Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Investor Day (October 2015)
129 slides from Apartment Investment And Management's investor day presentation, Oct 6, 2015
Slide 1: Welcome
WELCOME ‘tian The Palazzo East at Park La Brea - Los Angeles, CA
Slide 2: Terry Considine
TERRY CONSIDINE - Aimco is a top notch operator wa) - Aimco is creating value as an able redeveloper ¥ . Aimco owns a quality portfolio - Aimco’s balance sheet is safe - Aimco has a deep, cohesive management team
Slide 3: Terry Considine
TERRY CONSIDINE Chairman & CEO Years with Aimco: 4 Took Aimco public in 1984 MILES CORTEZ EVP & Chief Administration Officer Years with Aimco: 14 PAUL BELDIN JOHN BEZZANT LISA COHN EVP & Chief Financial Officer EVP & Chief Investment Officer EVP, General Counsel & Secretary Years with Aimco: 7 Years
Slide 4: Miles Cortez
MILES CORTEZ
Slide 5: Property Operations and Redevelopment
PROPERTY OPERATIONS MIKE DIFRANCO. SVP Finance & Ops Years with Aimco: 10 EVAN HOFFMANN SVP Revenue Mgmt. & Mkt. Years with Aimco: 7 REDEVELOPMENT STEVE CORI svP ieiasoer West Years with Aimco: 14 MICHAEL ENGLHARD SVP Construction Services Years with Aimco: 2 KRISTINA HOWE DIDI MEREDITH KEVIN MOSHER
Slide 6: Finance & Administration
FINANCE & ADMINISTRATION VP Investor Relations Years with Aimco: 10 ELIZABETH COALSON STEVE CRANE SVP Real Estate Taxes Years with Aimco: 12 t ~~.) ANDREW HIGDON SVP & Chief Accounting Officer Years with Aimco: 8 LEEANN MOREIN SVP Compliance Years with Aimco: 21 SUSAN PICKENS SVP IT Strategy Years w
Slide 7: Paul Beldin
PAUL BELDIN Malibu Canyon - Calabasas, CA S
Slide 8: September Operating Results Update
- SEPTEMBER OPERATING RESULTS UPDATE - BUSINESS OVERVIEW - PROPERTY OPERATIONS - REDEVELOPMENT - BREAK - Q&A
Slide 9: 3Q Operating Results
DIDI M 3Q OPERATING RESULTS ‘A : - : z = KEVIN WE Ma A : eo Ga
Slide 10: 3Q West SS and 3Q East SS
3Q WEST SS 3Q SAME STORE New Leases: +6.4% Renewals: +6.0% Blend: +6.2% ADO: 95.6% Operating results for 3@ are preliminary and subject to change. 3Q EAST SS New Leases: +4.1% Renewals: +5.4% Blend: +4.8% ADO: 95.6%
Slide 11: Business Overview
BUSINESS OVERVIEW
Slide 12: Business, Development and Balance Sheet
DEVELOPMENT BALANCE SHEET BUSINESS & CULTURE Above-average property operating results over cycle Above-average resident retention Peer-leading operating cost control Redevelopment is a core business activity Robust pipeline of redevelopment opportunities within existing portfolio Occasional developm
Slide 13: Demographics Support Strong Demand
Change in Number of People DEMOGRAPHICS SUPPORT STRONG DEMAND Change in Number of People Aged 20 - 34 mAged>55 mAged 20-34 04 25 03 2.0 0.2 18 0.1 1.0 MiSs Millions 05 -O1 -0.2 oe -03 05 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Historically, of people aged 20 to 34 have opted for renta
Slide 14: Changing Rent vs Own Dynamics
CHANGING RENT VS OWN DYNAMICS Demand may be even stronger if the percentage of households choosing to rent continues to increase compared to historical averages. Change in Share of Households Renting 2004 - 2014 Under 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75and Overall 25 Age o
Slide 15: Not All Demand Is Created Equal
NOT ALL DEMAND IS CREATED EQUAL Cumulative Change in Median Real Median Household Incomes Household Incomes by Percentile by Age Bracket 2004 - 2014 2014 no LS» Hionest 20% 0 7% 105 Fourth 20% “ 2% Sbitcieaaveers: 100 Trdi20%8 45 to 54 Years 95 . Second 20% 35 to 44 Years 90 Lowest 20% 25 to 34 Year
Slide 16: Aimco Resident Median Income Well Above Average
