Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — REITWorld Investor Conference 2024
26 slides from Apartment Investment And Management's conference presentation, Nov 18, 2024
Slide 1: Aimco Investor Presentation, REITWorld Investor Conference
INVESTOR PRESENTATION Aimco REITWorld Investor Conference Nyooee November 2024 eS AWillow Bend’) ee > Rolling Meadows, AL”. ,.' ¥.
Slide 2: Aimco Overview
Balance Sheet Ample liquidity, protection against interest rate volatility, and limited near-term maturities Capital Allocation Committed to prudent capital allocation that maximizes total shareholder returns over time Corporate Responsibility Committed to stockholder friendly governance, our team,
Slide 3: Contents: Presentation Topics
CONTENTS PRESENTATION TOPICS Stabilized Portfolio & Results Strong stabilized operating performance with YTD NOI up 4.0% through the third quarter and blended lease-to-lease up 3.7% through October. Development & Redevelopment Aimco is leasing-up more than 930 apartment homes that are expected to pr
Slide 4: Stabilized Portfolio & Results
STABILIZED PORTFOLIO & RESULTS
Slide 5: Stabilized Portfolio Real Estate Investments
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS URBAN vs. SUBURBAN BY MARKET Aimco owns a portfolio of 21 stabilized apartment communities with 5,600 apartment homes diversified by geography and price point. 64% 26% 10% Class B Class C+ Class A 19% 3Q Rent-to-Income Ratio $2,415 3Q Avg Monthly Revenue
Slide 6: Third-Party Market Revenue Growth Forecast
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS Source: Green Street, Company Records Aimco’s Stabilized NOI is earned by apartment communities located in markets with forecast compounded annual revenue growth rate of +3.3% over the next four-year period. 70 bps higher than the average of Green Street’
Slide 7: 3Q 2024 YTD Results and Full Year 2024 Outlook
3Q 2024 YTD RESULTS Full Year 2024 OUTLOOK 97.0% Average Daily Occupancy 3.75% - 4.25% Stabilized Revenue Growth 4.7% Revenue Growth 5.50% - 6.50% Stabilized Expense Growth 4.0% NOI Growth 2.50% - 3.75% Stabilized NOI Growth STABILIZED PORTFOLIO PERFORMANCE METRICS Source: Company Records October 20
Slide 8: Development & Redevelopment
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Slide 9: Development Track Record
DEVELOPMENT TRACK RECORD Source: Company Records, as of 2Q 2024 9 Development and Land Portfolio $ in millions $1.1Bn of development projects constructed or stabilized on plan since 2020. $0.7Bn of development projects and land assets monetized at accretive valuations since 2020. $0.6Bn of planned c
Slide 10: Multifamily Developments in Lease-Up
MULTIFAMILY DEVELOPMENTS IN LEASE-UP Sources: Company Records, estimates as of October 2024. Graphic above is representative of a typical project lifecycle and is not intended to be used as a forecast for any current Aimco project. Strathmore Square Bethesda, MD 220-Unit Phase I Development Construc
Slide 11: New Development Project
NEW DEVELOPMENT PROJECT Aimco, in partnership with a leading global investment firm, has commenced construction on a 38-story ultra-luxury waterfront tower in Miami’s Edgewater neighborhood. Aimco contributed the land, pre-development efforts, and ~$5M of equity with its venture partner and construc
Slide 12: Development Pipeline and Current Land Holdings
Fitzsimons 4 Bioscience Strathmore Phase 2 Aimco Pipeline Investments DEVELOPMENT PIPELINE CURRENT LAND HOLDINGS Aimco expects to fund the vertical construction of SELECT PIPELINE PROJECTS with construction loans, Co-GP and/or LP equity, and limited additional Aimco equity. Consistent with Aimco’s c
Slide 13: Balance Sheet, Portfolio & Capital Allocation
Aime BALANCE SHEET, PORTFOLIO & CAPITAL ALLOCATION ‘ Sa * x Central Green The Benson Hotel & FacultyClub Aurora, CO
Slide 14: Balance Sheet Strong with Limited Exposure
BALANCE SHEET STRONG WITH LIMITED EXPOSURE Ample liquidity with access to $110 million of cash on hand and full capacity on its $150 million revolving credit facility Interest rate protection with Aimco total debt either fixed-rate or with rate caps currently mitigating all floating rate exposure We
Slide 15: Portfolio Consolidation and Composition
Aimco plans to continue efforts to consolidate its portfolio through the monetization of alternative and non-core assets, the ‘right-sizing’ of its development program, the sale of its Brickell Assemblage and increased geographic concentration. We believe these actions will lead to broader appeal, a
Slide 16: Near-Term Sources of Capital
NEAR-TERM SOURCES OF CAPITAL Aimco Share, $ in thousands Amount Weighted Avg. Maturity (Yrs.) [1] Total non-recourse fixed rate debt $ 775,463 7.0 Total non-recourse floating rate debt 89,843 1.5 Total non-recourse construction loan debt 313,193 1.6 UPDATE ON ANNOUNCED AND PLANNED DISPOSITIONS The H
Slide 17: Near-Term Capital Allocation
NEAR-TERM CAPITAL ALLOCATION As Aimco unlocks the value created from prior investments, we currently favor the return of capital to shareholders. In addition, we will maintain balance sheet stability, further consolidate our holdings to stabilized multifamily properties, and operate a right-sized de
Slide 18: Value Proposition
PROPOSITION VALUE Aimco ee &. g s 4 g =
Slide 19: Net Asset Value Valuation Building Blocks
NET ASSET VALUE VALUATION BUILDING BLOCKS Source: Company Records, Green Street Market Reports Annualized 3Q 2024 NOI before 3% management fees. Aimco estimated values that are not guarantees of future performance or results, actual performance could differ significantly. Investment value for IQHQ i
Slide 20: Value Proposition: Maximizing and Unlocking Stockholder Value
VALUE PROPOSITION COMMITTED TO MAXIMIZING AND UNLOCKING STOCKHOLDER VALUE The Aimco Board of Directors, in coordination with management, remains intently focused on maximizing and unlocking value for Aimco stockholders and continues to engage regularly with several leading advisory firms, including
Slide 21: Appendix
APPENDIX
Slide 22: Aimco Team
AIMCO TEAM Executive team has an average Aimco tenure of more than 20 YEARS Development team has collectively built or renovated approximately $15Bn IN PROJECTS, including 50K APARTMENT HOMES, and has an average of more than 22 YEARS of industry experience Capital Markets and Transactions teams have
Slide 23: Robust Governance Structure
Robust governance structure supportive of long-term value creation Board led by an Independent Chair Active board refreshment, with new directors added each of the last 3 years Governance provisions aligned with shareholder interests HIGHLY QUALIFIED BOARD WITH EXPERTISE RELEVANT TO OUR BUSINESS Kir
Slide 24: Asset List
ASSET LIST OPERATING APARTMENT COMMUNITIES DEVELOPMENTS AND REDEVELOPMENTS Property Name Location Apartment Homes Property Name Location Units 118-122 West 23rd Street New York, NY 42 Oak Shore Corte Madera, CA 24 173 E. 90th Street New York, NY 72 Upton Place Washington, DC 689 237-239 Ninth Avenue
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 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; p
Slide 26: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation 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
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