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Preview Full Doc	2000	Notice of Extension of Offer Notice of Extension of Offer (1K) Doc #265699: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-99.(A) {SEQUENCE}2 {FILENAME}d81574aex99-a.txt {DESCRIPTION}NOTICE OF EXTENSION OF OFFER {TEXT} {PAGE} 1 EXHIBIT (a) NOTICE OF EXTENSION OF OFFER CONTACT: River Oaks Partnership Services, Inc. (888) 349-2005 (toll free) FOR IMMEDIATE RELEASE DENVER, COLORADO, November 8, 2000. As previously announced, AIMCO/Bethesda Holdings Acquisitions, Inc. ("AIMCO/Bethesda") is tendering for all assignee units of limited partnership interest in Oxford Residential Properties I Limited Partnership, subject to the terms of its Offer to Purchase. AIMCO/Bethesda has extended the expiration date of its offer. The expiration date for the tender offer has been extended to 5:00 p.m., New York time, on Monday, November 27, 2000. The offer was previously scheduled to expire at 5:00 p.m. on November 7, 2000. AIMCO/Bethesda reported, based on information provided by the Information Agent for the offer, that as of the close of business on November 7, 2000 approximately 3,762 units had been tendered pursuant to the offer. For further information, please contact River Oaks Partnership Services, Inc. at (888) 349-2005 (toll free), which is acting as the Information Agent for the offer. {/TEXT} {/DOCUMENT} 265699	AIMCO Apartment Investment & Management Co.
Full Doc	2001	Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units from Casden Properties of Los Angeles Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units from Casden Properties of Los Angeles (41K) Doc #265507: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}7 {FILENAME}s264903.txt {DESCRIPTION}PRESS RELEASE {TEXT} APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES $1.5 BILLION ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES INCREASES ASSET BASE TO $15 BILLION; 363,000 APARTMENT UNITS DENVER, COLORADO, December 4, 2001 Apartment Investment and Management Company (NYSE:AIV) ("Aimco"), the nation's largest owner and operator of apartments, has agreed to acquire 100% ownership of 17,383 apartment units through the acquisition of Casden Properties, a Los Angeles-based private real estate investment trust ("REIT"). As part of the transaction, the selling group, including Alan Casden and affiliates of Blackacre Capital Management, LLC, New York, will acquire $213 million in Aimco common stock and common OP Units at a price of $47 per share. The $1.5 billion acquisition is comprised of: - 6,356 conventional apartment units located in Southern California of which 1,381 units, located in the Park La Brea area of Los Angeles, are under development; - 11,027 affordable apartment units (located in 25 states); and - National Partnership Investments Corporation ("NAPICO"), a subsidiary of Casden Properties, which as general partner controls more than 400 properties with more than 41,000 units. The addition of the Casden portfolio significantly increases Aimco's presence in Southern California. The acquisition, upon the completion of the Park La Brea property, will increase Aimco's real estate Free Cash Flow earned in the six county Southern California area from 3.5% to 15.9%. The acquisition will increase the real estate Free Cash Flow contribution from properties with monthly rents greater than $1,000 from 12.2% to 20.3%. The acquisition increases Aimco's owned and managed asset base from $12.5 billion to $15 billion and Aimco's total owned and managed apartment portfolio from 304,000 to 363,000 units, with over 99% of pro forma Free Cash Flow generated from properties in which Aimco has an ownership interest. In addition, NAPICO increases Aimco's controlled investment management assets by over $1 billion in gross real estate value. The acquisition and related transactions mentioned later in the release are expected to add $0.09 to annual Adjusted Funds From Operations ("AFFO"), $0.12 to annual Funds From Operations ("FFO") and $1.21 to Aimco's Net Asset Value ("NAV") resulting in a pro forma NAV of $48.39. Transaction Summary Casden Properties and a related REIT will merge into Aimco's operating partnership. At closing, Aimco will pay $1.063 billion for the 16,002 stabilized conventional and affordable units and NAPICO. Aimco will issue $213 million of common stock or common OP Units, priced at $47 per share (Aimco's Net Asset Value per share - September 30, 2001), pay approximately $166 million in cash and assume responsibility for existing mortgage indebtedness of approximately $684 million. The selling group may earn up to an additional $36 million depending upon property performance for the period ending December 2001. In addition, Aimco expects to incur transaction costs and Initial Capital Expenditures (`ICE') aggregating approximately $24 million. Casden is expected to complete the three phases of the Park La Brea property between Q2 of 2002 and Q3 of 2004. The purchase price for the 1,381 units is $418 million and is payable upon completion and 60% occupancy. The selling group may earn up to an additional $24 million depending on property performance. Required Casden Properties and the related REIT shareholder approval for the transactions have been obtained. Aimco shareholder approval is not required. The merger transaction is subject to customary regulatory and other approvals. Closing is expected in the first quarter of 2002. Related Transactions Aimco will enter into several additional transactions with Casden Development Company, LLC, as part of the overall acquisition, including: - Invest up to $50 million for a 20% limited liability interest in Casden Development, which will pursue new development opportunities in Southern California and other markets. Alan Casden and affiliates of Blackacre have collectively agreed to invest up to $200 million in Casden Development. Aimco will have an option to purchase, at completion, all multifamily rental projects of Casden Development; - Agree to purchase a proposed 350 apartment unit project located in the heart of Westwood Village in West Los Angeles with projected stabilization in 2005. The purchase agreement is subject to several contingencies including securing development approvals and completion and stabilization of the property; - Retain Casden Development to accelerate the redevelopment of Aimco's affordable portfolio; and - Provide a stand by facility of up to $70 million in debt financing associated with the construction of the Park La Brea and Westwood Village properties. Earnings Impact For pro forma earnings, the portfolio acquisition and related transactions have been underwritten on a leverage neutral basis (assumed Free Cash Flow to interest expense coverage of 2.25 to 1 and equity at a constant cost of capital assuming all common stock at $47 per share). Aimco expects to repay any short-term borrowings with internal operating cash flow and proceeds from the sale of other Aimco properties. On a leverage neutral basis, the sum of the acquisition of the 16,002 stabilized units and NAPICO, the investment in Casden Development and the debt financing for Park La Brea are expected to add from $0.08 to $0.11 per share to Aimco's annual AFFO ($0.09 to $0.12 per share to FFO). The range of earnings realization is based on the rate of NOI growth for the 16,002 stabilized properties. With existing leverage, the sum of the acquisition of the 16,002 stabilized units and NAPICO, the investment in Casden Development and the debt financing for Park La Brea are expected to add from $0.08 to $0.11 per share to Aimco's annual AFFO ($0.11 to $0.14 per share to FFO). Attached as Exhibit IV is the pro forma AFFO modeled at $0.09 per share (FFO at $0.12 per share). The Park La Brea property, based on pro forma leverage of 55% and interest rates ranging from 7% to 7.5%, is expected to add on a pro forma basis: - $2.4 million to $2.7 million to Aimco's 2003 AFFO ($2.5 million to $2.8 million to FFO) 265507	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units from Casden Properties of Los Angeles: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}7 {FILENAME}s264903.txt {DESCRIPTION}PRESS RELEASE {TEXT} APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES $1.5 BILLION ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES INCREASES ASSET BASE TO $15 BILLION; 363, _____________ Apartment Investment and Management – 383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES INCREASES ASSET BASE TO $15 BILLION; 363,000 APARTMENT UNITS DENVER, COLORADO, December 4, 2001 Apartment Investment and Management Company (NYSE:AIV) ("Aimco"), the nation's largest owner and operator of apartments, has agreed to acquire 100% ownership of 17,383 apartment _____________ dt 152543 ; Blackacre Blackacre Capital Management, LLC ( Miscellany ) As referenced in this Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units from Casden Properties of Los Angeles: Blackacre Capital Management, – Los Angeles-based private real estate investment trust ("REIT"). As part of the transaction, the selling group, including Alan Casden and affiliates of Blackacre Capital Management, LLC, New York, will acquire $213 million in Aimco common stock and common OP Units at a price of $47 per share. _____________ dt 230081 ;	Casden Casden Properties Inc. ( Real Estate ) As referenced in this Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units from Casden Properties of Los Angeles: CASDEN PROPERTIES – 7 {FILENAME}s264903.txt {DESCRIPTION}PRESS RELEASE {TEXT} APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES $1.5 BILLION ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES INCREASES ASSET BASE TO $15 BILLION; 363,000 APARTMENT UNITS DENVER, COLORADO, December 4, 2001 Apartment Investment and Management Company ( _____________ Casden Properties, – nation's largest owner and operator of apartments, has agreed to acquire 100% ownership of 17,383 apartment units through the acquisition of Casden Properties, a Los Angeles-based private real estate investment trust ("REIT"). As part of the transaction, the selling group, including Alan Casden and _____________ Casden Properties, – Los Angeles, are under development; - 11,027 affordable apartment units (located in 25 states); and - National Partnership Investments Corporation ("NAPICO"), a subsidiary of Casden Properties, which as general partner controls more than 400 properties with more than 41,000 units. The addition of the Casden portfolio significantly _____________ Casden Properties – Operations ("FFO") and $1.21 to Aimco's Net Asset Value ("NAV") resulting in a pro forma NAV of $48.39. Transaction Summary Casden Properties and a related REIT will merge into Aimco's operating partnership. At closing, Aimco will pay $1.063 billion for the 16,002 _____________ Casden Properties – is payable upon completion and 60% occupancy. The selling group may earn up to an additional $24 million depending on property performance. Required Casden Properties and the related REIT shareholder approval for the transactions have been obtained. Aimco shareholder approval is not required. The merger transaction is subject _____________ dt 230063
Full Doc	2001	Apartment Investment and Management Company Reports a 29% Increase in FFO, or 12% on a per Share Basis Apartment Investment and Management Company Reports a 29% Increase in FFO, or 12% on a per Share Basis (96K) Doc #265542: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d89344ex99-1.txt {DESCRIPTION}PRESS RELEASE {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS A 29% INCREASE IN FFO, OR 12% ON A PER SHARE BASIS DENVER, COLORADO, July 26, 2001 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the second quarter of 2001 equaled $136 million or $1.32 per common share, compared to $105 million or $1.18 per common share for the second quarter of 2000, an increase of 29.5%, or 11.9% on a per share basis. Aimco announced that its Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, for the second quarter of 2001 equaled $121 million or $1.17 per common share, compared to $96 million or $1.07 per common share for the second quarter of 2000, an increase of 26.0%, or 9.3% on a per share basis. In the second quarter, Aimco increased its quarterly capital replacement reserve from $75 to $95 per door. This change reduced AFFO by $3.2 million or $.03 per share. Total consolidated revenues for the second quarter 2001 were $324 million; an increase of 25.6% compared to total consolidated revenues of $258 million for the same period in 2000. Consolidated revenues have increased $300 million from $24 million in the second quarter of 1996 to $324 million in the second quarter of 2001, an increase of 1250%. Compounded annual growth in consolidated revenues for the last three and five years have been 53.8% and 68.3%, respectively. The Board of Directors declared on July 26, 2001 the regular quarterly cash dividend of $0.78 per common share for the quarter ended June 30, 2001, payable on August 10, 2001 to shareholders of record on August 3, 2001. The dividend represents a distribution of 59.1% of FFO and 66.7% of AFFO for the quarter ended June 30, 2001 and a 6.5% yield based on the closing price of Aimco's Class A Common Stock of $47.95 as of July 25, 2001. SAME STORE RESULTS Second quarter 2001, "same store" sales for the 655 "same store" apartment communities containing 179,282 units owned during both 2001 and 2000, adjusted for Aimco's ownership interest in these communities, showed a 4.1% increase in Net Operating Income, a 4.3% increase in revenues, and a 4.5% increase in operating expenses from the second quarter of 2000. Weighted average physical occupancy for the 655 apartment communities was 93.8% as of June 30, 2001, compared to 94.7% as of June 30, 2000. Average monthly rent per occupied unit was $685 at June 30, 2001 compared to $657 at June 30, 2000, an increase of 4.3%. ACQUISITION, SALE AND REFINANCING ACTIVITY In the quarter, Aimco completed $526 million in acquisitions, dispositions, and mortgage-financing transactions. Aimco acquired four property interests for aggregate consideration of $101 million and purchased $64 million of limited partnership interests. Aimco sold 12 apartment communities for a total of $63 million of which Aimco's share was $27.6 million. Second quarter refinancing activity included the closing of $298 million of new mortgages at an initial weighted-average interest rate of 6.12%. Aimco's share of the refinancing proceeds was $136 million. BALANCE SHEET In July, Aimco closed on the sale of $103 million of Class R Cumulative Perpetual Preferred Stock. The net proceeds of approximately $100 million were used to pay down short term borrowings. The outstanding balance on Aimco's line of credit on July 26th was $139 million with availability of $261 {PAGE} 2 Apartment Investment and Management Company July 26, 2001 Page 2 million. Since its IPO in 1994, Aimco has maintained its policy of 2:1 coverage of free cash flow to