Aimco Reports Fourth Quarter 2012 Results

In the January 2013 table under "Rental Rates," the New lease rent increases should read 2.1% (sted 3.1%). Renewal rent increases and weighted average rent increases as initially reported are not impacted by this correction. The correction has also been made to the earnings release and supplemental schedules available on Aimco’s website at http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.

The corrected release reads:

AIMCO REPORTS FOURTH QUARTER 2012 RESULTS

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

Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a solid 2012. Profitability is up with Conventional Same Store NOI growth of 6.5%, the highest rate of annual growth in six years. Portfolio quality is also up with average revenue per unit in our Conventional portfolio increasing nearly 8% to $1,362. Redevelopment investment tripled to $100 million. But, leverage is down: the ratio of Debt plus Preferred Equity to annualized fourth quarter EBITDA declined by about two times from 9.6 times to 7.7 times.”

Considine adds: “We look for 2013 to be another good year with increasing profitability in operations, disciplined upgrading of our portfolio, increased investment in redevelopment, lower leverage, and further simplification leading to lower offsite costs.”

Financial Results

Full Year Pro forma FFO Up 12%, AFFO Up 31%*
        FOURTH QUARTER      

FULL YEAR
(all items per common share)       2012       2011       2012       2011
Net income (loss)     $ 0.47     $ (0.19)     $ 0.61     $ (0.86)
Funds from Operations (FFO)     $ 0.52     $ 0.43     $ 1.68     $ 1.52
Add back (deduct) preferred equity redemption related amounts     $     $ (0.01)     $ 0.16     $ (0.03)
Pro forma Funds from Operations (Pro forma FFO)     $ 0.52     $ 0.42     $ 1.84     $ 1.49
Deduct Aimco's share of Capital Replacements     $ (0.14)     $ (0.22)     $ (0.50)     $ (0.62)
Adjusted Funds From Operations (AFFO)     $ 0.38     $ 0.20     $ 1.34     $ 0.87

* Full year 2011 financial results include a deduction of $0.15 per share related to debt prepayment penalties and the write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction during second quarter 2011. Excluding these charges, comparable full year 2011 Pro forma FFO and AFFO per share were $1.64 and $1.02, respectively. On this comparable basis, full year 2012 Pro forma FFO and AFFO increased 12% and 31%, respectively, compared to 2011.

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