AIMCO RESIDENT MEDIAN INCOME WELL ABOVE AVERAGE Aimco 2014 - 2015 acquisitions and completed redevelopment properties attract residents with even higher incomes. All Renters ° | | iz 2 Aimco @ @ Recent Investments T T T T 1 $O $40,000 $80,000 $120,000 $160,000 @ Source: Multinousingnews.com (2) Repr
Slide 17: Aimco Resident Rent to Income Ratio
AIMCO RESIDENT RENT TO INCOME RATIO Our residents spend a lower percentage of their income on rent, allowing for more aggressive future increases. All Renters ° . @ Aimco ® Recent Investments 0% 10% 20% 30% 40% @ Source: Zillow.com 2) of all tA 2 ©) Represents median of all current residents of Aimc
Slide 18: Customer Demographics
CUSTOMER DEMOGRAPHICS - DIVERSIFIED AGE EXPOSURE The average Aimco resident is 36 years old Aimco Residents by Age Group 18-30 30-40 0% 10% 20% 30% 40% hee eee MM pen | 18 Flamingo South Beach - Miami, FL | a ee ” .: Sf
Slide 19: Strategy Provides for Steady Economic Income
STRATEGY PROVIDES FOR STEADY ECONOMIC INCOME Economic income: year-over-year NAV growth plus annual dividend ECONOMIC INCOME DRIVERS $3.00 $1.20 Property Operations Balance Sheet Annual Dividend Aimco’s 2015 projected Same Each year, Aimco Current dividend is Store NOI growth of 5.5% funds from reta
Slide 20: Property Operations
PROPERTY OPERATIONS The Palazzo at Park La Brea - Los Angeles, CA
Slide 21: Residents Surveyed from First Contact to Move Out
RESIDENTS SURVEYED FROM FIRST CONTACT TO MOVE OUT yy ~ y ™ COMMUNITY |MOVE-IN SERVICE MID-LEASE RENEWAL MOVE OUT VISIT CALL REQUEST 21
Slide 22: Same Store Portfolio
SAME STORE PORTFOLIO 2014 4.08 out of 5 Stars 86,000 Responses CS CS ES ESI 2015 413 out of 5 Stars 94,000 Responses Cs Es C3 Eh 22
Slide 23: Survey Scores Appear in Internet Search Results
SURVEY SCORES APPEAR IN INTERNET SEARCH RESULTS G gl 3400 avenue of the arts rent.com U || Web 3400 Avenue of the Arts Apartments - Avenue of ... - Rent.com www.rent.com > California » Costa Mesa Apartments v Rating: 4.2 - 1,611 votes See photos, floor plans and more details about 3400 Avenue of the
Slide 24: We Engage Customers with Honest Ratings & Reviews
WE ENGAGE CUSTOMERS WITH HONEST RATINGS & REVIEWS Ratings & Reviews back to the top Overall Rating 24
Slide 25: Daily Survey Digest
Daily Survey Digest Operations executives and our teams receive details of each it survey result which includes Subject: I y the team member being rated. 3400 Avenue of the Arts = Property Number: 041868 Sent: ue of the Arts lease contact at Kingsley Associates Leasing Agent ‘ ISR. Overall Cleanline
Slide 26: Daily Community Stand Ups
Daily Community PALAZZO AT PARK LA BREA, THE ND UP IT’S VIDEO THURSDAY! HAVE YOU WATCHED YOUR VIDEO TODA\ Stand Ups = Provides a forum each and silane _ | | Mes ce : every day to celebrate ISR STATUS 21IN PROGRESS successes, identify coaching op tS coMnLETED opportunities and make each _ zsomneo : e
Slide 27: Customer Service Scorecard
Customer Service Scorecard Available to managers and leadership on demand, to help us see details and trends in our results. AimsoGs i Jay, September 10,2015 ATES [RESULTS BY SURVEY Customer Service Scorecard WR TO DATE Survey Results Fi Wy ALL PROPERTIES ri Crescent At West Holly ‘THE CRESCENT AT W
Slide 28: 2015
2015 28
Slide 29: Same Store Portfolio, 2011 - Present
SAME STORE PORTFOLIO, 2011 - PRESENT 60% renewed 56% reneweo 46% renewed CSEse3
Slide 30: Range of Community CSAT Results
RANGE OF COMMUNITY CSAT RESULTS TOP PERFORMERS | 4.31 CSAT 4.15} | 4.64 Annual Revenue Growth Annual Revenue Growth 2013 - 2Q 2015 2013 - 2Q 2015 % 5.0% 3.5% .O% Head to Head REIT Peer Growth Head to Head REIT Peer Growth 2013 - 2Q 2015 2013 - 2Q 2015 3.4%" 4.3% 30 * Represents Beers forthe markets
Slide 31: Expense Management
EXPENSE MANAGEMENT NN MIKE DIFRANCO NY { eS Pn) RY Z ae 1 y x Zz SF a \ \ > LUXURY | RTMENT APAR ES.
