In the January 2013 table under "Rental Rates," the New lease rent increases should read 2.1% (sted 3.1%). Renewal rent increases and weighted average rent increases as initially reported are not impacted by this correction. The correction has also been made to the earnings release and supplemental schedules available on Aimco's website at http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.
The corrected release reads:
AIMCO REPORTS FOURTH QUARTER 2012 RESULTS
Apartment Investment and Management Company (“Aimco”) AIV announced today its fourth quarter 2012 results.
Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a solid 2012. Profitability is up with Conventional Same Store NOI growth of 6.5%, the highest rate of annual growth in six years. Portfolio quality is also up with average revenue per unit in our Conventional portfolio increasing nearly 8% to $1,362. Redevelopment investment tripled to $100 million. But, leverage is down: the ratio of Debt plus Preferred Equity to annualized fourth quarter EBITDA declined by about two times from 9.6 times to 7.7 times.”
Considine adds: “We look for 2013 to be another good year with increasing profitability in operations, disciplined upgrading of our portfolio, increased investment in redevelopment, lower leverage, and further simplification leading to lower offsite costs.”
Financial Results
Full Year Pro forma FFO Up 12%, AFFO Up 31%*
FOURTH QUARTER |
FULL YEAR |
|||||||||||||||
(all items per common share) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (loss) | $ | 0.47 | $ | (0.19) | $ | 0.61 | $ | (0.86) | ||||||||
Funds from Operations (FFO) | $ | 0.52 | $ | 0.43 | $ | 1.68 | $ | 1.52 | ||||||||
Add back (deduct) preferred equity redemption related amounts | $ | — | $ | (0.01) | $ | 0.16 | $ | (0.03) | ||||||||
Pro forma Funds from Operations (Pro forma FFO) | $ | 0.52 | $ | 0.42 | $ | 1.84 | $ | 1.49 | ||||||||
Deduct Aimco's share of Capital Replacements | $ | (0.14) | $ | (0.22) | $ | (0.50) | $ | (0.62) | ||||||||
Adjusted Funds From Operations (AFFO) | $ | 0.38 | $ | 0.20 | $ | 1.34 | $ | 0.87 |
* Full year 2011 financial results include a deduction of $0.15 per share related to debt prepayment penalties and the write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction during second quarter 2011. Excluding these charges, comparable full year 2011 Pro forma FFO and AFFO per share were $1.64 and $1.02, respectively. On this comparable basis, full year 2012 Pro forma FFO and AFFO increased 12% and 31%, respectively, compared to 2011.
Pro forma FFO - Pro forma FFO increased 24% when compared to fourth quarter 2011 as a result of: improved property operating results; additional income from increased ownership in our consolidated properties; lower preferred stock dividends due to $600.9 million of redemptions during 2012; and lower interest expense. These positive results were somewhat offset by lower income from discontinued operations. Pro forma FFO was $0.02 per share above the midpoint of Aimco's guidance range of $0.47 to $0.53 per share.
Adjusted Funds from Operations - AFFO increased 90% when compared to fourth quarter 2011 as a result of Pro forma FFO growth, the timing of Capital Replacements spending during 2012, and lower Capital Replacements spending due to the sale of nearly 11,000 apartment units during 2012. As Aimco's portfolio is concentrated in fewer properties with higher margins, AFFO is expected to grow at a faster rate than Pro forma FFO growth.
Property Operations
Aimco's property operations consist primarily of Conventional real estate operations, which relate to Aimco's diversified portfolio of market-rate apartment communities. Aimco also operates a portfolio of Affordable Properties, which consists of properties with rents that are generally paid, in whole or in part, by a government agency. Over the next four to five years, Aimco expects to dispose of these Affordable Properties and reinvest capital in its Conventional portfolio.
