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Aimco CREATING VALUE INVESTOR PRESENTATION Nareit reitworld 2022
Annual Conference November 15-17,2022
Forward Looking Statement 2 This presentation contains
forward-looking statements within the meaning of the federal
securities laws, including, without limitation, statements
regarding: Aimco’s business strategy, pipeline, and targeted
opportunities. Forwardlooking statements include all statements
that are not historical statements of fact and those regarding our
intent, belief, or expectations. 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),” “may,” “will,” “would,” “could,” “should,” “seek(s)”
and similar expressions, or the negative of these terms, are
intended to identify such forward-looking statements. These
statements are based on management’s current expectations and
beliefs and are subject to a number of risks and uncertainties that
could lead to actual results differing materially from those
projected, forecasted or expected. 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 Aimco’s business and on the global and U.S.
economies generally, and the ongoing, dynamic and uncertain nature
and duration of the pandemic, all of which heightens the impact of
the other risks and factors described herein, and the impact on
entities in which Aimco holds a partial interest, including its
indirect interest in the partnership that owns Parkmerced
Apartments, and the impact of coronavirus related governmental
lockdowns on Aimco’s residents, commercial tenants, and operations;
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, developments and redevelopments;
expectations regarding sales of apartment communities and the use
of proceeds thereof; 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 real estate presently or
previously owned by Aimco; activities by stockholder activists,
including a proxy contest; and such other risks and uncertainties
described from time to time in filings by Aimco or the Separate
Entities with the Securities and Exchange Commission
(“SEC”).Although we believe that the assumptions underlying the
forward-looking statements are reasonable, we can give no assurance
that our expectations will be attained. 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, 2021, and
subsequent Quarterly Reports on Form 10-Q and other documents Aimco
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 Aimco assumes no
(and disclaims any) obligation to revise or update them to reflect
future events or circumstances. Certain financial and operating
measures found herein are used by management and are not defined
under accounting principles generally accepted in the United
States, or GAAP. These measures are reconciled to the most
comparable GAAP measures at the end of this presentation.
Definitions can be found in Aimco’s Earnings Release and
Supplemental Schedules for the quarter ended September 30,
2022.Aimco CREATING VALUE
PRESENTATION OVERVIEW Key takeaways from the following
presentation: 1. Aimco has created considerable shareholder value
since the separation from AIR Communities as evidenced by Total
Shareholder Return (TSR), significantly outpacing peers and major
indices. 2. Aimco has substantial embedded value and growth
opportunities in its deep development pipeline, and Aimco will
continue to practice disciplined capital allocation while
simplifying its business. 3. Aimco represents a compelling value
proposition given the intrinsic value of its platform and its
assets relative to the current share price; the Aimco Board and
management team are committed to growing and unlocking shareholder
value. 4. Aimco is an excellent corporate citizen, focused on
sustainability, social responsibility, and strong corporate
governance. Aimco CREATING
Aimco CREATING VALUE ABOUT AIMCO
AIMCO OVERVIEW Aimco is a diversified real estate investment
company with a 28+ year history of growth and innovation in the
multifamily sector. Since completing a strategic business
separation in late 2020, the Aimco platform has been focused on a
total return strategy that includes value add, opportunistic, and
select alternative investments that offer the prospect of outsized
returns on a risk-adjusted basis, while maintaining an allocation
to stabilized properties. 15M sq ft AIMCO-CONTROLLED INVESTMENT
PIPELINE NYSE: AIV WHERE AIMCO IS TRADED TARGET MARKETS Aimco
CREATING VALUE
AIMCO MISSION To make real estate investments, primarily focused on
the multifamily sector within targeted U.S. markets where outcomes
are enhanced through our human capital and substantial value is
created for investors, teammates, and the communities in which we
operate. WHAT WE INVEST IN: Real estate assets and related
businesses. Primarily focused on Value-Add investments in the
