Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — NAREIT REITweek June 2008
15 slides from Apartment Investment And Management's conference presentation, Jun 4, 2008
Slide 1: NAREIT REITWeek - June 2008
NAREIT REITWeek - June 2008 3400 Avenue of the Arts Costa Mesa, CA Park Towne Place Philadelphia, PA Calhoun Beach Club Minneapolis, MN Malibu Canyon Calabasas, CA
Slide 2: Forward-looking Statements and Other Information
This presentation contains forward-looking statements, including statements regarding future results. These statements are subject to certain risks and uncertainties, including but not limited to Aimco's ability to maintain occupancy, maintain and increase rental rates, lease-up redevelopment and ac
Slide 3: Presentation Topics
Introduction to Aimco Aimco Portfolio Aimco's Focus on Value Creation Property Operations Redevelopment Investment Management Net Asset Value (NAV) Presentation Topics
Slide 4: Introduction to Aimco
Introduction to Aimco Aimco is a leading multifamily REIT with a demonstrated history of successfully buying, managing, redeveloping and selling multifamily properties throughout the United States Initial Public Offering completed in 1994 with $315 million capitalization, now approximately $14 billi
Slide 5: Aimco Portfolio
Aimco Portfolio We own a well diversified asset base Portfolio by Property Class: % of Portfolio NAV (as of 4Q 2007) Our portfolio is diversified by price point and geography Aimco's quality portfolio supports: strong long-term NOI growth; value-added redevelopment; and growing asset management inco
Slide 6: Asset Allocation
Asset Allocation Conventional Portfolio Asset Allocation (% NAV as of 4Q 2007) We reallocate capital among the top 20 U.S. markets (ranked by market capitalization) based on expected risk-adjusted levered returns, while limiting concentration risk
Slide 7: Property Operations
Disciplined property management focuses on customer service to achieve operational excellence and builds on Same Store revenue and NOI growth Outperformance 2005 - 2007 Property Operations
Slide 8: Outperformance in 2007
Outperformance in 2007 Property Operations
Slide 9: Redevelopment
Redevelopment Pacific 19 Properties 5,558 Units $234M Est Investment East 6 Properties 4,431 Units $259M Est Investment Gulf 16 Properties 5,189 Units $179M Est Investment Chicago 5 Properties 2,035 Units $88M Est Investment Active Projects As of Mar 31, 2008 46 Properties 17,213 Units $760M Estimat
Slide 10: Conventional Redevelopment Snapshot
Redevelopment Conventional Redevelopment Snapshot The volume of Aimco's 2007 redevelopment production is equivalent to 16 new 300-unit communities Project Yields: 7.5% - 8.5% Expected Returns versus Cap Rate: +200 bp
Slide 11: Investment Management
Investment Management Our investment management activities include Portfolio Management and Asset Management Portfolio Strategy Capital Allocation Acquisitions/Dispositions Joint Ventures Tax Credit Syndications Other Transaction Activities Affiliated Partnerships Owned Portfolio Portfolio Managemen
Slide 12: Investment Management
Investment Management We earn recurring fee income from our growing asset management business, including tax credit activities
Slide 13: Amortization of Deferred Tax Credit Income
Amortization of Deferred Tax Credit Income Amortization of deferred income represents the periodic recognition of deferred revenue and costs relating to Aimco's existing tax credit arrangements Deferred revenue reflects cash received but not yet recognized as revenue, as well as cash expected to be
Slide 14: Net Asset Value Growth Drivers
Net Asset Value Growth Drivers Aimco is Well Positioned for Growth Growth Driver Potential NAV Creation Property Operations Each 1% increase in NOI generates more than $1.10 NAV per share Redevelopment Redevelopment investment in lower cap markets drives value Tax Credit Transactions Tax credit tran
Slide 15: Share Price Discount to NAV
Share Price Discount to NAV Aimco's shares are trading at a significant discount to NAV, and at an implied cap rate of approximately 8% Aimco continues to generate additional NAV through NOI growth, redevelopment, and our tax credit business, though these benefits have been partially offset by modes
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