Apartment Income REIT — Investor Presentation (September 2023)
14 slides from Apartment Income REIT's investor presentation, September 2023
Slide 1: Investor Presentation September 2023
The most efficient and most effective way to allocate capital to multi-family real estate The Elm Bethesda, MD Investor Presentation Ocean House, 707 Leahy, and One Ardmore September 2023 Place were recognized in Q1 2023 as Top 100 Multifamily Properties as part of the Kingsley Excellence Awards 0
Slide 2: Portfolio update
The most efficient and most effective way to allocate capital to multi-family real estate Portfolio update • Paired trades of older properties with long-term trend growth for newer properties with higher growth prospects Unlevered IRR Expectation The Elm Bethesda, MD • $250M acquisition of The Elm (
Slide 3: Operating update: AIR on plan for 2023
The most efficient and most effective way to allocate capital to multi-family real estate Operating update: AIR on plan for 2023 Same Store ADO (%)(1) Signed Lease Rate & ADO (%)(1) 100% Q2 2023 July August Expected ADO 99% progression through ADO: 95.5% 94.7% 95.2% year-end 98% 7.0% 97% 6.5% 6.0% 5
Slide 4: 2023E Recurring FFO up 7.8%
The most efficient and most effective way to allocate capital to multi-family real estate 2023E Recurring FFO up 7.8% 2022 2023 Guidance %Δ (Midpoint) AIR Reported / Initial FFO per Share Guidance (Midpoint) $2.41 $2.41 -% Less: Contribution of Aimco Note Receivable(1) (0.22) n/a n/a Less: 2023 Recu
Slide 5: Early views on 2024
The most efficient and most effective way to allocate capital to multi-family real estate Early views on 2024 • Expected growth supported by (i) 2023 results, (ii) 2024 opportunities, (iii) levered by a low risk, fixed-rate balance sheet • Same Store revenue growth of mid-single-digits: – Earn-in fr
Slide 6: Safe, highly liquid balance sheet
The most efficient and most effective way to allocate capital to multi-family real estate Safe, highly liquid balance sheet Ample Liquidity & Limited Financial Risk(1)(2) AIR Refunding Schedule ($M)(2) • $2.3B of liquidity (>3x peer average(3)) • No debt maturities until Q2 2025 – Weighted-average m
Slide 7: Appendix
The most efficient and most effective way to allocate capital to multi-family real estate Appendix Villages at Olde Towne Raleigh, NC 6
Slide 8: AIR's distinctive business model provides for peer-leading results
The most efficient and most effective way to allocate capital to multi-family real estate AIR’s distinctive business model provides for peer-leading(1) results Same Store Revenue Growth (%)(1)(2) Same Store NOI Growth (%)(1)(2) Property EBITDA Growth (%)(1)(2)(3) 129.8 129.6 126.4 123.6 123.6 115.6
Slide 9: Calculation of Same Store NOI and Property EBITDA margins
The most efficient and most effective way to allocate capital to multi-family real estate Calculation of Same Store NOI and Property EBITDA margins(1) ($ in 000s, unless noted) AIR ESS UDR EQR AVB CPT MAA Q2 YTD Actuals Same Store Revenue (GAAP) $315,374 $783,299 $744,491 $1,375,078 $1,247,386 $624,
Slide 10: Transacted and signed lease growth update
The most efficient and most effective way to allocate capital to multi-family real estate Transacted and signed lease growth update Transacted Lease Rate (%) Signed Lease Rate (%) Q2 2023 July August Q2 2023 July August 7.8% 7.1% 7.0% 6.6% 6.5% 6.2% 6.0% 5.7% 5.8% 5.5% 5.6% 4.9% 4.7% 5.1% 4.6% 4.2%
Slide 11: Leverage balance and characteristics (pro forma for Q3 transaction activity)
The most efficient and most effective way to allocate capital to multi-family real estate Leverage balance and characteristics (pro forma for Q3 transaction activity)(1) ($ in 000s) P ro F orm a ( 1) W eig h ted - Averag e W eig h ted - T otal M atu rity Averag e Deb t AIR S h are ( Y ears) In teres
Slide 12: Turn costs and recurring capital in line with peers
The most efficient and most effective way to allocate capital to multi-family real estate Turn costs and recurring capital(1) in line with peers(2) R&M Expense + Recurring Capital Per Unit(1)(2)(3) R&M Expense + Recurring Capital as % of NOI(1)(2)(3) R&M Expense Recurring Capital $3,519 $3,576 $3,28
Slide 13: Programmatic property upgrades drive long-term value and FFO accretion
The most efficient and most effective way to allocate capital to multi-family real estate Programmatic property upgrades drive long-term value and FFO accretion • Invest only where expected NOI enhancement generates long-term IRR of >10% (generally ~10% yield in Year 1) • Funded by retained earnings
Slide 14: Forward-Looking Statements / Non-GAAP Measures
The most efficient and most effective way to allocate capital to multi-family real estate Forward-Looking Statements / Non-GAAP Measures This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projec
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