-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OHmZ0RJlDuCau7aYFPQ8J+ZGQoIrVvf1DmBbWlIZisXRqle7098XtbGKPlkpiwKi ZsQWZA/J4gTFQbu5fGoXkw== 0000950134-01-508151.txt : 20020410 0000950134-01-508151.hdr.sgml : 20020410 ACCESSION NUMBER: 0000950134-01-508151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011108 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APARTMENT INVESTMENT & MANAGEMENT CO CENTRAL INDEX KEY: 0000922864 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 841259577 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13232 FILM NUMBER: 1781123 BUSINESS ADDRESS: STREET 1: COLORADO CENTER TOWER TWO STREET 2: 2000 S COLORADO BLVD STE 2-1000 CITY: DENVER STATE: CO ZIP: 80222-4348 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: COLORADO CENTER TOWER TWO STREET 2: 2000 S COLORADO BLVD STE 2-1000 CITY: DENVER STATE: CO ZIP: 80222 8-K 1 d92068e8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 - -------------------------------------------------------------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) November 8, 2001 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ------------------------------------------------------ (Exact name of registrant as specified in its charter) MARYLAND 1-13232 84-1259577 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation or File Number) Identification No.) organization) COLORADO CENTER, TOWER TWO, 2000 SOUTH COLORADO BOULEVARD, SUITE 2-1000, DENVER, CO 80222-4348 ---------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (303) 757-8101 NOT APPLICABLE - -------------------------------------------------------------------------------- (Former name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS. The press release of Apartment Investment and Management Company, dated November 8, 2001, attached hereto as Exhibit 99.1 is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits The following exhibits are filed with this report: Exhibit Number Description 99.1 Press Release of Apartment Investment and Management Company, dated November 8, 2001. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: November 9, 2001 APARTMENT INVESTMENT AND MANAGEMENT COMPANY By: /s/ Paul J. McAuliffe -------------------------------------------- Paul J. McAuliffe Executive Vice President--Capital Markets and Chief Financial Officer By: /s/ Thomas C. Novosel -------------------------------------------- Thomas C. Novosel Senior Vice President and Chief Accounting Officer EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - -------- ----------- 99.1 Press Release of Apartment Investment and Management Company, dated November 8, 2001.
EX-99.1 3 d92068ex99-1.txt PRESS RELEASE DATED NOVEMBER 8, 2001 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THIRD QUARTER FINANCIAL RESULTS REPORTS A 21% INCREASE IN FFO, OR 6% ON A PER SHARE BASIS DENVER, COLORADO, November 8, 2001 THIRD QUARTER Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the third quarter of 2001 equaled $136 million or $1.30 per common share, compared to $112 million or $1.23 per common share for the third quarter of 2000, an increase of 21.4%, or 5.7% on a per share basis. This is consistent with Aimco's October 10, 2001 announcement of expected FFO of $1.30 per share. Aimco announced that its Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, for the third quarter of 2001 equaled $121 million or $1.16 per common share, compared to $103 million or $1.12 per common share for the third quarter of 2000, an increase of 17.5%, or 3.6% on a per share basis. This is $.01 per share higher than Aimco's October 10, 2001 announcement of expected AFFO of $1.15 per share. In the second quarter, Aimco increased its quarterly capital replacement reserve from $75 to $95 per door. This change reduced AFFO by $3 million or $.03 per share in the third quarter 2001. Total consolidated revenues for the third quarter 2001 were $324 million, an increase of 19.6% compared to total consolidated revenues of $271 million for the same period in 2000. Consolidated revenues have increased $300 million from $24 million in the third quarter of 1996 to $324 million in the third quarter of 2001, an increase of 1250%. Compounded annual growth in consolidated revenues for the last three and five years have been 46% and 68%, respectively. YEAR TO DATE For the nine months of 2001, Funds From Operations ("FFO") equaled $399 million or $3.91 per common share, compared to $316 million or $3.53 per common share for the nine months of 2000, an increase of 26.3%, or 10.8% on a per share basis. For the nine months of 2001, Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, equaled $357 million or $3.50 per common share, compared to $287 million or $3.20 per common share for the nine months of 2000, an increase of 24.4%, or 9.4% on a per share basis. In the second quarter, Aimco increased its quarterly capital replacement reserve from $75 to $95 per door. This change reduced AFFO by $6 million or $.06 per share for the nine months of 2001. Total consolidated revenues for the nine months of 2001 were $970 million; an increase of 28.7% compared to total consolidated revenues of $753 million for the same period in 2000. Consolidated revenues have increased $900 million from $70 million in the nine months of 1996 to $970 million in the nine months of 2001, an increase of 1286%. Compounded annual growth in consolidated revenues for the last three and five years have been 54% and 69%, respectively. COMMON STOCK DIVIDEND As previously disclosed, the Board of Directors declared on October 17, 2001 the regular quarterly cash dividend of $0.78 per common share for the quarter ended September 30, 2001, payable on November 9, 2001 to shareholders of record on November 2, 2001. The dividend represents a distribution of 67% of AFFO and 60% of FFO for the quarter ended September 30, 2001 and a 7.3% yield based on the closing price of Aimco's Class A Common Stock of $42.80 as of November 7, 2001. Earnings Conference Call The third quarter 2001 earnings conference call will be conducted on Friday, November 9, 2001 at 12:30 p.m. Eastern time. You may participate in the conference call by dialing 888-228-8198, or 706-634-5947 for international callers, approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company third quarter 2001 earnings conference call. Same Store Results THIRD QUARTER Third quarter 2001, "same store" sales for the 645 "same store" apartment communities containing 176,701 units owned during both 2001 and 2000, adjusted for Aimco's ownership interest in these communities, showed a 2.8% increase in Net Operating Income, a 3.1% increase in revenues, and a 3.5% increase in operating expenses from the third quarter of 2000. Weighted average physical occupancy for the 645 apartment communities was 93.6% for the third quarter 2001, compared to 94.7% for the comparable period of 2000. Quarter end physical occupancy was 94.5% on September 30, 2001 compared to 93.8% on June 30, 2001. Average monthly rent per occupied unit was $687 at September 30, 2001 compared to $670 at September 30, 2000, an increase of 2.5%. YEAR TO DATE Year to date 2001, "same store" sales for the 645 "same store" apartment communities containing 176,701 units owned during both 2001 and 2000, adjusted for Aimco's ownership interest in these communities, showed a 4.0% increase in Net Operating Income, a 4.2% increase in revenues, and a 4.6% increase in operating expenses from the third quarter of 2000. Weighted average physical occupancy for the 645 apartment communities was 92.2% for year to date 2001, compared to 91.6% for the comparable period of 2000. Acquisitions Aimco purchased $28 million of limited partnership interests in 51 partnerships in the third quarter. Dispositions Aimco sold 27 apartment communities containing 4,857 units in the third quarter for a total of $156 million of which Aimco's ownership