Urges Stockholders to Use Universal
WHITE Proxy Card to Vote
“FOR ALL” Three of the
Company’s Nominees, Jay Paul Leupp, Michael A. Stein and R. Dary
Stone
Apartment Investment and Management Company (NYSE: AIV) (“Aimco”
or the “Company”), today announced that it has filed its definitive
proxy materials with the Securities and Exchange Commission (“SEC”)
in connection with its 2022 Annual Meeting of Stockholders
scheduled to be held on December 16, 2022. Stockholders of record
as of October 26, 2022, will be entitled to vote at the meeting.
Aimco’s Board of Directors (the “Board”) strongly recommends that
stockholders vote on the WHITE proxy card "FOR ALL" three of
Aimco’s qualified and experienced director nominees, Jay Paul
Leupp, Michael A. Stein and R. Dary Stone.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221012006032/en/
Relative TSR as of September 30, 2022
(Graphic: Business Wire)
In conjunction with the definitive proxy filing, Aimco has also
mailed a letter to the Company’s stockholders. Highlights from the
letter include:
- Aimco has implemented a clearly defined value creation strategy
and a comprehensive transformation of the Company’s legacy business
under the leadership of a reconstituted Board and new executive
management team.
- Since the December 2020 spin-off of Apartment Income REIT
Corp., Aimco has delivered total stockholder returns of 45%1,
significantly outperforming its identified developer peer group2,
the FTSE NAREIT Equity Apartments Index, the MSCI US REIT Index,
the S&P 500, and the Russell 2000.
- The Company’s new, majority-independent and reconstituted Board
possesses highly relevant experience and complementary skillsets to
oversee its growth strategy.
- Aimco’s Board and management team are focused on the future and
have a clear plan to build on the Company’s progress and continue
to drive growth and outsized returns.
- The Aimco Board believes that the election of Land &
Buildings’ candidates would remove expertise from the Aimco Board
that is critical to the Company’s success.
Aimco’s definitive proxy materials and other materials regarding
the Board’s recommendation for the 2022 Annual Meeting of
Stockholders can be found at https://investors.aimco.com.
1 TSR calculation as of September 30, 2022 2 Includes AHH, CLPR,
CSR, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, VRE, and WRE (per
AIV 2021 10-K) represents simple average
The full text of the letter being mailed to stockholders
follows:
October 12, 2022
Dear Fellow Stockholders:
Your Board of Directors and management team are committed to
enhancing the value of your investment in Aimco and have been
unwavering in our commitment to acting in the best interests of our
stockholders. We have implemented a clearly defined value creation
strategy and a comprehensive transformation of Aimco’s legacy
business under a recently reconstituted, majority-independent Board
(the “New Aimco Board” or the “Board”) and all-new executive
management team.
Since the New Aimco Board and management team assumed their
current roles following the Apartment Income REIT Corp. (“AIR”)
spin-off in December 2020, Aimco has delivered total stockholder
returns of 45%3, significantly outperforming its identified
developer peer group4, the FTSE NAREIT Equity Apartments Index, the
MSCI US REIT Index, the S&P 500 and the Russell 2000.
Aimco expects to continue to drive growth and outsized returns
by:
- Executing on its deep pipeline of real estate development
opportunities in targeted high growth markets, investing when
conditions are right and monetizing when advantageous.
- Practicing disciplined capital allocation, directing capital to
additional, multifamily-focused, real estate investments and
acquiring Aimco shares opportunistically.
- Funding investments through the recycling of Aimco equity and
through joint venture partnerships.
- Continuing to simplify the Aimco business through increasingly
focused capital and geographic allocation.
The New Aimco Board and new management team executing this plan
were put in place in connection with the 2020 spin-off of AIR, with
the Company:
- Appointing six new Aimco directors to replace resigning members
of the prior Board, after a thorough search process assisted by a
leading executive and board search firm with deep expertise in the
real estate industry. As a result, six of Aimco’s eight independent
directors have been added within the past two years. Aimco also
retained three directors with complementary skillsets and important
historical knowledge of Aimco’s business operations;
- Appointing a new chief executive officer, chief financial
officer and general counsel to replace the prior pre-spin
management team; and
- Separating Aimco’s Board chair and CEO positions and appointing
a new chairman of the Board.
