q 2014 | Growth | YTD 3Q 2015 | YTD 3Q 2014 | Growth | YTD 3Q 2015 | YTD 3Q 2015 | YTD 3Q 2014 | YTD 3Q 2015 | YTD 3Q 2014 | |||||||||||||||||||||||||||||||
Target Markets [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | 6 | 1,325 | 1,311 | $ | 14,386 | $ | 13,727 | 4.8 | % | $ | 5,531 | $ | 5,398 | 2.5 | % | $ | 8,855 | $ | 8,329 | 6.3 | % | 61.6% | 94.3% | 95.4% | $ | 1,293 | $ | 1,219 | |||||||||||||||||||
Bay Area | 7 | 1,244 | 1,244 | 26,194 | 23,772 | 10.2 | % | 7,166 | 7,159 | 0.1 | % | 19,028 | 16,613 | 14.5 | % | 72.6% | 96.5% | 96.7% | 2,424 | 2,196 | |||||||||||||||||||||||||||
Boston | 12 | 4,173 | 4,173 | 53,928 | 51,235 | 5.3 | % | 19,741 | 19,322 | 2.2 | % | 34,187 | 31,913 | 7.1 | % | 63.4% | 96.8% | 96.3% | 1,483 | 1,417 | |||||||||||||||||||||||||||
Chicago | 10 | 3,246 | 3,246 | 45,124 | 43,532 | 3.7 | % | 15,256 | 15,554 | (1.9 | )% | 29,868 | 27,978 | 6.8 | % | 66.2% | 95.8% | 95.6% | 1,612 | 1,558 | |||||||||||||||||||||||||||
Denver | 6 | 1,325 | 1,286 | 16,713 | 15,546 | 7.5 | % | 4,380 | 4,465 | (1.9 | )% | 12,333 | 11,081 | 11.3 | % | 73.8% | 95.8% | 95.6% | 1,507 | 1,404 | |||||||||||||||||||||||||||
Greater DC | 13 | 5,325 | 5,297 | 70,204 | 69,123 | 1.6 | % | 21,762 | 21,406 | 1.7 | % | 48,442 | 47,717 | 1.5 | % | 69.0% | 96.1% | 95.8% | 1,532 | 1,514 | |||||||||||||||||||||||||||
Greater LA | 13 | 4,322 | 3,671 | 79,293 | 75,261 | 5.4 | % | 21,060 | 20,895 | 0.8 | % | 58,233 | 54,366 | 7.1 | % | 73.4% | 96.1% | 96.0% | 2,497 | 2,372 | |||||||||||||||||||||||||||
Miami | 5 | 2,471 | 2,460 | 47,947 | 45,544 | 5.3 | % | 15,242 | 14,308 | 6.5 | % | 32,705 | 31,236 | 4.7 | % | 68.2% | 95.6% | 96.5% | 2,265 | 2,132 | |||||||||||||||||||||||||||
Greater New York | 9 | 496 | 496 | 12,573 | 11,816 | 6.4 | % | 4,424 | 4,399 | 0.6 | % | 8,149 | 7,417 | 9.9 | % | 64.8% | 97.1% | 96.4% | 2,902 | 2,745 | |||||||||||||||||||||||||||
Philadelphia | 4 | 2,042 | 1,963 | 25,721 | 25,125 | 2.4 | % | 9,113 | 9,306 | (2.1 | )% | 16,608 | 15,819 | 5.0 | % | 64.6% | 96.1% | 96.3% | 1,515 | 1,476 | |||||||||||||||||||||||||||
San Diego | 6 | 2,032 | 2,032 | 29,488 | 27,875 | 5.8 | % | 7,791 | 8,006 | (2.7 | )% | 21,697 | 19,869 | 9.2 | % | 73.6% | 96.3% | 96.3% | 1,675 | 1,584 | |||||||||||||||||||||||||||
Seattle | 1 | 104 | 104 | 1,621 | 1,494 | 8.5 | % | 629 | 649 | (3.1 | )% | 992 | 845 | 17.4 | % | 61.2% | 97.7% | 97.5% | 1,773 | 1,638 | |||||||||||||||||||||||||||
Total Target Markets | 92 | 28,105 | 27,283 | 423,192 | 404,050 | 4.7 | % | 132,095 | 130,867 | 0.9 | % | 291,097 | 273,183 | 6.6 | % | 68.8% | 96.1% | 96.0% | 1,794 | 1,713 | |||||||||||||||||||||||||||
Other Markets [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 9,351 | 9,382 | (0.3 | )% | 3,747 | 3,447 | 8.7 | % | 5,604 | 5,935 | (5.6 | )% | 59.9% | 92.0% | 94.8% | 1,417 | 1,379 | |||||||||||||||||||||||||||
Nashville | 3 | 764 | 764 | 8,775 | 8,141 | 7.8 | % | 2,939 | 2,890 | 1.7 | % | 5,836 | 5,251 | 11.1 | % | 66.5% | 95.4% | 95.5% | 1,338 | 1,240 | |||||||||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 13,790 | 13,556 | 1.7 | % | 4,570 | 4,469 | 2.3 | % | 9,220 | 9,087 | 1.5 | % | 66.9% | 96.0% | 95.3% | 1,133 | 1,122 | |||||||||||||||||||||||||||
Other Markets | 5 | 2,580 | 2,580 | 33,905 | 32,692 | 3.7 | % | 12,855 | 12,402 | 3.7 | % | 21,050 | 20,290 | 3.7 | % | 62.1% | 95.7% | 95.4% | 1,525 | 1,476 | |||||||||||||||||||||||||||
Total Other Markets | 17 | 5,628 | 5,549 | 65,821 | 63,771 | 3.2 | % | 24,111 | 23,208 | 3.9 | % | 41,710 | 40,563 | 2.8 | % | 63.4% | 95.2% | 95.3% | 1,384 | 1,340 | |||||||||||||||||||||||||||
Grand Total | 109 | 33,733 | 32,832 | $ | 489,013 | $ | 467,821 | 4.5 | % | $ | 156,206 | $ | 154,075 | 1.4 | % | $ | 332,807 | $ | 313,746 | 6.1 | % | 68.1% | 95.9% | 95.9% | $ | 1,725 | $ | 1,651 | |||||||||||||||||||
