Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Corporate Update (October 2011)
29 slides from Apartment Investment And Management's corporate update, Oct 4, 2011
Slide 1: Los Angeles Property Tour October 4, 2011
Los Angeles Property Tour October 4 , 2011
Slide 2: Safe-Harbor Disclosure: Forward-Looking Statements and Other Information
Safe-Harbor Disclosure Forward-Looking Statements and Other Information This presentation contains forward-looking statements within the meaning of the federal securities laws, including statements regarding projected results and specifically costs and timing related to the redevelopment of Aimco’s
Slide 3: Aimco Portfolio: Conventional Portfolio
Aimco Portfolio Conventional Portfolio Conventional Portfolio Market-rate rents Number of properties 215 B/B+ asset quality Total units 67,049 Concentrated in 20 markets Average ownership 92% Effective units 61,811 Significant redevelopment Average rents $1,079 opportunities NOI contribution 87%
Slide 4: Aimco Portfolio: Affordable Portfolio
Aimco Portfolio Affordable Portfolio Rents generally paid , in whole or in part, by a government agency. Rates adjust annually, brought to market approximately every five years. Higher occupancy and lower turnover than Conventional Portfolio. Financing costs compare favorably to Conventional Portfol
Slide 5: Aimco Los Angeles Portfolio
Aimco Los Angeles Portfolio Conventional Affordable Conventional Properties Same Store Other (1) Total/Avg Properties 13 1 14 Units 3,949 696 4,645 Average 2Q 2011 rent $ 1,992 n/a $ 1,992 % of Market average rent (2) 147% n/a 147% (1) Represents Aimco’s Lincoln Place property, which is substantiall
Slide 6: Aimco Los Angeles Conventional Portfolio
Aimco Los Angeles Conventional Portfolio Year Built/ Units Redev Category Avg Rent ADO* Conventional properties on today’s tour Broadcast Center Apartments 279 1990/2009 Same Store Sales $ 2 , 274 97 . 2% HillCreste Apartments 315 1989/2009 Same Store Sales $ 2,645 98.5% Lincoln Place Apartments 696
Slide 7: Market Overview
Market Overview U.S. Los Angeles Average 2Q 2011 2Q 2010 Variance 2Q 2011 Effective rents $ 1,353 $ 1,342 0.8% $ 997 Occupancy 95.6% 94.5% 1.1% 94.1% Unemployment rate 12.0% 12.5% -0.5% 9.1% Median home value (000s) $ 241 $ 240 0.4% $ 169 Single-family permits 2,121 2,135 -0.7% 1,203,000 Multifamily
Slide 8: The Crescent at West Hollywood
The Crescent at West Hollywood Year Built/Redeveloped 1985/2009 Aimco Ownership % 100% No. of Units 130 Avera g e Unit Size ( SF ) 775 ADO 96.4% Average Rent $ 2,128 Average Rent PSF $ 2.75 Unit Description # of Units _____ % of Mix 1BR / 1BA 41 32% 2BR / 2BA 89 68% Total 130 100% Community Features
Slide 9: The Crescent at West Hollywood Redevelopment
The Crescent at West Hollywood Redevelopment Investment ($M) $ 13.5 Before Redevelopment Investment / Unit $ 103,502 Scope Interior/Exterior Building & Site: Complete renovation of pool area: new A/V system, including an outdoor movie theater; landscaping; cour t yar d s; b ar b eque an d fi re p it
Slide 10: The Crescent at West Hollywood After Redevelopment
The Crescent at West Hollywood After Redevelopment Energy Conservation: Energy efficient T-8 lighting added in the garage area. Energy efficient 6-ton A/C unit added for the new leasing center. Energy efficient laundry equipment installed in newly retrofitted laundry facility. Programmable thermosta
Slide 11: Broadcast Center Apartments
Broadcast Center Apartments Year Built/Redeveloped 1990/2009 Aimco Ownership % 100% No. of Units 279 Avera g e Unit Size ( SF ) 902 ADO 97.2% Average Rent $ 2,274 Average Rent PSF $ 2.52 Unit Description # of Units _____ % of Mix 1BR / 1BA 117 42% 2BR / 2BA 162 58% Total 279 100% Community Features:
Slide 12: Broadcast Center Apartments Redevelopment
Broadcast Center Apartments Redevelopment Investment ($M) $ 24.0 Before Redevelopment Investment / Unit $ 85,961 Scope Interior/Exterior Building & Site: Transformed existing pool area into an upscale resort-style amenity with pots, cabanas, new furniture, custom building façade up-lighting, palm up
Slide 13: Broadcast Center Apartments After Redevelopment
Broadcast Center Apartments After Redevelopment Unit Interior Upgrades: New Karndean vinyl plank flooring installed throughout the kitchen , bath(s) and entry . New carpet installed in the living areas and bedrooms. Kitchen: new Shaker-style wood cabinets; granite countertops with 6” backsplashes; s
Slide 14: The Palazzo at Park La Brea
