MARYLAND | 1-13232 | 84-1259577 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
4582 SOUTH ULSTER STREET PARKWAY SUITE 1100, DENVER, CO |
80237 |
|
(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)) |
Exhibit Number | Description | |||
99.1 | Third Quarter 2011 Earnings Release dated October 28, 2011 |
Dated: October 28, 2011 |
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APARTMENT INVESTMENT AND MANAGEMENT COMPANY |
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/s/ Ernest M. Freedman | ||||
Ernest M. Freedman | ||||
Executive Vice President and Chief Financial Officer |
Page | ||||
1 | Earnings Release |
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7 | Consolidated Statements of Operations |
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9 | Consolidated Balance Sheets |
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10 | Schedule 1a Funds from Operations (3Q 2011 v. 3Q 2010) |
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12 | Schedule 1b Funds from Operations (YTD 3Q 2011 v. YTD 3Q 2010) |
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14 | Schedule 2 Portfolio Summary |
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15 | Schedule 3 Net Asset Value Supplemental Information |
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17 | Schedule 4 Property Debt Information |
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19 | Schedule 5 Share Data |
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20 | Schedule 6a Conventional Same Store Operating Results (3Q 2011 v. 3Q 2010) |
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21 | Schedule 6b Conventional Same Store Operating Results (3Q 2011 v. 2Q 2011) |
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22 | Schedule 6c Conventional Same Store Operating Results (YTD 3Q 2011 v. YTD 3Q 2010) |
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23 | Schedule 7a Total Conventional Portfolio Data by Market (3Q 2011 v. 3Q 2010) |
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24 | Schedule 7b Total Conventional Portfolio Data by Market (2Q 2011) |
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25 | Schedule 8 Property Disposition and Acquisition Activity |
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26 | Schedule 9 Capital Additions |
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27 | Glossary and Reconciliations |
THIRD QUARTER | YEAR-TO-DATE | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net loss per share |
$ | (0.12 | ) | $ | (0.25 | ) | $ | (0.67 | ) | $ | (0.75 | ) | ||||
Funds from Operations (FFO) |
$ | 0.36 | $ | 0.42 | $ | 1.01 | $ | 1.07 | ||||||||
Add back (deduct) Aimcos share of operating real estate impairment losses (recoveries) |
$ | 0.04 | $ | (0.01 | ) | $ | 0.08 | $ | 0.09 | |||||||
Add back (deduct) Aimcos share of preferred equity redemption
related amounts |
$ | 0.01 | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) | |||||
Pro forma Funds from Operations (Pro forma FFO) |
$ | 0.41 | $ | 0.40 | $ | 1.07 | $ | 1.13 | ||||||||
Deduct Aimcos share of Capital Replacements |
$ | (0.17 | ) | $ | (0.14 | ) | $ | (0.40 | ) | $ | (0.38 | ) | ||||
Adjusted Funds from Operations (AFFO) |
$ | 0.24 | $ | 0.26 | $ | 0.67 | $ | 0.75 |
* | Year-to-date 2011 Pro forma FFO of $1.07 per share includes a one-time charge of $0.15
per share related to debt prepayment penalties and write-off of deferred loan costs incurred
in connection with a refinancing and securitization transaction completed during the second
quarter. Year-to-date 2010 Pro forma FFO of $1.13 per share includes a net benefit of $0.03
per share related to several, mostly offsetting, one-time items during second quarter 2010.
Excluding these one-time items from each period, year-to-date 2011 Pro forma FFO increased
11% when compared to the same period last year. |
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1 |
THIRD QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||||||||
Year-over-year Variance | Year-over-year Variance | |||||||||||||||||||||||||||||||
% NOI | Revenue | Expenses | NOI | % NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||
Conventional Same Store |
80 | % | 3.5 | % | 4.3 | % | 3.0 | % | 79 | % | 2.5 | % | -1.3 | % | 4.9 | % | ||||||||||||||||
Affordable Same Store |
13 | % | 3.6 | % | -2.8 | % | 8.6 | % | 12 | % | 4.2 | % | -5.5 | % | 12.4 | % | ||||||||||||||||
Total Same Store |
93 | % | 3.5 | % | 3.1 | % | 3.8 | % | 91 | % | 2.7 | % | -2.0 | % | 5.8 | % | ||||||||||||||||
Other Conventional |
7 | % | -4.2 | % | 1.7 | % | -9.1 | % | 8 | % | -0.6 | % | 0.8 | % | -1.7 | % | ||||||||||||||||
Affordable Redevelopment |
| | | | 1 | % | 5.7 | % | 6.3 | % | 5.4 | % | ||||||||||||||||||||
Total Portfolio |
100 | % | 2.8 | % | 2.9 | % | 2.8 | % | 100 | % | 2.5 | % | -1.6 | % | 5.2 | % |
THIRD QUARTER | THIRD QUARTER | YEAR-TO-DATE | ||||||||||||||||||||||||||||||
Year-over-year | Sequential | Year-over-year | ||||||||||||||||||||||||||||||
2011 | 2010 | Variance | 2nd Qtr | Variance | 2011 | 2010 | Variance | |||||||||||||||||||||||||
Average Daily Occupancy |
95.2 | % | 96.0 | % | -0.8 | % | 95.9 | % | -0.7 | % | 95.9 | % | 95.9 | % | | |||||||||||||||||
Average Rent Per Unit |
$ | 1,094 | $ | 1,061 | 3.1 | % | $ | 1,078 | 1.5 | % | $ | 1,086 | $ | 1,067 | 1.8 | % | ||||||||||||||||
$ in Millions |
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Revenue |
$ | 186.7 | $ | 180.4 | 3.5 | % | $ | 183.8 | 1.6 | % | $ | 548.0 | $ | 534.6 | 2.5 | % | ||||||||||||||||
Expenses |
(70.1 | ) | (67.2 | ) | 4.3 | % | (66.6 | ) | 5.3 | % | (202.0 | ) | (204.7 | ) | -1.3 | % | ||||||||||||||||
NOI |
$ | 116.6 | $ | 113.2 | 3.0 | % | $ | 117.2 | -0.6 | % | $ | 346.0 | $ | 329.9 | 4.9 | % |
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2 |
THIRD | SECOND | FIRST | ||||||||||||||
QUARTER | QUARTER | QUARTER | YEAR-TO-DATE | |||||||||||||
New lease |
6.1 | % | 5.1 | % | 1.9 | % | 4.7 | % | ||||||||
Renewal |
5.6 | % | 3.6 | % | 3.0 | % | 4.4 | % | ||||||||
Weighted
average |
5.8 | % | 4.3 | % | 2.5 | % | 4.6 | % |
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3 |
AS OF SEPTEMBER 30, 2011 | ||||||||||||||||
Weighted Avg | Weighted Avg | |||||||||||||||
Amount | % of Total | Maturity (Yrs) | Rate | |||||||||||||
Aimco leverage ($ in millions) |
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Aimcos share of long-term, non-recourse property debt |
$ | 4,746.2 | 86 | % | 8.2 | 5.47 | % | |||||||||
Revolving credit facility |
26.2 | <1 | % | 1.6 | 5.87 | % | ||||||||||
Subtotal debt |
$ | 4,772.4 | 86 | % | 8.2 | 5.48 | % | |||||||||
Preferred securities |
751.0 | 14 | % | Perpetual | 7.46 | % | ||||||||||
Total leverage |
$ | 5,523.4 | 100 | % | n/a | 5.75 | % |
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4 |
FOURTH | ||||
QUARTER | FULL YEAR * | |||
Net loss per share |
-$0.28 to -$0.24 | -$0.95 to -$0.91 | ||
Pro forma FFO per share |
$0.39 to $0.43 | $1.46 to $1.50 | ||
Conventional Same Store Operating Measures |
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NOI change compared to prior quarter 2011 |
3.0% to 4.0% | |||
NOI change compared to same period 2010 |
4.0% to 5.0% | 5.0% | ||
Average daily occupancy |
95.7% | |||
Revenue change compared to 2010 |
2.7% | |||
Expense change compared to 2010 |
-1.0% | |||
Affordable Same Store NOI change compared to 2010 |
11.0% | |||
Total Same Store NOI change compared to 2010 |
4.5% to 5.5% | 5.5% | ||
Total Portfolio NOI change compared to 2010 |
4.5% |
* | Full year guidance includes a one-time charge of $0.15 per share related to
debt prepayment penalties and write-off of deferred loan costs incurred in
connection with a refinancing and securitization transaction completed during
second quarter. |
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5 |
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6 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES: |
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Rental and other property revenues |
$ | 269,525 | $ | 263,481 | $ | 805,749 | $ | 788,057 | ||||||||
Asset management and tax credit revenues |
11,885 | 9,711 | 28,772 | 24,208 | ||||||||||||
Total revenues |
281,410 | 273,192 | 834,521 | 812,265 | ||||||||||||
OPERATING EXPENSES: |
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Property operating expenses |
119,903 | 116,786 | 356,634 | 362,784 | ||||||||||||
Investment management expenses |
2,386 | 2,609 | 7,604 | 10,979 | ||||||||||||
Depreciation and amortization |
97,321 | 101,704 | 287,739 | 305,066 | ||||||||||||
Provision for operating real estate impairment losses |
149 | | 149 | | ||||||||||||
General and administrative expenses |
12,664 | 12,096 | 36,162 | 39,015 | ||||||||||||
Other expense, net |
4,870 | 4,416 | 13,952 | 2,173 | ||||||||||||
Total operating expenses |
237,293 | 237,611 | 702,240 | 720,017 | ||||||||||||
Operating income |
44,117 | 35,581 | 132,281 | 92,248 | ||||||||||||
Interest income |
3,273 | 2,362 | 7,771 | 7,437 | ||||||||||||
Recovery of (provision for) losses on notes receivable |
233 | (6 | ) | 180 | (284 | ) | ||||||||||
Interest expense |
(73,152 | ) | (74,544 | ) | (243,169 | ) | (225,305 | ) | ||||||||
Equity in losses of unconsolidated real estate partnerships |
(4,987 | ) | (15,653 | ) | (8,432 | ) | (11,799 | ) | ||||||||
Gain on dispositions of unconsolidated real estate and other, net |
3,095 | 883 | 5,115 | 5,368 | ||||||||||||
Loss before income taxes and discontinued operations |
(27,421 | ) | (51,377 | ) | (106,254 | ) | (132,335 | ) | ||||||||
Income tax benefit |
1,110 | 4,385 | 5,704 | 11,042 | ||||||||||||
Loss from continuing operations |
(26,311 | ) | (46,992 | ) | (100,550 | ) | (121,293 | ) | ||||||||
Income from discontinued operations, net [1] |
30,968 | 18,510 | 50,959 | 65,881 | ||||||||||||
Net income (loss) |
4,657 | (28,482 | ) | (49,591 | ) | (55,412 | ) | |||||||||
Noncontrolling interests: |
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Net (income) loss attributable to noncontrolling interests in
consolidated real estate partnerships |
(5,464 | ) | 11,213 | 4,612 | 1,795 | |||||||||||
Net (income) loss attributable to preferred noncontrolling interests
in Aimco Operating Partnership |
(1,670 | ) | 84 | (5,012 | ) | (3,292 | ) | |||||||||
Net loss attributable to common noncontrolling interests in
Aimco Operating Partnership |
1,035 | 2,263 | 5,838 | 6,644 | ||||||||||||
Total noncontrolling interests |
(6,099 | ) | 13,560 | 5,438 | 5,147 | |||||||||||
Net loss attributable to Aimco |
(1,442 | ) | (14,922 | ) | (44,153 | ) | (50,265 | ) | ||||||||
Net income attributable to Aimco preferred stockholders |
(13,301 | ) | (13,576 | ) | (35,429 | ) | (36,626 | ) | ||||||||
Net income attributable to participating securities |
(58 | ) | (2 | ) | (169 | ) | | |||||||||
Net loss attributable to Aimco common stockholders |
$ | (14,801 | ) | $ | (28,500 | ) | $ | (79,751 | ) | $ | (86,891 | ) | ||||
Weighted average common shares outstanding basic and diluted |
120,339 | 116,434 | 118,939 | 116,264 | ||||||||||||
Earnings (loss) per common share basic and diluted: |
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Loss from continuing operations attributable to Aimco
common stockholders |
$ | (0.26 | ) | $ | (0.35 | ) | $ | (0.92 | ) | $ | (1.10 | ) | ||||
Income from discontinued operations attributable to Aimco
common stockholders |
0.14 | 0.10 | 0.25 | 0.35 | ||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (0.12 | ) | $ | (0.25 | ) | $ | (0.67 | ) | $ | (0.75 | ) | ||||
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7 |
[1] | Income from discontinued operations consists of the following (in thousands): |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Rental and other property revenues |
$ | 3,428 | $ | 21,202 | $ | 23,917 | $ | 77,596 | ||||||||
Property operating expenses |
(2,816 | ) | (12,489 | ) | (13,355 | ) | (42,761 | ) | ||||||||
Depreciation and amortization |
(931 | ) | (6,340 | ) | (7,695 | ) | (21,909 | ) | ||||||||
Provision for operating real estate impairment losses |
(5,522 | ) | (1,429 | ) | (11,829 | ) | (9,550 | ) | ||||||||
Operating (loss) income |
(5,841 | ) | 944 | (8,962 | ) | 3,376 | ||||||||||
Interest income |
44 | 111 | 361 | 298 | ||||||||||||
Interest expense |
(862 | ) | (4,082 | ) | (5,252 | ) | (14,209 | ) | ||||||||
Loss before gain on dispositions of real estate and
income taxes |
(6,659 | ) | (3,027 | ) | (13,853 | ) | (10,535 | ) | ||||||||
Gain on dispositions of real estate |
37,467 | 21,084 | 64,901 | 74,406 | ||||||||||||
Income tax benefit (expense) |
160 | 453 | (89 | ) | 2,010 | |||||||||||
Income from discontinued operations, net |
$ | 30,968 | $ | 18,510 | $ | 50,959 | $ | 65,881 | ||||||||
Income from discontinued operations attributable to: |
||||||||||||||||
Noncontrolling interests in consolidated real estate partnerships |
$ | (12,734 | ) | $ | (5,205 | ) | $ | (18,689 | ) | $ | (21,372 | ) | ||||
Noncontrolling interests in Aimco Operating Partnership |
(1,274 | ) | (890 | ) | (2,211 | ) | (2,983 | ) | ||||||||
Total noncontrolling interests |
(14,008 | ) | (6,095 | ) | (20,900 | ) | (24,355 | ) | ||||||||
Income from discontinued operations attributable to Aimco |
$ | 16,960 | $ | 12,415 | $ | 30,059 | $ | 41,526 | ||||||||
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8 |
September 30, 2011 | December 31, 2010 | |||||||
ASSETS |
||||||||
Buildings and improvements |
