Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Investor Presentation (November 2016)
20 slides from Apartment Investment And Management's investor presentation, Nov 15, 2016
Slide 1: Net Asset Value Presentation as of September 30, 2016
NET ASSET VALUE PRESENTATION AS OF SEPTEMBER 30, 2016 1 Indigo Luxury Apartment Homes Redwood City, CA Indigo Luxury Apartment Homes Redwood City, CA
Slide 2: General Disclosures
AIMCO NET ASSET VALUE PRESENTATION 2 GENERAL DISCLOSURES The information provided in this presentation is intended to assist users in estimating Aimco’s Net Asset Value per share. This is not an offer to sell securities and does not constitute legal, tax, investment or other professional advice on a
Slide 3: General Disclosures (continued)
AIMCO NET ASSET VALUE PRESENTATION 3 GENERAL DISCLOSURES (CONTINUED) This Net Asset Value per share information should not be relied upon as representative of the amount a stockholder could expect to receive in a liquidation event, now or in the future. Certain assets are excluded as are certain lia
Slide 4: General Disclosures (continued)
AIMCO NET ASSET VALUE PRESENTATION 4 GENERAL DISCLOSURES (CONTINUED) penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by Aimco. In addition, Aimco's current and continuing qualification as a real estate investment tru
Slide 5: Valuation Methodology
AIMCO NET ASSET VALUE PRESENTATION 5 VALUATION METHODOLOGY Real Estate - Aimco estimated the value of its communities using methods management believes to be appropriate based on the characteristics of the communities. For valuation purposes, Aimco segregated its portfolio into the following categor
Slide 6: Valuation Methodology (continued)
AIMCO NET ASSET VALUE PRESENTATION 6 VALUATION METHODOLOGY (CONTINUED) Other Tangible Assets - consist of cash, restricted cash, accounts receivable and other assets for which Aimco reasonably expects to receive cash through the normal course of operations or another future event. Debt - the fair va
Slide 7: Valuation Methodology (continued)
AIMCO NET ASSET VALUE PRESENTATION 7 VALUATION METHODOLOGY (CONTINUED) Other Items of Note • Real estate values are based on Aimco's current uses and do not include the value of unused or underused land or air rights. • Real estate values do not take into consideration transaction costs or other ite
Slide 8: September 30, 2016 Estimated Net Asset Value: $52 per share
AIMCO NET ASSET VALUE September 30, 2016 Estimated Net Asset Value: $52 per share* 8 $75 $1 -$24 Fair Value of Real Estate Fair Value of Other Tangible Assets, Liabilities and Preferred Equity, Net Cash and restricted cash + Other tangible assets + Affordable Asset Management Portfolio - Other tangi
Slide 9: Estimated Fair Value of Real Estate: $75 per share
AIMCO NET ASSET VALUE September 30, 2016 Estimated Fair Value of Real Estate: $75 per share* 9 * Refer to additional details and disclosures beginning on page 10. Redevelopment Portfolio Cash flows discounted from property stabilization to September 30, 2016. Lease-Up Portfolio Cash flows discounted
Slide 10: Build-Up: Fair Value of Real Estate
AIMCO NET ASSET VALUE BUILD-UP 10 Fair Value of Real Estate as of September 30, 2016 ($M) Refer to Footnotes beginning on page 13. Stabilized Conventional Portfolio Annualized 3Q 2016 NOI, management fee of 2% of revenue 497$ (1) NOI cap rate 5.0% (2) Stabilized Conventional Portfolio Value 9,854$ N
Slide 11: Build-Up: Fair Value of Other Assets, Debt and Other Liabilities
AIMCO NET ASSET VALUE BUILD-UP 11 Fair Value of Other Assets, Debt and Other Liabilities as of September 30, 2016 ($M) Refer to Footnotes beginning on page 13. Consolidated Amounts as Reported Ownership Adjustments (7) Affordable Asset Management Portfolio (8) Fair Value Adjustments Adjusted Amounts
Slide 12: Build-Up: Net Asset Value
AIMCO NET ASSET VALUE BUILD-UP 12 Net Asset Value as of September 30, 2016 ($M, except per share amounts) Refer to Footnotes beginning on page 13. Fair Value of Real Estate 12,341$ Fair Value of Other Tangible Assets, Liabilities and Preferred Equity , Net 109 Fair Value of Debt (3,851) Net Asset Va
Slide 13: Footnotes
AIMCO NET ASSET VALUE DISCLOSURES 13 Footnotes 1. Represents Stabilized Conventional Portfolio Property NOI for the three months ended September 30, 2016, annualized, and adjusted for an assumed property management fee. Market management fees range between 1.5% and 3.0% with larger, higher quality p
Slide 14: Footnotes (continued)
AIMCO NET ASSET VALUE DISCLOSURES 14 Footnotes (continued) 1. (continued) a. Represents revenues and expenses related to five redevelopment communities currently under construction: Park Towne Place and The Sterling, both located in Center City Philadelphia, Pennsylvania; Saybrook Pointe, located in
Slide 15: Footnotes (continued)
AIMCO NET ASSET VALUE DISCLOSURES 15 Footnotes (continued) 1. (continued) c. Represents revenue and expenses related primarily to Aimco's investment in land and non-multifamily real estate operations in La Jolla, California; and Aimco's investment in vacant land contiguous to its Preserve at Marin c
Slide 16: Footnotes (continued)
AIMCO NET ASSET VALUE DISCLOSURES 16 Footnotes (continued) 2. (continued) a. Based on the quality of its communities and locations within the market, Aimco estimates the current NOI cap rates for its Chicago, San Diego, and Other Markets portfolios are slightly higher than the high end of the range
Slide 17: Footnotes (continued)
AIMCO NET ASSET VALUE DISCLOSURES 17 Footnotes (continued) 3. Represents the value of five communities currently under redevelopment: Park Towne Place and The Sterling, both located in Center City Philadelphia, Pennsylvania; Saybrook Pointe, located in San Jose, California; Palazzo at Park La Brea,
Slide 18: Footnotes (continued)
AIMCO NET ASSET VALUE DISCLOSURES 18 5. Represents the expected sales price of Aimco's three Vinings Mountain communities located in Atlanta, Georgia and Village of Pennbrook located in Levittown, Pennsylvania, which are expected to close in December 2016; as well as certain land and non-multifamily
Slide 19: Footnotes (continued)
AIMCO NET ASSET VALUE DISCLOSURES 19 9. For the purposes of this Net Asset Value calculation, no realizable value has been assigned to intangible assets. 10. Deferred income includes cash received by Aimco in prior periods required under GAAP to be deferred upon receipt and recognized in income in f
Slide 20: Definitions
DEFINITIONS 20 AIMCO OPERATING PARTNERSHIP (OP): AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco's UPREIT structure. Aimco owns approximately 95% of the common partnership units of the Aimco OP. MONEY-WEIGHTED AVERAGE INTEREST RATE: Money-Weighted Averag
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