Slide 32: Cumulative Same Store Expense Growth
Cumulative Same Store Expense Growth 2008 - 2015E 125 120 — wy oA ns _ ao 110 —_ = : a 7.0 % Aimco 105 oe y — 100 ‘ aan = - i al ~-@ 1.7% Aimco COE _e¢— ~ 95 90 + + + + + + + + 4 2007 2008 2009 2010 2011 2012 2013 2014 201S5E For AvalonBay, Camden, Essex, MAA, Post Properties and UOR. Sources: SNL F
Slide 33: Same Store Change from 2007 to Projected 2015
SAME STORE CHANGE FROM 2007 TO PROJECTED 2015 Operations Personnel Community Maintenance Vendor Services Marketing Turnover
Slide 34: Centralize Standardize Invest
CENTRALIZE STANDARDIZE INVEST 34
Slide 35: Shared Service Center Located in Englewood, CO
SHARED SERVICE CENTER LOCATED IN ENGLEWOOD, CO 2007 2015 108 property admin headcount 43 property admin headcount 31 FTEs in central support roles 77 FTEs in central support roles $5.6M in total spend $4.1M in total soend DOCUMENT PROSPECT FOLLOW UP MANAGEMENT
Slide 36: Maintenance Purchasing Catalog Items
MAINTENANCE PURCHASING CATALOG ITEMS os ee. PLUMBING ELECTRICAL 257 PARTS 388 PARTS = my | oa ke < e) ~ ZZ, SAFETY 33 PARTS 2013 - 802 parts 2015 - 159 parts Catalog 80% smaller $90k in annual savings
Slide 37: Flooring Standardization: Carpeting vs Plank
2007 ! - Carpeting in most homes - Plank flooring in 70% of our homes - $6.2M in replacement cost - $1.6M in replacement costs - $950k in carpet cleaning expense - $350k in carpet cleaning expense - $17M in revenue 37
Slide 38: Axiom - Cambridge, MA
Axiom - Cambridge, MA We can’t predict markets, but we see continued positive contributions from our customer service and expense management discipline. We drive accountability by making our results transparent and individualized. We constantly pursue innovation by using data to drive operational im
Slide 39: Redevelopment
REDEVELOPMENT PATTI FIELDING
Slide 40: Buy Right
BUY RIGHT - Own and operate real estate in special locations where value appreciates faster than the buildings depreciate - Higher-growth markets support strategic redevelopment opportunities REDEVELOP WITHIN PORTFOLIO - Reposition existing operating properties through phased redevelopment - Vacate
Slide 41: Five Step Process
FIVE STEP PROCESS Construction and Delivery 4 Finalize Details, Solidify Budget and Gain Approval 41
Slide 42: Stabilized NOI
STABILIZED NOI IN LEASE-UP UNDER CONSTRUCTION Elm Creek, Elmhurst, IL The Palazzo at Park La Brea, Los Angeles, CA 2900 on First, Seattle, WA Lincoln Place, Venice, CA Pacific Bay Vistas, San Bruno, CA Preserve at Marin, Corte Madera, CA Ocean House on Prospect, La Jolla, CA Park Towne Place, Philad
Slide 43: 2012 - 2015 Redevelopments
2012 - 2015 REDEVELOPMENTS VE CO
Slide 44: San Bruno, CA
SAN BRUNO, CA SUBMARKET/MICRO I MARKET In the heart of San Bruno with views of the Pacific Ocean and San Francisco Bay Five minutes from Milagra Ridge County Park Market includes high-tech campuses of Electronic Arts (EA), Genentech and Oracle Pacific Bay Vistas Local economy is growing and market c
Slide 45: Redevelopment Opportunity: San Bruno, CA