share was $70 million. For the first nine months of 2001, Aimco has sold 51 apartment communities containing 9,235 units for a total of $303 million of which Aimco's ownership share was $130 million. Aimco ranks its properties by location quality and sells the lowest rated properties. It is a continual process that prunes the weakest performers. In addition to upgrading asset quality, sales generate cash at an attractive cost. In 2001, unlevered free cash flow yields on apartment sales have averaged 8.8% on a trailing 12 month basis and AFFO yields have averaged 10.9%. Aimco currently has 79 conventional properties (16,146 units), 99 affordable properties (10,705 units) and 7 senior living properties (1,478 units) in the sales pipeline and anticipates sales proceeds to exceed $900 million from the sale of these properties over the next twelve to fifteen months. REDEVELOPMENT ACTIVITY As of September 30, 2001, Aimco had 9 properties (3,928 units) under redevelopment, with an estimated total investment of $371 million of which approximately $179 million remains to be spent. Aimco's share of the estimated total investment is $275 million of which approximately $117 million remains to be spent. The three largest properties currently under redevelopment include Grand Flamingo, the Village at Venezia, and Riverloft. GRAND FLAMINGO - Located in Miami Beach, this 1,688 unit property is composed of three phases: the South Tower, the North Tower, and the New Tower. 1. The South Tower is composed of 561 units. Redevelopment was completed by December 31, 2000. The tower reached stabilization (90% occupied) during the first quarter of 2001 and continues to be +95% leased. Average unit rents are in excess of $1,500, which is $200 greater than originally projected. 2. The North Tower is composed of 614 units. Redevelopment was completed on 88 of those units in October 2001, 61 of which were occupied by November 1, 2001. Redevelopment of the remaining 526 units will be completed in phases by the first quarter of 2002. 3. The New Tower will have 513 units when completed. Completion is scheduled for the fourth quarter of 2002. THE VILLAGE AT VENEZIA (formerly Lincoln Place) - Aimco owns a 50% joint venture interest in this property located in Venice, California. The 795 unit property will be redeveloped in phases over the next 38 months and will add 44 units, increasing the total number of units to 839. The initial phase of 28 units was completed in October 2001 (2 leased), and the second and third phases of 59 and 187 units, respectively, are scheduled for completion in late 2002. RIVERLOFT - Located in Philadelphia, this historic 184 unit property is an urban redevelopment. Redevelopment commenced in the fourth quarter of 2000, and 91 units were complete as of September 30, 2001 (30 leased). The redevelopment will be completed by the end of this year, with stabilization expected in the second quarter of 2002. INVESTMENT MANAGEMENT ACTIVITY Aimco's owned and managed asset base is $12.5 billion. Aimco manages $3.3 billion of this amount as general partner ($2.6 billion) and property manager ($700 million). Aimco generates property management, asset management, refinancing, disposition, development and construction supervisory fees from these management activities. Third quarter 2001 free cash flow contribution from investment management activity (service business) was $25.6 million compared to $4.2 million in the third quarter 2000. The significant increase in third quarter 2001 was due to an increase in sale and financing transactions and construction management fees from redevelopments, enhancements and ICE activities. For the nine months 2001 free cash flow contribution from investment management activity (service business) was $61.1 million compared to $17.3 million for the nine months of 2000. FINANCING ACTIVITY During the third quarter, Aimco refinanced 25 mortgage loans generating $255 million of proceeds at a weighted average interest rate of 7.07%. Aimco's share of the mortgage proceeds was $207 million. The majority of these mortgage loans are conventional and self-amortizing with 20 year terms. The proceeds from the refinancings were used to pay off existing mortgage debt and to fund operating activities. Aimco deducted from income and AFFO $1.7 million in prepayment costs associated with the refinancings in the third quarter 2001. For the nine months in 2001, Aimco has deducted from income and AFFO $4.3 million in prepayment costs associated with refinancings. At September 30, 2001, Aimco's total mortgage debt (consolidated and pro rata share of unconsolidated) of $ 5.0 billion had a weighted average maturity of 14 years and a weighted average interest rate of 7.10%. Less than 12% or $556 million matures before 2005. 87% or $4.3 billion of Aimco's mortgage debt is fixed rate. 13% or $687 million is variable rate of which $651 million or 95% is tax exempt financing. During the third quarter, Aimco issued $123.5 million of 10.0% Class R cumulative preferred stock generating $118.8 million in net proceeds. Aimco had $109 million outstanding on its $400 million corporate line of credit at quarter end with availability of $291 million. Subsequent to the close of the quarter, Aimco completed a modification of the credit facility which (1) extends the facility term to July 31, 2004 with an extension option to July 31, 2005 and (2) reduces the LIBOR spread (beginning in August 2002) by a minimum of 20 basis points from current spreads. Liquidity In the third quarter, internal sources of cash flow, which include cash cushion (i.e., AFFO less common dividends and scheduled principal payments on debt) and net proceeds from mortgage refinancings and property sales, generated $136 million to Aimco. For the nine months ended September 2001, these internal sources contributed $436 million. Aimco expects these internal sources to provide in excess of $525 million for all of 2001. Cash requirements from Aimco's redevelopment, enhancement and initial capital expenditures ("ICE") activities are anticipated to be $76 million for the balance of 2001 and an additional estimated $130 million through completion. OUTLOOK The estimates presented are forward-looking and are based on current expectations. Given the weak economy and uncertainty as to the pace of economic recovery, it is difficult for Aimco to project what "same store" results will be during the balance of this year and next. They could recover, decline, or stay the same. For Aimco planning purposes, it is assumed that the economy will continue to be difficult but not materially worse than in the third quarter. Therefore, Aimco FFO for the fourth quarter 2001 is expected to be $1.30 or more per share. Aimco also expects that quarterly FFO will continue at that level until there is a material change in the economy. If, as many economists predict, the economy recovers in the second half of 2002, Aimco results are expected to benefit accordingly. If Gross Domestic Product growth in the second half of 2002 is positive 2%, Aimco quarterly FFO results are expected to be in the range of $1.30 to $1.50 per share and annual FFO would be in the range of $5.22 to $5.45 per share. For 2001, Aimco continues to assume $500 million in gross property acquisitions and/or partnership acquisitions and $133 million in completed redevelopments. As of the third quarter, gross property acquisitions and/or partnership acquisitions were $429 million and completed redevelopments were $133 million. Supplemental Information Please see the attached Supplemental Information as noted below: Consolidated Statements of Income Supplemental Schedule I Balance Sheet Presentation Supplemental Schedule II FFO and AFFO Supplemental Schedule III Free Cash Flow from Business Segments Supplemental Schedule IV Free Cash Flow Narrative Supplemental Schedule V Proportionate Income