Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — BMO Capital Markets North American Real Estate Conference September 2009
21 slides from Apartment Investment And Management's conference presentation, Sep 9, 2009
Slide 1: BMO Capital Markets North American Real Estate Conference September 2009
Riverside Park - Alexandria, VA Park Towne Place - Philadelphia, PA Monterey Grove - San Jose, CA River Club - Edgewater, NJ Palazzo West at Park LaBrea - Los Angeles, CA 3400 Avenue of the Arts - Orange County, CA BMO Capital Markets North American Real Estate Conference September 2009
Slide 2: Forward-looking Statements and Other Information
2 This presentation contains forward-looking statements, including statements regarding projected results and specifically forecasts of 2009 financial results, asset sales and property mortgage refinancing activities. These forward-looking statements are based on management's judgment as of this dat
Slide 3: Presentation Topics
3 Aimco Overview Portfolio Quality Property Operations Liquidity and Balance Sheet 2009 Objectives & Outlook Presentation Topics
Slide 4: Aimco Overview
4 Aimco Overview Flamingo South Beach Miami, FL 2900 on 1st Seattle, WA Palazzo East at Park La Brea Los Angeles, CA Aimco is a multifamily REIT focused on owning, managing and redeveloping properties in the 20 largest markets in the United States Initial Public Offering completed in 1994 with $315
Slide 5: Aimco Overview
5 Aimco owns a geographically diversified portfolio of primarily A/B properties concentrated in the largest U.S. markets Properties are in good repair following several years of outsized capital investment Operating team has proven its ability to execute with above average NOI growth Safe balance sh
Slide 6: Portfolio Quality
6 Portfolio Quality
Slide 7: Increasing Portfolio Quality
7 Increasing Portfolio Quality Project 4Q 2009 average rents of $1,130, an increase of 55% from $730 five years ago Number of markets reduced from 70 five years ago to 39 today Increasing Conventional Portfolio Rents 2004 2005 2006 2007 2008 2Q 2009 # AIV Markets 70 62 58 46 40 39
Slide 8: Diversified Portfolio
8 Diversified Portfolio Conventional Asset Allocation (Estimated % 2Q 2009 NAV) 86% of capital invested in 20 largest U.S. markets, with more than 60% in higher barrier coastal markets
Slide 9: Aimco Rents versus Market 2Q 2009
9 Aimco Rents versus Market 2Q 2009 Aimco's average rents are 3% above market * Consists of Palm Beach/Fort Lauderdale, Orlando, Tampa and Jacksonville Source: REIS
Slide 10: 2009 Asset Sales
10 We have sold $600M of assets year-to-date and plan to sell an additional $1.4 billion of non- target conventional and affordable assets as market conditions allow We continue to market more than $2 billion of assets with approximately $1.4 billion under contract or in negotiations Expect to incre
Slide 11: Property Operations
11 Property Operations
Slide 12: Property Operations
12 Property Operations * Represents the average of apartment REITs AVB, CPT, EQR, ESS, HME, PPS and UDR Operating team has generated 3.6% average annual same store NOI growth over the last five years Performance exceeded the peer group average during the past three years
Slide 13: Same Store Results
13 Same Store Results Average daily occupancy has increased each month since April Net operating income growth in our Redevelopment and Affordable portfolios is expected to offset Same Store declines
Slide 14: Capital Expenditures and Redevelopment
14 Capital Expenditures and Redevelopment Invested approximately $2.2 billion in the portfolio since 2005 Capital expenditures of $1,300-$1,800 per door per year Redevelopment investments of $200M - $300M per year from 2005 to 2008
Slide 15: Liquidity and Balance Sheet
15 Liquidity and Balance Sheet
Slide 16: Financing Strategy
16 Financing Strategy Aimco is financed primarily with non-recourse property debt with a weighted average maturity of 8.9 years and weighted average interest rate of 5.51% Perpetual preferred stock and preferred partnership units carry a weighted average rate of 7.6% Recourse bank debt consists of:
Slide 17: Property Debt
17 Property Debt Accelerated refinancing of maturing debt during the first half of 2009 Through refinancing, repayment and property sales, Aimco has significantly reduced property debt maturities through 2011 By the end of the third quarter, Aimco expects that maturities through 2011 will consist on
Slide 18: Property Debt Refinancing Update
18 Property Debt Refinancing Update Through refinancing, repayment and property sales, Aimco reduced property debt maturities in 2009 through 2011 by $315M Of the 20 loans outstanding for $221M at June 30, 2009, refunding risk is expected to be eliminated by the end of the third quarter 2009 with re
Slide 19: 2009 Objectives & Outlook
19 2009 Objectives & Outlook
Slide 20: 2009 Outlook
20 2009 Outlook Guidance includes $0.15 per share dilutive impact of property sales completed through June 30, 2009 and expected to be completed during the balance of 2009 Approximately 50% of investment management revenue is generated from recurring sources FFO of $1.55 to $1.75 per share, inclusiv
Slide 21: 2009 Objectives
21 2009 Objectives Continue to provide quality, well-maintained apartment homes Superior customer service to our residents Emphasis on customer retention and disciplined expense control Continue to improve portfolio quality Sell up to $2 billion of non-target conventional and affordable assets Consi