REDEVELOPMENT OPPORTUNITY site. SAN BRUNO, CA Three-story walkup constructed in 1987 All 308 apartment homes taken down to the studs to modernize the floor plans Two new amenity buildings - one with fitness and indoor pool and a second for the clubhouse and leasing Created outdoor social gathering s
Slide 46: Customer
ah CUSTOMER - Young professionals who value social spaces . Age range: 28-41 (median of 32) - Income range: $102,000 - $161,000 (median of $127,000) 46
Slide 47: Corte Madera, CA
CORTE HADES CA ¥ SUBMARKET/MICRO MARKET Adjacent to prestigious Tiburon with views of Mt. Tamalpais, s Preserve San Francisco Bay & Richmond Bridge Cee’ 30 minutes to San Francisco uo Market is largely residential and suburban, professionals commute to the city or work from home peldlarginsio Afflue
Slide 48: Corte Madera, CA
CORTE MADERA, CA ~ = xe — REDEVELOPMENT OPPORTUNITY - Seven, four-story buildings constructed in 1964 - Integrated with the Ring Mountain Trail System - Design focused on optimizing San Francisco Bay and Mt. Tamalpais views from newly constructed amenity building, luxury pool deck and apartment home
Slide 49: Customer
CUSTOMER - Families and couples in their 40s - Attracted to the three bedroom floor plans and top rated Reed Union School District . Age range: 37-51 (median of 43) - Income range: $233,000 - $441,000 (median of $338,000) 49
Slide 50: Corte Madera, CA
CORTE MADERA, CA Kd ae
Slide 51: Lincoln Place
LINCOLN PLACE VENICE, CA SUBMARKET/MICRO MAI MARKET a Da hes Walking distance to Abbot Kinney Boulevard and 1.5 miles from Venice Beach 1 Lincoln Market includes high-tech employers of Google, Snapchat, Place YouTube and hundreds of small start-ups Local economy is growing, housing prices are rising
Slide 52: Venice, CA
VENICE, CA REDEVELOPMENT OPPORTUNITY - 45 buildings on 38 acres, built in 1951 - Established community identity with a retro theme, modern features and landscaping to match the Venice vibe - Redevelopment included preservation of historic design and construction elements including plaster walls and
Slide 53: Venice, CA
VENICE, CA my | CUSTOMER - Young, tech-savvy professional - Age range: 27-39 (median of 32) - Income range: $120,000 - $213,000 (median of $154,000) 53
Slide 54: Lincoln Place
Slide 55: Ocean House on Prospect
OCEAN HOUSE ON PROSPECT LA JOLLA, CA SEEMSEEYMIGRE MARKET ; La Jolla is 12 miles north of downtown San Diego Velaolla aoe Known for its stunning beaches and bluffs with Ocean House Ue . 5 igs on Prospect spectacular views of the Pacific Ocean Prospect Street is the most prestigious address in town,
Slide 56: La Jolla, CA
LA JOLLA, CA REDEVELOPMENT OPPORTUNITY - Four-story, 60 apartment home elevator building constructed in 1970 - Combined existing studio units into spacious dual master homes for a total of 53 apartment homes - Tailored redevelopment program to deliver high-end, resort-level finishes and amenities 56
Slide 57: La Jolla, CA
LA JOLLA, CA CUSTOMER - 51% leased as of August 31st . Local entrepreneurs, professionals, and affluent, socially and physically active retirees . Age range: 27-48 (median of 35) - Income range: $153,000 - $295,000 (median of $210,000) 57
Slide 58: Ocean House on Prospect
OCEAN HOUSE ON PROSPECT
Slide 59: Development
DEVELOPMENT JOHN BEZZANT
Slide 60: Why Do Ground-Up Development?