interest expense and preferred dividends. LIQUIDITY In the second quarter, internal sources of cash flow, which include cash cushion (i.e., AFFO less common dividends and principal payments on debt) and net proceeds from mortgage refinancings and property sales, generated $143 million to Aimco. For the six months ended June 2001, these internal sources contributed $310 million. Aimco expects these internal sources to provide in excess of $550 million for all of 2001. Cash requirements from Aimco's redevelopment, enhancement and initial capital expenditures ("ICE') activities are anticipated to be $180 million for the balance of 2001 and an additional estimated $60 million through completion. HIGH PERFORMANCE UNITS Aimco's new HPU investment program was approved by shareholders at Aimco's annual meeting in June. More than 50 employee/managers are participating and have invested $4.9 million. The program is based on outperformance which at a minimum must be the higher of 11% annualized growth or 115% of the Morgan Stanley REIT Index. The starting point for the new HPU investment program is $48.36 per share. OUTLOOK The estimates presented are forward-looking and are based on current expectations. In the first quarter earnings release, management indicated that Aimco would meet or exceed $5.40 per share in FFO based, among other assumptions, on same store growth of 5% to 6%. In the second quarter, same store growth was 4.1% which, compared to the assumed growth of 5% to 6%, reduced quarterly FFO by $.02 to $.03 per share. Given the weak economy and uncertainty as to the pace of economic recovery, it is difficult for Aimco to project what "same store" results will be during the balance of the year. They could recover, decline, or stay the same. For Aimco planning purposes, it is assumed that the economy will continue to be difficult, but not materially worse than during the past 90 days. For Aimco, a 1% change in same store sales growth will result in a $.02 per share change in FFO per quarter. Aimco continues to assume $500 million in gross property acquisitions and/or partnership acquisitions and $133 million in completed redevelopments for 2001. EARNINGS CONFERENCE CALL The second quarter 2001 earnings conference call will be conducted on Friday, July 27, 2001 at 10:00 a.m. Eastern time. You may participate in the conference call by dialing 800-374-0616, or 706-645-9249 for international callers, approximately five minutes before the conference call is scheduled to begin and indicating that you wish to join the Apartment Investment and Management Company second quarter 2001 earnings conference call. SUPPLEMENTAL INFORMATION Please see the attached Supplemental Information as noted below: 265542	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Reports a 29% Increase in FFO, or 12% on a per Share Basis: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d89344ex99-1.txt {DESCRIPTION}PRESS RELEASE {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS A 29% INCREASE IN FFO, OR 12% ON A PER SHARE BASIS DENVER, COLORADO, July 26, 2001 Apartment Investment and Management _____________ Apartment Investment and Management – APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS A 29% INCREASE IN FFO, OR 12% ON A PER SHARE BASIS DENVER, COLORADO, July 26, 2001 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the second quarter of 2001 equaled $136 million or $1.32 _____________ Apartment Investment and Management – term borrowings. The outstanding balance on Aimco's line of credit on July 26th was $139 million with availability of $261 {PAGE} 2 Apartment Investment and Management Company July 26, 2001 Page 2 million. Since its IPO in 1994, Aimco has maintained its policy of 2:1 coverage of free _____________ Apartment Investment and Management – 9249 for international callers, approximately five minutes before the conference call is scheduled to begin and indicating that you wish to join the Apartment Investment and Management Company second quarter 2001 earnings conference call. SUPPLEMENTAL INFORMATION Please see the attached Supplemental Information as noted below: Consolidated Statement of Income Page _____________ Apartment Investment and Management – INFORMATION Please see the attached Supplemental Information as noted below: Consolidated Statement of Income Page Four Balance Sheet Presentation Page Five {PAGE} 3 Apartment Investment and Management Company July 26, 2001 Page 3 FFO and AFFO Page Six Free Cash Flow from Business Segments Page Seven - Nine Income Statement Presentation _____________ dt 152556
Full Doc	2001	Apartment Investment and Management Company Reports a 31% Increase in Affo, or 16% on a per Share Basis Apartment Investment and Management Company Reports a 31% Increase in Affo, or 16% on a per Share Basis (82K) Doc #265561: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d86575ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED APRIL 26, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS A 31% INCREASE IN AFFO, OR 16% ON A PER SHARE BASIS DENVER, COLORADO, April 26, 2001 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, for the first quarter of 2001 equaled $115 million or $1.17 per common share, compared to $88 million or $1.01 per common share for the first quarter of 2000, an increase of 31%, or 16% on a per share basis. Aimco announced that its Funds From Operations ("FFO") for the first quarter of 2001 equaled $127 million or $1.29 per common share, compared to $98 million or $1.13 per common share for the first quarter of 2000, an increase of 30%, or 14% on a per share basis. In the quarter, Aimco charged to operations approximately $2.2 million or $.02 per share to AFFO and FFO for the complete amortization of deferred financing and loan origination costs principally related to the pay off of the Oxford term loan. This marks the sixteenth consecutive quarter in which Aimco's AFFO per share has grown at 16% or more. Aimco's compounded annual growth rate in AFFO per share for the last three and five years has been 16.5% and 19.0%, respectively. This marks the sixteenth consecutive quarter in which Aimco's FFO per share growth has exceeded 14%. Aimco's compounded annual growth rate in FFO per share for the last three and five years have been 17.3% and 17.7%, respectively. Total consolidated revenues for the first quarter 2001 were $373 million; an increase of 59% compared to total consolidated revenues of $234 million for the same period in 2000. Consolidated revenues have increased $351 million from $22 million in the first quarter of 1996 to $373 million in the first quarter of 2001, an increase of 1,595%. Compounded annual growth in consolidated revenues for the last three and five years have been 69.8% and 75.4%, respectively. As previously disclosed, the Board of Directors declared on April 18, 2001 the regular quarterly cash dividend of $0.78 per common share for the quarter ended March 31, 2001, payable on May 11, 2001 to shareholders of record on May 4, 2001. The dividend represents a distribution of 66.7% of AFFO and 60.5% of FFO for the quarter ended March 31, 2001 and a 7.13% yield based on the closing price of Aimco's Class A Common Stock of $43.75 as of April 25, 2001. SAME STORE RESULTS First quarter 2001, "same store" sales for the 670 same store apartment communities containing 181,902 units owned during both 2001 and 2000, applying Aimco's ownership interest in these "same store" apartment communities, showed a 5.6% increase in Net Operating Income, a 5.6% increase in revenues, and a 5.5% increase in operating expenses from the first quarter of 2000. Weighted average physical occupancy for the 670 apartment communities was 93.6% as of March 31, 2001, compared to 93.8% as of March 31, 2000. Average monthly rent per occupied unit was $679 at March 31, 2001 compared to $651 at March 31, 2000, an increase of 4.3%. NET ASSET VALUE Also during the quarter, the Company's estimate of its Net Asset Value increased to $50.37 per share, which represents a 15% increase over the NAV for the comparable period in 2000. {PAGE} 2 Apartment Investment and Management Company April 26, 2001 Page 2 ACQUISITION, SALE AND REFINANCING ACTIVITY In the quarter, Aimco completed $378 million in acquisitions, dispositions, and mortgage-financing transactions. Aimco acquired one property for aggregate consideration of $19 million and purchased $47 million of limited partnership interests. AIMCO sold 22 apartment communities for a total of $84 million of which Aimco's share of the dispositions was $32 million. First quarter refinancing activity included the closing of $228 million of new mortgages at an initial weighted-average interest rate of 5.63%. Aimco's share of the refinancing proceeds was $125 million. BALANCE SHEET In the quarter, Aimco repaid in full the remaining balance of the Oxford acquisition term loan. Aimco had borrowed a total of $302 million for the acquisition of Oxford interests in September 2000. Subsequent to the close of the quarter, Aimco increased its revolving line of credit to $400 million. At April 25, 2001, $182 million was outstanding on the line providing availability of $218 million. Since its IPO in 1994, Aimco has maintained its policy of 2:1 coverage of free cash flow to interest expense and preferred dividends. LIQUIDITY In the first quarter, internal sources of cash flow, which include cash cushion (i.e., AFFO less common dividends and principal payments on debt) and net proceeds from mortgage refinancings and property sales, generated $167 million to Aimco. Aimco expects these internal sources to provide in excess of $550 million for all of 2001. For 2000, these internal sources contributed $458 million. Cash requirements from Aimco's redevelopment, enhancement and initial capital expenditures ("ICE') activities are anticipated to be $155 million for the balance of 2001 and an additional $50 million through completion. OUTLOOK Aimco will provide earnings guidance in its quarterly earnings releases. The estimates presented are forward-looking and are based on current expectations. Management anticipates that Aimco will meet or exceed FFO of $5.40 per share for 2001 based on 5% to 6% same store net operating income growth, $500 million in gross property acquisitions and/or limited partnership tender offers and $133 million in completed redevelopments. NEW FINANCIAL DISCLOSURE PRESENTATION This press release contains expanded financial disclosure that Aimco believes will provide a more complete presentation of its unconsolidated activities. The Balance Sheet Presentation is comprehensive (see page six) and includes a pro rata consolidated balance sheet using selected balance sheet data of Aimco's ownership effected share of unconsolidated real estate partnerships, Aimco's consolidated GAAP balance sheets as of March 31, 2001 and December 31, 2000 and a reconciliation of the effect of consolidating the preferred stock subsidiaries at March 31, 2001 to the comparable balance sheet at December 31, 2000. The Income Statement Presentation (see page eleven) includes Aimco's GAAP Income Statement, Aimco's proportionate share of unconsolidated real estate partnerships, and a Proportionate Consolidated Income Statement. In addition, the Income Statement Presentation (see page {PAGE} 3 Apartment Investment and Management Company April 26, 2001 Page 3 265561	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Reports a 31% Increase in Affo, or 16% on a per Share Basis: APARTMENT INVESTMENT AND MANAGEMENT – TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d86575ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED APRIL 26, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS A 31% INCREASE IN AFFO, OR 16% ON A PER SHARE BASIS DENVER, COLORADO, April 26, 2001 Apartment Investment and Management _____________ Apartment Investment and Management – APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS A 31% INCREASE IN AFFO, OR 16% ON A PER SHARE BASIS DENVER, COLORADO, April 26, 2001 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, for the first quarter of _____________ Apartment Investment and Management – Value increased to $50.37 per share, which represents a 15% increase over the NAV for the comparable period in 2000. {PAGE} 2 Apartment Investment and Management Company April 26, 2001 Page 2 ACQUISITION, SALE AND REFINANCING ACTIVITY In the quarter, Aimco completed $378 million in acquisitions, dispositions, and mortgage- _____________ Apartment Investment and Management – proportionate share of unconsolidated real estate partnerships, and a Proportionate Consolidated Income Statement. In addition, the Income Statement Presentation (see page {PAGE} 3 Apartment Investment and Management Company April 26, 2001 Page 3 eleven) also provides a reconciliation from Aimco's GAAP Income Statement to Aimco's Free Cash Flow _____________ Apartment Investment and Management – 9723 for international callers 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 2001 earnings conference call. SUPPLEMENTAL INFORMATION Please see the attached Supplemental Information as noted below: Consolidated Statement of Income Page _____________ dt 152569
Full Doc	2001	Apartment Investment and Management Company Announces Date for Annual Meeting of Stockholders Apartment Investment and Management Company Announces Date for Annual Meeting of Stockholders (2K) Doc #265563: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d86282ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED APRIL 17, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES DATE FOR ANNUAL MEETING OF STOCKHOLDERS DENVER, COLORADO, April 17, 2001 Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that its 2001 Annual Meeting of Stockholders (the "Meeting") will be held on Tuesday, June 19, 2001 at 9:00 a.m. at AIMCO's headquarters at 2000 South Colorado Boulevard, Tower Two, Suite 2-1000, Denver, Colorado. Stockholders may submit proposals for consideration at the Meeting. Under the rules and regulations of the Securities and Exchange Commission, AIMCO may use its discretionary authority to vote on proposals of stockholders presented at the Meeting, unless AIMCO has received timely written notice of the intention to present such proposals at the Meeting. In order to be considered timely, written notice of proposals of stockholders must be received by AIMCO on or before May 1, 2001. In order to be included in AIMCO's Proxy Statement and form of proxy for the Meeting, proposals of stockholders, intended to be presented at the Meeting, must be received by AIMCO, marked to the attention of the Secretary, no later than May 1, 2001. Such proposals must comply with the requirements as to form and substance established by the Securities and Exchange Commission. AIMCO is a real estate investment trust, with headquarters in Denver, Colorado and 25 regional operating centers, which holds a geographically diversified portfolio of apartment communities. AIMCO, through its subsidiaries, operates approximately 1,720 properties, including approximately 326,000 apartment units, and serves approximately one million residents. AIMCO's properties are located in 47 states, the District of Columbia and Puerto Rico. Contact: Katie Murphree, Vice President--Investor Relations (303) 691-4440 Paul McAuliffe, Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@AIMCO.com Web Site: http://www.AIMCO.com {/TEXT} {/DOCUMENT} 265563	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Date for Annual Meeting of Stockholders: APARTMENT INVESTMENT AND MANAGEMENT – TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d86282ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED APRIL 17, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES DATE FOR ANNUAL MEETING OF STOCKHOLDERS DENVER, COLORADO, April 17, 2001 Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that _____________ Apartment Investment and Management – TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES DATE FOR ANNUAL MEETING OF STOCKHOLDERS DENVER, COLORADO, April 17, 2001 Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that its 2001 Annual Meeting of Stockholders (the "Meeting") will be held on Tuesday, June 19, 2001 at _____________ dt 152570