$ | 6,959,172 | $ | 6,979,467 | ||||
Land |
2,097,137 | 2,084,987 | ||||||
Total real estate |
9,056,309 | 9,064,454 | ||||||
Accumulated depreciation |
(2,876,894 | ) | (2,766,897 | ) | ||||
Net real estate |
6,179,415 | 6,297,557 | ||||||
Cash and cash equivalents |
75,831 | 111,325 | ||||||
Restricted cash |
209,481 | 200,025 | ||||||
Accounts receivable, net |
40,848 | 49,855 | ||||||
Deferred financing costs, net |
46,670 | 46,454 | ||||||
Notes receivable, net |
114,630 | 116,726 | ||||||
Investment in unconsolidated real estate partnerships |
63,942 | 59,282 | ||||||
Other assets |
250,296 | 199,886 | ||||||
Deferred income tax assets, net |
61,589 | 58,736 | ||||||
Assets held for sale |
| 238,720 | ||||||
Total assets |
$ | 7,042,702 | $ | 7,378,566 | ||||
LIABILITIES AND EQUITY |
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Non-recourse property debt |
$ | 5,233,525 | $ | 5,291,612 | ||||
Revolving credit facility borrowings |
26,200 | | ||||||
Total indebtedness |
5,259,725 | 5,291,612 | ||||||
Accounts payable |
24,999 | 27,322 | ||||||
Accrued liabilities and other |
278,606 | 297,121 | ||||||
Deferred income |
150,357 | 150,453 | ||||||
Security deposits |
34,516 | 33,829 | ||||||
Liabilities related to assets held for sale |
| 168,029 | ||||||
Total liabilities |
5,748,203 | 5,968,366 | ||||||
Preferred noncontrolling interests in Aimco Operating Partnership |
83,385 | 83,428 | ||||||
Preferred stock subject to repurchase agreement |
10,000 | 20,000 | ||||||
Equity: |
||||||||
Perpetual Preferred Stock |
656,015 | 657,601 | ||||||
Class A Common Stock |
1,209 | 1,176 | ||||||
Additional paid-in capital |
3,106,079 | 3,070,296 | ||||||
Accumulated other comprehensive loss |
(8,312 | ) | (2,076 | ) | ||||
Distributions in excess of earnings |
(2,803,679 | ) | (2,680,955 | ) | ||||
Total Aimco equity |
951,312 | 1,046,042 | ||||||
Noncontrolling interests in consolidated real estate partnerships |
279,997 | 291,458 | ||||||
Common noncontrolling interests in Aimco Operating Partnership |
(30,195 | ) | (30,728 | ) | ||||
Total equity |
1,201,114 | 1,306,772 | ||||||
Total liabilities and equity |
$ | 7,042,702 | $ | 7,378,566 | ||||
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9 |
Funds From Operations | (page 1 of 2) | |
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Three Months Ended September 30, 2011 | Three Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 200,556 | $ | | $ | (13,591 | ) | $ | 186,965 | $ | 193,974 | $ | | $ | (17,086 | ) | $ | 176,888 | ||||||||||||||
Affordable Same Store |
44,132 | 174 | (11,591 | ) | 32,715 | 42,686 | 183 | (11,301 | ) | 31,568 | ||||||||||||||||||||||
Total Same Store |
244,688 | 174 | (25,182 | ) | 219,680 | 236,660 | 183 | (28,387 | ) | 208,456 | ||||||||||||||||||||||
Other Conventional [1] |
19,954 | 1,739 | (977 | ) | 20,716 | 21,236 | 1,196 | (1,340 | ) | 21,092 | ||||||||||||||||||||||
Other Affordable |
4,689 | 12,370 | (14,078 | ) | 2,981 | 4,935 | 2,180 | (3,726 | ) | 3,389 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates |
194 | (176 | ) | 1,850 | 1,868 | 650 | (151 | ) | 1,717 | 2,216 | ||||||||||||||||||||||
Total rental and other property revenues |
269,525 | 14,107 | (38,387 | ) | 245,245 | 263,481 | 3,408 | (31,736 | ) | 235,153 | ||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
75,058 | | (5,144 | ) | 69,914 | 72,372 | | (6,707 | ) | 65,665 | ||||||||||||||||||||||
Affordable Same Store |
18,856 | 115 | (5,594 | ) | 13,377 | 19,084 | 121 | (5,447 | ) | 13,758 | ||||||||||||||||||||||
Total Same Store |
93,914 | 115 | (10,738 | ) | 83,291 | 91,456 | 121 | (12,154 | ) | 79,423 | ||||||||||||||||||||||
Other Conventional [1] |
9,833 | 867 | (578 | ) | 10,122 | 9,675 | 655 | (627 | ) | 9,703 | ||||||||||||||||||||||
Other Affordable |
2,635 | 7,024 | (8,062 | ) | 1,597 | 2,663 | 1,228 | (1,987 | ) | 1,904 | ||||||||||||||||||||||
Casualties |
2,782 | | (315 | ) | 2,467 | 1,781 | (5 | ) | 305 | 2,081 | ||||||||||||||||||||||
Property management expenses |
10,739 | | | 10,739 | 11,211 | | | 11,211 | ||||||||||||||||||||||||
Total property operating expenses |
119,903 | 8,006 | (19,693 | ) | 108,216 | 116,786 | 1,999 | (14,463 | ) | 104,322 | ||||||||||||||||||||||
Net real estate operations |
149,622 | 6,101 | (18,694 | ) | 137,029 | 146,695 | 1,409 | (17,273 | ) | 130,831 | ||||||||||||||||||||||
Amortization of deferred tax credit income |
7,038 | | | 7,038 | 7,129 | | | 7,129 | ||||||||||||||||||||||||
Asset management revenues |
(19 | ) | | 1,363 | 1,344 | 75 | (67 | ) | 866 | 874 | ||||||||||||||||||||||
Non-recurring revenues [2] |
4,866 | | 489 | 5,355 | 2,507 | | 10 | 2,517 | ||||||||||||||||||||||||
Total asset management and tax credit revenues |
11,885 | | 1,852 | 13,737 | 9,711 | (67 | ) | 876 | 10,520 | |||||||||||||||||||||||
Investment management expenses |
(2,386 | ) | | | (2,386 | ) | (2,609 | ) | | | (2,609 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
(3,372 | ) | (1 | ) | 48 | (3,325 | ) | (3,498 | ) | (1 | ) | 54 | (3,445 | ) | ||||||||||||||||||
General and administrative expenses |
(12,664 | ) | (6 | ) | 229 | (12,441 | ) | (12,096 | ) | (7 | ) | 154 | (11,949 | ) | ||||||||||||||||||
Other (expense) income, net |
(4,870 | ) | (253 | ) | 1,164 | (3,959 | ) | (4,416 | ) | (6,070 | ) | 6,913 | (3,573 | ) | ||||||||||||||||||
Interest income |
3,273 | 10 | 187 | 3,470 | 2,362 | (55 | ) | 725 | 3,032 | |||||||||||||||||||||||
Recovery of (provision for) losses on notes receivable |
233 | | 32 | 265 | (6 | ) | | 244 | 238 | |||||||||||||||||||||||
Interest expense |
(73,152 | ) | (2,942 | ) | 10,005 | (66,089 | ) | (74,544 | ) | (702 | ) | 9,522 | (65,724 | ) | ||||||||||||||||||
Income tax benefit |
1,115 | | | 1,115 | 4,390 | | | 4,390 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items |
(74 | ) | | 382 | 308 | 5,109 | | (1,364 | ) | 3,745 | ||||||||||||||||||||||
Preferred dividends and distributions |
(14,183 | ) | | | (14,183 | ) | (15,257 | ) | | | (15,257 | ) | ||||||||||||||||||||
Preferred redemption related amounts |
(788 | ) | | | (788 | ) | 1,765 | | | 1,765 | ||||||||||||||||||||||
Operating real estate impairment (losses) recoveries, net |
(5,722 | ) | (4,523 | ) | 4,475 | (5,770 | ) | (41 | ) | (9,958 | ) | 10,696 | 697 | |||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(3,163 | ) | | | (3,163 | ) | (3,525 | ) | | | (3,525 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(175 | ) | | | (175 | ) | (193 | ) | | | (193 | ) | ||||||||||||||||||||
Funds From Operations |
45,579 | (1,614 | ) | (320 | ) | 43,645 | 53,847 | (15,451 | ) | 10,547 | 48,943 | |||||||||||||||||||||
Operating real estate impairment losses (recoveries), net |
5,722 | 4,523 | (4,475 | ) | 5,770 | 41 | 9,958 | (10,696 | ) | (697 | ) | |||||||||||||||||||||
Preferred stock redemption related gains |
788 | | | 788 | (1,765 | ) | | | (1,765 | ) | ||||||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(448 | ) | | | (448 | ) | 172 | | | 172 | ||||||||||||||||||||||
Amounts allocated to participating securities |
(24 | ) | | | (24 | ) | 12 | | | 12 | ||||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 51,617 | $ | 2,909 | $ | (4,795 | ) | $ | 49,731 | $ | 52,307 | $ | (5,493 | ) | $ | (149 | ) | $ | 46,665 | |||||||||||||
Weighted average shares diluted FFO | 120,670 | Weighted average shares diluted FFO | 116,730 | |||||||||||||||||||||||||||||
Per Share: | Per Share: | |||||||||||||||||||||||||||||||
Funds From Operations | $ | 0.36 | Funds From Operations | $ | 0.42 | |||||||||||||||||||||||||||
Pro Forma Funds From Operations | $ | 0.41 | Pro Forma Funds From Operations | $ | 0.40 |
![]() |
10 |
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) | |
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Three Months Ended September 30, 2011 | Three Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 51,617 | $ | 2,909 | $ | (4,795 | ) | $ | 49,731 | $ | 52,307 | $ | (5,493 | ) | $ | (149 | ) | $ | 46,665 | |||||||||||||
Adjustments related to continuing operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(97,321 | ) | (3,725 | ) | 11,325 | (89,721 | ) | (101,704 | ) | (2,492 | ) | 11,251 | (92,945 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
3,372 | 1 | (48 | ) | 3,325 | 3,498 | 1 | (54 | ) | 3,445 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(149 | ) | | | (149 | ) | | | | | ||||||||||||||||||||||
Income tax benefit on real estate impairment losses |
(14 | ) | | | (14 | ) | | | | | ||||||||||||||||||||||
Gain on dispositions of and impairments related
to unconsolidated entities and other |
3,095 | (4,172 | ) | 1,242 | 165 | 882 | (7,669 | ) | 4,332 | (2,455 | ) | |||||||||||||||||||||
Income tax benefit on gain on dispositions of real
estate related to unconsolidated entities |
(6 | ) | | | (6 | ) | (2 | ) | | | (2 | ) | ||||||||||||||||||||
Adjustments related to discontinued operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(931 | ) | | 80 | (851 | ) | (6,340 | ) | | 1,264 | (5,076 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
5 | | (1 | ) | 4 | 34 | | (9 | ) | 25 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(5,522 | ) | | | (5,522 | ) | (1,429 | ) | | 2,287 | 858 | |||||||||||||||||||||
Gain on dispositions of real estate |
37,467 | | (13,267 | ) | 24,200 | 21,084 | | (7,709 | ) | 13,375 | ||||||||||||||||||||||
Income tax expense arising from disposals |
37 | | | 37 | 48 | | | 48 | ||||||||||||||||||||||||
Total adjustments |
$ | (59,967 | ) | $ | (7,896 | ) | $ | (669 | ) | $ | (68,532 | ) | $ | (83,929 | ) | $ | (10,160 | ) | $ | 11,362 | $ | (82,727 | ) | |||||||||
Common noncontrolling interests in Aimco Operating
Partnerships share of adjustments |
4,646 | | | 4,646 | 5,616 | | | 5,616 | ||||||||||||||||||||||||
Amounts allocable to participating securities |
142 | | | 142 | 181 | | | 181 | ||||||||||||||||||||||||
Preferred stock redemption related gains |
(788 | ) | | | (788 | ) | 1,765 | | | 1,765 | ||||||||||||||||||||||
Equity in losses of unconsolidated real estate
partnerships |
(4,987 | ) | 4,987 | | | (15,653 | ) | 15,653 | | | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests in
consolidated real estate partnerships |
(5,464 | ) | | 5,464 | | 11,213 | | (11,213 | ) | | ||||||||||||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (14,801 | ) | $ | | $ | | $ | (14,801 | ) | $ | (28,500 | ) | $ | | $ | | $ | (28,500 | ) | ||||||||||||
[1] | The results for Other Conventional include four acquisition properties and three vacant
properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops), and Madera Vista for the periods
presented. |
|
[2] | Non-recurring revenues consisted of the following: |
Three Months | Three Months | |||||||
Ended | Ended | |||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Promotes |
$ | | $ | 2,376 | ||||
Other GP transactional fees |
3,611 | 76 | ||||||
Tax credit syndication fees |
1,255 | 55 | ||||||
Total non-recurring revenues |
$ | 4,866 | $ | 2,507 | ||||
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11 |
Funds From Operations | (page 1 of 2) | |
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 594,431 | $ | | $ | (41,699 | ) | $ | 552,732 | $ | 580,197 | $ | | $ | (51,180 | ) | $ | 529,017 | ||||||||||||||
Affordable Same Store |
132,077 | 531 | (34,661 | ) | 97,947 | 126,827 | 539 | (33,535 | ) | 93,831 | ||||||||||||||||||||||
Total Same Store |
726,508 | 531 | (76,360 | ) | 650,679 | 707,024 | 539 | (84,715 | ) | 622,848 | ||||||||||||||||||||||
Other Conventional [1] |
62,933 | 4,126 | (3,110 | ) | 63,949 | 63,847 | 3,543 | (4,007 | ) | 63,383 | ||||||||||||||||||||||
Other Affordable |
15,259 | 31,148 | (37,887 | ) | 8,520 | 15,146 | 6,842 | (13,355 | ) | 8,633 | ||||||||||||||||||||||
Property management revenues, primarily from affiliates |
1,049 | (490 | ) | 4,926 | 5,485 | 2,040 | (518 | ) | 5,088 | 6,610 | ||||||||||||||||||||||
Total rental and other property revenues |
805,749 | 35,315 | (112,431 | ) | 728,633 | 788,057 | 10,406 | (96,989 | ) | 701,474 | ||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
219,363 | | (16,038 | ) | 203,325 | 222,737 | | (20,586 | ) | 202,151 | ||||||||||||||||||||||
Affordable Same Store |
56,751 | 401 | (16,613 | ) | 40,539 | 58,830 | 395 | (16,914 | ) | 42,311 | ||||||||||||||||||||||
Total Same Store |
276,114 | 401 | (32,651 | ) | 243,864 | 281,567 | 395 | (37,500 | ) | 244,462 | ||||||||||||||||||||||
Other Conventional [1] |
29,964 | 2,413 | (1,541 | ) | 30,836 | 29,845 | 2,232 | (1,981 | ) | 30,096 | ||||||||||||||||||||||
Other Affordable |
8,611 | 19,397 | (23,070 | ) | 4,938 | 8,351 | 4,039 | (7,362 | ) | 5,028 | ||||||||||||||||||||||
Casualties |
10,136 | (11 | ) | 24 | 10,149 | 7,653 | 21 | 642 | 8,316 | |||||||||||||||||||||||
Property management expenses |
31,809 | | | 31,809 | 35,368 | | | 35,368 | ||||||||||||||||||||||||
Total property operating expenses |
356,634 | 22,200 | (57,238 | ) | 321,596 | 362,784 | 6,687 | (46,201 | ) | 323,270 | ||||||||||||||||||||||
Net real estate operations |
449,115 | 13,115 | (55,193 | ) | 407,037 | 425,273 | 3,719 | (50,788 | ) | 378,204 | ||||||||||||||||||||||
Amortization of deferred tax credit income |
21,204 | | | 21,204 | 20,741 | | | 20,741 | ||||||||||||||||||||||||
Asset management revenues |
1,504 | | 2,561 | 4,065 | 422 | (67 | ) | 2,771 | 3,126 | |||||||||||||||||||||||
Non-recurring revenues [2] |