WHY DO GROUND-UP DEVELOPMENT? Locations where we do not have redevelopment opportunity in our own portfolio Projects where we expect to achieve development returns in excess of stabilized acquisitions Limit construction risk by partnering with an experienced developer, knowledgeable in the market, f
Slide 61: Boston, MA
BOSTON, MA Development project in downtown Boston, part of our portfolio reallocation in Boston area Partnered with local developer, Trinity Financial Scheduled for completion in Spring 2016 Now pre-leasing 61
Slide 62: Submarket / Micro Market
SUEMABEET/ MICRO MARKET Located in Bulfinch Triangle neighborhood of Boston’s West End, overlooking the Rose Kennedy Greenway Within walking distance of TD Garden, Charles River, downtown Boston, Massachusetts General Hospital, Quincy Market Across the street from North Station transportation hub an
Slide 63: Development Opportunity
DEVELOPMENT OPPORTUNITY - 310 luxury apartment homes, including 44 penthouses - Rooftop deck with swimming pool and sundeck, fireplace lounge, courtyard and grill area, outdoor theater - 21,000sf of street-level retail soace with signed Letter of Intent CUSTOMER - Professionals employed in finance,
Slide 64: One Canal
ONE CANAL BOSTON, MA : 4 if
Slide 65: Elm Creek - NOI Stabilized 2Q 2015
ELM CREEK - NOI STABILIZED 2Q 2015 Redevelopment value creation ($M) $5.7 VPN BU) sed = =y-Wa le) 8 As a % of investment ® 47% NOI yield ® 6.6% Net investment ($M) $12.3 Apartment homes developed 28 REVENUE PER APARTMENT $3,208 HOME Stabilized revenue per home o 2015 @ fee.
Slide 66: The Palazzo at Park La Brea - NOI Stabilized 2Q 2015
THE PALAZZO AT PARK LA BREA - NOI STABILIZED 2Q 2015 Redevelopment value creation ($M) © $44.2 AV/N OU) sed =] =7-Wa le) Bt As a % of investment °°? 298% NOI yield © 15.9% Net investment ($M) $14.8 Total apartment homes 521 Apartment homes redeveloped 77 Community average Pre-redevelopment $2,981 RE
Slide 67: 2900 on First - Occupancy Stabilized 2Q 2015
2900 ON FIRST - OCCUPANCY STABILIZED 2Q@ 2015 Redevelopment value creation (gm) $3.5 PROJECTED As a % of investment” 24% VALUE CREATION oo NOI yield ® 5.3% Net investment ($M) $14.7 Total apartment homes 35 NOI stabilized 3Q 2016 REVENUE PER Pre-redevelopment $1,681 APARTMENT August 2015 $2,006 HOME
Slide 68: Pacific Bay Vistas - Occupancy Stabilized 3Q 2014
PACIFIC BAY VISTAS - OCCUPANCY STABILIZED 3Q 2014 oO c Redevelopment value creation (gm) $76.4 PROJECTED As a % of investment” 64% VALUE CREATION oo NOI yield ® 6.1% Net investment ($M) $119.9 Total apartment homes 308 NOI stabilized 4Q 2015 REVENUE PER $2,765 August 2015 Projected at NOI stabilizat
Slide 69: Preserve at Marin - Occupancy Stabilized 3Q 2015
69 REDEVELOPMENT ECONOMICS PRESERVE AT MARIN - OCCUPANCY STABILIZED 3Q 2015 (1) Based on current market NOI capitalization rates reported in CBRE North America’s Cap Rate Survey for First Half 2015 (2) Projected stabilized NOI includes an assumed 2% management fee. PROJECT SCOPE Net investment ($M)
Slide 70: Lincoln Place - Occupancy Stabilized 2Q 2015
o @ @ in 2008, LINCOLN PLACE - OCCUPANCY STABILIZED 2Q 2015 1) Redevelopment value creation ($M) $142.8 PROJECTED As a % of investment ° 40% VALUE CREATION oo NOI yield ® 5.6% Net investment ($M) $359.0 Total apartment homes 795 NOI stabilized 3Q 2016 REVENUE PER August 2015 $2,798 Projected at NOI
Slide 71: Ocean House on Prospect - In Lease-Up
OCEAN HOUSE ON PROSPECT - IN LEASE-UP oO c Redevelopment value creation ($M) $13.3 PROJECTED As a % of investment ° 90% VALUE CREATION oo NOI yield ® 71% Net investment ($M) $14.8 Total apartment homes 5S NOI stabilized 2Q 2017 REVENUE PER Pre-redevelopment $2,886 August 2015 $4,153 Projected at NOI
Slide 72: Park Towne Place - Under Construction