Despite Aimco’s clear momentum and the recent reconstitution of
the Aimco Board, Land & Buildings Investment Management LLC
(“Land & Buildings”) has initiated a proxy contest and is
seeking to remove and replace two of your highly qualified
directors. We have engaged with Land & Buildings to better
understand its perspectives and have reviewed the qualifications of
the candidates it has put forth. It is clear from our interactions
to date, however, that Land & Buildings is primarily focused on
historical issues and decisions made prior to the reconstitution of
the Aimco Board and the replacement of the Aimco management team.
While the New Aimco Board and management are open to continued
dialogue with Land & Buildings, we believe that additional
director turnover at this time is unwarranted. We also believe that
the candidates proposed by Land & Buildings would not bring any
relevant expertise that is not already well represented on the
Aimco Board, and that election of Land & Buildings’ candidates
would remove expertise from the New Aimco Board that is critical to
our success.
Against this backdrop, you now face an important decision
regarding the future of your investment and go-forward Board of
Directors. Your Board has three directors up for re-election who
have highly relevant skills and expertise and are important
contributors to Aimco’s ongoing success. To protect your
investment, we strongly recommend that you vote the enclosed
universal WHITE proxy card today “FOR” all three of Aimco’s
qualified and experienced director nominees: Jay Paul Leupp,
Michael A. Stein and R. Dary Stone. Please vote today to ensure
your voice is heard at the Company’s Annual Meeting of Stockholders
(“Annual Meeting”) on December 16, 2022.
PROTECT THE VALUE OF YOUR INVESTMENT. USE THE
UNIVERSAL WHITE PROXY CARD
TODAY TO VOTE FOR ALL THREE OF AIMCO’S QUALIFIED AND EXPERIENCED
DIRECTORS
AIMCO IS SUCCESSFULLY EXECUTING ITS VALUE
ADD STRATEGY
For the past 21 months, Aimco has been successfully executing a
growth strategy focused on value add, opportunistic, and
alternative investments, targeting the U.S. multifamily sector.
As part of this strategy, we’ve taken decisive actions to drive
stockholder value, by:
- Creating $100 million of value from the monetization of
successfully executed development and redevelopment projects;
- Securing significant, high-quality, future development
opportunities, more than tripling Aimco's controlled pipeline to a
total potential of more than 15 million square feet, located in
high-growth markets;
- Retiring or refinancing more than $1 billion of near-term
liabilities, eliminating substantially all of our floating rate
exposure;
- Entering into a strategic capital partnership with Alaska
Permanent Fund Corporation providing core equity capital for up to
$1 billion of Aimco-led multifamily development projects and
creating the opportunity to earn third-party management fees and
incentive income;
- Unlocking $265 million of asset value by selling three
stabilized multifamily assets at prices above the values in Aimco’s
internal Net Asset Value (“NAV”) estimate and by selling a partial
interest in our passive minority investment in the life science
developer, IQHQ, generating a greater than 50% internal rate of
return;
- Eliminating various legacy entanglements with AIR through the
early repayment of the $534 million purchase money note, the
reduction of leasehold liabilities from $475.1 million down to $6.1
million, and the amendment of key provisions of the master leasing
agreement with AIR;
- Acquiring approximately 742,164 Aimco shares at a weighted
average price of $5.93 per share in the first half of 2022 and
increasing the Company’s share repurchase authorization from 10
million to 15 million shares; and
- Building and maintaining a highly qualified and dedicated team
of real estate investment professionals, achieving an all-time
Company record employee engagement score of 4.52 out of 5, based on
independent third-party surveys.
AIMCO HAS DELIVERED SIGNIFICANT VALUE FOR
STOCKHOLDERS
Since the December 2020 spin-off, Aimco has significantly
outperformed its identified developer peer group, real estate
market indices, and broader market indices, as evidenced in the
following chart.
From an operating perspective, we have generated significant
value across our stabilized portfolio and our development pipeline.
For example, during the first half of 2022, we increased net
operating income by 14.9%, and since the start of 2021, we have
nearly tripled the Company’s future development pipeline.
Importantly, we have a clear plan to build on this progress and
drive continued growth. We will remain primarily focused on
multifamily housing with an increased allocation to value add and
opportunistic investments. We will also continue to leverage the
Company’s best-in-class platform, existing portfolio of value add
and stable core properties, and an investment pipeline that leads
to superior risk-adjusted returns.
