<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) January 20, 2000
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
---------------------------------------------------------
(Exact name of registrant as specified in its charter)
MARYLAND 1-13232 84-1259577
- ---------------------------- ------------- ---------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification No.)
organization)
COLORADO CENTER, TOWER TWO, 2000 SOUTH COLORADO BOULEVARD,
SUITE 2-1000, 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, dated
January 20, 2000, 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 exhibits are filed with this report:
Exhibit Number Description
99.1 Press Release of Apartment Investment
and Management Company, dated
January 20, 2000.
Page 2 of 4
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Dated: January 28, 2000
APARTMENT INVESTMENT
AND MANAGEMENT COMPANY
By: /s/ Paul J. McAuliffe
-----------------------------------
Paul J. McAuliffe
Executive Vice President--Capital
Markets and Chief Financial Officer
Page 3 of 4
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
99.1 Press Release of Apartment Investment and Management
Company, dated January 20, 2000.
</TABLE>
Page 4 of 4
<PAGE> 1
EXHIBIT 99.1
[AIMCO LOGO]
For Immediate Release
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
REPORTS 20% INCREASE IN AFFO PER SHARE RESULTS AND
REPORTS 12% DIVIDEND INCREASE
DENVER, COLORADO, January 20, 2000 (NYSE:AIV)
Apartment Investment and Management Company ("AIMCO") announced that
its Adjusted Funds From Operations ("AFFO"), AIMCO's measure of economic
profitability, for the fourth quarter of 1999 equaled $82,651,000 or $0.98 per
common share, compared to $55,760,000 or $0.82 per common share for the quarter
ended December 31, 1998, a 20% increase on a per share basis.
AIMCO announced that its Funds From Operations ("FFO") for the fourth
quarter of 1999 equaled $90,819,000 or $1.07 per common share, compared to
$61,865,000 or $0.91 per common share for the quarter ended December 31, 1998,
an 18% increase on a per share basis.
AIMCO announced that its AFFO equaled $292,644,000 or $3.72 per common
share for the year ended December 31, 1999, compared to $177,715,000 or $3.12
per common share for the year ended December 31, 1998, an increase of 19% on a
per share basis.
AIMCO announced that its FFO equaled $321,359,000 or $4.08 per common
share for the year ended December 31, 1999, compared to $194,746,000 or $3.42
per common share for the year ended December 31, 1998, an increase of 19% on a
per share basis.
Fourth quarter 1999 "same store" sales for the 456 apartment
communities containing 122,076 units owned during both 1999 and 1998, applying
AIMCO's ownership interest in these "same store" apartment communities, showed a
4.0% increase in revenues, a 0.4% decrease in operating expenses and a 6.8%
increase in Net Operating Income from the fourth quarter of 1998. Annual
improvements in "same store" sales showed a 4.3% increase in revenues, a 1.3%
decrease in operating expenses and an 8.0% increase in Net Operating Income from
the year ended December 31, 1998.
Weighted average physical occupancy for the 456 apartment communities
was 95.1% as of December 31, 1999, compared to 94.5% at December 31, 1998, an
increase of 0.6%. Average monthly rent per occupied unit increased from $600 at
December 31, 1998 to $619 at December 31, 1999, a 3.2% increase.
AIMCO noted that it achieved sizeable increases in every key financial
and operating benchmark used for measuring REIT performance. AIMCO attributes
its success to its outstanding field management team, realized economies of
scale, high quality and geographically diverse portfolio and strong growth from
recurring revenue streams.
On January 19, 2000, the Board of Directors increased the quarterly
cash dividend to $0.70 per common share for the quarter ended December 31, 1999,
payable on February 11, 2000, to shareholders of record on February 4, 2000. The
increased dividend is equivalent to an annualized dividend rate of $2.80 per
common share, a 12% increase from the previous annual dividend rate of $2.50.
The increased dividend represents a distribution of 71.4% of AFFO and 65.4% of
FFO for the quarter ended December 31, 1999, and a 7.3% yield based on the
closing price of AIMCO's Class A Common Stock of $38.50 as of January 19, 2000.