Multifamily Sector. WHERE WE INVEST: Select U.S. Markets where
barriers to entry are high, where target customers can be clearly
defined, and where Aimco has a Comparative Advantage over others in
the market; which may include local market knowledge from regional
investment teams. HOW WE INVEST: Primarily through Direct
Investment In The General Partner Position with occasional direct
limited partner and indirect investments
Aimco CREATING VALUE AIMCO INVESTMENTS Aimco couples outsized
growth prospects from opportunistic investments with the safety of
a stable multifamily portfolio resulting in a nimble platform that
can move the needle quickly. Investment in Value Add and
Opportunistic Real Estate Provides outsized growth opportunities
compared to a primarily stabilized apartment portfolio Aimco
invests where it has the local knowledge and expertise that
provides a comparative advantage over other developers and
mitigates execution risk Maintain a portfolio of Core and Core Plus
Real Estate Provides stability and safety compared to a pure
development portfolio Aimco’s diversified portfolio of apartments
in major U.S. markets provides additional certainty of performance
through local economic cycles Flexibility to make Alternative
Investments Provides the option to make limited investments with
asymmetric upside and downside protection Aimco CREATING
VALUE
ACCOMPLISHMENTS: EXECUTING ON AIMCO STRATEGY
EXECUTING ON STRATEGY Accomplishments Plan ESG Appendix Investment
Thes Aimco has created substantial value for shareholders by
executing its plan focused on: Since Separation1 45% (1%) 19% 11%
9% (1%) AIV Developer Peer Group FTSE Apartment Equity Index MSCI
US REIT Index S&P 500 Russell 2000 Maximizing Real Estate
Investment Performance Prudent and Opportunistic Capital Allocation
Maintaining a Strong Balance Sheet and Accessing Capital Markets
Accelerated Independence from AIR [1] Performance measured from the
start of when-issued trading on December 14, 2020, through October
31, 2022. Developer Peer Group includes AHH, CLPR, CSR, ELME, FOR,
FPH, HHC, IRT, JBGS, JOE, STRS, TRC, and VRE (per AIV 2021 10-K);
represents simple average Accomplishments Plan ESG Appendix
Investment
EXECUTING ON STRATEGY Thesis REAL ESTATE INVESTMENT PERFORMANCE
Development and Redevelopment Expertise Since the separation from
AIR: Aimco has successfully invested more than $400M of capital in
development and major redevelopment projects Aimco executed 1,200
leases on newly constructed and delivered apartment homes at rental
rates averaging ~115% of target The Fremont 256 Unit Development
Prism 136 Unit Development 707 Leahy 110 Unit Major Redevelopment
Flamingo Point North 366 Unit Major Redevelopment Aimco CREATING
VALUE
EXECUTING ON STRATEGY Accomplishments Investment Thesis Plan ESG
Appendix Active Project Summaries As of 3Q 2022 (dollars in
millions) (unaudited) Number of units approved for development or
redevelopment Land Cost/Leasehold Value Direct Investment
PlannedTo-Date Remaining Expected NOI Stabilization[2] The Benson
Hotel and Faculty Club106 $ 6.2 $ 63.8 $ 48.8$ 15.0 4Q 2026 Upton
Place [1]689 92.8 260.0 128.8 131.2 4Q 2026 The Hamilton276 67.1
97.6 85.3 12.33Q 2024 Oak Shore246.147.115.931.22Q 2025[1] Planned
direct investment for Upton Place at Aimco's 90% share is $234
million.[2] Timing of stabilization is subject to change and is
based on the best estimate at this time.~$190 million of additional
Aimco capital necessary to complete active projects of which 87%
will be drawn on in place construction loans with capped interest
rate exposure Current active projects are expected to produce $38
million of NOI when stabilized REAL ESTATE INVESTMENT PERFORMANCE
The Benson Upton Place Oak Shore The Hamilton 11
EXECUTING ON STRATEGY Accomplishments Plan Investment Thesis ESG
Appendix REAL ESTATE INVESTMENT PERFORMANCE Aimco owns a portfolio
of 20 stabilized apartment communities with 5,542 apartment homes
diversified by geography and price point. PORTFOLIO
STATS64%26%10%Class B Class C+ Class A21.6%3Q Rent-to-Income Ratio
$2,1733Q Avg Monthly Revenue per Home YTD 3Q 2022
RESULTS97.4%Average Daily Occupancy11.0%Revenue Growth15.8%NOI
Growth ANNUALIZED RENT GROWTH (‘08/’09 & ’20) ‘08/’09
'20-2.1%-5.9%-2.6%-7.4% Class B Class A During the GFC and Covid,
Class B rents, on average, were 20% more resilient than Class A
rents. Source: Real Page, Green Street, and Company Records Class A
refers to apartment communities with rents >120% of local market
average Class B refers to apartment communities with rents between
90% and 120% of local market average Class C refers to apartment
communities with rents less than 90% of local market average
12
Accomplishments Plan Investment ESG AppendixThesis$1Bn of Asset