Despite these strong results and clear and actionable strategy,
the New Aimco Board is not standing still. We routinely consider
all viable options to enhance and unlock stockholder value and
remain committed to doing so going forward.
NEW AIMCO BOARD AND MANAGEMENT TEAM HAVE
ENGAGED CONSTRUCTIVELY WITH STOCKHOLDERS, INCLUDING LAND
& BUILDINGS
Aimco is committed to open and constructive engagement with all
stockholders, including Land & Buildings. Aimco has held more
than 80 individual meetings with more than 35 current and
prospective stockholders in the past 13 months, including
stockholders that own in the aggregate more than 80% of Aimco’s
outstanding shares of common stock, as well as multiple meetings
with Land & Buildings, as described in the Company’s proxy
statement. The New Aimco Board has demonstrated that we value and
act on the feedback we receive.
The New Aimco Board and management team are focused on the
future, executing a clear and effective strategy to enhance the
value of your investment, while Land & Buildings’ complaints
primarily relate to decisions made almost two years ago by the
pre-spin Board of Directors and management team.
THE DIRECTORS ON AIMCO’S
MAJORITY-INDEPENDENT, RECONSTITUTED BOARD BRING HIGHLY
RELEVANT SKILLS AND FRESH PERSPECTIVES
Aimco is seeking your support to vote FOR ALL of its three
highly qualified, experienced directors at this year’s Annual
Meeting: Jay Paul Leupp, Michael A. Stein and R. Dary
Stone.
The New Aimco Board is purpose-built, and its composition
reflects our commitment to closely aligning the skill sets and
experience of the Company’s directors with the needs of the Company
and its stockholders. Importantly, the Board works closely with
management and has been—and will continue to be—a significant agent
of change overseeing the continued improvement of Aimco’s
performance and valuation.
We are confident that our three highly-qualified nominees
seeking re-election are the better choice to build on the success
that Aimco has delivered. Aimco’s three director nominees bring
highly relevant expertise and complementary skillsets, and our
Board is unanimous in recommending that stockholders vote for our
three nominees.
Mr. Leupp, an independent director and the Chairman of
Aimco’s Audit Committee, has been an integral part of our Board
since his appointment in December 2020 and brings capital markets,
investment and finance, real estate, and development experience
gained through his over 28 years as a Portfolio Manager and
Managing Director focused on investments in publicly traded real
estate securities and publicly traded REIT board service. Mr. Leupp
is a Certified Public Accountant (CPA).
- Current Managing Partner and Senior Portfolio Manager, Real
Estate Securities, Terra Firma Asset Management.
- Previously served as the Managing Director and Portfolio
Manager/Analyst, Global Real Estate Securities, Lazard Asset
Management. Prior to Lazard, was the lead equity research analyst
at Royal Bank of Canada and at Robertson Stevens & Co.
- Currently serves on the board of directors of Health Care
Realty and Marathon Digital Holdings.
- Currently a member of Aimco’s Compensation and Human Resources,
Nominating, Environmental, Social, and Governance, Investment, and
Aimco-AIR Transactions Committees, in addition to serving as
Chairman of the Audit Committee.
Mr. Stein, an independent director and Chairman of
Aimco’s Investment Committee, is a seasoned executive who brings
real estate investment and finance, financial reporting, accounting
and auditing, capital markets, and business operations experience,
gained through his experience as a director of five publicly traded
companies and Chief Financial Officer of three publicly traded
companies. Further, having served on Aimco’s Board since October
2004, Mr. Stein has significant institutional knowledge of
Aimco.
- Served as Senior Vice President and Chief Financial Officer of
ICOS Corporation, a biotechnology company based in Bothell,
Washington from January 2001 until its acquisition by Eli Lilly in
January 2007.
- Previously served as Executive Vice President and Chief
Financial Officer of Nordstrom, Inc. and served in various
capacities with Marriott International, Inc., including Executive
Vice President and Chief Financial Officer.
- Currently a member of Aimco’s Audit, Compensation and Human
Resources, and Nominating, Environmental, Social, and Governance
Committees, in addition to serving as Chairman of the Investment
Committee.
Mr. Stone, an independent director and Chairman of
Aimco’s Nominating, Environmental, Social, and Governance
Committee, is an experienced leader and has served on Aimco’s Board
since December 2020 and brings investment and finance, real estate,
development, property / asset management and operations, and
capital markets experience gained through his over 30-year career
investing and developing a variety of projects and joint ventures,
including the management of one of the country’s largest master
planned developments. He also brings publicly traded REIT board
service.
