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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

(AIV)
  Report
Delayed Nyse  -  04:00 2022-09-30 pm EDT
7.300 USD   +1.67%
09/28Aimco Files Preliminary Proxy Statement
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09/13APARTMENT INVESTMENT AND MANAGEMENT COMPANY : Ex-dividend day for
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09/07Aimco Confirms Completion of Lease Termination Transaction, Realizing $100 Million of Value Creation
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Apartment Investment and Management : Aimco Provides Recent Highlights and Second Quarter Financial Results - Form 8-K

08/04/2022 | 05:43pm EDT

Aimco Provides Recent Highlights and Second Quarter Financial Results

Denver, Colorado, August 4, 2022 - Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today second quarter results for 2022 and provided highlights on recent activities.

Wes Powell, Aimco President and Chief Executive Officer, comments: "Aimco has accomplished a great deal during 2022 and we are well positioned for continued success. The early monetization of our four development assets leased from AIR Communities ("AIR") highlights our team's ability to execute and will lead to $100 million dollars of value creation for Aimco shareholders.

"Our diversified portfolio of income producing properties continues to yield strong results, with net operating income up 14.9% during the first half of 2022.

"During the year we sold two stabilized multifamily assets above the values used in our internal Net Asset Value ("NAV") estimate and also added multi-phase development opportunities in South Florida and Washington, D.C. Through opportunities directly sourced by the Aimco team, our future development pipeline has nearly tripled since the start of 2021, and now, in total, has the potential for more than 15 million square feet of residential and mixed-use development.

"We have agreements in place that will retire or refinance more than $1.0 billion of near-term liabilities and in doing so improved our balance sheet which is now comprised of primarily fixed-rate debt with an average term to maturity of 8.4 years."

Mr. Powell continued, "I am pleased with the ongoing value creation being delivered by the Aimco team but also recognize that Aimco shares have traded at sizable discounts to our most recently published NAV. As such, in the first half of the year Aimco repurchased nearly 750,000 shares and, in July, Aimco's Board of Directors updated the authorization for the purchase of up to 15 million additional shares.

"I am thankful to the Aimco team for their dedication and good work, and to the Aimco Board of Directors for their engagement and guidance, as we execute on our shared commitment to building, and unlocking, value for Aimco shareholders."

Financial Results and Recent Highlights

Net income attributable to common stockholders per share, on a fully dilutive basis, was $1.57 for the quarter ended June 30, 2022, compared to net income per share of $(0.13) for the same period in 2021, due primarily to the recognition of income resulting from the agreement to terminate the AIR leases and gains related to the sale of Pathfinder Village.
As of July 31, 2022, total shareholder return ("TSR") since the December 15, 2020 separation from AIR was 65.1% and year-to-date was 7.8%.
Second Quarter 2022 Revenue and NOI from Aimco's Stabilized Operating Properties were up 11.2% and 14.4%, respectively, year over year, with occupancy of 97.7%, up 20 basis points year over year.
Aimco reached an agreement with AIR that will result in more than $100 million of realized Value Creation, net of costs for Aimco shareholders and eliminate the $469 million obligation related to the four leased properties from AIR.
Aimco completed the early repayment of the $534 million of notes due to AIR, originally scheduled to mature in January 2024 and carrying an annual rate of 5.2%, with proceeds from property level

Second Quarter 2022 Earnings Release and Supplemental Schedules | 3

financings, the sales of Pathfinder Village and Cedar Rim, and the placement of preferred equity secured by a portfolio of stabilized properties.

Value Add, Opportunistic & Alternative Investments:

Development and Redevelopment

Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco's Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

As of June 30, 2022, Aimco had eight active development and redevelopment projects located in five U.S. markets, in varying phases of construction and lease-up. These projects remain on track, as measured by budget, lease-up metrics, and current market valuations. During the second quarter, Aimco invested $62.5 million in development and redevelopment activities. Updates include:

As previously announced, following the successful development and lease-up of 707 Leahy in Redwood City, California, Prism in Cambridge, Massachusetts, Flamingo Point North Tower in Miami Beach, Florida, and The Fremont on the Anschutz Medical Campus in Aurora, Colorado, Aimco and AIR have agreed to cancel Aimco's leasehold interest in each property on September 1, 2022. In return for the termination of the leases, Aimco will receive $200 million, resulting in Value Creation, net of costs, of approximately $100 million, which will be realized about 18 months sooner than originally anticipated.
At The Hamilton in Miami, Florida, Aimco now expects to welcome the first residents into redesigned and fully renovated units in August 2022. As of July 31, 2022, 61 units were leased or pre-leased at rental rates more than 20% ahead of underwriting.
Construction continues on schedule and on budget at Upton Place in Northwest Washington, D.C., the Benson Hotel and Faculty Club on the Anschutz Medical Campus in Aurora, Colorado, and at our single-family home development project, Oak Shore, in Corte Madera, California.

Alternative Investments

Aimco makes alternative investments where it has special knowledge or expertise relevant to the venture and opportunity exists for positive asymmetric outcomes. Aimco's current alternative investments include a mezzanine loan secured by a stabilized multifamily property with an option to participate in future multifamily development as well as three passive equity investments. Updates include:

The borrower on Aimco's $354.4 million mezzanine loan, which is secured by the Parkmerced stabilized multifamily property plus phases two through nine of the site's future development opportunity, remains current on its first mortgage obligations. The neighboring San Francisco State University is expected to return to full in-person learning this fall, with hybrid options, increasing the demand for the apartments that serve as collateral for the Aimco loan. Due to the relative size of Aimco's investment and alternative accretive uses of capital, Aimco recently initiated a marketing effort to explore potential opportunities to monetize all or a portion of its investment.
Aimco redeemed 22% of its passive equity investment in IQHQ Inc., a life sciences developer. In July, Aimco received proceeds of $16.5 million from the sale resulting in a greater than 50% internal rate of return over the hold period for this portion of its investment. Aimco retains 2.4 million shares worth $59.7 million and the opportunity to collaborate with IQHQ on future development opportunities that include a multifamily component.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 4

