Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Investor Presentation (April 2011)
34 slides from Apartment Investment And Management's investor presentation, Apr 6, 2011
Slide 1: Miami - Atlanta Property Tour April 6-7, 2011
Miami - Atlanta Property Tour April 6 - 7, 2011 AIMCO
Slide 2: Aimco Value Proposition
Apartment demand, driven by favorable, predictable demographics, is strong. Apartment supply is limited and will return slowly as developers restart programs after several years on the sidelines. Favorable demand and supply fundamentals lead to rent growth. Aimco's portfolio and history of operating
Slide 3: Apartment Demand is Strong
Apartment Demand is Strong 60% to 70% of people aged 20 to 34 opt for rental housing.* This age cohort is projected to increase by 2.5 million people in the next three years, and 3.5 million over the next five years. * Source: Green Street Advisors Historically, people aged 60 and over have had a pr
Slide 4: Jobs are Returning
Source: Moody's Economy.com. Source: BLS Current Population Survey, January 2011. Represents year-over-year change in the civilian labor force, as defined by the BLS and used in the computation of BLS's unemployment rate. Chart does not refer to nonfarm payroll data. Economist Tom Lawler study resul
Slide 5: Apartment Supply is Limited
Long-term average Homeownership is at a 10-year low, but still 1.2% above the long-term average. Every 1% decline in the homeownership rate translates into more than 1 million rental households. New supply remains limited in the short term. By 2013, completions should return to levels consistent wit
Slide 6: Strong Fundamentals Support Revenue Growth
* Represents average revenue growth computed by Aimco based on 1) the average of revenue growth projections published by REIS, PPR and AXIOMetrics as of 4Q 2010, and 2) peer market allocation based on 4Q 2010 company reports. Aimco does not endorse or affirm the projected revenue growth published by
Slide 7: Capital Recycling Improves Portfolio Quality
Excludes casualties and property management expenses. NOI less assumed capital replacement expenditures of $850 per unit. $8.5 billion of sales of lower-rated assets from 2004 through 2010 have improved overall portfolio quality. Average rents ? 42% NOI margin ? 8% Free Cash Flow margin ? 20% Capita
Slide 8: Aimco's Assets are of High Quality
Aimco's Assets are of High Quality Aimco measures asset quality by comparing rents to local market averages. Aimco asset quality in its target markets, as measured by rents relative to local market averages, is comparable to BRE, Camden and Essex. 4Q 2010 Average Rents as % of Market in Aimco Target
Slide 9: Aimco is a Reliable Operator
Aimco is a Reliable Operator * Average of AvalonBay, Camden, Equity Residential, Essex, Home Properties and UDR results as reported individually by SNL Financial. Operating performance exceeds peer average over the last one, three and five years.
Slide 10: Aimco's 2010 Results Above Average
Aimco's 2010 Results Above Average 2010 Success Revenue Growth: Total Same Store #2 of 10 apartment REITs* Conventional Same Store #3 of 10 NOI Growth: Total Same Store #2 of 10 Conventional Same Store #2 of 10 Total Portfolio: Revenue 1.0% Expenses -0.9% NOI 2.3% High Average Daily Occupancy 96.1%
Slide 11: Aimco Uses Low-Risk Leverage
* For purposes of this analysis, peer group is comprised of BRE, Camden, Equity Residential, Colonial Properties, Home Properties, Post Properties and UDR, companies that report weighted- average maturity. Data as of 12/31/2010 as reported by SNL Financial. Aimco Uses Low-Risk Leverage Risks of Leve
Slide 12: Aimco's Shares Are Priced at a Discount
By all measures, Aimco is a stronger company today. However, when compared to peers and to historical valuations, Aimco shares traded at a greater discount during 2010 than they did during 2005. Aimco's Shares Are Priced at a Discount Aimco Conventional Portfolio Average rents NOI margin Free cash f
Slide 13: Aimco's Shares Are Priced at a Discount: % Change 2005-2010
Measure (1) Average rents NOI margin G&A as a % of property revenues Aimco + 30% + 8% - 17% Peer Median (2) + 17% + 1% - 1% Data Sources: Green Street Advisors, Apartment REITs: February '06 Update, 2/15/06; Company reports; SNL Financial Operating statistics for Aimco's conventional portfolio. Peer
Slide 14: Miami Market
Miami Market
Slide 15: Miami Market Overview
Miami Market Overview Source: Moody's Economy.com, US Census Bureau, REIS
Slide 16: South Florida Conventional Portfolio
South Florida Conventional Portfolio * Represents property excluded from same store as occupancy has not been stabilized.