Dispositions at Favorable Pricing•$669Mofleasehold development
assets monetized at more than $750k per unit•$265M from the sale of
three assets at a premium to our internal NAV estimate and by
selling a partial interest in our passive IQHQ investment,
generating >50% IRR Accessed the Capital Markets•$781M of fixed
rate non-recourse property debt locked in significantly below
today’s potential refinancing levels•$360M of programmatic capital
with the Alaska Permanent Fund Corporationto fund up to $1Bn of
Aimco led multifamily development projects with third party
management fees and potential for incentive income to add to
existing JVs Expand Investment Pipeline •Aimco has tripledits
investment pipeline since the separation from AIR and now has the
opportunity to develop 15 million square feet EXECUTING ON
STRATEGY13PRUDENT AND OPPORTUNISTIC CAPITAL ALLOCATIONUSED CAPITAL
TOSOURCED CAPITAL FROM Fortify Aimco’s Balance Sheet•$1Bn of
near-term liabilities retired or refinanced, eliminating
substantially all floating rate exposure Return Capital to
Shareholders•>1.4M shares repurchased at ~$6.47 per
share
SIMPLIFYING THE RELATIONSHIP WITH AIR Accomplishments Plan
Investment Thesis ESG AppendixEXECUTING ON STRATEGY14AIR Transition
/ Relationship Items Separation Now Notes Payable to AIR$534M @
5.2% due Jan 2024Paid in full AIR Lease Liabilities Four leases for
$469MOne lease for $6.1MPurchase option/ROFOPurchase option on any
stabilized asset Aimco brings into its portfolio Right of first
offer on any development or redevelopment that Aimco chooses to
bring to market within one year from its stabilization
Reimbursements and Consulting Services~$6M per year for consulting
with respect to strategic growth, direction, and advice Expires at
year end 2022Since the separation in December 2020, Aimco has
simplified the relationship with AIR through the early repayment of
the $534 million purchase money note, the reduction of leasehold
liabilities from $469 million down to $6.1 million, and the
amendment of key provisions of the master leasing agreement with
AIR. Aimco maintains less material contracts with AIR such as
property management and transition services. Slide
15Accomplishments Plan Investment ESG Appendix Thesis EXECUTING ON
STRATEGY15IMPROVING THE BALANCE SHEET Since the separation from
AIR, Aimco proactively fortified its balance sheet ahead of what
appeared to be worsening conditions in the debt markets. As of
September 30, 2022, Aimco had: Lowered total leverage1from
$1.5Bn2to $1.1BnHedged 100% of its floating rate exposure Reduced
leverage maturing through 2024 by $1Bn (from $1.2Bn to $0.2Bn)A
favorable mark-to-market on its leverage, inclusive of interest
hedges, of ~$150M[1] Total leverage includes property-level debt
and lease liabilities.[2] Calculated post-separation as of
1/1/2021.Nearly doubled its weighed average term to
maturity
Accomplishments Plan Investment ESG Appendix Thesis EXECUTING ON
STRATEGY15 IMPROVING THE BALANCE SHEET Since the separation from
AIR, Aimco proactively fortified its balance sheet ahead of what
appeared to be worsening conditions in the debt markets. As of
September 30, 2022, Aimco had: Lowered total leverage1from
$1.5Bn2to $1.1BnHedged 100% of its floating rate exposure Reduced
leverage maturing through 2024 by $1Bn (from $1.2Bn to $0.2Bn)A
favorable mark-to-market on its leverage, inclusive of interest
hedges, of ~$150M[1] Total leverage includes property-level debt
and lease liabilities.[2] Calculated post-separation as of
1/1/2021.Nearly doubled its weighed average term to
maturity
Accomplishments Plan Investment ESG Appendix Thesis UTILIZING
3rdPARTY EQUITY TO FUND PROJECTS AND SCALEEXECUTING ON
STRATEGY16Hypothetical Project Example Aimco 100% of Development
Equity Aimco 20% GP with80% LP Capital Uses Amico Land
Basis$35$35Development Costs$180$180Development Fee (3%)$5$5Closing
Costs (2%)$4$4Accrued Interest$16$16Total Development
Cost$240$240SourcesConstruction Debt (50% LTC)$120$120Aimco
Equity$120$243rd Party Equity N/A$96Total Sources$240$240Return on
Equity NOI During Hold Period$14$14Stabilized
Value$307$307Construction Debt Payoff($121)($121)Total Proceeds /
Equity Value$201$201LP Partner Value / Proceeds N/A$146LP Partner
Multiple on Equity N/A1.5xLP Levered IRRN/A18.0%Aimco Pro Rata
Development FeeN/A$4Aimco Pro Rata Return Distribution N/A$40Aimco
Promoted Distribution N/A$9Aimco Total Proceeds$201$53Multiple on
Aimco Equity1.6x2.2xLevered IRR to Aimco20.9%35.1%BALANCE
INCREMENTAL FINANCIAL LEVERAGE WITH DIVERSIFICATION OF AIMCO
CAPITAL Aimco plans to diversify its capital invested and limit the
incremental amount of Aimco capital needed, by using 3rdparty
equity sourced from JV partners and construction debt to fund the
build out of its investment pipeline when conditions are right.