Investment Activity

Aimco is focused on development and redevelopment, funded through joint ventures. Aimco will also consider opportunistic investments in related activities. Updates include:

In May, Aimco executed a joint venture agreement to act as a co-GP on the development of a phased multifamily community in Bethesda, Maryland. The project is fully entitled and includes approvals for over 2,200 units in six phases. Aimco will participate in the first two multifamily phases totaling 574 units with an expected Aimco investment of approximately $18 million. Aimco also has rights to increase our investment and to choose to participate in future phases of development.
In June, July, and August, Aimco closed on the purchase of three development parcels it contracted to acquire, for $100 million, in February 2022. The nine-acre assemblage is located in the rapidly growing Flagler Village neighborhood of Fort Lauderdale, Florida, and allows for approximately three million square feet of phased, mixed-use development, which could contain up to 1,500 residential units, more than 300 hotel keys, and more than 100,000 square feet of retail space at full build-out. Aimco intends to execute the planned development activity through joint venture financing.

Operating Property Results

Aimco owns a diversified portfolio of operating apartment communities located in ten major U.S. markets with average rents in line with local market averages. Aimco also owns one commercial office building that is part of an assemblage with an adjacent apartment building.

Aimco's operating properties produced solid results for the quarter ended June 30, 2022.

Second Quarter

Year-to-Date

Stabilized Operating Properties

Year-over-Year

Sequential

Year-over-Year

($ in millions)

2022

2021

Variance

1Q 2022

Variance

2022

2021

Variance

Average Daily Occupancy

97.7%

97.5%

0.2%

98.5%

(0.8%)

98.1%

97.6%

0.5%

Revenue, before utility reimbursements

$33.1

$29.8

11.2%

$32.2

2.7%

$65.3

$59.0

10.7%

Expenses, net of utility reimbursements

10.4

9.9

4.8%

10.2

1.7%

20.7

20.1

2.6%

Net operating income (NOI)

22.7

19.8

14.4%

22.0

3.2%

44.7

38.9

14.9%

*Excluded from the table above is one, 40-unit apartment community that Aimco's ownership includes a partnership share.

Revenue in the second quarter 2022 was $33.1 million, up 11.2% year-over-year, resulting from a $203 increase in average monthly revenue per apartment home to $2,039, and a 20-basis point increase in Average Daily Occupancy to 97.7%.
New lease rents increased 17.4% and renewal lease rents increased 16.8% in the second quarter and 62.4% of residents were retained over the past twelve months.
The median annual household income of new residents was more than $115,000 in the second quarter 2022, representing a rent to income ratio of 20.2%.
Net operating income in the second quarter 2022 was $22.7 million, up 14.4% year-over-year.

1001 Brickell Bay Drive, a waterfront office building in Miami, Florida, is owned as part of a larger assemblage with substantial development potential. In the first half of 2022, Aimco executed leases on over 60,000 square feet of office space, at rates per square foot 20% higher than leases executed in the first half of 2021. At the end of the second quarter 2022, the building was 85% occupied, up from 73% at the same time last year.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 5

Property Dispositions

In May, Aimco sold Pathfinder Village, a 246-unit apartment community located in Fremont, California, for $127.0 million. Proceeds, net of the repayment of the existing property debt and transaction related costs, were $71.8 million.
In July, subsequent to quarter end, Aimco sold Cedar Rim, a 104-unit apartment community located in Renton, Washington, for $53.0 million. The property was owned free and clear of debt prior to the sale.
Aimco is under contract to sell 2900 on First, a 135-unit apartment community with 14,000 square feet of retail located in Seattle, Washington for $69.0 million. This sale of this property is expected to close in August.
These properties sold, or are under contract to sell, for more than the values used in Aimco's internal NAV estimate.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of June 30, 2022, Aimco had access to $215.5 million, including $81.8 million of cash on hand, $12.5 million of restricted cash, and the capacity to borrow up to $121.2 million on its revolving credit facility.

Aimco's net leverage as of June 30, 2022, was as follows:

as of June 30, 2022

as of June 30, 2022
(proforma the final payoff of the notes payable to AIR)

Proportionate, $ in thousands

Amount

Weighted Avg.
Maturity (Yrs.)

Amount

Weighted Avg.
Maturity (Yrs.)

Total non-recourse property debt

$

798,492

8.4

$

798,492

8.4

Total non-recourse construction loan debt

203,395

1.9

203,395

1.9

Notes payable to AIR

147,039

1.6

-

Cash and restricted cash

(94,308

)

(94,308

)

Net Leverage

$

1,054,618

$

907,579

Debt Refinancings

Aimco reached agreement with AIR for the accelerated repayment of $534 million in notes, which carried a rate of 5.2%, prior to their maturity in January 2024. The early payoff, including $17 million of spread maintenance costs, was completed in July with proceeds generated from:
o
The financing of $575 million of property level loans with a weighted average term of 9.4 years and a weighted average fixed interest rate, net of monetized swaption proceeds, of 4.37%. Aimco received $337 million of proceeds, net of the repayment of existing property debt balances and prepayment penalties;
o
The sale of Pathfinder Village in Fremont, California for $127 million in May, and Cedar Rim in Renton, Washington for $53 million in July. Proceeds, net of the repayment of the existing property debt and transaction related costs, were $122 million; and
o
A $102 million, 8% preferred equity financing placement on a portfolio of stabilized assets with an institutional equity partner.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 6

Construction Lending

In the second quarter 2022, Aimco secured a $23 million non-recourse construction loan to fund the development of Oak Shore in Corte Madera, California.

Private Equity Financing

In July, Aimco closed a $102 million, 8% preferred equity financing on a portfolio of 14 stabilized assets with an institutional equity partner. The financing has a seven-year term but is fully pre-payable after 48 months.

Public Market Equity

Common Stock Repurchases

In the second quarter, Aimco repurchased 539,764 shares of its common stock at a weighted average price of $5.73 per share, an approximate 45% discount to its most recently published estimated NAV. Year to date, Aimco has repurchased 742,164 shares of its common stock at a weighted average price of $5.93 per share.
In July, Aimco's Board of Directors updated the authorization to repurchase up to 15 million additional shares.

