Aimco Reports Fourth Quarter 2015 Results, Provides 2016 Guidance

DENVER--()--Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today fourth quarter and full year 2015 results.

Chairman and Chief Executive Officer Terry Considine said: “2015 was a solid year for Aimco with average monthly revenue per apartment home better by 10%; leverage reduced by 11%; consensus NAV per share increased by 11%; and AFFO per share higher by 12%. We feel well prepared for 2016.”

“As we look inwardly at the Aimco business, we see continued solid demand and rising rents for our apartment homes. This makes us optimistic. Looking outside the Aimco business, we see the potential for overbuilding in some local markets and we take note of uncertainty in financial markets and in the general economy. This makes us conservative… and glad of the stability provided by the diversification of our portfolio across markets and price points, our limited exposure to redevelopment and development, and our liquid, low leverage balance sheet with limited dependence on capital markets.”

Chief Financial Officer Paul Beldin added: “In addition to guidance for 2016, we published today a forecast for 2017. We are providing an early look at 2017 to show our best guess as to the interplay of the possible slowing of rent growth; the lease-up of three communities, one in the Bay Area, one in Boston, and one in Cambridge; the reduction of non-core earnings; and the continuing reduction in our offsite costs. The net effect is improved portfolio quality, lower leverage, increased AFFO per share, and a higher quality of earnings.”

“By the end of 2017, we project average revenues per apartment home to exceed $2,000; the ratio of Debt and Preferred Equity to EBITDA to be about 6.3x; and AFFO per share to be up about 12% compared to 2016.”

Financial Results: Fourth Quarter and Full Year AFFO Up 12%

         
    FOURTH QUARTER   FULL YEAR
(all items per common share - diluted)   2015   2014   2015   2014
Net income   $ 0.43     $ 0.25     $ 1.52     $ 2.06  
Funds From Operations (FFO)   $ 0.58     $ 0.54     $ 2.22     $ 2.07  
Add back Aimco's share of preferred equity redemption related amounts   $     $     $ 0.01     $  
Pro forma Funds From Operations (Pro forma FFO)   $ 0.58     $ 0.54     $ 2.23     $ 2.07  
Deduct Aimco share of Capital Replacements   $ (0.10 )   $ (0.11 )   $ (0.35 )   $ (0.39 )
Adjusted Funds From Operations (AFFO)   $ 0.48     $ 0.43     $ 1.88     $ 1.68  
       

Pro forma FFO (per diluted common share) - Year-over-year, fourth quarter Pro forma FFO increased 7% as a result of: strong Property Net Operating Income growth; increased contribution from redevelopment and acquisition communities; and lower interest expense due to lower debt balances. These increases were partially offset by lower income tax benefit and by the loss of income from apartment communities that were sold in 2014 and 2015.

Adjusted Funds from Operations (per diluted common share) - Year-over-year, fourth quarter AFFO increased 12% as a result of higher Pro forma FFO and lower capital replacement spending. As Aimco concentrates its investment capital in higher-quality, higher price point apartment communities, its free cash flow margins are increasing and contributing to higher AFFO.

Operating Results: Full Year Conventional Same Store NOI Up 5.6%

         
    FOURTH QUARTER   FULL YEAR
    Year-over-Year   Sequential   Year-over-Year
      2015       2014     Variance   3rd Qtr.   Variance     2015       2014     Variance
Average Rent Per Apartment Home   $ 1,597     $ 1,526     4.7 %   $ 1,577     1.3 %   $ 1,564     $ 1,495     4.6 %
Other Income Per Apartment Home     173       167     3.6 %     183     (5.5 )%     179       173     3.5 %
Average Revenue Per Apartment Home   $ 1,770     $ 1,693     4.5 %   $ 1,760     0.6 %   $ 1,743     $ 1,668     4.5 %
Average Daily Occupancy     95.5 %     95.7 %   (0.2 )%     95.6 %   (0.1 )%     95.9 %     95.9 %   %
                                 
$ in Millions                                
Revenue   $ 163.6     $ 156.8     4.3 %   $ 162.9     0.4 %   $ 646.7     $ 619.0     4.5 %
Expenses     49.7       47.6     4.4 %     51.9     (4.3 )%     203.6       199.5     2.1 %
NOI   $ 113.9     $ 109.2     4.3 %   $ 111.0     2.6 %   $ 443.1     $ 419.5     5.6 %
               

Conventional Same Store Rental Rates - Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified either as a new lease, where a vacant apartment is leased to a new customer, or as a renewal.

