Price | 51.82 | EPS | 2 | |
Shares | 157 | P/E | 22 | |
MCap | 8,129 | P/FCF | 29 | |
Net Debt | 4,161 | EBIT | 496 | |
TEV | 12,291 | TEV/EBIT | 25 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-02 |
10-Q | 2020-06-30 | Filed 2020-08-05 |
10-Q | 2020-03-31 | Filed 2020-05-11 |
10-K | 2019-12-31 | Filed 2020-02-24 |
10-Q | 2019-09-30 | Filed 2019-11-04 |
10-Q | 2019-06-30 | Filed 2019-08-09 |
10-Q | 2019-03-31 | Filed 2019-05-06 |
10-K | 2018-12-31 | Filed 2019-02-20 |
10-Q | 2018-09-30 | Filed 2018-11-05 |
10-Q | 2018-06-30 | Filed 2018-08-07 |
10-Q | 2018-03-31 | Filed 2018-05-08 |
10-K | 2017-12-31 | Filed 2018-03-01 |
10-Q | 2017-09-30 | Filed 2017-11-01 |
10-Q | 2017-06-30 | Filed 2017-08-02 |
10-Q | 2017-03-31 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-02-24 |
10-Q | 2016-09-30 | Filed 2016-10-28 |
10-Q | 2016-06-30 | Filed 2016-07-29 |
10-Q | 2016-03-31 | Filed 2016-04-29 |
10-K | 2015-12-31 | Filed 2016-02-29 |
10-Q | 2015-09-30 | Filed 2015-11-05 |
10-Q | 2015-07-31 | Filed 2015-07-31 |
10-Q | 2015-03-31 | Filed 2015-05-01 |
10-K | 2014-12-31 | Filed 2015-02-27 |
10-Q | 2014-09-30 | Filed 2014-10-31 |
10-Q | 2014-06-30 | Filed 2014-08-01 |
10-Q | 2014-03-31 | Filed 2014-05-02 |
10-K | 2013-12-31 | Filed 2014-02-21 |
10-Q | 2013-09-30 | Filed 2013-11-01 |
10-Q | 2013-06-30 | Filed 2013-08-02 |
10-Q | 2013-03-31 | Filed 2013-05-03 |
10-Q | 2012-09-30 | Filed 2012-11-02 |
10-Q | 2012-06-30 | Filed 2012-08-03 |
10-Q | 2012-03-31 | Filed 2012-05-07 |
10-K | 2011-12-31 | Filed 2012-02-23 |
10-Q | 2011-09-30 | Filed 2011-10-28 |
10-Q | 2011-06-30 | Filed 2011-08-01 |
10-Q | 2011-03-31 | Filed 2011-04-29 |
10-K | 2010-12-31 | Filed 2011-02-25 |
10-Q | 2010-09-30 | Filed 2010-11-01 |
10-Q | 2010-06-30 | Filed 2010-07-30 |
10-Q | 2010-03-31 | Filed 2010-05-03 |
10-K | 2009-12-31 | Filed 2010-02-26 |
8-K | 2021-02-03 | Officers, Exhibits |
8-K | 2020-12-23 | Off-BS Arrangement, Exhibits |
8-K | 2020-12-21 | Officers, Exhibits |
8-K | 2020-12-21 | Exhibits |
8-K | 2020-12-16 | Enter Agreement, Off-BS Arrangement, Exhibits |
8-K | 2020-12-15 | Enter Agreement, Off-BS Arrangement, Exhibits |
8-K | 2020-12-15 | Enter Agreement, M&A, Off-BS Arrangement, Shareholder Rights, Control, Officers, Amend Bylaw, Other Events, Exhibits |
8-K | 2020-12-15 | Enter Agreement, M&A, Sale of Shares, Shareholder Rights, Control, Officers, Amend Bylaw, Other Events, Exhibits |
8-K | 2020-12-02 | Regulation FD, Exhibits |
8-K | 2020-11-30 | Other Events, Exhibits |
8-K | 2020-11-30 | |
8-K | 2020-11-30 | Amend Bylaw, Other Events, Exhibits |
8-K | 2020-11-25 | |
8-K | 2020-11-25 | |
8-K | 2020-11-19 | |
8-K | 2020-11-18 | |
8-K | 2020-11-11 | |
8-K | 2020-11-05 | |
8-K | 2020-10-29 | |
8-K | 2020-10-21 | |
8-K | 2020-10-21 | |
8-K | 2020-09-22 | |
8-K | 2020-09-14 | |
8-K | 2020-08-03 | |
8-K | 2020-06-01 | |
8-K | 2020-05-07 | |
8-K | 2020-04-28 | |
8-K | 2020-04-20 | |
8-K | 2020-03-24 | |
8-K | 2020-02-28 | |
8-K | 2020-01-30 | |
8-K | 2020-01-28 | |
8-K | 2019-12-19 | |
8-K | 2019-12-11 | |
8-K | 2019-12-02 | |
8-K | 2019-11-12 | |
8-K | 2019-10-31 | |
8-K | 2019-09-30 | |
8-K | 2019-08-26 | |
8-K | 2019-08-01 | |
8-K | 2019-06-03 | |
8-K | 2019-05-02 | |
8-K | 2019-04-30 | |
8-K | 2019-04-15 | |
8-K | 2019-04-05 | |
8-K | 2019-03-22 | |
8-K | 2019-03-01 | |
8-K | 2019-02-20 | |
8-K | 2019-02-13 | |
8-K | 2019-02-03 | |
8-K | 2018-12-07 | |
8-K | 2018-11-06 | |
8-K | 2018-11-01 | |
8-K | 2018-09-24 | |
8-K | 2018-08-13 | |
8-K | 2018-08-02 | |
8-K | 2018-07-25 | |
8-K | 2018-07-25 | |
8-K | 2018-06-04 | |
8-K | 2018-05-07 | |
8-K | 2018-05-01 | |
8-K | 2018-04-30 | |
8-K | 2018-04-26 | |
8-K | 2018-04-16 | |
8-K | 2018-03-02 | |
8-K | 2018-02-22 | |
8-K | 2018-02-01 |
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 - Commitments and Contingencies |
Note 5 - Earnings and Dividends per Share and Unit |
Note 6 - Fair Value Measurements |
Note 7 - Variable Interest Entities |
Note 8 - Business Segments |
Note 9 - Subsequent Events |
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_8.htm |
EX-31.2 | aiv-ex312_11.htm |
EX-31.3 | aiv-ex313_9.htm |
EX-31.4 | aiv-ex314_6.htm |
EX-32.1 | aiv-ex321_7.htm |
EX-32.2 | aiv-ex322_10.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
ure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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:
Commission File Number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of |
| (I.R.S. Employer |
incorporation or organization) |
| Identification No.) |
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(Address of principal executive offices) |
| (Zip Code) |
(
(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 |
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| |
| |
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: |
| AIMCO Properties, L.P.: |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
Apartment Investment and Management Company: |
| AIMCO Properties, L.P.: |
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.
