Company Quick10K Filing
Apartment Investment & Mgmt
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 157 $8,116
10-Q 2019-11-04 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-06 Quarter: 2019-03-31
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-07-31
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-30
10-Q 2013-08-02 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-10-28 Quarter: 2011-09-30
10-Q 2011-08-01 Quarter: 2011-06-30
10-Q 2011-04-29 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-01 Quarter: 2010-09-30
10-Q 2010-07-30 Quarter: 2010-06-30
10-Q 2010-05-03 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-11 Regulation FD, Exhibits
8-K 2019-12-02 Regulation FD, Exhibits
8-K 2019-11-12 Regulation FD, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-09-30 Regulation FD, Exhibits
8-K 2019-08-26 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-30 Shareholder Vote
8-K 2019-04-15 Other Events, Exhibits
8-K 2019-04-05 Enter Agreement, Shareholder Rights, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-03-22 Other Events, Exhibits
8-K 2019-03-01 Regulation FD, Exhibits
8-K 2019-02-20 Enter Agreement, Amend Bylaw, Exhibits
8-K 2019-02-13 Other Events, Exhibits
8-K 2019-02-03 Earnings, Other Events, Exhibits
8-K 2018-12-07 Enter Agreement, Off-BS Arrangement
8-K 2018-11-06 Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-24 Regulation FD, Exhibits
8-K 2018-08-13 Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-07-25 Other Events, Exhibits
8-K 2018-07-25 M&A, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-05-01 Shareholder Vote
8-K 2018-04-30 Officers
8-K 2018-04-26 Other Events, Exhibits
8-K 2018-04-16 Other Events, Exhibits
8-K 2018-03-02 Regulation FD, Exhibits
8-K 2018-02-22 Officers, Exhibits
8-K 2018-02-01 Earnings, Exhibits
AIV 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
Note 3 - Significant Transactions
Note 4 - Leases
Note 5 - Commitments and Contingencies
Note 6 - Earnings and Dividends per Share and Unit
Note 7 - Fair Value Measurements
Note 8 - Business Segments
Note 9 - Variable Interest Entities
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 aiv-ex311_25.htm
EX-31.2 aiv-ex312_10.htm
EX-31.3 aiv-ex313_12.htm
EX-31.4 aiv-ex314_6.htm
EX-32.1 aiv-ex321_7.htm
EX-32.2 aiv-ex322_13.htm
EX-99.1 aiv-ex991_9.htm
EX-99.2 aiv-ex992_11.htm

Apartment Investment & Mgmt Earnings 2019-09-30

AIV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NNN 8,907 7,253 3,030 644 0 278 579 8,904 0% 15.4 4%
IRM 8,878 13,721 12,063 4,243 1,813 349 1,038 17,309 43% 16.7 3%
LAMR 8,358 5,799 4,660 1,680 1,110 360 512 11,340 66% 22.1 6%
GLPI 8,344 8,564 6,405 1,134 0 337 860 14,116 0% 16.4 4%
OHI 8,301 9,098 5,046 669 0 272 706 13,000 0% 18.4 3%
AIV 8,116 6,241 4,297 929 0 975 1,562 12,048 0% 7.7 16%
STOR 8,025 7,700 3,581 604 0 218 568 11,318 0% 19.9 3%
KIM 7,661 11,041 5,650 1,147 0 407 875 7,547 0% 8.6 4%
LPT 7,595 6,882 3,460 671 642 486 767 7,557 96% 9.9 7%
KRC 7,592 8,095 3,908 779 0 294 603 10,744 0% 17.8 4%

aiv-10q_20190930.htm
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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission File Number 1-13232 (Apartment Investment and Management Company)

Commission File Number 0-24497 (AIMCO Properties, L.P.)

Apartment Investment and Management Company

AIMCO Properties, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Apartment Investment and Management Company)

 

84-1259577

Delaware (AIMCO Properties, L.P.)

