Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Corporate Update (June 2010)
23 slides from Apartment Investment And Management's corporate update, Jun 8, 2010
Slide 1: AIMCO Chicago Property Tour June 8, 2010
AIMCO Chicago Property Tour June 8, 2010
Slide 2: Finance with property-level, non-recourse, long-dated, fixed-rate and amortizing debt
Finance with property-level, non-recourse, long-dated, fixed-rate and amortizing debt
Slide 3: Capital Concentrated in 20 Target Markets
Capital Concentrated in 20 Target Markets Aimco targets a 90% investment in Conventional properties and 10% in Affordable properties. At the end of 2009, 88% of Aimco’s total capital was invested in Conventional properties. Conventional portfolio is concentrated in 20 target markets. Conventional pr
Slide 4: Aimco Holds High Quality Assets
Aimco Holds High Quality Assets Aimco Target Markets Los Angeles $ 2,001 $ 1,338 + 50% Seattle 1,194 946 + 26% Philadelphia 1,216 973 + 25% South Florida 1,248 1,020 + 22% Chicago 1,101 975 + 13% Atlanta 842 748 + 13% San Jose 1,481 1,400 + 6% Orange County 1,500 1,445 + 4% Jacksonville 773 753 + 3%
Slide 5: Opportunistic Redevelopment
Opportunistic Redevelopment Aimco has invested approximately $1 billion in its portfolio over the last five years through opportunistic redevelopment of assets in quality locations. At the end of 2009, Aimco’s portfolio included 53 properties that were redeveloped between 2003 and 2009. We have a pi
Slide 6: Financing Strategy
Financing Strategy Aimco has an enterprise-wide weighted-average maturity of 8.1 years, 30% longer than our apartment peer average. Aimco leverage is approximately 64%, compared to apartment peer leverage that ranges from 50% to 60%. Aimco’s leverage carries less refunding and refinancing risk than
Slide 7: Chicago Market Overview
Chicago Market Overview Market Data US Avg 1Q 2010 1Q 2009 Variance 1Q 2010 Effective Rents $975 $982 -0.7% $967 Occupancy 93.4% 94.0% -0.6% 92.0% Unemployment Rate 11.0% 8.6% 2.4% 9.7% Median Home Value (‘000) $197 $202 -2.2% $170 Single-Family Permits 2,838 3,257 -12.9% 1,574,000 Multifamily Permi
Slide 8: Aimco Chicago Portfolio
Aimco Chicago Portfolio Aimco Conventional Portfolio Same Store Redevelopment Total/Avg Total Properties 9 6 15 Total Units 2,413 2,220 4,633 1Q 2010 Average Rent $ 1,064 $ 1,157 $ 1,101 1Q 2010 Rent as % of Market 9% 19% 13%
Slide 9: Aimco Chicago Portfolio
Aimco Chicago Portfolio 1Q 2010 4Q 2009 GAV (Aimco Share in $M) Year Built/ Avg Units Redev Category Rent ADO* Same Store Redev Total $/Share Conventional properties on today’s tour Elm Creek 372 1987/2009 Moderate Redev $ 1,325 96.3% Farmingdale 240 1975/2007 Same Store Sales $ 1,416 97.9% Twin Lak
Slide 10: Willow Bend Apartments
Willow Bend Apartments Year Built/Redeveloped 1969/2009 # of % of Aimco Ownership % 100% Unit Description Units Mix No. of Units 328 1BR / 1BA 96 29% Average Unit Size (SF) 1,069 2BR / 1BA 216 66% 1Q 2010 ADO 96.3% 3BR / 2BA 16 5% 1Q 2010 Average Rent $ 1,118 Total 328 100% 1Q 2010 Average Rent PSF
Slide 11: Willow Bend Apartments Redevelopment Before Redevelopment
Willow Bend Apartments Redevelopment Before Redevelopment Redevelopment Investment ($M) $ 23 Investment / Unit $ 69,547 Scope Interior/Exterior Buildings & Site: New fencing along frontage road, and new porticos and bay windows on select townhomes along entry. Upgraded landscaping and installed new
Slide 12: Willow Bend Apartments Redevelopment After Redevelopment
Willow Bend Apartments Redevelopment After Redevelopment Common Areas & Leasing Path: Enhanced gateway presentation with signage, additional landscaping, lighting, brick pavers or stamped concrete to highlight leasing path. Added new sidewalk at main entry. Constructed new leasing office, reconfigur