Special Dividend

On July 27, 2022, Aimco's Board of Directors declared a special cash dividend of $0.02 per share payable on September 30, 2022, to Aimco shareholders of record on September 14, 2022.

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco's website at investors.aimco.com.

Aimco added a new Supplemental Schedule that presents the components of Aimco's NAV to its Second Quarter 2022 Earnings Release and Supplemental Information. This information can be found in Supplemental Schedule 8, on page 19 of this release.

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States, or GAAP. Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 7

About Aimco

Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

Team and Culture

Aimco has a national presence with corporate headquarters in Denver, Colorado and Bethesda, Maryland. Our investment platform is managed by experienced real estate professionals based in four regions of the United States: West Coast, Central and Mountain West, Mid-Atlantic and Northeast, and Southeast. The experience and in-depth local market knowledge of the Aimco team is essential to the execution of our mission and realization of our vision.

Above all else, Aimco is committed to a culture of integrity, respect, and collaboration.

Contact

Matt Foster, Sr. Director, Capital Markets and Investor Relations

Investor Relations 303-793-4661, investor@aimco.com

Second Quarter 2022 Earnings Release and Supplemental Schedules | 8

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to, the statements in this document regarding our 2022 plans and goals, including our 2022 pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, our plans to form joint ventures, and the return to in-person activities. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Aimco that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statement. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the risk that the 2022 plans and goals may not be completed, as expected, in a timely manner or at all, (ii) the inability to recognize the anticipated benefits of the pipeline investments and projects, and (iii) changes in general economic conditions, including, increases in interest rates and as a result of the COVID-19 pandemic. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent Quarterly Reports on Form 10-Q and other documents Aimco files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management's judgment and expectations as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 9

Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

REVENUES:

Rental and other property revenues

$

50,697

$

40,418

$

100,691

$

80,222

OPERATING EXPENSES:

Property operating expenses

19,708

16,403

38,929

33,345

Depreciation and amortization [1]

34,863

20,639

57,981

41,356

General and administrative expenses [2][3]

8,961

7,383

18,433

13,694

Total operating expenses

63,532

44,425

115,343

88,395

Interest expense

(41,546

)

(12,638

)

(56,147

)

(25,315

)

Mezzanine investment income, net

8,330

7,551

16,567

15,018

Realized and unrealized gains (losses) on interest rate options

20,017

(16,970

)

38,795

8,377

Realized and unrealized gains (losses) on
equity investments [4]

26,630

875

22,297

875

Gain (Loss) on the disposition of real estate

94,598

-

94,465

-

Lease modification income [1]

205,387

-

205,387

-

Other income (expenses), net

(1,413

)

2,043

(1,488

)

2,406

Income before income tax benefit

299,168

(23,146

)

305,224

(6,812

)

Income tax benefit (expense)

(45,957

)

2,760

(41,901

)

7,860

Net income

253,211

(20,386

)

263,323

1,048

Net (income) loss attributable to redeemable noncontrolling
interests in consolidated real estate partnerships

(1,069

)

(66

)

(2,539

)

86

Net (income) loss attributable to noncontrolling interests
in consolidated real estate partnerships

(346

)

(275

)

(344

)

(566

)

Net (income) loss attributable to common noncontrolling
interests in Aimco Operating Partnership

(12,659

)

1,037

(13,094

)

(44

)

Net income (loss) attributable to Aimco

$

239,137

$

(19,690

)

$

247,346

$

524

Net income (loss) attributable to common stockholders per
share - basic [5]

$

1.58

$

(0.13

)

$

1.63

$

0.00

Net income (loss) attributable to common stockholders per
share - diluted [5]

$

1.57

$

(0.13

)

$

1.62

$

0.00

Weighted-average common shares outstanding -
basic

149,600

149,166

149,694

149,082

Weighted-average common shares outstanding -
diluted

150,423

149,166

150,660

149,442

[1] In the three months ended June 30, 2022, as a result of the lease termination agreement with AIR Communities (AIR) and in accordance with GAAP, Aimco accelerated $13.9 million of depreciation on the associated leasehold improvements. The remaining $66.1 million of depreciation will be recognized over the remaining lease terms ending September 1, 2022. Also, in accordance with GAAP, Aimco reduced the right-of-use lease assets associated with these properties to zero and recognized lease modification income of $205.4 million. Per the terms of the lease termination agreement, Aimco will receive $200 million of cash payments from AIR in exchange for the return of the properties from Aimco to AIR, in the three months ended June 30, 2022, Aimco received $10 million of these payments in the form of a nonrefundable deposit.

[2] General and administrative expense includes $1.0 million and $2.0 million of expenses to be reimbursed to AIR, per agreement upon separation, for consulting services, with respect to strategic growth, direction, and advice, in the three and six months ended June 30, 2022, respectively. This agreement is expected to conclude at year end.

[3] General and administrative expense for the three months and six months ended June 30, 2021 was prior to the full build out of Aimco's platform and are not representative of Aimco's anticipated expenses.

[4] Realized and unrealized gains (losses) on equity investments increased due primarily to the change in the fair market value of Aimco's investment in IQHQ, a life science real estate developer. In the three months ended June 30, 2022, Aimco realized a gain of $5.7 million in conjunction with the redemption of 22% of its investment in IQHQ.