2012 Total Same Store NOI Up 6.2%
FOURTH QUARTER | FULL YEAR | |||||||||||||||||||||
Year-over-Year | Year-over-Year | |||||||||||||||||||||
% NOI | Revenue | Expenses | NOI | Revenue | Expenses | NOI | ||||||||||||||||
Conventional Same Store | 82% | 5.1% | 3.9% | 5.7% | 4.7% | 1.6% | 6.5% | |||||||||||||||
Affordable Same Store | 10% | 2.3% | 2.1% | 2.5% | 3.8% | 3.9% | 3.7% | |||||||||||||||
Total Same Store | 92% | 4.7% | 3.6% | 5.3% | 4.6% | 1.9% | 6.2% | |||||||||||||||
Conventional Same Store Results
FOURTH QUARTER | FULL YEAR | |||||||||||||||||||||||||||||||||||
Year-over-Year | Sequential | Year-over-Year | ||||||||||||||||||||||||||||||||||
2012 | 2011 | Variance | 3rd Qtr | Variance | 2012 | 2011 | Variance | |||||||||||||||||||||||||||||
Average Rent Per Unit | $ | 1,188 | $ | 1,142 | 4.0% | $ | 1,177 | 0.9% | $ | 1,167 | $ | 1,119 | 4.3% | |||||||||||||||||||||||
Other Income Per Unit | 142 | 124 | 14.5% | 141 | 0.7% | 137 | 124 | 10.5% | ||||||||||||||||||||||||||||
Average Revenue Per Unit | $ | 1,330 | $ | 1,266 | 5.1% | $ | 1,318 | 0.9% | $ | 1,304 | $ | 1,243 | 4.9% | |||||||||||||||||||||||
Average Daily Occupancy | 95.3 | % | 95.3 | % | — | 95.3 | % | — | 95.5 | % | 95.7 | % | -0.2% | |||||||||||||||||||||||
$ in Millions | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 184.9 | $ | 176.0 | 5.1% | $ | 183.2 | 0.9% | $ | 726.5 | $ | 693.8 | 4.7% | |||||||||||||||||||||||
Expenses | 62.8 | 60.5 | 3.9% | 64.9 | (3.1)% | 253.4 | 249.6 | 1.6% | ||||||||||||||||||||||||||||
NOI | $ | 122.1 | $ | 115.5 | 5.7% | $ | 118.3 | 3.1% | $ | 473.1 | $ | 444.2 | 6.5% | |||||||||||||||||||||||
Rental Rates
2012 | 1st Qtr | 2nd Qtr | 3rd Qtr | Oct | Nov | Dec | 4th Qtr | Full Year | |||||||||||||||||
Renewal rent increases | 5.1% | 5.7% | 6.0% | 4.7% | 5.6% | 5.2% | 5.1% | 5.5% | |||||||||||||||||
New lease rent increases | 2.0% | 4.3% | 3.8% | 0.5% | 0.7% | 0.1% | 0.4% | 3.2% | |||||||||||||||||
Weighted average rent increases | 3.4% | 5.0% | 4.8% | 2.6% | 3.3% | 2.2% | 2.6% | 4.2% | |||||||||||||||||
2013 | Jan | ||
Renewal rent increases | 5.3% | ||
New lease rent increases |
2.1% |
||
Weighted average rent increases | 3.8% | ||
Affordable Same Store Results - For fourth quarter 2012, average daily occupancy for the Affordable portfolio was 98.9%, an increase of 1.2% from fourth quarter 2011, while average revenue per unit increased 1.1% from $970 to $981 per unit.
Portfolio Management
Aimco's portfolio strategy seeks predictable rent growth from a portfolio of A, B and C-quality conventional properties, averaging B/B+ in quality, and diversified among the largest coastal and job growth markets in the U.S., as measured by total apartment value.
Aimco measures Conventional Property asset quality based on rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines asset quality as follows: A-quality assets are those with rents greater than 125% of local market average; B-quality assets are those with rents 90% to 125% of local market average; and C-quality assets are those with rents less than 90% of local market average. For third quarter 2012, the most recent period for which REIS information is available, Aimco's Conventional Property rents averaged 102% of local market average rents.