6,064 | | 491 | 6,555 | 3,045 | | 247 | 3,292 | ||||||||||||||||||||||||
Total asset management and tax credit revenues |
28,772 | | 3,052 | 31,824 | 24,208 | (67 | ) | 3,018 | 27,159 | |||||||||||||||||||||||
Investment management expenses |
(7,604 | ) | | | (7,604 | ) | (10,979 | ) | | | (10,979 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
(9,833 | ) | (3 | ) | 142 | (9,694 | ) | (11,238 | ) | (4 | ) | 169 | (11,073 | ) | ||||||||||||||||||
General and administrative expenses |
(36,162 | ) | (8 | ) | 830 | (35,340 | ) | (39,015 | ) | (14 | ) | 1,040 | (37,989 | ) | ||||||||||||||||||
Other (expense) income, net |
(13,952 | ) | (116 | ) | 5,990 | (8,078 | ) | (2,173 | ) | (4,029 | ) | 7,402 | 1,200 | |||||||||||||||||||
Interest income |
7,771 | (105 | ) | 739 | 8,405 | 7,437 | (140 | ) | 1,928 | 9,225 | ||||||||||||||||||||||
Recovery of (provision for) losses on notes receivable |
180 | | (1,286 | ) | (1,106 | ) | (284 | ) | | (1,721 | ) | (2,005 | ) | |||||||||||||||||||
Interest expense |
(243,169 | ) | (7,476 | ) | 33,302 | (217,343 | ) | (225,305 | ) | (2,124 | ) | 29,248 | (198,181 | ) | ||||||||||||||||||
Gain on disposition of non-depreciable assets |
(69 | ) | | | (69 | ) | | | | | ||||||||||||||||||||||
Income tax benefit |
5,749 | | | 5,749 | 11,051 | | | 11,051 | ||||||||||||||||||||||||
Discontinued operations, net of non-FFO items |
5,766 | | 611 | 6,377 | 21,871 | | (2,338 | ) | 19,533 | |||||||||||||||||||||||
Preferred dividends and distributions |
(42,401 | ) | | | (42,401 | ) | (44,462 | ) | | | (44,462 | ) | ||||||||||||||||||||
Preferred redemption related amounts |
1,961 | | | 1,961 | 4,544 | | | 4,544 | ||||||||||||||||||||||||
Operating real estate impairment losses, net |
(12,472 | ) | (5,536 | ) | 8,058 | (9,950 | ) | (11,947 | ) | (11,055 | ) | 11,788 | (11,214 | ) | ||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(8,905 | ) | | | (8,905 | ) | (9,247 | ) | | | (9,247 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(527 | ) | | | (527 | ) | (537 | ) | | | (537 | ) | ||||||||||||||||||||
Funds From Operations |
124,220 | (129 | ) | (3,755 | ) | 120,336 | 139,197 | (13,714 | ) | (254 | ) | 125,229 | ||||||||||||||||||||
Operating real estate impairment losses, net |
12,472 | 5,536 | (8,058 | ) | 9,950 | 11,947 | 11,055 | (11,788 | ) | 11,214 | ||||||||||||||||||||||
Preferred stock redemption related gains |
(1,961 | ) | | | (1,961 | ) | (4,544 | ) | | | (4,544 | ) | ||||||||||||||||||||
Common noncontrolling interests in Aimco
Operating Partnership |
(547 | ) | | | (547 | ) | (464 | ) | | | (464 | ) | ||||||||||||||||||||
Amounts allocated to participating securities |
(34 | ) | | | (34 | ) | (33 | ) | | | (33 | ) | ||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 134,150 | $ | 5,407 | $ | (11,813 | ) | $ | 127,744 | $ | 146,103 | $ | (2,659 | ) | $ | (12,042 | ) | $ | 131,402 | |||||||||||||
Weighted average shares diluted FFO | 119,269 | Weighted average shares diluted FFO | 116,574 | |||||||||||||||||||||||||||||
Per Share: | Per Share: | |||||||||||||||||||||||||||||||
Funds From Operations | $ | 1.01 | Funds From Operations | $ | 1.07 | |||||||||||||||||||||||||||
Pro Forma Funds From Operations | $ | 1.07 | Pro Forma Funds From Operations | $ | 1.13 |
![]() |
12 |
Pro Forma Funds From Operations Reconciliation to GAAP | (page 2 of 2) | |
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 | ||
(in thousands) (unaudited) |
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Proportionate | |||||||||||||||||||||||||||||||
Share of | Share of | |||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidated | Unconsolidated | Noncontrolling | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Amount | Partnerships | Interests | Amount | |||||||||||||||||||||||||
Pro Forma Funds From Operations |
$ | 134,150 | $ | 5,407 | $ | (11,813 | ) | $ | 127,744 | $ | 146,103 | $ | (2,659 | ) | $ | (12,042 | ) | $ | 131,402 | |||||||||||||
Adjustments related to continuing operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(287,739 | ) | (9,782 | ) | 34,878 | (262,643 | ) | (305,066 | ) | (4,603 | ) | 34,536 | (275,133 | ) | ||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
9,833 | 3 | (142 | ) | 9,694 | 11,238 | 4 | (169 | ) | 11,073 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(149 | ) | | | (149 | ) | | | | | ||||||||||||||||||||||
Income tax benefit on real estate impairment losses |
4 | | | 4 | | | | | ||||||||||||||||||||||||
Gain on dispositions of and impairments related
to unconsolidated entities and other |
5,182 | (4,060 | ) | (124 | ) | 998 | 5,368 | (4,541 | ) | (2,209 | ) | (1,382 | ) | |||||||||||||||||||
Income tax benefit on gain on dispositions of real
estate related to unconsolidated entities |
(45 | ) | | | (45 | ) | (10 | ) | | | (10 | ) | ||||||||||||||||||||
Adjustments related to discontinued operations: |
||||||||||||||||||||||||||||||||
Depreciation and amortization |
(7,695 | ) | | 1,013 | (6,682 | ) | (21,909 | ) | | 4,701 | (17,208 | ) | ||||||||||||||||||||
Depreciation and amortization related to non-real
estate assets |
35 | | (6 | ) | 29 | 116 | | (1 | ) | 115 | ||||||||||||||||||||||
Provision for operating real estate impairment losses |
(11,829 | ) | | 2,109 | (9,720 | ) | (9,551 | ) | | (1,468 | ) | (11,019 | ) | |||||||||||||||||||
Gain on dispositions of real estate |
64,901 | | (21,303 | ) | 43,598 | 74,406 | | (21,553 | ) | 52,853 | ||||||||||||||||||||||
Income tax (expense) benefit arising from disposals |
(223 | ) | | | (223 | ) | 948 | | | 948 | ||||||||||||||||||||||
Total adjustments |
$ | (227,725 | ) | $ | (13,839 | ) | $ | 16,425 | $ | (225,139 | ) | $ | (244,460 | ) | $ | (9,140 | ) | $ | 13,837 | $ | (239,763 | ) | ||||||||||
Common noncontrolling interests in Aimco Operating
Partnerships share of adjustments |
15,291 | | | 15,291 | 16,355 | | | 16,355 | ||||||||||||||||||||||||
Amounts allocable to participating securities |
392 | | | 392 | 571 | | | 571 | ||||||||||||||||||||||||
Preferred stock redemption related gains |
1,961 | | | 1,961 | 4,544 | | | 4,544 | ||||||||||||||||||||||||
Equity in (losses) income of unconsolidated real estate
partnerships |
(8,432 | ) | 8,432 | | | (11,799 | ) | 11,799 | | | ||||||||||||||||||||||
Net loss (income) attributable to noncontrolling
interests in consolidated real estate partnerships |
4,612 | | (4,612 | ) | | 1,795 | | (1,795 | ) | | ||||||||||||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (79,751 | ) | $ | | $ | | $ | (79,751 | ) | $ | (86,891 | ) | $ | | $ | | $ | (86,891 | ) | ||||||||||||
[1] | The results for Other Conventional include four acquisition properties and three vacant
properties, Lincoln Place, Pacific Bay Vistas
(formerly Treetops), and Madera Vista for the periods presented. |
|
[2] | Non-recurring revenues consisted of the following: |
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Promotes |
$ | | $ | 2,727 | ||||
Other GP transactional fees |
4,775 | 2,492 | ||||||
Tax credit syndication fees |
1,289 | (2,174 | ) | |||||
Total non-recurring revenues |
$ | 6,064 | $ | 3,045 | ||||
![]() |
13 |
Number of | Number of | Effective | Average | |||||||||||||
Properties | Units | Units | Ownership | |||||||||||||
Owned Real Estate Portfolio: |
||||||||||||||||
Conventional Same Store |
162 | 57,209 | 53,518 | 94 | % | |||||||||||
Affordable Same Store |
144 | 18,212 | 12,709 | 70 | % | |||||||||||
Total Same Store |
306 | 75,421 | 66,227 | 88 | % | |||||||||||
Conventional Redevelopment [1] |
3 | 1,130 | 1,130 | 100 | % | |||||||||||
Conventional Acquisition |
4 | 142 | 72 | 51 | % | |||||||||||
Other Conventional |
36 | 6,300 | 5,100 | 81 | % | |||||||||||
Other Affordable |
57 | 5,828 | 1,088 | 19 | % | |||||||||||
Total owned real estate portfolio |
406 | 88,821 | 73,617 | 83 | % | |||||||||||
Total Conventional owned real estate
portfolio |
205 | 64,781 | 59,820 | 92 | % | |||||||||||
Total Affordable owned real estate portfolio |
201 | 24,040 | 13,797 | 57 | % | |||||||||||
Fee-Managed Portfolio: |
||||||||||||||||
Property-Managed for third parties |
1 | 64 | ||||||||||||||
Asset-Managed |
158 | 11,169 | ||||||||||||||
Total fee-managed portfolio |
159 | 11,233 | ||||||||||||||
Total Portfolio |
565 | 100,054 | ||||||||||||||
[1] | At September 30, 2011 Aimcos Conventional Redevelopment portfolio included three vacant
properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops) and Madera Vista. |
![]() |
14 |
Net Asset Value Supplemental Information (in thousands) (unaudited) |
(page 1 of 2) |
Proportionate Property Net Operating Income | ||||||||||||
Conventional Same | ||||||||||||
Store and Other [1] | Affordable | Total | ||||||||||
Rental and other property revenues |
$ | 818,935 | $ | 142,467 | $ | 961,402 | ||||||
Property operating expenses |
(309,201 | ) | (61,519 | ) | (370,720 | ) | ||||||
Property NOI |
509,734 | 80,948 | 590,682 | |||||||||
Assumed property management fee (3.5% of revenues) |
(28,663 | ) | (4,986 | ) | (33,649 | ) | ||||||
Property NOI net of assumed property management fee |
$ | 481,071 | $ | 75,962 | $ | 557,033 | ||||||
Proportionate | ||||||||||||||||
Consolidated | Share of | Proportionate | ||||||||||||||
GAAP | Unconsolidated | Noncontrolling | Balance | |||||||||||||
Balance Sheet | Partnerships | Interests | Sheet | |||||||||||||
Assets |
||||||||||||||||
Real estate |
$ | 9,056,309 | $ | 96,350 | $ | (787,999 | ) | $ | 8,364,660 | |||||||
Accumulated depreciation |
(2,876,894 | ) | (27,544 | ) | 246,588 | (2,657,850 | ) | |||||||||
Net real estate [2] |
6,179,415 | 68,806 | (541,411 | ) | 5,706,810 | |||||||||||
Cash and cash equivalents |
75,831 | 1,305 | (31,293 | ) | 45,843 | |||||||||||
Restricted cash |
209,481 | 7,136 | (32,377 | ) | 184,240 | |||||||||||
Accounts receivable, net |
40,848 | 133 | (3,822 | ) | 37,159 | |||||||||||
Notes receivable, net |
114,630 | | (1,355 | ) | 113,275 | |||||||||||
Investment in unconsolidated real estate partnerships [3] |
63,942 | (24,726 | ) | (25,460 | ) | 13,756 | ||||||||||
Deferred financing costs, net [4] |
46,670 | 526 | (6,863 | ) | 40,333 | |||||||||||
Goodwill [4] |
64,416 | | | 64,416 | ||||||||||||
Investment in management contracts [4] |
636 | | | 636 | ||||||||||||
Other assets [5] |
246,833 | 454 | 19,576 | 266,863 | ||||||||||||
Total assets |
$ | 7,042,702 | $ | 53,634 | $ | (623,005 | ) | $ | 6,473,331 | |||||||
Liabilities and Equity |
||||||||||||||||
Non-recourse property debt |
$ | 5,233,525 | $ | 33,456 | $ | (520,752 | ) | $ | 4,746,229 | |||||||
Revolving credit facility borrowings |
26,200 | | | 26,200 | ||||||||||||
Deferred income [6] |
150,357 | 78 | | 150,435 | ||||||||||||
Other liabilities |
338,121 | 20,100 | (72,585 | ) | 285,636 | |||||||||||
Total liabilities |
5,748,203 | 53,634 | (593,337 | ) | 5,208,500 | |||||||||||
Preferred noncontrolling interests in Aimco Operating
Partnership [7] |
83,385 | | | 83,385 | ||||||||||||
Preferred stock subject to repurchase agreement [7] |
10,000 | | | 10,000 | ||||||||||||
Perpetual preferred stock [7] |
656,015 | | | 656,015 | ||||||||||||
Other Aimco equity |
295,297 | | 250,329 | 545,626 | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships |
279,997 | | (279,997 | ) | | |||||||||||
Common noncontrolling interests in Aimco Operating Partnership |
(30,195 | ) | | | (30,195 | ) | ||||||||||
Total liabilities and equity |
$ | 7,042,702 | $ | 53,634 | $ | (623,005 | ) | $ | 6,473,331 | |||||||
![]() |
15 |
Net Asset Value Supplemental Information | (page 2 of 2) | |
(in thousands) (unaudited) |
[1] | Proportionate Property Net Operating amounts for Other Conventional include the results of Lincoln Place and Pacific Bay Vistas, two
redevelopment properties that were vacant during the period presented, and the results of Madera Vista, a vacant redevelopment property
acquired during the third quarter 2011. |
|
[2] | Net real estate includes three redevelopment properties that have September 30, 2011 net book values of $246.2 million in total. Aimco refers
to these properties collectively as part of its redevelopment pipeline. |
|
[3] | Aimcos internal NAV estimate is computed based on Aimcos share of NOI and as such takes into account Aimcos share of NOI attributable to
unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in
Aimcos internal NAV computation. |
|
[4] | Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by
Aimco. As such, these amounts are excluded from Aimcos internal NAV computation. |
|
[5] | Includes notes receivable from consolidated partnerships that are eliminated in the consolidated balance sheet. The noncontrolling partners share of amounts payable to Aimco pursuant to those notes is added to
the GAAP-based amounts to arrive at the proportionate balance presented. |
|
[6] | Deferred income includes $95.7 million of unamortized cash contributions received by Aimco in exchange for the sale of tax credit and related
tax benefits. These cash contributions are deferred upon receipt and amortized into earnings in future periods as Aimco delivers the tax
credits and related benefits to the investors. Certain of Aimcos tax credit arrangements provide for contributions to be made in
installments, which contributions are not reflected in Aimcos consolidated financial statements until such time as the contributions are
received. |
|
Deferred income and the future earnings associated with the deferred income are excluded from Aimcos internal estimates of NAV.
