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CORRECTING and REPLACING Aimco Reports Fourth Quarter 2012 Results

2013-02-07 19:16 ET - News Release


DENVER -- (Business Wire)

In the January 2013 table under "Rental Rates," the New lease rent increases should read 2.1% (sted 3.1%). Renewal rent increases and weighted average rent increases as initially reported are not impacted by this correction. The correction has also been made to the earnings release and supplemental schedules available on Aimco’s website at http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.

The corrected release reads:

AIMCO REPORTS FOURTH QUARTER 2012 RESULTS

Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its fourth quarter 2012 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a solid 2012. Profitability is up with Conventional Same Store NOI growth of 6.5%, the highest rate of annual growth in six years. Portfolio quality is also up with average revenue per unit in our Conventional portfolio increasing nearly 8% to $1,362. Redevelopment investment tripled to $100 million. But, leverage is down: the ratio of Debt plus Preferred Equity to annualized fourth quarter EBITDA declined by about two times from 9.6 times to 7.7 times.”

Considine adds: “We look for 2013 to be another good year with increasing profitability in operations, disciplined upgrading of our portfolio, increased investment in redevelopment, lower leverage, and further simplification leading to lower offsite costs.”

Financial Results

Full Year Pro forma FFO Up 12%, AFFO Up 31%*

        FOURTH QUARTER      

FULL YEAR

(all items per common share)       2012       2011       2012       2011
Net income (loss)     $ 0.47     $ (0.19)     $ 0.61     $ (0.86)
Funds from Operations (FFO)     $ 0.52     $ 0.43     $ 1.68     $ 1.52
Add back (deduct) preferred equity redemption related amounts     $     $ (0.01)     $ 0.16     $ (0.03)
Pro forma Funds from Operations (Pro forma FFO)     $0.52     $0.42     $1.84     $1.49
Deduct Aimco's share of Capital Replacements     $ (0.14)     $ (0.22)     $ (0.50)     $ (0.62)
Adjusted Funds From Operations (AFFO)     $0.38     $0.20     $1.34     $0.87

* Full year 2011 financial results include a deduction of $0.15 per share related to debt prepayment penalties and the write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction during second quarter 2011. Excluding these charges, comparable full year 2011 Pro forma FFO and AFFO per share were $1.64 and $1.02, respectively. On this comparable basis, full year 2012 Pro forma FFO and AFFO increased 12% and 31%, respectively, compared to 2011.

Pro forma FFO - Pro forma FFO increased 24% when compared to fourth quarter 2011 as a result of: improved property operating results; additional income from increased ownership in our consolidated properties; lower preferred stock dividends due to $600.9 million of redemptions during 2012; and lower interest expense. These positive results were somewhat offset by lower income from discontinued operations. Pro forma FFO was $0.02 per share above the midpoint of Aimco's guidance range of $0.47 to $0.53 per share.

Adjusted Funds from Operations - AFFO increased 90% when compared to fourth quarter 2011 as a result of Pro forma FFO growth, the timing of Capital Replacements spending during 2012, and lower Capital Replacements spending due to the sale of nearly 11,000 apartment units during 2012. As Aimco's portfolio is concentrated in fewer properties with higher margins, AFFO is expected to grow at a faster rate than Pro forma FFO growth.

Property Operations

Aimco's property operations consist primarily of Conventional real estate operations, which relate to Aimco's diversified portfolio of market-rate apartment communities. Aimco also operates a portfolio of Affordable Properties, which consists of properties with rents that are generally paid, in whole or in part, by a government agency. Over the next four to five years, Aimco expects to dispose of these Affordable Properties and reinvest capital in its Conventional portfolio.