Full Doc	2001	Apartment Investment and Management Company Announces Completion of Acquisition Of Oxford Tax Exempt Fund II Limited Partnership Apartment Investment and Management Company Announces Completion of Acquisition Of Oxford Tax Exempt Fund II Limited Partnership (3K) Doc #265586: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d85422ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED MARCH 27, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF OXFORD TAX EXEMPT FUND II LIMITED PARTNERSHIP DENVER, March 27, 2001/PRNewswire/ -- Apartment Investment and Management Company (NYSE: AIV or "Aimco") announced today that it has completed its previously announced acquisition of Oxford Tax Exempt Fund II Limited Partnership (AMEX: OTF or "OTEF") pursuant to a merger in which a subsidiary of Aimco acquired OTEF. In the merger, each OTEF Beneficial Assignee Interest ("BAC") converted into the right to receive (i) 0.547 shares of Aimco Class P convertible cumulative preferred stock and (ii) 0.299 shares of Aimco Class A common stock based on a $48.51 per share price. The Class P preferred stock and the Class A common stock are both traded on the New York Stock Exchange. In addition, as part of its agreement with Aimco, the Board of Directors of OTEF's managing general partner, Oxford Tax Exempt Fund II Corporation, declared a special distribution of $50 million, or $6.21 per BAC, on February 27, 2001. The special distribution was paid yesterday and will be received by holders of due bills representing the right to receive the special distribution. The due bills have been trading along with the BACs since March 12, 2001, the record date for the special distribution. The Aimco Class P Preferred Stock has a $25 stated liquidation preference and a dividend rate of 9.0% per annum, payable quarterly, and is convertible into Class A common stock at a conversion price of $56.00 per share. The Class P Preferred is traded on the NYSE under the symbol "AIVPrP". For the Class P preferred stock, the Aimco Board of Directors has declared a dividend of $0.1250 per share for the period of March 26, 2001 to April 14, 2001. The dividend is payable on April 16, 2001 to shareholders of record on April 2, 2001. OTEF holds tax-exempt bonds and taxable securities which are secured primarily by mortgages on 17 properties. In September 2000, Aimco acquired control of 16 of these 17 properties in connection with the previously announced transaction between Aimco and Oxford's principals. Aimco expects that the partnerships, which are the mortgagors of the debt held by OTEF, will refinance such debt following the closing. Aimco is a real estate investment trust, with headquarters in Denver, Colorado and 25 regional operating centers, which holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates 1,720 properties, including approximately 326,000 apartment units, and serves approximately one million residents. Aimco's properties are located in 48 states, the District of Columbia and Puerto Rico. For more information about Aimco, contact Paul McAuliffe, Executive Vice President and Chief Financial Officer at (303) 691-4339 or Katie Murphree, Vice President - Investor Relations at (303) 691-4440, e-mail Aimco at investor@aimco.com or visit Aimco's web site at www.aimco.com. SOURCE: Apartment Investment and Management Company {/TEXT} {/DOCUMENT} 265586	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Completion of Acquisition Of Oxford Tax Exempt Fund II Limited Partnership: APARTMENT INVESTMENT AND MANAGEMENT – TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d85422ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED MARCH 27, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF OXFORD TAX EXEMPT FUND II LIMITED PARTNERSHIP DENVER, March 27, 2001/PRNewswire/ -- Apartment Investment and Management Company ( _____________ Apartment Investment and Management – 1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF OXFORD TAX EXEMPT FUND II LIMITED PARTNERSHIP DENVER, March 27, 2001/PRNewswire/ -- Apartment Investment and Management Company (NYSE: AIV or "Aimco") announced today that it has completed its previously announced acquisition of Oxford Tax Exempt Fund II Limited _____________ Apartment Investment and Management – Relations at (303) 691-4440, e-mail Aimco at investor@aimco.com or visit Aimco's web site at www.aimco.com. SOURCE: Apartment Investment and Management Company {/TEXT} {/DOCUMENT} _____________ dt 152573
Full Doc	2001	Apartment Investment and Management Company Reports 18% Increase in Affo and 19% Increase in FFO per Share In Fourth Quarter Results and Declares Dividend Apartment Investment and Management Company Reports 18% Increase in Affo and 19% Increase in FFO per Share In Fourth Quarter Results and Declares Dividend (67K) Doc #265603: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.2 {SEQUENCE}2 {FILENAME}d84921a1ex99-2.txt {DESCRIPTION}RESTATED PRESS RELEASE DATED JANUARY 25, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.2 The information set forth in this Press Release has been restated to reflect the reclassification of certain amounts. APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS 18% INCREASE IN AFFO AND 19% INCREASE IN FFO PER SHARE IN FOURTH QUARTER RESULTS AND DECLARES DIVIDEND DENVER, COLORADO, January 25, 2001 Apartment Investment and Management Company (NYSE:AIV) ("AIMCO") announced that its Adjusted Funds From Operations ("AFFO"), AIMCO's measure of economic profitability, for the fourth quarter of 2000 equaled $113 million or $1.16 per common share, compared to $83 million or $0.98 per common share for the fourth quarter of 1999, an increase of 18.4% on a per share basis. AIMCO announced that its Funds From Operations ("FFO") for the fourth quarter of 2000 equaled $124 million or $1.27 per common share, compared to $91 million or $1.07 per common share for the fourth quarter of 1999, an increase of 18.7% on a per share basis. Fourth quarter 2000 "same store" sales for the 540 apartment communities containing 148,069 units owned during both 2000 and 1999, applying AIMCO's ownership interest in these "same store" apartment communities, showed a 6.5% increase in Net Operating Income, a 5.6% increase in revenues, and a 4.1% increase in operating expenses from the fourth quarter of 1999. Weighted average physical occupancy for the 540 apartment communities was 94.2% as of December 31, 2000, compared to 94.6% as of December 31, 1999. Average monthly rent per occupied unit was $666 at December 31, 2000 compared to $637 at December 31, 1999. In the quarter, AIMCO completed $897 million in acquisitions, dispositions, and mortgage-financing transactions. AIMCO acquired eight properties in separate purchase transactions for $99 million. AIMCO purchased $77 million of limited partnership interests. AIMCO sold 28 apartment communities and one commercial property for a total of $233 million of which AIMCO's share of the dispositions was $109 million with a GAAP gain of $12.1 million and AFFO gain of $4.8 million. Fourth quarter refinancing activity included the closing of $488 million of new mortgages at a weighted-average interest rate of 7.55%. On January 24, 2001, the Board of Directors increased the quarterly cash dividend to $0.78 per common share for the quarter ended December 31, 2000, payable on February 9, 2001 to shareholders of record on February 2, 2001. The increased dividend is equivalent to an annualized dividend rate of $3.12 per common share, an 11% increase from the previous annual dividend rate of $2.80. The increased dividend represents a distribution of 67.2% of AFFO and 61.4% of FFO for the quarter ended December 31, 2000 and a 6.5% yield based on the closing price of AIMCO's Class A Common Stock of $47.94 as of January 24, 2001. 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, TOPR's interest expense, and less the payment of dividends on non-dilutive preferred stock. {PAGE} 2 Apartment Investment and Management Company January 25, 2001 Page Two 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 2000 earnings conference call will be conducted on Friday, January 26, 2001 at 11:00 a.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 2000 earnings conference call. AIMCO is a real estate investment trust with headquarters in Denver, Colorado and 25 regional operating centers, which holds a geographically diversified portfolio of apartment communities. AIMCO, through its subsidiaries, operates approximately 1,720 properties, including approximately 326,000 apartment units, and serves approximately one million residents. AIMCO's properties are located in 47 states, the District of Columbia and Puerto Rico. Summary (dollars in thousands, except per share data): {TABLE} {CAPTION} Three Months Three Months Year Year Ended Ended Ended Ended December 31, December 31, December 31, December 31, ------------ ------------ ------------ ------------ 2000 1999 2000 1999 ------------ ------------ ------------ ------------ {S} {C} {C} {C} {C} Funds From Operations $ 123,920 $ 90,819 $ 439,830 $ 321,359 Adjusted Funds From Operations 112,801 82,651 399,463 292,644 Net Income 31,237 23,541 99,178 77,527 Net Income Allocable to Common Shareholders 12,897 9,763 35,995 24,074 Per Common Share: Funds From Operations $ 1.27 $ 1.07 $ 4.81 $ 4.08 Adjusted Funds From Operations 1.16 0.98 4.37 3.72 Basic Earnings Per Share 0.18 0.15 0.53 0.39 Diluted Earnings Per Share 0.18 0.15 0.52 0.38 Payout Ratios: Funds From Operations 61.4% 65.4% 59.9% 63.1% Adjusted Funds From Operations 67.2% 71.4% 65.9% 69.2% {/TABLE} Summary financial statements and fact sheet follow. Contact: Peter Kompaniez, President (714) 593-1733 Paul McAuliffe, Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {PAGE} 3 APARTMENT INVESTMENT AND MANAGEMENT COMPANY 265603	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Reports 18% Increase in Affo and 19% Increase in FFO per Share In Fourth Quarter Results and Declares Dividend: APARTMENT INVESTMENT AND MANAGEMENT – PAGE} 1 EXHIBIT 99.2 The information set forth in this Press Release has been restated to reflect the reclassification of certain amounts. APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS 18% INCREASE IN AFFO AND 19% INCREASE IN FFO PER SHARE IN FOURTH QUARTER RESULTS AND DECLARES DIVIDEND DENVER, COLORADO, January _____________ Apartment Investment and Management – 18% INCREASE IN AFFO AND 19% INCREASE IN FFO PER SHARE IN FOURTH QUARTER RESULTS AND DECLARES DIVIDEND DENVER, COLORADO, January 25, 2001 Apartment Investment and Management Company (NYSE:AIV) ("AIMCO") announced that its Adjusted Funds From Operations ("AFFO"), AIMCO's measure of economic profitability, for the fourth quarter of _____________ Apartment Investment and Management – income tax provision for unconsolidated subsidiaries, TOPR's interest expense, and less the payment of dividends on non-dilutive preferred stock. {PAGE} 2 Apartment Investment and Management Company January 25, 2001 Page Two FFO should not be considered an alternative to net income or net cash flows from operating activities, _____________ Apartment Investment and Management – 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 2000 earnings conference call. AIMCO is a real estate investment trust with headquarters in Denver, Colorado and 25 regional operating _____________ APARTMENT INVESTMENT AND MANAGEMENT – Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {PAGE} 3 APARTMENT INVESTMENT AND MANAGEMENT COMPANY SUPPLEMENTAL REPORTING PAGE THREE CONSOLIDATED STATEMENTS OF OPERATIONS [a] (in thousands, except per share and unit data) (unaudited) {TABLE} {CAPTION} FOR THE _____________ dt 152580