- Accomplished executive who served as President of multiple real
estate development companies and ultimately as President and Chief
Operating Officer of Cousins Properties, an NYSE listed REIT.
- Currently a member of the board of directors of Cousins
Properties and Audit Chairman of Tolleson Wealth Management, a
privately held wealth management firm, and Tolleson Private
Bank.
- Former Chairman of Baylor University Board of Regents and
Chairman of the Banking Commission of Texas (previously known as
the Texas State Finance Commission).
- Currently a member of Aimco’s Audit, Compensation and Human
Resources, and Investment Committees, in addition to serving as
Chairman of the Nominating, Environmental, Social, and Governance
Committee.
PROTECT THE VALUE OF YOUR INVESTMENT AND
AIMCO’S FUTURE GROWTH PROSPECTS. USE THE UNIVERSAL WHITE PROXY CARD TODAY TO VOTE FOR ALL THREE
OF AIMCO’S QUALIFIED AND EXPERIENCED DIRECTORS
The New Aimco Board is active, engaged and focused on continuing
to grow Aimco and providing enhanced value for all our
stockholders. We strongly recommend that stockholders vote FOR the
Company’s three director nominees on the universal WHITE proxy
card: Jay Paul Leupp, Michael A. Stein and R. Dary Stone.
Your vote “FOR” our director nominees will help ensure that you,
as an Aimco stockholder, have a Board acting in your best interest
at all times.
On behalf of the New Aimco Board, we appreciate your investment
and support.
Sincerely,
The Aimco Board of Directors
3 TSR calculation as of September 30, 2022 4 Includes AHH, CLPR,
CSR, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, VRE, and WRE (per
AIV 2021 10-K) represents simple average
If you have questions or require any assistance
with voting your shares, please contact the Company’s proxy
solicitor listed below:
MacKenzie Partners, Inc.
1407 Broadway, 27th Floor New York, New York
10018 Call Collect: (212) 929-5500
or
Toll-Free (800) 322-2885 Email:
proxy@mackenziepartners.com
Forward Looking Statements
This document 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 limited to, the statements in this document regarding
future financing plans, including the Company’s expected leverage
and capital structure; business strategies, prospects, and
projected operating and financial results (including earnings),
including facts related thereto, such as expected costs; future
share repurchases; expected investment opportunities; and our 2022
pipeline investments and projects. We caution investors not to
place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),”
“plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,”
“could,” “should,” “seek(s),” “forecast(s),” and similar
expressions, or the negative of these terms, are intended to
identify such forward-looking statements. These statements are not
guarantees of future performance, condition or results, and involve
a number of known and unknown risks, uncertainties, assumptions and
other important factors, among others, that may affect actual
results or outcomes include, but are not limited to: (i) the risk
that the 2022 preliminary plans and goals may not be completed in a
timely manner or at all, (ii) the inability to recognize the
anticipated benefits of the pipeline investments and projects, and
(iii) changes in general economic conditions, including as a result
of the COVID-19 pandemic. Although we believe that the assumptions
underlying the forward-looking statements, which are based on
management’s expectations and estimates, are reasonable, we can
give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to
differ materially from our expectations include, but are not
limited to: the effects of the coronavirus pandemic on the
Company’s business and on the global and U.S. economies generally;
real estate and operating 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 amount, location and
quality of competitive new housing supply; the timing and effects
of acquisitions, dispositions, redevelopments and developments;
changes in operating costs, including energy costs; negative
economic conditions in our geographies of operation; loss of key
personnel; the Company’s ability to maintain current or meet
projected occupancy, rental rate and property operating results;
the Company’s ability to meet budgeted costs and timelines, and, if
applicable, achieve budgeted rental rates related to redevelopment
and development investments; expectations regarding sales of
apartment communities and the use of proceeds thereof; the ability
to successfully operate as two separate companies each with more
narrowed focus; insurance risks, including the cost of insurance,
and natural disasters and severe weather such as hurricanes;
financing risks, including the availability and cost of financing;
the risk that cash flows from operations may be insufficient to
meet required payments of principal and interest; the risk that
earnings may not be sufficient to maintain compliance with debt
covenants, including financial coverage ratios; legal and
regulatory risks, including costs associated with prosecuting or
defending claims and any adverse outcomes; the terms of laws and
governmental regulations that affect us and interpretations of
those laws and regulations; possible environmental liabilities,
including costs, fines or penalties that may be incurred due to
necessary remediation of contamination of apartment communities
presently or previously owned by the Company; activities by
stockholder activists, including a proxy contest; the Company’s
relationship with each other after the consummation of the business
separation; the ability and willingness of the Company and their
subsidiaries to meet and/or perform their obligations under any
contractual arrangements that are entered into among the parties in
connection with the business separation and any of their
obligations to indemnify, defend and hold the other party harmless
from and against various claims, litigation and liabilities; and
the ability to achieve some or all the benefits that we expect to
achieve from the business separation.
