Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Citi Global REIT CEO Conference 2020
14 slides from Apartment Investment And Management's conference presentation, Feb 28, 2020
Slide 1: Citi Global REIT CEO Conference 2020
Investor Presentation Citi Global REIT CEO Conference 2020 March 2-4 Flamingo Point Miami Beach, FL
Slide 2: Financial Performance
Financial PERFORMANCE Economic Income is calculated as the per share change in Net Asset Value (NAV) plus Cash Dividends paid, Aimco uses share price at IPO as a proxy for NAV. Represents Aimco’s estimated Net Asset Value of $59/sh at 12/31/2019. Last July Aimco celebrated 25 Years as a public compa
Slide 3: Strategic focus: five key business areas
In Operations, to strengthen relationships among residents that reinforce low resident turnover that is already peer leading; In Redevelopment, to increase annual investment, while maintaining a balance between “short-cycle” and “long-cycle” spending; In Portfolio Management, to adjust the current ~
Slide 4: Operations: same store NOI and COE growth
COE refers to Controllable Operating Expenses, defined by Aimco as property level expenses before taxes, insurance, and utilities. Peer group consists of AVB, CPT, EQR, ESS, MAA, and UDR. Peer average COE is calculated, per Aimco’s COE definition, as the CAGR of peer averages. Due to inadequate publ
Slide 5: Strong earnings growth potential
Increased contribution from completion of current projects that are expected to add a cumulative $27M annually, or $0.18 per share, net of capital costs, roughly: In 2021, ~$5M, or $0.03 per share; In 2022, ~$7M, or $0.05 per share; In 2023, ~$6M, or $0.04 per share; In 2024, ~$5M, or $0.03 per shar
Slide 6: Portfolio Management
Portfolio MANAGEMENT A well-diversified portfolio with above average revenue growth and less volatility. Over the last five years, Aimco Same Store revenue growth was 3RD HIGHEST amongst peers, 70 bps better than peer average, and also the LEAST VOLATILE, ~50% less volatile than the peer average(1).
Slide 7: Team, Culture, & ESG
TEAM, CULTURE, & ESG TEAM ENGAGEMENT Out of hundreds of participating companies, Aimco is one of seven recognized as a "Top Place to Work" in Colorado for each of the past seven years. In 2019, Aimco was also recognized as a “Top Place to Work” in the Bay Area. For the past five years, Aimco team en
Slide 8: Why invest in Aimco?
Why invest in Aimco? Best-in-Class Operations: Lower resident turnover through intentional focus on customer selection and satisfaction drives peer-leading margins. Paired-Trade Capital Allocation Discipline: Aimco adheres to a disciplined paired-trade strategy comparing expected unlevered returns o
Slide 9: Appendix
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Slide 10: Appendix A - Operations Update
STRONG SAME STORE OPERATIONS 2020 Same Store guidance midpoints: Revenue growth of 3.4%, 30 bps better than peer average; Expense growth of 2.0%, 100 bps better than peer average; and Net operating income (NOI) growth of 3.9%, 80 bps better than peer average … and 40 bps better than any peer. Over t
Slide 11: Appendix B - Supply outlook
Appendix B - Supply outlook Aimco considers competitive new supply to be significant primarily to “A” price point communities in submarkets where completions are projected to be more than 2.0% of existing stock. Even where markets face elevated new supply, the quality of the Aimco offering or its lo
Slide 12: Appendix C - 2020 guidance
Appendix C - 2020 guidance Property management expenses for the year ended December 31, 2019, are presented net of approximately $1.0 million of restructuring costs that Aimco incurred for the relocation of its administrative functions from its Indianapolis office to Denver, which have been excluded
Slide 13: Appendix D - 2020 NAV outlook
Appendix D - 2020 NAV outlook 2020 NAV & ECONOMIC INCOME OUTLOOK Aimco publishes semi-annually its estimate of Net Asset Value. As of 3Q 2019, Aimco estimated its NAV at $58 per share, up $2 from 3Q 2018. Aimco estimates its YE 2019 NAV at $59 per share. Given the Aimco forecasted results and assumi
Slide 14: Forward Looking Statements & Other Information
FORWARD LOOKING STATEMENTS & other INFORMATION This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of 2020 and future expectations, including but not
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