Preview Full Doc	2001	Apartment Investment and Management Company Reports 18% Increase in Affo and 19% Increase in FFO per Share In Fourth Quarter Results and Declares Dividend Apartment Investment and Management Company Reports 18% Increase in Affo and 19% Increase in FFO per Share In Fourth Quarter Results and Declares Dividend (68K) Doc #265632: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}2 {FILENAME}d83755ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED JANUARY 25, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 For Immediate Release APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS 18% INCREASE IN AFFO AND 19% INCREASE IN FFO PER SHARE IN FOURTH QUARTER RESULTS AND DECLARES DIVIDEND DENVER, COLORADO, January 25, 2001 Apartment Investment and Management Company (NYSE:AIV) ("AIMCO") announced that its Adjusted Funds From Operations ("AFFO"), AIMCO's measure of economic profitability, for the fourth quarter of 2000 equaled $113 million or $1.16 per common share, compared to $83 million or $0.98 per common share for the fourth quarter of 1999, an increase of 18.4% on a per share basis. AIMCO announced that its Funds From Operations ("FFO") for the fourth quarter of 2000 equaled $124 million or $1.27 per common share, compared to $91 million or $1.07 per common share for the fourth quarter of 1999, an increase of 18.7% on a per share basis. Fourth quarter 2000 "same store" sales for the 540 apartment communities containing 148,069 units owned during both 2000 and 1999, applying AIMCO's ownership interest in these "same store" apartment communities, showed a 6.5% increase in Net Operating Income, a 5.6% increase in revenues, and a 4.1% increase in operating expenses from the fourth quarter of 1999. Weighted average physical occupancy for the 540 apartment communities was 94.2% as of December 31, 2000, compared to 94.6% as of December 31, 1999. Average monthly rent per occupied unit was $666 at December 31, 2000 compared to $637 at December 31, 1999. In the quarter, AIMCO completed $897 million in acquisitions, dispositions, and mortgage-financing transactions. AIMCO acquired eight properties in separate purchase transactions for $99 million. AIMCO purchased $77 million of limited partnership interests. AIMCO sold 28 apartment communities and one commercial property for a total of $233 million of which AIMCO's share of the dispositions was $89 million with a GAAP gain of $12.1 million and AFFO gain of $4.8 million. Fourth quarter refinancing activity included the closing of $488 million of new mortgages at a weighted-average interest rate of 7.55%. On January 24, 2001, the Board of Directors increased the quarterly cash dividend to $0.78 per common share for the quarter ended December 31, 2000, payable on February 9, 2001 to shareholders of record on February 2, 2001. The increased dividend is equivalent to an annualized dividend rate of $3.12 per common share, an 11% increase from the previous annual dividend rate of $2.80. The increased dividend represents a distribution of 67.2% of AFFO and 61.4% of FFO for the quarter ended December 31, 2000 and a 6.5% yield based on the closing price of AIMCO's Class A Common Stock of $47.94 as of January 24, 2001. 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 {PAGE} 2 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, TOPR's interest expense, and less the payment of dividends on non-dilutive 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 2000 earnings conference call will be conducted on Friday, January 26, 2001 at 11:00 a.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 2000 earnings conference call. AIMCO is a real estate investment trust with headquarters in Denver, Colorado and 25 regional operating centers, which holds a geographically diversified portfolio of apartment communities. AIMCO, through its subsidiaries, operates approximately 1,720 properties, including approximately 326,000 apartment units, and serves approximately one million residents. AIMCO's properties are located in 47 states, the District of Columbia and Puerto Rico. Summary (dollars in thousands, except per share data): {TABLE} {CAPTION} Three Months Three Months Year Year Ended Ended Ended Ended December 31, December 31, December 31, December 31, 2000 1999 2000 1999 ------------ ------------ ------------ ------------ {S} {C} {C} {C} {C} Funds From Operations $ 123,920 $ 90,819 $ 439,831 $ 321,359 Adjusted Funds From Operations 112,801 82,651 399,464 292,644 Net Income 31,237 23,541 99,178 77,527 Net Income Allocable to Common Shareholders 12,897 9,763 35,995 24,074 Per Common Share: Funds From Operations $ 1.27 $ 1.07 $ 4.81 $ 4.08 Adjusted Funds From Operations 1.16 0.98 4.36 3.72 Basic Earnings Per Share 0.18 0.15 0.53 0.39 Diluted Earnings Per Share 0.19 0.15 0.52 0.38 Payout Ratios: Funds From Operations 61.4% 65.4% 59.9% 63.1% Adjusted Funds From Operations 67.2% 71.4% 65.9% 69.2% {/TABLE} Summary financial statements and fact sheet follow. Contact: Peter Kompaniez, President (714) 593-1733 Paul McAuliffe, Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {PAGE} 3 APARTMENT INVESTMENT AND MANAGEMENT COMPANY SUPPLEMENTAL REPORTING PAGE THREE CONSOLIDATED STATEMENTS OF OPERATIONS [a] 265632	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Reports 18% Increase in Affo and 19% Increase in FFO per Share In Fourth Quarter Results and Declares Dividend: APARTMENT INVESTMENT AND MANAGEMENT – 1 {SEQUENCE}2 {FILENAME}d83755ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED JANUARY 25, 2001 {TEXT} {PAGE} 1 EXHIBIT 99.1 For Immediate Release APARTMENT INVESTMENT AND MANAGEMENT COMPANY REPORTS 18% INCREASE IN AFFO AND 19% INCREASE IN FFO PER SHARE IN FOURTH QUARTER RESULTS AND DECLARES DIVIDEND DENVER, COLORADO, January _____________ Apartment Investment and Management – 18% INCREASE IN AFFO AND 19% INCREASE IN FFO PER SHARE IN FOURTH QUARTER RESULTS AND DECLARES DIVIDEND DENVER, COLORADO, January 25, 2001 Apartment Investment and Management Company (NYSE:AIV) ("AIMCO") announced that its Adjusted Funds From Operations ("AFFO"), AIMCO's measure of economic profitability, for the fourth quarter of _____________ Apartment Investment and Management – 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 2000 earnings conference call. AIMCO is a real estate investment trust with headquarters in Denver, Colorado and 25 regional operating _____________ APARTMENT INVESTMENT AND MANAGEMENT – Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {PAGE} 3 APARTMENT INVESTMENT AND MANAGEMENT COMPANY SUPPLEMENTAL REPORTING PAGE THREE CONSOLIDATED STATEMENTS OF OPERATIONS [a] (in thousands, except per share and unit data) (unaudited) {TABLE} {CAPTION} FOR THE _____________ APARTMENT INVESTMENT AND MANAGEMENT – apartment units in which AIMCO holds an equity interest [g] Represents AIMCO's share of earnings from unconsolidated service company business {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 _____________ dt 152593
Full Doc	2002	Apartment Investment and Management Company Announces 2003 Outlook Apartment Investment and Management Company Announces 2003 Outlook (11K) Doc #265396: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}a2096781zex-99_1.txt {DESCRIPTION}EXHIBIT 99.1 {TEXT} {Page} EXHIBIT 99.1 [LOGO] Contact: Investor Relations (303) 691-4350 Investor@aimco.com Jennifer Martin Vice President--Investor Relations (303) 691-4440 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES 2003 OUTLOOK DENVER, COLORADO, December 19, 2002 Apartment Investment and Management Company (NYSE: AIV) ("Aimco") announced today its Outlook for the fourth quarter and full year 2002 and full year 2003. Aimco will host a live Webcast on January 9, 2003 at noon EST, at which time management will provide further details of Aimco's 2003 operating plan. The Webcast will be available live and for replay through Aimco's Website at: Aimco.com/about/03Outlook.asp. FOURTH QUARTER AND FULL YEAR 2002 Aimco expects fourth quarter and full year 2002 financial results to be within the range of results projected in the Outlook Summary dated November 4, 2002 (Schedule XII of the Earnings Release Supplement). The high end of expected results has been reduced by $0.04 per share due principally to lower net transaction income. With this adjustment, Aimco expects: - Funds From Operations ("FFO") for the fourth quarter and full year 2002 to be $1.04 to $1.10 and $4.63 to $4.69 per share, respectively. - Adjusted Funds From Operations ("AFFO") for the fourth quarter and full year 2002 to be $0.86 to $0.92, and $3.80 to $3.86 per share, respectively. - "Same Store" net operating income to decline 5% to 6% in the fourth quarter compared with the same period last year, and "Same Store" net operating income to decline 2.0% to 2.5% for 2002 compared with 2001. 2003 OUTLOOK Aimco has assumed a range of results for its 2003 Outlook. The range is based on the uncertain timing of an economic recovery and, specifically, associated apartment demand. The lower end of Aimco's Outlook assumes economic conditions unchanged from the fourth quarter of 2002. In this scenario, "Same Store" revenue remains flat with no assumed changes in occupancy and rent from the fourth quarter 2002, and results in a decline in net operating income (NOI) of approximately 4% for 2003 compared with 2002. The upper end of Aimco's Outlook also assumes no economic recovery but does include seasonal increases in "Same Store" occupancy, which ranges from 91% to 93% during the year and averages 92%, and results in a 1% decline in NOI for 2003 compared with 2002. {Page} 2003 OUTLOOK SUMMARY (PER SHARE) {Table} {Caption} 2003 OUTLOOK 2002 OUTLOOK 2003 V. 2002 PER SHARE RANGE(1) PER SHARE RANGE(1) VARIANCE ------------------------------ ------------------------------ ------------------------------ {S} {C} {C} {C} {C} {C} {C} {C} {C} {C} Operating FFO(2)............... $ 3.96 to $ 4.12 $ 4.22 to $ 4.24 $(0.26) to $(0.12) Transaction FFO(3)............. 0.24 to 0.30 0.41 to 0.45 (0.17) to (0.15) ------ ------ ------ ------ ------ ------ Total FFO.................... $ 4.20 to $ 4.42 $ 4.63 to $ 4.69 $(0.43) to $(0.27) Capital replacements(4)........ (0.78) to (0.76) (0.76) to (0.76) (0.02) to -- ------ ------ ------ ------ ------ ------ AFFO before capital enhancements............... $ 3.42 to $ 3.66 $ 3.87 to $ 3.93 $(0.45) to $(0.27) Capital enhancements (CE)...... (0.06) to (0.04) (0.07) to (0.07) 0.01 to 0.03 ------ ------ ------ ------ ------ ------ AFFO......................... $ 3.36 to $ 3.62 $ 3.80 to $ 3.86 $(0.44) to $(0.24) Dividend(5).................... $ 3.28 $ 3.28 $ 3.28 $ 3.28 Dividend payout ratio (before CE)(6)....................... 96% to 90% 85% to 83% Share count (mm): FFO.......................... 112 113 AFFO(4)...................... 108 108 {/Table} ------------------------ (1) Per share data are non-GAAP measures commonly used in addition to EPS, which is a financial reporting measure under GAAP. FFO and AFFO per share should not be considered substitutes to GAAP measures as indicators of Aimco's performance. GAAP EPS projections will be available in the first quarter 2003. (2) See 2003 Outlook Assumptions schedule under Operating FFO Assumptions for detail. (3) See 2003 Outlook Assumptions schedule under Transaction FFO Assumptions for detail. (4) Due to anti-dilutive adjustments, the share count used for AFFO is lower than for FFO. (5) Dividends are determined and declared by the Board of Directors on a quarterly basis. For purposes of this 2003 Outlook Summary, we have assumed no change in the common share dividend. (6) The payout ratio is based on AFFO before capital enhancements, which are discretionary expenditures. 2 {Page} 2003 OUTLOOK ASSUMPTIONS {Table} {Caption} OUTLOOK RANGE --------------------------------- LOW HIGH ----------- -------- {S} {C} {C} {C} OPERATING FFO ASSUMPTIONS REAL ESTATE OPERATIONS Conventional Same Store Occupancy rate (2002 average 93%)................... 91% to 92% NOI (rate of growth v. 2002)........................ -4.0% to -1.0% Acquisitions 2002 NOI (incremental contribution, $mm) (1)................................................. $ 5 to $ 6 INVESTMENT MANAGEMENT ($MM) Property Management..................................... $ 22 to $ 27 INTEREST INCOME ($MM) GP Loan Interest and interest bearing accounts.......... $ 25 to $ 27 GENERAL AND ADMINISTRATIVE ($MM).......................... $ 18 to $ 20 TRANSACTION FFO ASSUMPTIONS INVESTMENT MANAGEMENT ($MM) Activity Based Fees..................................... $ 20 to $ 25 INTEREST INCOME ($MM) Transactional Income.................................... $ 7 to $ 9 CAPITAL EXPENDITURES, INVESTING AND FINANCING CAPITAL EXPENDITURES 265396	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces 2003 Outlook: APARTMENT INVESTMENT AND MANAGEMENT – Page} EXHIBIT 99.1 [LOGO] Contact: Investor Relations (303) 691-4350 Investor@aimco.com Jennifer Martin Vice President--Investor Relations (303) 691-4440 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES 2003 OUTLOOK DENVER, COLORADO, December 19, 2002 Apartment Investment and Management Company (NYSE: AIV) ("Aimco") announced today its Outlook for the _____________ Apartment Investment and Management – com Jennifer Martin Vice President--Investor Relations (303) 691-4440 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES 2003 OUTLOOK DENVER, COLORADO, December 19, 2002 Apartment Investment and Management Company (NYSE: AIV) ("Aimco") announced today its Outlook for the fourth quarter and full year 2002 and full year 2003. Aimco will host _____________ dt 152496
Full Doc	2002	Apartment Investment and Management Company Announces Third Quarter 2002 Results Apartment Investment and Management Company Announces Third Quarter 2002 Results (33K) Doc #265402: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d00914exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED NOVEMBER 4, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THIRD QUARTER 2002 RESULTS COMPLETED $500 MILLION STRATEGIC ACQUISITION IN NEW ENGLAND PORTFOLIO DIVERSIFICATION MODERATES AFFECT OF WEAK ECONOMY SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced third quarter and year-to-date 2002 results including: - Earnings Per Share ("EPS") were $0.26 and $1.07 on a diluted basis for the three and nine month periods compared with $0.02 and $0.07 for same periods one year ago, respectively. - Operating Earnings per Share ("OEPS") were $0.37 and $1.34 on a diluted basis for the three and nine month periods compared with $0.23 and $0.37 for the same periods one year ago, respectively. - Funds From Operations ("FFO") were $123 million, or $1.09 per diluted common share for the quarter and $392 million, or $3.59 per diluted common share, year-to-date. The comparable results from the same periods in 2001 were $136 million, or $1.30 per share, for the third quarter of 2001 and $399 million, or $3.91 per share, for the first nine months of 2001. ================================================================================ PER SHARE RESULTS {Table} {Caption} THIRD YEAR TO QUARTER DATE ------- ------- {S} {C} {C} Earnings - EPS $ 0.26 $ 1.07 Operatings Earnings - OEPS 0.37 1.34 Funds from Operations - FFO 1.09 3.59 Adjusted Funds from Operations - AFFO 0.85 2.95 {/Table} ================================================================================ {PAGE} MANAGEMENT COMMENTS "A highlight of the third quarter was the $500 million acquisition of Thomas Flatley's 11 New England apartment properties," said Terry Considine, Aimco chairman and chief executive officer. "This transaction met Aimco's financial criteria for accretion, return on investment and purchase for less than replacement cost. These properties increase Aimco's overall portfolio quality and will make the greater Boston area Aimco's third largest market." Commenting on core operations, Aimco's President, Peter Kompaniez, said, "Real estate operations were affected by general economic weakness to a greater extent this quarter than in the first half of the year. While Aimco benefits from its geographic diversification, as evidenced by a modest 0.8% decline in Same Store Net Operating Income year-to-date, conditions in several markets are certainly difficult." Mr. Considine added: "Aimco's near term objective is to manage those factors within its control. We are directing our efforts towards controlling expenses and minimizing resident turnover. In addition, we are focused on strengthening the balance sheet, primarily by repayment of short-term debt through dispositions of Aimco's lowest rated properties with a target of $300 to $400 million in gross sales proceeds, with $100 to $125 million in net proceeds, by year-end. We expect to complete an additional $700 to $800 million in gross sales, with $200 to $275 million in net proceeds, during the first half of next year." COMMON STOCK DIVIDENDS As previously announced, the Board of Directors declared the regular quarterly cash dividend of $0.82 per Class A common share for the quarter ended September 30, 2002, payable on November 18, 2002 to stockholders of record on November 11, 2002. The dividend