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
<PAGE> 2
Apartment Investment and Management Company
January 20, 2000
Page Two
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 fourth quarter 1999 earnings conference call will be conducted on
Monday, January 24, 2000 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 fourth quarter 1999 results
conference call.
AIMCO is a real estate investment trust with headquarters in Denver,
Colorado and 31 regional operating centers, which holds a geographically
diversified portfolio of apartment communities. AIMCO, through its subsidiaries,
operates approximately 2,000 properties, including approximately 365,000
apartment units, and serves approximately one million residents. AIMCO's
properties are located in 48 states, the District of Columbia and Puerto Rico.
Summary (dollars in thousands, except per share data):
<TABLE>
<CAPTION>
Quarter Ended Quarter Ended Year Ended Year Ended
Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1999 Dec. 31, 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Funds From Operations $ 90,819 $ 61,865 $ 321,359 $ 194,746
Adjusted Funds From Operations 82,651 55,760 292,644 177,715
Net Income 24,399 12,630 80,959 64,474
Net Income Allocable to Common
Shareholders 9,763 2,550 24,074 37,941
Per Common Share:
Funds From Operations $ 1.07 $ 0.91 $ 4.08 $ 3.42
Adjusted Funds From Operations 0.98 0.82 3.72 3.12
Basic Earnings Per Share 0.15 0.05 0.39 0.84
Diluted Earnings Per Share 0.15 0.05 0.38 0.80
Payout Ratios:
Funds From Operations 65.4% 68.7% 63.1% 67.6%
Adjusted Funds From Operations 71.4% 76.2% 69.2% 74.1%
</TABLE>
Summary financial statements and fact sheet follow.
Contact: Peter Kompaniez, President (714) 593-1733
Paul McAuliffe, Executive Vice President, Chief Financial Officer
(303) 691-4339
E-Mail: [email protected]
Web Site: http://www.aimco.com
<PAGE> 3
Apartment Investment and Management Company
Supplemental Reporting
Page Three
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31,
----------------------------------- --------------------------------
1999 1998 1999 1998
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 184,696 $ 111,439 $ 533,917 $ 377,139
Property operating expenses (81,392) (45,941) (218,023) (147,541)
Owned property management expense (4,990) (3,267) (15,429) (11,013)
Depreciation (49,643) (24,843) (132,721) (84,635)
---------------- --------------- -------------- --------------
Income from property operations 48,671 37,388 167,744 133,950
---------------- --------------- -------------- --------------
SERVICE COMPANY BUSINESS:
Management fees and other income 19,579 10,135 45,951 24,103
Management and other expenses (1,109) (8,660) (26,992) (16,960)
---------------- --------------- -------------- --------------
Income from service company business 18,470 1,475 18,959 7,143
---------------- --------------- -------------- --------------
General and administrative expenses (7,996) (7,206) (18,318) (14,650)
Interest expense (47,293) (32,668) (139,679) (89,424)
Interest income 28,592 12,206 68,979 30,450
Equity in earnings (losses) of other partnerships (a) (3,210) 224 2,175 (4,854)
Equity in earnings (losses) of unconsolidated subsidiaries (9,096) 3,157 (7,267) 11,570
Minority interest in other partnerships 360 584 458 (468)
Amortization (1,166) (3,664) (6,992) (8,735)
---------------- --------------- -------------- --------------
INCOME FROM OPERATIONS 27,332 11,496 86,059 64,982
Gain (loss) on disposition of properties (2,115) 1,891 (1,785) 4,674
---------------- --------------- -------------- --------------
INCOME BEFORE MINORITY INTEREST IN OPERATING PARTNERSHIP 25,217 13,387 84,274 69,656
Minority interest in operating partnership (818) (757) (3,315) (5,182)
---------------- --------------- -------------- --------------
NET INCOME $ 24,399 $ 12,630 $ 80,959 $ 64,474
================ =============== ============== ==============
Net income allocable to preferred shareholders $ 14,636 $ 10,080 $ 56,885 $ 26,533
================ =============== ============== ==============
Net income allocable to common shareholders $ 9,763 $ 2,550 $ 24,074 $ 37,941
================ =============== ============== ==============
Weighted average number of common shares outstanding 65,805 47,261 62,242 45,187
================ =============== ============== ==============
Weighted average number of common shares and common share
equivalents outstanding 66,368 56,244 63,446 47,624
================ =============== ============== ==============
Basic earnings per share $ 0.15 $ 0.05 $ 0.39 $ 0.84
================ =============== ============== ==============
Diluted earnings per share $ 0.15 $ 0.05 $ 0.38 $ 0.80
================ =============== ============== ==============
</TABLE>
(a) In 1999, represents AIMCO's share of earnings from 133,113 apartment units
in which AIMCO holds an equity interest.
