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Aimco Reports Third Quarter 2012 Results

Stocks in this article: AIV

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

Chairman and Chief Executive Officer Terry Considine comments: “We are on track for the solid execution of our 2012 plans. Conventional Same Store operating income year-to-date has increased 6.7% over last year due to consistent renewal rent gains and good success in controlling costs. Our portfolio is much improved with average rents of $1,332, up 8% year-over-year, due to investment in property upgrades, sale of lower-rated properties, and the quality of our acquisitions. We have restarted our redevelopment program with clear plans, high-quality locations and attractive expected returns. Our balance sheet is much improved with leverage reduced by approximately $700 million.”

Chief Financial Officer Ernie Freedman adds: “Third quarter Pro forma FFO of $0.46 per share exceeded the midpoint of our guidance range by $0.01 per share, primarily as a result of better than expected property operating results. At the midpoint of our guidance, we are projecting full year FFO and AFFO per share growth of approximately 11% and 31%, respectively.”

Financial Results

Third Quarter Pro forma FFO Up 12%, AFFO Up 38%

          2012         2011         2012         2011  
Net income (loss) per common share       $ 0.17       $ (0.12 )     $ 0.11       $ (0.67 )
Funds from Operations (FFO)       $ 0.38       $ 0.41       $ 1.15       $ 1.09  
Add back (deduct) preferred equity redemption related amounts       $ 0.08       $       $ 0.17       $ (0.02 )
Pro forma Funds from Operations (Pro forma FFO)       $ 0.46       $ 0.41       $ 1.32       $ 1.07  
Deduct Aimco's share of Capital Replacements       $ (0.13 )     $ (0.17 )     $ (0.36 )     $ (0.40 )
Adjusted Funds From Operations (AFFO)       $ 0.33       $ 0.24       $ 0.96       $ 0.67  

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 second quarter 2011. Excluding these charges, comparable year-to-date Pro forma FFO and AFFO per share were $1.22 and $0.82, respectively.

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