Aimco's target markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois. In executing its portfolio strategy, Aimco expects to sell each year the lowest-rated 5% to 10% of its portfolio and to invest the proceeds from such sales in redevelopment and acquisition of higher-quality properties. Through this disciplined approach to capital recycling, from 2007 through 2012, Aimco increased its year-end conventional portfolio average revenue per unit at a compound annual growth rate of 6.1%, about three times that of market rent growth during the same period. Aimco's outsized growth reflects the impact of portfolio improvements through dispositions, redevelopment and acquisitions.
Conventional Property Revenue per Unit Up 7.9% to $1,362
Fourth quarter 2012 Conventional portfolio average revenue per unit was $1,362, an 7.9% increase compared to fourth quarter 2011, as a result of year-over-year revenue growth of 5.1% and the sale of Conventional Properties during 2011 and 2012 with average revenues per unit substantially lower than those of the retained portfolio.
Dispositions - In fourth quarter 2012, Aimco sold eight Conventional Properties and 16 Affordable Properties with 1,865 and 1,417 units, respectively, for $271.1 million in gross proceeds. Average revenue per unit for the Conventional Properties sold during the quarter was $1,087, compared to the retained portfolio average of $1,362 per unit. Aimco's share of net sales proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $123.7 million.
Sale of Asset-Management Business - During the fourth quarter, Aimco closed on the sale of the NAPICO portfolio, its legacy asset management business. The transaction was primarily seller financed, and the associated notes will be repaid over the next six years. Aimco anticipates recognizing between $6 and $8 million in Funds from Operations over the expected term of the notes.
Redevelopment
During the fourth quarter, Aimco began multi-phase capital projects at Park Towne Place and The Sterling, both located in Center-City Philadelphia. The initial phases of these projects consist of Capital Replacement and Capital Improvement investments, with redevelopment to follow.
Balance Sheet and Liquidity
Components of Aimco Leverage
AS OF DECEMBER 31, 2012 | ||||||||||||||
$ in Millions | Amount | % of Total |
Weighted Avg. |
Weighted Avg |
||||||||||
Aimco's share of long-term, non-recourse property debt | $ | 4,481.7 | 97% | 7.9 | 5.44% | |||||||||
Outstanding borrowings on revolving line of credit | — | — | 3.9 | n/a | ||||||||||
Preferred securities | 148.1 | 3% | Perpetual | 6.25% | ||||||||||
Total leverage | $ | 4,629.8 | 100% | n/a | 5.47% | |||||||||
Leverage Ratios
Aimco's leverage targets are: Debt and Preferred Equity to EBITDA of less than 7.0x; and EBITDA Coverage of Interest and Preferred Dividends of greater than 2.5x. Aimco also focuses on Debt to EBITDA and EBITDA Coverage of Interest ratios. See the Glossary for definitions of these metrics.
Trailing- Twelve-Month |
Annualized 4th Qtr | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
Debt to EBITDA | 7.5x | 8.2x | 7.4x | 8.2x | ||||||||
Debt and Preferred Equity to EBITDA | 7.8x | 9.5x | 7.7x | 9.6x | ||||||||
EBITDA Coverage of Interest | 2.3x | 2.1x | 2.5x | 2.2x | ||||||||
EBITDA Coverage of Interest and Preferred Dividends | 2.2x | 1.8x | 2.4x | 1.8x | ||||||||
EBITDA Coverage of Interest and Preferred Dividends ratios are provided on a pro forma basis to exclude dividends on preferred stock redeemed during 2012.
Future leverage reduction is expected from earnings growth generated by the current portfolio and by regularly scheduled property debt amortization funded from retained earnings.
Liquidity
Aimco's recourse debt at December 31, 2012, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. Borrowings bear interest at a rate set forth on a pricing grid which rate varies based on Aimco's leverage. The revolving credit facility matures in December 2014, and may be extended for two additional one-year periods, subject to certain conditions.
At the end of fourth quarter, Aimco had no outstanding borrowings on its revolving credit facility and available capacity was $454.6 million, net of $45.4 million of letters of credit backed by the facility. Also at the end of the quarter, Aimco had on hand $84.4 million of cash.