                                 
2015   1st Qtr.   2nd Qtr.   3rd Qtr.   Oct   Nov   Dec   4th Qtr.   Full Year
Renewal rent increases   4.8 %   5.1 %   6.0 %   5.7 %   5.3 %   5.6 %   5.6 %   5.5 %
New lease rent increases   1.2 %   5.7 %   6.6 %   3.4 %   1.1 %   1.5 %   2.1 %   4.4 %
Weighted average rent increases   2.8 %   5.4 %   6.3 %   4.4 %   2.7 %   3.5 %   3.6 %   4.9 %
               

Redevelopment: Scope Expanded at The Sterling

During fourth quarter, Aimco invested $19.7 million in redevelopment and also approved a plan to expand its phased redevelopment of The Sterling, a mixed-use community with 535 apartment homes located in Center City Philadelphia. Since 2014, Aimco has completed the redevelopment of 236 apartment homes, or 44% of the total as planned, at a cost consistent with underwriting, and with rents in excess of Aimco underwriting. These results led to Aimco's decision to develop an additional five floors containing 130 apartment homes for an additional investment of approximately $13 million.

Also during fourth quarter, Aimco achieved stabilized occupancy at its Ocean House redevelopment community, located in La Jolla, California. Stabilized occupancy was achieved a quarter ahead of schedule and at rents above underwriting.

Development: Progressing as Planned

During fourth quarter, Aimco invested $35.3 million in two development communities. Construction continued on plan at Aimco's One Canal development, located in the historic Bulfinch Triangle neighborhood of Boston’s West End. One Canal will include 310 apartment homes and 22,000 square feet of commercial space. Aimco expects completion of construction in second quarter 2016.

During fourth quarter, Aimco began the lease-up of its Vivo community located in Cambridge, Massachusetts, and as of December 31, 2015, 15% of the 91 homes were occupied. Leasing activity during fourth quarter was in line with underwriting. Amenity finishes, including completion of a fitness center and finishes for a rooftop terrace, are scheduled to be completed in the summer of 2016.

Portfolio Management: Revenue Per Apartment Home Up 10% to 1,840

Aimco's portfolio strategy seeks predictable rent growth from a portfolio of “A,” “B” and “C+” quality apartment communities, 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's target markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois.

Aimco measures quality based on property 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 property quality as follows: “A” quality properties are those with rents greater than 125% of the local market average; “B” quality properties are those with rents between 90% and 125% of the local market average; “C+” quality properties are those with rents greater than $1,100 per month but lower than 90% of the local market average. For third quarter 2015, the most recent period for which REIS information is available, Aimco Conventional apartment rents averaged 111% of local market average rents.

Aimco's portfolio strategy is to sell each year the lowest-rated 5% to 10% of its portfolio and to reinvest the proceeds from such sales in redevelopment, selective development, and acquisition of higher quality apartment communities. Through this disciplined approach to capital recycling, Aimco has significantly increased the quality of its portfolio. From December 31, 2011 to December 31, 2015, Aimco:

  • Increased its period-end Conventional portfolio average revenue per apartment home by 46% to $1,840. This rate of growth reflects the impact of market rent growth, and more significantly, the impact of portfolio management through dispositions, redevelopment and acquisitions.
  • Increased its Conventional portfolio free cash flow margin by 13% through the sale of lower-rated communities and reinvestment in communities of greater quality commanding higher rents; and
  • Increased to 91% the percentage of its Conventional Property Net Operating Income earned in Aimco target markets.

As a result of these efforts, as of September 30, 2015, the most recent period for which market information is available, approximately 51%, 32% and 17% of Aimco's portfolio is invested in “A,” “B” and “C+” quality apartment homes, respectively.

As Aimco executes its portfolio strategy, it expects to increase Conventional portfolio average revenue per apartment home at a rate greater than market rent growth; to increase free cash flow margins; and to increase to 95% or more the percentage of its Conventional Property Net Operating Income earned in Aimco target markets.

Fourth Quarter 2015 Portfolio Transactions - In fourth quarter, Aimco sold three Conventional apartment communities with 964 apartment homes for $146.6 million in gross proceeds. Aimco's share of net sales proceeds after repayment of property debt and transaction costs was $93.6 million. Fourth quarter sales included the last two apartment communities Aimco owned in Phoenix, Arizona. Aimco did not acquire any apartment communities during the fourth quarter.