However, amortization of deferred tax credit income is included in net income and, as such, FFO. Projected amortization of deferred tax
credit contributions received and to be received is presented below. |
September 30, 2011 | ||||
Deferred tax credit income balance |
$ | 95,711 | ||
Contributions to be received in the future |
64,204 | |||
Total to be amortized |
$ | 159,915 | ||
Amortization of | Estimated Income | Projected Income, | ||||||||||
Deferred Income | Taxes | net of tax | ||||||||||
Year Ending December 31, |
||||||||||||
2011 |
$ | 6,840 | $ | (2,668 | ) | $ | 4,172 | |||||
2012 |
27,341 | (10,663 | ) | 16,678 | ||||||||
2013 |
27,089 | (10,565 | ) | 16,524 | ||||||||
2014 |
26,215 | (10,224 | ) | 15,991 | ||||||||
2015 |
22,061 | (8,604 | ) | 13,457 | ||||||||
Thereafter |
50,369 | (19,643 | ) | 30,726 | ||||||||
Total |
$ | 159,915 | $ | (62,367 | ) | $ | 97,548 | |||||
[7] | Aimcos internal NAV computation includes Preferred noncontrolling interests in Aimco
Operating Partnership,
Preferred stock subject to repurchase agreement and Perpetual preferred stock as a reduction of
NAV attributable to Aimco common stockholders. See Schedule 5. |
![]() |
16 |
Non-recourse Property Debt Information | (page 1 of 2) | |
As of September 30, 2011 | ||
(dollars in thousands) (unaudited) |
Proportionate | Weighted | |||||||||||||||||||||||
Share of | Average | |||||||||||||||||||||||
Unconsolidated | Noncontrolling | Total Aimco | Maturity | Weighted | ||||||||||||||||||||
Debt | Consolidated | Partnerships | Interests | Share | (years) | Average Rate | ||||||||||||||||||
Conventional Portfolio: |
||||||||||||||||||||||||
Fixed rate loans payable [1] |
$ | 4,290,261 | $ | | $ | (289,520 | ) | $ | 4,000,741 | 7.4 | 5.83 | % | ||||||||||||
Floating rate loans payable [2] |
22,279 | | (2,050 | ) | 20,229 | 1.5 | 1.57 | % | ||||||||||||||||
Total property loans payable |
4,312,540 | | (291,570 | ) | 4,020,970 | 7.3 | 5.81 | % | ||||||||||||||||
Fixed rate tax-exempt bonds |
52,075 | | (3,338 | ) | 48,737 | 5.1 | 6.75 | % | ||||||||||||||||
Floating rate tax-exempt bonds [2] |
138,233 | | (5,278 | ) | 132,955 | 8.9 | 0.60 | % | ||||||||||||||||
Total property tax-exempt bond financing |
190,308 | | (8,616 | ) | 181,692 | 7.9 | 2.28 | % | ||||||||||||||||
Total Conventional portfolio |
4,502,848 | | (300,186 | ) | 4,202,662 | 7.4 | 5.66 | % | ||||||||||||||||
Affordable Portfolio: |
||||||||||||||||||||||||
Fixed rate loans payable |
475,076 | 31,810 | (190,521 | ) | 316,365 | 13.5 | 4.83 | % | ||||||||||||||||
Floating rate loans payable |
30,472 | 8 | (17,143 | ) | 13,337 | 7.0 | 3.28 | % | ||||||||||||||||
Total property loans payable |
505,548 | 31,818 | (207,664 | ) | 329,702 | 13.1 | 4.74 | % | ||||||||||||||||
Fixed rate tax-exempt bonds |
95,321 | 1,638 | (12,902 | ) | 84,057 | 26.9 | 4.95 | % | ||||||||||||||||
Floating rate tax-exempt bonds [2] |
129,808 | | | 129,808 | 3.8 | 2.35 | % | |||||||||||||||||
Total property tax-exempt bond financing |
225,129 | 1,638 | (12,902 | ) | 213,865 | 13.6 | 3.45 | % | ||||||||||||||||
Total Affordable portfolio |
730,677 | 33,456 | (220,566 | ) | 543,567 | 13.3 | 4.34 | % | ||||||||||||||||
Total non-recourse property debt |
$ | 5,233,525 | $ | 33,456 | $ | (520,752 | ) | $ | 4,746,229 | 8.2 | 5.47 | % | ||||||||||||
[1] | During June 2011, $673.8 million (original principal amount) of fixed rate loans payable were
securitized and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the
trust that holds these loans. The investments, which have a face value of $100.9 million, are
presented in other assets on Aimcos consolidated balance sheet. The weighted average interest
rate on the securitized loans payable of 5.49% is reflected in the table above. The effective
rate, after adjustment for the estimated interest on the investments in the securitization trust,
is 5.19%. |
|
[2] | Floating rate debt presented above includes $144.3 million of fixed rate debt that is
effectively converted to floating rates using total rate of return swaps. At September 30, 2011,
the carrying amount of this debt totaled $136.5 million, after recognition of changes in the debts
fair value. |
% of Floating | ||||||||||||||||||||
Amount | % of Total | Amount | Rate Debt | |||||||||||||||||
Fixed rate debt |
$ | 4,449,900 | 94 | % | Floating rate tax-exempt bonds | $ | 262,763 | 89 | % | |||||||||||
Floating rate debt |
296,329 | 6 | % | Floating rate loans payable | 33,566 | 11 | % | |||||||||||||
Total |
$ | 4,746,229 | Total | $ | 296,329 | |||||||||||||||
Maturities as | ||||||||||||||||||||
a Percent | Average Rate on | |||||||||||||||||||
Amortization | Maturities | Total | of Total Debt | Maturing Debt | ||||||||||||||||
2011 Q4 |
$ | 20,649 | $ | 6,285 | $ | 26,934 | 0.13 | % | 2.87 | % | ||||||||||
2012 Q1 |
21,076 | | 21,076 | | | |||||||||||||||
2012 Q2 [3] |
21,543 | 140,960 | 162,503 | 2.97 | % | 2.28 | % | |||||||||||||
2012 Q3 |
20,999 | 90,183 | 111,182 | 1.90 | % | 6.16 | % | |||||||||||||
2012 Q4 |
20,891 | 18,978 | 39,869 | 0.40 | % | 1.58 | % | |||||||||||||
Total 2012 |
84,509 | 250,121 | 334,630 | 5.27 | % | 3.57 | % | |||||||||||||
2013 |
84,594 | 295,765 | 380,359 | 6.23 | % | 5.49 | % | |||||||||||||
2014 |
84,152 | 228,786 | 312,938 | 4.82 | % | 5.59 | % | |||||||||||||
2015 |
83,382 | 185,737 | 269,119 | 3.91 | % | 4.84 | % | |||||||||||||
2016 |
80,563 | 381,295 | 461,858 | 8.03 | % | 5.63 | % | |||||||||||||
2017 |
74,133 | 442,527 | 516,660 | 9.32 | % | 5.93 | % | |||||||||||||
2018 |
68,241 | 233,736 | 301,977 | 4.92 | % | 4.64 | % | |||||||||||||
2019 |
60,605 | 451,441 | 512,046 | 9.51 | % | 5.98 | % | |||||||||||||
2020 |
52,792 | 388,330 | 441,122 | 8.18 | % | 6.33 | % | |||||||||||||
2021 [4] |
31,970 | 672,178 | 704,148 | 14.16 | % | 5.74 | % | |||||||||||||
Thereafter |
284,113 | 200,325 | 484,438 | 4.22 | % | 4.46 | % | |||||||||||||
Total |
$ | 1,009,703 | $ | 3,736,526 | $ | 4,746,229 | ||||||||||||||
[3] | Q2 2012 maturities include approximately $130.1 million of debt ($122.4 million at carrying
amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related
debt maturities are beyond 2012. In the event
Aimco is unable refinance the debt to which these swaps relate prior to the swap maturity dates,
Aimco would have to pay a termination payment (currently $7.7 million) to the counterparties. |
|
[4] | 2021 maturities include $100.9 million that will effectively repay Aimcos first loss and
mezzanine positions in the securitization discussed in Note 1 above. After consideration of the
repayment of these investments, Aimcos net effective maturities exposure for 2021 is $571.3
million, or 12.3% of maturities as a percentage of total debt. |
![]() |
17 |
Non-recourse Property Debt Information | (page 2 of 2) | |
As of September 30, 2011 | ||
(in millions) (unaudited) |
Aimco | ||||||||||||||||||||
Original | Aimco New | Aimco Net | ||||||||||||||||||
Loan | Loan | (Repayment) | Prior | New | ||||||||||||||||
Original Loan Maturity Year | Amount | Amount [1] | Proceeds [2] | Rate | Rate [3] | |||||||||||||||
2011 [4] |
$ | 98.7 | $ | 89.3 | $ | (9.8 | ) | 5.76 | % | 3.75 | % | |||||||||
2012 [4][5][6] |
166.1 | 164.8 | (3.5 | ) | 1.90 | % | 5.20 | % | ||||||||||||
2013 [6] |
13.1 | 23.7 | 13.4 | 4.98 | % | 5.54 | % | |||||||||||||
2014 [4][6] |
124.4 | 121.5 | (7.9 | ) | 5.74 | % | 4.83 | % | ||||||||||||
2015 [4][6] |
172.7 | 166.4 | (18.7 | ) | 5.94 | % | 5.44 | % | ||||||||||||
2016 [6] |
25.8 | 32.5 | 6.5 | 5.57 | % | 5.38 | % | |||||||||||||
2020 |
4.3 | 7.3 | 2.0 | 7.90 | % | 4.99 | % | |||||||||||||
2040 |
45.7 | 46.5 | 0.2 | 6.88 | % | 4.15 | % | |||||||||||||
New loans |
| 4.1 | 3.9 | 3.45 | % | |||||||||||||||
Totals |
$ | 650.8 | $ | 656.1 | $ | (13.9 | ) | 4.89 | % | 4.93 | % | |||||||||
Net Change in Leverage
from Refinancings |
$ | 5.3 | ||||||||||||||||||
Non-refinancing Loan
Repayments |
(8.4 | ) | ||||||||||||||||||
Aimcos FREMF 2011
K-AIV Investments [6] |
(51.5 | ) | ||||||||||||||||||
Net Change in Leverage
After Loan Repayments
and Trust Investment but Before
Amortization |
$ | (54.6 | ) | |||||||||||||||||
[1] | New loans typically have terms ranging from 7 to 10 years. |
|
[2] | Aimco Net (Repayment) Proceeds is (inclusive of) after transaction costs, prepayment penalties
and payment of distributions to noncontrolling partners. |
|
[3] | The interest rates on all New Loans closed during the period are fixed. |
|
[4] | As part of Aimcos leverage strategy, Aimco reduced the sizing of these loans, resulting in
net repayments in connection with the refinancing transactions. |
|
[5] | $132.0 million of the Original Loans had a variable interest rate indexed to SIFMA, which was
significantly less than the corresponding New Loans fixed rates. |
|
[6] | In June 2011, Freddie Mac securitized $673.8 million (original principal amount) of Aimcos
fixed rate loans payable and Aimco purchased for $51.5 million the first loss and two mezzanine
positions in the FREMF 2011 K-AIV securitization trust that holds these loans. The investments,
which have a face value of $100.9 million, are presented in other assets on Aimcos consolidated
balance sheet. The effective deleveraging during the nine months ended September 30, 2011
resulting from these investments is reflected in the Net Change in Leverage shown above. The
weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table
above. The effective rate, after adjustment for the estimated interest on the investments in the
securitization trust, is 5.19%. |
Amount | Covenant | |||||||
EBITDA coverage of interest |
2.14:1 | n/a | ||||||
EBITDA coverage of interest and preferred dividends |
1.75:1 | n/a | ||||||
Debt service coverage ratio |
1.60:1 | 1.40:1 | ||||||
Fixed charge coverage ratio |
1.36:1 | 1.20:1 |
Moodys Investor Service
|
Corporate Family Rating | Ba1 (stable outlook) | ||
Standard and Poors
|
Corporate Credit Rating | BB+ (stable) |
![]() |
18 |
Shares/Units | ||||||||||||||||
Outstanding | Date First | |||||||||||||||
as of | Available for | |||||||||||||||
September 30, | Redemption by | |||||||||||||||
2011 | Aimco | Coupon | Amount | |||||||||||||
Perpetual Preferred Stock: |
||||||||||||||||
Class T |
6,000 | 7/31/2008 | 8.000 | % | 150,000 | |||||||||||
Class U |
12,000 | 3/24/2009 | 7.750 | % | 300,000 | |||||||||||
Class V [1] |
2,588 | 9/29/2009 | 8.000 | % | 64,688 | |||||||||||
Class Y |
3,450 | 12/21/2009 | 7.875 | % | 86,250 | |||||||||||
Class Z [2] |
824 | 7/29/2016 | 7.000 | % | 20,595 | |||||||||||
Series A Community Reinvestment Act [3] |
| 6/30/2011 | 1.500 | % | 47,000 | |||||||||||
Total perpetual preferred stock |
668,533 | |||||||||||||||
Preferred Partnership Units [4] |
3,061 | 8.096 | % | 82,515 | ||||||||||||
Total outstanding preferred securities |
$ | 751,048 | ||||||||||||||
As of | Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, 2011 | September 30, 2011 | ||||||||||||||||||
2011 | EPS | FFO | EPS | FFO | ||||||||||||||||
Class A Common Stock outstanding |
120,433 | 120,339 | 120,339 | 118,939 | 118,939 | |||||||||||||||
Dilutive securities: |
||||||||||||||||||||
Options and restricted stock |
373 | | 331 | | 330 | |||||||||||||||
Total shares and dilutive share equivalents |
120,806 | 120,339 | 120,670 | 118,939 | 119,269 | |||||||||||||||
Common Partnership Units and equivalents [5] |
8,290 | |||||||||||||||||||
Total shares, units and dilutive share equivalents |
129,096 | |||||||||||||||||||
[1] | During the third quarter, primarily using proceeds from the issuance of Class Z Preferred
Stock, Aimco redeemed 862,500 shares (25% of the amount outstanding) of the Class V Preferred
Stock for a redemption price of $25.00 per share, or $21.6 million in aggregate. |
|
[2] | During the third quarter, Aimco issued approximately 823,800 shares of Class Z Preferred Stock
for an average price of $24.21 per share. After underwriting discounts, commissions and
transaction costs, these issuances generated net proceeds of approximately $19.0 million. |
|
[3] | Represents 94 shares at a liquidation preference per share of $500,000. The remaining amount
at September 30, 2011, includes $10.0 million, which is subject to a repurchase agreement and
is classified within temporary equity in the consolidated balance sheet. The dividend rate is
a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the
beginning of each quarterly period. |
|
[4] | Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units. |
|
[5] | Includes the Aimco Operating Partnerships common OP Units and Class I High Performance Units,
which are included in noncontrolling interests in Aimco Operating Partnership in our
consolidated financial statements and Schedule 1. |
![]() |
19 |