 

84-1275621

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

4582 South Ulster Street, Suite 1700

 

 

Denver, Colorado

 

80237

(Address of principal executive offices)

 

(Zip Code)

 

(303) 757-8101

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Aimco Investment and Management Company Class A Common Stock

 

AIV

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Apartment Investment and Management Company:  Yes      No  

 

AIMCO Properties, L.P.:  Yes      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Apartment Investment and Management Company:  Yes      No  

 

AIMCO Properties, L.P.:  Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Apartment Investment and Management Company:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

(Do not check if a smaller reporting company)

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

AIMCO Properties, L.P.:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

(Do not check if a smaller reporting company)

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Apartment Investment and Management Company:

 

AIMCO Properties, L.P.:

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Apartment Investment and Management Company:  Yes      No  

 

AIMCO Properties, L.P.:  Yes        No  

 

The number of shares of Apartment Investment and Management Company Class A Common Stock outstanding as of November 1, 2019: 148,884,686

The number of AIMCO Properties, L.P. Partnership Common Units outstanding as of November 1, 2019: 158,433,601

 

 

 

 

 


Table of Contents

 

EXPLANATORY NOTE

This filing combines the reports on Form 10-Q for the quarterly period ended September 30, 2019, of Apartment Investment and Management Company, or Aimco, and AIMCO Properties, L.P., or the Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us” or “our” mean, collectively, Aimco, the Aimco Operating Partnership and their consolidated entities.

Aimco, a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT. Aimco, through wholly-owned subsidiaries, is the general and special limited partner of, and as of September 30, 2019, owned a 94.0% ownership interest in the common partnership units of, the Aimco Operating Partnership. The remaining 6.0% interest is owned by limited partners. As the sole general partner of the Aimco Operating Partnership, Aimco has exclusive control of the Aimco Operating Partnership’s day-to-day management.

The Aimco Operating Partnership holds all of Aimco’s assets and manages the daily operations of Aimco’s business. Pursuant to the Aimco Operating Partnership agreement, Aimco is required to contribute to the Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in the Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).

We believe combining the periodic reports of Aimco and the Aimco Operating Partnership into this single report provides the following benefits:

 

We present our business as a whole, in the same manner our management views and operates the business;

 

We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and the Aimco Operating Partnership; and

 

We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate Aimco and the Aimco Operating Partnership as one enterprise, the management of Aimco directs the management and operations of the Aimco Operating Partnership, and the members of the Board of Directors of Aimco are identical to those of the Aimco Operating Partnership.

We believe it is important to understand the few differences between Aimco and the Aimco Operating Partnership in the context of how Aimco and the Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in the Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas the Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to the Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), the Aimco Operating Partnership generates all remaining capital required by its business. These sources include the Aimco Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of apartment communities.

Equity, partners’ capital and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of the Aimco Operating Partnership. Interests in the Aimco Operating Partnership held by entities other than Aimco, which we refer to as OP Units, are classified within partners’ capital in the Aimco Operating Partnership’s financial statements and as noncontrolling interests in Aimco’s financial statements.

To help investors understand the differences between Aimco and the Aimco Operating Partnership, this report provides: separate condensed consolidated financial statements for Aimco and the Aimco Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s earnings per share and unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and the Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and the Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

 

1


Table of Contents

 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO PROPERTIES, L.P.

 

TABLE OF CONTENTS

 

FORM 10-Q

 

 

 

Page

 

PART I.     FINANCIAL INFORMATION

 

ITEM 1.

Financial Statements

 

 

Apartment Investment and Management Company:

 

 

Condensed Consolidated Balance Sheets (Unaudited)

3

 

Condensed Consolidated Statements of Operations (Unaudited)

4

 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

5

 

Condensed Consolidated Statements of Equity (Unaudited)

6

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

8

 

AIMCO Properties, L.P.:

 

 

Condensed Consolidated Balance Sheets (Unaudited)

9

 

Condensed Consolidated Statements of Operations (Unaudited)

10

 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

11

 

Condensed Consolidated Statements of Partners’ Capital (Unaudited)

12

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

14

 

Notes to the Condensed Consolidated Financial Statements of Apartment Investment and Management Company and AIMCO Properties, L.P. (Unaudited)

15

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

46

ITEM 4.

Controls and Procedures

46

 

PART II.     OTHER INFORMATION

 

ITEM 1A.

Risk Factors

48

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

ITEM 6.

Exhibits

49

Signatures

 

50

 

 

2


Table of Contents

 

PART I.  FINANCIAL INFORMATION

 

ITEM 1.