2012 Total Same Store NOI Up 6.2%

        FOURTH QUARTER     FULL YEAR
      Year-over-Year     Year-over-Year
      % NOI     Revenue     Expenses     NOI     Revenue     Expenses     NOI
Conventional Same Store     82%     5.1%     3.9%     5.7%     4.7%     1.6%     6.5%
Affordable Same Store     10%     2.3%     2.1%     2.5%     3.8%     3.9%     3.7%
Total Same Store     92%     4.7%     3.6%     5.3%     4.6%     1.9%     6.2%
               

Conventional Same Store Results

    FOURTH QUARTER       FULL YEAR
Year-over-Year       Sequential       Year-over-Year
      2012     2011     Variance       3rd Qtr     Variance       2012     2011     Variance
Average Rent Per Unit     $ 1,188       $ 1,142       4.0%       $ 1,177       0.9%       $ 1,167       $ 1,119       4.3%
Other Income Per Unit     142       124       14.5%       141       0.7%       137       124       10.5%
Average Revenue Per Unit     $ 1,330       $ 1,266       5.1%       $ 1,318       0.9%       $ 1,304       $ 1,243       4.9%
Average Daily Occupancy     95.3 %     95.3 %           95.3 %           95.5 %     95.7 %     -0.2%
                                                     
$ in Millions                                                    
Revenue     $ 184.9       $ 176.0       5.1%       $ 183.2       0.9%       $ 726.5       $ 693.8       4.7%
Expenses     62.8       60.5       3.9%       64.9       (3.1)%       253.4       249.6       1.6%
NOI     $ 122.1       $ 115.5       5.7%       $ 118.3       3.1%       $ 473.1       $ 444.2       6.5%
                               

Rental Rates

2012     1st Qtr     2nd Qtr     3rd Qtr     Oct     Nov     Dec     4th Qtr     Full Year
Renewal rent increases     5.1%     5.7%     6.0%     4.7%     5.6%     5.2%     5.1%     5.5%
New lease rent increases     2.0%     4.3%     3.8%     0.5%     0.7%     0.1%     0.4%     3.2%
Weighted average rent increases     3.4%     5.0%     4.8%     2.6%     3.3%     2.2%     2.6%     4.2%
                               
2013     Jan
Renewal rent increases     5.3%
New lease rent increases    

2.1%

Weighted average rent increases     3.8%
   

Affordable Same Store Results - For fourth quarter 2012, average daily occupancy for the Affordable portfolio was 98.9%, an increase of 1.2% from fourth quarter 2011, while average revenue per unit increased 1.1% from $970 to $981 per unit.

Portfolio Management

Aimco's portfolio strategy seeks predictable rent growth from a portfolio of A, B and C-quality conventional properties, averaging B/B+ in quality, and diversified among the largest coastal and job growth markets in the U.S., as measured by total apartment value.

Aimco measures Conventional Property asset quality based on rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines asset quality as follows: A-quality assets are those with rents greater than 125% of local market average; B-quality assets are those with rents 90% to 125% of local market average; and C-quality assets are those with rents less than 90% of local market average. For third quarter 2012, the most recent period for which REIS information is available, Aimco's Conventional Property rents averaged 102% of local market average rents.

Aimco's target markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois. In executing its portfolio strategy, Aimco expects to sell each year the lowest-rated 5% to 10% of its portfolio and to invest the proceeds from such sales in redevelopment and acquisition of higher-quality properties. Through this disciplined approach to capital recycling, from 2007 through 2012, Aimco increased its year-end conventional portfolio average revenue per unit at a compound annual growth rate of 6.1%, about three times that of market rent growth during the same period. Aimco's outsized growth reflects the impact of portfolio improvements through dispositions, redevelopment and acquisitions.

Conventional Property Revenue per Unit Up 7.9% to $1,362

Fourth quarter 2012 Conventional portfolio average revenue per unit was $1,362, an 7.9% increase compared to fourth quarter 2011, as a result of year-over-year revenue growth of 5.1% and the sale of Conventional Properties during 2011 and 2012 with average revenues per unit substantially lower than those of the retained portfolio.