Apartment Investment and Management Company:
| ☒ |
|
| Accelerated filer | ☐ |
Non-accelerated filer | ☐ |
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| Smaller reporting company | |
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|
| Emerging growth company | |
AIMCO Properties, L.P.:
Large accelerated filer | ☐ |
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| | ☒ |
Non-accelerated filer | ☐ |
|
| 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 |
| AIMCO Properties, L.P.: Yes |
The number of shares of Apartment Investment and Management Company Class A Common Stock outstanding as of October 28, 2020:
EXPLANATORY NOTE
This filing combines the reports on Form 10-Q for the quarterly period ended September 30, 2020, 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 the Aimco Operating Partnership. As of September 30, 2020, Aimco owned approximately 93.5% of the legal interest in the common partnership units of the Aimco Operating Partnership and 94.9% of the economic interest in the Aimco Operating Partnership. The remaining 6.5% legal interest and 5.1% economic 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’s general partner.
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 or earnings per 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
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
AIMCO PROPERTIES, L.P.
TABLE OF CONTENTS
FORM 10-Q
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ITEM 1. |
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| 3 | |
| 4 | |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 5 |
| 6 | |
| 8 | |
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| 9 | |
| 10 | |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 11 |
| Condensed Consolidated Statements of Partners’ Capital (Unaudited) | 12 |
| 14 | |
| 15 | |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 26 |
ITEM 3. | 47 | |
ITEM 4. | 47 | |
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ITEM 1A. | 48 | |
ITEM 2. | 49 | |
ITEM 6. | 51 | |
| 52 |
2
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, 2020 |
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| December 31, 2019 |
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ASSETS |
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Buildings and improvements |
| $ | |
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| $ | |
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Land |
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Total real estate |
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Accumulated depreciation |
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Net real estate |
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Cash and cash equivalents |
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Restricted cash |
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Mezzanine investment |
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Other assets |
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Assets held for sale |
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Total assets |
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LIABILITIES AND EQUITY |
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Non-recourse property debt, net |
| $ | |
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Term loan, net |
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Revolving credit facility borrowings |
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Total indebtedness |
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Accrued liabilities and other |
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Liabilities related to assets held for sale |
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Total liabilities |
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Redeemable preferred OP Units |
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Redeemable noncontrolling interests in consolidated real estate partnership |
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Commitments and contingencies (Note 4) |
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Equity: |
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Common Stock, $ September 30, 2020 and December 31, 2019, respectively |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Distributions in excess of earnings |
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Total Aimco equity |
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Noncontrolling interests in consolidated real estate partnerships |
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Common noncontrolling interests in Aimco Operating Partnership |
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Total equity |
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Total liabilities and equity |
| $ | |
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| $ | |
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See notes to condensed consolidated financial statements.