Aimco expects to monetize certain developments when prudent and
retain ownership of phased developments.
PLAN: OPTIMIZING GROWTH
OPTIMIZIN GGROWTH Accomplishments Plan Investment Thesis ESG
Appendix ALLOCATE AIMCO CAPITAL ACCRETIVELY INVEST CAPITAL
PRUDENTLY balancing growth, opportunistic share repurchases, while
maintaining balance sheet stability DEVELOPMENT FUNDING selectively
advance pipeline projects RETURN OF CAPITAL TO SHAREHOLDERS share
repurchases and dividend payments DEBT REDUCTION providing reduced
costs and optionality 18
Accomplishments Plan Investment ESG Appendix Thesis OPTIMIZING
GROWTH 19 0% 10% 20% 30% 40% 50% 60% 70% 80% Value Add
&Opportunistic Real Estate Core & Core Plus Real Estate
Alternative Investments Cash, Hedges, &Other Net Assets Current
Target AIMCO TARGET ALLOCATION BY SEGMENT & SECTOR Approximate
Current Allocation Target Allocation Target Leverage Avg.
Annualized Project-Level Return on Equity [2] Value Add &
Opportunistic Real Estate 25% 40% -60% 65% ~18% Core & Core
Plus Real Estate [1] 55% 35% -45% 50% ~9% Alternative Investments
10% 0% -5% 0% ~15% Cash, Hedges, & Other Net Assets 10% 5% -10%
0% 0% [1] Includes covered land, or properties that earn a current
return as we wait for the land to appreciate and timing to be right
for redevelopment or monetization. [2] Individual project-level
return on equity is subject to specific investment risk profiles
and market dynamics, a range of outcomes is likely. Total Expected
Annualized Returns on Equity 12% -16%
Accomplishments Plan Investment ESG Appendix Thesis Benson Hotel
and Faculty Club Flying Horse Fitzsimons 4Fitzsimons add’l phases
Oak Shore Upton Place Strathmore Phase 1Strathmore Phase
2Strathmore add'l phases The Hamilton Hamilton House300 Broward One
Edgewater3333 Biscayne Flagler Village Phase 1Flagler Village add'l
phases Brickell Assemblage OPTIMIZINGGROWTH 20 EXECUTE ON PIPELINE
INVESTMENTS Aimco Investments Estimated Size (sq ft) Timing
(subject to market conditions and capital allocation opportunities)
Active Construction 1,900,000 Stabilizing over next 2 –4 years Near
Term 2,400,000 Ready for vertical construction within 12 months Mid
Term 5,300,000 Ready for vertical construction between 12 and 24
months Long Term 5,900,000 Ready for vertical construction beyond
24 months Total 15,500,000 Aimco Target Markets See Appendix pages
31-36 for additional details.