Year-End Portfolio - Fourth quarter 2015 Conventional portfolio average monthly revenue per apartment home was $1,840, a 10% increase compared to fourth quarter 2014, as a result of year-over-year Same Store monthly revenue per apartment home growth of 4.5%, the sale of Conventional Apartment Communities with average monthly revenues per apartment home substantially lower than those of the retained portfolio, and reinvestment of the sales proceeds through redevelopment and acquisition of apartment communities with better prospects and higher rents.

Balance Sheet and Liquidity: Leverage lower by 11%

Components of Aimco Leverage

     
    AS OF DECEMBER 31, 2015
$ in Millions   Amount   % of Total  

Weighted Avg.
Maturity (Yrs.)

Aimco share of long-term, non-recourse property debt   $ 3,706.9   93 %   8.1
Outstanding borrowings on revolving credit facility   27.0   1 %   2.8
Preferred securities   247.7   6 %   Perpetual
Total leverage   $ 3,981.6   100 %   n/a
     

Leverage Ratios

Aimco target leverage ratios are: Debt and Preferred Equity to EBITDA below 7.0x; and EBITDA to Interest and Preferred Dividends greater than 2.5x. Aimco also tracks Debt to EBITDA and EBITDA to Interest ratios. See the Glossary for definitions of these metrics.

     
   

TRAILING-TWELVE-MONTHS
ENDED DECEMBER 31,

    2015   2014
Debt to EBITDA*   6.4x   6.5x
Debt and Preferred Equity to EBITDA*   6.8x   7.0x
EBITDA to Interest   3.1x   2.7x
EBITDA to Interest and Preferred Dividends   2.8x   2.5x

* The Debt to EBITDA and Debt and Preferred Equity to EBITDA ratios presented for 2014 were adjusted on a pro-forma basis to reflect $367 million of net proceeds from Aimco's January 2015 stock offering. Actual 2014 Debt to EBITDA and 2014 Debt and Preferred Equity to EBITDA ratios were 7.1x and 7.6x, respectively.

Future leverage reduction is expected both from earnings growth, especially as apartment communities now being redeveloped or developed are completed and leased, and from regularly scheduled property debt amortization funded from retained earnings.

Liquidity

Aimco's only recourse debt at December 31, 2015, was its revolving credit facility, which Aimco uses for working capital and other short-term purposes, and to secure letters of credit.

At year-end, Aimco had outstanding borrowings on its revolving credit facility of $27.0 million and available capacity of $536.6 million, net of $36.4 million of letters of credit backed by the facility. Aimco also held cash and restricted cash on hand of $134.9 million.

Finally, Aimco held apartment communities in its unencumbered asset pool with a total estimated fair market value of approximately $1.8 billion.

Equity Activity

Dividend - As previously announced, the Aimco Board of Directors declared a quarterly cash dividend of $0.33 per share of Class A Common Stock for the quarter ended December 31, 2015. On an annualized basis, this represents an increase of 12% compared to the dividends paid during 2015. This dividend is payable on February 29, 2016, to stockholders of record on February 19, 2016.

2016 Outlook

         
($ Amounts represent Aimco Share)  

FULL YEAR
2016

 

FULL YEAR
2015

         
Net Income per share   $0.37 to $0.47   $1.52
Pro forma FFO per share   $2.23 to $2.33   $2.23
AFFO per share   $1.91 to $2.01   $1.88
         
Select Components of FFO        
Conventional Same Store Operating Measures        
Revenue change compared to prior year   4.50% to 5.00%   4.5%
Expense change compared to prior year   2.50% to 3.00%   2.1%
NOI change compared to prior year   5.25% to 6.25%   5.6%
         
Non-Core Earnings        
Amortization of deferred tax credit income   $19M   $24M
Non-recurring investment management revenues   $1M to $3M   $1M
Historic Tax Credit benefit   $8M to $11M   $13M
Other tax benefits, net   $8M to $10M   $17M
Total Non-Core Earnings   $36M - $43M   $55M
         
Offsite Costs        
Property management expenses   $24M   $25M
General and administrative expenses   $42M   $43M
Investment management expenses   $5M   $6M
Total Offsite Costs   $71M   $74M
         
Capital Investments        
Redevelopment and development   $180M to $220M   $233M
Property upgrades   $70M to $75M   $49M
Capital replacements   $45M to $50M   $49M
         
Transactions        
Property dispositions   $450M to $500M   $386M
Property acquisitions   $320M   $129M
         
Portfolio Quality        
Fourth quarter Conventional property average revenue per apartment home   ~$1,950   $1,840
         
Balance Sheet        
Debt to Trailing-Twelve-Month EBITDA   ~6.3x   6.4x
Debt and Preferred Equity to Trailing-Twelve-Month EBITDA   ~6.7x   6.8x
Value of unencumbered properties   ~$2.0B   ~$1.8B
   