represents a distribution of 96% of AFFO and 75% of FFO for the quarter ended September 30, 2002 and a 9.2% yield based on the $35.49 closing price of Aimco's Class A Common Stock on November 1, 2002. OPERATIONAL RESULTS RENTAL PROPERTY OPERATIONS (GAAP INCOME STATEMENTS) Third quarter revenue from rental property operations of $367 million was up $52 million or 17% from the third quarter 2001 primarily due to the Casden acquisition and one month contribution from the New England properties acquisition, which together contributed $44 million, as well as additional partnership consolidations net of property sales. The average portfolio rent per unit was $715 compared with $694 in the prior year. Third quarter expenses from rental property operations of $153 million were up $34 million or 28% from the third quarter 2001 primarily due to new acquisitions and partnership consolidations as well as higher levels of spending. Income from Property Operations of $214 million was up $18 million or 9% from the third quarter 2001, benefiting from higher year-over-year revenue somewhat offset by higher expenses. In summary for the nine months and for the quarter, the real estate portfolio was affected by the current economic environment, yet demonstrated stability compared to the sector given its geographic and price point diversification. {PAGE} ================================================================================ RENTAL PROPERTY OPERATING METRICS {Table} {Caption} THIRD QUARTER SEQUENTIAL ------------------------ -------------------- 2002 2001 Variance 2nd Qtr Variance ----- ---- -------- --------- --------- {S} {C} {C} {C} {C} {C} Average Physical Occupancy 92.1% 92.3% -20bp 91.7% +40bp Average Rent/unit $ 715 $ 694 3.0% $ 695 2.9% NOI ($mm) 214.0 195.8 9.3% 211.3 1.3% {/Table} ================================================================================ The Casden portfolio in Southern California has generated a 5% increase in NOI since the March acquisition, realizing increased market rents and occupancies over the past two quarters. Physical occupancy was above 96% at quarter-end. As announced in the second quarter 2002 earnings release, Aimco now deducts both Capital Replacements and Capital Enhancements in calculating AFFO. During the third quarter, which is the high season for such spending, Capital Replacements were $25 million, or $150 per unit and Capital Enhancements were $1 million or $9 per unit. The $26 million total of these expenditures equals $0.24 per share 265402	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Third Quarter 2002 Results: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d00914exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED NOVEMBER 4, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THIRD QUARTER 2002 RESULTS COMPLETED $500 MILLION STRATEGIC ACQUISITION IN NEW ENGLAND PORTFOLIO DIVERSIFICATION MODERATES AFFECT OF WEAK ECONOMY SUMMARY FINANCIAL _____________ Apartment Investment and Management – ANNOUNCES THIRD QUARTER 2002 RESULTS COMPLETED $500 MILLION STRATEGIC ACQUISITION IN NEW ENGLAND PORTFOLIO DIVERSIFICATION MODERATES AFFECT OF WEAK ECONOMY SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced third quarter and year-to-date 2002 results including: - Earnings Per Share ("EPS") were $0.26 and $1. _____________ Apartment Investment and Management – Please call approximately five minutes before the conference call is scheduled to begin and tell the operator that you wish to join the Apartment Investment and Management Company third quarter 2002 earnings conference call. The live conference call can also be accessed through the Internet via Aimco's website at _____________ dt 152499
Full Doc	2002	Apartment Investment and Management Company Announces Completion of the Flatley Properties Acquisition Apartment Investment and Management Company Announces Completion of the Flatley Properties Acquisition (3K) Doc #265408: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d99625exv99w1.txt {DESCRIPTION}PRESS RELEASE {TEXT} {PAGE} EXHIBIT 99.1 [AIMCO LOGO] APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF THE FLATLEY PROPERTIES ACQUISITION DENVER, COLORADO - August 29, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") is pleased to announce completion of the purchase by Aimco of 100% ownership of eleven conventional garden and mid-rise apartment properties located in the greater Boston area from Thomas J. Flatley. The eleven properties include 4,323 apartment units on 553 acres. The all cash transaction closed earlier today. The total cost of the acquisition includes $500 million for the properties and $2.5 million in transaction costs. In addition Aimco expects to spend $6.2 million for initial capital expenditures. As announced previously, funding for this acquisition includes $309 million of 20-year, fully amortizing mortgage debt at interest rates averaging 5.69% plus borrowing under Aimco's credit facility. Pro forma for calendar year 2003, Aimco projects the acquisition will add $2.7 million, or $0.02 per share, to Adjusted Funds From Operations and $4.9 million, or $0.04 per share, to Funds From Operations. For further details on this transaction, please see the press release dated August 12, 2002. This press release contains forward-looking statements including statements regarding 2003 results that are subject to certain risks and uncertainties including, but not limited to, the Company's ability to maintain current occupancy and rent levels. Actual results may differ materially from those described and pro forma results could be affected by a variety of factors including: economic conditions; changes in interest rates; competition; the failure of this acquisition to perform in accordance with expectations; the Company's ability to integrate operations; possible environmental liabilities; and, other risks described in our filings with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and we assume no obligation to revise or update them to reflect future events or circumstances. Aimco is a real estate investment trust with headquarters in Denver, Colorado and 19 regional operating centers that holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates approximately 1,800 properties, including approximately 326,000 apartment units, and serves approximately one million residents each year. Aimco's properties are located in 47 states, the District of Columbia and Puerto Rico. Contact: Jennifer Martin, Vice President - Investor Relations (303) 691-4440 Paul J. McAuliffe, Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@aimco.com {/TEXT} {/DOCUMENT} 265408	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Completion of the Flatley Properties Acquisition: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d99625exv99w1.txt {DESCRIPTION}PRESS RELEASE {TEXT} {PAGE} EXHIBIT 99.1 [AIMCO LOGO] APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF THE FLATLEY PROPERTIES ACQUISITION DENVER, COLORADO - August 29, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") is pleased _____________ Apartment Investment and Management – PAGE} EXHIBIT 99.1 [AIMCO LOGO] APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF THE FLATLEY PROPERTIES ACQUISITION DENVER, COLORADO - August 29, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") is pleased to announce completion of the purchase by Aimco of 100% ownership of eleven conventional garden and mid- _____________ dt 152501
Full Doc	2002	Apartment Investment and Management Company Announces Acquisition of Eleven Flatley Properties In Greater Boston Area Apartment Investment and Management Company Announces Acquisition of Eleven Flatley Properties In Greater Boston Area (29K) Doc #265421: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}4 {FILENAME}d99006exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED AUGUST 12, 2002 {TEXT} {PAGE} EXHIBIT 99.1 [AIMCO LOGO] APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES ACQUISITION OF ELEVEN FLATLEY PROPERTIES IN GREATER BOSTON AREA DENVER, COLORADO - August 12, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") has agreed to acquire 100% ownership of eleven conventional garden and mid-rise apartment properties with 4,323 apartments located in the greater Boston area for $500 million. Aimco is purchasing the properties from Thomas J. Flatley. The portfolio surrounds Boston extending from Nashua, New Hampshire, Swampscott and North Andover, Massachusetts to the north to Framingham, Marlborough and Worcester, Massachusetts to the west and Bridgewater and Fall River, Massachusetts and Warwick, Rhode Island to the south. The pro forma average monthly rent for these established communities is $1,263 and the units average 945 square feet in size. Weighted average occupancy for the portfolio is currently 94.6%. "These are very solid properties that make a great addition to the Aimco portfolio," said Terry Considine, Aimco chairman and chief executive officer. "Their developer, Tom Flatley, is a New England real estate legend and he built these 'to keep'. I am delighted that when he decided to sell, Tom Flatley chose Aimco. We will make every effort to maintain the Flatley tradition of attention to detail and customer service. We welcome to Aimco the members of the Flatley organization who have made these properties such attractive places to live. "In addition to the existing cash flows, we believe that there are excellent upsides available from the improving Boston market and utilization of Aimco efficiencies," added Mr. Considine. "The low density, campus-like settings are, literally, irreplaceable." The addition of this portfolio significantly increases Aimco's presence in the Boston area where the company currently owns one conventional property and seven affordable properties. The acquisition is projected to increase Aimco's real estate Free Cash Flow ("FCF") earned in the Boston area from less than 1% to 6%, making Boston Aimco's third largest market. The acquisition will also increase significantly Aimco's real estate Free Cash Flow from properties with monthly rents greater than $1,000: from 16% to 21%. Initial funding for the acquisition will be a combination of long-term mortgage debt together with borrowing pursuant to Aimco's credit facility, which will be repaid with operating cash flow and proceeds from the sale of lower rated properties. For the {PAGE} Apartment Investment and Management Company August 12, 2002 Page 2 acquisition, Aimco has secured $309 million of 20-year, fully amortizing mortgage debt at interest rates averaging 5.69%. Pro forma calendar 2003, Aimco expects the acquisition to be immediately accretive to Aimco, projecting accretion in: - Adjusted Funds From Operations ("AFFO") of approximately $2.7 million or $0.02 per share; and - Funds From Operations ("FFO") of approximately $4.9 million or $0.04 per share. This accretion is based on the cost of committed long-term property debt plus an 11% assumed cost of equity, even though the latter will be funded in the near term with lower cost borrowing under Aimco's line of credit. Pro forma Net Income and EPS will be available after closing. Aimco shareholder approval is not required for the transaction. The transaction is subject to ordinary closing conditions. Closing is expected on or before August 29, 2002. ACQUISITION SUMMARY Aimco is purchasing eleven properties consisting of 4,323 conventional apartment units in the greater Boston area. Seven of the properties are garden style and four are mid-rise. (Please see Exhibit I for further detail on the properties). - The purchase price averages $117,670 per unit and $125 per square foot, or $113,900 per unit and $121 per square foot for the garden style communities and $134,100 per unit and $141 per square foot for the mid-rise communities. - The capitalization rate is 8.31% and is based on pro forma 2003 FCF, which is net of $500 per unit in Capital Replacements. - The pro forma average rent per unit is $1,263. - The pro forma physical occupancy is 94.4%. - The pro forma economic occupancy is 91.3%. - The portfolio contains 553 acres of land or an average density of 7.8 units per acre. Imbedded in this acquisition are various opportunities that have not been factored into the earnings projections. These include: - Potential expansion: four of the properties have additional acreage that can accommodate development of approximately 750 additional units; - Continuation of a "kitchen and bath" improvement program: the Flatley Company has already begun this effort completing approximately 800 units and meeting good consumer response; {PAGE} Apartment Investment and Management Company August 12, 2002 Page 3 - Returning occupancy to historical levels: occupancy at month-end July was approximately 94.6%, which exceeds Aimco's budgeted figure of 94.4%. The average occupancy for the past 20 years in the Boston area has been 96.6%; and - Possible addition of garages and storage space: a number of the properties have the land and may have the demand for economically rewarding construction of additional garages and storage areas. INTEGRATION OF PROPERTIES INTO AIMCO OPERATIONS Aimco expects to retain many members of the Flatley organization responsible for operating the properties. "The Flatley organization has a well deserved reputation as excellent operators, and we hope to benefit from their 265421	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Acquisition of Eleven Flatley Properties In Greater Boston Area: APARTMENT INVESTMENT AND MANAGEMENT – TYPE}EX-99.1 {SEQUENCE}4 {FILENAME}d99006exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED AUGUST 12, 2002 {TEXT} {PAGE} EXHIBIT 99.1 [AIMCO LOGO] APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES ACQUISITION OF ELEVEN FLATLEY PROPERTIES IN GREATER BOSTON AREA DENVER, COLORADO - August 12, 2002 Apartment Investment and Management Company (NYSE:AIV) (" _____________ Apartment Investment and Management – 1 [AIMCO LOGO] APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES ACQUISITION OF ELEVEN FLATLEY PROPERTIES IN GREATER BOSTON AREA DENVER, COLORADO - August 12, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") has agreed to acquire 100% ownership of eleven conventional garden and mid-rise apartment properties with 4,323 apartments _____________ Apartment Investment and Management – s credit facility, which will be repaid with operating cash flow and proceeds from the sale of lower rated properties. For the {PAGE} Apartment Investment and Management Company August 12, 2002 Page 2 acquisition, Aimco has secured $309 million of 20-year, fully amortizing mortgage debt at interest rates averaging _____________ Apartment Investment and Management – kitchen and bath" improvement program: the Flatley Company has already begun this effort completing approximately 800 units and meeting good consumer response; {PAGE} Apartment Investment and Management Company August 12, 2002 Page 3 - Returning occupancy to historical levels: occupancy at month-end July was approximately 94.6%, which exceeds Aimco' _____________ Apartment Investment and Management – ending June 30, 2002 show that the portfolio is on track to deliver the expected results. The table below projects three-year {PAGE} Apartment Investment and Management Company August 12, 2002 Page 4 results based on the pro forma statements. Pro forma results are based on the committed $308.7 _____________ dt 152506