Statement Presentation Supplemental Schedule VI Selected Balance Sheet Information Supplemental Schedule VII Summary of Redevelopment Activity Supplemental Schedule VIII Quarter to Date Same Store Sales Supplemental Schedule IX Year to Date Same Store Sales Supplemental X Additional disclosures will be available on the Aimco website at www.aimco.com/about/financial/3Q2001.asp as noted below. Apartment Unit Summary Proforma Income Statement Net Asset Value Forward-looking Assumptions This earnings release contains forward-looking statements including statements regarding 2001 and 2002 results which are subject to certain risks and uncertainties, including but not limited to; the Company's ability to maintain current occupancy, rent levels, and "same store" results. Actual results may differ materially from those described and could be affected by a variety of factors including economic conditions; changes in interest rates; terrorism; governmental regulations; competition; financing risks; variations in real estate values; the failure of acquisitions to perform in accordance with expectations; possible environmental liabilities; and other risks described in our filings with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and we assume no obligation to revise or update them to reflect future events or circumstances. ABOUT AIMCO Aimco is a real estate investment trust with headquarters in Denver, Colorado and 18 regional operating centers, which holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates approximately 1,600 properties, including approximately 304,000 apartment units, and serves approximately one million residents. Aimco's properties are located in 46 states, the District of Columbia and Puerto Rico. For additional information on Aimco, please visit our website at www.aimco.com, call Paul McAuliffe, Executive Vice President and Chief Financial Officer, at (303) 691-4339 or Katie Murphree, Vice President - Investor Relations, at (303) 691-4440, or email us at investor@aimco.com. SUPPLEMENTAL SCHEDULE I - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONSOLIDATED STATEMENTS OF INCOME [A] (IN THOUSANDS, EXCEPT PER SHARE AND UNIT DATA) (UNAUDITED)
FOR THE THREE MONTHS FOR THE NINE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 --------- --------- --------- --------- RENTAL PROPERTY OPERATIONS: Rental and other property revenues $ 323,801 $ 271,079 $ 969,805 $ 753,463 Property operating expenses [b] (131,522) (107,031) (384,366) (302,435) Owned property management expense [c] (2,240) (3,473) (8,458) (9,713) --------- --------- --------- --------- Income from property operations 190,039 160,575 576,981 441,315 --------- --------- --------- --------- SERVICE BUSINESS: Management fees and other income from affiliates [b] [c] 60,717 14,430 158,715 36,865 Management and other expenses (35,147) (10,220) (97,637) (19,599) Amortization of intangibles (4,230) (1,898) (13,463) (4,968) --------- --------- --------- --------- Income from service business 21,340 2,312 47,615 12,298 --------- --------- --------- --------- General and administrative expenses (4,319) (4,936) (12,868) (13,613) Depreciation on rental property (100,127) (76,548) (300,731) (223,128) Interest expense (81,639) (67,855) (250,022) (190,459) Interest and other income [d] 15,000 18,841 47,038 47,352 Equity in losses of unconsolidated real estate partnerships [e] (4,861) (8,375) (14,068) (4,489) Equity in earnings (losses) of unconsolidated subsidiaries [f] -- (1,934) -- 2,538 Minority interest in real estate partnerships (9,126) 2,475 (20,007) (10,977) --------- --------- --------- --------- INCOME BEFORE GAIN FROM DISPOSITIONS OF PROPERTIES AND MINORITY INTEREST IN OPERATING PARTNERSHIP 26,307 24,555 73,938 60,837 Gain on disposition of properties, net 2,847 8,902 4,403 14,234 --------- --------- --------- --------- INCOME BEFORE MINORITY INTEREST IN OPERATING PARTNERSHIP 29,154 33,457 78,341 75,071 Minority interest in Operating Partnership (3,043) (3,221) (7,777) (7,131) --------- --------- --------- --------- NET INCOME $ 26,111 $ 30,236 $ 70,564 $ 67,940 ========= ========= ========= ========= Net income attributable to preferred stockholders $ 24,341 $ 15,728 $ 65,444 $ 44,843 ========= ========= ========= ========= Net income attributable to common stockholders $ 1,770 $ 14,508 $ 5,120 $ 23,097 ========= ========= ========= ========= Weighted average number of common shares outstanding 73,114 67,715 72,150 66,641 ========= ========= ========= ========= Weighted average number of common shares and common share equivalents outstanding 74,520 71,733 73,164 68,478 ========= ========= ========= ========= Basic earnings per common share $ 0.02 $ 0.21 $ 0.07 $ 0.35 ========= ========= ========= ========= Diluted earnings per common share $ 0.02 $ 0.20 $ 0.07 $ 0.34 ========= ========= ========= =========
- ---------- [a] See Supplemental IV for Aimco's free cash flow from business segments from consolidated and unconsolidated entities [b] In accordance with consolidation accounting principles, $5.9 million and $13.4 million of reimbursement fee income for the three and nine months ended September 30, 2001, respectively, were eliminated from the service business and the associated expense was accordingly eliminated from rental property operations [c] In accordance with consolidation accounting principles, $2.6 million and $17.4 million of management fee income for the three and nine months ended September 30, 2001, respectively, were eliminated from the service business and the associated expense was accordingly eliminated from rental property operations [d] In third quarter of 2001, interest and other income included $5.8 million of transactional income [e] In third quarter of 2001, represents Aimco's share of earnings from 97,120 apartment units in which Aimco holds an equity interest [f] Represents Aimco's share of earnings (losses) from unconsolidated service business for the three and nine months ended September 30, 2000 (as of January 1, 2001 this business is now consolidated) SUPPLEMENTAL SCHEDULE II - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY BALANCE SHEET PRESENTATION (IN THOUSANDS) (UNAUDITED)
CONSOLIDATED PROPORTIONATE GAAP PROPORTIONATE SHARE OF BALANCE SHEET CONSOLIDATED UNCONSOLIDATED AS OF BALANCE SHEET[a] PARTNERSHIPS[b] SEPTEMBER 30, 2001 ---------------- --------------- ------------------ ASSETS Real estate $ 7,766,257 $ 947,885 $ 6,818,372 Land 1,217,657 204,650 1,013,007 Accumulated depreciation (1,517,050) (132,414) (1,384,636) Cash and cash equivalents 69,186 -- 69,186 Restricted cash 147,604 -- 147,604 Accounts receivable 98,836 -- 98,836 Deferred financing costs 84,428 -- 84,428 Goodwill 106,973 -- 106,973 Notes receivable from unconsolidated real estate partnerships 257,403 -- 257,403 Notes receivable from unconsolidated subsidiaries -- -- -- Investment in unconsolidated real estate partnerships 368,199 (357,598) 725,797 Investment in unconsolidated subsidiaries -- -- -- Other assets 117,815 -- 117,815 -------------- -------------- -------------- TOTAL ASSETS $ 8,717,308 $ 662,523 $ 8,054,785 ============== ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Secured tax-exempt bond financing - long term $ 1,077,155 $ 113,544 963,611 Secured notes payable - long term 3,921,529 548,979 3,372,550 Term loan [e] -- -- -- Credit facility 109,000 -- 109,000 -------------- -------------- -------------- TOTAL INDEBTEDNESS 5,107,684 662,523 4,445,161 Accounts payable 18,240 -- 18,240 Accrued liabilities and other 252,060 -- 252,060 Deferred rental income 8,621 -- 8,621 Security deposits 31,182 -- 31,182 Deferred taxes 33,453 -- 33,453 -------------- -------------- -------------- TOTAL LIABILITIES 5,451,240 662,523 4,788,717 -------------- -------------- -------------- Minority interest in other partnerships 91,336 -- 91,336 Mandatorily redeemable convertible preferred