Financial Statements

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Buildings and improvements

 

$

6,848,162

 

 

$

6,552,065

 

Land

 

 

1,887,424

 

 

 

1,756,525

 

Total real estate

 

 

8,735,586

 

 

 

8,308,590

 

Accumulated depreciation

 

 

(2,684,694

)

 

 

(2,585,115

)

Net real estate

 

 

6,050,892

 

 

 

5,723,475

 

Cash and cash equivalents

 

 

58,724

 

 

 

36,858

 

Restricted cash

 

 

34,501

 

 

 

35,737

 

Other assets

 

 

395,061

 

 

 

351,541

 

Assets held for sale

 

 

 

 

 

42,393

 

Total assets

 

$

6,539,178

 

 

$

6,190,004

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Non-recourse property debt, net

 

$

4,254,710

 

 

$

3,915,305

 

Revolving credit facility borrowings

 

 

 

 

 

160,360

 

Total indebtedness

 

 

4,254,710

 

 

 

4,075,665

 

Accrued liabilities and other

 

 

397,216

 

 

 

226,230

 

Liabilities related to assets held for sale

 

 

 

 

 

23,177

 

Total liabilities

 

 

4,651,926

 

 

 

4,325,072

 

Preferred noncontrolling interests in Aimco Operating Partnership

 

 

101,178

 

 

 

101,291

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Perpetual Preferred Stock

 

 

 

 

 

125,000

 

Common Stock, $0.01 par value, 500,787,260 shares authorized, 148,884,686 and

   144,623,034 shares issued/outstanding at September 30, 2019 and December 31, 2018,

   respectively

 

 

1,489

 

 

 

1,446

 

Additional paid-in capital

 

 

3,497,333

 

 

 

3,515,686

 

Accumulated other comprehensive income

 

 

4,488

 

 

 

4,794

 

Distributions in excess of earnings

 

 

(1,797,851

)

 

 

(1,947,507

)

Total Aimco equity

 

 

1,705,459

 

 

 

1,699,419

 

Noncontrolling interests in consolidated real estate partnerships

 

 

1,500

 

 

 

(2,967

)

Common noncontrolling interests in Aimco Operating Partnership

 

 

79,115

 

 

 

67,189

 

Total equity

 

 

1,786,074

 

 

 

1,763,641

 

Total liabilities and equity

 

$

6,539,178

 

 

$

6,190,004

 

 

See notes to condensed consolidated financial statements.

3

 


Table of Contents

 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues attributable to real estate

 

$

229,827

 

 

$

234,048

 

 

$

684,262

 

 

$

690,571

 

Asset Management business rental and tax credit revenues

 

 

 

 

 

8,433

 

 

 

 

 

 

49,817

 

Total revenues

 

 

229,827

 

 

 

242,481

 

 

 

684,262

 

 

 

740,388

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses attributable to real estate

 

 

77,430

 

 

 

78,254

 

 

 

232,453

 

 

 

232,572

 

Property operating expenses of partnerships served by Asset

   Management business

 

 

 

 

 

2,608

 

 

 

 

 

 

20,865

 

Depreciation and amortization

 

 

97,538

 

 

 

96,406

 

 

 

283,027

 

 

 

286,439

 

General and administrative expenses

 

 

11,821

 

 

 

12,479

 

 

 

34,314

 

 

 

37,196

 

Other expenses, net

 

 

4,411

 

 

 

5,780

 

 

 

14,323

 

 

 

13,624

 

Total operating expenses

 

 

191,200

 

 

 

195,527

 

 

 

564,117

 

 

 

590,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,824

 

 

 

2,712

 

 

 

8,615

 

 

 

7,768

 

Interest expense

 

 

(42,011

)

 

 

(45,492

)

 

 

(122,961

)

 

 

(143,193

)

Gain on dispositions of real estate and the Asset Management business

 

 

1,146

 

 

 

626,232

 

 

 

356,929

 

 

 

679,738

 

Other, net

 

 

288

 

 

 

(283

)

 

 

591

 

 

 

141

 

Income before income tax benefit (expense)

 

 

874

 

 

 

630,123

 

 

 

363,319

 

 

 

694,146

 

Income tax benefit (expense)

 

 

3,096

 

 

 

(26,206

)

 

 

1,942

 

 

 

12,617

 

Net income

 

 

3,970

 

 

 

603,917

 

 

 

365,261

 

 

 

706,763

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (income) attributable to noncontrolling interests in

         consolidated real estate partnerships

 

 

58

 

 

 

(1,794

)

 

 

(103

)

 

 

(8,045

)

Net income attributable to preferred noncontrolling interests in

   Aimco Operating Partnership

 

 

(1,933

)

 

 

(1,934

)

 

 

(5,800

)

 

 

(5,805

)

Net income attributable to common noncontrolling interests in

   Aimco Operating Partnership

 

 

(116

)

 

 

(30,198

)

 

 

(18,787

)

 

 

(34,093

)

Net income attributable to noncontrolling interests

 

 

(1,991

)

 

 

(33,926

)

 

 