3
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
| Three Months Ended September 30, |
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| Nine Months Ended September 30, |
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| 2020 |
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| 2019 |
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| 2020 |
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| 2019 |
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REVENUES |
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Rental and other property revenues |
| $ | |
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| $ | |
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OPERATING EXPENSES |
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Property operating expenses |
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Depreciation and amortization |
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General and administrative expenses |
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Investment management expenses |
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Other expenses, net |
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Total operating expenses |
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Interest income |
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Interest expense |
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Gain on dispositions of real estate |
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Mezzanine investment income, net |
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Income from unconsolidated real estate partnerships |
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(Loss) income before income tax benefit |
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Income tax benefit |
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Net (loss) income |
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Noncontrolling interests: |
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Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships |
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Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership |
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| ( | ) |
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Net loss (income) attributable to common noncontrolling interests in Aimco Operating Partnership |
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| ( | ) |
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| ( | ) |
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Net income attributable to noncontrolling interests |
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| ( | ) |
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| ( | ) |
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Net (loss) income attributable to Aimco |
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Net income attributable to Aimco preferred stockholders |
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Net (income) loss attributable to participating securities |
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| ( | ) |
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| ( | ) |
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| ( | ) |
Net (loss) income attributable to Aimco common stockholders |
| $ | ( | ) |
| $ | |
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| $ | |
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| $ | |
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Net (loss) income attributable to Aimco per common share – basic and diluted |
| $ | ( | ) |
| $ | |
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| $ | |
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| $ | |
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Weighted average common shares outstanding – basic |
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Weighted average common shares outstanding – diluted |
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See notes to condensed consolidated financial statements.
4
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||||||
|
| 2020 |
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| 2019 |
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| 2020 |
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| 2019 |
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Net (loss) income |
| $ | ( | ) |
| $ | |
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| $ | |
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| $ | |
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Unrealized losses on available for sale debt securities |
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| ( | ) |
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| ( | ) |
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| ( | ) |
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| ( | ) |
Comprehensive (loss) income |
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Comprehensive income attributable to noncontrolling interests |
|
| ( | ) |
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| ( | ) |
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| ( | ) |
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| ( | ) |
Comprehensive (loss) income attributable to Aimco |
| $ | ( | ) |
| $ | |
|
| $ | |
|
| $ | |
|
See notes to condensed consolidated financial statements.
5
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2020 and 2019
(In thousands)
(Unaudited)
|
| Common Stock |
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| Accumulated |
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| Noncontrolling Interests in |
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| Common Noncontrolling Interests in |
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| Shares Issued |
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| Amount |
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| Additional Paid- in Capital |
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| Other Comprehensive Income (Loss) |
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| Distributions in Excess of Earnings |
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| Total Aimco Equity |
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| Consolidated Real Estate Partnerships |
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| Aimco Operating Partnership |
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| Total Equity |
| |||||||||
Balances at June 30, 2019 |
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| $ | |
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| $ | |
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| $ | |
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| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | |
|
Redemption of Aimco Operating Partnership units |
|
| |
|
|
| |
|
|
| |
|
|
| — |
|
|
| — |
|
|
| |
|
|
| |
|
|
| ( | ) |
|
| ( | ) |
Amortization of share-based compensation cost |
|
| — |
|
|
| — |
|
|
| |
|
|
| — |
|
|
| — |
|
|
| |
|
|
| — |
|
|
| |
|
|
| |
|
Effect of changes in ownership for consolidated entities |
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| |
|
|
| |
|
|
| |
|
Contribution from noncontrolling interest in consolidated real estate partnerships |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| |
|
|
| — |
|
|
| |
|
Purchase of noncontrolling interest in consolidated real estate partnerships |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
Change in accumulated other comprehensive income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
|
| ( | ) |
Net income |
|
| — |
|
|