<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 22, 1999
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
-------------------------------------------
(Exact name of registrant as specified in its charter)
MARYLAND 1-13232 84-1259577
- ------------------------------- ------------- -----------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1873 SOUTH BELLAIRE STREET, SUITE 1700, DENVER, CO 80222-4348
- -------------------------------------------------- -----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 757-8101
NOT APPLICABLE
-------------------------------------------------------------
(Former name or Former Address, if Changed Since Last Report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
The press release of Apartment Investment and Management Company attached
hereto as Exhibit 99.1 is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
The following exhibit is filed with this report:
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
99.1 Press Release of Apartment Investment and Management
Company dated April 22, 1999.
</TABLE>
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
Date: April 23, 1999 By: /s/ Troy D. Butts
--------------------------
Troy D. Butts
Senior Vice President and
Chief Financial Officer
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
99.1 Press Release of Apartment Investment and Management Company
dated April 22, 1999.
</TABLE>
<PAGE> 1
EXHIBIT 99.1
[AIMCO LETTERHEAD]
Apartment Investment and Management Company Reports 18% Increase
in First Quarter Per Share Results and Declares Dividend
DENVER, April 22 /PRNewswire/ -- Apartment Investment and Management
Company (NYSE: AIV) ("AIMCO") announced that its Adjusted Funds From Operations
("AFFO"), AIMCO's measure of economic profitability, equaled $59,912,000 or
$0.87 per common share for the quarter ended March 31, 1999, compared to
$36,232,000 or $0.74 per common share for the quarter ended March 31, 1998, an
increase of 18% on a per share basis.
AIMCO announced that its Funds From Operations ("FFO") equaled $66,225,000
or $0.96 per common share for the quarter ended March 31, 1999, compared to
$39,087,000 or $0.80 per common share for the quarter ended March 31, 1998, an
increase of 20% on a per share basis.
First quarter 1999 "same store" sales for the 363 apartment communities
containing 101,667 units owned during both 1999 and 1998, applying AIMCO's
ownership interest in these "same store" apartment communities, showed a 4.2%
increase in revenues, a 0.5% increase in operating expenses and a 6.5% increase
in Net Operating Income from the first quarter of 1998.
Weighted average physical occupancy for the 363 apartment communities was
94.8% for the quarter ended March 31, 1999, compared to 92.5% for the quarter
ended March 31, 1998, an increase of 2.5%. Average monthly rent per occupied
unit increased 1.8%, from $605 for the quarter ended March 31, 1998 to $616 for
the quarter ended March 31, 1999.
On April 21, 1999, the Board of Directors declared a cash dividend of
$0.625 per common share for the quarter ended March 31, 1999, payable on May
14, 1999, to shareholders of record on May 7, 1999. The dividend is equivalent
to an annualized dividend rate of $2.50 per common share and represents a
distribution of 71.8% of AFFO and 65.1% of FFO for the quarter and a 6.3% yield
based on the closing price of AIMCO's Class A Common Stock of $39.75 as of
April 20, 1999.
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<PAGE> 2
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AFFO, which is AIMCO's measure of economic profitability, is defined as FFO
less an estimated reserve for capital replacements of $300 per apartment unit.
The Company's management believes that FFO, less such a reserve, provides
investors with an understanding of the Company's ability to incur and service
debt and make capital expenditures. The Board of Governors of the National
Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net
income (loss), computed in accordance with generally accepted accounting
principles, excluding gains and losses from debt restructuring and sales of
property, plus real estate related depreciation and amortization (excluding
amortization of financing costs), and after adjustments for unconsolidated
partnerships and joint ventures. AIMCO calculates FFO based on the NAREIT
definition, as adjusted for minority interest in the AIMCO Operating
Partnership, amortization of goodwill, the non-cash deferred portion of the
income tax provision for unconsolidated subsidiaries and less the payment of
dividends on preferred stock. FFO should not be considered an alternative to net
income or net cash flows from operating activities, as calculated in accordance
with GAAP, as an indication of the Company's performance or as a measure of
liquidity. FFO is not necessarily indicative of cash available to fund future
cash needs. In addition, there can be no assurance that the Company's basis for
computing FFO is comparable with that of other real estate investment trusts.