[5] See Note 6 of Aimco's Second Quarter 2022 SEC Form 10-Q, filed August 4, 2022, for additional details.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 10

Consolidated Balance Sheets

(in thousands) (unaudited)

June 30,

December 31,

2022

2021

Assets

Buildings and improvements

$

1,269,624

$

1,257,214

Land

601,757

534,285

Total real estate

1,871,381

1,791,499

Accumulated depreciation

(519,868

)

(561,115

)

Net real estate

1,351,513

1,230,384

Cash and cash equivalents

81,799

233,374

Restricted cash

12,510

11,208

Mezzanine investments

354,365

337,797

Interest rate options

51,286

25,657

Right-of-use lease assets

130,532

429,768

Receivable from lease termination

186,318

-

Other assets, net

251,089

165,913

Total assets

$

2,419,412

$

2,434,101

Liabilities and Equity

Non-recourse property debt, net

$

801,434

$

483,137

Construction loans, net

199,715

163,570

Notes payable to AIR

147,039

534,127

Total indebtedness

1,148,188

1,180,834

Deferred tax liabilities

136,950

124,747

Lease liabilities

123,785

435,093

Accrued liabilities and other

133,653

97,400

Total liabilities

1,542,576

1,838,074

Redeemable noncontrolling interests in consolidated real estate partnership

51,814

33,794

Equity:

Common Stock

1,492

1,498

Additional paid-in capital

515,065

521,842

Retained earnings (accumulated deficit)

224,567

(22,775

)

Total Aimco equity

741,124

500,565

Noncontrolling interests in consolidated real estate partnerships

44,665

35,213

Common noncontrolling interests in Aimco Operating Partnership

39,233

26,455

Total equity

825,022

562,233

Total liabilities and equity

$

2,419,412

$

2,434,101

Second Quarter 2022 Earnings Release and Supplemental Schedules | 11

Supplemental Schedule 1

EBITDAre and Adjusted EBITDAre

(in thousands) (unaudited)

Three Months Ended
June 30, 2022

Trailing 12 Months Ended
June 30, 2022

Net Income

$

253,211

$

255,393

Adjustments:

Interest expense

41,546

83,734

Income tax benefit

45,957

36,191

Gain/Loss on Sale of Real Estate

(94,598

)

(94,465

)

Lease modification income

(205,387

)

(205,387

)

Depreciation and amortization

34,863

101,338

Adjustment related to EBITDAre of unconsolidated partnerships

259

922

EBITDAre

$

75,851

$

177,725

Net Income attributable to redeemable noncontrolling Interests consolidated real estate partnership

(1,069

)

(2,716

)

Net Income attributable to noncontrolling Interests consolidated real estate partnership

(346

)

(915

)

EBITDAre adjustments attributable to noncontrolling interests

(221

)

(320

)

Mezzanine investment income, net accrued

(8,330

)

(31,984

)

Unrealized gains (losses) on interest rate options

(20,017

)

(36,927

)

Unrealized gains (losses) on IQHQ investment

(20,501

)

(20,501

)

Adjusted EBITDAre [1]

$

25,367

$

84,361

[1] Adjusted EBITDAre increased in the second quarter due primarily to the realized gain on the redemption of 22% of Aimco's investment in IQHQ, a life science real estate developer.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 12

Supplemental Schedule 2

Aimco Leverage and Maturities

(dollars in thousands) (unaudited)

Debt

Consolidated

Aimco Share of Unconsolidated
Partnerships

Noncontrolling
Interests

Total
Aimco
Share

Weighted
Average
Maturity
(Years)

Weighted
Average
Stated
Interest Rate

Fixed rate loans payable

$

777,150

$

5,242

$

(171

)

$

782,221

8.7

4.24

%

Floating rate loans payable

31,904

-

(15,633

)

16,271

1.5

7.50

%

Total non-recourse property debt [1]

$

809,054

$

5,242

$

(15,804

)

$

798,492

8.4

4.37

%

Construction loan debt [1] [2]

203,395

-

-

203,395

1.9

4.53

%

Notes payable to AIR [3]

147,039

-

-

147,039

1.6

5.20

%

Cash and restricted cash

(94,308

)

-

-

(94,308

)

Net Leverage

$

1,065,179

$

5,242

$

(15,804

)

$

1,054,618

Aimco Share Non-Recourse Property and Construction Loan Debt

Amortization

Maturities [4]

Total

Maturities as a
Percent of Total

Average Rate on
Maturing Debt

2022 Q3

$

927

-

$

-

$

927

-

%

-

%

2022 Q4

942

-

-

942

-

-

Total 2022

1,869

-

1,868

-

-

2023 Q1

957

-

957

-

-

2023 Q2

953

-

953

-

-

2023 Q3

962

-

962

-

-

2023 Q4

977

-

977

-

-

Total 2023

3,850

-

3,850

-

-

2024

3,993

219,666

223,659

21.93

%

4.75

%

2025

4,144

-

4,144

-

-

2026

2,822

75,519

78,341

7.54

%

3.10

%

2027

2,122

-

2,122

-

-

2028

2,201

-

2,201

-

-

2029

2,284

179,646

181,930

17.93

%

4.66

%

2030

2,370

-

2,370

-

-

2031

1,702

104,508

106,210

10.43

%

3.20

%

Thereafter

118

395,074

395,192

39.43

%

4.61

%

Total Aimco Share

$

27,475

$

974,413

$

1,001,887

[1] Consolidated total non-recourse property debt and construction loan debt excludes $11.3 million of deferred financing costs.

[2] Aimco's construction loan debt consists of non-recourse, floating rate loans.

[3] The notes payable to AIR were repaid in full subsequent to quarter end.

[4] Debt maturities are presented with the earliest maturity date and do not include contractual extension options. Aimco construction and land loans have extension options of one to two years.

Common Stock, Partnership Units, and Equivalents

(in thousands) (unaudited)

June 30, 2022

Class A Common Stock Outstanding

149,166

Participating unvested restricted stock

2,161

Dilutive options, share equivalents, and non-participating unvested restricted stock

946

Total shares and dilutive share equivalents

152,273

Common Partnership Units and equivalents outstanding

7,994

Total shares, units and dilutive share equivalents

160,267

Second Quarter 2022 Earnings Release and Supplemental Schedules | 13

Supplemental Schedule 3

Aimco Portfolio

(unaudited)

Number of Properties

Number of Apartment Homes [4]

Aimco Share of Apartment Homes

Consolidated

Stabilized Operating Properties

21

5,582

5,553

Other Real Estate [1]

2

58

58

Development and Redevelopment - Owned

3

965

896

Development and Redevelopment - Land [2]

6

26

26

Development and Redevelopment - Leased

5

889

889

Assets Held for Sale [3]

3

239

239

Total Consolidated

40

7,759

7,661

Unconsolidated

6

142

72

Total Portfolio

46

7,901

7,734

[1] Other Real Estate includes:

1001 Brickell Bay Drive, Aimco's office building adjacent to Yacht Club Apartments in the Brickell neighborhood of Miami, Florida, and
Eldridge Townhomes, located adjacent to Elm Creek Apartments in Elmhurst, Illinois, acquired in 3Q 2021.