Full Doc	2002	Apartment Investment and Management Company Announces Second Quarter Financial Results Apartment Investment and Management Company Announces Second Quarter Financial Results (30K) Doc #265427: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d98755exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED AUGUST 5, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS: o Same Store Sales Down 0.1 % o $540 MILLION INCREASE IN EQUITY FROM STOCK SALES AND CONVERSIONS o LOWER NET VARIABLE INCOME DENVER, COLORADO, August 5, 2002 FINANCIAL RESULTS SECOND QUARTER RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced second quarter 2002 results including: o Earnings Per Share ("EPS") of $0.26 and $0.26 on a diluted basis, as compared to second quarter 2001 EPS of $0.11 and diluted EPS of $0.11. o Operating Earnings per Share ("OEPS") of $0.47 or $0.46 on a diluted basis, as compared to second quarter 2001 OEPS of $0.07 and diluted OEPS of $0.07. o Funds From Operations ("FFO") of $133 million or $1.20 per common share, compared to $136 million or $1.32 per common share for the second quarter of 2001, a decrease of 2.2% and a decrease of 9.1% on a per share basis. {Table} {Caption} SECOND RESULTS PER SECOND QUARTER SHARE QUARTER 2001 2002 % CHANGE ----------- ------------ ------- -------- {S} {C} {C} {C} EPS $0.11 $0.26 136% OEPS $0.07 $0.46 557% FFO $1.32 $1.20 (9%) {/Table} {PAGE} Apartment Investment and Management Company Second Quarter 2002 MANAGEMENT COMMENTS "While not satisfied, we are pleased by the results of Aimco's core business, the operation and ownership of apartments. The Aimco portfolio is the largest in the nation and unmatched in its diversification, both geographically and among price points. In the second quarter, notwithstanding difficulties in numerous apartment markets, this diversification, the work done in Project Century, and the leadership of Ron Monson produced stable cash flows, with 'same store' results off by just one-tenth of one per cent," said Terry Considine, Aimco chairman and chief executive officer. "The Aimco balance sheet was strengthened during the quarter by $540 million from conversion of convertible securities and from the May sale of common stock. Aimco common share and equivalent accounts have been increased by more than $800 million in the first half of this year. The $287 million Casden Term Loan borrowing in March to fund a portion of the Casden transactions was reduced by nearly one-half during the quarter; and, at quarter end, there was no borrowing outstanding on Aimco's $400 million line of credit. Aimco has followed its financial discipline of funding real estate ownership primarily with long-term, non-recourse property debt together with equity even when, as in the second quarter, the result is earnings dilution," said Paul McAuliffe, Aimco chief financial officer. "Aimco's highly diversified transaction activities produced $24 million in variable revenues and fees. These were somewhat offset by $13 million in variable expenses related primarily to Project Century costs, increased reserves for insurance, litigation contingencies, and loan losses as well as acceleration of deferred costs relating to the prepayment of the Casden Term Loan," commented Peter Kompaniez, Aimco's president. "As is Aimco practice, all of these expenses were deducted from FFO and AFFO." "Aimco has consistently considered all costs in determining its profitability, not asking investors to disregard any charge as 'special' whether for severance, costs incurred in prepayment of debt, or the write-off of improvident investments. As well, Aimco has consistently directed investor attention to AFFO, which is reduced by capital spending, as a more complete measure of profitability than is FFO alone," added Mr. McAuliffe. "To improve further the quality and transparency of financial reporting, the following changes have been made: o Recognizing the uncertainties inherent in the distinction between Capital Replacements and Capital Enhancements, Aimco has chosen the more conservative treatment and will disclose and deduct both in its measurement of Adjusted Funds From Operations ("AFFO"), beginning with 2Q results announced today. {PAGE} Apartment Investment and Management Company Second Quarter 2002 o Having considered both sides of the national debate regarding the proper treatment of employee stock options, Aimco has chosen the more conservative treatment and will expense employee stock option grants, beginning with the next options granted, which is expected to be in January 2003." Mr. Kompaniez further commented: "There are a number of reforms made or proposed by legislation and regulation. For most matters, Aimco is already in excellent shape. For example, all board committees and two-thirds of the entire board are comprised of independent directors. For other matters, change is indicated. For example, Aimco has followed a previous 'best practice' for executive stock ownership funded in part by company loans. These loans and share purchases have been priced at market, fully disclosed and are either current or have been collected in full without exception. Under the new regime, no new loans will be made to executive officers and outstanding loans will be prepaid or collected in accordance with their terms." Mr. Considine closed: "In consideration of the much publicized 265427	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Second Quarter Financial Results: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d98755exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED AUGUST 5, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS: o Same Store Sales Down 0.1 % o $540 MILLION INCREASE IN EQUITY FROM STOCK SALES AND _____________ Apartment Investment and Management – INCREASE IN EQUITY FROM STOCK SALES AND CONVERSIONS o LOWER NET VARIABLE INCOME DENVER, COLORADO, August 5, 2002 FINANCIAL RESULTS SECOND QUARTER RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced second quarter 2002 results including: o Earnings Per Share ("EPS") of $0.26 and $0.26 on a _____________ Apartment Investment and Management – C} {C} {C} EPS $0.11 $0.26 136% OEPS $0.07 $0.46 557% FFO $1.32 $1.20 (9%) {/Table} {PAGE} Apartment Investment and Management Company Second Quarter 2002 MANAGEMENT COMMENTS "While not satisfied, we are pleased by the results of Aimco's core business, the operation and _____________ Apartment Investment and Management – treatment and will disclose and deduct both in its measurement of Adjusted Funds From Operations ("AFFO"), beginning with 2Q results announced today. {PAGE} Apartment Investment and Management Company Second Quarter 2002 o Having considered both sides of the national debate regarding the proper treatment of employee stock options, Aimco has _____________ Apartment Investment and Management – the respective partnership agreements, Aimco can earn fees for providing property management, asset management, refinancing, disposition, development, construction management and other services. {PAGE} Apartment Investment and Management Company Second Quarter 2002 In addition, Aimco provides property management and other services to unrelated third parties for 212 properties including approximately 26, _____________ dt 152509
Full Doc	2002	Apartment Investment and Management Company Announces the Redemption of $41.947 Million in Preferred Equity Securities Apartment Investment and Management Company Announces the Redemption of $41.947 Million in Preferred Equity Securities (3K) Doc #265429: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d98593exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED JULY 29, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THE REDEMPTION OF $41.947 MILLION IN PREFERRED EQUITY SECURITIES DENVER, COLORADO, July 29, 2002 Apartment Investment and Management Company (NYSE: AIV) ("Aimco") announced today that on July 29, 2002 it sent notice of redemption of $41.947 million Class B Cumulative Convertible Preferred Stock ("Class B Convertible Preferred Stock") issued by Aimco in August 1997 to Security Capital Preferred Growth Incorporated ("Security Capital"), an institutional investor. At its option, Security Capital may elect to convert the Class B Convertible Preferred Stock into Aimco Class A Common Stock at any time prior to redemption. The Class B Convertible Preferred Stock is convertible into 1,377,573 shares of Aimco Class A Common Stock, which are already included in Aimco's count of fully diluted shares outstanding for purposes of calculating Adjusted Funds From Operations ("AFFO") per share and Funds From Operations ("FFO") per share. Therefore, a conversion into Class A Common Stock would not change Aimco's fully diluted share count for the purposes of calculating AFFO per share and FFO per share. On an Earnings per Share ("EPS") basis, a conversion into Class A Common Stock would (i) eliminate the Class B Convertible Preferred Stock dividend of approximately $1.13 million per quarter, which would result in a $1.13 million per quarter increase in Net Income Attributable to Common Stockholders, and (ii) increase the number of Basic and Dilutive Shares outstanding by 1,377,573 shares. Pursuant to the terms of the Class B Convertible Preferred Stock, Aimco gave 30 days notice of the redemption date, which is August 28, 2002. Any shares of Class B Convertible Preferred Stock not converted by 5:00pm New York City time on August 28, 2002 will be redeemed for cash equal to the liquidation preference of $100 per share plus accrued and unpaid dividends through the redemption date of $1.73545 per share. Aimco is a real estate investment trust with headquarters in Denver, Colorado and 19 regional operating centers, which holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates approximately 1,900 properties, including 336,000 apartment units, and serves approximately one million residents. Aimco's properties are located in 47 states, District of Columbia and Puerto Rico. For more information about Aimco, please visit our website at www.aimco.com. Contact: Katie Murphree, Vice President - Investor Relations (303) 691-4440\ Paul McAuliffe, Executive Vice President and Chief Financial Officer (303) 691-4339 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {/TEXT} {/DOCUMENT} 265429	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces the Redemption of $41.947 Million in Preferred Equity Securities: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d98593exv99w1.txt {DESCRIPTION}PRESS RELEASE DATED JULY 29, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THE REDEMPTION OF $41.947 MILLION IN PREFERRED EQUITY SECURITIES DENVER, COLORADO, July 29, 2002 Apartment Investment and Management Company (NYSE: _____________ Apartment Investment and Management – 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THE REDEMPTION OF $41.947 MILLION IN PREFERRED EQUITY SECURITIES DENVER, COLORADO, July 29, 2002 Apartment Investment and Management Company (NYSE: AIV) ("Aimco") announced today that on July 29, 2002 it sent notice of redemption of $41.947 million Class B Cumulative _____________ dt 152510
Full Doc	2002	Apartment Investment and Management Company Announces First Quarter Financial Results Apartment Investment and Management Company Announces First Quarter Financial Results (99K) Doc #265449: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d96529aex99-1.txt {DESCRIPTION}PRESS RELEASE {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS 7% INCREASE IN FFO, OR 1% ON A PER SHARE BASIS IN FIRST QUARTER DENVER, COLORADO, May 1, 2002 FIRST QUARTER RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the first quarter of 2002 equaled $135 million or $1.30 per common share, compared to $127 million or $1.29 per common share for the first quarter of 2001, an increase of 7%, or 1% on a per share basis. Aimco announced that its Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, for the first quarter of 2002 equaled $117 million or $1.12 per common share, compared to $115 million or $1.17 per common share for the first quarter of 2001, an increase of 2%, or a decrease of 4% on a per share basis. Capital replacement costs were $110 per unit for the quarter compared to $75 per unit in the first quarter of 2001. Aimco announced that its Earnings Per Share ("EPS") for the first quarter of 2002 equaled $0.59 per common share and $0.58 per common share on a diluted basis, compared to ($0.07) per common share and ($0.07) per common share on a diluted basis for the first quarter of 2001. Operating Earnings Per Share ("OEPS") for the first quarter of 2002 equaled $0.53 per common share and $0.52 per common share on a diluted basis, compared to $0.08 per common share and $0.08 per common share on a diluted basis for the first quarter of 2001. Total consolidated revenues for the first quarter 2002 were $331 million, an increase of 5% compared to total consolidated revenues of $317 million for the same period in 2001. FIRST QUARTER SAME STORE RESULTS First quarter "same store" results for the 649 "same store" apartment communities containing 177,794 units owned during both 2002 and 2001, adjusted for Aimco's ownership interest in these communities, were a 1.1% increase in revenues, a 2.9% increase in operating expenses, and a 0.2% increase in Net Operating Income from the first quarter of 2001. Property operating expenses for the 649 "same store" apartments increased $2.9 million from first quarter 2001. Of the $2.9 million, insurance expense accounted for $2.3 million of the change. The increase in insurance was due to an increase in premiums {PAGE} and is expected to be unchanged for the remainder of 2002. Also, in 2002, Aimco evaluated the allocation of insurance across the portfolio based on prior period claims and an assessment of higher risk areas. The result was a higher allocation of insurance expense for wind and earthquake coverage in Florida, Texas, and California which explains the large, year over year increases in "same store" operating expenses for these regions. FIRST QUARTER SAME STORE RESULTS {Table} {Caption} OPERATING NET OPERATING REVENUES EXPENSES INCOME -------- --------- ------------- {S} {C} {C} {C} Northeast 3.2% 1.6% 4.0% Southeast -0.3% 4.5% -2.9% Florida 2.5% 10.0% -1.6% Midwest -1.5% -2.4% -0.9% Texas 1.9% 3.6% 0.7% West -2.0% -0.5% -2.7% California 3.1% 11.2% 0.4% Total 1.1% 2.9% 0.2% {/Table} Weighted average physical occupancy for the 649 apartment communities was 92.4% for the first quarter, compared to 93.6% for the first quarter of 2001. Average monthly rent per occupied unit was $694 at March 31, 2002 compared to $687 at March 31, 2001, an increase of 1%. COMMON STOCK DIVIDEND As previously reported, the Board of Directors declared on April 25, 2002 the regular quarterly cash dividend of $0.82 per common share for the quarter ended March 31, 2002, payable on May 13, 2002 to shareholders of record on May 6, 2002. The dividend represents a distribution of 73% of AFFO and 63% of FFO for the quarter ended March 31, 2002 and a 7% yield based on the closing price of Aimco's Class A Common Stock of $49.10 as of April 30, 2002. EARNINGS CONFERENCE CALL The first quarter 2002 earnings conference call will be conducted on Thursday, May 2, 2002 at 12:00 p.m. Eastern time. You may participate in the conference call by dialing 888-228-8198, or 706-634-5947 for international callers, 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 2002 earnings conference call. The live conference call can also be accessed through the internet via Aimco's website at www.aimco.com/about/financial/1Q2002.asp and clicking on the webcast link. {PAGE} INVESTMENT MANAGEMENT ACTIVITY Aimco has interests in 471 partnerships, excluding NAPICO, where the Aimco ownership is a weighted average of 19% and the limited partner interest has an estimated gross value of nearly $3 billion with $1.5 billion in associated mortgage debt. Pursuant to the partnership agreements, Aimco can earn property management, asset management, refinancing, disposition, development, construction management and other fees. In addition, Aimco provides property management and other services to unrelated third parties relating to 222 properties including approximately 29,159 units. 