Equity Activity
Dividend - As announced on January 31, 2013, Aimco's Board of Directors declared a quarterly cash dividend of $0.24 per share of Class A Common Stock for the quarter ended December 31, 2012, which, on an annualized basis, is a 26% increase compared to the dividends paid during 2012. The fourth quarter 2012 dividend is payable on February 28, 2013, to stockholders of record on February 15, 2013.
Earnings Conference Call
Friday, February 8, 2013 at 1:00 p.m. EST | Replay available until 9:00 a.m. EST on February 23, 2013 | ||
Domestic Dial-In Number: 1-866-843-0890 | Domestic Dial-In Number: 1-877-344-7529 | ||
International Dial-In Number: 1-412-317-9250 | International Dial-In Number: 1-412-317-0088 | ||
Passcode: 9327149 | Passcode: 10007657 |
Live webcast and replay: http://www.aimco.com/investors/events-presentations/webcasts
Supplemental Information
The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco's website http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.
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 not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.
About Aimco
Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with 265 communities in 24 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.
2013 Outlook
($ Amounts Represent Aimco Share) |
FULL
YEAR |
||
Net income (loss) per share | -$0.10 to $0.06 | ||
Pro forma FFO per share | $1.92 to $2.08 | ||
AFFO per share | $1.44 to $1.62 | ||
Conventional Same Store Operating Measures | |||
NOI change compared to 2012 | 4.50% to 6.75% | ||
Revenue change compared to 2012 | 4.25% to 5.25% | ||
Expense change compared to 2012 | 2.50% to 4.00% | ||
Average daily occupancy | 95.2% to 95.8% | ||
Tax Credit and Asset Management Revenues | |||
Recurring revenues | $30 million | ||
Non-recurring revenues | $8 to $12 million | ||
Offsite Costs | |||
Property management expenses | $31 million | ||
General and administrative expenses | $46 million | ||
Investment management expenses | $8 million | ||
Capital Investments | |||
Conventional redevelopment | $130 to $160 million | ||
Property upgrades [1] | $45 million | ||
Capital Replacements related to multi-phase capital projects [2] | $18 million | ||
Standard Capital Replacements ($900 per unit) | $54 million | ||
Transaction Activities | |||
Real estate value of partnership tenders and mergers [3] | $45 million | ||
Real estate value of property dispositions [4] | $300 to $350 million | ||
Aimco net proceeds from property dispositions [5] | $90 to $115 million | ||
Non-Recourse Property Debt | |||
Amortization, funded by retained earnings | $81 million | ||
Maturities | $172 million | ||
Real estate value of unencumbered properties [6] | $180 million |
Please refer to notes below.
2013 Pro forma FFO Reconciliation
$ Per Share |
|||||
2012 Pro forma FFO | $ | 1.84 | |||
Conventional Same Store NOI growth (approximately 5.6% at the mid-point) | 0.19 | ||||
Portfolio management: | |||||
Impact of 2012 asset sales | (0.14 | ) | |||
Impact of 2013 asset sales | (0.02 | ) | |||
Impact of 2012 and 2013 partnership transactions (net of $0.01 increase in interest expense) | 0.02 | ||||
Impact of 2012 property acquisitions (net of $0.01 increase in interest expense) | 0.02 | ||||
Impact of 2012 and 2013 redevelopment activity (net of $0.04 increase in interest expense) | (0.01 | ) | |||
Reductions in offsite costs due to change in scale and efficiencies | 0.09 | ||||
Subtotal portfolio management | (0.04 | ) | |||
Balance sheet: | |||||
Interest expense savings due to property debt amortization and refinancing activities | 0.07 | ||||
Decrease in preferred stock dividends, net of impact of 2012 common share issuances | 0.02 | ||||
Subtotal balance sheet | 0.09 | ||||
Other: | |||||