In addition, the Company’s 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 the Company’s 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 the Company’s financial
statements and the notes thereto, as well as the section entitled
“Risk Factors” in Item 1A of the Company’s Annual Report on Form
10-K for the year ended December 31, 2021 and in Item 1A of the
Company’s Quarterly Reports on Form 10-Q for the quarterly periods
ended March 31, 2022 and June 30, 2022, and the other documents the
Company files from time to time with the SEC. These filings
identify and address important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements.
These forward-looking statements reflect management’s judgment
as of this date, and the Company assumes no (and disclaims any)
obligation to revise or update them to reflect future events or
circumstances.
We make no representations or warranties as to the accuracy of
any projections, estimates, targets, statements or information
contained in this document. It is understood and agreed that any
such projections, estimates, targets, statements and information
are not to be viewed as facts and are subject to significant
business, financial, economic, operating, competitive and other
risks, uncertainties and contingencies many of which are beyond our
control, that no assurance can be given that any particular
financial projections or targets will be realized, that actual
results may differ from projected results and that such differences
may be material. While all financial projections, estimates and
targets are necessarily speculative, we believe that the
preparation of prospective financial information involves
increasingly higher levels of uncertainty the further out the
projection, estimate or target extends from the date of
preparation. The assumptions and estimates underlying the
projected, expected or target results are inherently uncertain and
are subject to a wide variety of significant business, economic and
competitive risks and uncertainties that could cause actual results
to differ materially from those contained in the financial
projections, estimates and targets. The inclusion of financial
projections, estimates and targets in this presentation should not
be regarded as an indication that we or our representatives,
considered or consider the financial projections, estimates and
targets to be a reliable prediction of future events.
Glossary and Reconciliations of Non-GAAP Financial and
Operating Measures
This document includes certain financial and operating measures
used by Aimco management that are not calculated in accordance with
accounting principles generally accepted in the United States, or
GAAP. Aimco’s definitions and calculations of these Non-GAAP
financial and operating measures and other terms may differ from
the definitions and methodologies used by other REITs and,
accordingly, may not be comparable. These Non-GAAP financial and
operating measures should not be considered an alternative to GAAP
net income or any other GAAP measurement of performance and should
not be considered an alternative measure of liquidity.
NET OPERATING INCOME (NOI) MARGIN: Represents an apartment
community’s net operating income as a percentage of the apartment
community’s rental and other property revenues.
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; property management expenses; depreciation;
or interest expense. NOI is helpful because it helps both investors
and management to understand the operating performance of real
estate excluding costs associated with decisions about acquisition
pricing, overhead allocations, and financing arrangements. NOI is
also considered by many in the real estate industry to be a useful
measure for determining the value of real estate. Reconciliations
of NOI as presented in this document to Aimco’s consolidated GAAP
amounts are provided below. Due to the diversity of its economic
ownership interests in its apartment communities in the periods
presented, Aimco evaluates the performance of the apartment
communities in its segments using Property NOI, which represents
the NOI for the apartment communities that Aimco consolidates and
excludes apartment communities that it does not consolidate.
Property NOI is defined as rental and other property revenue less
property operating expenses. In its evaluation of community
results, Aimco excludes utility cost reimbursement from rental and
other property revenues and reflects such amount as a reduction of
the related utility expense within property operating expenses. The
following table presents the reconciliation of GAAP rental and
other property revenue to the revenues before utility
reimbursements and GAAP property operating expenses to expenses,
net of utility reimbursements.
