Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Nareit REITworld Conference 2023
31 slides from Apartment Investment And Management's conference presentation, Nov 13, 2023
Slide 1: Investor Presentation – Nareit REITworld Conference
Upton Place Upper Northwest, Washington, D.C. : y A = Aimco CREATING VALUE =, INVESTOR PRESENTATION Nareit REITworld Conference November 2023
Slide 2: Contents
CONTENTS AIV NYSE LISTED 29 YEARS PUBICLY TRADED +2,600bps COMPARED TO RUSSELL 2000 SINCE 2020 SPIN-OFF1 PRESENTATION TOPICS: About Aimco – Apartment specialists with a deep history and differentiated strategy Aimco Portfolio & Results – Strong stabilized operating performance with net operating inc
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: 2020 Spin-Off
2020 SPIN-OFF The 2020 spin-off of AIR Communities was completed in December 2020, with 88% of the market capitalization being separated into the new entity and 12% remaining in Aimco. Following the spin-off, Aimco has a refreshed Board of Directors, new executive leadership team, a new mission, and
Slide 6: Aimco Investments
AIMCO INVESTMENTS Aimco couples outsized growth prospects from opportunistic investments with the safety of a stable apartment portfolio resulting in a nimble platform that can move the needle quickly. 6 Current Allocation Investment in Value Add and Opportunistic Real Estate Provides outsized growt
Slide 7: Aimco Team
AIMCO TEAM 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 in m
Slide 8: Successful Track Record
SUCCESSFUL TRACK RECORD SELECT HIGHLIGHTS Since the spin-off of AIR Communities, Aimco has had a strong performance track record. Aimco Stabilized Portfolio Delivered Strong Growth Net Operating Income (NOI) Growth of more than 35% with NOI margins expanding by 460 basis points Exited Seattle and re
Slide 9: Aimco Portfolio & Results
CREATING VALUE AIMCO PORTFOLIO & RESULTS
Slide 10: 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 11: 2023 3Q YTD Results and 2023 Outlook
2023 3Q YTD RESULTS 2023 OUTLOOK 96.5% Average Daily Occupancy 8.25% - 8.75% Stabilized Revenue Growth 9.0% Revenue Growth 5.75% - 6.75% Stabilized Expense Growth 10.0% NOI Growth 9.00% - 9.75% Stabilized NOI Growth STABILIZED PORTFOLIO PERFORMANCE METRICS Preliminary October YTD ADO, revenue growth
Slide 12: Stabilized Portfolio Real Estate Investments
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS More than 80% of Aimco’s 3Q 2023 Stabilized Operating NOI was earned by apartment communities located in markets with: LOWER EXPECTED SUPPLY GROWTH and HIGHER EXPECTED REVENUE GROWTH. Higher expected revenue growth results in higher valuation multiples (l
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 Initia
Slide 14: Alternative Investments
Aimco’s current alternative investments include a mezzanine loan secured by a stabilized apartment property with an option to participate in future apartment development, as well as three passive equity investments. Over time, we plan to continue our REDUCTION OF CAPITAL ALLOCATED to these investmen
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 September 30, 2023, Aimco had: [1] Maturities presented at Aimco’s September 30, 2023 share of outstanding balances and inclusive of all contractual e
Slide 16: Capital Allocation
Aimco Zz © - < O e) aa — <x CAPITAL
Slide 17: Near-Term Sources of Capital
NEAR-TERM SOURCES OF CAPITAL Aimco is preparing to market for sale its BRICKELL ASSEMBLAGE located in Miami, as well as certain recently COMPLETED DEVELOPMENT PROJECTS and SELECT LAND HOLDINGS. In addition, Aimco remains under agreement to sell its 80% stake in the PARKMERCED MEZZANINE LOAN for $134
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. At current market pricing, Aimco views the repurchase of common stock as an attractive opportunity. Over the past 22 months Aimco has repurcha
Slide 19: Near-Term Capital Allocation
NEAR-TERM CAPITAL ALLOCATION Fitzsimons 4 Bioscience Strathmore Phase 2 Hamilton House 3333 Biscayne 300 Broward One Edgewater Flagler Village Phase 1 Aimco Pipeline Investments INVEST CAPITAL PRUDENTLY Aimco expects to fund advancing the remaining pipeline development projects with 50% - 60% loan-t
Slide 20: Value Proposition
CREATING VALUE VALUE PROPOSITION
Slide 21: 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 September 30, 2023, are: Source: Compa
Slide 22: Value Proposition
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 23: Appendix
Aimco APPENDIX
Slide 24: Aimco Leadership
AIMCO LEADERSHIP Jennifer Johnson EVP, CHIEF ADMINISTRATIVE OFFICER, GENERAL COUNSEL Wes Powell PRESIDENT & CHIEF EXECUTIVE OFFICER Lynn Stanfield EVP & CHIEF FINANCIAL OFFICER Lee Hodges SENIOR VICE PRESIDENT SOUTHEAST REGION 8 Years with Aimco Previously with: Peebles Development The Related Group
Slide 25: 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 26: Pipeline Investments
PIPELINE INVESTMENTS Pipeline Project Summaries As of September 30, 2023 (unaudited) Project Location Project Name / Description Estimated / Currently Planned [1] Acreage Gross Sq Ft Multifamily Units Leasable Commercial Sq Ft Earliest Vertical Construction Start Southeast Florida 556-640 NE 34th St
Slide 27: Potential Pipeline Project: Edgewater
POTENTIAL PIPELINE PROJECT SELECT PIPELINE HIGHLIGHTS Edgewater Miami, Florida Acres: 8.3 | GSF of Development: ~2,300,000 | Green Street Submarket Grade: A- Aimco’s Financial Interest: Aimco is sole owner of The Hamilton and the adjacent land which can accommodate ~1.3M sf. Aimco has a 20% interest
Slide 28: Potential Pipeline Project: Fitzsimons
POTENTIAL PIPELINE PROJECT SELECT PIPELINE HIGHLIGHTS Source: U.S. Census Bureau 2021 MSA Data, University of Colorado, Company Records Fitzsimons Anschutz Medical Campus – Aurora, Colorado Acres: 10.0 | GSF of Development: ~2,100,000 | Green Street Submarket Grade: B+ Aimco’s Financial Interest: Ai
Slide 29: Potential Pipeline Project: Flagler Village
POTENTIAL PIPELINE PROJECT SELECT PIPELINE HIGHLIGHTS Source: U.S. Census Bureau 2021 MSA Data, Company Records Flagler Village Fort Lauderdale, Florida Acres: 8.8 | GSF of Development: ~2,400,000 | Green Street Submarket Grade: A- Aimco’s Financial Interest: Aimco is the sole owner. Amendments to t
Slide 30: 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 31: 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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