-----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, Q6so6HdruXIYIO83Ga+ppBqq4x+5+wXvHwm5dm1Ypv39yAaPoZdbtBBkqAQsx9Te mwNJzODhaU5GKLtQQfxiOw== 0001362310-08-004999.txt : 20080905 0001362310-08-004999.hdr.sgml : 20080905 20080904182153 ACCESSION NUMBER: 0001362310-08-004999 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080828 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080905 DATE AS OF CHANGE: 20080904 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: 081057259 BUSINESS ADDRESS: STREET 1: 4582 S ULSTER ST PARKWAY CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 4582 S ULSTER ST PARKWAY CITY: DENVER STATE: CO ZIP: 80237 8-K 1 c75048e8vk.htm FORM 8-K Filed by Bowne Pure Compliance
 
 

UNITED STATES
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): August 28, 2008

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(Exact name of registrant as specified in its charter)
         
MARYLAND   001-13232   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)

Registrant’s telephone number, including area code: (303) 757-8101
 
NOT APPLICABLE
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))

 
 

 

1

 

ITEM 8.01. Other Events.

On August 28, 2008, Apartment Investment and Management Company (“Aimco”) issued a press release relating to the special dividend paid on August 29, 2008, to Aimco’s stockholders of record at the close of business on July 28, 2008. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Accounting principles generally accepted in the United States (GAAP) require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares in connection with the special dividend as if such shares had been issued at the beginning of the earliest period presented.

Aimco has furnished the material on Exhibit 99.2 to facilitate an understanding of the effect of shares issued in connection with the special dividends declared in December 2007 and July 2008 on previously reported Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share.

ITEM 9.01. Financial Statements and Exhibits.

  Exhibit
Number		   Description
 
  99.1   Aimco Press Release dated August 28, 2008
 
  99.2   Aimco Financial and Share Information Adjusted for Special Dividends - September 2008

 

 

2

 

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: September 4, 2008

       
      Apartment Investment and Management Company
 
      /s/ Thomas M. Herzog
      Thomas M. Herzog
Executive Vice President and Chief Financial Officer

 

3

 

EXHIBIT INDEX

  Exhibit
Number		   Description
 
  99.1   Aimco Press Release dated August 28, 2008
 
  99.2   Aimco Financial and Share Information Adjusted for Special Dividends - September 2008

 

4

EX-99.1 2 c75048exv99w1.htm EXHIBIT 99.1 Filed by Bowne Pure Compliance
Exhibit 99.1
     
(AIMCO LOGO)
  Investor Relations (303) 691-4350
Investor@aimco.com
Elizabeth Coalson
Vice President Investor Relations
(303) 691-4327 
APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES
RESULTS OF SECOND QUARTER 2008 SPECIAL DIVIDEND ELECTIONS
DENVER, COLORADO, August 28, 2008
Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today the results of the stockholders’ elections relating to Aimco’s second quarter 2008 special dividend declared by its Board of Directors on July 18, 2008. The special dividend of $3.00 per share of Class A Common Stock is payable on August 29, 2008, to stockholders of record on July 28, 2008. Aimco’s Class A Common Stock began trading “ex-dividend” for the special dividend on July 24, 2008.
A portion of the special dividend in the amount of $0.60 per share represents payment of the regular dividend for the quarter ended June 30, 2008, and a portion represents an additional dividend payment in the amount of $2.40 per share associated with taxable gains arising from property dispositions in 2008.
Aimco expects the special dividend to be a taxable dividend to its stockholders, without regard to whether a particular stockholder receives the dividend in the form of cash or shares. It therefore allows Aimco to satisfy its REIT distribution requirement while preserving cash for other corporate purposes, including share repurchases.
The terms of the special dividend, including the ability of shareholders to elect to receive the special distribution in the form of cash or shares of Aimco’s Class A Common Stock, and a limitation on the aggregate amount of cash to be included in the special dividend, were described in detail in the prospectus filed with the Securities and Exchange Commission on July 28, 2008. The cash or stock elections were required to be exercised prior to 5:00 p.m. (EDT) on August 20, 2008.
Based on stockholder elections, the special dividend will consist of approximately $51.4 million in cash and approximately 5.7 million shares of its Class A Common Stock. The number of shares included in the special distribution is calculated based on the $35.84 average closing price per share of Aimco’s Class A Common Stock on the New York Stock Exchange on August 21 and 22, 2008. Summarized results of the special dividend elections are as follows:
•  
To stockholders electing to receive the special dividend in all stock, Aimco will pay the dividend in stock.
 
•  
To stockholders electing to receive the special dividend in all cash, Aimco will pay the dividend in the form of $0.70506 per share in cash and $2.29494 per share in stock.
 