securities 21,347 -- 21,347 Minority interest in Operating Partnership 401,250 -- 401,250 STOCKHOLDERS' EQUITY Class A Common Stock 742 -- 742 Additional paid - in capital 2,200,249 -- 2,200,249 Perpetual preferred stock 502,520 -- 502,520 Convertible preferred stock 621,947 -- 621,947 Distributions in excess of earnings (526,989) -- (526,989) Notes due on common stock purchases (46,334) -- (46,334) -------------- -------------- -------------- 2,752,135 -- 2,752,135 -------------- -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,717,308 $ 662,523 $ 8,054,785 ============== ============== ============== CONSOLIDATED EFFECT OF COMPARATIVE GAAP PREFERRED STOCK BALANCE SHEET BALANCE SHEET SUBSIDIARIES AS OF AS OF CONSOLIDATION[c] SEPTEMBER 30, 2001[d] DECEMBER 31, 2000 ---------------- --------------------- ----------------- ASSETS Real estate $ (25,982) $ 6,792,390 $ 6,036,031 Land -- 1,013,007 976,421 Accumulated depreciation 5,380 (1,379,256) (913,263) Cash and cash equivalents (10,676) 58,510 157,115 Restricted cash (929) 146,675 126,914 Accounts receivable (68,270) 30,566 2,873 Deferred financing costs -- 84,428 44,403 Goodwill (12,125) 94,848 100,532 Notes receivable from unconsolidated real estate partnerships (122,213) 135,190 140,860 Notes receivable from unconsolidated subsidiaries 223,198 223,198 190,453 Investment in unconsolidated real estate partnerships (90,406) 635,391 676,188 Investment in unconsolidated subsidiaries 148,462 148,462 107,781 Other assets (109,348) 8,467 53,566 -------------- -------------- -------------- TOTAL ASSETS $ (62,909) $ 7,991,876 $ 7,699,874 ============== ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Secured tax-exempt bond financing - long term $ -- $ 963,611 $ 773,033 Secured notes payable - long term (18,582) 3,353,968 3,258,342 Term loan [e] -- -- 74,040 Credit facility -- 109,000 254,700 -------------- -------------- -------------- TOTAL INDEBTEDNESS (18,582) 4,426,579 4,360,115 Accounts payable (218) 18,022 88,818 Accrued liabilities and other (11,236) 240,824 211,324 Deferred rental income (6,679) 1,942 5,611 Security deposits (407) 30,775 28,332 Deferred taxes (33,453) -- -- -------------- -------------- -------------- TOTAL LIABILITIES (70,575) 4,718,142 4,694,200 -------------- -------------- -------------- Minority interest in other partnerships 7,612 98,948 139,731 Mandatorily redeemable convertible preferred securities -- 21,347 32,330 Minority interest in Operating Partnership 54 401,304 331,956 STOCKHOLDERS' EQUITY Class A Common Stock -- 742 713 Additional paid - in capital -- 2,200,249 2,072,208 Perpetual preferred stock -- 502,520 315,770 Convertible preferred stock -- 621,947 521,947 Distributions in excess of earnings -- (526,989) (364,679) Notes due on common stock purchases -- (46,334) (44,302) -------------- -------------- -------------- -- 2,752,135 2,501,657 -------------- -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ (62,909) $ 7,991,876 $ 7,699,874 ============== ============== ==============
- ---------- [a] Aimco's proportionate consolidated balance sheet, which includes the GAAP balance sheet as of September 30, 2001, plus the proportionate share of selected historical unconsolidated balance sheet data to include only real estate, land, accumulated depreciation and secured debt, as of September 30, 2001 [b] Total of Aimco's proportionate share of selected historical unconsolidated balance sheet data to include only real estate, land, accumulated depreciation and secured debt, as of September 30, 2001 [c] The balance sheet of the preferred stock subsidiaries, net of eliminations, as of September 30, 2001 [d] Aimco's consolidated balance sheet, not including the balance sheet of the preferred stock subsidiaries, as of September 30, 2001 (for comparative purposes to December 31, 2000) [e] The term debt at December 31, 2000 was $137.0 million, of which $63.0 million was recorded on the books of the preferred stock subsidiaries SUPPLEMENTAL SCHEDULE III - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
FOR THE THREE MONTHS FOR THE NINE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 --------- --------- --------- --------- OPERATING ACTIVITIES: Income before minority interest in Operating Partnership $ 29,154 $ 33,457 $ 78,341 $ 75,071 Gain on disposition of properties (2,847) (8,902) (4,403) (14,234) Income tax arising from disposition of properties 1,207 -- 1,207 -- Real estate depreciation, net of minority interests 99,251 72,564 290,007 206,298 Real estate depreciation related to unconsolidated entities 14,898 16,672 43,765 51,235 Amortization of intangibles 4,230 2,084 13,463 6,171 Deferred taxes (charged) benefit -- (286) -- 2,675 Preferred stock dividends and distributions (10,170) (6,530) (25,031) (19,590) Interest expense on mandatorily redeemable convertible preferred securities 294 3,426 1,308 8,284 --------- --------- --------- --------- FUNDS FROM OPERATIONS $ 136,017 $ 112,485 $ 398,657 $ 315,910 Recurring capital replacements (15,187) (9,691) (41,449) (29,248) --------- --------- --------- --------- ADJUSTED FUNDS FROM OPERATIONS $ 120,830 $ 102,794 $ 357,208 $ 286,662 ========= ========= ========= ========= Weighted average common shares, common share equivalents and Operating Partnership units outstanding: Common share and common share equivalents 91,996 83,441 90,191 81,201 Operating Partnership and other units 12,306 8,174 11,864 8,195 --------- --------- --------- --------- 104,302 91,615 102,055 89,396 ========= ========= ========= ========= PER COMMON SHARE: Funds From Operations $ 1.30 $ 1.23 $ 3.91 $ 3.53 Adjusted Funds From Operations $ 1.16 $ 1.12 $ 3.50 $ 3.21 Dividends Declared $ 0.78 $ 0.70 $ 2.34 $ 2.10
PERCENTAGE OTHER DATA: SEPTEMBER 30, 2001 SEPTEMBER 30, 2000 INCREASE (DECREASE) - ----------- ------------------ ------------------ ------------------- Same store: Weighted average physical occupancy 93.6% 94.7% (1.1)% Average monthly rent per occupied unit $ 687 $ 670 2.5% Total portfolio: Weighted average physical occupancy 92.7% 92.3% 0.4% Average monthly rent per occupied unit $ 691 $ 669 3.3%
SUPPLEMENTAL SCHEDULE IV - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY FREE CASH FLOW FROM BUSINESS SEGMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 (IN THOUSANDS, EXCEPT PER SHARE AND UNIT DATA) (UNAUDITED)
CONSOLIDATED UNCONSOLIDATED TOTAL % -------------- -------------- --------- --------- REAL ESTATE Conventional Average monthly rent greater than $1000 per unit (9,374 equivalent units) $ 19,700 $ 3,319 $ 23,019 10.7% Average monthly rent $900 to $1000 per unit (8,684 equivalent units) 18,670 782 19,452 9.0% Average monthly rent $800 to $900 per unit (13,050 equivalent units) 23,511 993 24,504 11.4% Average monthly rent $700 to $800 per unit (20,353 equivalent units) 24,125 2,814 26,939 12.5% Average monthly rent $600 to $700 per unit (34,280 equivalent units) 37,844 3,589 41,433 19.2% Average monthly rent $500 to $600 per unit (41,919 equivalent units) 32,406 3,105 35,511 16.4% Average monthly rent less than $500 per unit (20,634 equivalent units) 10,174 523 10,697 5.0% -------------- -------------- --------- --------- Subtotal conventional real estate contribution to Free Cash Flow 166,430 15,125 181,555 84.2% Affordable (12,515 equivalent units) 3,184 6,452 9,636 4.5% College housing (average rent of $545 per month) (2,947 equivalent units) 2,600 35 2,635 1.2% Other real estate 4,838 142 4,980 2.3% Minority interest (19,170) -- (19,170) (9.0)% -------------- -------------- --------- --------- TOTAL REAL ESTATE CONTRIBUTION TO FREE CASH FLOW 157,882 21,754 179,636 83.2% SERVICE BUSINESS Management contracts (property and asset management) Controlled properties 10,694 -- 10,694 4.9% Third party with terms in excess of one year 400 -- 400 0.2% Third party cancelable in 30 days 869 -- 869 0.4% -------------- -------------- --------- --------- Service business contribution to free cash flow before fees 11,963 -- 11,963 5.5% Activity based fees 13,607 -- 13,607 6.3% -------------- -------------- --------- --------- TOTAL SERVICE BUSINESS CONTRIBUTION TO FREE CASH FLOW 25,570 -- 25,570 11.8% INTEREST INCOME General partner loan interest 8,051 -- 8,051 3.7% Transactional income 5,831 -- 5,831 2.7% Money market and interest bearing accounts 1,118 -- 1,118 0.5% -------------- -------------- --------- --------- TOTAL INTEREST INCOME CONTRIBUTION TO FREE CASH FLOW 15,000 -- 15,000 6.9% General and administrative expense (4,319) -- (4,319) (1.9)% -------------- -------------- --------- --------- FREE CASH FLOW 194,133 21,754 215,887 100.0%
