Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Nareit REITweek 2024
26 slides from Apartment Investment And Management's conference presentation, Jun 3, 2024
Slide 1: Investor Presentation - Aimco
INVESTOR PRESENTATION Aimco NareitREITweek } © 0 SBEATING VALUE June 2024
Slide 2: Aimco Overview
Balance Sheet Ample liquidity, protection against interest rate volatility, and limited near-term maturities Capital Allocation Committed to prudent capital allocation that maximizes total shareholder returns over time Corporate Responsibility Committed to stockholder friendly governance, our team,
Slide 3: Contents - Presentation Topics
CONTENTS PRESENTATION TOPICS Stabilized Portfolio & Results Strong stabilized operating performance with NOI up 6.5% in 1Q24 and 4.3% blended May YTD lease-to-lease. Development & Redevelopment Current projects to be completed during 2024 and are projected to deliver an average yield on cost of ~7%
Slide 4: Stabilized Portfolio & Results
STABILIZED PORTFOLIO & RESULTS
Slide 5: Stabilized Portfolio Real Estate Investments
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS URBAN vs. SUBURBAN BY MARKET Aimco owns a portfolio of 21 stabilized apartment communities with 5,600 apartment homes diversified by geography and price point. 64% 26% 10% Class B Class C+ Class A 20.3% 1Q Rent-to-Income Ratio $2,348 1Q Avg Monthly Revenu
Slide 6: Third-Party Market Revenue Growth Forecast
STABILIZED PORTFOLIO REAL ESTATE INVESTMENTS Source: Green Street, Company Records Aimco’s 1Q 2024 Stabilized Operating NOI was earned by apartment communities located in markets with forecast compounded annual revenue growth rate of +2.7%. 90 bps higher than the average of Green Street’s Top 50 mar
Slide 7: Stabilized Portfolio Performance Metrics: 1Q 2024 Results and 2024 Outlook
1Q 2024 RESULTS 2024 OUTLOOK 97.9% Average Daily Occupancy 1.75% - 3.75% Stabilized Revenue Growth 5.4% Revenue Growth 6.0% - 8.0% Stabilized Expense Growth 6.3% NOI Growth -0.75% - 2.75% Stabilized NOI Growth STABILIZED PORTFOLIO PERFORMANCE METRICS Source: Company Records May 2024 results are prel
Slide 8: Development & Redevelopment
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Slide 9: Development Track Record
DEVELOPMENT TRACK RECORD Source: Company Records, as of 1Q 2024 9 Development and Land Portfolio $ in millions $1.1Bn of development projects constructed or stabilized on plan since 2020. $0.7Bn of development projects and land assets monetized at accretive valuations since 2020. $0.6Bn of construct
Slide 10: Recent Redevelopment: The Hamilton
RECENT REDEVELOPMENT In 2020, Aimco ACQUIRED A 271-UNIT APARTMENT BUILDING fronting Biscayne Bay in the Edgewater submarket of Miami. In 2Q 2021, Aimco began construction, INVESTING $98M in the redevelopment and repositioning of The Hamilton, UNLOCKING SIGNIFICANT INCOME POTENTIAL from a previously
Slide 11: Active Developments
ACTIVE DEVELOPMENTS Strathmore Square Bethesda, MD 220-Unit Phase I Development Initial deliveries on track for Summer 2024 Infill site, metro adjacent and two miles from the main campus of the National Institutes of Health ON TRACK TO ADD VALUE Sources: Company Records, estimates as of May 2024. Up
Slide 12: Development Pipeline and Current Land Holdings
Fitzsimons 4 (4Q 2024) Bioscience (2025) Strathmore Phase 2 (2025) Aimco Pipeline Investments (Earliest Start Date) DEVELOPMENT PIPELINE CURRENT LAND HOLDINGS Aimco expects to fund the vertical construction of SELECT PIPELINE PROJECTS with construction loans, Co-GP and/or LP equity, and limited addi
Slide 13: Capital Allocation
Aimco CAPITAL ALLOCATION
Slide 14: Balance Sheet Strong with Limited Exposure
BALANCE SHEET STRONG WITH LIMITED EXPOSURE Ample liquidity with access to $140 million of cash on hand and full capacity on its $150 million revolving credit facility Interest rate protection with Aimco total debt either fixed-rate or with rate caps currently mitigating all floating rate exposure We
Slide 15: Near-Term Sources of Capital: Miami Asset Sales
Includes the 357-unit Yacht Club apartment building and the neighboring 605K gross sf 1001 Brickell Bay Drive office tower. Combined, the 4.25-acre Brickell Assemblage can accommodate 3.1M gross square feet of development, nearly 2.5 times the size of the current improvements. 15 Aimco is marketing
Slide 16: Near-Term Capital Allocation
NEAR-TERM CAPITAL ALLOCATION As Aimco unlocks the value created from prior investments, we currently favor the return of capital to shareholders. In addition, we will maintain balance sheet stability and advance select new investments. Return of capital to shareholders through common stock repurchas
Slide 17: Value Proposition
VALUE PROPOSITION
Slide 18: Net Asset Value Valuation Building Blocks
NET ASSET VALUE VALUATION BUILDING BLOCKS Source: Company Records, Green Street Market Reports Annualized 1Q 2024 NOI before 3% management fees. Aimco estimated values that are not guarantees of future performance or results, actual performance could differ significantly. IQHQ based on 2022 recapita
Slide 19: Committed to Maximizing and Unlocking Stockholder Value
VALUE PROPOSITION COMMITTED TO MAXIMIZING AND UNLOCKING STOCKHOLDER VALUE The Aimco Board of Directors, in coordination with management, remains intently focused on maximizing and unlocking value for Aimco stockholders and continues to engage regularly with several leading advisory firms, including
Slide 20: Aimco
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Slide 21: Aimco Team
AIMCO TEAM Executive team has an average Aimco tenure of 20 YEARS Development team has collectively built or renovated approximately $15Bn IN PROJECTS, including 50K APARTMENT HOMES, and has an average of 22 YEARS of industry experience Capital Markets and Transactions teams have participated in mor
Slide 22: Robust governance structure supportive of long-term value creation
Robust governance structure supportive of long-term value creation Board led by an Independent Chair Active board refreshment, with new directors added each of the last 3 years Governance provisions aligned with shareholder interests HIGHLY QUALIFIED BOARD WITH EXPERTISE RELEVANT TO OUR BUSINESS Kir
Slide 23: Asset List
ASSET LIST OPERATING APARTMENT COMMUNITIES OPERATING OFFICE BUILDING Property Name Location Apartment Homes Property Name Location Square Feet 118-122 West 23rd Street New York, NY 42 1001 Brickell Bay Drive Miami, FL 300k 173 E. 90th Street New York, NY 72 237-239 Ninth Avenue New York, NY 36 ACTIV
Slide 24: Pipeline Investments
PIPELINE INVESTMENTS Project Location Project Name / Description Estimated / Currently Planned [1] Acreage [2] Gross Sq Ft Multifamily Units Leasable Commercial Sq Ft Earliest Vertical Construction Start SOUTHEAST FLORIDA 556-640 NE 34th Street (Miami) Hamilton House 1.10 560,000 114 6,500 4Q 2024 3
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; p
Slide 26: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not
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