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 3Q 2011 | 3Q 2010 | Growth | 3Q 2011 | 3Q 2010 | Growth | 3Q 2011 | 3Q 2010 | Growth | 3Q 2011 | 3Q 2011 | 3Q 2010 | 3Q 2011 | 3Q 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 19,343 | $ | 18,829 | 2.7 | % | $ | 5,493 | $ | 6,014 | -8.7 | % | $ | 13,850 | $ | 12,815 | 8.1 | % | 71.6 | % | 96.5 | % | 96.5 | % | $ | 2,030 | $ | 1,983 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 5,636 | 5,352 | 5.3 | % | 1,797 | 1,885 | -4.7 | % | 3,839 | 3,467 | 10.7 | % | 68.1 | % | 97.0 | % | 95.8 | % | 1,550 | 1,504 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,073 | 8,346 | 8,020 | 4.1 | % | 2,518 | 2,349 | 7.2 | % | 5,828 | 5,671 | 2.8 | % | 69.8 | % | 95.6 | % | 96.3 | % | 1,247 | 1,206 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,513 | 33,325 | 32,201 | 3.5 | % | 9,808 | 10,248 | -4.3 | % | 23,517 | 21,953 | 7.1 | % | 70.6 | % | 96.3 | % | 96.3 | % | 1,721 | 1,676 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 1,470 | 1,393 | 5.5 | % | 504 | 583 | -13.6 | % | 966 | 810 | 19.3 | % | 65.7 | % | 97.3 | % | 97.3 | % | 1,264 | 1,201 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 1,078 | 1,047 | 3.0 | % | 249 | 408 | -39.0 | % | 829 | 639 | 29.7 | % | 76.9 | % | 95.5 | % | 98.1 | % | 1,540 | 1,466 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 774 | 774 | 3,964 | 3,672 | 8.0 | % | 1,314 | 1,412 | -6.9 | % | 2,650 | 2,260 | 17.3 | % | 66.9 | % | 96.5 | % | 97.4 | % | 1,574 | 1,478 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,411 | 1,351 | 6,512 | 6,112 | 6.5 | % | 2,067 | 2,403 | -14.0 | % | 4,445 | 3,709 | 19.8 | % | 68.3 | % | 96.6 | % | 97.5 | % | 1,477 | 1,395 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 200 | 958 | 930 | 3.0 | % | 366 | 347 | 5.5 | % | 592 | 583 | 1.5 | % | 61.8 | % | 94.7 | % | 97.9 | % | 1,415 | 1,357 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
33 | 8,956 | 8,064 | 40,795 | 39,243 | 4.0 | % | 12,241 | 12,998 | -5.8 | % | 28,554 | 26,245 | 8.8 | % | 70.0 | % | 96.3 | % | 96.6 | % | 1,675 | 1,623 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 944 | 3,687 | 3,699 | -0.3 | % | 1,398 | 1,324 | 5.6 | % | 2,289 | 2,375 | -3.6 | % | 62.1 | % | 95.3 | % | 95.0 | % | 1,188 | 1,180 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVa MD |
15 | 6,711 | 6,592 | 26,449 | 24,942 | 6.0 | % | 9,236 | 8,192 | 12.7 | % | 17,213 | 16,750 | 2.8 | % | 65.1 | % | 96.2 | % | 96.9 | % | 1,276 | 1,206 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 11,082 | 10,587 | 4.7 | % | 4,228 | 3,988 | 6.0 | % | 6,854 | 6,599 | 3.9 | % | 61.8 | % | 96.8 | % | 95.5 | % | 1,156 | 1,139 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 14,304 | 13,802 | 3.6 | % | 6,124 | 5,863 | 4.5 | % | 8,180 | 7,939 | 3.0 | % | 57.2 | % | 94.7 | % | 95.3 | % | 1,255 | 1,223 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
32 | 14,514 | 14,032 | 55,522 | 53,030 | 4.7 | % | 20,986 | 19,367 | 8.4 | % | 34,536 | 33,663 | 2.6 | % | 62.2 | % | 95.9 | % | 96.0 | % | 1,238 | 1,194 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 12,209 | 11,701 | 4.3 | % | 4,796 | 4,663 | 2.9 | % | 7,413 | 7,038 | 5.3 | % | 60.7 | % | 96.1 | % | 95.8 | % | 1,579 | 1,546 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 2,343 | 2,322 | 0.9 | % | 1,159 | 893 | 29.8 | % | 1,184 | 1,429 | -17.1 | % | 50.5 | % | 94.7 | % | 94.1 | % | 807 | 826 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
7 | 2,051 | 2,051 | 4,899 | 4,799 | 2.1 | % | 2,187 | 2,060 | 6.2 | % | 2,712 | 2,739 | -1.0 | % | 55.4 | % | 95.6 | % | 95.4 | % | 720 | 720 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
5 | 1,455 | 1,388 | 3,277 | 3,253 | 0.7 | % | 1,453 | 1,283 | 13.3 | % | 1,824 | 1,970 | -7.4 | % | 55.7 | % | 94.7 | % | 94.7 | % | 707 | 710 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 4,207 | 4,146 | 1.5 | % | 2,034 | 1,809 | 12.4 | % | 2,173 | 2,337 | -7.0 | % | 51.7 | % | 95.0 | % | 97.3 | % | 772 | 761 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
24 | 8,513 | 8,334 | 26,935 | 26,221 | 2.7 | % | 11,629 | 10,708 | 8.6 | % | 15,306 | 15,513 | -1.3 | % | 56.8 | % | 95.4 | % | 95.6 | % | 988 | 978 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
6 | 2,509 | 2,050 | 4,498 | 4,536 | -0.8 | % | 2,027 | 2,091 | -3.1 | % | 2,471 | 2,445 | 1.1 | % | 54.9 | % | 91.3 | % | 93.7 | % | 687 | 693 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 1,731 | 5,515 | 5,151 | 7.1 | % | 1,678 | 1,668 | 0.6 | % | 3,837 | 3,483 | 10.2 | % | 69.6 | % | 97.1 | % | 97.8 | % | 875 | 822 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 2,605 | 5,865 | 5,558 | 5.5 | % | 2,464 | 2,390 | 3.1 | % | 3,401 | 3,168 | 7.4 | % | 58.0 | % | 95.2 | % | 96.3 | % | 663 | 637 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 1,322 | 1,313 | 0.7 | % | 666 | 674 | -1.2 | % | 656 | 639 | 2.7 | % | 49.6 | % | 93.6 | % | 96.5 | % | 716 | 695 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 2,439 | 2,323 | 5.0 | % | 775 | 836 | -7.3 | % | 1,664 | 1,487 | 11.9 | % | 68.2 | % | 96.5 | % | 96.8 | % | 926 | 893 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
56 | 17,777 | 16,111 | 46,574 | 45,102 | 3.3 | % | 19,239 | 18,367 | 4.7 | % | 27,335 | 26,735 | 2.2 | % | 58.7 | % | 95.0 | % | 95.8 | % | 866 | 847 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
12 | 3,804 | 3,643 | 13,158 | 12,967 | 1.5 | % | 5,024 | 4,174 | 20.4 | % | 8,134 | 8,793 | -7.5 | % | 61.8 | % | 94.2 | % | 96.7 | % | 1,121 | 1,088 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
133 | 45,051 | 41,850 | 156,049 | 150,342 | 3.8 | % | 57,490 | 54,906 | 4.7 | % | 98,559 | 95,436 | 3.3 | % | 63.2 | % | 95.5 | % | 96.1 | % | 1,170 | 1,134 | |||||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 2,261 | 2,251 | 0.4 | % | 857 | 839 | 2.1 | % | 1,404 | 1,412 | -0.6 | % | 62.1 | % | 95.7 | % | 96.4 | % | 1,176 | 1,162 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 865 | 2,484 | 2,405 | 3.3 | % | 1,017 | 897 | 13.4 | % | 1,467 | 1,508 | -2.7 | % | 59.1 | % | 95.8 | % | 95.7 | % | 863 | 840 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,406 | 4,409 | 4,329 | 1.8 | % | 1,424 | 1,405 | 1.4 | % | 2,985 | 2,924 | 2.1 | % | 67.7 | % | 96.6 | % | 96.6 | % | 955 | 946 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
17 | 8,848 | 8,769 | 21,507 | 21,093 | 2.0 | % | 9,343 | 9,198 | 1.6 | % | 12,164 | 11,895 | 2.3 | % | 56.6 | % | 93.6 | % | 95.6 | % | 745 | 726 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
29 | 12,158 | 11,668 | 30,661 | 30,078 | 1.9 | % | 12,641 | 12,339 | 2.4 | % | 18,020 | 17,739 | 1.6 | % | 58.8 | % | 94.3 | % | 95.8 | % | 808 | 789 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE
SALES TOTALS |
162 | 57,209 | 53,518 | $ | 186,710 | $ | 180,420 | 3.5 | % | $ | 70,131 | $ | 67,245 | 4.3 | % | $ | 116,579 | $ | 113,175 | 3.0 | % | 62.4 | % | 95.2 | % | 96.0 | % | $ | 1,094 | $ | 1,061 | |||||||||||||||||||||||||||||||||||||
![]() |
20 |
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 3Q 2011 | 2Q 2011 | Growth | 3Q 2011 | 2Q 2011 | Growth | 3Q 2011 | 2Q 2011 | Growth | 3Q 2011 | 3Q 2011 | 2Q 2011 | 3Q 2011 | 2Q 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 19,343 | $ | 18,952 | 2.1 | % | $ | 5,493 | $ | 5,532 | -0.7 | % | $ | 13,850 | $ | 13,420 | 3.2 | % | 71.6 | % | 96.5 | % | 96.6 | % | $ | 2,030 | $ | 1,992 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 5,636 | 5,576 | 1.1 | % | 1,797 | 1,620 | 10.9 | % | 3,839 | 3,956 | -3.0 | % | 68.1 | % | 97.0 | % | 97.9 | % | 1,550 | 1,522 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,073 | 8,346 | 8,166 | 2.2 | % | 2,518 | 2,351 | 7.1 | % | 5,828 | 5,815 | 0.2 | % | 69.8 | % | 95.6 | % | 95.7 | % | 1,247 | 1,229 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,513 | 33,325 | 32,694 | 1.9 | % | 9,808 | 9,503 | 3.2 | % | 23,517 | 23,191 | 1.4 | % | 70.6 | % | 96.3 | % | 96.5 | % | 1,721 | 1,691 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 1,470 | 1,443 | 1.9 | % | 504 | 538 | -6.3 | % | 966 | 905 | 6.7 | % | 65.7 | % | 97.3 | % | 98.5 | % | 1,264 | 1,233 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 1,078 | 1,071 | 0.7 | % | 249 | 395 | -37.0 | % | 829 | 676 | 22.6 | % | 76.9 | % | 95.5 | % | 97.1 | % | 1,540 | 1,494 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 774 | 774 | 3,964 | 3,817 | 3.9 | % | 1,314 | 1,361 | -3.5 | % | 2,650 | 2,456 | 7.9 | % | 66.9 | % | 96.5 | % | 97.3 | % | 1,574 | 1,526 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,411 | 1,351 | 6,512 | 6,331 | 2.9 | % | 2,067 | 2,294 | -9.9 | % | 4,445 | 4,037 | 10.1 | % | 68.3 | % | 96.6 | % | 97.6 | % | 1,477 | 1,435 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 200 | 958 | 963 | -0.5 | % | 366 | 318 | 15.1 | % | 592 | 645 | -8.2 | % | 61.8 | % | 94.7 | % | 97.4 | % | 1,415 | 1,388 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
33 | 8,956 | 8,064 | 40,795 | 39,988 | 2.0 | % | 12,241 | 12,115 | 1.0 | % | 28,554 | 27,873 | 2.4 | % | 70.0 | % | 96.3 | % | 96.7 | % | 1,675 | 1,642 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 944 | 3,687 | 3,687 | 0.0 | % | 1,398 | 1,298 | 7.7 | % | 2,289 | 2,389 | -4.2 | % | 62.1 | % | 95.3 | % | 95.1 | % | 1,188 | 1,183 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVa MD |
15 | 6,711 | 6,592 | 26,449 | 25,945 | 1.9 | % | 9,236 | 7,851 | 17.6 | % | 17,213 | 18,094 | -4.9 | % | 65.1 | % | 96.2 | % | 96.5 | % | 1,276 | 1,256 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 11,082 | 10,877 | 1.9 | % | 4,228 | 4,230 | 0.0 | % | 6,854 | 6,647 | 3.1 | % | 61.8 | % | 96.8 | % | 96.3 | % | 1,156 | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 14,304 | 13,938 | 2.6 | % | 6,124 | 6,019 | 1.7 | % | 8,180 | 7,919 | 3.3 | % | 57.2 | % | 94.7 | % | 95.2 | % | 1,255 | 1,236 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
32 | 14,514 | 14,032 | 55,522 | 54,447 | 2.0 | % | 20,986 | 19,398 | 8.2 | % | 34,536 | 35,049 | -1.5 | % | 62.2 | % | 95.9 | % | 96.0 | % | 1,238 | 1,223 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 12,209 | 11,991 | 1.8 | % | 4,796 | 4,483 | 7.0 | % | 7,413 | 7,508 | -1.3 | % | 60.7 | % | 96.1 | % | 96.4 | % | 1,579 | 1,556 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 2,343 | 2,332 | 0.5 | % | 1,159 | 1,073 | 8.0 | % | 1,184 | 1,259 | -6.0 | % | 50.5 | % | 94.7 | % | 96.5 | % | 807 | 798 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
7 | 2,051 | 2,051 | 4,899 | 4,837 | 1.3 | % | 2,187 | 2,013 | 8.6 | % | 2,712 | 2,824 | -4.0 | % | 55.4 | % | 95.6 | % | 95.2 | % | 720 | 721 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
5 | 1,455 | 1,388 | 3,277 | 3,239 | 1.2 | % | 1,453 | 1,388 | 4.7 | % | 1,824 | 1,851 | -1.5 | % | 55.7 | % | 94.7 | % | 94.5 | % | 707 | 706 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 4,207 | 4,069 | 3.4 | % | 2,034 | 1,868 | 8.9 | % | 2,173 | 2,201 | -1.3 | % | 51.7 | % | 95.0 | % | 94.9 | % | 772 | 762 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
24 | 8,513 | 8,334 | 26,935 | 26,468 | 1.8 | % | 11,629 | 10,825 | 7.4 | % | 15,306 | 15,643 | -2.2 | % | 56.8 | % | 95.4 | % | 95.5 | % | 988 | 979 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
6 | 2,509 | 2,050 | 4,498 | 4,562 | -1.4 | % | 2,027 | 1,998 | 1.5 | % | 2,471 | 2,564 | -3.6 | % | 54.9 | % | 91.3 | % | 93.1 | % | 687 | 693 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 1,731 | 5,515 | 5,241 | 5.2 | % | 1,678 | 1,685 | -0.4 | % | 3,837 | 3,556 | 7.9 | % | 69.6 | % | 97.1 | % | 97.4 | % | 875 | 847 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 2,605 | 5,865 | 5,634 | 4.1 | % | 2,464 | 2,194 | 12.3 | % | 3,401 | 3,440 | -1.1 | % | 58.0 | % | 95.2 | % | 95.9 | % | 663 | 648 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 1,322 | 1,325 | -0.2 | % | 666 | 574 | 16.0 | % | 656 | 751 | -12.6 | % | 49.6 | % | 93.6 | % | 95.6 | % | 716 | 705 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 2,439 | 2,419 | 0.8 | % | 775 | 794 | -2.4 | % | 1,664 | 1,625 | 2.4 | % | 68.2 | % | 96.5 | % | 97.9 | % | 926 | 908 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
56 | 17,777 | 16,111 | 46,574 | 45,649 | 2.0 | % | 19,239 | 18,070 | 6.5 | % | 27,335 | 27,579 | -0.9 | % | 58.7 | % | 95.0 | % | 95.6 | % | 866 | 854 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
12 | 3,804 | 3,643 | 13,158 | 13,162 | 0.0 | % | 5,024 | 4,915 | 2.2 | % | 8,134 | 8,247 | -1.4 | % | 61.8 | % | 94.2 | % | 97.0 | % | 1,121 | 1,104 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
133 | 45,051 | 41,850 | 156,049 | 153,246 | 1.8 | % | 57,490 | 54,498 | 5.5 | % | 98,559 | 98,748 | -0.2 | % | 63.2 | % | 95.5 | % | 96.1 | % | 1,170 | 1,152 | |||||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 2,261 | 2,201 | 2.7 | % | 857 | 787 | 8.9 | % | 1,404 | 1,414 | -0.7 | % | 62.1 | % | 95.7 | % | 95.4 | % | 1,176 | 1,160 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 865 | 2,484 | 2,461 | 0.9 | % | 1,017 | 867 | 17.3 | % | 1,467 | 1,594 | -8.0 | % | 59.1 | % | 95.8 | % | 95.0 | % | 863 | 869 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,406 | 4,409 | 4,458 | -1.1 | % | 1,424 | 1,352 | 5.3 | % | 2,985 | 3,106 | -3.9 | % | 67.7 | % | 96.6 | % | 94.9 | % | 955 | 968 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