Dispositions - In fourth quarter 2012, Aimco sold eight Conventional Properties and 16 Affordable Properties with 1,865 and 1,417 units, respectively, for $271.1 million in gross proceeds. Average revenue per unit for the Conventional Properties sold during the quarter was $1,087, compared to the retained portfolio average of $1,362 per unit. Aimco's share of net sales proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $123.7 million.

Sale of Asset-Management Business - During the fourth quarter, Aimco closed on the sale of the NAPICO portfolio, its legacy asset management business. The transaction was primarily seller financed, and the associated notes will be repaid over the next six years. Aimco anticipates recognizing between $6 and $8 million in Funds from Operations over the expected term of the notes.

Redevelopment

During the fourth quarter, Aimco began multi-phase capital projects at Park Towne Place and The Sterling, both located in Center-City Philadelphia. The initial phases of these projects consist of Capital Replacement and Capital Improvement investments, with redevelopment to follow.

Balance Sheet and Liquidity

Components of Aimco Leverage

    AS OF DECEMBER 31, 2012
$ in Millions     Amount     % of Total    

Weighted Avg.
Maturity (Yrs.)

   

Weighted Avg
Rate

Aimco's share of long-term, non-recourse property debt     $ 4,481.7       97%     7.9     5.44%
Outstanding borrowings on revolving line of credit               3.9     n/a
Preferred securities     148.1       3%     Perpetual     6.25%
Total leverage     $ 4,629.8       100%     n/a     5.47%
           

Leverage Ratios

Aimco's leverage targets are: Debt and Preferred Equity to EBITDA of less than 7.0x; and EBITDA Coverage of Interest and Preferred Dividends of greater than 2.5x. Aimco also focuses on Debt to EBITDA and EBITDA Coverage of Interest ratios. See the Glossary for definitions of these metrics.

   

Trailing-

Twelve-Month

    Annualized 4th Qtr
      2012     2011     2012   2011
Debt to EBITDA     7.5x     8.2x     7.4x   8.2x
Debt and Preferred Equity to EBITDA     7.8x     9.5x     7.7x   9.6x
EBITDA Coverage of Interest     2.3x     2.1x     2.5x   2.2x
EBITDA Coverage of Interest and Preferred Dividends     2.2x     1.8x     2.4x   1.8x
     

EBITDA Coverage of Interest and Preferred Dividends ratios are provided on a pro forma basis to exclude dividends on preferred stock redeemed during 2012.

Future leverage reduction is expected from earnings growth generated by the current portfolio and by regularly scheduled property debt amortization funded from retained earnings.

Liquidity

Aimco's recourse debt at December 31, 2012, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. Borrowings bear interest at a rate set forth on a pricing grid which rate varies based on Aimco's leverage. The revolving credit facility matures in December 2014, and may be extended for two additional one-year periods, subject to certain conditions.

At the end of fourth quarter, Aimco had no outstanding borrowings on its revolving credit facility and available capacity was $454.6 million, net of $45.4 million of letters of credit backed by the facility. Also at the end of the quarter, Aimco had on hand $84.4 million of cash.

Equity Activity

Dividend - As announced on January 31, 2013, Aimco's Board of Directors declared a quarterly cash dividend of $0.24 per share of Class A Common Stock for the quarter ended December 31, 2012, which, on an annualized basis, is a 26% increase compared to the dividends paid during 2012. The fourth quarter 2012 dividend is payable on February 28, 2013, to stockholders of record on February 15, 2013.

Earnings Conference Call

Friday, February 8, 2013 at 1:00 p.m. EST     Replay available until 9:00 a.m. EST on February 23, 2013
Domestic Dial-In Number: 1-866-843-0890 Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-9250 International Dial-In Number: 1-412-317-0088
Passcode: 9327149 Passcode: 10007657

Live webcast and replay: http://www.aimco.com/investors/events-presentations/webcasts

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco's website http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with 265 communities in 24 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

2013 Outlook

($ Amounts Represent Aimco Share)     FULL

YEAR

 
Net income (loss) per share -$0.10 to $0.06
Pro forma FFO per share $1.92 to $2.08
AFFO per share $1.44 to $1.62
 