<PAGE> 4
Apartment Investment and Management Company
Supplemental Reporting
Page Four
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(in thousands, except per share data)
(unaudited)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31,
----------------------------------- -----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Income before minority interest in Operating Partnership $ 25,217 $ 13,387 $ 84,274 $ 69,656
(Gain) loss on disposition of properties 2,115 (1,891) 1,785 (4,674)
Real estate depreciation, net of minority interests 43,092 23,469 122,657 80,369
Real estate depreciation related to unconsolidated entities 24,978 17,461 98,938 34,840
Amortization of goodwill 786 4,324 8,152 11,401
Amortization of recoverable amount of management contracts 3,505 10,575 35,631 14,776
Deferred taxes benefit (charged) (4,095) 3,081 (993) 9,215
Preferred stock dividends (7,208) (8,405) (32,905) (20,701)
TOPR's interest expense 2,429 -- 4,858 --
Preferred OP Unit distributions -- (136) (1,038) (136)
------------ ------------ ------------ ------------
FUNDS FROM OPERATIONS $ 90,819 $ 61,865 $ 321,359 $ 194,746
Recurring capital replacements (8,168) (6,105) (28,715) (17,031)
------------ ------------ ------------ ------------
ADJUSTED FUNDS FROM OPERATIONS $ 82,651 $ 55,760 $ 292,644 $ 177,715
============ ============ ============ ============
Weighted average common shares, common shares equivalent
and Operating Partnership units outstanding:
Common share and common share equivalents 78,964 58,707 72,360 50,087
Operating Partnership units 5,771 9,573 6,313 6,732
------------ ------------ ------------ ------------
Total 84,735 68,280 78,673 56,819
============ ============ ============ ============
PER COMMON SHARE:
Funds From Operations $ 1.07 $ 0.91 $ 4.08 $ 3.42
Adjusted Funds From Operations $ 0.98 $ 0.82 $ 3.72 $ 3.12
Dividends Declared $ 0.70 $ 0.6250 $ 2.575 $ 2.3125
PAYOUT RATIOS:
Funds From Operations 65.4% 68.7% 63.1% 67.6%
Adjusted Funds From Operations 71.4% 76.2% 69.2% 74.1%
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE
OTHER DATA: DEC. 31, 1999 DEC. 31, 1998 INCREASE
------------- ------------- ------------
<S> <C> <C> <C>
Same store:
Weighted average physical occupancy 95.1% 94.5% 0.6%
Average monthly rent per occupied unit $ 619 $ 600 3.2%
Total portfolio:
Weighted average physical occupancy 94.3% 94.2% 0.1%
Average monthly rent per occupied unit $ 622 $ 600 3.7%
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE
SELECTED BALANCE SHEET DATA: DEC. 31, 1999 DEC. 31, 1998 INCREASE (DECREASE)
------------- ------------- -------------------
<S> <C> <C> <C>
Real estate, net $ 4,079,310 $ 2,601,022 56.8%
Investments in unconsolidated real estate partnerships 866,266 944,890 (8.3%)
Total assets 5,665,153 4,268,285 32.7%
Total indebtedness 2,584,289 1,660,715 55.6%
Total liabilities 2,853,634 1,881,669 51.7%
Minority interest in operating partnership 225,943 148,847 51.8%
Stockholders' equity 2,268,354 1,902,564 19.2%
Total liabilities and stockholders' equity 5,665,153 4,268,285 32.7%
</TABLE>
<PAGE> 5
Apartment Investment and Management Company
Supplemental Reporting
Page Five