17 | 8,848 | 8,769 | 21,507 | 21,469 | 0.2 | % | 9,343 | 9,100 | 2.7 | % | 12,164 | 12,369 | -1.7 | % | 56.6 | % | 93.6 | % | 95.2 | % | 745 | 737 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
29 | 12,158 | 11,668 | 30,661 | 30,589 | 0.2 | % | 12,641 | 12,106 | 4.4 | % | 18,020 | 18,483 | -2.5 | % | 58.8 | % | 94.3 | % | 95.2 | % | 808 | 802 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE
SALES TOTALS |
162 | 57,209 | 53,518 | $ | 186,710 | $ | 183,835 | 1.6 | % | $ | 70,131 | $ | 66,604 | 5.3 | % | $ | 116,579 | $ | 117,231 | -0.6 | % | 62.4 | % | 95.2 | % | 95.9 | % | $ | 1,094 | $ | 1,078 | |||||||||||||||||||||||||||||||||||||
![]() |
21 |
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Expenses | Net Operating Income | Margin | Occupancy | Rental Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | YTD 3Q | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Units | 2011 | 2010 | Growth | 2011 | 2010 | Growth | 2011 | 2010 | Growth | 2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
13 | 3,949 | 3,297 | $ | 57,078 | $ | 56,544 | 0.9 | % | $ | 16,881 | $ | 17,832 | -5.3 | % | $ | 40,197 | $ | 38,712 | 3.8 | % | 70.4 | % | 96.5 | % | 96.4 | % | $ | 2,000 | $ | 1,992 | |||||||||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 1,143 | 16,614 | 16,077 | 3.3 | % | 5,119 | 5,390 | -5.0 | % | 11,495 | 10,687 | 7.6 | % | 69.2 | % | 97.2 | % | 96.3 | % | 1,527 | 1,503 | |||||||||||||||||||||||||||||||||||||||||||||
San Diego |
6 | 2,144 | 2,073 | 24,514 | 23,501 | 4.3 | % | 7,015 | 7,164 | -2.1 | % | 17,499 | 16,337 | 7.1 | % | 71.4 | % | 95.7 | % | 95.6 | % | 1,231 | 1,195 | |||||||||||||||||||||||||||||||||||||||||||||
Southern CA Total |
23 | 7,306 | 6,513 | 98,206 | 96,122 | 2.2 | % | 29,015 | 30,386 | -4.5 | % | 69,191 | 65,736 | 5.3 | % | 70.5 | % | 96.4 | % | 96.1 | % | 1,697 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 353 | 4,335 | 4,174 | 3.9 | % | 1,600 | 1,777 | -10.0 | % | 2,735 | 2,397 | 14.1 | % | 63.1 | % | 97.7 | % | 97.4 | % | 1,241 | 1,196 | |||||||||||||||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 224 | 3,213 | 3,119 | 3.0 | % | 1,064 | 1,274 | -16.5 | % | 2,149 | 1,845 | 16.5 | % | 66.9 | % | 97.0 | % | 97.5 | % | 1,501 | 1,478 | |||||||||||||||||||||||||||||||||||||||||||||
San Francisco |
5 | 774 | 774 | 11,494 | 10,836 | 6.1 | % | 3,830 | 4,146 | -7.6 | % | 7,664 | 6,690 | 14.6 | % | 66.7 | % | 97.0 | % | 97.2 | % | 1,531 | 1,465 | |||||||||||||||||||||||||||||||||||||||||||||
Northern CA Total |
8 | 1,411 | 1,351 | 19,042 | 18,129 | 5.0 | % | 6,494 | 7,197 | -9.8 | % | 12,548 | 10,932 | 14.8 | % | 65.9 | % | 97.2 | % | 97.3 | % | 1,441 | 1,388 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 200 | 2,841 | 2,751 | 3.3 | % | 1,012 | 1,024 | -1.2 | % | 1,829 | 1,727 | 5.9 | % | 64.4 | % | 96.3 | % | 97.3 | % | 1,389 | 1,355 | |||||||||||||||||||||||||||||||||||||||||||||
Pacific Total |
33 | 8,956 | 8,064 | 120,089 | 117,002 | 2.6 | % | 36,521 | 38,607 | -5.4 | % | 83,568 | 78,395 | 6.6 | % | 69.6 | % | 96.5 | % | 96.3 | % | 1,648 | 1,623 | |||||||||||||||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 944 | 10,981 | 11,003 | -0.2 | % | 3,994 | 3,578 | 11.6 | % | 6,987 | 7,425 | -5.9 | % | 63.6 | % | 95.3 | % | 95.6 | % | 1,180 | 1,185 | |||||||||||||||||||||||||||||||||||||||||||||
Washington NoVa MD |
15 | 6,711 | 6,592 | 78,357 | 74,267 | 5.5 | % | 24,842 | 24,429 | 1.7 | % | 53,515 | 49,838 | 7.4 | % | 68.3 | % | 96.5 | % | 96.8 | % | 1,259 | 1,197 | |||||||||||||||||||||||||||||||||||||||||||||
Boston |
9 | 3,068 | 3,068 | 32,654 | 32,138 | 1.6 | % | 13,003 | 12,470 | 4.3 | % | 19,651 | 19,668 | -0.1 | % | 60.2 | % | 96.4 | % | 96.0 | % | 1,147 | 1,141 | |||||||||||||||||||||||||||||||||||||||||||||
Philadelphia |
6 | 3,573 | 3,428 | 42,390 | 41,564 | 2.0 | % | 18,287 | 17,810 | 2.7 | % | 24,103 | 23,754 | 1.5 | % | 56.9 | % | 95.3 | % | 95.3 | % | 1,239 | 1,218 | |||||||||||||||||||||||||||||||||||||||||||||
Northeast Total |
32 | 14,514 | 14,032 | 164,382 | 158,972 | 3.4 | % | 60,126 | 58,287 | 3.2 | % | 104,256 | 100,685 | 3.5 | % | 63.4 | % | 96.1 | % | 96.2 | % | 1,224 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||
Miami |
5 | 2,471 | 2,359 | 36,155 | 34,925 | 3.5 | % | 13,760 | 14,989 | -8.2 | % | 22,395 | 19,936 | 12.3 | % | 61.9 | % | 96.9 | % | 96.5 | % | 1,558 | 1,533 | |||||||||||||||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
3 | 893 | 893 | 7,012 | 7,078 | -0.9 | % | 3,335 | 3,139 | 6.2 | % | 3,677 | 3,939 | -6.7 | % | 52.4 | % | 95.8 | % | 94.3 | % | 802 | 831 | |||||||||||||||||||||||||||||||||||||||||||||
Orlando |
7 | 2,051 | 2,051 | 14,530 | 14,306 | 1.6 | % | 6,269 | 6,214 | 0.9 | % | 8,261 | 8,092 | 2.1 | % | 56.9 | % | 95.4 | % | 94.8 | % | 720 | 721 | |||||||||||||||||||||||||||||||||||||||||||||
Tampa |
5 | 1,455 | 1,388 | 9,773 | 9,858 | -0.9 | % | 4,227 | 4,200 | 0.6 | % | 5,546 | 5,658 | -2.0 | % | 56.7 | % | 95.2 | % | 95.1 | % | 704 | 715 | |||||||||||||||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 1,643 | 12,309 | 12,358 | -0.4 | % | 5,884 | 5,617 | 4.8 | % | 6,425 | 6,741 | -4.7 | % | 52.2 | % | 94.8 | % | 95.8 | % | 764 | 768 | |||||||||||||||||||||||||||||||||||||||||||||
Florida Total |
24 | 8,513 | 8,334 | 79,779 | 78,525 | 1.6 | % | 33,475 | 34,159 | -2.0 | % | 46,304 | 44,366 | 4.4 | % | 58.0 | % | 95.7 | % | 95.5 | % | 981 | 979 | |||||||||||||||||||||||||||||||||||||||||||||
Houston |
5 | 1,775 | 1,516 | 10,005 | 10,294 | -2.8 | % | 4,459 | 4,794 | -7.0 | % | 5,546 | 5,500 | 0.8 | % | 55.4 | % | 92.2 | % | 94.9 | % | 684 | 696 | |||||||||||||||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 1,731 | 15,903 | 15,123 | 5.2 | % | 4,915 | 5,081 | -3.3 | % | 10,988 | 10,042 | 9.4 | % | 69.1 | % | 97.5 | % | 96.7 | % | 853 | 821 | |||||||||||||||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 2,605 | 17,045 | 16,461 | 3.5 | % | 6,762 | 7,039 | -3.9 | % | 10,283 | 9,422 | 9.1 | % | 60.3 | % | 96.3 | % | 95.2 | % | 649 | 645 | |||||||||||||||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 569 | 3,973 | 3,937 | 0.9 | % | 1,880 | 2,003 | -6.1 | % | 2,093 | 1,934 | 8.2 | % | 52.7 | % | 95.4 | % | 96.2 | % | 707 | 697 | |||||||||||||||||||||||||||||||||||||||||||||
Atlanta |
4 | 992 | 822 | 7,218 | 6,955 | 3.8 | % | 2,447 | 2,582 | -5.2 | % | 4,771 | 4,373 | 9.1 | % | 66.1 | % | 97.4 | % | 96.3 | % | 911 | 890 | |||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Total |
55 | 17,043 | 15,577 | 133,923 | 131,295 | 2.0 | % | 53,938 | 55,658 | -3.1 | % | 79,985 | 75,637 | 5.7 | % | 59.7 | % | 95.8 | % | 95.6 | % | 862 | 856 | |||||||||||||||||||||||||||||||||||||||||||||
Chicago |
12 | 3,804 | 3,643 | 39,465 | 38,898 | 1.5 | % | 14,437 | 14,797 | -2.4 | % | 25,028 | 24,101 | 3.8 | % | 63.4 | % | 96.1 | % | 96.3 | % | 1,106 | 1,091 | |||||||||||||||||||||||||||||||||||||||||||||
Total Target Markets |
132 | 44,317 | 41,316 | 457,859 | 446,167 | 2.6 | % | 165,022 | 167,349 | -1.4 | % | 292,837 | 278,818 | 5.0 | % | 64.0 | % | 96.1 | % | 96.0 | % | 1,161 | 1,141 | |||||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
3 | 701 | 628 | 6,873 | 6,585 | 4.4 | % | 2,517 | 2,799 | -10.1 | % | 4,356 | 3,786 | 15.1 | % | 63.4 | % | 96.0 | % | 95.8 | % | 1,163 | 1,113 | |||||||||||||||||||||||||||||||||||||||||||||
Nashville |
3 | 764 | 620 | 5,618 | 5,566 | 0.9 | % | 2,065 | 2,202 | -6.2 | % | 3,553 | 3,364 | 5.6 | % | 63.2 | % | 95.7 | % | 97.2 | % | 915 | 895 | |||||||||||||||||||||||||||||||||||||||||||||
Norfolk Richmond |
5 | 1,495 | 1,406 | 13,260 | 12,965 | 2.3 | % | 4,014 | 4,031 | -0.4 | % | 9,246 | 8,934 | 3.5 | % | 69.7 | % | 95.9 | % | 96.0 | % | 958 | 947 | |||||||||||||||||||||||||||||||||||||||||||||
Other Markets |
17 | 8,848 | 8,770 | 64,374 | 63,280 | 1.7 | % | 28,397 | 28,354 | 0.2 | % | 35,977 | 34,926 | 3.0 | % | 55.9 | % | 95.1 | % | 95.6 | % | 736 | 725 | |||||||||||||||||||||||||||||||||||||||||||||
Total Other |
28 | 11,808 | 11,424 | 90,125 | 88,396 | 2.0 | % | 36,993 | 37,386 | -1.1 | % | 53,132 | 51,010 | 4.2 | % | 59.0 | % | 95.3 | % | 95.7 | % | 801 | 788 | |||||||||||||||||||||||||||||||||||||||||||||
CONVENTIONAL SAME STORE
SALES TOTALS |
160 | 56,125 | 52,740 | $ | 547,984 | $ | 534,563 | 2.5 | % | $ | 202,015 | $ | 204,735 | -1.3 | % | $ | 345,969 | $ | 329,828 | 4.9 | % | 63.1 | % | 95.9 | % | 95.9 | % | $ | 1,086 | $ | 1,067 | |||||||||||||||||||||||||||||||||||||
![]() |
22 |
Quarter Ended September 30, 2011 | Quarter Ended September 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective | Effective | |||||||||||||||||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Average Rent | Properties | Units | Ownership | Units | % AIV NOI | Average Rent | |||||||||||||||||||||||||||||||||||||
Target Markets |
||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles |
14 | 4,645 | 86 | % | 3,993 | 11.0 | % | $ | 2,030 | 14 | 4,645 | 86 | % | 3,993 | 10.1 | % | $ | 1,983 | ||||||||||||||||||||||||||||||
Orange County |
4 | 1,213 | 94 | % | 1,143 | 3.0 | % | 1,550 | 4 | 1,213 | 94 | % | 1,143 | 2.7 | % | 1,504 | ||||||||||||||||||||||||||||||||
San Diego |
10 | 2,286 | 94 | % | 2,145 | 4.8 | % | 1,247 | 6 | 2,142 | 97 | % | 2,072 | 4.4 | % | 1,207 | ||||||||||||||||||||||||||||||||
Southern CA Total |
28 | 8,144 | 89 | % | 7,281 | 18.8 | % | 1,721 | 24 | 8,000 | 90 | % | 7,208 | 17.2 | % | 1,676 | ||||||||||||||||||||||||||||||||
East Bay |
2 | 413 | 85 | % | 353 | 0.8 | % | 1,264 | 2 | 413 | 85 | % | 353 | 0.6 | % | 1,201 | ||||||||||||||||||||||||||||||||
San Francisco |
7 | 1,208 | 100 | % | 1,208 | 2.1 | % | 1,574 | 6 | 1,083 | 100 | % | 1,083 | 1.8 | % | 1,476 | ||||||||||||||||||||||||||||||||
San Jose |
1 | 224 | 100 | % | 224 | 0.7 | % | 1,540 | 1 | 224 | 100 | % | 224 | 0.5 | % | 1,466 | ||||||||||||||||||||||||||||||||
Northern CA Total |
10 | 1,845 | 97 | % | 1,785 | 3.6 | % | 1,477 | 9 | 1,720 | 97 | % | 1,660 | 2.9 | % | 1,394 | ||||||||||||||||||||||||||||||||
Seattle |
2 | 239 | 84 | % | 200 | 0.5 | % | 1,415 | 3 | 413 | 75 | % | 310 | 0.6 | % | 1,206 | ||||||||||||||||||||||||||||||||
Pacific Total |
40 | 10,228 | 91 | % | 9,266 | 22.9 | % | 1,675 | 36 | 10,133 | 91 | % | 9,178 | 20.7 | % | 1,611 | ||||||||||||||||||||||||||||||||
Manhattan |
22 | 957 | 100 | % | 957 | 2.6 | % | 2,461 | 22 | 957 | 100 | % | 955 | 3.2 | % | 2,419 | ||||||||||||||||||||||||||||||||
Suburban New York New Jersey |
2 | 1,162 | 81 | % | 944 | 1.8 | % | 1,188 | 4 | 1,162 | 81 | % | 944 | 1.9 | % | 1,180 | ||||||||||||||||||||||||||||||||
New York Total |
24 | 2,119 | 90 | % | 1,901 | 4.4 | % | 1,766 | 26 | 2,119 | 90 | % | 1,899 | 5.1 | % | 1,742 | ||||||||||||||||||||||||||||||||
Washington NoVA MD |
17 | 8,015 | 88 | % | 7,048 | 13.9 | % | 1,276 | 17 | 8,015 | 84 | % | 6,744 | 12.9 | % | 1,206 | ||||||||||||||||||||||||||||||||
Boston |
11 | 4,129 | 100 | % | 4,129 | 7.3 | % | 1,174 | 11 | 4,129 | 100 | % | 4,129 | 7.2 | % | 1,158 | ||||||||||||||||||||||||||||||||
Philadelphia |
7 | 3,888 | 94 | % | 3,664 | 6.9 | % | 1,260 | 7 | 3,888 | 91 | % | 3,541 | 6.3 | % | 1,224 | ||||||||||||||||||||||||||||||||
Northeast Total |
59 | 18,151 | 92 | % | 16,742 | 32.5 | % | 1,309 | 61 | 18,151 | 90 | % | 16,313 | 31.5 | % | 1,266 | ||||||||||||||||||||||||||||||||
Miami |
5 | 2,474 | 95 | % | 2,362 | 5.8 | % | 1,579 | 5 | 2,471 | 95 | % | 2,359 | 5.5 | % | 1,546 | ||||||||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
4 | 1,265 | 100 | % | 1,265 | 1.3 | % | 827 | 4 | 1,265 | 93 | % | 1,179 | 1.4 | % | 838 | ||||||||||||||||||||||||||||||||
Orlando |
8 | 2,651 | 100 | % | 2,651 | 2.4 | % | 726 | 10 | 3,000 | 90 | % | 2,708 | 2.9 | % | 723 | ||||||||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 96 | % | 1,688 | 1.7 | % | 713 | 6 | 1,755 | 92 | % | 1,621 | 1.8 | % | 718 | ||||||||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 100 | % | 1,643 | 1.7 | % | 772 | 4 | 1,643 | 85 | % | 1,404 | 1.5 | % | 763 | ||||||||||||||||||||||||||||||||
Florida Total |
27 | 9,788 | 98 | % | 9,609 | 12.9 | % | 970 | 29 | 10,134 | 91 | % | 9,271 | 13.1 | % | 945 | ||||||||||||||||||||||||||||||||
Houston |
6 | 2,509 | 82 | % | 2,050 | 2.0 | % | 687 | 8 | 3,027 | 83 | % | 2,505 | 2.0 | % | 673 | ||||||||||||||||||||||||||||||||
Denver |
8 | 2,177 | 80 | % | 1,731 | 3.0 | % | 875 | 9 | 2,553 | 78 | % | 1,991 | 2.9 | % | 783 | ||||||||||||||||||||||||||||||||
Phoenix |
12 | 3,017 | 86 | % | 2,605 | 2.7 | % | 663 | 17 | 4,418 | 89 | % | 3,910 | 3.2 | % | 594 | ||||||||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 100 | % | 569 | 0.5 | % | 716 | 2 | 569 | 100 | % | 569 | 0.5 | % | 695 | ||||||||||||||||||||||||||||||||