OPTIMIZING GROWTH Accomplishments Plan Investment Thesis ESG
Appendix SIMPLIFYING THROUGH GEOGRAPHIC FOCUS Aimco will focus new
investment activity within three target markets where fundamentals
are sound, the opportunity set is large and Aimco has local market
expertise offering a comparative advantage.Washington D.C. Metro
Population 6.4 million DenverMetro Population 3.0 million Southeast
Florida Population 6.1 million Green Street Market Score:A- Green
Street Market Score:A Green Street Market Score:A- Median household
income:$110k (1.5x US) Median household income:$91k (1.3x US)
Median household income: $64k (0.9x US) Median home value:$498k
(1.5x US) Median home value:$520k (1.8x US) Median home value:$363k
(1.3x US) Educational attainment:53.4% (1.5x US) Educational
attainment:47.8% (1.4x US) Educational attainment:35.3% (1.0x US)
Source: U.S. Census Bureau 2021 MSA Data, Green Street Market Score
(D.C. Metro, Denver, and the average of Miami and Fort Lauderdale)
21
INVESTMENT THESIS: VALUE PROPOSITION
VALUE PROPOSITION Accomplishments Plan Investment Thesis ESG
Appendix SHARE PRICE RELATIVE TO NAV SHARE PRICE RELATIVE TO NAV
Aimco provides a significant value proposition given the intrinsic
value of its platform and its assets relative to the current share
price.Month End Share Price Since Separation Aimco’s 50-day moving
average=$8.05 pershare1 The Aimco board and management team are
committed to narrowing the gap and unlocking shareholder value. NAV
Estimate2 $14 $13 $12 $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 Dec-20
Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22
Aug-22 Oct-22 [1] Source: NYSE as of 11/02/2022 [2] Previous
forecast of 2022 year end NAV per share published during 1Q 2022
including developments at cost.
ESG: EXCELLENT CORPORATE CITIZENSHIP
EXCELLENT CORPORATE CITIZENSHIP Accomplishments Plan Investment
Thesis ESG Appendix ENVIRONMENTAL STEWARDSHIP: COMMITMENT TO
CONSERVATION & SUSTAINABILITY BUILDING COMMUNITIES THROUGH
DESIGN AND PLANNING LEADERSHIP IN ENERGY & ENVIRONMENTALDESIGN
LEED GOLD 2021 LEADERSIP IN ENERGY & ENVIRONMENTAL DESIGN LEED
SILVER 2021 Every development and redevelopment project is built
with conservation, sustainability, resilience, and climate-related
risks and opportunities in mind, including respected environmental
certifications. Further, we have implemented a number of measures
throughout our portfolio to reduce our environmental footprint,
including innovative technologies. KEYLESS ENTRY LED LIGHTING
RESIDENT & OFFICE RECYCLING SMART THERMOSTATS WATER SENSORS
Inaugural Reporting to Task Force on Climate-Related Financial
Disclosures (TCFD) in 2022 Corporate Responsibility Report In 2022,
Aimco conducted climate-risk assessments for each of its assets and
land and building acquisitions. 25
EXCELLENT CORPORATE CITIZENSHIP Accomplishments Plan Investment
Thesis ESG Appendix ENVIRONMENTAL STEWARDSHIP: CASE STUDY THE
HAMILTON MIAMI, FL REDEVELOPMENT OF THE HAMILTON IN MIAMI, FL
Retained the building's original footprint,significantly reducing
construction waste Converted enclosed atrium to an open-air lobby
with extensive plantings Waterproofed building using high impact
glass throughout the building Installed modernized fixtures and
systems; including, low–flow plumbing fixtures to increase water
conservation and LED lighting, high efficiency appliances and HVAC
units to reduce energy usage Waterproofed the existing below-grade
parking garage and proactively wired it for EV charging Installed
native landscaping Rebuilt the property’s sea wall to provide
protection for weather events including long-term sea-level rise
and creating a habitat for marine life 26
EXCELLENT CORPORATE CITIZENSHIP Accomplishments Plan Investment
Thesis ESG Appendix SOCIAL RESPONSIBILITY: COMMITMENT TO OUR
TEAMMATES, CUSTOMERS & COMMUNITIES INVESTMENTS IN TEAMMATES
& COMPANY CULTURE… Workplace flexibility Parental leave –16
weeks paid leave Healthy work environments …SHOWING TANGIBLE
RESULTS HIGHLY ENGAGED TEAM Record 4.52 (out of 5 stars) team
engagement for 2022: 92% employee response rate A WORKFORCE RICH
WITH DIVERSE BACKGROUNDS, PERSPECTIVES LEADS TO IMPROVED OUTCOMES
AIMCO’S HUMAN CAPITAL COMPOSITION AT A GLANCE SUPPORTING OUR
COMMUNITIES WITH PARTNERSHIPS, OPPORTUNITIES FOR TEAMMATES TO
VOLUNTEER Providing teammates with 15 hours of paid volunteer hours
through AimcoCares Partnership with Camillus House in 2022,
pledging $1M over four years for expansion of Camillus House’s
workforce development programs 67% Women in executive management
43% Women and racial/ethnic minorities in senior leadership
positions (all officers) 53% Women and racial/ethnic minorities
company-wide South Florida Business Journal’s HEALTHIEST EMPLOYERS
20222 2022 Metro Denver’s HEALTHIEST EMPLOYERS 27
EXCELLENT CORPORATE CITIZENSHIP Accomplishments Plan Investment
Thesis ESG Appendix STRONG GOVERNANCE: HIGHLY REGARDED AND
RECONSTITUTED BOARD Eight of ten Aimco directors are independent,
six of which were appointed within the past 2 years Quincy L.