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
AIMCO's Share AIMCO's Share AIMCO's 4th Qtr. 1999 Equity 4th Qtr. 1999
Unconsolidated Unconsolidated Consolidated Proportionate Method Equity
Partnerships Subsidiaries Operations Consolidation Adjustments Method
-------------- -------------- ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 66,373 $ -- $ 184,696 $ 251,069 $ (66,373) $ 184,696
Property operating expenses (29,071) -- (81,392) (110,463) 29,071 (81,392)
Owned property management expense (1,782) -- (4,990) (6,772) 1,782 (4,990)
Depreciation (24,978) -- (49,643) (74,621) 24,978 (49,643)
---------- ---------- ---------- ---------- ---------- ----------
Income from property operations 10,542 -- 48,671 59,213 (10,542) 48,671
---------- ---------- ---------- ---------- ---------- ----------
SERVICE COMPANY BUSINESS:
Management fees and other income -- 30,197 19,579 49,776 (30,197) 19,579
Management and other expenses -- (35,630) (1,109) (36,739) 35,630 (1,109)
Amortization of management contracts -- (4,253) -- (4,253) 4,253 --
---------- ---------- ---------- ---------- ---------- ----------
Income (loss) from service company business -- (9,686) 18,470 8,784 9,686 18,470
---------- ---------- ---------- ---------- ---------- ----------
General and administrative expenses -- -- (7,996) (7,996) -- (7,996)
Interest expense (14,630) (1,963) (47,293) (63,886) 16,593 (47,293)
Interest income 878 (1,331) 28,592 28,139 453 28,592
Equity in earnings of unconsolidated partnerships -- (1,093) -- (1,093) (2,117) (3,210)
Equity in earnings of unconsolidated subsidiaries -- -- -- -- (9,096) (9,096)
Minority interest in other partnerships -- -- 360 360 -- 360
Amortization -- 380 (1,166) (786) (380) (1,166)
---------- ---------- ---------- ---------- ---------- ----------
Income from operations (3,210) (13,693) 39,638 22,735 4,597 27,332
---------- ---------- ---------- ---------- ---------- ----------
(Provision for) benefit from income taxes -- 4,597 -- 4,597 (4,597) --
Gain on disposition of properties -- -- (2,115) (2,115) -- (2,115)
---------- ---------- ---------- ---------- ---------- ----------
Income before minority interest in
operating partnership (3,210) (9,096) 37,523 25,217 -- 25,217
---------- ---------- ---------- ---------- ---------- ----------
Minority interest in operating partnership -- -- (818) (818) -- (818)
---------- ---------- ---------- ---------- ---------- ----------
Net income (loss) $ (3,210) $ (9,096) $ 36,705 $ 24,399 $ -- $ 24,399
---------- ---------- ========== ========== ========== ==========
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS:
Income (loss) before minority interest in
operating partnership $ (3,210) $ (9,096) $ 37,523 $ 25,217 $ -- $ 25,217
Gain on disposition of properties -- -- 2,115 2,115 -- 2,115
Real estate depreciation - net of
minority interests -- -- 43,092 43,092 -- 43,092
Real estate depreciation - unconsolidated
partnerships 24,978 -- -- 24,978 -- 24,978
Amortization of goodwill -- (380) 1,166 786 -- 786
Amortization of recoverable amount of
management contracts -- 3,505 -- 3,505 -- 3,505
Deferred taxes - unconsolidated subsidiaries -- (4,095) -- (4,095) -- (4,095)