[2] Development and Redevelopment - Land includes:

Flying Horse, developable land in Colorado Springs, Colorado that was acquired in 3Q 2021;
Two land parcels in Miami, Florida for potential future developments adjacent to The Hamilton which include 26 homes; and
Three land parcels in Fort Lauderdale, Florida for potential future developments.

[3] As of June 30, 2022, Aimco was under contract to sell two apartment communities in the Seattle market and one of the three land parcels acquired in January by its Fort Lauderdale joint venture with The Kushner Companies. Aimco closed the sale of one of the Seattle properties in July with the remaining apartment community and land sales expected to close in the third quarter of 2022.

[4] Number of apartment homes includes all current apartments and those authorized for development, it does not include office, retail, or hotel units.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 14

Supplemental Schedule 4

Aimco Capital Additions

(consolidated amounts in thousands) (unaudited)

Three Months Ended

Six Months Ended

June 30, 2022

June 30, 2022

Capital Replacements and Casualty

$

4,029

$

6,856

Property Upgrades

613

800

Development and Redevelopment [1]

62,489

128,247

Total Capital Additions

$

67,132

$

135,902

[1] Second quarter 2022 total capital additions include $50 million of Direct Capital Investment, $46 million on active projects and $4 million on projects in planning, and certain other costs capitalized in accordance with GAAP.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 15

Supplemental Schedule 5

Aimco Active Development and Redevelopment Project Summaries

(dollars in millions) (unaudited)

Direct Capital Investment

Location

Number of units approved for development or redevelopment

Leased or Pre-Leased

Leasehold Value

Planned

To-Date

Remaining

Expected / Actual
Initial
Occupancy
[6]

Expected / Actual
Stabilized
Occupancy
[6]

Expected / Actual
NOI
Stabilization
[6][7]

Aimco Owned

The Benson Hotel and Faculty Club

Aurora, CO

106

-

-

$

70.0

$

46.9

$

23.1

1Q 2023

2Q 2025

4Q 2026

Upton Place [1]

Washington, D.C.

689

-

-

260.0

107.9

152.1

4Q 2023

4Q 2025

4Q 2026

The Hamilton [2]

Miami, FL

276

15%

-

95.0

77.8

17.3

3Q 2022

2Q 2023

3Q 2024

Subtotal

1,071

$

-

$

425.0

$

232.6

$

192.5

Leased Properties [3]

Flamingo Point North Tower

Miami Beach, FL

366

99%

$

240.0

$

60.0

$

55.7

$

4.3

3Q 2021

2Q 2022

4Q 2023

707 Leahy

Redwood City, CA

110

95%

79.1

-

-

-

1Q 2020

3Q 2021

4Q 2022

The Fremont

Aurora, CO

253

97%

89.0

0.3

0.3

-

2Q 2020

2Q 2022

4Q 2023

Prism

Cambridge, MA

136

99%

60.9

4.2

4.2

-

1Q 2021

4Q 2021

4Q 2022

Oak Shore

Corte Madera, CA

24

-

6.1

47.1

11.8

35.3

3Q 2023

2Q 2024

2Q 2025

Subtotal

889

$

475.1

$

111.6

$

72.0

$

39.6

Total [4]

1,960

$

475.1

$

536.6

$

304.6

$

232.1

Estimated Size of Portfolio in Active Development and Redevelopment [5]

$

1,011.7

[1] Planned Direct Capital Investment for Upton Place at Aimco's 90% share is $234 million.

[2] Initial occupancy at The Hamilton is now expected in 3Q 2022 with stabilized occupancy now expected in 2Q 2023.

[3] In June, Aimco and AIR agreed to the early termination of the leases at Flamingo Point North Tower, 707 Leahy, The Fremont, and Prism in exchange for a payment of $200 million to Aimco from AIR. The leases will terminate on or before September 1, 2022 at which time Aimco will have one leased property from AIR, Oak Shore with an annualized lease payment of $0.3 million.

[4] The annualized NOI contribution from Aimco's Development and Redevelopment properties for the three months ended June 30, 2022 was $22.7 million.

[5] Estimated size of portfolio in active development and redevelopment represents the property valuation for leasehold and the planned Direct Capital Investment.

[6] Occupancy timing and stabilization are estimates subject to change.

[7] The weighted average expected stabilized NOI yield on total expected Direct Capital Investment plus Leasehold Value (when applicable) for the developments and redevelopments presented is expected to be 6.3%.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 16

Supplemental Schedule 6

Stabilized Operating Results

(amounts in thousands, except community, home and per home data) (unaudited)

2Q 2022 v. 2Q 2021

Revenues, Before Utility
Reimbursements

Expenses, Net of Utility
Reimbursements

Net Operating Income

Net Operating
Income
Margin

Average Daily
Occupancy
During Period

Average
Revenue per
Aimco Apartment
Home

Apartment
Communities

Apartment
Homes

2Q 2022

2Q 2021

Growth

2Q 2022

2Q 2021

Growth

2Q 2022

2Q 2021

Growth

2Q 2022

2Q 2022

2Q 2021

2Q 2022

2Q 2021

Boston

5

2,719

$

14,599

$

13,301

9.8

%

$

4,270

$

3,988

7.1

%

$

10,329

$

9,313

10.9

%

70.8%

97.4%

97.9%

$

1,838

$

1,666

Chicago

6

1,437

8,520

7,840

8.7

%

2,975

2,701

10.1

%

5,545

5,139

7.9

%

65.1%

97.8%

97.4%

2,022

1,868

New York City

3

150

1,758

1,496

17.5

%

839

847

(0.9

%)

919

649

41.6

%

52.3%

98.5%

92.1%

3,965

3,610

SE Florida

2

729

5,254

4,483

17.2

%

1,468

1,443

1.7

%

3,786

3,040

24.5

%

72.1%

98.5%

98.6%

2,440

2,079

Other Markets

4

507

2,973

2,645

12.4

%

868

964

(10.0

%)