The first quarter 1999 earnings conference call will be conducted on
Monday, April 26, 1999 at 3:00 p.m. Eastern time. You may participate in the
conference call by dialing 1-800-374-0616 approximately five minutes before the
conference call is scheduled to begin and indicating that you wish to join the
Apartment Investment and Management Company first quarter 1999 results
conference call.
AIMCO is a real estate investment trust with headquarters in Denver,
Colorado and 35 regional operating centers, which holds a geographically
diversified portfolio of apartment communities. AIMCO, through its
subsidiaries, operates approximately 2,100 properties, including approximately
375,000 apartment units, and serves approximately one million residents.
AIMCO's properties are located in 49 states, the District of Columbia and
Puerto Rico.
Summary (dollars in thousands, except per share data):
<TABLE>
<CAPTION>
Quarter Ended Quarter Ended
3/31/99 3/31/98
<S> <C> <C>
Funds From Operations $66,225 $39,087
Adjusted Funds From Operations 59,912 36,232
Net Income 13,956 21,642
Net Income Allocable to Common
Shareholders 336 17,961
Per Common Share
Funds From Operations $ 0.96 $ 0.80
Adjusted Funds From Operations 0.87 0.74
Basic Earnings Per Share 0.01 0.44
Diluted Earnings Per Share 0.01 0.43
Dividends Declared 0.625 0.5625
Payout Ratios
Funds From Operations 65.1% 70.3%
Adjusted Funds From Operations 71.8% 76.0%
</TABLE>
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CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
<TABLE>
<CAPTION>
For the Three Months Ended March 31,
1999 1998
<S> <C> <C>
Rental property operations
Rental and other property revenues $ 112,586 $ 71,336
Property operating expenses (43,170) (26,309)
Owned property management expense (3,502) (2,132)
Depreciation (27,112) (13,977)
Income from property operations 38,802 28,918
Service Company Business
Management fees and other income 8,556 4,821
Management and other expenses (8,902) (1,961)
Corporate overhead allocation -- (151)
Income (loss) from service company
business (346) 2,709
General and administrative expenses (3,690) (1,974)
Interest expense (31,330) (15,441)
Interest income 10,367 6,076
Equity in earnings (losses) of
other partnerships (a) 816 (653)
Equity in earnings of unconsolidated
subsidiaries 2,372 4,068
Minority interest in other partnerships 111 (582)
Amortization of goodwill (1,942) (1,717)
Income from operations 15,160 21,404
Gain on disposition of properties 15 2,526
Income before minority interest
in operating partnership 15,175 23,930
Minority interest in operating
partnership (1,219) (2,288)
Net income $ 13,956 $ 21,642
Net income allocable to preferred
shareholders $ 13,620 $ 3,681
Net income allocable to common
shareholders $ 336 $ 17,961
Weighted average number of common
shares outstanding 56,468 41,128
Weighted average number of common
shares and common share
equivalents outstanding 58,412 41,310
Basic earnings per share $ 0.01 $ 0.44
Diluted earnings per share $ 0.01 $ 0.43
</TABLE>
(a) In 1999, represents AIMCO's share of earnings from 168,817 units in which
AIMCO holds an equity interest.