[1] In third quarter 2015, Aimco condensed the markets presented in this schedule to reflect its focus on 12 target markets, which markets were discussed at Aimco's Investor and Analyst Day in October 2015. Compared to prior quarters, the following changes were made: the combination of the East Bay, San Jose and San Francisco markets into a single Bay Area market; the combination of the Los Angeles and Orange County markets into a Greater LA market; the combination of Manhattan and Suburban New York - New Jersey into the Greater New York market; the renaming of Washington - No. Va - MD as the Greater DC market; and the removal of Phoenix as a Target Market. As part of these changes, one of the properties previously included in the Suburban New York - New Jersey market was reclassified into Other Markets. | |||||||||||||||||||||||||||||||||||||||||||||||
18 |
Supplemental Schedule 6(d) | |||||||||||||||
Conventional Same Store Operating Expense Detail | |||||||||||||||
(in thousands) (unaudited) | |||||||||||||||
Quarterly Comparison | |||||||||||||||
3Q 2015 | % of Total | 3Q 2014 | $ Change | % Change | |||||||||||
Real estate taxes | $ | 15,918 | 30.2 | % | $ | 15,380 | $ | 538 | 3.5 | % | |||||
Utilities | 10,147 | 19.2 | % | 9,994 | 153 | 1.5 | % | ||||||||
Onsite payroll | 9,584 | 18.2 | % | 9,575 | 9 | 0.1 | % | ||||||||
Repairs and maintenance | 6,833 | 13.0 | % | 6,559 | 274 | 4.2 | % | ||||||||
Software, technology and other | 3,765 | 7.1 | % | 3,673 | 92 | 2.5 | % | ||||||||
Insurance | 2,187 | 4.1 | % | 2,610 | (423 | ) | (16.2 | )% | |||||||
Marketing | 1,682 | 3.2 | % | 1,618 | 64 | 4.0 | % | ||||||||
Expensed turnover costs | 2,624 | 5.0 | % | 2,330 | 294 | 12.6 | % | ||||||||
Total | $ | 52,740 | 100.0 | % | $ | 51,739 | $ | 1,001 | 1.9 | % | |||||
Sequential Comparison | |||||||||||||||
3Q 2015 | % of Total | 2Q 2015 | $ Change | % Change | |||||||||||
Real estate taxes | $ | 15,918 | 30.2 | % | $ | 15,544 | $ | 374 | 2.4 | % | |||||
Utilities | 10,147 | 19.2 | % | 10,071 | 76 | 0.8 | % | ||||||||
Onsite payroll | 9,584 | 18.2 | % | 9,162 | 422 | 4.6 | % | ||||||||
Repairs and maintenance | 6,833 | 13.0 | % | 7,184 | (351 | ) | (4.9 | )% | |||||||
Software, technology and other | 3,765 | 7.1 | % | 3,478 | 287 | 8.3 | % | ||||||||
Insurance | 2,187 | 4.1 | % | 1,694 | 493 | 29.1 | % | ||||||||
Marketing | 1,682 | 3.2 | % | 1,683 | (1 | ) | (0.1 | )% | |||||||
Expensed turnover costs | 2,624 | 5.0 | % | 1,877 | 747 | 39.8 | % | ||||||||
Total | $ | 52,740 | 100.0 | % | $ | 50,693 | $ | 2,047 | 4.0 | % | |||||
Year to Date Comparison | |||||||||||||||
YTD 3Q 2015 | % of Total | YTD 3Q 2014 | $ Change | % Change | |||||||||||
Real estate taxes | $ | 47,487 | 30.4 | % | $ | 46,130 | $ | 1,357 | 2.9 | % | |||||
Utilities | 31,559 | 20.2 | % | 30,999 | 560 | 1.8 | % | ||||||||
Onsite payroll | 28,287 | 18.1 | % | 28,008 | 279 | 1.0 | % | ||||||||
Repairs and maintenance | 20,786 | 13.3 | % | 19,691 | 1,095 | 5.6 | % | ||||||||
Software, technology and other | 10,609 | 6.8 | % | 10,789 | (180 | ) | (1.7 | )% | |||||||
Insurance | 6,346 | 4.1 | % | 7,323 | (977 | ) | (13.3 | )% | |||||||
Marketing | 5,076 | 3.2 | % | 5,677 | (601 | ) | (10.6 | )% | |||||||
Expensed turnover costs | 6,056 | 3.9 | % | 5,458 | 598 | 11.0 | % | ||||||||
Total | $ | 156,206 | 100.0 | % | $ | 154,075 | $ | 2,131 | 1.4 | % |
19 |
Supplemental Schedule 7(a) | |||||||||||||||||||||||||||||||||
Conventional Portfolio Data by Market | |||||||||||||||||||||||||||||||||
Third Quarter 2015 Compared to Third Quarter 2014 | |||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Quarter Ended September 30, 2015 | Quarter Ended September 30, 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 [1] | |||||||||||||||||||||||||||||||||
Atlanta | 8 | 1,497 | 1,483 | 2.4 | % | $ | 1,450 | 6 | 1,325 | 1,311 | 2.1 | % | $ | 1,250 | |||||||||||||||||||
Bay Area | 11 | 2,169 | 2,169 | 8.4 | % | 2,593 | 10 | 1,845 | 1,845 | 6.1 | % | 2,261 | |||||||||||||||||||||
Boston | 15 | 4,689 | 4,689 | 8.5 | % | 1,520 | 12 | 4,173 | 4,173 | 8.5 | % | 1,438 | |||||||||||||||||||||
Chicago | 10 | 3,246 | 3,246 | 7.3 | % | 1,633 | 10 | 3,245 | 3,245 | 7.5 | % | 1,574 | |||||||||||||||||||||