2,105

1,681

25.2

%

70.8%

97.5%

95.6%

2,004

1,819

Total

20

5,542

$

33,104

$

29,765

11.2

%

$

10,420

$

9,943

4.8

%

$

22,684

$

19,822

14.4

%

68.5%

97.7%

97.5%

$

2,039

$

1,836

2Q 2022 v. 1Q 2022

Revenues, Before Utility
Reimbursements

Expenses, Net of Utility
Reimbursements

Net Operating Income

Net Operating
Income
Margin

Average Daily
Occupancy
During Period

Average
Revenue per
Aimco Apartment
Home

Apartment
Communities

Apartment
Homes

2Q 2022

1Q 2022

Growth

2Q 2022

1Q 2022

Growth

2Q 2022

1Q 2022

Growth

2Q 2022

2Q 2022

1Q 2022

2Q 2022

1Q 2022

Boston

5

2,719

$

14,599

$

14,281

2.2

%

$

4,270

$

4,283

(0.3

%)

$

10,329

$

9,998

3.3

%

70.8%

97.4%

98.6%

$

1,838

$

1,777

Chicago

6

1,437

8,520

8,308

2.6

%

2,975

2,843

4.6

%

5,545

5,465

1.5

%

65.1%

97.8%

98.0%

2,022

1,966

New York City

3

150

1,758

1,725

1.9

%

839

879

(4.6

%)

919

846

8.6

%

52.3%

98.5%

99.1%

3,965

3,869

SE Florida

2

729

5,254

4,965

5.8

%

1,468

1,397

5.1

%

3,786

3,568

6.1

%

72.1%

98.5%

99.3%

2,440

2,287

Other Markets

4

507

2,973

2,944

1.0

%

868

845

2.7

%

2,105

2,099

0.3

%

70.8%

97.5%

98.4%

2,004

1,967

Total

20

5,542

$

33,104

$

32,223

2.7

%

$

10,420

$

10,247

1.7

%

$

22,684

$

21,976

3.2

%

68.5%

97.7%

98.5%

$

2,039

$

1,967

2Q 2022 YTD v. 2Q 2021 YTD

Revenues, Before Utility
Reimbursements

Expenses, Net of Utility
Reimbursements

Net Operating Income

Net Operating
Income
Margin

Average Daily
Occupancy
During Period

Average
Revenue per
Aimco Apartment
Home

Apartment
Communities

Apartment
Homes

2Q 2022 YTD

2Q 2021 YTD

Growth

2Q 2022 YTD

2Q 2021 YTD

Growth

2Q 2022 YTD

2Q 2021 YTD

Growth

2Q 2022 YTD

2Q 2022 YTD

2Q 2021 YTD

2Q 2022 YTD

2Q 2021 YTD

Boston

5

2,719

$

28,880

$

26,394

9.4

%

$

8,553

$

8,211

4.2

%

$

20,327

$

18,183

11.8

%

70.4%

98.0%

98.1%

$

1,807

$

1,648

Chicago

6

1,437

16,828

15,574

8.1

%

5,818

5,469

6.4

%

11,010

10,105

9.0

%

65.4%

97.9%

97.5%

1,994

1,853

New York City

3

150

3,483

2,940

18.5

%

1,718

1,746

(1.6

%)

1,765

1,194

47.8

%

50.7%

98.8%

90.0%

3,917

3,629

SE Florida

2

729

10,219

8,854

15.4

%

2,865

2,821

1.6

%

7,354

6,033

21.9

%

72.0%

98.9%

98.4%

2,363

2,056

Other Markets

4

507

5,917

5,256

12.6

%

1,713

1,892

(9.5

%)

4,204

3,364

25.0

%

71.0%

98.0%

96.1%

1,985

1,798

Total

20

5,542

$

65,327

$

59,018

10.7

%

$

20,667

$

20,139

2.6

%

$

44,660

$

38,879

14.9

%

68.4%

98.1%

97.6%

$

2,003

$

1,818

Excluded from the tables above is one, 40-unit apartment community that Aimco's ownership includes a partnership share.

Other Markets includes markets where Aimco owns a single Stabilized Operating Property: Denver, Colorado; Nashville, Tennessee; Atlanta, Georgia; and San Francisco, California.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 17

Supplemental Schedule 7

Acquisitions, Dispositions, and Leased Communities

(dollars in millions) (unaudited)

As of June 30, 2022

2022 Acquisitions

Land Acquisitions

Location

Closing Date

Purchase Price

Acres

Broward Land

Fort Lauderdale, FL

January 2022

$

49.0

4.2

34th and Biscayne Blvd

Miami, FL

January 2022

1.7

0.1

Flagler Village [1]

Fort Lauderdale, FL

June 2022

64.0

5.7

Total Land Acquisitions

$

114.7

10.0

2022 Dispositions

Apartment Dispositions

Location

Closing Date

Sales Price

Units

NOI
Cap Rate [2]

Property
Debt

Net Sales
Proceeds [3]

Pathfinder Village

Fremont, CA

May 2022

$

127.0

246

4.1

%

$

55.0

$

71.8

Total Dispositions [4]

$

127.0

246

4.1

%

$

55.0

$

71.8

[1] In June, Aimco closed on one of the three parcels at this site in Fort Lauderdale, Florida. In July, Aimco closed on the purchase of the second parcel at this site and expects to close on the third, and final, parcel in the third quarter of 2022.
[2] NOI Cap Rate is calculated based on the NOI (inclusive of property management fees) for the most recent quarter prior to the sale of asset, divided by the sales price.
[3] Net Sales Proceeds are after the repayment of debt, if any, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable.
[4] Total Dispositions does not include the sale of Cedar Rim which closed in July.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 18

Supplemental Schedule 8

Net Asset Value Components

(dollars in millions) (unaudited)

2Q 2022
NOI [1]

Annualized
NOI

Operating Properties

Boston

$

10.3

$

41.3

Chicago

5.5

22.2

New York City

0.9

3.7

SE Florida

3.8

15.1

Other Markets

2.1

8.4

Total Stabilized Operating Properties

22.7

90.7

Other Real Estate [2]