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FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(in thousands, except per share data)
(unaudited )
<TABLE>
<CAPTION>
For the Three Months Ended March 31,
1999 1998
<S> <C> <C>
Operating Activities:
Income before minority interest
in Operating Partnership $ 15,175 $ 23,930
Gain on disposition of properties (15) (2,526)
Real estate depreciation, net of
minority interests 25,700 15,080
Real estate depreciation related to
unconsolidated entities 21,115 890
Amortization of goodwill 2,602 2,389
Amortization of recoverable amount
of management contracts 10,397 1,379
Deferred taxes 2,456 309
Preferred stock dividends (10,347) (2,364)
Preferred OP Unit distributions (858) --
Funds From Operations 66,225 39,087
Capital Replacements (6,313) (2,855)
Adjusted Funds From Operations $ 59,912 $ 36,232
Weighted average common shares,
common shares equivalent and
Operating Partnership units
outstanding
Common stock and
common stock equivalents 58,412 41,310
Preferred stock convertible
into common stock 2,463 2,463
Operating Partnership units 8,308 5,296
69,183 49,069
Per Common Share:
Funds From Operations $ 0.96 $ 0.80
Adjusted Funds From Operations $ 0.87 $ 0.74
Dividends Declared $ 0.6250 $ 0.5625
Payout Ratios:
Funds From Operations 65.1% 70.3%
Adjusted Funds From Operations 71.8% 76.0%
</TABLE>
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<PAGE> 5
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<TABLE>
<CAPTION>
Other Data: March 31, March 31, Percentage
1999 1998 Increase
<S> <C> <C> <C>
Same store:
Weighted average physical
occupancy 94.8% 92.5% 2.5%
Average monthly rent per
occupied unit $ 616 $ 605 1.8%
Total portfolio:
Weighted average physical
occupancy 94.8% 92.5% 2.5%
Average monthly rent per
occupied unit $ 606 $ 591 2.5%
</TABLE>
<TABLE>
<CAPTION>
Percentage
March 31, December 31, Increase
Selected Balance Sheet Data: 1999 1998 (Decrease)
<S> <C> <C> <C>
Real estate, net $2,618,043 $2,601,022 0.7%
Investments in and notes
receivable from unconsolidated
real estate partnerships 1,090,523 1,036,479 5.2%
Total assets 4,291,747 4,268,285 0.5%
Total indebtedness 1,608,895 1,660,715 (3.1%)
Total liabilities 1,768,621 1,881,669 (6.0%)
Minority interest in
operating partnership 137,600 148,847 (7.6%)
Stockholders' equity 2,152,613 1,902,564 13.1%
Total liabilities and
stockholders' equity 4,291,747 4,268,285 0.5%
</TABLE>
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STATEMENT OF OPERATIONS - AIMCO'S PRO RATA SHARE
(Proportionate and Equity Method)
(in thousands, except per share data)
(unaudited)
<TABLE>
<CAPTION>
AIMCO's AIMCO's AIMCO's 1st Qtr.
Share Share Share 1999 Equity 1st Qtr.
Unconsol- Unconsol- Consol- Propor- Method 1999
idated idated idated tionate Adjust- Equity
Partner- Subsid- Opera- Consol- ments Method
ships iaries tions idation
<S> <C> <C> <C> <C> <C> <C>
Rental Property Operations
Rental and
other property