Denver | 8 | 2,065 | 2,026 | 4.6 | % | 1,514 | 8 | 2,213 | 2,140 | 4.0 | % | 1,391 | |||||||||||||||||||||
Greater DC | 14 | 6,547 | 6,519 | 14.2 | % | 1,548 | 14 | 6,547 | 6,519 | 14.7 | % | 1,529 | |||||||||||||||||||||
Greater LA | 15 | 5,313 | 4,662 | 18.3 | % | 2,526 | 17 | 5,501 | 4,850 | 16.9 | % | 2,312 | |||||||||||||||||||||
Miami | 5 | 2,565 | 2,554 | 7.7 | % | 2,290 | 5 | 2,516 | 2,505 | 8.2 | % | 2,180 | |||||||||||||||||||||
Greater New York | 18 | 1,040 | 1,040 | 4.0 | % | 3,197 | 18 | 1,041 | 1,041 | 4.1 | % | 3,108 | |||||||||||||||||||||
Philadelphia | 6 | 3,532 | 3,453 | 6.6 | % | 1,784 | 6 | 3,537 | 3,458 | 7.4 | % | 1,648 | |||||||||||||||||||||
San Diego | 12 | 2,423 | 2,353 | 6.7 | % | 1,678 | 12 | 2,430 | 2,360 | 5.9 | % | 1,592 | |||||||||||||||||||||
Seattle | 2 | 239 | 239 | 0.6 | % | 2,018 | 2 | 239 | 239 | 0.4 | % | 1,937 | |||||||||||||||||||||
Total Target Markets | 124 | 35,325 | 34,433 | 89.3 | % | 1,890 | 120 | 34,612 | 33,686 | 85.8 | % | 1,764 | |||||||||||||||||||||
Other Markets [1] | |||||||||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 1.3 | % | 1,390 | 5 | 1,180 | 1,066 | 1.9 | % | 1,326 | |||||||||||||||||||||
Nashville | 3 | 764 | 764 | 1.4 | % | 1,376 | 3 | 764 | 764 | 1.4 | % | 1,284 | |||||||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 2.3 | % | 1,147 | 6 | 1,643 | 1,564 | 2.5 | % | 1,109 | |||||||||||||||||||||
Other Markets | 7 | 3,056 | 3,056 | 5.7 | % | 1,462 | 9 | 5,107 | 5,107 | 8.4 | % | 1,187 | |||||||||||||||||||||
Total Other Markets | 19 | 6,104 | 6,025 | 10.7 | % | 1,368 | 23 | 8,694 | 8,502 | 14.2 | % | 1,198 | |||||||||||||||||||||
Grand Total | 143 | 41,429 | 40,458 | 100.0 | % | $ | 1,810 | 143 | 43,306 | 42,188 | 100.0 | % | $ | 1,649 | |||||||||||||||||||
[1] In third quarter 2015, Aimco condensed the markets presented in this schedule to reflect its focus on 12 target markets, which markets were discussed at Aimco's Investor and Analyst Day in October 2015. Compared to prior quarters, the following changes were made: the combination of the East Bay, San Jose and San Francisco markets into a single Bay Area market; the combination of the Los Angeles and Orange County markets into a Greater LA market; the combination of Manhattan and Suburban New York - New Jersey into the Greater New York market; the renaming of Washington - No. Va - MD as the Greater DC market; and the removal of Phoenix as a Target Market. As part of these changes, one of the properties previously included in the Suburban New York - New Jersey market was reclassified into Other Markets. | |||||||||||||||||||||||||||||||||
20 |
Supplemental Schedule 7(b) | |||||||||||||||||||||||||||
Conventional Portfolio Data by Market | |||||||||||||||||||||||||||
Second Quarter 2015 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 the local market average; "B" quality assets are those with rents 90% to 125% of the local market average; "C+" quality assets are those with rents greater than $1,100 per month but lower than 90% of the local market average; and "C" quality assets are those with rents less than $1,100 per month and lower than 90% of the local market average. The schedule below illustrates Aimco’s Conventional Apartment Community portfolio quality based on 2Q 2015 data, the most recent period for which third-party data is available. Aimco adjusts the portfolio data to remove apartment communities sold through the current quarter, if any. The average age of Aimco's portfolio, adjusted for its sizable investment in redevelopment, is approximately 28 years. See the Glossary for further information. | |||||||||||||||||||||||||||
Quarter Ended June 30, 2015 | |||||||||||||||||||||||||||
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 [3] | |||||||||||||||||||||||||||
Atlanta | 8 | 1,497 | 1,483 | 2.4 | % | $ | 1,247 | $ | 869 | 143.5 | % | 14 | |||||||||||||||
Bay Area | 11 | 2,169 | 2,169 | 7.8 | % | 2,212 | 2,102 | 105.2 | % | 20 | |||||||||||||||||
Boston | 15 | 4,689 | 4,689 | 8.3 | % | 1,367 | 1,944 | 70.3 | % | 32 | |||||||||||||||||
