Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Investor Presentation (May 2002)
47 slides from Apartment Investment And Management's investor presentation, May 28, 2002
Slide 1: Apartment Investment and Management Company Net Asset Value
AIMCO Apartment Investment and Management Company Net Asset Value May 28, 2002
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains information that is forward-looking, including statements regarding the Company’s future financial performance. Actual results may differ materially from those described and could be affected by a variety of factors including economic conditions;
Slide 3: Overview of Presentation
Aimco Net Asset Value Overview of Presentation 1. The Casden Acquisition 2. The Aimco Portfolio 3. Aimco NAV – March 31, 2002 4. Market Cap Rates 5. Option Values Not Included In Aimco NAV
Slide 4: 1. The Casden Acquisition
Aimco Net Asset Value 1. The Casden Acquisition
Slide 5: Casden Acquisition Components
Casden Acquisition Components Aimco Net Asset Value - - 17 conventional properties - - 16 properties (6148 units) in Southern California including Park La Brea - - 1 property (208 units) in South Florida - - 99 affordable properties (11,027 units) located in 25 states - - NAPICO which controls more
Slide 6: Casden Asset Value vs. Purchase Price
Casden Asset Value vs. Purchase Price 36 36 NAPICO/Mayer Management 29 Tax Exempt Debt $1,041 $1,104 to $1,283 Total Real Estate 41.8 Affordable $47.8 Average Monthly Rent > $1,000 $597 to $683 7.0% to 8.0% Free Cash Flow Cap Rate 7.5 Average Monthly Rent $900-$1,000 91 to 100 7.5% to 8.25% Free Cas
Slide 7: Casden Property List and Addresses
Aimco Net Asset Value Property (MAP #) Address Broadcast Center (1) 7660 Beverly Blvd., Los Angeles, CA 90036 Crescent Gardens (2) 1274 N. Crescent Heights Blvd., Los Angeles, CA 90046 Hillcreste (3) 1420 Ambassador St., Los Angeles, CA 90035 Villa Azure (4) 5700 W. Centinela Ave., Los Angeles, CA 9
Slide 8: Casden Property Pictures Tour
Casden Property Pictures Tour • Villa Azure • Crescent Gardens • Broadcast Center • Villas at Park La Brea • Hillcreste Aimco Net Asset Value
Slide 9: Villa Azure
Aimco Net Asset Value Villa Azure
Slide 10: Crescent Gardens
Aimco Net Asset Value Crescent Gardens
Slide 11: Broadcast Center
Aimco Net Asset Value Broadcast Center
Slide 12: Villas at Park La Brea
Aimco Net Asset Value Villas at Park La Brea
Slide 13: Hillcreste
Aimco Net Asset Value Hillcreste
Slide 14: Additional Casden Properties
Aimco Net Asset Value Additional Casden Properties: • Creekside • Lakes at South Coast • Mariners Cove • Peppertree • Malibu Canyon
Slide 15: Creekside
Aimco Net Asset Value Creekside
Slide 16: Lakes at South Coast Plaza
Aimco Net Asset Value Lakes at South Coast Plaza
Slide 17: Mariners Cove
Aimco Net Asset Value Mariners Cove
Slide 18: Peppertree
Aimco Net Asset Value Peppertree
Slide 19: Malibu Canyon
Aimco Net Asset Value Malibu Canyon
Slide 20: 2. The Aimco Portfolio
2. The Aimco Portfolio Aimco Net Asset Value
Slide 21: Portfolio Breakdown
Aimco Portfolio Breakdown A Property – These are the best locations in Aimco’s portfolio. The locations are highly desirable and would be expected to remain so for the next 20 years. The demographics of the surrounding area will reflect very high average income and home prices, well above the averag
Slide 22: Portfolio Breakdown (Pro Forma Casden)
Aimco Portfolio Breakdown (Pro Forma Casden) Aimco Net Asset Value $573 $700 $1,153 Weighted Average Rent 14% 52 A’s 17% 234 C’s 69% 481 B’s % of Conventional Real Estate Free Cash Flow Properties Rank
Slide 23: Representative Properties Pictures
– Representative Properties Pictures A’s B’s C’s Calhoun Beach Steeple Chase Westlake Arms Evanston Place Hillmeade Chelsea Place Elm Creek Captiva Club Bradford Place Aimco Net Asset Value
Slide 24: Calhoun Beach
Aimco Net Asset Value Calhoun Beach
Slide 25: Evanston Place
Aimco Net Asset Value Evanston Place
Slide 26: Elm Creek
Aimco Net Asset Value Elm Creek
Slide 27: Steeple Chase
Aimco Net Asset Value Steeple Chase