Segment NOI Reconciliation
Twelve Months Ended (in
thousands)
December 31, 2021
December 31, 2020
Total Real Estate Operations
Revenues, Before Utility
Reimbursements [1]
Expenses, Net of Utility
Reimbursements
Revenues, Before Utility
Reimbursements [1]
Expenses, Net of Utility
Reimbursements
Total (per consolidated statements of
operations)
$
169,836
$
67,613
$
151,451
$
61,514
Adjustment: Utilities reimbursement
(3,022
)
$
(3,022
)
(2,163
)
(2,163
)
Adjustment: Non-stabilized and other
amounts not allocated [2]
(30,629
)
(21,158
)
(18,528
)
(17,676
)
Total Stabilized Operating (per
Schedule 6)
$
136,185
$
43,433
$
130,760
$
41,675
Segment NOI Reconciliation
Three Months Ended (in
thousands)
June 30, 2022
June 30, 2021
Total Real Estate Operations
Revenues, Before Utility
Reimbursements [1]
Expenses, Net of Utility
Reimbursements
Revenues, Before Utility
Reimbursements [1]
Expenses, Net of Utility
Reimbursements
Total (per consolidated statements of
operations)
$
50,697
$
19,708
$
40,418
$
16,403
Adjustment: Utilities reimbursement
(1,347
)
(1,347
)
(1,128
)
(1,128
)
Adjustment: Assets Held for Sale
(1,823
)
$
568
(1,798
)
634
Adjustment: Other Real Estate
(4,383
)
$
1,317
(3,138
)
1,090
Adjustment: Non-stabilized and other
amounts not allocated [2]
(10,040
)
(9,825
)
(4,589
)
(7,056
)
Total Stabilized Operating (per
Schedule 6)
$
33,104
$
10,420
$
29,765
$
9,943
Segment NOI Reconciliation
Six Months Ended (in
thousands)
June 30, 2022
June 30, 2021
Total Real Estate Operations
Revenues, Before Utility
Reimbursements [1]
Expenses, Net of Utility
Reimbursements
Revenues, Before Utility
Reimbursements [1]
Expenses, Net of Utility
Reimbursements
Total (per consolidated statements of
operations)
$
100,691
$
38,929
$
80,222
$
33,345
Adjustment: Utilities reimbursement
(2,903
)
(2,903
)
(2,473
)
(2,473
)
Adjustment: Assets Held for Sale
(3,628
)
1,159
(3,503
)
1,265
Adjustment: Other Real Estate
(9,378
)
(2,822
)
(6,324
)
(2,127
)
Adjustment: Non-stabilized and other
amounts not allocated [2]
(19,455
)
(13,696
)
(8,903
)
(9,871
)
Total Stabilized Operating (per
Schedule 6)
$
65,327
$
20,667
$
59,018
$
20,139
[1] Approximately two-thirds of Aimco’s utility costs are
reimbursed by residents. These reimbursements are included in
rental and other property revenues on Aimco’s consolidated
statements of operations prepared in accordance with GAAP. This
adjustment represents the reclassification of utility
reimbursements from revenues to property operating expenses for the
purpose of evaluating segment results and as presented on
Supplemental Schedule 6. Aimco also excludes the reimbursement
amounts from the calculation of Average Revenue per Apartment Home
throughout this Earnings Release and Supplemental Schedules.
[2] Properties not included in the Stabilized Operating
Portfolio and other amounts not allocated includes operating
results of properties not presented in the Stabilized Operation
Portfolio as presented on Supplemental Schedule 6 during the
periods shown, as well as property management and casualty expense,
which are not included in property operating expenses, net of
utility reimbursements in the Supplemental Schedule 6
presentation.
About Aimco
Aimco is a diversified real estate company primarily focused on
value add, opportunistic, and alternative investments, targeting
the U.S. multifamily sector. Aimco’s mission is to make real estate
investments where outcomes are enhanced through its human capital
so that substantial value is created for investors, teammates, and
the communities in which we operate. Aimco is traded on the New
York Stock Exchange as AIV. For more information about Aimco,
please visit its website www.aimco.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221012006032/en/
Matt Foster Sr. Director, Capital Markets and Investor Relations
(303) 793-4661 investor@aimco.com
MacKenzie Partners, Inc. Dan Burch 212-929-5748
Dburch@mackenziepartners.com
Matthew Sherman / Andrew Siegel / Greg Klassen Joele Frank,
Wilkinson Brimmer Katcher (212) 355-4449
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