-----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, FIeqjKlgwS3nX4kcNVH6uySNeO1/0qOBj+SxCYgecRXk7n7lc7F5C6ivJG2W5Kqu 43VBg+teAVElCySgJRWuAA== 0001362310-08-007898.txt : 20081205 0001362310-08-007898.hdr.sgml : 20081205 20081204201625 ACCESSION NUMBER: 0001362310-08-007898 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081204 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081205 DATE AS OF CHANGE: 20081204 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: 081230899 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 c77945e8vk.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): December 4, 2008

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
 (Exact name of registrant as specified in its charter)
         
MARYLAND   01-13232   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 December 1, 2008, Apartment Investment and Management Company (“Aimco”) paid a special dividend to Aimco’s stockholders of record at the close of business on October 27, 2008. The special dividend was paid in a combination of cash and Aimco Class A Common 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 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 99.1 to facilitate an understanding of the effect of shares issued in connection with the special dividend declared on October 16, 2008, and paid on December 1, 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.

The following exhibits are furnished with this report:

Exhibit Number     Description

  99.1   Financial and Share Information Adjusted for Special Dividends – December 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: December 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
  Financial and Share Information Adjusted for Special Dividends – December 2008

 

 

EX-99.1 2 c77945exv99w1.htm EXHIBIT 99.1 Filed by Bowne Pure Compliance
Exhibit 99.1
Apartment Investment and Management Company
Financial and Share Information Adjusted for Special Dividends — December 2008
In December 2007, July 2008, and October 2008, Apartment Investment and Management Company (“Aimco”) declared special dividends, which were paid 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 three quarters of 2008.
Aimco is not providing updated guidance; however, users of Aimco’s financial information should be aware that guidance provided during Aimco’s third quarter earnings conference call did not contemplate the number of shares to be issued in connection with the special dividend declared in October 2008, as the number of shares to be issued was not determinable at that time.
The number of shares issued and the percentage increase in shares outstanding on the record dates as a result of the special dividends were as follows:
                         
Dividend payment date   January 30, 2008     August 29, 2008     December 1, 2008  
Shares issued     4,594,074       5,731,310       12,572,267  
Percentage increase in shares outstanding on record date     4.95 %     6.70 %     14.18 %

 

 

 

Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
                                                                                                                         
    3Q 2008     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
   $ 1.81     $ 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  
Effect of October 2008 special dividend
     (0.22 )     (0.32 )     0.05       0.03       0.02       (0.01 )     (0.01 )     (0.08 )     0.05       (0.02 )     (0.07 )     0.00       (0.00 )     (0.01 )     0.03  
 
                                                                                          
Adjusted EPS
   $ 1.59     $ 2.27     $ (0.35 )   $ (0.22 )   $ (0.18 )   $ 0.02     $ 0.07     $ 0.54     $ (0.38 )   $ 0.13     $ 0.49     $ (0.06 )   $ 0.04     $ 0.05     $ (0.17 )
 
                                                                                          
 
                                                                                                                        
Funds from operations — FFO
                                                                                                                        
Originally reported
   $ 0.82     $ 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 )
Effect of October 2008 special dividend
     (0.10 )     (0.10 )     (0.09 )     (0.10 )     (0.09 )     (0.10 )     (0.08 )     (0.10 )     (0.09 )     (0.09 )     (0.07 )     (0.07 )     (0.06 )     (0.07 )     (0.07 )
 
                                                                                          
Adjusted FFO
   $ 0.72     $ 0.68     $ 0.59     $ 0.68     $ 0.65     $ 0.69     $ 0.58     $ 0.69     $ 0.58     $ 0.57     $ 0.54     $ 0.47     $ 0.46     $ 0.52     $ 0.50  
 
                                                                                          
 
                                                                                                                        
FFO before impairment and preferred redemption charges
                                                                                                                        
Originally reported
   $ 0.84     $ 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 )
Effect of October 2008 special dividend
     (0.10 )     (0.10 )     (0.09 )     (0.10 )     (0.10 )     (0.10 )     (0.08 )     (0.10 )     (0.09 )     (0.08 )     (0.08 )     (0.07 )     (0.07 )     (0.08 )     (0.08 )
 
                                                                                          
Adjusted FFO before impairment and preferred redemption charges
   $ 0.74     $ 0.74     $ 0.59     $ 0.72     $ 0.67     $ 0.69     $ 0.59     $ 0.69     $ 0.61     $ 0.57     $ 0.55     $ 0.47     $ 0.51     $ 0.52     $ 0.52  
 
                                                                                          
 