Slide 28: Hillmeade
Aimco Net Asset Value Hillmeade
Slide 29: Captiva Club
Aimco Net Asset Value Captiva Club
Slide 30: Westlake Arms
Aimco Net Asset Value Westlake Arms
Slide 31: Chelsea Place
Aimco Net Asset Value Chelsea Place
Slide 32: Bradford Place
Aimco Net Asset Value Bradford Place
Slide 33: 3. AIMCO NAV – March 31, 2002
3. AIMCO NAV – March 31, 2002 Aimco Net Asset Value
Slide 34: March 31, 2002 Published NAV
March 31, 2002 Published NAV $46.13 108,286 $4,995,657 ($7,278,802) $12,274,460 $1,460,649 $504, 600 $7,600 $36,000 $12,500 $448,500 $10,309,211 Implied Value 100% 12% 4% 84% Percent of Asset Value Total Investment Management Other Assets Net Asset Value Shares and OP Units Outstanding Net Asset Val
Slide 35: NAV Per Share Breakdown
NAV Per Share Breakdown Reported Aimco (Excluding Casden) $45.32 Casden $0.81 Total $46.13 Aimco Net Asset Value
Slide 36: Growth Rate Sensitivity
Growth Rate Sensitivity $47.02 3.26% $43.48 $44.36 $45.25 $46.13 NAV 0.66% 1.32% 1.97% 2.62% Compounded Growth Rate First Quarter 2002 was evaluated using 4% simple interest which equals quarterly compounding of 2.62%. Aimco Net Asset Value
Slide 37: Occupancy Sensitivity
Occupancy Sensitivity $46.13 92% $48.78 95% $47.90 94% $45.25 $47.02 NAV 91% 93% Occupancy First Quarter 2002 Aimco Net Asset Value
Slide 38: Growth/Occupancy Matrix
Growth/Occupancy Matrix $49.69 $48.80 $47.91 $47.02 $46.13 $45.24 3.26% $48.78 $47.90 $47.02 $46.13 $45.25 $44.37 2.62% $47.87 $46.99 $46.12 $45.25 $44.38 $43.50 1.97% $46.96 $46.09 $45.23 $44.36 $43.50 $42.63 1.32% $46.05 $45.19 $44.33 $43.48 $42.63 $41.76 0.66% $45.14 $44.29 $43.44 $42.59 $41.74 $
Slide 39: 3. Market Cap Rates
3. Market Cap Rates Aimco Net Asset Value
Slide 40: Free Cash Flow Cap Rate Range
Aimco Net Asset Value Free Cash Flow Cap Rate Range NAV $46.13 to $50.12 Cap Rate Range Actual Reported Average Monthly Rent > $1,000 8.00% to 7.70% $900 – $1,000 8.25% to 8.00% $800 – $900 8.50% to 8.07% $700 – $800 8.70% to 8.29% $600 – $700 8.90% to 8.51% $500 – $600 9.20% to 9.21% < $500 9.50% t
Slide 41: NAV Per Share Breakdown: Reported vs. Market
Aimco Net Asset Value $50.12 $46.13 Total $2.53 $0.81 Casden $47.59 $45.32 Aimco (Excluding Casden) Market Reported NAV Per Share Breakdown
Slide 42: Comparison of Completed Sales of Weakest Properties to NAV Cap Rates
Comparison of Completed Sales * of Aimco’s Weakest Properties to NAV Cap Rates * Includes sales since July of 2001. Completed Sales As Reported Cap Rate (4% growth, $600 CR) Cap Rate (4% growth, $440 CR) Aimco Cap Rate (4% growth, $440 CR) Units Number of Properties Price Point 7.79% 8.50% 10% 3,042
Slide 43: 5. Option Values Not Included in Aimco NAV
5. Option Values Not Included in Aimco NAV Aimco Net Asset Value
Slide 44: Option Value Not Included In Aimco NAV
Option Value Not Included In Aimco NAV A. Partnership Acquisitions – Conventional Properties B. Affordable Realization C. Redevelopment Aimco Net Asset Value
Slide 45: Option Value: Partnership Acquisitions – Conventional Properties
Option Value Not Included In Aimco NAV A. Partnership Acquisitions – Conventional Properties • 50% of the conventional property partnerships are owned by third parties • $210 million of Free Cash Flow available for tenders • Aimco Guidance projects $70 million to $90 million of 2002 partnership acqu
Slide 46: Option Value: Affordable Realization
Option Value Not Included In Aimco NAV Aimco Net Asset Value B. Affordable Realization Value creation in excess of NAV can be generated from: • Mark-Up-To-Market • Conversion to Conventional/Senior Living • Tax Credit Redevelopment • Sale of Property to Tax Credit/Not-for-Profit-Buyer • Sales to 501
Slide 47: Option Value: Redevelopment
Option Value Not Included In Aimco NAV C. Redevelopment • Aimco has 11 properties (4,517 units) under redevelopment • Aimco’s share of the estimated total investment is $324 million of which approximately $119 million remains to be spent • Aimco projects a greater than 10% Free Cash Flow yield upon
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