Chicago | 10 | 3,246 | 3,246 | 7.4 | % | 1,402 | 1,135 | 123.5 | % | 21 | |||||||||||||||||
Denver | 8 | 2,065 | 2,026 | 4.4 | % | 1,264 | 1,006 | 125.6 | % | 20 | |||||||||||||||||
Greater DC | 14 | 6,547 | 6,519 | 14.7 | % | 1,373 | 1,580 | 86.9 | % | 43 | |||||||||||||||||
Greater LA | 15 | 5,313 | 4,662 | 18.0 | % | 2,282 | 1,549 | 147.3 | % | 10 | |||||||||||||||||
Miami | 5 | 2,561 | 2,550 | 8.1 | % | 1,985 | 1,223 | 162.3 | % | 22 | |||||||||||||||||
Greater New York | 18 | 1,040 | 1,040 | 4.2 | % | 2,991 | 2,889 | 103.5 | % | 87 | |||||||||||||||||
Philadelphia | 6 | 3,532 | 3,453 | 6.8 | % | 1,435 | 1,141 | 125.8 | % | 37 | |||||||||||||||||
San Diego | 12 | 2,423 | 2,353 | 6.2 | % | 1,451 | 1,482 | 97.9 | % | 28 | |||||||||||||||||
Seattle | 2 | 239 | 239 | 0.7 | % | 1,681 | 1,247 | 134.8 | % | 1 | |||||||||||||||||
Total Target Markets | 124 | 35,321 | 34,429 | 89.0 | % | 1,650 | 1,509 | 109.3 | % | 27 | |||||||||||||||||
Other Markets [3] | |||||||||||||||||||||||||||
Baltimore | 4 | 797 | 797 | 1.4 | % | 1,275 | 1,120 | 113.8 | % | 41 | |||||||||||||||||
Nashville | 3 | 764 | 764 | 1.4 | % | 1,139 | 849 | 134.2 | % | 22 | |||||||||||||||||
Norfolk - Richmond | 5 | 1,487 | 1,408 | 2.2 | % | 969 | 920 | 105.3 | % | 25 | |||||||||||||||||
Other Markets | 7 | 3,056 | 3,056 | 6.0 | % | 1,260 | 1,111 | 113.4 | % | 34 | |||||||||||||||||
Total Other Markets | 19 | 6,104 | 6,025 | 11.0 | % | 1,178 | 1,034 | 113.9 | % | 32 | |||||||||||||||||
Grand Total | 143 | 41,425 | 40,454 | 100.0 | % | $ | 1,578 | $ | 1,437 | 109.8 | % | 28 | |||||||||||||||
[1] Represents rents after concessions and vacancy loss, divided by Effective Units. Does not include other rental income. | |||||||||||||||||||||||||||
[2] 2Q 2015 per REIS | |||||||||||||||||||||||||||
[3] In third quarter 2015, Aimco condensed the markets presented in this schedule to reflect its focus on 12 target markets, which markets were discussed at Aimco's Investor and Analyst Day in October 2015. Compared to prior quarters, the following changes were made: the combination of the East Bay, San Jose and San Francisco markets into a single Bay Area market; the combination of the Los Angeles and Orange County markets into a Greater LA market; the combination of Manhattan and Suburban New York - New Jersey into the Greater New York market; the renaming of Washington - No. Va - MD as the Greater DC market; and the removal of Phoenix as a Target Market. As part of these changes, one of the properties previously included in the Suburban New York - New Jersey market was reclassified into Other Markets. | |||||||||||||||||||||||||||
21 |
Supplemental Schedule 8 | ||||||||||||||||||||||||||||||||||||||||
Apartment Community Disposition and Acquisition Activity | ||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except average revenue per home) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year-to-Date 2015 Dispositions | ||||||||||||||||||||||||||||||||||||||||
Apartment Communities | Number of Homes | Weighted Average Ownership | Gross Proceeds | NOI Cap Rate [1] | Free Cash Flow Cap Rate [1] | Property Debt | Net Sales Proceeds [2] | Aimco Gross Proceeds | Aimco Net Proceeds | Average Revenue per Home | ||||||||||||||||||||||||||||||
Conventional | 5 | 2,633 | 95% | $ | 244.2 | 6.7 | % | 5.4 | % | $ | 88.7 | $ | 129.5 | $ | 230.2 | $ | 128.7 | $ | 1,004 | |||||||||||||||||||||
Affordable | 3 | 258 | 27% | 13.5 | 3.8 | % | 2.7 | % | 6.7 | 6.3 | 9.6 | 3.8 | 951 | |||||||||||||||||||||||||||
Total Dispositions | 8 | 2,891 | 89% | $ | 257.7 | 6.6 | % | 5.3 | % | $ | 95.4 | $ | 135.8 | $ | 239.8 | $ | 132.5 | $ | 1,002 | |||||||||||||||||||||
[1] Refer to the Glossary for definitions of NOI Cap Rate and Free Cash Flow Cap Rate. Conventional Apartment Communities sold during 2015 are primarily outside of Aimco's target markets or in less | ||||||||||||||||||||||||||||||||||||||||