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)
TOPR's interest expense -- -- 2,429 2,429 -- 2,429
---------- ---------- ---------- ---------- ---------- ----------
Funds From Operations ("FFO") 21,768 (10,066) 79,117 90,819 -- 90,819
---------- ---------- ---------- ---------- ---------- ----------
Recurring capital replacements (1,250) (93) (6,825) (8,168) -- (8,168)
---------- ---------- ---------- ---------- ---------- ----------
Adjusted Funds From Operations ("AFFO") $ 20,518 $ (10,159) $ 72,292 $ 82,651 $ -- $ 82,651
---------- ---------- ---------- ---------- ---------- ----------
WEIGHTED AVERAGE SHARES OUTSTANDING:
Common stock 66,892 66,892 66,892 66,892 66,892 66,892
Dilutive options 176 176 176 176 176 176
Non-recourse shares (919) (919) (919) (919) (919) (919)
Class B cumulative preferred stock 2,463 2,463 2,463 2,463 2,463 2,463
Class K cumulative preferred stock 2,976 2,976 2,976 2,976 2,976 2,976
Class L cumulative preferred stock 2,689 2,689 2,689 2,689 2,689 2,689
High performance units 340 340 340 340 340 340
TOPR's convertible preferred stock 3,014 3,014 3,014 3,014 3,014 3,014
Convertible preferred operating partnership
units 1,333 1,333 1,333 1,333 1,333 1,333
Operating partnership units 5,771 5,771 5,771 5,771 5,771 5,771
---------- ---------- ---------- ---------- ---------- ----------
Weighted Average Shares Outstanding 84,735 84,735 84,735 84,735 84,735 84,735
---------- ---------- ---------- ---------- ---------- ----------
FUNDS FROM OPERATIONS ("FFO") PER SHARE $ 0.26 $ (0.12) $ 0.93 $ 1.07 $ 0.00 $ 1.07
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") PER SHARE $ 0.24 $ (0.12) $ 0.85 $ 0.98 $ 0.00 $ 0.98
</TABLE>
<PAGE> 6
Apartment Investment and Management Company
Supplemental Reporting
Page Six
<TABLE>
<CAPTION>
AIMCO's AIMCO's AIMCO's
Total Total Effective Effective Average
Ownership % # Properties # Units # Properties # Units Ownership %
----------- ------------ ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C>
Consolidated Real Estate:
100% 206 56,175 206 56,175 100%
50.00% to 99.99% 167 49,973 116 34,819 70%
25.00% to 49.99% -- -- -- -- --
5.00% to 24.99% -- -- -- -- --
< 4.99 -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total 373 106,148 322 90,994 86%
---------- ---------- ---------- ---------- ----------
Unconsolidated Real Estate:
100% 29 6,330 29 6,330 100%
50.00% to 99.99% 28 7,010 15 3,729 53%
25.00% to 49.99% 208 48,534 82 19,076 39%
5.00% to 24.99% 359 54,468 51 7,773 14%
< 4.99 127 16,771 2 251 1%
---------- ---------- ---------- ---------- ----------
Total 751 133,113 179 37,159 28%
---------- ---------- ---------- ---------- ----------
Total Owned Portfolio:
100% 235 62,505 235 62,505 100%
50.00% to 99.99% 195 56,983 131 38,548 68%
25.00% to 49.99% 208 48,534 82 19,076 39%
5.00% to 24.99% 359 54,468 51 7,773 14%
< 4.99 127 16,771 2 251 1%
---------- ---------- ---------- ---------- ----------
Total 1,124 239,261 501 128,153 54%
---------- ---------- ---------- ---------- ----------
Conventional Real Estate:
100% 225 58,751 225 58,751 100%
50.00% to 99.99% 173 53,421 116 36,188 68%