•  
To stockholders failing to make an election, Aimco will pay the special dividend in the form of $0.60 per share in cash and $2.40 per share in stock.
 
•  
Aimco will pay fractional shares in the form of cash.

 

 

 

If your shares are held through a bank, broker or nominee, and you have questions regarding the special dividend, please contact such bank, broker or nominee. If you are a registered stockholder and you have questions regarding the special dividend, you may call Aimco’s transfer agent, Computershare Trust Company, N.A., at (781) 575-2879 or (800) 733-5001.
Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is the largest owner and operator of apartment communities in the United States with 1,114 properties, including 188,672 apartment units, and serves approximately 750,000 residents each year. Aimco’s properties are located in 46 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

 

 

EX-99.2 3 c75048exv99w2.htm EXHIBIT 99.2 Filed by Bowne Pure Compliance

Exhibit 99.2

Apartment Investment and Management Company
Financial and Share Information Adjusted for Special Dividends - September 2008

In December 2007, Aimco declared a special dividend, which was paid in a combination of cash and stock. In July 2008, Aimco declared a second special dividend, also payable in a combination of cash and stock. Accounting principles generally accepted in the United States (GAAP) require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares in connection with these special dividends as if such shares had been issued at the beginning of the earliest period presented.

The purpose of this document is to provide additional information to users of Aimco’s financial information to facilitate an understanding of the effect of shares issued in connection with the special dividends on previously reported Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share. The analyses that follow this summary represent the detailed computations of the adjustments to these metrics resulting from the retroactive adjustments to reported weighted average shares and share equivalents as required by GAAP on a quarterly and annual basis for the years 2005, 2006, 2007 and the first half of 2008.

Aimco is not providing updated guidance; however, users of Aimco’s financial information should be aware that guidance provided during Aimco’s second quarter earnings conference call did not contemplate the number of shares to be issued in connection with the special dividend declared in July 2008, as the number of shares to be issued was not determinable at that time.

 

 

Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
                                                                                                                 
    2Q 2008     1Q 2008     4Q 2007     3Q 2007     2Q 2007     1Q 2007     4Q 2006     3Q 2006     2Q 2006     1Q 2006     4Q 2005     3Q 2005     2Q 2005     1Q 2005  
Earnings — EPS
                                                                                                                
Originally reported
   $ 2.76     $ (0.43 )   $ (0.28 )   $ (0.22 )   $ 0.03     $ 0.09     $ 0.69     $ (0.48 )   $ 0.17     $ 0.63     $ (0.07 )   $ 0.05     $ 0.06     $ (0.22 )
Effect of December 2007 special dividend
     —       —       0.01       0.01       (0.00 )     (0.00 )     (0.03 )     0.01       (0.01 )     (0.03 )     0.00       (0.00 )     (0.00 )     0.01  
Effect of July 2008 special dividend
     (0.17 )     0.03       0.02       0.01       (0.00 )     (0.01 )     (0.04 )     0.04       (0.01 )     (0.04 )     0.01       (0.01 )     (0.00 )     0.01  
 
                                                                                    
Adjusted EPS
   $ 2.59     $ (0.40 )   $ (0.25 )   $ (0.20 )   $ 0.03     $ 0.08     $ 0.62     $ (0.43 )   $ 0.15     $ 0.56     $ (0.06 )   $ 0.04     $ 0.06     $ (0.20 )
 
                                                                                    
 
                                                                                                                
Funds from operations — FFO
                                                                                                                
Originally reported
   $ 0.83     $ 0.72     $ 0.87     $ 0.83     $ 0.88     $ 0.74     $ 0.88     $ 0.74     $ 0.73     $ 0.68     $ 0.60     $ 0.58     $ 0.67     $ 0.63  
Effect of December 2007 special dividend
     —       —       (0.04 )     (0.04 )     (0.04 )     (0.04 )     (0.04 )     (0.03 )     (0.03 )     (0.03 )     (0.03 )     (0.03 )     (0.04 )     (0.03 )
Effect of July 2008 special dividend
     (0.05 )     (0.04 )     (0.05 )     (0.05 )     (0.05 )     (0.04 )     (0.05 )     (0.04 )     (0.04 )     (0.04 )     (0.03 )     (0.03 )     (0.04 )     (0.03 )
 
                                                                                    
Adjusted FFO
   $ 0.78     $ 0.68     $ 0.78     $ 0.74     $ 0.79     $ 0.66     $ 0.79     $ 0.67     $ 0.66     $ 0.61     $ 0.54     $ 0.52     $ 0.59     $ 0.57  
 
                                                                                    
 
