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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 19, 1999
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
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(Exact name of registrant as specified in its charter)
MARYLAND 1-13232 84-1259577
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 757-8101
NOT APPLICABLE
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(Former name or Former Address, if Changed Since Last Report)
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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
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<S> <C>
99.1 Press Release of Apartment Investment and Management
Company dated April 19, 1999.
</TABLE>
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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 19, 1999 By: /s/ Troy D. Butts
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Troy D. Butts
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
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<S> <C>
99.1 Press Release of Apartment Investment and Management Company
dated April 19, 1999.
</TABLE>
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EXHIBIT 99.1
[AIMCO LETTERHEAD]
Apartment Investment and Management Company Announces
First Quarter 1999 Results
DENVER, April 19 /PRNewswire/--Apartment Investment and Management Company
("AIMCO") (NYSE: AIV) 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.
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.
(more)
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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. Detailed financial information and fact sheet will be released
on April 22, 1999.
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.
SOURCE Apartment Investment and Management Company (AIMCO)
-0- 04/19/99
/CONTACT: Peter Kompaniez, President, 714-593-1723, or Leeann Morein,
Senior Vice President, Investor Services, 303-757-8101, [email protected],
both of Apartment Investment and Management Company/
/Web site: http://www.aimco.com/
(AIV)