                                                                                                                        
Adjusted funds from operations — AFFO
                                                                                                                        
Originally reported
   $ 0.57     $ 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 )
Effect of October 2008 special dividend
     (0.07 )     (0.08 )     (0.06 )     (0.07 )     (0.06 )     (0.07 )     (0.06 )     (0.08 )     (0.07 )     (0.06 )     (0.06 )     (0.05 )     (0.04 )     (0.05 )     (0.06 )
 
                                                                                          
Adjusted AFFO
   $ 0.50     $ 0.54     $ 0.42     $ 0.51     $ 0.46     $ 0.50     $ 0.46     $ 0.57     $ 0.45     $ 0.42     $ 0.43     $ 0.32     $ 0.31     $ 0.33     $ 0.40  
 
                                                                                          

 

 

 

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  
Effect of October 2008 special dividend
     0.04       (0.11 )     0.02  
 
                  
Adjusted EPS
   $ (0.30 )   $ 0.78     $ (0.14 )
 
                  
 
                        
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 )
Effect of October 2008 special dividend
     (0.36 )     (0.33 )     (0.27 )
 
                  
Adjusted FFO
   $ 2.61     $ 2.39     $ 1.95  
 
                  
 
                        
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 )
Effect of October 2008 special dividend
     (0.38 )     (0.34 )     (0.29 )
 
                  
Adjusted FFO before impairment and preferred redemption charges
   $ 2.67     $ 2.43     $ 2.03  
 
                  
 
                        
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 )
Effect of October 2008 special dividend
     (0.27 )     (0.26 )     (0.19 )
 
                  
Adjusted AFFO
   $ 1.92     $ 1.88     $ 1.36  
 
                  

 

 

 

Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
                                                                                                                         
    3Q 2008     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
     90,266       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  
Effect of October 2008 special dividend
     12,783       13,287       13,769       14,830       15,065       15,210       15,210       15,172       15,223       15,224       15,089       14,951       14,914       14,879       14,825  
 
                                                                                          
Adjusted EPS weighted average common shares outstanding, diluted
     103,049       106,959       110,837       119,381       121,273       122,437       122,437       122,133       122,548       122,554       121,468       120,356       120,059       119,774       119,333  
 
                                                                                          
 
                                                                                                                        
Funds from operations — FFO weighted average common shares outstanding, diluted
                                                                                                                        
Originally reported
     92,772       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  
Effect of October 2008 special dividend
     13,138       13,692       14,088       15,266       15,200       15,565       15,626       15,621       15,673       15,365       15,232       15,015       15,008       14,949       14,874  
 
                                                                                          
Adjusted FFO weighted average common shares outstanding, diluted
     105,910       110,380       113,497       123,147       122,829       126,360       127,298       127,228       127,314       124,368       123,237       121,045       121,242       120,558       119,838  
 
                                                                                          
 
                                                                                                                        
FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
                                                                                                                        
Originally reported
     92,792       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  
Effect of October 2008 special dividend
     13,141       13,695       14,088       15,266       15,200       15,565       15,626       15,621       15,682       15,365       15,232       15,015       15,024       14,949       14,874  
 
                                                                                          
Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
     105,933       110,404       113,497       123,147       122,829       126,360       127,298       127,228       127,384       124,368       123,237       121,045       121,374       120,558       119,838  
 
                                                                                          
 
                                                                                                                        
Adjusted funds from operations — AFFO weighted average common shares outstanding, diluted
                                                                                                                        
Originally reported
     90,376       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  
Effect of October 2008 special dividend
     12,799       13,355       13,800       14,938       15,186       15,554       15,626       15,610       15,669       15,351       15,217       14,997       15,008       14,932       14,862  
 
                                                                                          
Adjusted AFFO weighted average common shares outstanding, diluted
     103,175       107,665       111,181       120,506       122,719       126,268       127,298       127,136       127,280       124,252       123,114       120,903       121,242       120,418       119,743  
 
                                                                                          

 

 

 

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  
Effect of October 2008 special dividend
     15,079       15,177       14,892  
 
                  
Adjusted EPS weighted average common shares outstanding, diluted
     121,383       122,176       119,882  
 
                  
 
                        
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  
Effect of October 2008 special dividend
     15,414       15,473       14,962  
 
                  
Adjusted FFO weighted average common shares outstanding, diluted
     124,909       125,613       120,672  
 
                  
 
                        
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  
Effect of October 2008 special dividend
     15,414       15,475       14,966  
 
                  
Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted
     124,909       125,630       120,705  
 
                  
 
                        
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  
Effect of October 2008 special dividend
     15,326       15,462       14,950  
 
                  
Adjusted AFFO weighted average common shares outstanding, diluted
     124,198       125,522       120,577  
 
                  

 

 

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