revenues $ 75,550 $ -- $ 112,586 $ 188,136 $ (75,550) $ 112,586
Property
operating
expenses (34,942) -- (43,170) (78,112) 34,942 (43,170)
Owned property
management
expense (2,833) -- (3,502) (6,335) 2,833 (3,502)
Depreciation (21,115) -- (27,112) (48,227) 21,115 (27,112)
Income from
property
operations 16,660 -- 38,802 55,462 (16,660) 38,802
Service Company
Business
Management fees
and other income -- 36,260 8,556 44,816 (36,260) 8,556
Management and
other expenses -- (20,112) (6,595) (26,707) 17,805 (8,902)
Amortization of
management
contracts -- (8,090) (2,307) (10,397) 10,397 --
Income (loss)
from service
company business -- 8,058 (346) 7,712 (8,058) (346)
General and
administrative
expenses -- -- (3,690) (3,690) -- (3,690)
Interest
expense (15,900) (2,638) (31,330) (49,868) 18,538 (31,330)
Interest income 56 170 10,367 10,593 (226) 10,367
Equity in
earnings of
unconsolidated
partnerships -- -- -- -- 816 816(a)
Equity in
earnings of
unconsolidated
subsidiaries -- -- -- -- 2,372 2,372(b)
</TABLE>
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<PAGE> 7
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<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Minority interest
in other
partnerships -- -- 111 111 -- 111
Amortization of
goodwill -- (660) (1,942) (2,602) 660 (1,942)
Income from
operations 816 4,930 11,972 17,718 (2,558) 15,160
Provision for
income taxes -- (2,558) -- (2,558) 2,558 --
Gain on
disposition
of properties -- -- 15 15 -- 15
Income before
minority
interest
in operating
partnership 816 2,372 11,987 15,175 -- 15,175
Minority interest
in operating
partnership -- -- (1,219) (1,219) -- (1,219)
Net Income $ 816(a) $ 2,372(b) $ 10,768 $ 13,956 $ -- $ 13,956
(a) AIMCO's share of earnings in unconsolidated partnerships
(b) AIMCO's share of earnings in unconsolidated subsidiaries
Funds From Operations
and Adjusted Funds
From Operations:
Income before
minority
interest in
operating
partnership $ 816 $ 2,372 $ 11,987 $ 15,175 -- $ 15,175
Gain on
disposition
of properties -- -- (15) (15) -- (15)
Real estate
depreciation
net of
minority
interest -- -- 25,700 25,700 -- 25,700
Real estate
depreciation
related to
unconsolidated
partnerships 21,115 -- -- 21,115 -- 21,115
Amortization of
goodwill -- 660 1,942 2,602 -- 2,602
Amortization of
recoverable
amount of
management
contracts -- 8,090 2,307 10,397 -- 10,397
</TABLE>
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<PAGE> 8
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<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Deferred taxes -
unconsolidated
subsidiaries -- 2,456 -- 2,456 -- 2,456
Class C Preferred
Stock Dividend -- -- (1,350) (1,350) -- (1,350)
Class D Preferred
Stock Dividend -- -- (2,297) (2,297) -- (2,297)
Class G Preferred
Stock Dividend -- -- (2,373) (2,373) -- (2,373)
Class H Preferred
Stock Dividend -- -- (1,188) (1,188) -- (1,188)
Class J Preferred
Stock Dividend -- -- (2,000) (2,000) -- (2,000)
Class K Preferred
Stock Dividend -- -- (1,139) (1,139) -- (1,139)