AllenCO-FOUNDER AND MANAGING PARTNER,ARC CAPITAL PARTNERS Appointed
2020 Terry Considine CEO, APARTMENT INCOME REIT CORP. CHAIRMAN AND
CEO, AIMCO 1994-2020 Appointed 1994 Patricia L. Gibson FOUNDING
PRINCIPAL AND CEO,BANNER OAK CAPITAL PARTNERS Appointed 2020 Jay
Paul Leupp CO-FOUNDER, MANAGING PARTNER AND SENIOR PORTFOLIO
MANAGER, REAL ESTATE SECURITIES, TERRA FIRMA ASSET MANAGEMENT
Appointed 2020 Robert A. Miller CHAIRMAN OF THE BOARD SINCE 2020
Appointed 2007 Wesley Powell PRESIDENT, CHIEF EXECUTIVE OFFICER
Appointed 2020 Deborah Smith CO-FOUNDER AND CEO, THE CENTERCAP
GROUP Appointed 2021 Michael A. Stein FORMER CFO ICOS CORPORATION,
NORDSTROM, INC., & MARRIOTT INTERNATIONAL, INC. Appointed 2004
R. Dary Stone CEO, R. D. STONE INTERESTS Appointed 2020 Kirk A.
Sykes CO-MANAGING PARTNER, ACCORDIA PARTNERS, LLC Appointed 2020
28
APPENDIX
SENIOR LEADERSHIP TEAM Accomplishments Plan Investment Thesis ESG
Appendix Jennifer Johnson EVP, CHIEF ADMINISTRATIVE OFFICER,
GENERAL COUNSEL 18 Years with Aimco Wes Powell PRESIDENT &
CHIEF EXECUTIVE OFFICER 18 Years with Aimco Lynn Stanfield EVP
& CHIEF FINANCIAL OFFICER 21 Years with Aimco Lee Hodges SENIOR
VICE PRESIDENTSOUTHEAST REGION 7 Years with Aimco Previously with:
Peebles Development The Related Group Matt Konrad SVP EASTERN
REGION & NATIONAL TRANSACTIONS 5 Years with Aimco Previously
with: Brandywine Realty Akridge Elizabeth (Tizzie) Likovich SENIOR
VICE PRESIDENTCENTRAL REGION 2 Year with Aimco Previously with: UDR
Wells Fargo Tom Marchant SENIOR VICE PRESIDENTACCOUNTING, TAX,
& FP&A 8 Years with Aimco Previously with:Extra Space
Storage Deloitte John Nicholson SENIOR VICE PRESIDENT DEBT &
CAPITAL MARKETS 18 Years with Aimco Derek Ullian SENIOR VICE
PRESIDENTWESTERN REGION 6 Years with Aimco Previously with:
Benchmark RE Group Hellmuth, Obata + Kassabaum
PIPELINE DETAILS Accomplishments Plan Investment Thesis ESG
Appendix BRICKELL ASSEMBLAGEMIAMI / FL Acres: 4.25• GSF of
Development: ~3,000,000• Green Street Submarket Grade: A+• Aimco’s
Financial Interest: Aimco is sole owner of Yacht Club Apartments
and 1001 Brickell Bay Drive. 31
PIPELINE DETAILS Accomplishments Plan Investment Thesis ESG
Appendix EDGEWATER ASSEMBLAGEMIAMI / FL Acres: 8.3• GSF of
Development: ~2,300,000• Green Street Submarket Grade: A-• Aimco’s
Financial Interest: Aimco is sole owner of The Hamilton and the
adjacent land which can accommodate ~1.3M sf. Aimco has a 20%
interest in the remaining assemblage. 32
PIPELINE DETAILS Accomplishments Plan Investment Thesis ESG
Appendix FLAGLER VILLAGEFORT LAUDERDALE / FL Acres: 8.8• GSF of
Development: ~3,000,000• Green Street Submarket Grade: A-• Aimco’s
Financial Interest: Aimco is the sole owner. 33
PIPELINE DETAILS Accomplishments Plan investment ESG Appendix
BROWARDFORT LAUDERDALE / FL Acres: 4.2• GSF of Development:
~2,000,000• Green Street Submarket Grade: A-• Aimco’s Financial
Interest: Aimco owns 51% of the venture. 34
PIPELINE DETAILS Accomplishments Plan Investment Thesis ESG
Appendix STRATHMORE SQUAREBETHESDA / MD Acres: 8.0 • GSF of
Development: ~1,500,000• Green Street Submarket Grade: A++• Aimco’s
Financial Interest: Aimco has a 50% interest in the first two of
six phases of development with options to increase participation
35.
