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Aimco Reports Second Quarter 2012 Results

Stocks in this article: AIV

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

Chairman and Chief Executive Officer Terry Considine comments: “Aimco enjoyed an excellent second quarter with solid progress on all fronts. Our business remains good with steady customer demand driving higher rents. Our portfolio continues to improve with the sale of lower-rated properties funding accretive redevelopments. Our balance sheet is stronger by $642 million raised in two equity offerings, and the subsequent redemption of $601 million of preferred stock. Our prospects are good as we enter the second half of the year; our Board of Directors agrees, and has increased Aimco's quarterly common stock dividend to $0.20 per share.”

Chief Financial Officer Ernie Freedman adds: “Aimco's recent equity activities, including our common stock offerings and preferred stock redemptions, and the common dividend increase, are expected to increase net annual cash flows by $18 million, and to increase annualized Pro forma FFO and AFFO by $0.04 and $0.12 per share, respectively. These activities have also accelerated progress toward our balance sheet targets. We now expect to achieve our stated Debt and Preferred Stock to EBITDA target of 7.0x in early 2014, or almost two years earlier than anticipated at the beginning of this year, and our EBITDA to Interest and Preferred Stock Dividends target of 2.5x even sooner.”

Financial Results

Second Quarter Pro forma FFO Up 10%, AFFO Up 17%

      2012   2011   2012   2011
Net income (loss) per common share     $ 0.00     $ (0.28 )   $ (0.08 )   $ (0.55 )
Funds from Operations (FFO)     $ 0.38     $ 0.29     $ 0.78     $ 0.68  
Add back (deduct) Aimco's share of preferred equity redemption related amounts     $ 0.08     $ (0.02 )   $ 0.08     $ (0.02 )
Pro forma Funds from Operations (Pro forma FFO)     $ 0.46     $ 0.27     $ 0.86     $ 0.66  
Deduct Aimco's share of Capital Replacements     $ (0.12 )   $ (0.13 )   $ (0.23 )   $ (0.23 )
Adjusted Funds From Operations (AFFO)     $ 0.34     $ 0.14     $ 0.63     $ 0.43  

Second quarter and year-to-date 2011 financial results include a deduction of $0.15 per share related to debt prepayment penalties and write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction during that period. Excluding these charges, comparable second quarter and year-to-date Pro forma FFO and AFFO were $0.42 per share and $0.29 per share, respectively.

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