Class B Partnership
Preferred
Dividend -- -- (678) (678) -- (678)
Preferred OP
Unit Distribution -- -- (180) (180) -- (180)
Funds From
Operations
("FFO") 21,931 13,578 30,716 66,225 -- 66,225
Capital
Replacements (2,001) -- (4,312) (6,313) -- (6,313)
Adjusted Funds
From
Operations
("AFFO") $ 19,930 $ 13,578 $ 26,404 $ 59,912 $ -- $ 59,912
Weighted average
common shares,
common shares equivalent
and Operating Partnership
units outstanding
Common stock and
common stock
equivalents 58,412 58,412 58,412 58,412 58,412 58,412
Preferred stock
convertible
into common
stock 2,463 2,463 2,463 2,463 2,463 2,463
Operating
Partnership
units 8,308 8,308 8,308 8,308 8,308 8,308
69,183 69,183 69,183 69,183 69,183 69,183
Funds From
Operations
("FFO") Per
Share $ 0.32 $ 0.20 $ 0.44 $ 0.96 $ 0.00 $ 0.96
Adjusted Funds
From
Operations
("AFFO"]
Per Share $ 0.29 $ 0.20 $ 0.38 $0.87 $ 0.00 $ 0.87
</TABLE>
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<PAGE> 9
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TABLE OF EFFECTIVE OWNERSHIP
<TABLE>
<CAPTION>
AIMCO's AIMCO's AIMCO's
Total Total Effective Effective Average
Ownership % #Properties #Units #Properties #Units Ownership%
Consolidated and Unconsolidated Real Estate
Consolidated Real Estate:
<S> <C> <C> <C> <C> <C>
100% 202 53,212 202 53,212 100%
50.00% to 99.99% 27 7,344 19 5,203 71%
25.00% to 49.99% 11 2,513 4 1,030 412
5.00% to 24.99% -- -- -- -- 0%
< 4.99% -- -- -- -- 0%
Total 240 63,069 225 59,445 94%
Unconsolidated Real Estate:
100% 26 5,630 26 5,630 100%
50.00% to 99.99% 13 2,021 9 1,303 64%
25.00% to 49.99% 228 58,539 84 21,977 38%
5.00% to 24.99% 376 63,564 52 9,821 15%
< 4.99% 248 39,063 4 603 2%
Total 891 168,817 175 39,334 23%
Total Owned Portfolio:
100% 228 58,842 228 58,842 100%
50.00% to 99.99% 40 9,365 28 6,506 69%
25.00% to 49.99% 239 61,052 88 23,007 38%
5.00% to 24.99% 376 63,564 52 9,821 15%
< 4.99% 248 39,063 4 603 2%
Total 1,131 231,886 400 98,779 43%
Conventional and Government Assisted Real Estate
Conventional Real Estate:
100% 221 57,489 221 57,489 100%
50.00% to 99.99% 25 7,173 18 5,054 70%
25.00% to 49.99% 172 49,991 65 19,184 38%
5.00% to 24.99% 130 32,718 23 5,903 18%
< 4.99% 115 24,684 1 341 1%
Total 663 172,055 328 87,971 51%
Government Assisted Real Estate:
100% 7 1,353 7 1,353 100%
50.00% to 99.99% 15 2,192 10 1,453 66%
25.00% to 49.99% 66 10,885 23 3,779 35%
5.00% to 24.99% 247 31,022 30 3,961 13%
< 4.99% 133 14,379 2 262 2%
Total 468 59,831 72 10,808 18%
</TABLE>
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<PAGE> 10
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Total Owned Portfolio:
<TABLE>
<S> <C> <C> <C> <C> <C>
100% 228 58,842 228 58,842 100%
50.00% to 99.99% 40 9,365 28 6,507 69%
25.00% to 49.99% 238 60,876 88 22,963 38%
5.00% to 24.99% 377 63,740 53 9,864 15%
< 4.99 248 39,063 3 603 2%
Total 1,131 231,886 400 98,779 43%
Management
Contracts
Long Term
Contractual 424 61,334 -- -- --
Short Term
Third Party 516 80,189 -- -- --