PARK TOWNE PLACE - UNDER CONSTRUCTION 1) Redevelopment value creation ($M) $251 PROJECTED As a % of investment ° 42% VALUE CREATION oo NOI yield ® 6.4% Net investment ($M) $60.0 Total apartment homes 954 Apartment homes to be redeveloped 229 NOI stabilized 3Q 2017 REVENUE PER Pre-redevelopment $1,68
Slide 73: The Sterling - Under Construction
THE STERLING - UNDER CONSTRUCTION oO c Redevelopment value creation (gm)? $28.6 PROJECTED As a % of investment °°? 58% VALUE CREATION oe NOI yield 71% Net investment ($M) $49.5 Total apartment homes 535 Apartment homes to be redeveloped 279 NOI stabilized 3Q 2017 REVENUE PER Pre-redevelopment $2,015
Slide 74: Eastpointe and Other Redevelopment Pipeline Properties
EASTPOINTE Boulder, CO 707 LEAHY Redwood City, CA VILLAS AT PARK LA BREA Los Angeles, CA PALAZZOS AT PARK LA BREA, Los Angeles, CA 3400 AVENUE OF THE ARTS Costa Mesa, CA YORKTOWN Lombard, IL THE STERLING Philadelphia, PA PARK TOWNE PLACE Philadelphia, PA MERRILL HOUSE Falls Church, VA @ YACHT CLUB A
Slide 75: Miami, FL
MIAMI, FL SUBMARKET/MICRO MARKET Brickell is the most dense and fastest growing neighborhood in Miami “Wall Street of the South” - one of the nation’s largest financial districts Population of 32,489 and average household income of $125,500 REDEVELOPMENT OPPORTUNITY 357-unit high rise built in 1998;
Slide 76: Redwood City, CA
sven BEE Mek MARKET Redwood City lies between San Francisco and San Jose and Silicon Valley Growing center of high-tech industry including Oracle and Evernote Historic element with art deco theaters and architecture Significant urban development ongoing REDEVELOPMENT OPPORTUNITY 110 apartment homes
Slide 77: Value Creation from 2012 - 2015 Stabilized Redevelopments
VALUE CREATION FROM 2012 - 2015 STABILIZED REDEVELOPMENTS Redevelopment value creation ($M) $363 As a % of Investment 47% Value creation incl 2008 impairments ($M) $272 VALUE CREATION As a % of Investment incl 2008 impairments 32% Net investment ($M) $768 Total apartment homes 3,455 Apartment homes
Slide 78: Riverloft
Riverloft A
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Slide 80: Paul Beldin
PAUL BELDIN PORTFOLIO MANAGEMENT PHILADELPHIA CASE STUDY CULTURE Q&A LUNCHEON PROPERTY TOURS 80
Slide 81: Preserve at Marin - Corte Madera, CA
eae er sas 3 é : i Preserve at Marin - Corte Madera, CA
Slide 82: Portfolio Strategy
Slide 83: Portfolio Management Goals
Slide 84: Portfolio Transformation
Slide 85: Paired Trades
Slide 86: 21 Fitzsimons Acquisition
Slide 87: Paired Trade Asset Quality Analysis
Slide 88: Paired Trade Financial Analysis
Slide 89: The Importance of Diversification
Slide 90: Market Selection
Slide 91: Geographic Diversification
Slide 92: Geographic Diversification
Slide 93: Price Point Diversification
Slide 94: Today's Portfolio
Slide 95: Center City Case Study
Slide 96: Center City vs Philadelphia
Slide 97: Population Change
Slide 98: Center City Education
Slide 99: Center City Employment
Slide 100: Center City Incomes Highest in Philadelphia
Slide 101: Center City Incomes Are Growing
Slide 102: Center City as an Urban Core
Slide 103: Apartment Fundamentals
Slide 104: Apartment Fundamentals
Slide 105: Center City Redevelopment
Slide 106: Park Towne Place
Slide 107: Park Towne Place
Slide 108: Park Towne Place
Slide 109: The Sterling
Slide 110: The Sterling
Slide 111: The Sterling
Slide 112: Partnering with the Community
Slide 113: Partnering with the Community
Slide 114: Partnering with the Community
Slide 115: Partnering with the Community
Slide 116: Aimco Culture
Slide 117: Aimco Vision
Slide 118: Aimco Core Values
Slide 119: Our Culture in Action
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Apartment Investment & Management — Investor Day (October 2015) on 6ix