3.1

12.3

Assets Held for Sale

1.2

4.9

Active Developments and Redevelopments (est. stabilized NOI) [3][4]

63.7

Total Stabilized and Other Real Estate

$

171.6

Value as of
June 30, 2022

Land and Alternative Investments

Land inventory at cost [5]

$

138.1

Mezzanine loan in Parkmerced Apartments [6]

354.4

Fair value of equity investment in IQHQ

59.7

Fair value of equity investments in RE Tech Funds

5.9

Cash and cash equivalents

Cash and cash equivalents

$

81.8

Restricted cash

12.5

Indebtedness

Amounts drawn on Aimco's revolving secured credit facility

$

-

Non-recourse property debt, net

801.4

Construction loans, net

199.7

Preferred equity interests

51.8

Notes payable to AIR

147.0

Leaseholds [3][4]

475.1

Other

Investment remaining to complete active developments
and redevelopments [3]

232.1

Other liabilities, net

3.2

Common Stock, Partnership Units and Equivalents (in millions)

Total shares, units and dilutive share equivalents

160.3

[1] NOI at Aimco share, does not include property management fees of 3% of revenue
[2] Other Real Estate includes 1001 Brickell Bay Drive, Aimco's class A office building located in the Brickell neighborhood of Miami, Florida and Eldridge Townhomes located in Elmhurst, Illinois.
[3] See Supplemental Schedule 5 for additional details
[4] In June, Aimco entered into an agreement with AIR Communities for the return of the four initial leased properties, and collapse of the corresponding leases, in exchange for a payment of $200 million due on or before September 1, 2022. Upon receipt of payment, Aimco estimates that it will earn a net profit of approximately $100 million for this transaction.
[5] Includes land purchased for development or redevelopment
[6] Includes the principal loan amount of $275 million plus accrued interest.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 19

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This Earnings Release and Supplemental Information include certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco's definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

AIMCO OP: AIMCO OP, L.P., a Delaware limited partnership, is the operating partnership in Aimco's UPREIT structure. Aimco owns approximately 92.6% of the legal interest in the common partnership units of the Aimco OP and 95.0% of the economic interest in the common partnership units of the Aimco OP.

AVERAGE REVENUE PER APARTMENT HOME: Represents Aimco average monthly rental and other property revenues, excluding utility cost reimbursements, divided by the number of occupied apartment homes as of the end of the period.

DIRECT CAPITAL INVESTMENT: Represents all items related to the planning, construction, and management of development and redevelopment projects paid to third party providers. Direct Capital Investment does not include real estate taxes, insurance, right of use lease payments, and certain costs capitalized in accordance with GAAP, such as financing costs and internal team time.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION FOR REAL ESTATE ("EBITDAre"): Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation and amortization expense, further adjusted for:

gains and losses on the dispositions of depreciated property;
impairment write-downs of depreciated property;
impairment write-downs of investments in unconsolidated partnerships caused by a decrease in the value of the depreciated property in such partnerships;
income recognized due to the modification of leased assets; and
adjustments to reflect the Aimco's share of EBITDAre of investments in unconsolidated entities.

Aimco believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of Aimco's ability to incur and service debt because it is a recognized measure of performance by the real estate industry and facilitates comparison of credit strength between Aimco and other companies.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 20

ADJUSTED EBITDAre: Adjusted EBITDAre is defined by Aimco as EBITDAre adjusted to exclude the effect of the following items for the reasons set forth below:

net income attributable to noncontrolling interests in consolidated real estate partnerships and EBITDAre adjustments attributable to noncontrolling interests;
the amount of unrealized gains recognized by Aimco on its interest rate options, to allow investors to compare a measure of Aimco's earnings before the effects of Aimco's capital structure and indebtedness with that of other companies in the real estate industry;
the amount of unrealized gains recognized in the second quarter 2022 by Aimco on its investment in IQHQ, in conjunction with Aimco's redemption of 22% of its investment in IQHQ, Aimco's remaining 2.4 million shares were valued at a stepped up basis; and
the amount of interest income recognized by Aimco related to the mezzanine loan made by Aimco to a partnership owning Parkmerced Apartments that was accrued but not paid during the quarter.

FREE CASH FLOW: Free Cash Flow, as calculated for Aimco's retained portfolio, represents an apartment community's property net operating income, less spending for Capital Replacements. Capital Replacement spending is a measure of the cost of capital asset used during the period. Aimco believes that Free Cash Flow is useful to investors as a supplemental measure of apartment community performance because it takes into consideration costs incurred during the period to replace capital assets that have been consumed during Aimco's ownership.

MEZZANINE INVESTMENTS: Aimco's Mezzanine Investments includes the $275 million mezzanine loan, and associated accrued interest, made by Aimco to a partnership owning Parkmerced Apartments, located in southwest San Francisco, California. For more information regarding this investment see Aimco's SEC Form 10-K filed for the period ended December 31, 2021.

NET ASSET VALUE: Net Asset Value is calculated as the market value of a company's assets less its liabilities and obligations. Aimco estimates the value of its portfolio using methods management believes to be appropriate based on the characteristics of the item being valued.

NET OPERATING INCOME (NOI) MARGIN: Represents an apartment community's net operating income as a percentage of the apartment community's rental and other property revenues.

OTHER EXPENSES, NET: Other expenses, net, generally consists of risk management activities related to Aimco's unconsolidated partnerships and certain other corporate expenses.

OTHER LIABILITIES, NET: Other liabilities, net, as presented on Supplemental Schedule 8, Net Asset Value Components, generally consists of the land lease for Aimco's Upton Place development, accrued expenses, resident security deposits, accounts payable, and other general liabilities, net of interest rate options and other assets, excluding the fair value of Aimco's investments in IQHQ and real estate technology funds.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 21

Other liabilities, net as of June 30, 2022, as presented in Supplemental Schedule 8, Net Asset Value Components, is calculated as follows (in thousands):

Accrued Liabilities and Other (per Consolidated Balance Sheet)

134

Other assets, net (per Consolidated Balance Sheet)

(251)

Interest Rate Options (per Consolidated Balance Sheet)

(51)

Adjustments

Fair value of equity investment in IQHQ

60

Fair value of equity investments in RE Tech Funds

6

Land Lease on Upton Place

106

Other liabilities, net (per Schedule 8)

3

PREFERRED EQUITY INTERESTS: Preferred equity interests includes the redeemable non-controlling interests, as presented on Aimco's Balance Sheet in accordance with GAAP, related to third party financing for Aimco's Upton Place development.