Decrease in tax credit and asset management revenues | (0.05 | ) | |||
Increased casualty losses [7] | (0.03 | ) | |||
2013 Pro forma FFO | $ | 2.00 | |||
2013 AFFO Reconciliation
$ Per Share |
|||||
2012 AFFO | $ | 1.35 | |||
Pro forma FFO growth | 0.16 | ||||
Capital Replacement spending related to multi-phase capital projects | (0.10 | ) | |||
Impact of 2012 and 2013 asset sales on Capital Replacement spending | 0.08 | ||||
Impact of 2012 share issuances | 0.04 | ||||
2013 AFFO | $ | 1.53 | |||
First Quarter 2013 Outlook
FIRST QUARTER |
|||
Net loss per share | -$0.08 to -$0.04 | ||
Pro forma FFO per share | $0.42 to $0.46 | ||
Conventional Same Store Operating Measures | |||
NOI change compared to first quarter 2012 | 3.75% to 4.75% | ||
NOI change compared to fourth quarter 2012 | -2.25% to -1.25% | ||
Notes to 2013 Outlook and 2013 Pro forma FFO Reconciliation
[1] | Property upgrades may include kitchen and bath remodeling; energy conservation projects; and investments in longer-lived materials designed to reduce turnover costs, such as simulated wood flooring and granite countertops. | |
[2] | During 2012, Aimco began multi-phase capital projects at its 2900 on First property, located in Seattle, and two Center-City Philadelphia properties, Park Towne Place and The Sterling. The initial phases of these projects consist of Capital Replacement and Capital Improvement investments, which totaled $4.1 million in 2012. Aimco expects to invest an additional $17 million in Capital Replacements related to these projects during 2013. | |
[3] | Partnership transactions are expected to close during the first half of 2013. | |
[4] | During 2013, Aimco intends to dispose of that portion of its Affordable portfolio not subject to tax credit agreements. If successful, Aimco will hold at the end of the year 53 Affordable properties with approximately 8,000 units, which were redeveloped with Low Income Housing Tax Credits, generally between 2005 and 2009. These properties are expected to be sold as the tax credit compliance periods expire with the majority of sales expected to occur from 2015 to 2019. | |
[5] | Aimco intends to use proceeds from asset sales to fund real estate investments including redevelopment and other capital investments, and partnership transactions. | |
[6] | Anticipated size of unencumbered pool at December 31, 2013, based on December 31, 2012, values. | |
[7] | Aimco's casualty losses during 2012 were significantly lower than the company's historical average, largely due to fewer weather-related casualty events. Aimco's Pro forma FFO guidance assumes 2013 loss experience returns to historical levels. | |
Forward-looking Statements
This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of: first quarter and full year 2013 results, including but not limited to Pro forma FFO and selected components thereof, Capital Replacements spending, and AFFO; redevelopment project investments, timelines and stabilized rents; and timing of other investment activity. These forward-looking statements are based on management's judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to: Aimco's ability to maintain current or meet projected occupancy, rental rates and property operating results; the effect of acquisitions, dispositions and redevelopments; and our ability to comply with debt covenants, including financial coverage ratios. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions, dispositions and redevelopments; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. 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, 2011, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.
Consolidated Statements of Operations | ||||||||||||||||||||
(in thousands, except per share data) (unaudited) | ||||||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