Total 940 141,523 -- -- --
Total Portfolio 2,071 373,409 400 98,779 26%
</TABLE>
ANALYSIS OF DEBT AND EQUITY COMPONENTS
(in thousands, except interest rate data)
(unaudited)
Property Debt:
Consolidated vs. Unconsolidated:
<TABLE>
<CAPTION>
Amount Wtd. Avg. Interest Rate
<S> <C> <C>
Consolidated $ 1,484,594 7.09%
Unconsolidated $ 752,215 7.57%
Total $ 2,236,809
</TABLE>
Corporate Debt:
<TABLE>
<CAPTION>
Amount Interest Rate Term
<S> <C> <C> <C>
$ 58,300 7.53% Revolving
21,000 6.96% 1 Year
45,000 7.45% Revolving
Total $ 124,300
Common Shares Outstanding:
Common Stock 61,658
Common Stock Equivalent 2,463
OP Units 5,962
Total 70,083
</TABLE>
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Preferred Stock:
<TABLE>
<CAPTION>
Amount Coupon
<S> <C> <C>
Perpetual:
Class C $ 60,000 9.00%
Class D 105,000 8.75%
Class G 101,250 9.38%
Class H 50,000 9.50%
Preferred OP Units 9,000 8.00%
Total $ 325,250
Convertible:
Class B $ 75,000 8.21%
Class J 100,000 8.00%
Class K 125,000 8.00%
Class B Partnership
Preferred OP Units 35,000 7.75%
6 1/2% Trust Based
Preferred Securities 149,500 6.50%
Total $ 484,500
</TABLE>
QUARTER COMPARISONS SAME STORE SALES BY STATE
(Ownership Effected)
(in thousands, except unit data)
<TABLE>
<CAPTION>
REVENUES
Units Qtr 1 1999 Qtr 1 1998 Variance
<S> <C> <C> <C> <C>
MISSOURI 410 $ 181 $ 164 10.4%
OKLAHOMA 240 110 102 7.8%
ALABAMA 2,218 1,295 1,231 5.2%
VIRGINIA 6,963 10,359 9,617 7.7%
NEBRASKA 516 270 269 0.4%
PENNSYLVANIA 3,028 2,666 2,481 7.5%
TEXAS (HOUSTON) 11,024 10,132 9,677 4.7%
NEW JERSEY 1,384 1,004 956 5.0%
TEXAS (DALLAS) 5,585 3,385 3,197 5.9%
MISSISSIPPI 314 267 261 2.3%
CALIFORNIA 870 1,546 1,465 5.5%
CONNECTICUT 314 361 344 4.9%
OHIO 1,433 909 841 8.1%
IOWA 843 510 461 10.6%
FLORIDA (ORLANDO) 2,725 2,928 2,835 3.3%
TEXAS (OTHER) 7,813 7,892 7,636 3.4%
GEORGIA 5,819 6,781 6,525 3.9%
MARYLAND 4,016 3,066 2,882 6.4%
COLORADO 3,407 4,158 3,931 5.8%
ILLINOIS 3,564 6,539 6,091 7.4%
WASHINGTON 398 289 275 5.1%
FLORIDA (MIAMI) 5,153 8,570 8,304 3.2%
KENTUCKY 1,330 1,275 1,242 2.7%
SOUTH CAROLINA 2,178 1,144 1,103 3.7%
MICHIGAN 614 860 840 2.4%
</TABLE>
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<PAGE> 12
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<TABLE>
<S> <C> <C> <C> <C>
NORTH CAROLINA 4,014 3,281 3,165 3.7%
NEW YORK 532 570 554 2.9%
LOUISIANA 948 1,119 1,084 3.2%
NEVADA 1,250 1,551 1,564 -0.8%
UTAH 2,115 2,219 2,133 4.0%
ARIZONA 6,996 9,855 9,576 2.9%
NEW MEXICO 908 1,231 1,242 -0.9%
KANSAS 874 707 685 3.2%
FLORIDA (OTHER) 5,334 5,228 5,173 1.1%
WASHINGTON DC 176 158 149 6.0%
ARKANSAS 646 1,207 1,175 2.7%
INDIANA 2,721 929 919 1.1%
TENNESSEE 2,994 2,189 2,298 -4.7%
TOTAL 101,667 106,741 102,447 4.2%
</TABLE>
<TABLE>
<CAPTION>
EXPENSES
Units Qtr 1 1999 Qtr 1 1998 Variance
<S> <C> <C> <C> <C>
MISSOURI 410 $ 85 $ 88 -3.4%
OKLAHOMA 240 58 58 0.0%
ALABAMA 2,218 622 658 -5.5%
VIRGINIA 6,963 3,293 3,501 -5.9%
NEBRASKA 516 118 135 -12.6%
PENNSYLVANIA 3,028 1,138 1,126 1.1%