Slide 13: Elm Creek Apartments
Year Built/Redeveloped 1987/2009 # of % of Aimco Ownership % 100% Unit Description Units Mix No. of Units 372 1BR / 1BA 238 64% Average Unit Size (SF) 970 2BR / 2BA 134 36% 1Q 2010 ADO 96.3% Total 372 100% 1Q 2010 Average Rent $ 1,325 1Q 2010 Average Rent PSF $ 1.37 Community Features: Unit Features
Slide 14: Elm Creek Apartments Redevelopment Before Redevelopment
Elm Creek Apartments Redevelopment Before Redevelopment Redevelopment Investment ($M) $ 13 Investment / Unit $ 36,019 Scope Interior/Exterior Phase I — Unit Interior Scope (select units): Replaced existing plastic laminate oak trim cabinets in kitchen with cherry shaker cabinets. Added under-cabinet
Slide 15: Elm Creek Apartments After Redevelopment
After Redevelopment After Redevelopment Phase II — Unit Interior Scope (remaining units): Replaced existing plastic laminate oak trim cabinets with cherry shaker cabinets. Replaced existing countertops with solid surface tops; replaced existing kitchen pass-through with granite tops. Replaced existi
Slide 16: Twin Lake Towers Apartments
Twin Lake Towers Apartments Year Built/Redeveloped 1969/2009 # of % of Aimco Ownership % 76% Unit Description Units Mix No. of Units 399 1BR / 1BA 288 72% Average Unit Size (SF) 865 2BR / 1BA 108 27% 1Q 2010 ADO 96.0% 3BR / 2BA 3 1% 1Q 2010 Average Rent $ 954 Total 399 100% 1Q 2010 Average Rent PSF
Slide 17: Twin Lake Towers Apartments Redevelopment Before Redevelopment
Twin Lake Towers Apartments Redevelopment Before Redevelopment Redevelopment Investment ($M) $ 18 Investment / Unit $ 46,214 Scope Interior/Exterior Buildings & Site: New ‘natural’ prairie and wetland landscaping around pond and between parking areas. New concrete walking / jogging path to surround
Slide 18: Twin Lake Towers Apartments Redevelopment After Redevelopment
Twin Lake Towers Apartments Redevelopment After Redevelopment Unit Interior Upgrades: Removed kitchen partition wall to open kitchen to living room, created bar counter and computer station in kitchen. All new kitchen appliances, cabinets and countertops. Ceramic tile flooring in kitchen and bath, n
Slide 19: Farmingdale Apartments
Farmingdale Apartments Year Built/Redeveloped 1975/2007 # of % of Aimco Ownership % 100% Unit Description Units Mix No. of Units 240 1BR / 1BA 6 3% Average Unit Size (SF) 1,414 2BR / 2BA 138 58% 1Q 2010 ADO 97.9% 3BR / 2BA 96 40% 1Q 2010 Average Rent $ 1,416 Total 240 100% 1Q 2010 Average Rent PSF $
Slide 20: Farmingdale Apartments Redevelopment Before Redevelopment
Farmingdale Apartments Redevelopment Before Redevelopment Redevelopment Investment ($M) $ 8 Investment / Unit $ 31,383 Scope Interior/Exterior Buildings & Site: All balconies and railings repainted. New entry canopy fascia on all buildings. Upgraded signage and outdoor lighting. Upgraded landscaping
Slide 21: Farmingdale Apartments Redevelopment After Redevelopment
Farmingdale Apartments Redevelopment After Redevelopment Unit Interior Upgrades: New all-wood cabinets and counter tops in kitchen and bath. New kitchen appliances. Replaced kitchen and bath flooring with ceramic tile. Replaced all lighting fixtures. New ceramic tile tub and shower surround. Install
Slide 22: Newberry Park Apartments
Newberry Park Apartments Year Built/Redeveloped 1995 Aimco Ownership % 80% No. of Units 82 1Q 2010 ADO 96.9% Affordable housing community located in Chicago’s West Loop area Intercom entry system On-site laundry facility Transportation nearby 24-hour maintenance service Playground
Slide 23: AIMCO Chicago Property Tour June 8, 2010
AIMCO Chicago Property Tour June 8, 2010
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