REVENUES: | ||||||||||||||||||||
Rental and other property revenues | $ | 251,907 | $ | 238,563 | $ | 991,428 | $ | 943,258 | ||||||||||||
Tax credit and asset management revenues | 14,088 | 9,889 | 41,769 | 38,661 | ||||||||||||||||
Total revenues | 265,995 | 248,452 | 1,033,197 | 981,919 | ||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
Property operating expenses | 100,564 | 97,127 | 402,225 | 405,866 | ||||||||||||||||
Investment management expenses | 2,563 | 3,062 | 12,008 | 10,459 | ||||||||||||||||
Depreciation and amortization | 85,374 | 88,713 | 345,077 | 342,820 | ||||||||||||||||
Provision for real estate impairment losses | — | 915 | 8,349 | 915 | ||||||||||||||||
General and administrative expenses | 12,111 | 14,536 | 49,602 | 50,906 | ||||||||||||||||
Other expense, net | 4,526 | 5,469 | 15,776 | 17,796 | ||||||||||||||||
Total operating expenses | 205,138 | 209,822 | 833,037 | 828,762 | ||||||||||||||||
Operating income | 60,857 | 38,630 | 200,160 | 153,157 | ||||||||||||||||
Interest income, net | 2,484 | 2,786 | 9,913 | 9,681 | ||||||||||||||||
Recovery of losses on notes receivable, net | 3,943 | 329 | 3,375 | 509 | ||||||||||||||||
Interest expense | (58,226 | ) | (66,099 | ) | (246,761 | ) | (290,168 | ) | ||||||||||||
Equity in losses of unconsolidated real estate partnerships | (1,609 | ) | (9,288 | ) | (4,408 | ) | (17,721 | ) | ||||||||||||
Gain (loss) on dispositions of interests in unconsolidated real
estate and |
1,257 | (2,717 | ) | 21,886 | 2,398 | |||||||||||||||
Income (loss) before income taxes and discontinued operations | 8,706 | (36,359 | ) | (15,835 | ) | (142,144 | ) | |||||||||||||
Income tax benefit | 354 | 1,278 | 929 | 6,541 | ||||||||||||||||
Income (loss) from continuing operations | 9,060 | (35,081 | ) | (14,906 | ) | (135,603 | ) | |||||||||||||
Income from discontinued operations, net | 88,188 | 26,507 | 210,267 | 77,439 | ||||||||||||||||
Net income (loss) | 97,248 | (8,574 | ) | 195,361 | (58,164 | ) | ||||||||||||||
Noncontrolling interests: | ||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests in |
(22,454 | ) | (4,355 | ) | (51,218 | ) | 257 | |||||||||||||
Net income attributable to preferred noncontrolling interests in |
(1,606 | ) | (1,671 | ) | (6,496 | ) | (6,683 | ) | ||||||||||||
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership | (4,262 | ) | 1,665 | (5,191 | ) | 7,503 | ||||||||||||||
Total noncontrolling interests | (28,322 | ) | (4,361 | ) | (62,905 | ) | 1,077 | |||||||||||||
Net income (loss) attributable to Aimco | 68,926 | (12,935 | ) | 132,456 | (57,087 | ) | ||||||||||||||
Net income attributable to Aimco preferred stockholders | (752 | ) | (10,423 | ) | (49,888 | ) | (45,852 | ) | ||||||||||||
Net income attributable to participating securities | (246 | ) | (53 | ) | (422 | ) | (222 | ) | ||||||||||||
Net income (loss) attributable to Aimco common stockholders | $ | 67,928 | $ | (23,411 | ) | $ | 82,146 | $ | (103,161 | ) | ||||||||||
Weighted average common shares outstanding - basic and diluted | 145,035 | 120,433 | 134,479 | 119,312 | ||||||||||||||||
Earnings (loss) per common share - basic and diluted: | ||||||||||||||||||||
Loss from continuing operations attributable to Aimco common |
$ | — | $ | (0.28 | ) | $ | (0.59 | ) | $ | (1.22 | ) | |||||||||
Income from discontinued operations attributable to Aimco common |
0.47 | 0.09 | 1.20 | 0.36 | ||||||||||||||||
Net income (loss) attributable to Aimco common stockholders | $ | 0.47 | $ | (0.19 | ) | $ | 0.61 | $ | (0.86 | ) | ||||||||||
Consolidated Statements of Operations (continued) | ||||||||||||||||||||
Income from Discontinued Operations | ||||||||||||||||||||
Income from discontinued operations consists of the following (in thousands): | ||||||||||||||||||||