     
($ Amounts represent Aimco Share)  

FIRST
QUARTER 2016

     
Net income per share   $0.04 to $0.08
Pro forma FFO per share   $0.52 to $0.56
AFFO per share   $0.44 to $0.48
     
Conventional Same Store Operating Measures    
NOI change compared to fourth quarter 2015   -2.00% to -1.00%
NOI change compared to first quarter 2015   4.50% to 5.50%
 

2016 Pro forma FFO and AFFO Reconciliations

Aimco's 2016 outlook reflects continuation of the strategy Aimco has executed over the last several years. This strategy focuses on excellence in property operations; value creation through redevelopment and occasional development; portfolio management based on a disciplined approach to capital recycling and simplification of the business; a safe, flexible, and liquid balance sheet; and a simple business model executed by a performance-oriented and collaborative team. As Aimco continues to execute this consistent strategy, 2016 FFO and AFFO growth are expected to be muted compared to 2015. This projected lower rate of growth is primarily the result of several factors as follows:

  • Accelerating Same Store revenue and Net Operating Income growth in 2016 compared to 2015, adding $0.17 per share to AFFO;
  • Declining Net Operating Income caused by selling stabilized communities to fund lease-up communities with no current income, reducing AFFO compared to 2015 by $0.15 per share;
  • Declining non-core earnings as Aimco continues to simplify its business, lowering AFFO by $0.10 per share; and
  • Declining offsite costs as Aimco scales its overhead to its more focused activities, adding $0.02 to AFFO per share.

Aimco published today in a separate document its forecast for 2017, which reflects accelerating FFO and AFFO growth compared to 2016 with: continued growth in Same Store revenue and Net Operating Income; earn-in of income from lease-up communities; a continued reduction in non-core earnings; and declining offsite costs. Aimco's 2016 Outlook and 2017 Forecast may be found on its website at http://www.aimco.com/investors/events-presentations/presentations.

     
($ Per share, at the midpoint of Aimco's Outlook)    
     
2015 Pro forma FFO   $2.23
     
Continuing Operations    
Conventional Same Store NOI growth   0.17
Conventional Redevelopment NOI growth   0.06
Other Conventional Non-Same Store NOI growth   0.01
Affordable Property NOI growth   0.04
Total NOI growth   0.28
     
Transactions and Development    
Acquisition Property NOI contribution   0.03
Lease-up Property NOI contribution  
Lost NOI from property sales   (0.15)
Change in interest expense attributable to transactions and development   (0.04)
Net Impact of Transactions and Development   (0.16)
     
Changes in Non-Core Earnings    
Amortization of deferred tax credit income   (0.03)
Non-recurring investment management revenues  
Income tax benefit (including a $0.02 decrease in Historic Tax Credit benefit)   (0.07)
Net Impact of Changes in Non-Core Earnings   (0.10)
     
Reduction in interest expense due to lower property debt balances   0.04
Offsite costs   0.02
Impact of share count changes   (0.02)
Other, net   (0.01)
     
2016 Pro forma FFO   $2.28
 
     
($ Per share, guidance and forecast at the midpoint)    
     
2015 AFFO   $ 1.88
     
Change in Pro forma FFO     0.05
Capital Replacement spending on sold properties     0.01
Other changes in Capital Replacement spending     0.01
Impact of share count changes     0.01
     
2016 AFFO   $ 1.96
 

Earnings Conference Call Information

   
Live Conference Call: Conference Call Replay:
Friday, February 5, 2016 at 1:00 p.m. ET Replay available until 9:00 a.m. ET on April 5, 2016
Domestic Dial-In Number: 1-888-317-6003 Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-6061 International Dial-In Number: 1-412-317-0088
Passcode: 9850959 Passcode: 10078593
 

Live webcast and replay: http://www.aimco.com/investors

 

Supplemental Information

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

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 measures not defined under 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 196 communities in 22 states and the District of Columbia. 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.

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 2016 results, including but not limited to: Pro forma FFO and selected components thereof; AFFO; Aimco's redevelopment and development investments, timelines and Net Operating Income contribution; Aimco’s acquisition and lease-up timelines and Net Operating Income contribution; expectations regarding sales of Aimco's apartment communities and the use of proceeds thereof; and Aimco liquidity and leverage metrics.