SUPPLEMENTAL SCHEDULE IV (CONTINUED) - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY FREE CASH FLOW FROM BUSINESS SEGMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
BASIC DILUTED ----------------------------------------- --------- CONSOLIDATED UNCONSOLIDATED TOTAL TOTAL ------------ -------------- --------- --------- FREE CASH FLOW 194,133 21,754 215,887 215,887 COST OF SENIOR CAPITAL Interest expense: Secured debt Long-term, fixed rate (69,000) (12,339) (81,339) (81,339) Long-term, variable rate (7,958) (1,576) (9,534) (9,534) Short-term (2,251) (2) (2,253) (2,253) Lines of credit and other unsecured debt (4,204) -- (4,204) (4,204) Interest expense on convertible preferred securities (294) -- (294) -- Interest capitalized 2,068 -- 2,068 2,068 --------- --------- --------- --------- Total interest expense before minority interest (81,639) (13,917) (95,556) (95,262) Minority interest share of interest expense 9,844 -- 9,844 9,844 --------- --------- --------- --------- Total interest expense after minority interest (71,795) (13,917) (85,712) (85,418) Distributions on preferred OP units (2,758) -- (2,758) Distributions on preferred securities owned by minority interest (678) (678) Distributions on preferred stock (24,341) -- (24,341) (10,848) --------- --------- --------- --------- Total distributions on preferred OP units and securities (27,777) -- (27,777) (10,848) Non-structural depreciation, net of capital replacements (1,105) (278) (1,383) (1,383) Amortization of intangibles (4,230) -- (4,230) (4,230) Gain on disposition of properties 2,847 -- 2,847 2,847 --------- --------- --------- --------- EARNINGS BEFORE STRUCTURAL DEPRECIATION 92,073 7,559 99,632 116,855 Structural depreciation, net of minority interest in other entities (85,157) (12,420) (97,577) (97,577) Interest expense on convertible preferred securities -- -- -- (294) Dividends on preferred securities -- -- -- (16,929) --------- --------- --------- --------- NET INCOME (LOSS) ATTRIBUTABLE TO OP UNIT AND STOCKHOLDERS 6,916 (4,861) 2,055 2,055 Gain on disposition of properties (2,847) -- (2,847) (2,847) Income tax arising from disposition of properties 1,207 -- 1,207 1,207 Structural depreciation, net of minority interest in other entities 85,157 12,420 97,577 97,577 Non-structural depreciation, net of minority interest in other entities 14,094 2,478 16,572 16,572 Amortization of intangibles 4,230 -- 4,230 4,230 Interest expense on convertible preferred securities -- -- -- 294 Dividends on preferred securities -- -- -- 16,929 --------- --------- --------- --------- FUNDS FROM OPERATIONS 108,757 10,037 118,794 136,017 Capital replacement reserve (12,987) (2,200) (15,187) (15,187) --------- --------- --------- --------- ADJUSTED FUNDS FROM OPERATIONS $ 95,770 $ 7,837 $ 103,607 $ 120,830 ========= ========= ========= =========
--------------------------------------- EARNINGS SHARES PER SHARE --------- --------- --------- EBSD Basic $ 99,632 85,420 Diluted 116,855 104,302 Net Income Basic 2,055 85,420 $ 0.02 Diluted 2,055 86,826 $ 0.02 FFO Basic 118,794 85,420 Diluted 136,017 104,302 AFFO Basic 103,607 85,420 Diluted 120,830 104,302
SUPPLEMENTAL SCHEDULE V - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY FREE CASH FLOW FROM BUSINESS SEGMENTS NARRATIVE (IN THOUSANDS) (UNAUDITED) Free Cash Flow, Earnings Before Structural Depreciation, Funds From Operations, and Adjusted Funds From Operations are measurement standards used by the Company's management. These should not be considered alternatives to net income or cash flow from operating activities as determined in accordance with GAAP as an indication of the Company's performance or as a measure of liquidity. - "Free Cash Flow" ("FCF") is defined by the Company as net operating income minus the capital spending required to maintain the related assets. It measures profitability prior to the cost of capital. - "Earnings Before Structural Depreciation" ("EBSD") is defined by the Company as net income, determined in accordance with GAAP, plus "Structural Depreciation," i.e. depreciation of buildings and land improvements whose useful lives exceed 20 years. - "Funds From Operations" ("FFO") is defined by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") as net income (loss), computed in accordance with GAAP, excluding gains and losses from debt restructuring and sales of property, plus real estate related depreciation and amortization (excluding amortization of financing costs), and after adjustment for unconsolidated partnerships and joint ventures. The Company calculates FFO (diluted) based on the NAREIT definition, as further adjusted for minority interest in the Aimco Operating Partnership, amortization of intangibles, interest expense on mandatorily redeemable convertible preferred securities, the non-cash deferred portion of the income tax provision and less the payment of dividends on perpetual and non-dilutive convertible preferred stock. There can be no assurance that the Company's basis for computing FFO is comparable with that of other real estate investment trusts. - "Adjusted Funds From Operations" ("AFFO") is defined by the Company as FFO less a charge for capital replacements equal to at least $380 per apartment unit. RECONCILIATION OF FCF, EBSD, FFO AND AFFO TO NET INCOME:
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 ------------------------------------------------------ FCF EBSD FFO AFFO --------- --------- --------- --------- Amount per Free Cash Flow Schedule $ 215,887 $ 99,632 $ 118,794 $ 103,607 Total interest expense after minority interest (85,712) -- -- -- Dividends on preferred securities owned by minority interest (676) -- -- -- Dividends on preferred OP Units -- 2,758 2,758 2,758 Dividends on preferred stock -- 24,341 24,341 24,341 Structural depreciation, net of minority interest (97,577) (97,577) (97,577) (97,577) Non-structural depreciation, net of minority interest (16,572) -- (16,572) (16,572) Capital replacements 15,187 -- -- 15,187 Amortization of intangibles (4,230) -- (4,230) (4,230) Income tax arising from disposition of properties -- -- (1,207) (1,207) Gain on disposition of properties 2,847 -- 2,847 2,847 Minority interest in Operating Partnership (3,043) (3,043) (3,043) (3,043) --------- --------- --------- --------- Net Income $ 26,111 $ 26,111 $ 26,111 $ 26,111 ========= ========= ========= =========
SUPPLEMENTAL SCHEDULE VI - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY PROPORTIONATE INCOME STATEMENT PRESENTATION (INCLUDING PROPORTIONATE CONSOLIDATED INCOME STATEMENT) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