80% of the property management and services provided to unrelated third parties are under long-term, non-cancelable management contracts. First quarter net operating income contribution from investment 265449	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces First Quarter Financial Results: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d96529aex99-1.txt {DESCRIPTION}PRESS RELEASE {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS 7% INCREASE IN FFO, OR 1% ON A PER SHARE BASIS IN FIRST QUARTER DENVER, COLORADO, May _____________ Apartment Investment and Management – RESULTS 7% INCREASE IN FFO, OR 1% ON A PER SHARE BASIS IN FIRST QUARTER DENVER, COLORADO, May 1, 2002 FIRST QUARTER RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the first quarter of 2002 equaled $135 million or $1.30 _____________ Apartment Investment and Management – 5947 for international callers, 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 2002 earnings conference call. The live conference call can also be accessed through the internet via Aimco's website at _____________ APARTMENT INVESTMENT AND MANAGEMENT – 4339 or Katie Murphree, Vice President - Investor Relations, at (303) 691-4440; or email us at investor@aimco.com. {PAGE} SUPPLEMENTAL SCHEDULE I -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONSOLIDATED STATEMENTS OF INCOME [A] (IN THOUSANDS, EXCEPT PER SHARE AND UNIT DATA) (UNAUDITED) {Table} {Caption} FOR THE THREE MONTHS ENDED MARCH _____________ APARTMENT INVESTMENT AND MANAGEMENT – 2002, represents Aimco's share of earnings from 133,278 apartment units in which Aimco holds an equity interest. -------------------------------------------------------------------------------- {PAGE} SUPPLEMENTAL SCHEDULE II -------------------------------------------------------------------------------- APARTMENT INVESTMENT AND MANAGEMENT COMPANY BALANCE SHEET PRESENTATION (IN THOUSANDS) (UNAUDITED) {Table} {Caption} CONSOLIDATED CONSOLIDATED PROPORTIONATE GAAP GAAP PROPORTIONATE SHARE OF BALANCE SHEET BALANCE SHEET CONSOLIDATED UNCONSOLIDATED _____________ dt 152515
Full Doc	2002	Apartment Investment and Management Company Announces First Quarter Financial Results Apartment Investment and Management Company Announces First Quarter Financial Results (15K) Doc #265450: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d96529ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED MAY 1, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS 7% INCREASE IN FFO, OR 1% ON A PER SHARE BASIS IN FIRST QUARTER DENVER, COLORADO, May 1, 2002 FIRST QUARTER RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the first quarter of 2002 equaled $135 million or $1.30 per common share, compared to $127 million or $1.29 per common share for the first quarter of 2001, an increase of 7%, or 1% on a per share basis. Aimco announced that its Adjusted Funds From Operations ("AFFO"), Aimco's measure of economic profitability, for the first quarter of 2002 equaled $117 million or $1.12 per common share, compared to $115 million or $1.17 per common share for the first quarter of 2001, an increase of 2%, or a decrease of 4% on a per share basis. Capital replacement costs were $110 per unit for the quarter compared to $75 per unit in the first quarter of 2001. Aimco announced that its Earnings Per Share ("EPS") for the first quarter of 2002 equaled $0.59 per common share and $0.58 per common share on a diluted basis, compared to ($0.07) per common share and ($0.07) per common share on a diluted basis for the first quarter of 2001. Operating Earnings Per Share ("OEPS") for the first quarter of 2002 equaled $0.53 per common share and $0.52 per common share on a diluted basis, compared to $0.08 per common share and $0.08 per common share on a diluted basis for the first quarter of 2001. Total consolidated revenues for the first quarter 2002 were $331 million, an increase of 5% compared to total consolidated revenues of $317 million for the same period in 2001. FIRST QUARTER SAME STORE RESULTS First quarter "same store" results for the 649 "same store" apartment communities containing 177,794 units owned during both 2002 and 2001, adjusted for Aimco's ownership interest in these communities, were a 1.1% increase in revenues, a 2.9% increase in operating expenses, and a 0.2% increase in Net Operating Income from the first quarter of 2001. Property operating expenses for the 649 "same store" apartments increased $2.9 million from first quarter 2001. Of the $2.9 million, insurance expense accounted for $2.3 million of the change. The increase in insurance was due to an increase in premiums {PAGE} and is expected to be unchanged for the remainder of 2002. Also, in 2002, Aimco evaluated the allocation of insurance across the portfolio based on prior period claims and an assessment of higher risk areas. The result was a higher allocation of insurance expense for wind and earthquake coverage in Florida, Texas, and California which explains the large, year over year increases in "same store" operating expenses for these regions. FIRST QUARTER SAME STORE RESULTS {Table} {Caption} OPERATING NET OPERATING REVENUES EXPENSES INCOME -------- --------- ------------- {S} {C} {C} {C} Northeast 3.2% 1.6% 4.0% Southeast (0.3)% 4.5% (2.9)% Florida 2.5% 10.0% (1.6)% Midwest (1.5)% (2.4)% (0.9)% Texas 1.9% 3.6% 0.7% West (2.0)% (0.5)% (2.7)% California 3.1% 11.2% 0.4% Total 1.1% 2.9% 0.2% {/Table} Weighted average physical occupancy for the 649 apartment communities was 92.4% for the first quarter, compared to 93.6% for the first quarter of 2001. Average monthly rent per occupied unit was $694 at March 31, 2002 compared to $687 at March 31, 2001, an increase of 1%. COMMON STOCK DIVIDEND As previously reported, the Board of Directors declared on April 25, 2002 the regular quarterly cash dividend of $0.82 per common share for the quarter ended March 31, 2002, payable on May 13, 2002 to shareholders of record on May 6, 2002. The dividend represents a distribution of 73% of AFFO and 63% of FFO for the quarter ended March 31, 2002 and a 7% yield based on the closing price of Aimco's Class A Common Stock of $49.10 as of April 30, 2002. EARNINGS CONFERENCE CALL The first quarter 2002 earnings conference call will be conducted on Thursday, May 2, 2002 at 12:00 p.m. Eastern time. You may participate in the conference call by dialing 888-228-8198, or 706-634-5947 for international callers, 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 2002 earnings conference call. The live conference call can also be accessed through the internet via Aimco's website at www.aimco.com/about/financial/1Q2002.asp and clicking on the webcast link. {PAGE} INVESTMENT MANAGEMENT ACTIVITY Aimco has interests in 471 partnerships, excluding NAPICO, where the Aimco ownership is a weighted average of 19% and the limited partner interest has an estimated gross value of nearly $3 billion with $1.5 billion in associated mortgage debt. Pursuant to the partnership agreements, Aimco can earn property management, asset management, refinancing, disposition, development, construction management and other fees. In addition, Aimco provides property management and other services to unrelated third parties relating to 222 properties including approximately 29,159 units. 80% of the property management and services provided to unrelated third parties are under long-term, non-cancelable management contracts. First quarter net operating income contribution from investment management activity was $7 million compared to $11 million in the first quarter 2001. Contributing to the lower net operating income were a reduction in third party property management activity, lower activity based fees and other costs detailed 265450	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces First Quarter Financial Results: APARTMENT INVESTMENT AND MANAGEMENT – DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d96529ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED MAY 1, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS 7% INCREASE IN FFO, OR 1% ON A PER SHARE BASIS IN FIRST QUARTER DENVER, COLORADO, May _____________ Apartment Investment and Management – RESULTS 7% INCREASE IN FFO, OR 1% ON A PER SHARE BASIS IN FIRST QUARTER DENVER, COLORADO, May 1, 2002 FIRST QUARTER RESULTS Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced that its Funds From Operations ("FFO") for the first quarter of 2002 equaled $135 million or $1.30 _____________ Apartment Investment and Management – 5947 for international callers, 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 2002 earnings conference call. The live conference call can also be accessed through the internet via Aimco's website at _____________ dt 152516
Full Doc	2002	Apartment Investment and Management Company Announces the Redemption of $125 Million Class K Convertible Cumulative Preferred Stock Apartment Investment and Management Company Announces the Redemption of $125 Million Class K Convertible Cumulative Preferred Stock (2K) Doc #265473: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d95148ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED MARCH 19, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THE REDEMPTION OF $125 MILLION CLASS K CONVERTIBLE CUMULATIVE PREFERRED STOCK REDEMPTION FOR CLASS A COMMON STOCK DENVER, COLORADO, MARCH 19, 2002 Apartment Investment and Management Company (NYSE: AIV, AIVPrK) ("Aimco") announced today that it has given notice that it will redeem for Aimco Class A Common Stock ("Common Stock") all outstanding shares of its Class K Convertible Cumulative Preferred Stock ("Class K Preferred Stock") (AIVPrK - CUSIP No. 03748R705) on April 18, 2002 ("Redemption Date") at a redemption price of $27.2125 per preferred share ("Redemption Price"). The Redemption Price is payable in shares of Aimco Common Stock at a price of $45.7835 per common share, resulting in the issuance of 0.5944 shares of Common Stock for each share of Class K Preferred Stock redeemed. The shares of Common Stock issuable upon redemption have previously been included in Aimco's count of fully diluted shares outstanding for purposes of calculating Adjusted Funds From Operations ("AFFO") per share and Funds From Operations ("FFO") per share. Therefore, the redemption will not change Aimco's fully diluted share count. In January 2002, Aimco redeemed $35 million of Class B Preferred Partnership Units previously issued by a subsidiary partnership. The Class K Preferred Stock redemption will bring the total year to date preferred redemptions to $160 million. After giving pro forma effect to the $160 million of redemptions, Aimco's ratio of free cash flow to combined interest expense and preferred stock dividends would have been 2.03:1 for the year ended December 31, 2001. On a historical basis for the year ended December 31, 2001, that ratio was 1.97:1. Aimco is a real estate investment trust with headquarters in Denver, Colorado and 19 regional operating centers, which holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates approximately 1,900 properties, including 336,000 apartment units, and serves approximately one million residents. Aimco's properties are located in 47 states, District of Columbia and Puerto Rico. For more information about Aimco, please visit our website at www.aimco.com. Contact: Katie Murphree, Vice President - Investor Relations (303) 691-4440 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {/TEXT} {/DOCUMENT} 265473	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces the Redemption of $125 Million Class K Convertible Cumulative Preferred Stock: APARTMENT INVESTMENT AND MANAGEMENT – DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d95148ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED MARCH 19, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES THE REDEMPTION OF $125 MILLION CLASS K CONVERTIBLE CUMULATIVE PREFERRED STOCK REDEMPTION FOR CLASS A COMMON STOCK DENVER, COLORADO, MARCH 19, _____________ Apartment Investment and Management – ANNOUNCES THE REDEMPTION OF $125 MILLION CLASS K CONVERTIBLE CUMULATIVE PREFERRED STOCK REDEMPTION FOR CLASS A COMMON STOCK DENVER, COLORADO, MARCH 19, 2002 Apartment Investment and Management Company (NYSE: AIV, AIVPrK) ("Aimco") announced today that it has given notice that it will redeem for Aimco Class A Common Stock ("Common _____________ dt 152528