Slide 17: South Florida Conventional Portfolio: Average Daily Occupancy
*Average Daily Occupancy South Florida Conventional Portfolio
Slide 18: Flamingo South Beach - North Tower
Flamingo South Beach - North Tower Full concierge service Gated entrance Attached parking garage Swimming pool Spa/hot tub, sauna Sand volleyball, basketball court Fitness center Free WiFi Business center Car care center Convenience store Beauty salon Pet salon Laundry facility/shared laundry room A
Slide 19: Flamingo South Beach - Center Tower
Flamingo South Beach - Center Tower Upgraded kitchen Upgraded features Granite countertops Wood floors Walk-in closets Extra vanity space Air conditioning Washer/dryer Balcony/patio Cable TV ready Unit Features:
Slide 20: Yacht Club at Brickell Apartments
Yacht Club at Brickell Apartments Full concierge service Gated entrance Covered parking Clubhouse Business center Swimming pool Fitness center Spa/hot tub Sauna Tennis court, racquetball court Convenience store Dog park Playground Near public transportation Extra storage Upgraded kitchen in select u
Slide 21: Bay Parc Plaza Apartments
Bay Parc Plaza Apartments Gated entrance Clubhouse Swimming pool Fitness center Movie screening room Basketball court Spa/hot tub Sauna Covered parking Broadband internet access Laundry facility Convenience store Pet salon Near public transportation Extra storage Upgraded kitchen and appliances in s
Slide 22: Atlanta Market
Atlanta Market
Slide 23: Atlanta Market Overview
Atlanta Market Overview Source: Moody's Economy.com, US Census Bureau, REIS
Slide 24: Atlanta Portfolio
Atlanta Portfolio * Represents property excluded from same store as a result of a casualty event.
Slide 25: Atlanta Conventional Portfolio: Average Daily Occupancy
Atlanta Conventional Portfolio *Average Daily Occupancy
Slide 26: Peachtree Park Apartments
Peachtree Park Apartments Swimming Pool Fitness Center Near Public Transportation Upgraded Kitchen and Bath Ceramic Tile Floors Wood Floors Washer / Dryer Walk-in Closets Extra Storage Space Air Conditioning Fireplace Climate Control High Speed Internet Access Breakfast Bar Ceiling Fan Loft-Style Ho
Slide 27: The Lodge on the Chattahoochee
The Lodge on the Chattahoochee Clubhouse Fitness Center Basketball Court Business Center Swimming Pool Barbecue Area Free WiFi Playground Near Public Transportation High Ceilings Air Conditioning Washer / Dryer Balcony / Patio Microwave Fireplace Climate Control High Speed Internet Access Extra Stor
Slide 28: The Lodge on the Chattahoochee Redevelopment: Building and Site Improvements
The Lodge on the Chattahoochee Redevelopment Before Installed new Hardie brand siding and trim on all building exterior surfaces. Replaced all wood windows with new bronze aluminum insulated windows. Replaced existing railings on all balconies and breezeways with new powder- coated aluminum railings
Slide 29: The Lodge on the Chattahoochee Redevelopment: Unit Upgrades
The Lodge on the Chattahoochee Redevelopment Unit Upgrades: Kitchens: Installed new wood cabinets, countertops, sinks and appliances. Bathrooms: Replaced tubs and shower surrounds, vanities, toilets, mirrors and accessories. Replaced all interior doors with new 2-panel arch-top doors and new brushed
Slide 30: The Vinings Mountain Communities
The Vinings Mountain Communities The Peak Lakeside The Views
Slide 31: The Vinings Mountain Communities: Features
The Vinings Mountain Communities Gated Entrance Full Concierge Service Clubhouse Fitness Center Business Center Tennis Court Wine Tasting Room Movie Screening Room Air Conditioning Washer / Dryer Microwave Fireplace Climate Control French Doors Wet Bar Dry Bar Wood Floors Sunroom Vaulted Ceilings Co
Slide 32: The Vinings Redevelopments: Building and Site Improvements
The Vinings Redevelopments Before Installed new Hardie brand siding and trim on all building exterior surfaces. Replaced all windows with new bronze aluminum insulated windows. Replaced existing railings on all balconies and breezeways with new powder-coated aluminum railings. Replaced all building
Slide 33: The Vinings Redevelopments: Unit Upgrades
After The Vinings Redevelopments Unit Upgrades: Kitchens: Installed new wood cabinets, countertops, sinks and appliances. Bathrooms: Replaced tubs and shower surrounds, vanities, toilets, mirrors and accessories. Replaced all interior doors with new 2-panel arch-top doors and new brushed nickel hard
Slide 34: Miami - Atlanta Property Tour April 6-7, 2011
Miami - Atlanta Property Tour April 6 - 7, 2011 AIMCO
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