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations, and financing arrangements. NOI is also considered by many in the real estate industry to be a useful measure for determining the value of real estate. Reconciliations of NOI as presented in this Earnings Release and Supplemental Information to Aimco's consolidated GAAP amounts are provided below.

Due to the diversity of its economic ownership interests in its apartment communities in the periods presented, Aimco evaluates the performance of the apartment communities in its segments using Property NOI, which represents the NOI for the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate. Property NOI is defined as rental and other property revenue less property operating expenses. In its evaluation of community results, Aimco excludes utility cost reimbursement from rental and other property revenues and reflects such amount as a reduction of the related utility expense within property operating expenses. The following table presents the reconciliation of GAAP rental and other property revenue to the revenues before utility reimbursements and GAAP property operating expenses to expenses, net of utility reimbursements as presented on Supplemental Schedule 6.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 22

Segment NOI Reconciliation

Three Months Ended (in thousands)

June 30, 2022

June 30, 2021

Total Real Estate Operations

Revenues,
Before Utility
Reimbursements [1]

Expenses,
Net of Utility
Reimbursements

Revenues,
Before Utility
Reimbursements [1]

Expenses,
Net of Utility
Reimbursements

Total (per consolidated statements of operations)

$

50,697

$

19,708

$

40,418

$

16,403

Adjustment: Utilities reimbursement

(1,347

)

(1,347

)

(1,128

)

(1,128

)

Adjustment: Assets Held for Sale

(1,823

)

$

568

(1,798

)

634

Adjustment: Other Real Estate

(4,383

)

$

1,317

(3,138

)

1,090

Adjustment: Non-stabilized and other amounts not allocated [2]

(10,040

)

(9,825

)

(4,589

)

(7,056

)

Total Stabilized Operating (per Schedule 6)

$

33,104

$

10,420

$

29,765

$

9,943

Segment NOI Reconciliation

Six Months Ended (in thousands)

June 30, 2022

June 30, 2021

Total Real Estate Operations

Revenues,
Before Utility
Reimbursements [1]

Expenses,
Net of Utility
Reimbursements

Revenues,
Before Utility
Reimbursements [1]

Expenses,
Net of Utility
Reimbursements

Total (per consolidated statements of operations)

$100,691

$38,929

$80,222

$33,345

Adjustment: Utilities reimbursement

(2,903)

(2,903)

(2,473)

(2,473)

Adjustment: Assets Held for Sale

(3,628)

1,159

(3,503)

1,265

Adjustment: Other Real Estate

(9,378)

(2,822)

(6,324)

(2,127)

Adjustment: Non-stabilized and other amounts not allocated [2]

(19,455)

(13,696)

(8,903)

(9,871)

Total Stabilized Operating (per Schedule 6)

$65,327

$20,667

$59,018

$20,139

[1] Approximately two-thirds of Aimco's utility costs are reimbursed by residents. These reimbursements are included in rental and other property revenues on Aimco's consolidated statements of operations prepared in accordance with GAAP. This adjustment represents the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results and as presented on Supplemental Schedule 6. Aimco also excludes the reimbursement amounts from the calculation of Average Revenue per Apartment Home throughout this Earnings Release and Supplemental Schedules.

[2] Properties not included in the Stabilized Operating Portfolio and other amounts not allocated includes operating results of properties not presented in the Stabilized Operation Portfolio as presented on Supplemental Schedule 6 during the periods shown, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.

REAL ESTATE CLASSIFICATIONS:Aimco's real estate portfolio is diversified by price point, geography, and opportunity. Aimco's consolidated portfolio is classified into the following groups:

DEVELOPMENT and REDEVELOPMENT - OWNED: Includes apartment communities currently under construction or in pre-construction that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.

DEVELOPMENT and REDEVELOPMENT - LAND: Includes land parcels being held for potential future construction of real estate.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 23

DEVELOPMENT and REDEVELOPMENT - LEASED: Includes communities leased from a third party currently under construction or in pre-construction that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.

STABILIZED OPERATING PROPERTIES: Apartment communities that (a) are owned and asset managed by Aimco, (b) had reached a stabilized level of operations as of January 1, 2021 and maintained it throughout the current and the comparable prior periods, and (c) are not expected to be sold within 12 months.

OTHER REAL ESTATE: Includes Aimco's commercial office building and an apartment community acquired after January 1, 2021 which therefore does not have operational data for comparable prior periods.

ASSETS HELD FOR SALE: Includes those assets, that as of June 30, 2022, were under contract, with non-refundable deposits.

VALUE CREATION, NET OF COSTS: Value Creation, net of costs is defined by Aimco, in particular, as it relates to the termination of leases with AIR, as the lease termination payment less development and financing costs, net of operating revenues and expenses during the leasehold period.

Second Quarter 2022 Earnings Release and Supplemental Schedules | 24

Disclaimer

AIMCO - Apartment Investment & Management Company published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 21:38:07 UTC.


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Financials (USD)
Sales 2021 171 M - -
Net income 2021 -5,91 M - -
Net Debt 2021 1 370 M - -
P/E ratio 2021 -193x
Yield 2021 -
Capitalization 1 111 M 1 111 M -
EV / Sales 2020 10,3x
EV / Sales 2021 14,9x
Nbr of Employees 62
Free-Float 94,2%
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Wesley William Powell President, Chief Executive Officer & Director
H. Lynn C. Stanfield Executive VP, Chief Financial & Accounting Officer
Robert A. Miller Chairman
Jennifer Johnson Chief Administrative Officer & General Counsel
Michael Alan Stein Independent Director
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