(24,690

)

 

 

(47,943

)

Net income attributable to Aimco

 

 

1,979

 

 

 

569,991

 

 

 

340,571

 

 

 

658,820

 

Net income attributable to Aimco preferred stockholders

 

 

 

 

 

(2,148

)

 

 

(7,335

)

 

 

(6,445

)

Net loss (income) attributable to participating securities

 

 

24

 

 

 

(814

)

 

 

(431

)

 

 

(1,004

)

Net income attributable to Aimco common stockholders

 

$

2,003

 

 

$

567,029

 

 

$

332,805

 

 

$

651,371

 

Net income attributable to Aimco per common share – basic

 

$

0.01

 

 

$

3.73

 

 

$

2.26

 

 

$

4.29

 

Net income attributable to Aimco per common share – diluted

 

$

0.01

 

 

$

3.73

 

 

$

2.26

 

 

$

4.28

 

Weighted average common shares outstanding – basic

 

 

148,434

 

 

 

151,971

 

 

 

147,474

 

 

 

151,928

 

Weighted average common shares outstanding – diluted

 

 

148,636

 

 

 

152,193

 

 

 

147,692

 

 

 

152,086

 

 

See notes to condensed consolidated financial statements.

4

 


Table of Contents

 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

3,970

 

 

$

603,917

 

 

$

365,261

 

 

$

706,763

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on available for sale debt securities

 

 

(402

)

 

 

979

 

 

 

(325

)

 

 

(72

)

Losses on interest rate swaps reclassified into earnings from

   accumulated other comprehensive loss

 

 

 

 

 

757

 

 

 

 

 

 

1,391

 

Other comprehensive (loss) income

 

 

(402

)

 

 

1,736

 

 

 

(325

)

 

 

1,319

 

Comprehensive income

 

 

3,568

 

 

 

605,653

 

 

 

364,936

 

 

 

708,082

 

Comprehensive income attributable to noncontrolling interests

 

 

(1,967

)

 

 

(34,020

)

 

 

(24,671

)

 

 

(48,015

)

Comprehensive income attributable to Aimco common stockholders

 

$

1,601

 

 

$

571,633

 

 

$

340,265

 

 

$

660,067

 

 

 

 

See notes to condensed consolidated financial statements.

5

 


Table of Contents

 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended September 30, 2019 and 2018

(In thousands)

(Unaudited)

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Noncontrolling

Interests in

 

 

Common

Noncontrolling

Interests in

 

 

 

 

 

 

Shares

Issued

 

 

Amount

 

 

Shares

Issued

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Other

Comprehensive

Income (Loss)

 

 

Distributions

in Excess of

Earnings

 

 

Total

Aimco

Equity

 

 

Consolidated

Real Estate

Partnerships

 

 

Aimco

Operating

Partnerships

 

 

Total Equity

 

Balances at June 30, 2018

 

5,000

 

 

$

125,000

 

 

 

152,592

 

 

$

1,526

 

 

$

3,887,308

 

 

$

3,208

 

 

$

(2,402,101

)

 

$

1,614,941

 

 

$

(2,984

)

 

$

42,828

 

 

$

1,654,785

 

Redemption of Aimco Operating

     Partnership units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(847

)

 

 

(847

)

Amortization of share-based

     compensation cost

 

 

 

 

 

 

 

 

 

 

 

 

 

1,804

 

 

 

 

 

 

 

 

 

1,804

 

 

 

 

 

 

456

 

 

 

2,260

 

Effect of changes in ownership of

     consolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

(753

)

 

 

 

 

 

 

 

 

(753

)

 

 

 

 

 

753

 

 

 

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

(3

)

 

 

(2

)

 

 

 

 

 

 

 

 

(2

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

569,991

 

 

 

569,991

 

 

 

1,794

 

 

 

30,198

 

 

 

601,983

 

Change in accumulated other

     comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,642

 

 

 

 

 

 

1,642

 

 

 

 

 

 

94

 

 

 

1,736

 

Cash dividends paid to Common Stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(59,793

)

 

 

(59,793

)

 

 

 

 

 

 

 

 

(59,793

)

Cash dividends paid to Preferred Stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,148

)

 

 

(2,148

)

 

 

 

 

 

 

 

 

(2,148

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(415

)

 

 

(3,429

)

 

 

(3,844

)

Balances at September 30, 2018

 

5,000

 

 

$

125,000

 

 

 

152,592

 

 

$

1,526

 

 

$

3,888,360

 

 

$

4,850

 

 

$

(