The Palazzo at Park La Brea Year Built/Redeveloped 2002 Aimco Ownership % 53% No. of Units 521 Avera g e Unit Size ( SF ) 1 , 093 ADO 95.9% Average Rent $ 2,525 Average Rent PSF $ 2.31 Unit Description # of Units _____ % of Mix 1BR / 1BA 268 51% 2BR / 2BA 208 40% 2BR / 3BA 45 9% Total 521 100% Commu
Slide 15: The Palazzo at Park La Brea Redevelopment
The Palazzo at Park La Brea Redevelopment Aimco plans to invest approximately $9 million in significant upgrades to amenities and to the 114 penthouse townhome units to provide a product that appeals to the top tier of the market. Premier Level Penthouse Interior Upgrades: Rooftop Deck and Water Fea
Slide 16: The Palazzo East at Park La Brea
The Palazzo East at Park La Brea Year Built/Redeveloped 2005 Aimco Ownership % 53% No. of Units 611 Avera g e Unit Size ( SF ) 1 , 078 ADO 96.9% Average Rent $ 2,470 Average Rent PSF $ 2.29 Unit Description # of Units _____ % of Mix 1BR / 1BA 18 3% 2BR / 1BA 312 51% 2BR / 2BA 245 40% 2BR / 3BA 36 6%
Slide 17: Villas at Park La Brea Apartments
Villas at Park La Brea Apartments Year Built/Redeveloped 2002 Aimco Ownership % 53% No. of Units 250 Avera g e Unit Size ( SF ) 937 ADO 95.9% Average Rent $ 2,239 Average Rent PSF $ 2.39 Unit Description # of Units _____ % of Mix 1BR / 1BA 109 44% 2BR / 2BA 141 56% Total 250 100% Community Features:
Slide 18: HillCreste Apartments
HillCreste Apartments Year Built/Redeveloped 1989/2009 Aimco Ownership % 100% No. of Units 315 Avera g e Unit Size ( SF ) 1 , 119 ADO 98.5% Average Rent $ 2,645 Average Rent PSF $ 2.36 Unit Description # of Units _____ % of Mix 1BR / 1BA 127 40% 2BR / 2BA 188 60% Total 315 100% Community Features: U
Slide 19: HillCreste Apartments Redevelopment
HillCreste Apartments Redevelopment Investment ($M) $ 19.8 Before Redevelopment Investment / Unit $ 62,854 Scope Interior/Exterior Building & Site: Main pool area: resurfaced the pool and Jacuzzi, replaced pool area decks and coping , new water feature , replaced pipe rail fencing with frosted glass
Slide 20: Broadcast Center Apartments After Redevelopment
Broadcast Center Apartments After Redevelopment Unit Interior Upgrades: New Karndean vinyl plank flooring installed throu g hout the kitchen, bath ( s ) and entr y . New carpet installed in the living areas and bedrooms. Kitchen: new Shaker-style wood cabinets; corner display shelving; granite count
Slide 21: Lincoln Place Apartments Pre-Redevelopment
Lincoln Place Apartments Pre-Redevelopment Year Built/Redeveloped 1951 Aimco Ownership % 100% No . of Units 696 Average Unit Size (SF) 730 Unit Description # of Units _____ % of Mix 1BR / 1BA 334 48% 2BR / 1BA 358 51% 3BR / 2BA 4 1% Total 696 100% History of Lincoln Place under Aimco ownership: In J
Slide 22: West Los Angeles Submarket
West Los Angeles Submarket U.S. Los West Los As of 2Q 2011 Average Angeles Angeles (1) Effective rents $ 997 $ 1,353 $ 2,002 Occupancy 94.1% 95.6% 93.2% Unemployment rate 9.1% 12.0% n/a Median home value (000s) $ 169 $ 241 $ 635 Single-family permits 1,203,000 2,121 n/a Multifamily permits (units) 5
Slide 23: Lincoln Place Redevelopment Preliminary Project Timeline
Lincoln Place Redevelopment Preliminary Project Timeline Phase I — under the June 2010 legal settlements related to Lincoln Place, Aimco will provide u p to 64 units to former tenants. Phase I construction is ex p ected to be g in in 4Q 2011 and the units will be delivered within 120 days of receipt
Slide 24: Lincoln Place Redevelopment Investment
Lincoln Place Redevelopment Investment ($000s) Comparable Properties Post-Redevelopment Net book value at June 30, 2011 $ 158,800 Estimated additional investment 125,000 Total estimated investment $ 283,800 E Project funding Consistent with Aimco’s leverage strategy, Aimco is seeking long-term, non-
Slide 25: Lincoln Place Redevelopment Proposed Property Map
Lincoln Place Redevelopment Proposed Property Map
Slide 26: Lincoln Place Redevelopment Before and After Planned Redevelopment
Lincoln Place Redevelopment Before Redevelopment After Planned Redevelopment
Slide 27: Lincoln Place Redevelopment Proposed New Leasing Center
Lincoln Place Redevelopment Proposed New Leasing Center
Slide 28: Lincoln Place Redevelopment Proposed New Fitness Center and Recreation Area
Lincoln Place Redevelopment Proposed New Fitness Center and Recreation Area
Slide 29: Lincoln Place Redevelopment Elkgrove Circle
Lincoln Place Redevelopment Elkgrove Circle
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