PROPORTIONATE AIMCO SHARE OF PROPORTIONATE GAAP INCOME UNCONSOLIDATED CONSOLIDATED STATEMENT[a] PARTNERSHIPS[b] INCOME STATEMENT[c] -------------- --------------- ------------------- RENTAL PROPERTY OPERATIONS: Rental and other property revenues $ 323,801 $ 47,376 $ 371,177 Property operating expenses (131,522) (20,730) (152,252) Owned property management expense (2,240) (2,692) (4,932) Minority interest -- -- -- -------------- -------------- -------------- Income from property operations 190,039 23,954 213,993 SERVICE BUSINESS: Management fees and other income from affiliates 60,717 -- 60,717 Management and other expenses (35,147) -- (35,147) Amortization of intangibles (4,230) -- (4,230) -------------- -------------- -------------- Income from service business 21,340 -- 21,340 General and administrative expenses (4,319) -- (4,319) Depreciation on rental property (100,127) (14,898) (115,025) Interest expense (81,639) (13,917) (95,556) Interest and other income 15,000 -- 15,000 Equity in losses of unconsolidated real estate partnerships (4,861) 4,861 -- Minority interest in real estate partnerships (9,126) -- (9,126) Amortization of intangibles -- -- -- -------------- -------------- -------------- INCOME BEFORE GAIN FROM DISPOSITION OF PROPERTIES AND MINORITY INTEREST IN OPERATING PARTNERSHIP 26,307 -- 26,307 Gain on disposition of properties, net 2,847 -- 2,847 -------------- -------------- -------------- INCOME BEFORE MINORITY INTEREST IN OPERATING PARTNERSHIP 29,154 -- 29,154 Minority interest in Operating Partnership, preferred (2,758) -- (2,758) Minority interest in Operating Partnership, common (285) -- (285) -------------- -------------- -------------- NET INCOME $ 26,111 $ -- $ 26,111 Net income attributable to preferred stockholders $ 24,341 $ 24,341 ============== ============== Net income attributable to common stockholders $ 1,770 $ 1,770 ============== ============== Basic earnings per common share $ 0.02 $ 0.02 ============== ============== Diluted earnings per common share $ 0.02 $ 0.02 ============== ============== Weighted average number of common shares outstanding 73,114 Weighted average number of common shares and common share equivalents outstanding 74,520 Dividends paid per common share $ 0.78 RECONCILIATION TO FREE CASH FLOW FROM BUSINESS SEGMENTS[d] ------------------------------------------------------------------ AMORTIZATION OF MINORITY CAPITAL FREE CASH INTANGIBLES INTEREST REPLACEMENTS FLOW --------------- -------------- -------------- --------- RENTAL PROPERTY OPERATIONS: Rental and other property revenues $ -- $ -- $ -- $ 371,177 Property operating expenses -- -- (15,187) (167,439) Owned property management expense -- -- -- (4,932) Minority interest -- (19,170) -- (19,170) -------------- -------------- -------------- --------- Income from property operations -- (19,170) (15,187) 179,636 SERVICE BUSINESS: Management fees and other income from affiliates -- -- -- 60,717 Management and other expenses -- -- -- (35,147) Amortization of intangibles 4,230 -- -- -- -------------- -------------- -------------- --------- Income from service business 4,230 -- -- 25,570 General and administrative expenses -- -- -- (4,319) Depreciation on rental property -- 878 15,187 (98,960) Interest expense -- 9,844 -- (85,712) Interest and other income -- -- -- 15,000 Equity in losses of unconsolidated real estate partnerships -- -- -- -- Minority interest in real estate partnerships -- 8,448 -- (678) Amortization of intangibles (4,230) -- -- (4,230) -------------- -------------- -------------- --------- INCOME BEFORE GAIN FROM DISPOSITION OF PROPERTIES AND MINORITY INTEREST IN OPERATING PARTNERSHIP -- -- -- 26,307 Gain on disposition of properties, net -- -- -- 2,847 -------------- -------------- -------------- --------- INCOME BEFORE MINORITY INTEREST IN OPERATING PARTNERSHIP -- -- -- 29,154 Minority interest in Operating Partnership, preferred -- -- -- -- Minority interest in Operating Partnership, common -- -- -- -- -------------- -------------- -------------- --------- NET INCOME $ -- $ -- $ -- $ 29,154 Net income attributable to preferred stockholders $ 27,099 ========= Net income attributable to common stockholders $ 2,055 ========= Basic earnings per common share $ 0.02 ========= Diluted earnings per common share $ 0.02 ========= Weighted average number of common shares outstanding Weighted average number of common shares and common share equivalents outstanding Dividends paid per common share
- ---------- [a] Aimco's consolidated statement of income on a GAAP basis [b] Aimco's proportionate share of unconsolidated real estate partnerships [c] Total of Aimco's proportionate share of unconsolidated real estate partnerships and consolidated operations [d] Reconciliation of the proportionate consolidated income statement to the Free Cash Flow From Business Segments (Supplemental IV) SUPPLEMENTAL SCHEDULE VII - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY SELECTED BALANCE SHEET INFORMATION AS OF SEPTEMBER 30, 2001 (IN THOUSANDS) (UNAUDITED) PROPERTY DEBT: Consolidated vs. Unconsolidated:
Weighted Average Amount Rate ------------ ---------------- Consolidated Fixed $ 3,736,648 7.46% Variable 599,513 5.03% ------------ ------------ Sub-Total Consolidated 4,336,161 7.24% Unconsolidated Fixed 574,810 7.25% Variable 87,713 4.95% ------------ ------------ Sub-Total Unconsolidated 662,523 Total Mortgage Debt (Consolidated and Pro Rata Share Unconsolidated) $ 4,998,684 7.10% ------------ ============ Minority Interest (482,390) ------------ Aimco's Share of Mortgage Debt $ 4,516,295 ============ ACQUISITIONS FOR THE QUARTER ENDED September 30, 2001: Limited Partner Equity Interests $ 28,000 COMMON SHARES OUTSTANDING AS OF SEPTEMBER 30, 2001: Common stock 74,225 OP and other units 12,376 ------------ 86,601 ============
PREFERRED STOCK:
Amount Coupon ---------- -------- PERPETUAL: Class C $ 60,000 9.00% Class D 105,000 8.75% Class G 101,250 9.38% Class H 50,000 9.50% Class Q 63,250 10.10% Class R 123,500 10.00% --------- Total $ 503,000 ========= CONVERTIBLE: Class B $ 41,947 10.25% Class K 125,000 8.00% Class L 125,000 8.10% Class M 30,000 8.50% Class N 100,000 9.00% Class O 100,000 9.00% Class P 100,000 9.00% --------- 621,947 Class B Partnership Preferred OP Units 35,000 7.75% Preferred OP Units 124,835 8.83% TOPRs 21,347 6.50% --------- Total $ 803,129 =========
SUPPLEMENTAL SCHEDULE VIII - -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY SUMMARY OF REDEVELOPMENT ACTIVITY AS OF SEPTEMBER 30, 2001 (IN MILLIONS, EXCEPT UNIT DATA) (VALUES ARE NOT ADJUSTED FOR AIMCO'S OWNERSHIP) (UNAUDITED)
---------------------------------------- Cost in Millions Ownership Number ---------------------------------------- % Of Units Notes Market Value (1) Redevelopment Total --------- -------- ----- ---------------- ------------- ----- Grand Flamingo Miami Beach, FL 77% 1,688 $ 61.9 $ 171.1 $233.0 Village at Venezia Venice, CA 50% 839 2 $118.0 $ 87.1 $205.1 Meadow Creek Boulder, CO 100% 332 $ 16.8 $ 13.9 $ 30.7 Village Brooke II Cincinnati, OH 48.5% 290 3 $ 2.8 $ 24.1 $ 26.9 Ashford Plantation Atlanta, GA 100% 214 $ 8.6 $ 8.9 $ 17.5 Wyntre Brook West Chester, PA 100% 212 $ 7.0 $ 6.1 $ 13.1 Riverloft Philadelphia, PA 100% 184 $ 11.2 $ 24.3 $ 35.5 Stonebrook II Sanford, FL 100% 112 $ 0.5 $ 6.8 $ 7.3 Calhoun Beach Club Minneapolis, MN 100% 57 4 $ 79.5 $ 28.4 $107.9 ------- ------ ------- ------ Total 3,928 $306.3 $ 370.7 $677.0 ======= ====== ======= ====== ------------------------------------------------ ----------------------------------- Schedule Number of Units ------------------------------------------------ ----------------------------------- Acquisition Start Complete Stabilization Completed Leased Out of Service ----------- ------- -------- ------------- --------- ------ -------------- Grand Flamingo Miami Beach, FL Q3 1997 Q3 1997 Q4 2002 Q2 2003 561 530 1,127 Village at Venezia Venice, CA Q2 2001 Q4 2000 Q2 2004 Q1 2005 28 2 82 Meadow Creek Boulder, CO Q3 1994 Q3 1999 Q4 2001 Q1 2002 289 230 43 Village Brooke II Cincinnati, OH Q4 1994 Q3 2001 Q1 2003 Q2 2003 0 0 290 Ashford Plantation Atlanta, GA Q4 1994 Q2 2001 Q3 2002 Q2 2003 0 0 160 Wyntre Brook West Chester, PA Q1 1995 Q2 2001 Q1 2002 Q2 2002 56 40 104 Riverloft Philadelphia, PA Q4 1994 Q4 2000 Q4 2001 Q2 2002 91 30 93 Stonebrook II Sanford, FL Q2 1999 Q1 2001 Q4 2001 Q4 2001 0 0 112 Calhoun Beach Club Minneapolis, MN Q4 1998 Q3 2001 Q4 2002 Q4 2002 0 0 57 -------- ------ ------- Total 1,025 832 2,068 ======== ====== =======