25.00% to 49.99% 136 36,598 57 15,015 41%
5.00% to 24.99% 86 21,514 15 3,528 16%
< 4.99 43 7,881 -- 90 1%
---------- ---------- ---------- ---------- ----------
Total 663 178,165 413 113,572 64%
---------- ---------- ---------- ---------- ----------
Government Assisted Real Estate:
100% 10 3,754 10 3,754 100%
50.00% to 99.99% 22 3,562 15 2,360 66%
25.00% to 49.99% 72 11,936 25 4,061 34%
5.00% to 24.99% 273 32,954 36 4,245 13%
< 4.99 84 8,890 2 161 2%
---------- ---------- ---------- ---------- ----------
Total 461 61,096 88 14,581 24%
---------- ---------- ---------- ---------- ----------
Total Owned Portfolio:
100% 235 62,505 235 62,505 100%
50.00% to 99.99% 195 56,983 131 38,548 68%
25.00% to 49.99% 208 48,534 82 19,076 39%
5.00% to 24.99% 359 54,468 51 7,773 14%
< 4.99 127 16,771 2 251 1%
---------- ---------- ---------- ---------- ----------
Total 1,124 239,261 501 128,153 54%
---------- ---------- ---------- ---------- ----------
Management Contracts:
Long Term Contractual 275 61,753 -- -- --
Short Term Third Party 543 62,448 -- -- --
---------- ---------- ---------- ---------- ----------
Total 818 124,201 -- -- --
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
Total Portfolio 1,942 363,462 501 128,153 35%
========== ========== ========== ========== ==========
</TABLE>
<PAGE> 7
Apartment Investment and Management Company
Supplemental Reporting
Page Seven
(in thousands)
<TABLE>
<CAPTION>
PROPERTY DEBT:
Consolidated vs. Unconsolidated:
Amount Wtd. Avg. Rate
------------ --------------
<S> <C> <C>
Consolidated $ 2,375,089 6.66%
Unconsolidated 799,083 7.66%
------------
Total $ 3,174,172
============
CORPORATE DEBT:
Revolving $ 209,200 8.84%
============
ACQUISITIONS FOR THE QUARTER ENDED DECEMBER 31, 1999:
Real Estate Apartment Properties Acquired
Total price including ICE $ 321,030
Debt $ 117,738
Equity $ 203,292
Limited Partner Equity Interests $ 132,000
COMMON SHARES OUTSTANDING:
Common Stock 66,803
OP Units 6,441
------------
73,244
============
</TABLE>
<TABLE>
<CAPTION>
PREFERRED STOCK:
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%
------------
Total $ 316,250
============
CONVERTIBLE:
Class B $ 75,000 8.21%
Class K 125,000 8.00%
Class L 125,000 8.10%
TOPR's 149,500 6.50%
Class B Partnership Preferred OP Units 35,000 7.75%
Other Preferred OP Units 66,122 8.96%
------------
Total $ 575,622
============
</TABLE>
<PAGE> 8
Aimco Apartment Investment and Management Company
Supplemental Reporting
Page Eight
SAME STORE SALES - COMPARISON BY MAJOR MARKET
FOURTH QTD 1999 / 1998
(OWNERSHIP EFFECTED)
( IN THOUSANDS, EXCEPT UNIT DATA )
<TABLE>
<CAPTION>
NUMBER OF 4TH QTD 1999 4TH QTD 1998
------------------- ------------------------------ ------------------------------
MARKET COMM UNITS REVENUE EXPENSE N O I REVENUE EXPENSE N O I
- ------ -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Houston 48 12938 $ 13,573 $ 5,810 $ 7,763 $ 13,412 $ 5,951 $ 7,461
2. Washington, DC 12 8751 12098 3823 8275 11404 3908 7496
3. Phoenix 30 7611 11657 4528 7129 11185 4383 6802
4. Atlanta 24 5864 7662 2676 4986 7446 2436 5010
5. Dallas 21 5694 5377 2148 3229 5142 2187 2955
6. Chicago 16 4779 9212 3462 5750 8700 3392 5308