desirable locations within Aimco's target markets, including Garden Grove, CA, Cypress, CA, Englewood, CO, Towson, MD, and Wyoming, MI, and had average revenues per apartment home | ||||||||||||||||||||||||||||||||||||||||
significantly below that of Aimco's retained portfolio. Accordingly, Aimco believes the NOI Cap Rates and Free Cash Flow Cap Rates for Conventional Apartment Communities sold during 2015 are not | ||||||||||||||||||||||||||||||||||||||||
indicative of those for Aimco's retained portfolio. | ||||||||||||||||||||||||||||||||||||||||
[2] Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable. | ||||||||||||||||||||||||||||||||||||||||
Year-to-Date 2015 Acquisitions | ||||||||||||||||||||||||||||||||||||||||
Apartment Community Name | Location | Month Acquired | Apartment Homes | Purchase Price | Average Revenue Per Apartment Home (At Acquisition) | |||||||||||||||||||||||||||||||||||
Mezzo | Atlanta, GA | March | 94 | $ | 38.3 | $ | 3,021 | |||||||||||||||||||||||||||||||||
Axiom Apartment Homes | Cambridge, MA | April | 115 | 63.0 | n/a | [3] | ||||||||||||||||||||||||||||||||||
Vivo | Cambridge, MA | June | 91 | 27.9 | n/a | [4] | ||||||||||||||||||||||||||||||||||
Total Acquisitions | 300 | $ | 129.2 | |||||||||||||||||||||||||||||||||||||
[3] Aimco acquired this community at the completion of construction and began leasing up the six-story building during the second quarter. As of September 30, 2015, 77% of the 115 apartment homes were | ||||||||||||||||||||||||||||||||||||||||
occupied. Upon achievement of occupancy stabilization, revenues per apartment home are expected to average $3,550. | ||||||||||||||||||||||||||||||||||||||||
[4] Vivo was formerly known as 270 on Third. Aimco acquired Vivo with construction-in-progress and construction of the apartment homes was completed during the third quarter. Upon stabilization, revenues | ||||||||||||||||||||||||||||||||||||||||
per apartment home are expected to average $2,600. Refer to Schedule 10 for more information about the development. |
22 |
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 September 30, 2015 | Nine Months Ended September 30, 2015 | ||||||||||||||||||||||||
Conventional | Affordable | Total | Conventional | Affordable | Total | ||||||||||||||||||||
Capital Additions | |||||||||||||||||||||||||
Capital Replacements | |||||||||||||||||||||||||
Buildings and grounds | $ | 7,039 | $ | 1,239 | $ | 8,278 | $ | 20,200 | $ | 3,245 | $ | 23,445 | |||||||||||||
Turnover capital additions | 2,900 | 248 | 3,148 | 6,590 | 705 | 7,295 | |||||||||||||||||||
Capitalized site payroll and indirect costs | 943 | 32 | 975 | 2,646 | 99 | 2,745 | |||||||||||||||||||
Capital Replacements | 10,882 | 1,519 | 12,401 | 29,436 | 4,049 | 33,485 | |||||||||||||||||||
Capital Improvements | 4,589 | 316 | 4,905 | 11,808 | 811 | 12,619 | |||||||||||||||||||
Property Upgrades | 15,064 | 45 | 15,109 | 34,500 | 101 | 34,601 | |||||||||||||||||||
Redevelopment | 29,892 | — | 29,892 | 98,048 | — | 98,048 | |||||||||||||||||||
Development | 40,312 | — | 40,312 | 80,366 | — | 80,366 | |||||||||||||||||||
Casualty | 1,195 | 120 | 1,315 | 3,751 | 1,493 | 5,244 | |||||||||||||||||||
Total Capital Additions [1] | $ | 101,934 | $ | 2,000 | $ | 103,934 | $ | 257,909 | $ | 6,454 | $ | 264,363 | |||||||||||||
Total apartment homes | 40,962 | 9,122 | 50,084 | 40,962 | 9,122 | 50,084 | |||||||||||||||||||
Capital Replacements per apartment home | $ | 266 | $ | 167 | $ | 248 | $ | 719 | $ | 444 | $ | 669 |
[1] Total Capital Additions reported above exclude $0.1 million and $0.8 million, respectively, for the three and nine months ended September 30, 2015, related to consolidated apartment communities sold or classified as held for sale at the end of the period. For the three and nine months ended September 30, 2015, Total Capital Additions include $3.3 million and $8.7 million of capitalized interest costs, respectively. |
23 |
Supplemental Schedule 10 | |||||||||||||||||||||||||||||||