Atlanta |
5 | 1,295 | 87 | % | 1,125 | 1.8 | % | 894 | 5 | 1,295 | 80 | % | 1,041 | 1.2 | % | 865 | ||||||||||||||||||||||||||||||||
Sunbelt Total |
60 | 19,355 | 91 | % | 17,689 | 22.9 | % | 861 | 70 | 21,996 | 88 | % | 19,287 | 22.9 | % | 808 | ||||||||||||||||||||||||||||||||
Chicago |
13 | 3,993 | 96 | % | 3,832 | 6.9 | % | 1,156 | 15 | 4,633 | 94 | % | 4,348 | 8.0 | % | 1,087 | ||||||||||||||||||||||||||||||||
Total Target Markets |
172 | 51,727 | 92 | % | 47,529 | 85.2 | % | 1,191 | 182 | 54,913 | 89 | % | 49,126 | 83.1 | % | 1,120 | ||||||||||||||||||||||||||||||||
Other [1] |
||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore |
5 | 1,180 | 84 | % | 993 | 1.5 | % | 1,091 | 5 | 1,180 | 84 | % | 993 | 1.5 | % | 1,072 | ||||||||||||||||||||||||||||||||
Inland Empire |
2 | 376 | 100 | % | 376 | 0.4 | % | 763 | 2 | 376 | 100 | % | 376 | 0.4 | % | 762 | ||||||||||||||||||||||||||||||||
Michigan |
3 | 3,306 | 100 | % | 3,306 | 3.0 | % | 598 | 5 | 3,688 | 96 | % | 3,538 | 3.0 | % | 614 | ||||||||||||||||||||||||||||||||
Minneapolis |
2 | 732 | 89 | % | 651 | 1.7 | % | 1,516 | 2 | 732 | 89 | % | 651 | 1.7 | % | 1,453 | ||||||||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 78 | % | 865 | 1.2 | % | 863 | 4 | 1,114 | 77 | % | 861 | 1.2 | % | 834 | ||||||||||||||||||||||||||||||||
Non-Target Florida |
5 | 1,202 | 100 | % | 1,202 | 1.2 | % | 675 | 9 | 2,004 | 100 | % | 2,004 | 1.8 | % | 641 | ||||||||||||||||||||||||||||||||
Norfolk Richmond |
6 | 1,643 | 95 | % | 1,554 | 2.5 | % | 940 | 6 | 1,643 | 94 | % | 1,551 | 2.5 | % | 934 | ||||||||||||||||||||||||||||||||
Providence RI |
2 | 708 | 100 | % | 708 | 1.2 | % | 1,087 | 2 | 708 | 100 | % | 708 | 1.2 | % | 1,073 | ||||||||||||||||||||||||||||||||
Other Markets |
4 | 2,793 | 94 | % | 2,636 | 2.1 | % | 643 | 10 | 4,486 | 92 | % | 4,128 | 3.6 | % | 654 | ||||||||||||||||||||||||||||||||
Total Other |
33 | 13,054 | 94 | % | 12,291 | 14.8 | % | 810 | 45 | 15,931 | 93 | % | 14,810 | 16.9 | % | 774 | ||||||||||||||||||||||||||||||||
Grand Total |
205 | 64,781 | 92 | % | 59,820 | 100.0 | % | $ | 1,112 | 227 | 70,844 | 90 | % | 63,936 | 100.0 | % | $ | 1,040 | ||||||||||||||||||||||||||||||
[1] | For the quarters ended September 30, 2011 and 2010, Aimcos conventional portfolio included
assets in 15 and 17 markets, respectively, in which Aimco invests on an opportunistic basis or
that Aimco intends to exit. |
![]() |
23 |
Quarter Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||
2011 - 2013 | |||||||||||||||||||||||||||||||||||||||
+/- Market | Projected | ||||||||||||||||||||||||||||||||||||||
Effective | Average | Market | Rent | Revenue | |||||||||||||||||||||||||||||||||||
Properties | Units | Ownership | Units | % AIV NOI | Rent | Rent [1] | Average | Growth [2] | |||||||||||||||||||||||||||||||
Target Markets |
|||||||||||||||||||||||||||||||||||||||
Los Angeles |
14 | 4,645 | 86 | % | 3,993 | 10.3 | % | $ | 1,992 | $ | 1,353 | 47.3 | % | 4.6 | % | ||||||||||||||||||||||||
Orange County |
4 | 1,213 | 94 | % | 1,143 | 3.0 | % | 1,522 | 1,478 | 3.0 | % | 5.4 | % | ||||||||||||||||||||||||||
San Diego |
10 | 2,286 | 94 | % | 2,144 | 4.4 | % | 1,229 | 1,309 | -6.1 | % | 5.0 | % | ||||||||||||||||||||||||||
Southern CA Total |
28 | 8,144 | 89 | % | 7,280 | 17.7 | % | 1,691 | 1,361 | 24.3 | % | 4.8 | % | ||||||||||||||||||||||||||
East Bay |
2 | 413 | 85 | % | 353 | 0.7 | % | 1,233 | 1,290 | -4.4 | % | 5.4 | % | ||||||||||||||||||||||||||
San Francisco |
6 | 1,084 | 100 | % | 1,084 | 1.9 | % | 1,522 | 1,807 | -15.8 | % | 6.4 | % | ||||||||||||||||||||||||||
San Jose |
1 | 224 | 100 | % | 224 | 0.5 | % | 1,494 | 1,501 | -0.5 | % | 8.6 | % | ||||||||||||||||||||||||||
Northern CA Total |
9 | 1,721 | 97 | % | 1,661 | 3.1 | % | 1,433 | 1,607 | -10.9 | % | 6.5 | % | ||||||||||||||||||||||||||
Seattle |
2 | 239 | 84 | % | 200 | 0.5 | % | 1,388 | 987 | 40.7 | % | 5.1 | % | ||||||||||||||||||||||||||
Pacific Total |
39 | 10,104 | 90 | % | 9,141 | 21.2 | % | 1,642 | 1,390 | 18.1 | % | 5.1 | % | ||||||||||||||||||||||||||
Manhattan |
22 | 957 | 100 | % | 957 | 3.6 | % | 2,434 | 2,826 | -13.9 | % | 5.6 | % | ||||||||||||||||||||||||||
Suburban New York New Jersey |
4 | 1,162 | 81 | % | 944 | 1.8 | % | 1,183 | 1,464 | -19.2 | % | 3.7 | % | ||||||||||||||||||||||||||
New York Total |
26 | 2,119 | 90 | % | 1,901 | 5.4 | % | 1,755 | 2,079 | -15.6 | % | 4.9 | % | ||||||||||||||||||||||||||
Washington NoVA MD |
17 | 8,015 | 88 | % | 7,048 | 14.1 | % | 1,256 | 1,414 | -11.2 | % | 4.5 | % | ||||||||||||||||||||||||||
Boston |
11 | 4,129 | 100 | % | 4,129 | 7.0 | % | 1,171 | 1,665 | -29.7 | % | 5.2 | % | ||||||||||||||||||||||||||
Philadelphia |
7 | 3,888 | 94 | % | 3,664 | 6.5 | % | 1,235 | 1,014 | 21.8 | % | 4.0 | % | ||||||||||||||||||||||||||
Northeast Total |
61 | 18,151 | 92 | % | 16,742 | 32.9 | % | 1,293 | 1,467 | -11.8 | % | 4.6 | % | ||||||||||||||||||||||||||
Miami |
5 | 2,474 | 95 | % | 2,362 | 5.7 | % | 1,554 | 1,033 | 50.4 | % | 4.1 | % | ||||||||||||||||||||||||||
Palm Beach Fort Lauderdale |
4 | 1,265 | 100 | % | 1,265 | 1.2 | % | 817 | 1,053 | -22.4 | % | 4.2 | % | ||||||||||||||||||||||||||
Orlando |
9 | 2,836 | 98 | % | 2,774 | 2.6 | % | 723 | 814 | -11.2 | % | 5.2 | % | ||||||||||||||||||||||||||
Tampa |
6 | 1,755 | 96 | % | 1,688 | 1.7 | % | 713 | 797 | -10.6 | % | 4.9 | % | ||||||||||||||||||||||||||
Jacksonville |
4 | 1,643 | 100 | % | 1,643 | 1.7 | % | 762 | 759 | 0.4 | % | 4.5 | % | ||||||||||||||||||||||||||
Florida Total |
28 | 9,973 | 98 | % | 9,732 | 13.0 | % | 953 | 887 | 7.5 | % | 4.5 | % | ||||||||||||||||||||||||||
Houston |
6 | 2,509 | 82 | % | 2,050 | 2.0 | % | 691 | 737 | -6.3 | % | 5.5 | % | ||||||||||||||||||||||||||
Denver |
9 | 2,553 | 78 | % | 1,991 | 2.9 | % | 808 | 823 | -1.9 | % | 5.3 | % | ||||||||||||||||||||||||||
Phoenix |
14 | 3,617 | 86 | % | 3,109 | 3.0 | % | 632 | 689 | -8.2 | % | 5.7 | % | ||||||||||||||||||||||||||
Dallas Fort Worth |
2 | 569 | 100 | % | 569 | 0.6 | % | 705 | 758 | -6.9 | % | 5.2 | % | ||||||||||||||||||||||||||
Atlanta |
5 | 1,295 | 87 | % | 1,125 | 1.5 | % | 875 | 762 | 14.8 | % | 4.7 | % | ||||||||||||||||||||||||||
Sunbelt Total |
64 | 20,516 | 91 | % | 18,576 | 22.9 | % | 833 | 814 | 2.4 | % | 4.9 | % | ||||||||||||||||||||||||||
Chicago |
15 | 4,633 | 97 | % | 4,472 | 7.7 | % | 1,107 | 1,003 | 10.4 | % | 4.6 | % | ||||||||||||||||||||||||||
Total Target Markets |
179 | 53,404 | 92 | % | 48,931 | 84.8 | % | 1,155 | 1,148 | 0.6 | % | 4.8 | % | ||||||||||||||||||||||||||
Other |
|||||||||||||||||||||||||||||||||||||||
Baltimore |
5 | 1,180 | 84 | % | 993 | 1.6 | % | 1,084 | 981 | 10.5 | % | 4.2 | % | ||||||||||||||||||||||||||
Inland Empire |
2 | 376 | 100 | % | 376 | 0.4 | % | 753 | 1,007 | -25.2 | % | 4.8 | % | ||||||||||||||||||||||||||
Michigan |
3 | 3,303 | 100 | % | 3,303 | 2.8 | % | 588 | 770 | -23.6 | % | 3.7 | % | ||||||||||||||||||||||||||
Minneapolis |
2 | 732 | 89 | % | 651 | 1.7 | % | 1,476 | 916 | 61.1 | % | 4.3 | % | ||||||||||||||||||||||||||
Nashville |
4 | 1,114 | 78 | % | 865 | 1.2 | % | 848 | 716 | 18.4 | % | 4.1 | % | ||||||||||||||||||||||||||
Non-Target Florida |
8 | 1,796 | 100 | % | 1,796 | 1.6 | % | 640 | 882 | -27.5 | % | 4.8 | % | ||||||||||||||||||||||||||
Norfolk Richmond |
6 | 1,643 | 95 | % | 1,554 | 2.5 | % | 953 | 839 | 13.6 | % | 3.2 | % | ||||||||||||||||||||||||||
Providence RI |
2 | 708 | 100 | % | 708 | 1.1 | % | 1,081 | 1,159 | -6.7 | % | 5.4 | % | ||||||||||||||||||||||||||
Other Markets |
4 | 2,793 | 94 | % | 2,634 | 2.4 | % | 651 | 708 | -8.1 | % | 4.4 | % | ||||||||||||||||||||||||||
Total Other |
36 | 13,645 | 94 | % | 12,880 | 15.2 | % | 794 | 829 | -4.2 | % | 4.1 | % | ||||||||||||||||||||||||||
Grand Total |
215 | 67,049 | 92 | % | 61,811 | 100.0 | % | $ | 1,079 | $ | 1,081 | -0.2 | % | 4.7 | % | ||||||||||||||||||||||||
[1] | 2Q 2011 REIS |
|
[2] | Represents the average of annual revenue growth projections published by REIS, PPR and
Axiometrics, third-party providers of commercial real estate
information and analyses. |
![]() |
24 |
Number | Number | Weighted | NOI | Aimco | Aimco | |||||||||||||||||||||||||||||||||||
of | of | Average | Gross | Cap | Property | Net Sales | Gross | Net | Average | |||||||||||||||||||||||||||||||
Properties | Units | Ownership | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | |||||||||||||||||||||||||||||||
Conventional |
9 | 2,395 | 89 | % | $ | 136.7 | 7.4 | % | $ | 71.1 | $ | 53.8 | $ | 121.5 | $ | 54.3 | $ | 659 | ||||||||||||||||||||||
Affordable |
3 | 266 | 43 | % | $ | 17.8 | 8.3 | % | $ | 6.4 | $ | 10.1 | $ | 4.5 | $ | 6.1 | $ | 953 | ||||||||||||||||||||||
Total Dispositions |
12 | 2,661 | 84 | % | $ | 154.5 | 7.4 | % | $ | 77.5 | $ | 63.9 | $ | 126.0 | $ | 60.4 | $ | 690 | ||||||||||||||||||||||
Number | Number | Weighted | NOI | Aimco | Aimco | |||||||||||||||||||||||||||||||||||
of | of | Average | Gross | Cap | Property | Net Sales | Gross | Net | Average | |||||||||||||||||||||||||||||||
Properties | Units | Ownership | Proceeds | Rate [1] | Debt | Proceeds [2] | Proceeds | Proceeds | Rent | |||||||||||||||||||||||||||||||
Conventional [3] |
18 | 4,614 | 88 | % | $ | 241.0 | 7.2 | % | $ | 129.4 | $ | 84.0 | $ | 211.4 | $ | 86.3 | $ | 637 | ||||||||||||||||||||||
Affordable |
15 | 1,559 | 34 | % | $ | 52.2 | 8.4 | % | $ | 27.1 | $ | 21.6 | $ | 19.7 | $ | 14.6 | $ | 674 | ||||||||||||||||||||||
Total Dispositions |
33 | 6,173 | 75 | % | $ | 293.2 | 7.3 | % | $ | 156.5 | $ | 105.6 | $ | 231.1 | $ | 100.9 | $ | 646 | ||||||||||||||||||||||
[1] | NOI Cap Rate is calculated based on Aimcos share of the the trailing twelve month NOI prior
to sale, less a 3.5% management fee, divided by the gross proceeds, which excludes prepayment
penalties associated with the related property debt. |
|
[2] | Net Sales Proceeds are after repayment of existing debt, net working capital settlements,
payment of transaction costs and debt prepayment penalties. |
|
[3] | Year-to-date, Aimco has disposed of Conventional Properties in the following markets: |
Market | Properties | Units | ||||||
Target: |
||||||||
Chicago |
2 | 640 | ||||||
Denver |
1 | 376 | ||||||
Houston |
1 | 326 | ||||||
Orlando |
1 | 185 | ||||||
Phoenix |
5 | 1,402 | ||||||
Seattle |
1 | 174 | ||||||
Total Target |
11 | 3,103 | ||||||
Other: |
||||||||
Cincinnati |
1 | 231 | ||||||
Daytona Beach FL |
1 | 208 | ||||||
Indianapolis Fort Wayne |
1 | 328 | ||||||
Lima, OH |
1 | 150 | ||||||
Melbourne FL |
3 | 594 | ||||||
Total Other |
7 | 1,511 | ||||||
Total Sales |
18 | 4,614 | ||||||
![]() |
25 |
| properties sold during the period or properties held for sale at the end of the period; |
| properties that are not multi-family such as commercial properties or fitness facilities;
and |
| properties that Aimco owns but does not manage. |
Actual Additions | Actual Additions | |||||||||||||||||||||||
Three Months Ended September 30, 2011 | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||
Conventional | Affordable | Total | Conventional | Affordable | Total | |||||||||||||||||||
Capital Additions |
||||||||||||||||||||||||
Capital Replacements |
||||||||||||||||||||||||
Buildings and grounds |
$ | 12,949 | $ | 1,363 | $ | 14,312 | $ | 25,777 | $ | 4,052 | $ | 29,829 | ||||||||||||
Turnover capital additions |
5,807 | 1,096 | 6,903 | 13,646 | 3,200 | 16,846 | ||||||||||||||||||
Capitalized site payroll and indirect costs |
1,480 | 170 | 1,650 | 6,328 | 934 | 7,262 | ||||||||||||||||||
Total Capital Replacements |
20,236 | 2,629 | 22,865 | 45,751 | 8,186 | 53,937 | ||||||||||||||||||
Capital Improvements |
20,811 | 827 | 21,638 | 35,522 | 3,113 | 38,635 | ||||||||||||||||||
Redevelopment Additions |
7,553 | (33 | ) | 7,520 | 19,679 | (224 | ) | 19,455 | ||||||||||||||||
Casualties |
3,089 | 572 | 3,661 | 8,300 | 1,141 | 9,441 | ||||||||||||||||||
Total Capital Additions |
$ | 51,689 | $ | 3,995 | $ | 55,684 | $ | 109,252 | $ | 12,216 | $ | 121,468 | ||||||||||||
Capital Replacements and Improvements per Unit |
||||||||||||||||||||||||
Total units |
63,335 | 18,864 | 82,199 | 63,335 | 18,864 | 82,199 | ||||||||||||||||||
Total Capital Replacements per unit |
$ | 320 | $ | 139 | $ | 278 | $ | 722 | $ | 434 | $ | 656 | ||||||||||||
Capital Improvements per unit |
329 | 44 | 263 | 561 | 165 | 470 | ||||||||||||||||||
Total Capital Replacements and Improvements per unit |
$ | 649 | $ | 183 | $ | 541 | $ | 1,283 | $ | 599 | $ | 1,126 | ||||||||||||
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26 |
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27 |
| consolidated properties sold during the period or properties held for sale at the end of
the period; |
||
| consolidated properties that are not multi-family such as commercial properties or fitness
facilities; or |
||
| consolidated properties that Aimco owns but does not manage.