7. Tampa 16 4491 5106 2257 2849 4976 2203 2773
8. Philadelphia 11 4061 4832 1715 3117 4666 1771 2895
9. San Antonio 17 3938 5386 2497 2889 5267 2474 2793
10. Orlando 14 3868 4916 1773 3143 4658 1726 2932
11. Indianapolis 10 3347 2620 1243 1377 2533 1181 1352
12. Ft. Lauderdale 11 3209 5269 2204 3065 4980 2218 2762
13. Nashville 8 2792 3349 1274 2075 3081 1285 1796
14. Austin 12 2499 2806 1240 1566 2679 1114 1565
15. Denver 8 2345 3082 871 2211 2898 839 2059
16. Fort Worth 10 2198 2298 1060 1238 2292 1030 1262
17. Salt Lake City 6 2116 2363 709 1654 2324 814 1510
18. Raleigh 7 2057 1717 540 1177 1740 543 1197
19. Norfolk 8 1872 2836 1081 1755 2714 1326 1388
20. Montgomery, AL 4 1465 1000 350 650 978 352 626
21. Kansas City 6 1427 1091 384 707 1038 381 657
22. Jacksonville 4 1367 1622 786 836 1517 819 698
23. Tucson 5 1367 1946 732 1214 1878 674 1204
24. Las Vegas 4 1253 1666 617 1049 1550 701 849
25. Columbia, SC 5 1202 727 285 442 697 290 407
26. Baton Rouge 5 1194 1377 423 954 1356 398 958
27. Columbus, OH 6 1188 1098 424 674 1048 420 628
28. Los Angeles 4 1165 1729 478 1251 1622 496 1126
29. Albuquerque 4 1014 1132 490 642 1136 496 640
30. Fort Collins, CO 5 967 1431 335 1096 1373 416 957
Other Markets 115 24037 21685 8036 13649 20951 8222 12729
-------- -------- -------- -------- -------- -------- -------- --------
AIV TOTAL 456 122076 $142,663 $ 54,251 $ 88,412 $137,241 $ 54,446 $ 82,795
======== ======== ======== ======== ======== ======== ======== ========
<CAPTION>
CHANGE (4TH QTD 1999 LESS 4TH QTD 1998)
-----------------------------------------------------------------
MARKET REVENUE PCT EXPENSE PCT N O I PCT
- ------ -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
1. Houston $ 161 1.2% $ (141) -2.4% $ 302 4.0%
2. Washington, DC 694 6.1% -85 -2.2% 779 10.4%
3. Phoenix 472 4.2% 145 3.3% 327 4.8%
4. Atlanta 216 2.9% 240 9.9% -24 -0.5%
5. Dallas 235 4.6% -39 -1.8% 274 9.3%
6. Chicago 512 5.9% 70 2.1% 442 8.3%
7. Tampa 130 2.6% 54 2.5% 76 2.7%
8. Philadelphia 166 3.6% -56 -3.2% 222 7.7%
9. San Antonio 119 2.3% 23 0.9% 96 3.4%
10. Orlando 258 5.5% 47 2.7% 211 7.2%
11. Indianapolis 87 3.4% 62 5.2% 25 1.8%
12. Ft. Lauderdale 289 5.8% -14 -0.6% 303 11.0%
13. Nashville 268 8.7% -11 -0.9% 279 15.5%
14. Austin 127 4.7% 126 11.3% 1 0.1%
15. Denver 184 6.3% 32 3.8% 152 7.4%
16. Fort Worth 6 0.3% 30 2.9% -24 -1.9%
17. Salt Lake City 39 1.7% -105 -12.9% 144 9.5%
18. Raleigh -23 -1.3% -3 -0.6% -20 -1.7%
19. Norfolk 122 4.5% -245 -18.5% 367 26.4%
20. Montgomery, AL 22 2.2% -2 -0.6% 24 3.8%
21. Kansas City 53 5.1% 3 0.8% 50 7.6%
22. Jacksonville 105 6.9% -33 -4.0% 138 19.8%
23. Tucson 68 3.6% 58 8.6% 10 0.8%
24. Las Vegas 116 7.5% -84 -12.0% 200 23.6%
25. Columbia, SC 30 4.3% -5 -1.7% 35 8.6%
26. Baton Rouge 21 1.5% 25 6.3% -4 -0.4%
27. Columbus, OH 50 4.8% 4 1.0% 46 7.3%
28. Los Angeles 107 6.6% -18 -3.6% 125 11.1%
29. Albuquerque -4 -0.4% -6 -1.2% 2 0.3%
30. Fort Collins, CO 58 4.2% -81 -19.5% 139 14.5%
Other Markets 734 3.5% -186 -2.3% 920 7.2%
-------- -------- -------- -------- -------- --------
AIV TOTAL $ 5,422 4.0% $ (195) -0.4% $ 5,617 6.8%
======== ======== ======== ======= ======== ========
</TABLE>