Summary of Redevelopment and Development Activity | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 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 at Completion | Inception-to-Date Net Investment | Construction Start | Initial Occupancy | Stabilized Occupancy | Stabilized NOI | Rent | Other Income | Total | Incremental Commercial Revenue | Occupancy | ||||||||||||||||||||
Redevelopment | |||||||||||||||||||||||||||||||
Ocean House on Prospect | 53 | $ | 14.8 | $ | 13.7 | 4Q 2014 | 3Q 2015 | 1Q 2016 | 2Q 2017 | $ | 1,410 | $ | 215 | $ | 1,625 | $ | — | 58 | % | ||||||||||||
Park Towne | 948 | 97.0 | 53.0 | Multiple | 3Q 2015 | 1Q 2017 | 2Q 2018 | 430 | 95 | 525 | 0.2 | 71 | % | ||||||||||||||||||
The Sterling | 535 | 49.5 | 42.6 | Multiple | Multiple | 2Q 2016 | 3Q 2017 | 425 | 50 | 475 | 0.6 | 78 | % | ||||||||||||||||||
Subtotal | 1,536 | $ | 161.3 | $ | 109.3 | ||||||||||||||||||||||||||
Schedule | Monthly Revenue per Apartment Home | ||||||||||||||||||||||||||||||
Total Number of Apartment Homes at Completion | Estimated Net Investment at Completion | Inception-to-Date Net Investment | Construction Start | Initial Occupancy | Stabilized Occupancy | Stabilized NOI | Rent | Other Income | Total | Commercial Revenue | Occupancy | ||||||||||||||||||||
New Development | |||||||||||||||||||||||||||||||
One Canal Street | 310 | $ | 190.0 | $ | 132.3 | 4Q 2013 | 1Q 2016 | 2Q 2017 | 3Q 2018 | $ | 3,450 | $ | 415 | $ | 3,865 | $ | 1.1 | n/a | |||||||||||||
Vivo (previously 270 on Third) | 91 | 45.0 | 38.8 | n/a | 4Q 2015 | 3Q 2016 | 4Q 2017 | 2,475 | 125 | 2,600 | 0.3 | n/a | |||||||||||||||||||
Subtotal | 401 | $ | 235.0 | $ | 171.1 | ||||||||||||||||||||||||||
Grand Total | 1,937 | $ | 396.3 | $ | 280.4 | ||||||||||||||||||||||||||
Weighted Average Projected NOI as a % of Estimated Net Investment (Unescalated Rents) | 6.0 | % | |||||||||||||||||||||||||||||
Refer to the following pages for Terms and Definitions, as well as a Summary of Redevelopment and Development Communities. Note that Incremental Monthly Revenue per Apartment Home for phased redevelopment communities is computed based on the incremental revenues for the entire community, divided by the total number of apartment homes, including those not yet redeveloped. Refer to the Summary of Redevelopment and Development Communities for information regarding rent achievement on pre-redevelopment and post-redevelopment apartment homes. | |||||||||||||||||||||||||||||||
24 |
Supplemental Schedule 10 (continued) | ||||||||||||||||
Summary of Redevelopment and Development Activity | (Page 2 of 4) | |||||||||||||||
Terms and Definitions | ||||||||||||||||
Estimated Net Investment at Completion - 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%. | ||||||||||||||||
Stabilized NOI - period in which Aimco expects to achieve stabilized rents and operating costs, generally five quarters after Stabilized Occupancy. | ||||||||||||||||
Incremental Monthly Revenue per Apartment Home - represents, on a per-apartment home basis, the sum of the amounts by which rents and other rental income for an entire community are projected to increase as a result of the redevelopment of all or a part of the community. Projections of stabilized revenues per apartment home 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. These projections were last updated in third quarter 2015. | ||||||||||||||||
Incremental Commercial Revenue - represents the projected incremental annual revenue contribution from commercial rents attributed to the redevelopment of commercial space. | ||||||||||||||||
Occupancy - for Park Towne Place and The Sterling, which are phased redevelopments, represents third quarter 2015 average daily occupancy across the entire community, which includes redeveloped apartment homes, apartment homes under redevelopment, and apartment homes not yet redeveloped. For Ocean House on Prospect, which was de-leased in order to accommodate the redevelopment, and communities under development, represents physical occupancy as of quarter-end. | ||||||||||||||||