PIPELINE DETAILS Accomplishments Plan Investment Thesis ESG
Appendix FITZSIMONSANSCHUTZ MEDICAL CAMPUS AURORA / CO Acres: 5.2•
GSF of Development: ~1,500,000• Green Street Submarket Grade: B+•
Aimco’s Financial Interest: Aimco is the sole owner of options to
purchase the only multifamily parcels on the campu. 36
ASSET LIST Accomplishments Plan Investment Thesis ESG Appendix
Operating Apartment Communities Operating Office Building Property
Name Location Apartment Homes Property Name Location Square
Feet118-122 West 23rd Street New York, NY 42 1001 Brickell Bay
Drive Miami, FL 300k173 E. 90th Street New York, NY 72 237-239
Ninth Avenue New York, NY 36 Active Projects1045 on the Park
Apartments Homes Atlanta, GA 30 Property Name Location Approved
Units2200 Grace Lombard, IL 72 The Benson Hotel & faculty Club
Denver, CO 106Bank Lofts Denver, CO 125 The Hamilton Miami, FL
276Bluffs at Pacifica, The Pacifica, CA 64 Oak Shore Corte Madera,
CA 24Eldridge Townhomes Elmhurst, IL 58 Upton Place Washington, DC
689Elm Creek Elmhurst, IL 400 Evanston Place Evanston, IL 190
Development Land Hillmeade Nashville, TN 288 Property Name Location
Acres Hyde Park Tower Chicago, IL 155 Broward Assemblage Fort
Lauderdale, FL 4.2Plantation Gardens Plantation ,FL 372 Edgewater
Assemblage Miami, FL 8.3Royal Crest Estates Warwick, RI 492
Fitzsimons Aurora, CO 5.2Royal Crest Estates Nashua, NH 902 Flagler
Village Fort Lauderdale, FL 8.8Royal Crest Estates Marlborough, MA
473 Flying Horse Colorado Springs, CO 7.5Waterford Village
Bridgewater, MA 588 Strathmore Square Bethesda, MD 8.0Wexford
Village Worcester, MA 264 Willow Bend Rolling Meadows, IL 328
Alternative Investments Yacht Club at Brickell Miami, FL 357
Investment Name Investment Type Yorktown Apartments Lombard, IL 292
IQHQ Passive Equity Parkmerced Mezzanine Loan Partnership Owned RE
Tech Funds Passive Equity Casa del Hermosa La Jolla, CA 41 Casa del
Mar La Jolla, CA 30 Casa del Norte La Jolla, CA 34 Casa del Sur La
Jolla, CA 37 St. George Villas St. George, SC 40 37
NON-GAAP RECONCILIATION Accomplishments Plan ESG Appendix
Investment Thesis 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 report 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 as presented on Supplemental Schedule 6 of Aimco’s
Third Quarter 2022 Earnings Release and Supplemental Schedules
Segment NOI Reconciliation Nine Months Ended (in
thousands)September 30, 2022 September 30, 2021 Total Real Estate
Operations Revenues, Before Utility Reimbursements Expenses, Net of
Utility Reimbursements Revenues, Before Utility Reimbursements
Expenses, Net of Utility Reimbursements Total (per consolidated
statements of operations) $ 148,375 $ 56,384 $ 123,115 $ 51,500
Adjustment: Utilities reimbursement (4,221) (4,221) (3,719)
(3,719)Adjustment: Other Real Estate (13,619) (4,085) (9,783)
(3,251)Adjustment: Non-stabilized and other amounts not allocated
(30,533) (17,204) (19,486) (14,104)Total Stabilized Operating (per
Schedule 6) $ 100,002 $ 30,874 $ 90,127 $ 30,426 38
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