Three Months |
Year Ended |
|||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Rental and other property revenues | $ | 5,852 | $ | 32,270 | $ | 65,947 | $ | 159,058 | ||||||||||||
Property operating expenses | (3,954 | ) | (17,662 | ) | (31,257 | ) | (82,353 | ) | ||||||||||||
Depreciation and amortization | (1,385 | ) | (11,186 | ) | (21,674 | ) | (52,513 | ) | ||||||||||||
Provision for real estate impairment losses | (4,049 | ) | (7,353 | ) | (15,338 | ) | (19,331 | ) | ||||||||||||
Operating (loss) income | (3,536 | ) | (3,931 | ) | (2,322 | ) | 4,861 | |||||||||||||
Interest income | 134 | 296 | 545 | 1,534 | ||||||||||||||||
Interest expense | (1,144 | ) | (6,824 | ) | (12,585 | ) | (31,175 | ) | ||||||||||||
Loss before gain on dispositions of real estate and income taxes | (4,546 | ) | (10,459 | ) | (14,362 | ) | (24,780 | ) | ||||||||||||
Gain on dispositions of real estate | 94,603 | 43,308 | 234,533 | 108,209 | ||||||||||||||||
Income tax expense | (1,869 | ) | (6,342 | ) | (9,904 | ) | (5,990 | ) | ||||||||||||
Income from discontinued operations, net | $ | 88,188 | $ | 26,507 | $ | 210,267 | $ | 77,439 | ||||||||||||
Income from discontinued operations attributable to: | ||||||||||||||||||||
Noncontrolling interests in consolidated real estate partnerships | $ | (15,276 | ) | $ | (15,024 | ) | $ | (39,019 | ) | $ | (32,218 | ) | ||||||||
Noncontrolling interests in Aimco Operating Partnership | (4,142 | ) | (747 | ) | (10,153 | ) | (2,990 | ) | ||||||||||||
Total noncontrolling interests | (19,418 | ) | (15,771 | ) | (49,172 | ) | (35,208 | ) | ||||||||||||
Income from discontinued operations attributable to Aimco | $ | 68,770 | $ | 10,736 | $ | 161,095 | $ | 42,231 |
|
|
Consolidated Balance Sheets | ||||||||
(in thousands) (unaudited) | ||||||||
December 31, 2012 | December 31, 2011 | |||||||
ASSETS | ||||||||
Buildings and improvements | $ | 6,390,253 | $ | 6,223,885 | ||||
Land | 1,943,166 | 1,929,018 | ||||||
Total real estate | 8,333,419 | 8,152,903 | ||||||
Accumulated depreciation | (2,820,765 | ) | (2,562,574 | ) | ||||
Net real estate | 5,512,654 | 5,590,329 | ||||||
Cash and cash equivalents | 84,413 | 91,066 | ||||||
Restricted cash | 146,859 | 183,970 | ||||||
Accounts receivable, net | 34,020 | 41,796 | ||||||
Notes receivable, net | 102,897 | 111,205 | ||||||
Other assets | 520,537 | 382,949 | ||||||
Assets held for sale | — | 470,547 | ||||||
Total assets | $ | 6,401,380 | $ | 6,871,862 | ||||
LIABILITIES AND EQUITY | ||||||||
Non-recourse property debt | $ | 4,688,447 | $ | 4,772,774 | ||||
Accounts payable | 30,747 | 32,607 | ||||||
Accrued liabilities and other | 318,669 | 282,451 | ||||||
Deferred income | 128,577 | 138,808 | ||||||
Liabilities related to assets held for sale | — | 417,164 | ||||||
Total liabilities | 5,166,440 | 5,643,804 | ||||||
Preferred noncontrolling interests in Aimco Operating Partnership | 80,046 | 83,384 | ||||||
Equity: | ||||||||
Perpetual Preferred Stock | 68,114 | 657,114 | ||||||
Class A Common Stock | 1,456 | 1,209 | ||||||
Additional paid-in capital | 3,712,684 | 3,098,333 | ||||||
Accumulated other comprehensive loss | (3,542 | ) | (6,860 | ) | ||||
Distributions in excess of earnings | (2,863,287 | ) | (2,841,467 | ) | ||||
Total Aimco equity | 915,425 | 908,329 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 271,065 | 270,666 | ||||||
Common noncontrolling interests in Aimco Operating Partnership | (31,596 | ) | (34,321 | ) | ||||
Total equity | 1,154,894 | 1,144,674 | ||||||
Total liabilities and equity | $ | 6,401,380 | $ | 6,871,862 |
Aimco
Elizabeth Coalson, 303-691-4350
Vice President
Investor Relations
or
Investor Relations
investor@aimco.com
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