|
Three Months Ended | Nine Months Ended | |||||||
(in thousands) (unaudited) | September 30, 2011 | September 30, 2011 | ||||||
Capital Additions per Schedule 9 |
$ | 55,684 | $ | 121,468 | ||||
Capital additions related to: |
||||||||
Unconsolidated real estate partnerships |
(117 | ) | (243 | ) | ||||
Consolidated sold and held for sale properties |
257 | 1,709 | ||||||
Consolidated properties Aimco owns but does not manage |
309 | 472 | ||||||
Consolidated capital additions |
$ | 56,133 | $ | 123,406 | ||||
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28 |
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29 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) (unaudited) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net loss attributable to Aimco common stockholders |
$ | (14,801 | ) | $ | (28,500 | ) | $ | (79,751 | ) | $ | (86,891 | ) | ||||
Adjustments: |
||||||||||||||||
Depreciation and amortization |
97,321 | 101,704 | 287,739 | 305,066 | ||||||||||||
Depreciation and amortization related to non-real estate assets |
(3,372 | ) | (3,498 | ) | (9,833 | ) | (11,238 | ) | ||||||||
Depreciation of rental property related to noncontrolling partners
and
unconsolidated entities |
(7,553 | ) | (8,706 | ) | (24,957 | ) | (29,768 | ) | ||||||||
(Gain) loss on dispositions of unconsolidated real estate and other,
net of noncontrolling partners interest |
(245 | ) | 2,294 | (1,038 | ) | 1,196 | ||||||||||
Discontinued operations: |
||||||||||||||||
Gain on dispositions of real estate, net of noncontrolling
partners interest |
(24,200 | ) | (13,375 | ) | (43,598 | ) | (52,853 | ) | ||||||||
Depreciation of rental property, net of noncontrolling partners
interest |
847 | 5,051 | 6,653 | 17,093 | ||||||||||||
Income tax expense (benefit) arising from disposals |
(37 | ) | (48 | ) | 223 | (948 | ) | |||||||||
Common noncontrolling interests in Aimco Operating Partnerships
share
of above adjustments |
(4,198 | ) | (5,788 | ) | (14,744 | ) | (15,891 | ) | ||||||||
Preferred stock dividends |
12,513 | 13,576 | 37,390 | 39,405 | ||||||||||||
Preferred stock redemption related amounts |
788 | | (1,961 | ) | (2,779 | ) | ||||||||||
Amounts allocable to partcipating securities |
58 | 2 | 169 | | ||||||||||||
Funds From Operations |
$ | 57,121 | $ | 62,712 | $ | 156,292 | $ | 162,392 | ||||||||
Preferred stock dividends |
(12,513 | ) | (13,576 | ) | (37,390 | ) | (39,405 | ) | ||||||||
Preferred stock redemption related amounts |
(788 | ) | | 1,961 | 2,779 | |||||||||||
Amounts allocable to participating securities |
(175 | ) | (193 | ) | (527 | ) | (537 | ) | ||||||||
Funds From Operations Attributable to Aimco Common
Stockholders Diluted |
$ | 43,645 | $ | 48,943 | $ | 120,336 | $ | 125,229 | ||||||||
Operating real estate impairment losses, net of noncontrolling
partners
interest and related income tax benefit |
5,770 | (697 | ) | 9,950 | 11,214 | |||||||||||
Preferred equity redemption related amounts |
788 | (1,765 | ) | (1,961 | ) | (4,544 | ) | |||||||||
Common noncontrolling interests in Aimco Operating Partnerships
share of
above adjustments |
(448 | ) | 172 | (547 | ) | (464 | ) | |||||||||
Amounts allocable to participating securities |
(24 | ) | 12 | (34 | ) | (33 | ) | |||||||||
Pro Forma Funds From Operations Attributable to Aimco Common
Stockholders Diluted |
$ | 49,731 | $ | 46,665 | $ | 127,744 | $ | 131,402 | ||||||||
Capital Replacements, net of common noncontrolling interests in Aimco
Operating Partnership |
(20,416 | ) | (16,866 | ) | (48,111 | ) | (44,692 | ) | ||||||||
Amounts allocable to participating securities |
142 | 86 | 392 | 234 | ||||||||||||
Adjusted Funds From Operations Attributable to Aimco Common
Stockholders Diluted |
$ | 29,457 | $ | 29,885 | $ | 80,025 | $ | 86,944 | ||||||||
Weighted average shares diluted FFO |
120,670 | 116,730 | 119,269 | 116,574 | ||||||||||||
Funds From Operations per share (diluted) |
$ | 0.36 | $ | 0.42 | $ | 1.01 | $ | 1.07 | ||||||||
Pro forma Funds From Operations per share (diluted) |
$ | 0.41 | $ | 0.40 | $ | 1.07 | $ | 1.13 | ||||||||
Adjusted Funds From Operations per share (diluted) |
$ | 0.24 | $ | 0.26 | $ | 0.67 | $ | 0.75 |
![]() |
30 |
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31 |
Three Months Ended September 30, 2011 | Three Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Proportionate | Properties Owned | Ownership | Proportionate | Proportionate | Properties Owned | Ownership | Proportionate | |||||||||||||||||||||||||
Amount | but Not Managed | Adjustments | Property Amount | Amount | but Not Managed | Adjustments | Property Amount | |||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 186,965 | $ | | $ | (255 | ) | $ | 186,710 | $ | 176,888 | $ | | $ | 3,532 | $ | 180,420 | |||||||||||||||
Affordable Same Store |
32,715 | | | 32,715 | 31,568 | | 5 | 31,573 | ||||||||||||||||||||||||
Total Same Store |
219,680 | | (255 | ) | 219,425 | 208,456 | | 3,537 | 211,993 | |||||||||||||||||||||||
Other Conventional |
20,716 | (1,309 | ) | (2 | ) | 19,405 | 21,092 | (1,196 | ) | 351 | 20,247 | |||||||||||||||||||||
Other Affordable |
2,981 | (2,981 | ) | | | 3,389 | (3,389 | ) | | | ||||||||||||||||||||||
Total rental and other property revenues |
243,377 | (4,290 | ) | (257 | ) | 238,830 | 232,937 | (4,585 | ) | 3,888 | 232,240 | |||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||
Conventional Same Store |
69,914 | | 217 | 70,131 | 65,665 | | 1,580 | 67,245 | ||||||||||||||||||||||||
Affordable Same Store |
13,377 | | (4 | ) | 13,373 | 13,758 | | 7 | 13,765 | |||||||||||||||||||||||
Total Same Store |
83,291 | | 213 | 83,504 | 79,423 | | 1,587 | 81,010 | ||||||||||||||||||||||||
Other Conventional |
10,122 | (747 | ) | 8 | 9,383 | 9,703 | (655 | ) | 174 | 9,222 | ||||||||||||||||||||||
Other Affordable |
1,597 | (1,597 | ) | | | 1,904 | (1,904 | ) | | | ||||||||||||||||||||||
Total property operating expenses |
95,010 | (2,344 | ) | 221 | 92,887 | 91,030 | (2,559 | ) | 1,761 | 90,232 | ||||||||||||||||||||||
Property NOI: |
||||||||||||||||||||||||||||||||
Conventional Same Store |
117,051 | | (472 | ) | 116,579 | 111,223 | | 1,952 | 113,175 | |||||||||||||||||||||||
Affordable Same Store |
19,338 | | 4 | 19,342 | 17,810 | | (2 | ) | 17,808 | |||||||||||||||||||||||
Total Same Store |
136,389 | | (468 | ) | 135,921 | 129,033 | | 1,950 | 130,983 | |||||||||||||||||||||||
Other Conventional |
10,594 | (562 | ) | (10 | ) | 10,022 | 11,389 | (541 | ) | 177 | 11,025 | |||||||||||||||||||||
Other Affordable |
1,384 | (1,384 | ) | | | 1,485 | (1,485 | ) | | | ||||||||||||||||||||||
Net real estate operations |
$ | 148,367 | $ | (1,946 | ) | $ | (478 | ) | $ | 145,943 | $ | 141,907 | $ | (2,026 | ) | $ | 2,127 | $ | 142,008 | |||||||||||||
% Aimco | ||||||||||||||||||||||||||||||||
3Q 2011 NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||||||
Year-over-Year Change: |
||||||||||||||||||||||||||||||||
Conventional Same Store |
80 | % | 3.5 | % | 4.3 | % | 3.0 | % | ||||||||||||||||||||||||
Affordable Same Store |
13 | % | 3.6 | % | -2.8 | % | 8.6 | % | ||||||||||||||||||||||||
Total Same Store |
93 | % | 3.5 | % | 3.1 | % | 3.8 | % | ||||||||||||||||||||||||
Other Conventional |
7 | % | -4.2 | % | 1.7 | % | -9.1 | % | ||||||||||||||||||||||||
Net real estate operations |
100 | % | 2.8 | % | 2.9 | % | 2.8 | % | ||||||||||||||||||||||||
![]() |
32 |
Three Months Ended June 30, 2011 | ||||||||||||||||||||||||
Proportionate | ||||||||||||||||||||||||
Share of | ||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Ownership | Proportionate | |||||||||||||||||||
Amounts | Partnerships | Interests | Amount | Adjustments | Property Amount | |||||||||||||||||||
Conventional Same Store: |
||||||||||||||||||||||||
Rental and other property revenues |
$ | 197,529 | $ | | $ | (13,445 | ) | $ | 184,084 | $ | (249 | ) | $ | 183,835 | ||||||||||
Property operating expenses |
71,486 | | (5,084 | ) | 66,402 | 202 | 66,604 | |||||||||||||||||
Property NOI |
$ | 126,043 | $ | | $ | (8,361 | ) | $ | 117,682 | $ | (451 | ) | $ | 117,231 | ||||||||||
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33 |
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||||||||||
Proportionate | Properties Owned | Population | Ownership | Proportionate | Proportionate | Properties Owned | Population | Ownership | Proportionate | |||||||||||||||||||||||||||||||
Amount | but Not Managed | Changes | Adjustments | Property Amount | Amount | but Not Managed | Changes | Adjustments | Property Amount | |||||||||||||||||||||||||||||||
Real estate operations: |
||||||||||||||||||||||||||||||||||||||||
Rental and other property revenues |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
$ | 552,732 | $ | | $ | (5,314 | ) | $ | 566 | $ | 547,984 | $ | 529,017 | $ | | $ | (5,148 | ) | $ | 10,694 | $ | 534,563 | ||||||||||||||||||
Affordable Same Store |
97,947 | | (10,817 | ) | | 87,130 | 93,831 | | (10,229 | ) | 16 | 83,618 | ||||||||||||||||||||||||||||
Total Same Store |
650,679 | | (16,131 | ) | 566 | 635,114 | 622,848 | | (15,377 | ) | 10,710 | 618,181 | ||||||||||||||||||||||||||||
Other Conventional |
63,949 | (3,696 | ) | 5,314 | 137 | 65,704 | 63,383 | (3,543 | ) | 5,148 | 1,089 | 66,077 | ||||||||||||||||||||||||||||
Other Affordable |
8,520 | (8,520 | ) | 10,817 | | 10,817 | 8,633 | (8,633 | ) | 10,229 | | 10,229 | ||||||||||||||||||||||||||||
Total rental and other property revenues |
723,148 | (12,216 | ) | | 703 | 711,635 | 694,864 | (12,176 | ) | | 11,799 | 694,487 | ||||||||||||||||||||||||||||
Property operating expenses |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
203,325 | | (2,456 | ) | 1,146 | 202,015 | 202,151 | | (2,432 | ) | 5,016 | 204,735 | ||||||||||||||||||||||||||||
Affordable Same Store |
40,539 | | (4,401 | ) | (52 | ) | 36,086 | 42,311 | | (4,142 | ) | 21 | 38,190 | |||||||||||||||||||||||||||
Total Same Store |
243,864 | | (6,857 | ) | 1,094 | 238,101 | 244,462 | | (6,574 | ) | 5,037 | 242,925 | ||||||||||||||||||||||||||||
Other Conventional |
30,836 | (2,293 | ) | 2,456 | 112 | 31,111 | 30,096 | (2,232 | ) | 2,432 | 581 | 30,877 | ||||||||||||||||||||||||||||
Other Affordable |
4,938 | (4,937 | ) | 4,401 | | 4,402 | 5,028 | (5,029 | ) | 4,142 | | 4,141 | ||||||||||||||||||||||||||||
Total property operating expenses |
279,638 | (7,230 | ) | | 1,206 | 273,614 | 279,586 | (7,261 | ) | | 5,618 | 277,943 | ||||||||||||||||||||||||||||
Property NOI: |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
349,407 | | (2,858 | ) | (580 | ) | 345,969 | 326,866 | | (2,716 | ) | 5,678 | 329,828 | |||||||||||||||||||||||||||
Affordable Same Store |
57,408 | | (6,416 | ) | 52 | 51,044 | 51,520 | | (6,087 | ) | (5 | ) | 45,428 | |||||||||||||||||||||||||||
Total Same Store |
406,815 | | (9,274 | ) | (528 | ) | 397,013 | 378,386 | | (8,803 | ) | 5,673 | 375,256 | |||||||||||||||||||||||||||
Other Conventional |
33,113 | (1,403 | ) | 2,858 | 25 | 34,593 | 33,287 | (1,311 | ) | 2,716 | 508 | 35,200 | ||||||||||||||||||||||||||||
Other Affordable |
3,582 | (3,583 | ) | 6,416 | | 6,415 | 3,605 | (3,604 | ) | 6,087 | | 6,088 | ||||||||||||||||||||||||||||
Net real estate operations |
$ | 443,510 | $ | (4,986 | ) | $ | | $ | (503 | ) | $ | 438,021 | $ | 415,278 | $ | (4,915 | ) | $ | | $ | 6,181 | $ | 416,544 | |||||||||||||||||
% Aimco | ||||||||||||||||||||||||||||||||||||||||
YTD 2011 NOI | Revenue | Expenses | NOI | |||||||||||||||||||||||||||||||||||||
Year-over-Year Change: |
||||||||||||||||||||||||||||||||||||||||
Conventional Same Store |
79 | % | 2.5 | % | -1.3 | % | 4.9 | % | ||||||||||||||||||||||||||||||||
Affordable Same Store |
12 | % | 4.2 | % | -5.5 | % | 12.4 | % | ||||||||||||||||||||||||||||||||
Total Same Store |
91 | % | 2.7 | % | -2.0 | % | 5.8 | % | ||||||||||||||||||||||||||||||||
Other Conventional |
8 | % | -0.6 | % | 0.8 | % | -1.7 | % | ||||||||||||||||||||||||||||||||
Other Affordable |
1 | % | 5.7 | % | 6.3 | % | 5.4 | % | ||||||||||||||||||||||||||||||||
Net real estate operations |
100 | % | 2.5 | % | -1.6 | % | 5.2 | % | ||||||||||||||||||||||||||||||||
![]() |
34 |
Y2010 to Y2011 | Subtract | Add | ||||||||||||||||||||||||||||||
Property | Nine Months | Nine Months | ||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | Classification, | Ended | Ended | |||||||||||||||||||||||||||||
Proportionate | Discontinued | September 30, | September 30, | |||||||||||||||||||||||||||||
Share of | Operations and GAAP | 2010 | 2011 | TTM | ||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Noncontrolling | Proportionate | Consolidation | Proportionate | Proportionate | Proportionate | |||||||||||||||||||||||||
Amount | Partnerships | Interests | Amount | Accounting Changes | Amount | Amount | Amount | |||||||||||||||||||||||||
Rental and other property revenues: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
$ | 816,986 | $ | | $ | (68,608 | ) | $ | 748,378 | $ | (39,733 | ) | $ | (529,017 | ) | $ | 552,732 | $ | 732,360 | |||||||||||||
Other Conventional properties |
82,855 | 4,730 | (8,047 | ) | 79,538 | 6,471 | (63,383 | ) | 63,949 | 86,575 | ||||||||||||||||||||||
Affordable properties |
206,681 | 10,809 | (74,100 | ) | 143,390 | (4,926 | ) | (102,464 | ) | 106,467 | 142,467 | |||||||||||||||||||||
Total rental and other property revenues |
1,106,522 | 15,539 | (150,755 | ) | 971,306 | (38,188 | ) | (694,864 | ) | 723,148 | 961,402 | |||||||||||||||||||||
Property operating expenses: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
312,904 | | (27,519 | ) | 285,385 | (18,381 | ) | (202,151 | ) | 203,325 | 268,178 | |||||||||||||||||||||
Other Conventional properties |
39,687 | 3,008 | (3,941 | ) | 38,754 | 1,529 | (30,096 | ) | 30,836 | 41,023 | ||||||||||||||||||||||
Affordable properties |
99,708 | 6,398 | (39,933 | ) | 66,173 | (2,792 | ) | (47,339 | ) | 45,477 | 61,519 | |||||||||||||||||||||
Total property operating expenses |
452,299 | 9,406 | (71,393 | ) | 390,312 | (19,644 | ) | (279,586 | ) | 279,638 | 370,720 | |||||||||||||||||||||
Net operating income: |
||||||||||||||||||||||||||||||||
Conventional Same Store properties |
504,082 | | (41,089 | ) | 462,993 | (21,352 | ) | (326,866 | ) | 349,407 | 464,182 | |||||||||||||||||||||
Other Conventional properties |
43,168 | 1,722 | (4,106 | ) | 40,784 | 4,942 | (33,287 | ) | 33,113 | 45,552 | ||||||||||||||||||||||
Affordable properties |
106,973 | 4,411 | (34,167 | ) | 77,217 | (2,134 | ) | (55,125 | ) | 60,990 | 80,948 | |||||||||||||||||||||
Total rental and other property revenues |
$ | 654,223 | $ | 6,133 | $ | (79,362 | ) | $ | 580,994 | $ | (18,544 | ) | $ | (415,278 | ) | $ | 443,510 | $ | 590,682 | |||||||||||||
![]() |
35 |
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36 |
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