Notes 1 - Approximate value at start of redevelopment 2 - Previously called Lincoln Place, units reported include 44 new units to be constructed 3 - Redevelopment due to complete destruction by tornado 4 - Property had 351 units before redevelopment, 76 of the units will be redeveloped into 57 larger units and commercial/space improvements will be made SUPPLEMENTAL SCHEDULE IX APARTMENT INVESTMENT AND MANAGEMENT COMPANY SAME STORE SALES THIRD QUARTER 2001 VERSUS THIRD QUARTER 2000
SEP 2001 QTD SEP 2000 QTD ------------------------- ------------------------- SITES UNITS OWN REV EXP NOI REV EXP NOI ----- ----- ------- ------- ------- ------- ------- ------- ------- Northeast Washington 24 11,555 72.9% 24,606 7,496 17,110 22,600 7,105 15,495 Baltimore 8 1,620 70.3% 3,065 904 2,161 2,838 930 1,908 Philadelphia 6 3,436 88.8% 9,988 3,525 6,463 9,649 3,289 6,360 Middlesex-Somerset-Hunterdon 5 1,960 64.0% 3,681 1,088 2,593 3,342 1,020 2,322 Hartford 2 650 100.0% 1,791 484 1,307 1,753 497 1,256 Other Markets (7) 8 2,080 51.3% 2,439 811 1,628 2,260 771 1,489 ------- ------- ------- ------- ------- ------- ------- ------- ------- 53 21,301 73.2% 45,570 14,308 31,262 42,442 13,612 28,830 Southeast Atlanta 25 6,506 73.7% 10,130 4,195 5,935 10,350 4,146 6,204 Norfolk-Virginia Beach-Newport News 13 3,548 82.9% 6,192 2,242 3,950 5,694 2,161 3,533 Raleigh-Durham-Chapel Hill 11 3,022 93.6% 4,317 1,658 2,659 4,159 1,671 2,488 Nashville 11 3,750 71.6% 4,994 1,912 3,082 4,980 1,836 3,144 Charlotte-Gastonia-Rock Hill 11 2,336 74.1% 3,000 1,250 1,750 2,975 1,184 1,791 Montgomery, AL 9 2,338 65.3% 1,995 772 1,223 2,053 732 1,321 Columbia 7 1,670 68.3% 2,146 849 1,297 2,036 827 1,209 Other Markets (20) 52 11,217 66.2% 13,347 5,171 8,176 13,000 5,046 7,954 ------- ------- ------- ------- ------- ------- ------- ------- ------- 139 34,387 72.9% 46,121 18,049 28,072 45,247 17,603 27,644 Florida Tampa-St. Petersburg-Clearwater 22 5,933 76.9% 8,104 3,498 4,606 8,236 3,329 4,907 Orlando 18 5,161 77.8% 7,816 3,114 4,702 7,770 3,052 4,718 Miami 9 3,235 82.2% 7,178 2,876 4,302 6,919 2,734 4,185 Jacksonville 7 2,718 76.7% 4,101 1,709 2,392 3,779 1,694 2,085 West Palm Beach-Boca Raton 6 1,727 100.0% 3,859 1,538 2,321 3,743 1,623 2,120 FortLauderdale 6 1,658 86.7% 3,438 1,439 1,999 3,241 1,427 1,814 Other Markets (6) 17 3,859 86.3% 6,335 2,590 3,745 6,105 2,477 3,628 ------- ------- ------- ------- ------- ------- ------- ------- ------- 85 24,291 81.6% 40,831 16,764 24,067 39,793 16,336 23,457 Midwest Indianapolis 29 9,122 77.4% 12,000 5,608 6,392 11,544 5,242 6,302 Chicago 20 5,975 88.1% 16,087 5,966 10,121 15,891 5,765 10,126 Lansing-East Lansing 9 2,118 82.6% 3,704 1,334 2,370 3,495 1,356 2,139 Cincinnati 9 2,173 82.8% 4,012 1,601 2,411 3,850 1,467 2,383 Columbus 9 2,080 60.1% 2,196 880 1,316 2,215 859 1,356 Grand Rapids-Muskegon-Holland 4 2,675 100.0% 4,814 2,183 2,631 4,869 2,081 2,788 Fort Wayne 3 2,347 96.6% 4,247 1,663 2,584 4,540 1,613 2,927 Other Markets (24) 57 13,676 59.6% 14,449 6,456 7,993 14,529 6,230 8,299 ------- ------- ------- ------- ------- ------- ------- ------- ------- 140 40,166 75.2% 61,509 25,691 35,818 60,933 24,613 36,320 Texas Houston 38 10,263 88.8% 16,140 7,143 8,997 15,446 6,739 8,707 Dallas 21 5,700 64.4% 7,117 3,107 4,010 6,955 2,930 4,025 San Antonio 15 3,384 100.0% 4,953 2,508 2,445 4,949 2,486 2,463 Fort Worth-Arlington 11 2,269 65.2% 2,609 1,214 1,395 2,491 1,137 1,354 Austin-San Marcos 9 1,746 83.8% 3,010 1,222 1,788 3,067 1,192 1,875 Other Markets (11) 28 6,127 82.2% 7,584 3,797 3,787 7,299 3,515 3,784 ------- ------- ------- ------- ------- ------- ------- ------- ------- 122 29,489 81.9% 41,413 18,991 22,422 40,207 17,999 22,208 West Phoenix-Mesa 32 8,089 90.4% 13,119 4,877 8,242 12,923 4,957 7,966 Denver 10 2,602 70.0% 4,458 1,295 3,163 4,447 1,325 3,122 Salt Lake City-Ogden 6 2,115 74.2% 2,903 981 1,922 2,860 920 1,940 Tucson 6 1,866 100.0% 2,853 1,118 1,735 2,845 1,080 1,765 Las Vegas 4 1,253 86.0% 1,878 745 1,133 1,770 706 1,064 Other Markets (8) 22 3,903 66.5% 5,465 1,746 3,719 5,244 1,652 3,592 ------- ------- ------- ------- ------- ------- ------- ------- ------- 80 19,828 81.9% 30,676 10,762 19,914 30,089 10,640 19,449 California Riverside-San Bernardino 7 1,154 93.9% 1,995 678 1,317 1,810 626 1,184 San Diego 6 1,737 84.3% 3,938 1,183 2,755 3,589 1,159 2,430 Los Angeles-Long Beach 4 1,683 24.4% 1,455 361 1,094 1,437 375 1,062 Oakland 4 935 55.6% 1,485 430 1,055 1,334 418 916 Orange County 2 824 91.1% 2,087 472 1,615 1,951 623 1,328 Other Markets (2) 3 906 28.6% 1,103 245 858 1,032 244 788 ------- ------- ------- ------- ------- ------- ------- ------- ------- 26 7,239 62.0% 12,063 3,369 8,694 11,153 3,445 7,708 ------- ------- ------- ------- ------- ------- ------- ------- ------- Same Store Sales (118) 645 176,701 76.7% 278,183 107,934 170,249 269,864 104,248 165,616 ======= ======= ======= ======= ======= ======= ======= ======= ======= CHANGE: SEP 2001 QTD LESS SEP 2000 QTD --------------------------------------------------- REV EXP NOI ----------------- ---------------- -------------- AMOUNT PCT AMOUNT PCT AMOUNT PCT ------- ----- ------- ----- ------- ---- Northeast Washington 2,006 8.9% 391 5.5% 1,615 10.4% Baltimore 227 8.0% (26) (2.8)% 253 13.3% Philadelphia 339 3.5% 236 7.2% 103 1.6% Middlesex-Somerset-Hunterdon 339 10.1% 68 6.7% 271 11.7% Hartford 38 2.2% (13) (2.6)% 51 4.1% Other Markets (7) 179 7.9% 40 5.2% 139 9.3% ------- ---- ------- ----- ------- ---- 3,128 7.4% 696 5.1% 2,432 8.4% Southeast Atlanta (220) (2.1)% 49 1.2% (269) (4.3)% Norfolk-Virginia Beach-Newport News 498 8.7% 81 3.7% 417 11.8% Raleigh-Durham-Chapel Hill 158 3.8% (13) (0.8)% 171 6.9% Nashville 14 0.3% 76 4.1% (62) (2.0)% Charlotte-Gastonia-Rock Hill 25 0.8% 66 5.6% (41) (2.3)% Montgomery, AL (58) (2.8)% 40 5.5% (98) (7.4)% Columbia 110 5.4% 22 2.7% 88 7.3% Other Markets (20) 347 2.7% 125 2.5% 222 2.8% ------- ---- ------- ----- ------- ---- 874 1.9% 446 2.5% 428 1.5% Florida Tampa-St. Petersburg-Clearwater (132) (1.6)% 169 5.1% (301) (6.1)% Orlando 46 0.6% 62 2.0% (16) (0.3)% Miami 259 3.7% 142 5.2% 117 2.8% Jacksonville 322 8.5% 15 0.9% 307 14.7% West Palm Beach-Boca Raton 116 3.1% (85) (5.2)% 201 9.5% FortLauderdale 197 6.1% 12 0.8% 185 10.2% Other Markets (6) 230 3.8% 113 4.6% 117 3.2% ------- ---- ------- ----- ------- ---- 1,038 2.6% 428 2.6% 610 2.6% Midwest Indianapolis 456 4.0% 366 7.0% 90 1.4% Chicago 196 1.2% 201 3.5% (5) 0.0% Lansing-East Lansing 209 6.0% (22) (1.6)% 231 10.8% Cincinnati 162 4.2% 134 9.1% 28 1.2% Columbus (19) (0.9)% 21 2.4% (40) (2.9)% Grand Rapids-Muskegon-Holland (55) (1.1)% 102 4.9% (157) (5.6)% Fort Wayne (293) (6.5)% 50 3.1% (343) (11.7)% Other Markets (24) (80) (0.6)% 226 3.6% (306) (3.7)% ------- ---- ------- ----- ------- ---- 576 0.9% 1,078 4.4% (502) (1.4)% Texas Houston 694 4.5% 404 6.0% 290 3.3% Dallas 162 2.3% 177 6.0% (15) (0.4)% San Antonio 4 0.1% 22 0.9% (18) (0.7)% Fort Worth-Arlington 118 4.7% 77 6.8% 41 3.0% Austin-San Marcos (57) (1.9)% 30 2.5% (87) (4.6)% Other Markets (11) 285 3.9% 282 8.0% 3 0.1% ------- ---- ------- ----- ------- ---- 1,206 3.0% 992 5.5% 214 1.0% West Phoenix-Mesa 196 1.5% (80) (1.6)% 276 3.5% Denver 11 0.2% (30) (2.3)% 41 1.3% Salt Lake City-Ogden 43 1.5% 61 6.6% (18) (0.9)% Tucson 8 0.3% 38 3.5% (30) (1.7)% Las Vegas 108 6.1% 39 5.5% 69 6.5% Other Markets (8) 221 4.2% 94 5.7% 127 3.5% ------- ---- ------- ----- ------- ---- 587 2.0% 122 1.1% 465 2.4% California Riverside-San Bernardino 185 10.2% 52 8.3% 133 11.2% San Diego 349 9.7% 24 2.1% 325 13.4% Los Angeles-Long Beach 18 1.3% (14) (3.7)% 32 3.0% Oakland 151 11.3% 12 2.9% 139 15.2% Orange County 136 7.0% (151) (24.2)% 287 21.6% Other Markets (2) 71 6.9% 1 0.4% 70 8.9% ------- ---- ------- ----- ------- ---- 910 8.2% (76) (2.2)% 986 12.8% ------- ---- ------- ----- ------- ---- Same Store Sales (118) 8,319 3.1% 3,686 3.5% 4,633 2.8% ======= ==== ======= ===== ======= ====
