Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Investor Presentation (February 2024)
26 slides from Apartment Investment And Management's investor presentation, Feb 29, 2024
Slide 1: Aimco Investor Presentation February 2024
Upton Place Upper Northwest, Washington, D.C. Aimco CREATING VALUE NYSE: AIV INVESTOR PRESENTATION February 2024
Slide 2: Contents: Presentation Topics
CONTENTS PRESENTATION TOPICS: About Aimco – Apartment specialists with a deep history and differentiated strategy Aimco Portfolio & Results – Strong stabilized operating performance with NOI up 9.3% in 2023, active developments on pace to deliver a stabilized average yield on cost of ~7%, supported
Slide 3: About Aimco
CREATING VALUE ABOUT AIMCO
Slide 4: Aimco History
AIMCO HISTORY 1994 1994-2008 2008 - 2015 2016-2020 IPO Apartment Investment and Management Company becomes publicly traded on the New York Stock Exchange. GROWTH Through portfolio and corporation M&A, Aimco grows to become one of the largest owners and operators of apartments in the nation. Portfoli
Slide 5: Successful Track Record
SUCCESSFUL TRACK RECORD SELECT HIGHLIGHTS Since the spin-off of AIR Communities, Aimco has been active and delivered strong results. Aimco Stabilized Portfolio Delivered Strong Growth Net Operating Income (NOI) annual growth of >9% with NOI margins expanding by 525 basis points Exited Seattle and re
Slide 6: Aimco Investments: Core and Value Add Portfolio
Maintain a portfolio of Core and Core Plus Real Estate Provides stability and safety compared to a pure development portfolio Aimco’s diversified portfolio of apartments in major U.S. markets provides additional certainty of performance through local economic cycles Current portfolio of 5,600 units
Slide 7: Human Capital
HUMAN CAPITAL Executive team has an average Aimco tenure of 20 YEARS Development team has collectively built or renovated approximately $15Bn IN PROJECTS, including 50K APARTMENT HOMES, and has an average of 22 YEARS of industry experience Capital Markets and Transactions teams have participated i
Slide 8: Aimco Portfolio & Results
CREATING VALUE AIMCO PORTFOLIO & RESULTS
Slide 9: Stabilized Portfolio Real Estate Investments
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS Royal Crest Estates (Nashua) 902 Units – Nashua, NH Plantation Gardens 372 Units – Plantation, FL Evanston Place 190 Units – Evanston, IL The Milan 42 Units – New York, NY Hyde Park Tower 155 Units – Chicago, IL URBAN vs SUBURBAN BY MARKET Aimco owns a po
Slide 10: Stabilized Portfolio: Markets with Lower Supply Growth
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS Nearly 80% of Aimco’s 4Q 2023 Stabilized Operating NOI was earned by apartment communities located in markets with: LOWER EXPECTED SUPPLY GROWTH and HIGHER EXPECTED REVENUE GROWTH over the next four year period. Higher expected revenue growth results in h
Slide 11: 2023 Results and 2024 Outlook
2023 RESULTS 2024 OUTLOOK 96.7% Average Daily Occupancy 1.75% - 3.75% Stabilized Revenue Growth 8.4% Revenue Growth 6.0% - 8.0% Stabilized Expense Growth 9.3% NOI Growth -0.75% - 2.75% Stabilized NOI Growth STABILIZED PORTFOLIO PERFORMANCE METRICS Year to date, as of February 20, 2024, blended lease
Slide 12: Recent Redevelopment: The Hamilton
In 2020, Aimco acquired a 271-unit apartment building fronting Biscayne Bay including additional unused density rights and an adjacent 0.6-acre waterfront parcel in the Edgewater submarket of Miami. In 2Q 2021, Aimco began construction, investing $98 million in the redevelopment and repositioning of
Slide 13: Active Developments
ACTIVE DEVELOPMENTS The Benson Hotel & Fac. Club Aurora, CO 106-Key Placemaking Development includes 18,000 sf of Event Space Construction Complete Critical placemaking addition to the build-out of the Anschutz Medical Campus Oak Shore Corte Madera, CA 24-Home Single Family Rental Development Five h
Slide 14: Development Pipeline
DEVELOPMENT PIPELINE Fitzsimons 4 Bioscience Strathmore Phase 2 Hamilton House 3333 Biscayne 300 Broward One Edgewater Flagler Village Phase 1 Aimco Pipeline Investments CURRENT LAND HOLDINGS Aimco expects to fund the vertical construction of SELECT PIPELINE PROJECTS with construction loans, Co-GP a
Slide 15: Balance Sheet Solid with Limited Exposure
BALANCE SHEET SOLID WITH LIMITED EXPOSURE Aimco primarily utilizes assumable, non-recourse, property-level debt and construction loans. As of December 31, 2023, Aimco had: [1] Maturities presented at Aimco’s December 31, 2023 share of outstanding balances and inclusive of all contractual ext
Slide 16: Capital
Aimco Zz © - < O e) aa — <x CAPITAL
Slide 17: Near-Term Sources of Capital
NEAR-TERM SOURCES OF CAPITAL Aimco has hired CBRE to market for sale its BRICKELL ASSEMBLAGE located in Miami. Aimco is also preparing to market, later in 2024, certain recently COMPLETED DEVELOPMENT PROJECTS and SELECT LAND HOLDINGS. The sales are expected to take place by the end of 2024, provided
Slide 18: Near-Term Capital Allocation
NEAR-TERM CAPITAL ALLOCATION 18 Return Of Capital To Shareholders Through Common Stock Repurchases, Partnership Unit Redemptions, And Special Cash Dividends. Over the past two years Aimco has repurchased 9.6 million shares at an average price of $7.29 per share and redeemed nearly 200,000 operating
Slide 19: Value Proposition
CREATING VALUE VALUE PROPOSITION
Slide 20: Net Asset Value Valuation Building Blocks
NET ASSET VALUE VALUATION BUILDING BLOCKS Aimco provides a summary of the items needed to support your calculation of an estimate of Net Asset Value (NAV) in Supplement Schedule 8 in our quarterly earnings release. The building blocks of Aimco’s valuation as of December 31, 2023, are: Source: Compan
Slide 21: Value Proposition: Maximizing and Unlocking Shareholder Value
VALUE PROPOSITION COMMITTED TO MAXIMIZING AND UNLOCKING SHAREHOLDER VALUE There can be no assurance that the ongoing review will result in any particular transaction or transactions or other strategic changes or outcomes and the timing of any such event is similarly uncertain. The Company does not i
Slide 22: Appendix
Aimco APPENDIX
Slide 23: Asset List
ASSET LIST Operating Apartment Communities Operating Office Building Property Name Location Apartment Homes Property Name Location Square Feet 118-122 West 23rd Street New York, NY 42 1001 Brickell Bay Drive Miami, FL 300k 173 E. 90th Street New York, NY 72 237-239 Ninth Avenue New York, NY 36 Activ
Slide 24: Pipeline Investments
PIPELINE INVESTMENTS Pipeline Project Summaries As of December 31, 2023 (unaudited) Project Location Project Name / Description Estimated / Currently Planned [1] Acreage [2] Gross Sq Ft Multifamily Units Leasable Commercial Sq Ft Earliest Vertical Construction Start Southeast Florida 556-640 NE 34th
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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