                                                                                                                
FFO before impairment and preferred redemption charges
                                                                                                                
Originally reported
   $ 0.90     $ 0.72     $ 0.92     $ 0.86     $ 0.88     $ 0.75     $ 0.88     $ 0.78     $ 0.73     $ 0.70     $ 0.60     $ 0.65     $ 0.67     $ 0.67  
Effect of December 2007 special dividend
     —       —       (0.04 )     (0.04 )     (0.04 )     (0.04 )     (0.04 )     (0.03 )     (0.04 )     (0.03 )     (0.03 )     (0.03 )     (0.03 )     (0.03 )
Effect of July 2008 special dividend
     (0.06 )     (0.04 )     (0.06 )     (0.05 )     (0.05 )     (0.04 )     (0.05 )     (0.05 )     (0.04 )     (0.04 )     (0.03 )     (0.04 )     (0.04 )     (0.04 )
 
                                                                                    
Adjusted FFO before impairment and preferred redemption charges
   $ 0.84     $ 0.68     $ 0.82     $ 0.77     $ 0.79     $ 0.67     $ 0.79     $ 0.70     $ 0.65     $ 0.63     $ 0.54     $ 0.58     $ 0.60     $ 0.60  
 
                                                                                    
 
                                                                                                                
Adjusted funds from operations — AFFO
                                                                                                                
Originally reported
   $ 0.66     $ 0.51     $ 0.65     $ 0.58     $ 0.64     $ 0.58     $ 0.73     $ 0.58     $ 0.53     $ 0.55     $ 0.41     $ 0.40     $ 0.42     $ 0.51  
Effect of December 2007 special dividend
     —       —       (0.03 )     (0.03 )     (0.03 )     (0.03 )     (0.04 )     (0.03 )     (0.02 )     (0.03 )     (0.02 )     (0.02 )     (0.02 )     (0.02 )
Effect of July 2008 special dividend
     (0.04 )     (0.03 )     (0.04 )     (0.03 )     (0.04 )     (0.03 )     (0.04 )     (0.03 )     (0.03 )     (0.03 )     (0.02 )     (0.03 )     (0.02 )     (0.03 )
 
                                                                                    
Adjusted AFFO
   $ 0.62     $ 0.48     $ 0.58     $ 0.52     $ 0.57     $ 0.52     $ 0.65     $ 0.52     $ 0.48     $ 0.49     $ 0.37     $ 0.35     $ 0.38     $ 0.46  
 
                                                                                    

 

 

 

Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
                         
    2007     2006     2005  
Earnings — EPS
                        
Originally reported
   $ (0.38 )   $ 1.00     $ (0.18 )
Effect of December 2007 special dividend
     0.02       (0.05 )     0.01  
Effect of July 2008 special dividend
     0.02       (0.06 )     0.01  
 
                  
Adjusted EPS
   $ (0.34 )   $ 0.89     $ (0.16 )
 
                  
 
                        
Funds from operations — FFO
                        
Originally reported
   $ 3.32     $ 3.04     $ 2.48  
Effect of December 2007 special dividend
     (0.15 )     (0.14 )     (0.11 )
Effect of July 2008 special dividend
     (0.20 )     (0.18 )     (0.15 )
 
                  
Adjusted FFO
   $ 2.97     $ 2.72     $ 2.22  
 
                  
 
                        
FFO before impairment and preferred redemption charges
                        
Originally reported
   $ 3.41     $ 3.09     $ 2.59  
Effect of December 2007 special dividend
     (0.16 )     (0.14 )     (0.12 )
Effect of July 2008 special dividend
     (0.20 )     (0.18 )     (0.15 )
 
                  
Adjusted FFO before impairment and preferred redemption charges
   $ 3.05     $ 2.77     $ 2.32  
 
                  
 
                        
Adjusted funds from operations — AFFO
                        
Originally reported
   $ 2.45     $ 2.39     $ 1.74  
Effect of December 2007 special dividend
     (0.11 )     (0.11 )     (0.08 )
Effect of July 2008 special dividend
     (0.15 )     (0.14 )     (0.11 )
 
                  
Adjusted AFFO
   $ 2.19     $ 2.14     $ 1.55  
 
                  

 

 

 

Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
                                                                                                                 
    2Q 2008     1Q 2008     4Q 2007     3Q 2007     2Q 2007     1Q 2007     4Q 2006     3Q 2006     2Q 2006     1Q 2006     4Q 2005     3Q 2005     2Q 2005     1Q 2005  
Earnings — EPS weighted average common shares outstanding, diluted
                                                                                                                