Conventional Same Store Operating Measures
NOI change compared to 2012 4.50% to 6.75%
Revenue change compared to 2012 4.25% to 5.25%
Expense change compared to 2012 2.50% to 4.00%
Average daily occupancy 95.2% to 95.8%
 
Tax Credit and Asset Management Revenues
Recurring revenues $30 million
Non-recurring revenues $8 to $12 million
 
Offsite Costs
Property management expenses $31 million
General and administrative expenses $46 million
Investment management expenses $8 million
 
Capital Investments
Conventional redevelopment $130 to $160 million
Property upgrades [1] $45 million
Capital Replacements related to multi-phase capital projects [2] $18 million
Standard Capital Replacements ($900 per unit) $54 million
 
Transaction Activities
Real estate value of partnership tenders and mergers [3] $45 million
Real estate value of property dispositions [4] $300 to $350 million
Aimco net proceeds from property dispositions [5] $90 to $115 million
 
Non-Recourse Property Debt
Amortization, funded by retained earnings $81 million
Maturities $172 million
Real estate value of unencumbered properties [6] $180 million

Please refer to notes below.

2013 Pro forma FFO Reconciliation

   

$ Per Share
(at the mid-point)

 
2012 Pro forma FFO$1.84
 
Conventional Same Store NOI growth (approximately 5.6% at the mid-point)0.19
 
Portfolio management:
Impact of 2012 asset sales (0.14 )
Impact of 2013 asset sales (0.02 )
Impact of 2012 and 2013 partnership transactions (net of $0.01 increase in interest expense) 0.02
Impact of 2012 property acquisitions (net of $0.01 increase in interest expense) 0.02
Impact of 2012 and 2013 redevelopment activity (net of $0.04 increase in interest expense) (0.01 )
Reductions in offsite costs due to change in scale and efficiencies   0.09  
Subtotal portfolio management(0.04)
 
Balance sheet:
Interest expense savings due to property debt amortization and refinancing activities 0.07
Decrease in preferred stock dividends, net of impact of 2012 common share issuances   0.02  
Subtotal balance sheet0.09
 
Other:
Decrease in tax credit and asset management revenues (0.05 )
Increased casualty losses [7]   (0.03 )
 
2013 Pro forma FFO$2.00  
 

2013 AFFO Reconciliation

   

$ Per Share
(at the mid-point)

 
2012 AFFO$1.35
 
Pro forma FFO growth 0.16
Capital Replacement spending related to multi-phase capital projects (0.10 )
Impact of 2012 and 2013 asset sales on Capital Replacement spending 0.08
Impact of 2012 share issuances   0.04  
 
2013 AFFO$1.53  
 

First Quarter 2013 Outlook

   

FIRST

QUARTER

 
Net loss per share -$0.08 to -$0.04
Pro forma FFO per share $0.42 to $0.46
 
Conventional Same Store Operating Measures
NOI change compared to first quarter 2012 3.75% to 4.75%
NOI change compared to fourth quarter 2012 -2.25% to -1.25%
 

Notes to 2013 Outlook and 2013 Pro forma FFO Reconciliation

[1]   Property upgrades may include kitchen and bath remodeling; energy conservation projects; and investments in longer-lived materials designed to reduce turnover costs, such as simulated wood flooring and granite countertops.
[2] During 2012, Aimco began multi-phase capital projects at its 2900 on First property, located in Seattle, and two Center-City Philadelphia properties, Park Towne Place and The Sterling. The initial phases of these projects consist of Capital Replacement and Capital Improvement investments, which totaled $4.1 million in 2012. Aimco expects to invest an additional $17 million in Capital Replacements related to these projects during 2013.
[3] Partnership transactions are expected to close during the first half of 2013.
[4] During 2013, Aimco intends to dispose of that portion of its Affordable portfolio not subject to tax credit agreements. If successful, Aimco will hold at the end of the year 53 Affordable properties with approximately 8,000 units, which were redeveloped with Low Income Housing Tax Credits, generally between 2005 and 2009. These properties are expected to be sold as the tax credit compliance periods expire with the majority of sales expected to occur from 2015 to 2019.
[5] Aimco intends to use proceeds from asset sales to fund real estate investments including redevelopment and other capital investments, and partnership transactions.
[6] Anticipated size of unencumbered pool at December 31, 2013, based on December 31, 2012, values.
[7] Aimco's casualty losses during 2012 were significantly lower than the company's historical average, largely due to fewer weather-related casualty events. Aimco's Pro forma FFO guidance assumes 2013 loss experience returns to historical levels.
 