SUPPLEMENTAL SCHEDULE X APARTMENT INVESTMENT AND MANAGEMENT COMPANY SAME STORE SALES YEAR-TO-DATE 2001 VERSUS YEAR-TO-DATE 2000
SEP 2001 YTD SEP 2000 YTD ------------------------- ------------------------- SITES UNITS OWN REV EXP NOI REV EXP NOI ------- ------- ------- ------- ------- ------- ------- ------- ------- NORTHEAST Washington 24 11,555 72.9% 72,174 21,677 50,497 64,548 20,618 43,930 Baltimore 8 1,620 70.3% 8,870 2,739 6,131 8,282 2,681 5,601 Philadelphia 6 3,436 88.8% 29,086 10,904 18,182 27,576 10,264 17,312 Middlesex-Somerset-Hunterdon 5 1,960 64.0% 10,720 3,683 7,037 9,819 3,154 6,665 Hartford 2 650 100.0% 5,289 1,348 3,941 5,147 1,409 3,738 Other Markets (7) 8 2,080 51.3% 7,040 2,505 4,535 6,611 2,395 4,216 ------- ------- ------- ------- ------- ------- ------- ------- ------- 53 21,301 73.2% 133,179 42,856 90,323 121,983 40,521 81,462 SOUTHEAST Atlanta 25 6,506 73.7% 30,800 11,238 19,562 30,436 11,035 19,401 Norfolk-Virginia Beach-Newport News 13 3,548 82.9% 17,755 6,408 11,347 16,779 6,266 10,513 Raleigh-Durham-Chapel Hill 11 3,022 93.6% 12,940 4,550 8,390 12,403 4,551 7,852 Nashville 11 3,750 71.6% 14,557 5,655 8,902 14,910 5,687 9,223 Charlotte-Gastonia-Rock Hill 11 2,336 74.1% 8,717 3,600 5,117 8,755 3,518 5,237 Montgomery, AL 9 2,338 65.3% 5,929 2,103 3,826 6,169 2,094 4,075 Columbia 7 1,670 68.3% 6,280 2,475 3,805 5,914 2,379 3,535 Other Markets (20) 52 11,217 66.2% 39,545 14,837 24,708 38,426 14,352 24,074 ------- ------- ------- ------- ------- ------- ------- ------- ------- 139 34,387 72.9% 136,523 50,866 85,657 133,792 49,882 83,910 FLORIDA Tampa-St. Petersburg-Clearwater 22 5,933 76.9% 24,419 10,055 14,364 23,852 9,962 13,890 Orlando 18 5,161 77.8% 23,230 9,082 14,148 22,883 8,835 14,048 Miami 9 3,235 82.2% 21,836 8,459 13,377 20,579 8,087 12,492 Jacksonville 7 2,718 76.7% 11,988 4,973 7,015 11,210 4,828 6,382 West Palm Beach-Boca Raton 6 1,727 100.0% 11,744 4,540 7,204 11,566 4,630 6,936 FortLauderdale 6 1,658 86.7% 10,256 4,034 6,222 9,601 4,065 5,536 Other Markets (6) 17 3,859 86.3% 19,173 7,244 11,929 18,301 7,302 10,999 ------- ------- ------- ------- ------- ------- ------- ------- ------- 85 24,291 81.6% 122,646 48,387 74,259 117,992 47,709 70,283 MIDWEST Indianapolis 29 9,122 77.4% 35,514 15,398 20,116 33,945 14,571 19,374 Chicago 20 5,975 88.1% 48,262 17,972 30,290 46,292 16,331 29,961 Lansing-East Lansing 9 2,118 82.6% 10,635 3,825 6,810 10,304 3,959 6,345 Cincinnati 9 2,173 82.8% 11,569 4,637 6,932 11,445 4,366 7,079 Columbus 9 2,080 60.1% 6,372 2,530 3,842 6,521 2,508 4,013 Grand Rapids-Muskegon-Holland 4 2,675 100.0% 14,411 6,324 8,087 13,633 5,698 7,935 Fort Wayne 3 2,347 96.6% 12,133 4,769 7,364 12,654 4,874 7,780 Other Markets (24) 57 13,676 59.6% 44,023 18,782 25,241 43,046 17,227 25,819 ------- ------- ------- ------- ------- ------- ------- ------- ------- 140 40,166 75.2% 182,919 74,237 108,682 177,840 69,534 108,306 TEXAS Houston 38 10,263 88.8% 47,273 21,116 26,157 45,372 19,595 25,777 Dallas 21 5,700 64.4% 21,161 8,774 12,387 20,451 8,335 12,116 San Antonio 15 3,384 100.0% 14,642 7,165 7,477 14,875 6,966 7,909 FortWorth-Arlington 11 2,269 65.2% 7,663 3,625 4,038 7,322 3,415 3,907 Austin-San Marcos 9 1,746 83.8% 9,169 3,458 5,711 8,989 3,378 5,611 Other Markets (11) 28 6,127 82.2% 22,180 10,930 11,250 21,555 10,438 11,117 ------- ------- ------- ------- ------- ------- ------- ------- ------- 122 29,489 81.9% 122,088 55,068 67,020 118,564 52,127 66,437 WEST Phoenix-Mesa 32 8,089 90.4% 39,486 14,698 24,788 38,525 13,844 24,681 Denver 10 2,602 70.0% 13,701 3,771 9,930 12,966 3,638 9,328 Salt Lake City-Ogden 6 2,115 74.2% 8,600 2,786 5,814 8,445 2,664 5,781 Tucson 6 1,866 100.0% 8,676 3,445 5,231 8,602 3,040 5,562 Las Vegas 4 1,253 86.0% 5,506 2,143 3,363 5,328 1,972 3,356 Other Markets (8) 22 3,903 66.5% 16,036 5,104 10,932 15,238 4,739 10,499 ------- ------- ------- ------- ------- ------- ------- ------- ------- 80 19,828 81.9% 92,005 31,947 60,058 89,104 29,897 59,207 CALIFORNIA Riverside-San Bernardino 7 1,154 93.9% 5,789 2,037 3,752 5,325 1,890 3,435 San Diego 6 1,737 84.3% 11,556 3,383 8,173 10,393 3,384 7,009 Los Angeles-Long Beach 4 1,683 24.4% 4,363 1,018 3,345 4,040 1,111 2,929 Oakland 4 935 55.6% 4,323 1,392 2,931 3,829 1,280 2,549 Orange County 2 824 91.1% 6,087 1,545 4,542 5,582 1,716 3,866 Other Markets (2) 3 906 28.6% 3,372 735 2,637 2,989 683 2,306 ------- ------- ------- ------- ------- ------- ------- ------- ------- 26 7,239 62.0% 35,490 10,110 25,380 32,158 10,064 22,094 ------- ------- ------- ------- ------- ------- ------- ------- ------- SAME STORE SALES (118) 645 176,701 76.7% 824,850 313,471 511,379 791,433 299,734 491,699 ======= ======= ======= ======= ======= ======= ======= ======= ======= CHANGE: SEP 2001 YTD LESS SEP 2000 YTD ----------------------------------------------- REV EXP NOI -------------- ------------- -------------- AMOUNT PCT AMOUNT PCT AMOUNT PCT ------- ------ ------ ----- ------ ----- NORTHEAST Washington 7,626 11.8% 1,059 5.1% 6,567 14.9% Baltimore 588 7.1% 58 2.2% 530 9.5% Philadelphia 1,510 5.5% 640 6.2% 870 5.0% Middlesex-Somerset-Hunterdon 901 9.2% 529 16.8% 372 5.6% Hartford 142 2.8% (61) (4.3)% 203 5.4% Other Markets (7) 429 6.5% 110 4.6% 319 7.6% ------- ------ ------ ----- ------ ----- 11,196 9.2% 2,335 5.8% 8,861 10.9% SOUTHEAST Atlanta 364 1.2% 203 1.8% 161 0.8% Norfolk-Virginia Beach-Newport News 976 5.8% 142 2.3% 834 7.9% Raleigh-Durham-Chapel Hill 537 4.3% (1) 0.0% 538 6.9% Nashville (353) (2.4)% (32) (0.6)% (321) (3.5)% Charlotte-Gastonia-Rock Hill (38) (0.4)% 82 2.3% (120) (2.3)% Montgomery, AL (240) (3.9)% 9 0.4% (249) (6.1)% Columbia 366 6.2% 96 4.0% 270 7.6% Other Markets (20) 1,119 2.9% 485 3.4% 634 2.6% ------- ------ ------ ----- ------ ----- 2,731 2.0% 984 2.0% 1,747 2.1% FLORIDA Tampa-St. Petersburg-Clearwater 567 2.4% 93 0.9% 474 3.4% Orlando 347 1.5% 247 2.8% 100 0.7% Miami 1,257 6.1% 372 4.6% 885 7.1% Jacksonville 778 6.9% 145 3.0% 633 9.9% West Palm Beach-Boca Raton 178 1.5% (90) (1.9)% 268 3.9% FortLauderdale 655 6.8% (31) (0.8)% 686 12.4% Other Markets (6) 872 4.8% (58) (0.8)% 930 8.5% ------- ------ ------ ----- ------ ----- 4,654 3.9% 678 1.4% 3,976 5.7% MIDWEST Indianapolis 1,569 4.6% 827 5.7% 742 3.8% Chicago 1,970 4.3% 1,641 10.0% 329 1.1% Lansing-East Lansing 331 3.2% (134) (3.4)% 465 7.3% Cincinnati 124 1.1% 271 6.2% (147) (2.1)% Columbus (149) (2.3)% 22 0.9% (171) (4.3)% Grand Rapids-Muskegon-Holland 778 5.7% 626 11.0% 152 1.9% Fort Wayne (521) (4.1)% (105) (2.2)% (416) (5.3)% Other Markets (24) 977 2.3% 1,555 9.0% (578) (2.2)% ------- ------ ------ ----- ------ ----- 5,079 2.9% 4,703 6.8% 376 0.3% TEXAS Houston 1,901 4.2% 1,521 7.8% 380 1.5% Dallas 710 3.5% 439 5.3% 271 2.2% San Antonio (233) (1.6)% 199 2.9% (432) (5.5)% FortWorth-Arlington 341 4.7% 210 6.1% 131 3.4% Austin-San Marcos 180 2.0% 80 2.4% 100 1.8% Other Markets (11) 625 2.9% 492 4.7% 133 1.2% ------- ------ ------ ----- ------ ----- 3,524 3.0% 2,941 5.6% 583 0.9% WEST Phoenix-Mesa 961 2.5% 854 6.2% 107 0.4% Denver 735 5.7% 133 3.7% 602 6.5% Salt Lake City-Ogden 155 1.8% 122 4.6% 33 0.6% Tucson 74 0.9% 405 13.3% (331) (6.0)% Las Vegas 178 3.3% 171 8.7% 7 0.2% Other Markets (8) 798 5.2% 365 7.7% 433 4.1% ------- ------ ------ ----- ------ ----- 2,901 3.3% 2,050 6.9% 851 1.4% CALIFORNIA Riverside-San Bernardino 464 8.7% 147 7.8% 317 9.2% San Diego 1,163 11.2% (1) 0.0% 1,164 16.6% Los Angeles-Long Beach 323 8.0% (93) (8.4)% 416 14.2% Oakland 494 12.9% 112 8.8% 382 15.0% Orange County 505 9.0% (171) (10.0)% 676 17.5% Other Markets (2) 383 12.8% 52 7.6% 331 14.4% ------- ------ ------ ----- ------ ----- 3,332 10.4% 46 0.5% 3,286 14.9% ------- ------ ------ ----- ------ ----- SAME STORE SALES (118) 33,417 4.2% 13,737 4.6% 19,680 4.0% ======= ====== ====== ===== ====== =====
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