Originally reported
     87,790       90,973       93,463       95,017       95,973       95,971       95,715       96,061       96,071       95,183       94,282       94,041       93,807       93,448  
Effect of December 2007 special dividend
     —       —       4,523       4,522       4,521       4,523       4,530       4,525       4,519       4,516       4,504       4,502       4,501       4,497  
Effect of July 2008 special dividend
     5,882       6,095       6,565       6,669       6,733       6,733       6,716       6,739       6,740       6,680       6,619       6,602       6,587       6,563  
 
                                                                                    
Adjusted EPS weighted average common shares outstanding, diluted
     93,672       97,068       104,551       106,208       107,227       107,227       106,961       107,325       107,330       106,379       105,405       105,145       104,895       104,508  
 
                                                                                    
 
                                                                                                                
Funds from operations — FFO weighted average common shares outstanding, diluted
                                                                                                                
Originally reported
     90,618       93,168       96,437       96,287       99,200       99,981       99,906       99,984       97,566       96,635       94,840       95,013       94,446       93,856  
Effect of December 2007 special dividend
     —       —       4,672       4,587       4,646       4,690       4,704       4,655       4,598       4,592       4,533       4,553       4,533       4,518  
Effect of July 2008 special dividend
     6,070       6,241       6,772       6,755       6,949       7,001       6,997       7,002       6,839       6,778       6,657       6,668       6,630       6,590  
 
                                                                                    
Adjusted FFO weighted average common shares outstanding, diluted
     96,688       99,409       107,881       107,629       110,795       111,672       111,607       111,641       109,003       108,005       106,030       106,234       105,609       104,964  
 
                                                                                    
 
                                                                                                                
FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
                                                                                                                
Originally reported
     90,637       93,168       96,437       96,287       99,200       99,981       99,906       100,038       97,566       96,635       94,840       95,117       94,446       93,856  
Effect of December 2007 special dividend
     —       —       4,672       4,587       4,646       4,690       4,704       4,658       4,598       4,592       4,533       4,558       4,533       4,518  
Effect of July 2008 special dividend
     6,072       6,241       6,772       6,755       6,949       7,001       6,997       7,006       6,839       6,778       6,657       6,675       6,630       6,590  
 
                                                                                    
Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
     96,709       99,409       107,881       107,629       110,795       111,672       111,607       111,702       109,003       108,005       106,030       106,350       105,609       104,964  
 
                                                                                    
 
                                                                                                                
Adjusted funds from operations — AFFO weighted average common shares outstanding, diluted
                                                                                                                
Originally reported
     88,389       91,267       94,371       96,201       99,128       99,981       99,834       99,957       97,475       96,539       94,729       95,013       94,336       93,782  
Effect of December 2007 special dividend
     —       —       4,570       4,583       4,642       4,690       4,700       4,654       4,593       4,587       4,528       4,553       4,528       4,514  
Effect of July 2008 special dividend
     5,921       6,114       6,627       6,749       6,944       7,001       6,992       7,000       6,833       6,771       6,649       6,668       6,622       6,585  
 
                                                                                    
Adjusted AFFO weighted average common shares outstanding, diluted
     94,310       97,381       105,568       107,533       110,714       111,672       111,526       111,611       108,901       107,897       105,906       106,234       105,486       104,881  
 
                                                                                    

 

 

 

Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
                         
    2007     2006     2005  
Earnings — EPS weighted average common shares outstanding, diluted
                        
Originally reported
     95,106       95,758       93,894  
Effect of December 2007 special dividend
     4,523       4,522       4,503  
Effect of July 2008 special dividend
     6,675       6,719       6,593  
 
                  
Adjusted EPS weighted average common shares outstanding, diluted
     106,304       106,999       104,990  
 
                  
 
                        
Funds from operations — FFO weighted average common shares outstanding, diluted
                        
Originally reported
     97,983       98,522       94,539  
Effect of December 2007 special dividend
     4,643       4,714       4,535  
Effect of July 2008 special dividend
     6,869       6,904       6,636  
 
                  
Adjusted FFO weighted average common shares outstanding, diluted
     109,495       110,140       105,710  
 
                  
 
                        
FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
                        
Originally reported
     97,983       98,536       94,565  
Effect of December 2007 special dividend
     4,643       4,714       4,536  
Effect of July 2008 special dividend
     6,869       6,905       6,638  
 
                  
Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
     109,495       110,155       105,739  
 
                  
 
                        
Adjusted funds from operations — AFFO weighted average common shares outstanding, diluted
                        
Originally reported
     97,421       98,451       94,465  
Effect of December 2007 special dividend
     4,621       4,710       4,531  
Effect of July 2008 special dividend
     6,830       6,899       6,631  
 
                  
Adjusted AFFO weighted average common shares outstanding, diluted
     108,872       110,060       105,627  
 
                  

 

 

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