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of: first quarter and full year 2013 results, including but not limited to Pro forma FFO and selected components thereof, Capital Replacements spending, and AFFO; redevelopment project investments, timelines and stabilized rents; and timing of other investment activity. These forward-looking statements are based on management's judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to: Aimco's ability to maintain current or meet projected occupancy, rental rates and property operating results; the effect of acquisitions, dispositions and redevelopments; and our ability to comply with debt covenants, including financial coverage ratios. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions, dispositions and redevelopments; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2011, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.

 
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
               

Three Months Ended
December 31,

Year Ended
December 31,

2012201120122011
REVENUES:
Rental and other property revenues $ 251,907 $ 238,563 $ 991,428 $ 943,258
Tax credit and asset management revenues 14,088   9,889   41,769   38,661  
Total revenues 265,995   248,452   1,033,197   981,919  
OPERATING EXPENSES:
Property operating expenses 100,564 97,127 402,225 405,866
Investment management expenses 2,563 3,062 12,008 10,459
Depreciation and amortization 85,374 88,713 345,077 342,820
Provision for real estate impairment losses 915 8,349 915
General and administrative expenses 12,111 14,536 49,602 50,906
Other expense, net 4,526   5,469   15,776   17,796  
Total operating expenses 205,138   209,822   833,037   828,762  
Operating income 60,857 38,630 200,160 153,157
Interest income, net 2,484 2,786 9,913 9,681
Recovery of losses on notes receivable, net 3,943 329 3,375 509
Interest expense (58,226 ) (66,099 ) (246,761 ) (290,168 )
Equity in losses of unconsolidated real estate partnerships (1,609 ) (9,288 ) (4,408 ) (17,721 )

Gain (loss) on dispositions of interests in unconsolidated real estate and
  other, net

1,257   (2,717 ) 21,886   2,398  
Income (loss) before income taxes and discontinued operations 8,706 (36,359 ) (15,835 ) (142,144 )
Income tax benefit 354   1,278   929   6,541  
Income (loss) from continuing operations 9,060 (35,081 ) (14,906 ) (135,603 )
Income from discontinued operations, net 88,188   26,507   210,267   77,439  
Net income (loss) 97,248 (8,574 ) 195,361 (58,164 )
Noncontrolling interests:

Net (income) loss attributable to noncontrolling interests in
  consolidated real estate partnerships

(22,454 ) (4,355 ) (51,218 ) 257

Net income attributable to preferred noncontrolling interests in
  Aimco Operating Partnership

(1,606 ) (1,671 ) (6,496 ) (6,683 )
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership (4,262 ) 1,665   (5,191 ) 7,503  
Total noncontrolling interests (28,322 ) (4,361 ) (62,905 ) 1,077  
Net income (loss) attributable to Aimco 68,926 (12,935 ) 132,456 (57,087 )
Net income attributable to Aimco preferred stockholders (752 ) (10,423 ) (49,888 ) (45,852 )
Net income attributable to participating securities (246 ) (53 ) (422 ) (222 )
Net income (loss) attributable to Aimco common stockholders $ 67,928   $ (23,411 ) $ 82,146   $ (103,161 )
Weighted average common shares outstanding - basic and diluted 145,035   120,433   134,479   119,312  
Earnings (loss) per common share - basic and diluted:

Loss from continuing operations attributable to Aimco common
  stockholders

$ $ (0.28 ) $ (0.59 ) $ (1.22 )

Income from discontinued operations attributable to Aimco common
  stockholders

0.47   0.09   1.20   0.36  
Net income (loss) attributable to Aimco common stockholders $ 0.47   $ (0.19 ) $ 0.61   $ (0.86 )
 
 
Consolidated Statements of Operations (continued)
Income from Discontinued Operations
Income from discontinued operations consists of the following (in thousands):
               

Three Months
Ended December 31,

Year Ended
December 31,

2012201120122011
Rental and other property revenues $ 5,852 $ 32,270 $ 65,947 $ 159,058
Property operating expenses (3,954 ) (17,662 ) (31,257 ) (82,353 )
Depreciation and amortization (1,385 ) (11,186 ) (21,674 ) (52,513 )
Provision for real estate impairment losses (4,049 ) (7,353 ) (15,338 ) (19,331 )
Operating (loss) income (3,536 ) (3,931 ) (2,322 ) 4,861
Interest income 134 296 545 1,534
Interest expense (1,144 ) (6,824 ) (12,585 ) (31,175 )
Loss before gain on dispositions of real estate and income taxes (4,546 ) (10,459 ) (14,362 ) (24,780 )
Gain on dispositions of real estate 94,603 43,308 234,533 108,209
Income tax expense (1,869 ) (6,342 ) (9,904 ) (5,990 )
Income from discontinued operations, net $ 88,188   $ 26,507   $ 210,267   $ 77,439  
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships $ (15,276 ) $ (15,024 ) $ (39,019 ) $ (32,218 )
Noncontrolling interests in Aimco Operating Partnership (4,142 ) (747 ) (10,153 ) (2,990 )
Total noncontrolling interests (19,418 ) (15,771 ) (49,172 ) (35,208 )
Income from discontinued operations attributable to Aimco $ 68,770   $ 10,736   $ 161,095   $ 42,231  

 

 

Consolidated Balance Sheets
(in thousands) (unaudited)
   
December 31, 2012December 31, 2011
ASSETS
Buildings and improvements $ 6,390,253 $ 6,223,885
Land 1,943,166   1,929,018  
Total real estate 8,333,419 8,152,903
Accumulated depreciation (2,820,765 ) (2,562,574 )
Net real estate 5,512,654 5,590,329
Cash and cash equivalents 84,413 91,066
Restricted cash 146,859 183,970
Accounts receivable, net 34,020 41,796
Notes receivable, net 102,897 111,205
Other assets 520,537 382,949
Assets held for sale   470,547  
Total assets $ 6,401,380   $ 6,871,862  
LIABILITIES AND EQUITY
Non-recourse property debt $ 4,688,447 $ 4,772,774
Accounts payable 30,747 32,607
Accrued liabilities and other 318,669 282,451
Deferred income 128,577 138,808
Liabilities related to assets held for sale   417,164  
Total liabilities 5,166,440   5,643,804  
Preferred noncontrolling interests in Aimco Operating Partnership 80,046 83,384
Equity:
Perpetual Preferred Stock 68,114 657,114
Class A Common Stock 1,456 1,209
Additional paid-in capital 3,712,684 3,098,333
Accumulated other comprehensive loss (3,542 ) (6,860 )
Distributions in excess of earnings (2,863,287 ) (2,841,467 )
Total Aimco equity 915,425   908,329  
Noncontrolling interests in consolidated real estate partnerships 271,065 270,666
Common noncontrolling interests in Aimco Operating Partnership (31,596 ) (34,321 )
Total equity 1,154,894   1,144,674  
Total liabilities and equity $ 6,401,380   $ 6,871,862  

Contacts:

Aimco
Elizabeth Coalson, 303-691-4350
Vice President Investor Relations
or
Investor Relations
investor@aimco.com

Source: Aimco

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