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 its projections at least annually to reflect changes in market rents and rental rate achievement. These projections were last updated in third quarter 2015. | ||||||||||||||||
Commercial Revenue - represents the projected annual revenue contribution from commercial rents attributed to the development of commercial space. |
25 |
Supplemental Schedule 10 (Continued) | |
Summary of Redevelopment and Development Communities | (Page 3 of 4) |
Community | Project Summary |
Ocean House on Prospect La Jolla, CA | The redevelopment of Ocean House includes renovation of all apartment homes, common areas, exteriors and amenities. Construction was substantially complete at the end of third quarter 2015. Upon NOI stabilization, Aimco expects Monthly Revenue per Apartment Home to average approximately $4,600, which represents an incremental increase as a result of the redevelopment of approximately $1,625, or 56%. Rent achievement to date is in excess of Aimco's underwriting. |
Park Towne Place Philadelphia, PA | This redevelopment includes significant renovation of existing commercial space, upgrading common areas and amenities, and the phased redevelopment of apartment homes. In the fourth quarter 2014, Aimco began the redevelopment of the commercial space, common areas and amenities, and the apartment homes in the South Tower, one of the four residential towers that comprise the community. The estimated net investment for this first phase of redevelopment of $60 million, reflecting a gross investment of $71 million, reduced by $11 million of historic tax credits, is unchanged from previous reports. At the end of the third quarter, redevelopment of 78% of the 229 apartment homes in the South Tower was complete and rent achievement to date is in excess of Aimco's underwriting. Redevelopment of the commercial space and amenities is expected to be complete in the fourth quarter 2015. Based on the success of the lease-up pace and pricing of the apartment homes in the South Tower, Aimco recently approved the redevelopment of the East Tower containing 245 apartment homes upon completion. The estimated net investment for the redevelopment of the East Tower is approximately $37 million, reflecting an estimated gross investment of $45.5 million reduced by approximately $8.5 million of historic tax credits. In order to facilitate the extensive construction activity, Aimco began de-leasing the East Tower in fourth quarter 2015. In total, 474 apartment homes at Park Towne Place have been approved for redevelopment. Upon NOI stabilization, Aimco expects Monthly Revenue per Apartment Home for these redeveloped apartment homes to average approximately $2,640, which represents an incremental increase as a result of redevelopment of approximately $950, or 56%. As Aimco continues to evaluate the success of the project and other investment alternatives, Aimco may continue to redevelop additional apartment homes at the property. The entire cost for all homes and 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. Renovation of the common areas and commercial space was completed in second quarter 2015, at a cost consistent with underwriting. At the end of the third quarter, 70% of the 279 apartment homes approved for redevelopment were complete, at a cost consistent with underwriting. Upon NOI stabilization, Aimco expects Monthly Revenue per Apartment Home for the redeveloped apartment homes to average approximately $2,830, which represents an incremental increase as a result of redevelopment of approximately $815, or 40%. Depending on the success of the approved redevelopment and other investment alternatives, Aimco may continue to redevelop additional apartment homes at The Sterling. Should Aimco elect to redevelop all 535 apartment homes, the total investment, including the work described above, could be between $70 and $80 million over the next several years. |