Full Doc	2002	Apartment Investment and Management Company Announces Completion of Acquisition of 17,383 Units from Casden Properties of Los Angeles Apartment Investment and Management Company Announces Completion of Acquisition of 17,383 Units from Casden Properties of Los Angeles (6K) Doc #265498: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99 {SEQUENCE}3 {FILENAME}casden.txt {DESCRIPTION}EXHIBIT 99.1 - PRESS RELEASE {TEXT} APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES DENVER, COLORADO, March 11, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") and Casden Properties ("Casden") announced the completion of the purchase by Aimco of 100% ownership of 17,383 apartment units and other transactions. The $1.5 billion acquisition is comprised of: - 6,356 conventional apartment units located in Southern California of which 1,381 units, located in the Park La Brea area of Los Angeles, are under development; - 11,027 affordable apartment units (located in 25 states); and - National Partnership Investments Corporation ("NAPICO"), a subsidiary of Casden Properties, which as general partner controls more than 400 properties with more than 41,000 units. In addition, Aimco will: - Invest up to $50 million for a 20% limited liability interest in Casden Properties, LLC which will pursue new development opportunities in Southern California and other markets. Alan Casden and Blackacre Capital Management, LLC, New York have collectively agreed to invest up to $200 million in Casden Properties, LLC. Aimco will have an option to purchase, at completion, all multifamily rental projects of Casden Properties, LLC; - Provide a standby facility of up to $70 million in debt financing associated with the construction of the 1,381 Park LaBrea units and a proposed 350 unit project in the Westwood Village area of Los Angeles; and - Retain Casden Properties, LLC to accelerate the redevelopment of Aimco's affordable portfolio. Aimco paid $1.077 billion for the 16,002 stabilized conventional and affordable units and NAPICO which includes an earnout of $15 million as a result of property performance for the period ended December 2001. The final components of purchase price are $206 million of Aimco common stock or common OP Units priced at $47 per share to Alan Casden and Blackacre, $198 million in cash and approximately $673 million in assumed responsibility for existing mortgage indebtedness. In addition, Aimco incurred transaction costs and Initial Capital Expenditures aggregating approximately $24 million. Lehman Brothers acted as financial advisor to Aimco in connection with the acquisition. Purchase consideration of $418 million for the Park La Brea development properties will be funded as phases are completed (2002 to 2004) and have met minimum leasing thresholds. On a leverage neutral basis, the sum of the acquisition of the 16,002 stabilized units and NAPICO, the investment in Casden Properties, LLC and the debt financing for Park La Brea are expected to add from $0.08 and $0.11 per share to Aimco's annual Adjusted Funds From Operations ("AFFO") and $0.11 to $0.14 per share to annual Funds From Operations ("FFO"). Aimco does not expect the acquisition to have any impact on its existing first quarter 2002 earnings guidance of $1.30 in FFO per share. The adjusted 2002 guidance including the Casden transaction is $5.31 to $5.54 in FFO per share. Aimco will host an Investor and Analyst Tour and visit selected Casden apartment properties as well as existing Aimco properties in the Los Angeles area. The event will be held on May 14th and May 15th. For information on the tour, please contact Nicole Morton at (303) 691-4492 or at nicole.morton@aimco.com. For further details of the transactions, please see the press release dated December 4, 2001 which is available on our website at www.aimco.com/about/Casden/default.asp. The cash portion of the purchase was funded with proceeds from a syndicated term loan for which Lehman Brothers acted as sole lead arranger and administrative agent. The term loan is a two-year agreement with an option to extend one year. Aimco expects to repay the loan from property sales and internal operating cash flow. This press release contains forward-looking statements including statements regarding 2002 results which are subject to certain risks and uncertainties, including but not limited to; the Company's ability to maintain current occupancy, rent levels, and "same store" results. Actual results may differ materially from those described and could be affected by a variety of factors including economic conditions; changes in interest rates; governmental regulations; competition; financing risks; variations in real estate values; the failure of acquisitions to perform in accordance with expectations; possible environmental liabilities; and other risks described in our filings with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and we assume no obligation to revise or update them to reflect future events or circumstances. Aimco is a real estate investment trust with headquarters in Denver, Colorado and 19 regional operating centers, which holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates approximately 1,900 properties, including approximately 337,000 apartment units, and serves approximately one million residents. Aimco's properties are located in 46 states, the District of Columbia and Puerto Rico. For more information about Aimco, please visit our website at www.aimco.com. Contact: Katie Murphree, Vice President - Investor Relations (303) 691-4440 E-Mail: investor@aimco.com {/TEXT} {/DOCUMENT} 265498	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Completion of Acquisition of 17,383 Units from Casden Properties of Los Angeles: APARTMENT INVESTMENT AND MANAGEMENT – {DOCUMENT} {TYPE}EX-99 {SEQUENCE}3 {FILENAME}casden.txt {DESCRIPTION}EXHIBIT 99.1 - PRESS RELEASE {TEXT} APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES DENVER, COLORADO, March 11, 2002 Apartment Investment and _____________ Apartment Investment and Management – INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES DENVER, COLORADO, March 11, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") and Casden Properties ("Casden") announced the completion of the purchase by Aimco of 100% ownership of 17,383 apartment _____________ dt 152537 ; Blackacre Blackacre Capital Management, LLC ( Miscellany ) As referenced in this Apartment Investment and Management Company Announces Completion of Acquisition of 17,383 Units from Casden Properties of Los Angeles: Blackacre Capital Management, – 20% limited liability interest in Casden Properties, LLC which will pursue new development opportunities in Southern California and other markets. Alan Casden and Blackacre Capital Management, LLC, New York have collectively agreed to invest up to $200 million in Casden Properties, LLC. Aimco will have an option to _____________ dt 230077 ;	Casden Casden Properties Inc. ( Real Estate ) As referenced in this Apartment Investment and Management Company Announces Completion of Acquisition of 17,383 Units from Casden Properties of Los Angeles: CASDEN PROPERTIES – casden.txt {DESCRIPTION}EXHIBIT 99.1 - PRESS RELEASE {TEXT} APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES COMPLETION OF ACQUISITION OF 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES DENVER, COLORADO, March 11, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") and Casden Properties ("Casden") announced the completion _____________ Casden Properties – 17,383 UNITS FROM CASDEN PROPERTIES OF LOS ANGELES DENVER, COLORADO, March 11, 2002 Apartment Investment and Management Company (NYSE:AIV) ("Aimco") and Casden Properties ("Casden") announced the completion of the purchase by Aimco of 100% ownership of 17,383 apartment units and other transactions. The $1. _____________ Casden Properties, – Los Angeles, are under development; - 11,027 affordable apartment units (located in 25 states); and - National Partnership Investments Corporation ("NAPICO"), a subsidiary of Casden Properties, which as general partner controls more than 400 properties with more than 41,000 units. In addition, Aimco will: - Invest up to $ _____________ Casden Properties, – properties with more than 41,000 units. In addition, Aimco will: - Invest up to $50 million for a 20% limited liability interest in Casden Properties, LLC which will pursue new development opportunities in Southern California and other markets. Alan Casden and Blackacre Capital Management, LLC, New York _____________ Casden Properties, – California and other markets. Alan Casden and Blackacre Capital Management, LLC, New York have collectively agreed to invest up to $200 million in Casden Properties, LLC. Aimco will have an option to purchase, at completion, all multifamily rental projects of Casden Properties, LLC; - Provide a standby facility _____________ dt 230058
Full Doc	2002	Apartment Investment and Management Company Announces Date for Annual Meeting Apartment Investment and Management Company Announces Date for Annual Meeting (2K) Doc #265499: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d94488ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED FEBRUARY 22, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES DATE FOR ANNUAL MEETING DENVER, COLORADO, February 22, 2002 Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that its 2002 Annual Meeting of Stockholders (the "Meeting") will be held on Friday, April 26, 2002 at 9:00 a.m. at Aimco's headquarters at 2000 South Colorado Boulevard, Tower Two, Suite 2-1000, Denver, Colorado. Stockholders may submit proposals for consideration at the Meeting. Under the rules and regulations of the Securities and Exchange Commission, Aimco may use its discretionary authority to vote on proposals of stockholders presented at the Meeting, unless Aimco has received timely written notice of the intention to present such proposals at the Meeting. In order to be considered timely, written notice of proposals of stockholders must be received by Aimco on or before March 8, 2002. In order to be included in Aimco's Proxy Statement and form of proxy for the Meeting, proposals of stockholders intended to be presented at the Meeting must be received by Aimco, marked to the attention of the Secretary, no later than March 8, 2002. Such proposals must comply with the requirements as to form and substance established by the Securities and Exchange Commission. Aimco is a real estate investment trust, with headquarters in Denver, Colorado and 18 regional operating centers, which holds a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries, operates approximately 1,400 properties, including approximately 280,000 apartment units, and serves approximately one million residents. Aimco's properties are located in 45 states, the District of Columbia and Puerto Rico. Contact: Katie Murphree, Vice President--Investor Relations 303-691-4440 E-Mail: investor@aimco.com Web Site: http://www.aimco.com {/TEXT} {/DOCUMENT} 265499	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Date for Annual Meeting: APARTMENT INVESTMENT AND MANAGEMENT – DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d94488ex99-1.txt {DESCRIPTION}PRESS RELEASE DATED FEBRUARY 22, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES DATE FOR ANNUAL MEETING DENVER, COLORADO, February 22, 2002 Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that its 2002 _____________ Apartment Investment and Management – FEBRUARY 22, 2002 {TEXT} {PAGE} EXHIBIT 99.1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY ANNOUNCES DATE FOR ANNUAL MEETING DENVER, COLORADO, February 22, 2002 Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that its 2002 Annual Meeting of Stockholders (the "Meeting") will be held on Friday, April 26, 2002 at _____________ dt 152538
Preview Full Doc	2004	Apartment Investment and Management Company Announces Fourth Quarter 2003 Results Apartment Investment and Management Company Announces Fourth Quarter 2003 Results (185K) Doc #265296: Click preview link for longer preview. AIMCO 4th Quarter 2003 Denver, Colorado?February 12, 2004 Apartment Investment and Management Company Announces Fourth Quarter 2003 Results SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company ("Aimco") (NYSE:AIV) announced fourth quarter 2003 results including: Net Income was $37.2 million, compared with $6.6 million in the fourth quarter 2002. Earnings (loss) per share (EPS) were $0.19 on a diluted basis, compared with $(0.17) in the same period last year, based on Net Income (loss) attributable to common stockholders. Funds . . . 265296	AIMCO Apartment Investment & Management Co. As referenced in this Apartment Investment and Management Company Announces Fourth Quarter 2003 Results: Apartment Investment and Management – EX 99.1 QuickLinks -- Click here to rapidly navigate through this document Exhibit 99.1 AIMCO 4th Quarter 2003 Denver, ColoradoFebruary 12, 2004 Apartment Investment and Management Company Announces Fourth Quarter 2003 Results SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company ("Aimco") (NYSE:AIV) announced fourth quarter 2003 results including: _____________ Apartment Investment and Management – 99.1 AIMCO 4th Quarter 2003 Denver, ColoradoFebruary 12, 2004 Apartment Investment and Management Company Announces Fourth Quarter 2003 Results SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company ("Aimco") (NYSE:AIV) announced fourth quarter 2003 results including: Net Income was $37.2 million, compared with $6.6 million in the _____________ Apartment Investment and Management – 0.83 $ 2.59 $ 3.77 Contact: Investor Relations 303.691.4350, Investor@Aimco.com Jennifer Martin, Vice PresidentInvestor Relations 303.691.4440 Apartment Investment and Management Company Fourth Quarter 2003Page 2 Full year 2003 FFO results include charges of $7.6 million in issuance costs associated with preferred share _____________ Apartment Investment and Management – of Tom Herzog from GE Real Estate to serve as Chief Accounting Officer; and by active portfolio management, selling weaker properties in weaker Apartment Investment and Management Company Fourth Quarter 2003Page 3 markets to invest in such better assets as The Palazzo, in the mid-Wilshire district of Los Angeles." _____________ Apartment Investment and Management – Same Store" portfolio net operating income was $170.0 million for the fourth quarter 2003, down 8.1% from the fourth quarter 2002. Apartment Investment and Management Company Fourth Quarter 2003Page 4 SAME STORE OPERATING RESULTS Fourth Quarter Sequential 2003 2002 Variance 3rd Qtr 03 Variance Same Store Operating Measures: _____________ dt 152458 ; Aimco Properties Aimco Properties, LP As referenced in this Apartment Investment and Management Company Announces Fourth Quarter 2003 Results: AIMCO Properties, L.P., – its presentation of the Consolidated Statements of Income pursuant to Rule 5-03 of Regulation S-X [b] The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco's UPREIT structure 1 [c] Income from discontinued operations of consolidated properties is broken down as follows ( _____________ AIMCO Properties, L.P.) – charges for redemption related preferred stock issuance costs and impairment losses, all of which are adjusted for the Aimco operating partnership's share (AIMCO Properties, L.P.) . Similar to FFO, AFFO captures real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to _____________ dt 193997 ;	Casden Casden Properties Inc. ( Real Estate ) As referenced in this Apartment Investment and Management Company Announces Fourth Quarter 2003 Results: Casden Properties – on its revolving credit facility, and $104 remaining outstanding on the term loan entered into in connection with the March 2002 acquisition of Casden Properties Inc. Total proportionate debt decreased by $299 million during the quarter including: (i) $79 million reduction on the revolving credit facility; (ii) $260 _____________ dt 230044

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