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, redevelopments and developments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our developments and redevelopments; our ability to meet timelines and budgeted rental rates related to our lease-up properties; 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: 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; 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; the risk that our earnings may not be sufficient to maintain compliance with debt covenants; the amount, location and quality of competitive new supply; 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, redevelopments and developments; 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 apartment communities presently or previously owned by Aimco. In addition, Aimco'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 its 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, 2014, 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 Year Ended
December 31, December 31,
2015 2014 2015 2014
REVENUES
Rental and other property revenues $ 239,646 $ 233,330 $ 956,954 $ 952,831
Tax credit and asset management revenues 6,229   8,848   24,356   31,532  
Total revenues 245,875   242,178   981,310   984,363  
 
OPERATING EXPENSES
Property operating expenses 87,350 84,646 359,393 373,654
Investment management expenses 1,261 3,758 5,855 7,310
Depreciation and amortization 79,482 71,465 306,301 282,608
Provision for real estate impairment losses 407 1,820
General and administrative expenses 9,451 12,787 43,178 44,092
Other expenses, net 2,847   5,307   10,368   12,529  
Total operating expenses 180,391   178,370   725,095   722,013  
Operating income 65,484 63,808 256,215 262,350
Interest income 1,782 1,691 6,949 6,878
Interest expense (48,275 ) (52,358 ) (199,685 ) (220,971 )
Other, net (244 ) (772 ) 387   (829 )
Income before income taxes and gain on dispositions 18,747 12,369 63,866 47,428
Income tax benefit 6,510   6,937   27,524   20,047  
Income from continuing operations 25,257 19,306 91,390 67,475
Gain on dispositions of real estate, net of tax 50,119   26,153   180,593   288,636  
Net income 75,376 45,459 271,983 356,111
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships (694 ) (2,643 ) (4,776 ) (24,595 )
Net income attributable to preferred noncontrolling interests in Aimco OP (1,735 ) (1,689 ) (6,943 ) (6,497 )
Net income attributable to common noncontrolling interests in Aimco OP (3,291 ) (1,875 ) (11,554 ) (15,770 )
Net income attributable to noncontrolling interests (5,720 ) (6,207 ) (23,273 ) (46,862 )
Net income attributable to Aimco 69,656 39,252 248,710 309,249
Net income attributable to Aimco preferred stockholders (2,757 ) (2,860 ) (11,794 ) (7,947 )
Net income attributable to participating securities (260 ) (123 ) (950 ) (1,082 )
Net income attributable to Aimco common stockholders $ 66,639   $ 36,269   $ 235,966   $ 300,220  
Earnings attributable to Aimco per common share - basic and diluted:
Income from continuing operations $ 0.43   $ 0.25   $ 1.52   $ 2.06  
Net income $ 0.43   $ 0.25   $ 1.52   $ 2.06  
 
Consolidated Balance Sheets
(in thousands) (unaudited)
   
December 31, 2015 December 31, 2014
ASSETS
Buildings and improvements $ 6,446,326 $ 6,259,318
Land 1,861,157   1,885,640  
Total real estate 8,307,483 8,144,958
Accumulated depreciation (2,778,022 ) (2,672,179 )
Net real estate 5,529,461 5,472,779
Cash and cash equivalents 50,789 28,971
Restricted cash 86,956 91,445
Other assets 473,918 476,727
Assets held for sale 3,070   27,106  
Total assets $ 6,144,194   $ 6,097,028  
 
LIABILITIES AND EQUITY
Non-recourse property debt $ 3,846,160 $ 4,022,809
Revolving credit facility borrowings 27,000   112,330  
Total indebtedness 3,873,160 4,135,139
Accounts payable 36,123 41,919
Accrued liabilities and other 318,975 279,077
Deferred income 64,052 81,882
Liabilities related to assets held for sale 53   28,969  
Total liabilities 4,292,363   4,566,986  
Preferred noncontrolling interests in Aimco OP 87,926 87,937
Equity:
Perpetual Preferred Stock 159,126 186,126
Class A Common Stock 1,563 1,464
Additional paid-in capital 4,064,659 3,696,143
Accumulated other comprehensive loss (6,040 ) (6,456 )
Distributions in excess of earnings (2,596,917 ) (2,649,542 )
Total Aimco equity 1,622,391   1,227,735  
Noncontrolling interests in consolidated real estate partnerships 151,365 233,296
Common noncontrolling interests in Aimco OP (9,851 ) (18,926 )
Total equity 1,763,905   1,442,105  
Total liabilities and equity $ 6,144,194   $ 6,097,028  
 

Contacts

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

Release Summary

Aimco Reports Fourth Quarter 2015 Results, Provides 2016 Guidance

Contacts

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