TEXAS (HOUSTON) 11,024 3,981 4,155 -4.2%
NEW JERSEY 1,384 368 384 -4.2%
TEXAS (DALLAS) 5,585 1,471 1,467 0.3%
MISSISSIPPI 314 110 118 -6.8%
CALIFORNIA 870 431 449 -4.0%
CONNECTICUT 314 91 97 -6.2%
OHIO 1,433 444 412 7.8%
IOWA 843 257 227 13.2%
FLORIDA (ORLANDO) 2,725 1,059 1,097 -3.5%
TEXAS (OTHER) 7,813 3,270 3,327 -1.7%
GEORGIA 5,819 2,167 2,194 -1.2%
MARYLAND 4,016 1,477 1,390 6.3%
COLORADO 3,407 1,230 1,180 4.2%
ILLINOIS 3,564 1,848 1,600 10.0%
WASHINGTON 398 124 119 4.2%
FLORIDA (MIAMI) 5,153 2,836 2,863 -0.9%
KENTUCKY 1,330 580 581 -0.2%
SOUTH CAROLINA 2,178 571 558 2.3%
MICHIGAN 614 353 357 -1.1%
NORTH CAROLINA 4,014 1,264 1,241 1.9%
NEW YORK 532 263 261 0.8%
LOUISIANA 948 327 320 2.2%
NEVADA 1,250 571 613 -6.9%
UTAH 2,115 750 703 6.7%
</TABLE>
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<PAGE> 13
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<TABLE>
<S> <C> <C> <C> <C>
ARIZONA 6,996 3,737 3,595 3.9%
NEW MEXICO 908 444 464 -4.3%
KANSAS 874 273 254 7.5%
FLORIDA (OTHER) 5,334 2,100 1,996 5.2%
WASHINGTON DC 176 64 53 20.8%
ARKANSAS 646 409 359 13.9%
INDIANA 2,721 567 539 5.2%
TENNESSEE 2,994 1,017 936 8.7%
TOTAL 101,667 39,768 39,555 0.5%
</TABLE>
<TABLE>
<CAPTION>
NET OPERATING INCOME
Units Qtr 1 1999 Qtr 1 1998 Variance
<S> <C> <C> <C> <C>
MISSOURI 410 $ 96 $ 76 26.3%
OKLAHOMA 240 52 44 18.2%
ALABAMA 2,218 673 573 17.5%
VIRGINIA 6,963 7,066 6,116 15.5%
NEBRASKA 516 152 134 13.4%
PENNSYLVANIA 3,028 1,528 1,355 12.8%
TEXAS (HOUSTON) 11,024 6,151 5,522 11.4%
NEW JERSEY 1,384 636 572 11.2%
TEXAS (DALLAS) 5,585 1,914 1,730 10.6%
MISSISSIPPI 314 157 143 9.8%
CALIFORNIA 870 1,115 1,016 9.7%
CONNECTICUT 314 270 247 9.3%
OHIO 1,433 465 429 8.4%
IOWA 843 253 234 8.1%
FLORIDA (ORLANDO) 2,725 1,869 1,738 7.5%
TEXAS (OTHER) 7,813 4,622 4,309 7.3%
GEORGIA 5,819 4,614 4,331 6.5%
MARYLAND 4,016 1,589 1,492 6.5%
COLORADO 3,407 2,928 2,751 6.4%
ILLINOIS 3,564 4,691 4,411 6.3%
WASHINGTON 398 165 156 5.8%
FLORIDA (MIAMI) 5,153 5,734 5,441 5.4%
KENTUCKY 1,330 695 661 5.1%
SOUTH CAROLINA 2,178 573 545 5.1%
MICHIGAN 614 507 483 5.0%
NORTH CAROLINA 4,014 2,017 1,924 4.8%
NEW YORK 532 307 293 4.8%
LOUISIANA 948 792 764 3.7%
NEVADA 1,250 980 951 3.0%
UTAH 2,115 1,469 1,430 2.7%
ARIZONA 6,996 6,118 5,981 2.3%
NEW MEXICO 908 787 778 1.2%
KANSAS 874 434 431 0.7%
FLORIDA (OTHER) 5,334 3,128 3,177 -1.5%
WASHINGTON DC 176 94 96 -2.1%
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C>
ARKANSAS 646 798 816 -2.2%
INDIANA 2,721 362 380 -4.7%
TENNESSEE 2,994 1,172 1,362 -14.0%
TOTAL 101,667 66,973 62,892 6.5%
</TABLE>
SOURCE Apartment Investment and Management Company
-0- 04/22/99
/CONTACT: Peter Kompaniez, President, 714-593-1723, or Troy Butts, Senior
Vice President and Chief Financial Officer, or Leeann Morein, Senior Vice
President - Investor Services, 303-757-8101, [email protected], all of
Apartment Investment and Management Company/
/Web Site: htp://www.aimco.com/
(AIV)
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