One Canal Street Boston, MA | Aimco plans to invest $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. The investment in One Canal Street has been and will be funded in part by a $114.0 million non-recourse property loan, of which $48.5 million was available to draw at September 30, 2015. Construction was on track at the end of third quarter 2015, and Aimco remains on plan for initial occupancy in first quarter 2016. |
26 |
Supplemental Schedule 10 (Continued) | |
Summary of Redevelopment and Development Communities | (Page 4 of 4) |
Community | Project Summary |
Vivo Apartment Homes Cambridge, MA | During second quarter 2015, Aimco acquired Vivo Apartment Homes (formerly known as 270 on Third), an eight-story, 91-apartment home community under construction at the time of acquisition near Kendall Square in Cambridge, Massachusetts. Vivo is in a location contiguous to a large life science complex now under construction, the completion of which is planned for late spring or early summer 2016. Construction related to the apartment homes was completed during the third quarter 2015, and construction of the community's amenities is expected to be complete during the fourth quarter. |
27 |
28 |
29 |
(in thousands) (unaudited) | |||||||
September 30, 2015 | |||||||
Deferred tax credit income balance | $ | 24,585 | |||||
Cash contributions to be received in the future | 22,947 | ||||||
Total to be amortized | $ | 47,532 |
Revenue | Expense | Projected Income | |||||||||||
2015 4Q | $ | 5,939 | $ | (396 | ) | $ | 5,543 | ||||||
2016 | 18,236 | (1,398 | ) | 16,838 | |||||||||
2017 | 14,375 | (1,163 | ) | 13,212 | |||||||||
2018 | 6,879 | (674 | ) | 6,205 | |||||||||
2019 | 4,255 | (528 | ) | 3,727 | |||||||||
Thereafter | 7,064 | (5,057 | ) | 2,007 | |||||||||
Total | $ | 56,748 | $ | (9,216 | ) | $ | 47,532 |
30 |
Reconciliation of GAAP to Supplemental Schedule 6(a) Proportionate Conventional Same Store NOI Amounts | ||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2015 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 172,461 | $ | (7,289 | ) | $ | 165,172 | $ | (309 | ) | $ | 164,863 | ||||||||
Property operating expenses | 54,938 | (2,295 | ) | 52,643 | 97 | 52,740 | ||||||||||||||
Property NOI | $ | 117,523 | $ | (4,994 | ) | $ | 112,529 | $ | (406 | ) | $ | 112,123 |
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 165,160 | $ | (6,874 | ) | $ | 158,286 | $ | (184 | ) | $ | 158,102 | ||||||||
Property operating expenses | 54,008 | (2,351 | ) | 51,657 | 82 | 51,739 | ||||||||||||||
Property NOI | $ | 111,152 | $ | (4,523 | ) | $ | 106,629 | $ | (266 | ) | $ | 106,363 |
31 |
Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts | ||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 170,529 | $ | (7,100 | ) | $ | 163,429 | $ | (308 | ) | $ | 163,121 | ||||||||
Property operating expenses | 52,816 | (2,231 | ) | 50,585 | 108 | 50,693 | ||||||||||||||
Property NOI | $ | 117,713 | $ | (4,869 | ) | $ | 112,844 | $ | (416 | ) | $ | 112,428 |
Reconciliation of GAAP to Supplemental Schedule 6(c) Proportionate Conventional Same Store NOI Amounts | ||||||||||||||||||||
(in thousands) (unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2015 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 511,292 | $ | (21,365 | ) | $ | 489,927 | $ | (914 | ) | $ | 489,013 | ||||||||
Property operating expenses | 162,794 | (6,888 | ) | 155,906 | 300 | 156,206 | ||||||||||||||
Property NOI | $ | 348,498 | $ | (14,477 | ) | $ | 334,021 | $ | (1,214 | ) | $ | 332,807 |
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Consolidated Amounts | Noncontrolling Interests | Proportionate Amount | Ownership Adjustments | Proportionate Property Amount | ||||||||||||||||
Conventional Same Store: | ||||||||||||||||||||
Rental and other property revenues | $ | 488,699 | $ | (20,343 | ) | $ | 468,356 | $ | (535 | ) | $ | 467,821 | ||||||||
Property operating expenses | 160,594 | (6,950 | ) | 153,644 | 431 | 154,075 | ||||||||||||||
Property NOI | $ | 328,105 | $ | (13,393 | ) | $ | 314,712 | $ | (966 | ) | $ | 313,746 |
32 |
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