Aimco Reports Fourth Quarter Results

DENVER--()--Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today fourth quarter 2016 results.

“2016 was another good year for Aimco with strong Same Store NOI growth of 6.2%; faster than planned lease-up of Indigo and One Canal contributing an additional $0.01 per share of AFFO; average monthly revenue per apartment home better by 8%; and 12% dividend growth.”

Chairman and Chief Executive Officer Terry Considine comments: “2016 was another good year for Aimco with strong Same Store NOI growth of 6.2%; faster than planned lease-up of Indigo and One Canal contributing an additional $0.01 per share of AFFO; average monthly revenue per apartment home better by 8%; and 12% dividend growth.”

“As we look ahead, we expect 2017 to be another solid year for Aimco. We expect the economy will likely continue its slow growth and demographics will support continued strong consumer demand for apartments. However, in certain markets, we expect increased competition from new supply. While Aimco's diversified portfolio provides a degree of insulation from such supply, we expect some deceleration in rent growth in 2017, particularly at our A price point communities. Aimco is able to mitigate somewhat the impact of rent deceleration by focusing on maintaining high customer satisfaction and lower resident turnover, and reducing costs through operational efficiencies. It is in times such as these that we are most glad of the stability provided by the diversification of our portfolio across markets and price points, our limited exposure to development and redevelopment, and our safe balance sheet with abundant liquidity and limited dependence on capital markets.”

Chief Financial Officer Paul Beldin adds: “In addition to guidance for 2017, we published today a forecast for 2018. This early look at 2018 incorporates the most recent third-party estimates of rent growth and Aimco's projections for: increased contribution from lease-up properties; the reduction of non-core earnings; and the continuing reduction in our offsite costs. The net effect is improved portfolio quality, lower leverage, a higher quality of earnings and increased AFFO per share.”

“By the end of 2018, we project average revenues per apartment home of approximately $2,130; the ratio of Debt and Preferred Equity to EBITDA to be about 6.2x; and continued strong AFFO growth.”

Financial Results: Full Year AFFO Up 5%

(all items per common share - diluted)   2016   2015   Variance   2016   2015   Variance
Net income   $ 1.03     $ 0.43     140%   $ 2.67     $ 1.52     76%
Funds From Operations (FFO)   $ 0.60     $ 0.58     3%   $ 2.31     $ 2.22     4%
Add back Aimco share of preferred equity redemption related amounts   $     $     —%   $ 0.01     $ 0.01     —%
Pro forma Funds From Operations (Pro forma FFO)   $ 0.60     $ 0.58     3%   $ 2.32     $ 2.23     4%
Deduct Aimco share of Capital Replacements   $ (0.10 )   $ (0.10 )   —%   $ (0.35 )   $ (0.35 )   —%
Adjusted Funds From Operations (AFFO)   $ 0.50     $ 0.48     4%   $ 1.97     $ 1.88     5%

Net Income (per diluted common share) - Year-over-year, fourth quarter net income increased primarily due to higher gains on the sale of apartment communities, partially offset by higher depreciation from development and redevelopments placed into service during 2015 and 2016, including One Canal, Park Towne Place, The Sterling, Lincoln Place and the Preserve at Marin, as well as higher depreciation from the acquisition of Indigo.

Pro forma FFO (per diluted common share) - Year-over-year, fourth quarter Pro forma FFO increased 3% as a result of: Conventional Same Store Property Net Operating Income growth; increased contribution from development, redevelopment and acquisition communities; and lower casualty losses. These increases were partially offset by the loss of income from apartment communities sold in 2015 and 2016 and increases in interest expense, primarily associated with property debt related to Indigo and One Canal.

Adjusted Funds from Operations (per diluted common share) - Year-over-year, fourth quarter AFFO increased 4% principally as a result of higher Pro forma FFO.

Operating Results: Full Year Conventional Same Store NOI Up 6.2%

    Year-over-Year   Sequential   Year-over-Year
      2016       2015     Variance   3rd Qtr.   Variance     2016       2015     Variance
Average Rent Per Apartment Home   $ 1,671     $ 1,604     4.2 %   $ 1,662     0.5 %   $ 1,645     $ 1,567     5.0 %
Other Income Per Apartment Home     173       170     1.8 %     190     (8.9 )%     180       176     2.3 %
Average Revenue Per Apartment Home   $ 1,844     $ 1,774     3.9 %   $ 1,852     (0.4 )%   $ 1,825     $ 1,743     4.7 %
Average Daily Occupancy     96.0 %     95.6 %   0.4 %     95.7 %   0.3 %     95.9 %     95.9 %   %
$ in Millions                                
Revenue   $ 160.7     $ 153.9     4.4 %   $ 160.9     (0.1 )%   $ 635.5     $ 607.0     4.7 %
Expenses     46.0       46.3     (0.8 )%     49.7     (7.4 )%     192.3       189.7     1.4 %
NOI   $ 114.7     $ 107.6     6.6 %   $ 111.2     3.1 %   $ 443.2     $ 417.3     6.2 %

Conventional Same Store Rental Rates - Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified either as a new lease, where a vacant apartment is leased to a new customer, or as a renewal. The table below details new and renewal lease rates for Aimco’s fourth quarter 2016 Same Store portfolio.

2016   1st Qtr.   2nd Qtr.   3rd Qtr.   Oct   Nov   Dec   4th Qtr.   Full Year
Renewal rent increases   6.0 %   6.2 %   5.3 %   5.0 %   4.7 %   4.3 %   4.8 %   5.7 %
New lease rent increases   3.5 %   4.4 %   3.0 %   (0.7 )%   (2.7 )%   (2.6 )%   (1.9 )%   2.4 %
Weighted average rent increases   4.6 %   5.3 %   4.1 %   1.7 %   0.8 %   0.2 %   1.0 %   4.0 %

During fourth quarter, Aimco’s new lease rates decreased as Aimco executed a plan to increase occupancy during these seasonally slower months, particularly in Chicago, the Bay Area and Miami. This resulted in higher average daily occupancy of 40 basis points for the Conventional Same Store portfolio compared to fourth quarter 2015, and 100 basis points on a weighted basis for these three markets. This plan resulted in approximately $0.5 million of additional revenue in the fourth quarter.

Redevelopment and Development: Progressing as Planned

During fourth quarter, Aimco invested $38 million in redevelopment, $15 million of which related to the ongoing redevelopment of Park Towne Place and The Sterling, mixed-use communities located in Center City Philadelphia. Aimco is redeveloping the four towers at Park Towne Place, one at a time, and by December 31, 2016, had completed the lease-up of the South Tower and had leased 70% of the homes in the East Tower. Rental rates are consistent with underwriting. Based on the success of the first two towers, Aimco commenced redevelopment of the North Tower, completing de-leasing during third quarter and starting construction in fourth quarter.

Aimco is redeveloping The Sterling, a 30-story building, two or three floors at a time. At December 31, 2016, Aimco had completed 88% of the homes, of which 92% had been leased. Rental rates are in line with underwriting. Three floors, representing 12% of the homes, and 37,000 square feet of commercial space remain under construction with anticipated completion in second quarter 2017.

During fourth quarter, Aimco began a $16 million redevelopment of Bay Parc Plaza, a 471 apartment home community located in Miami, Florida. This phase of redevelopment includes improvements to lobby areas, redesign of the retail space, updates to the landscaping, and expansion of the pool deck.

At Aimco’s One Canal community in Boston, lease-up is nearing completion with 86% of the apartment homes occupied at December 31, 2016, a pace well ahead of schedule and at rental rates consistent with underwriting. Leasing is also well ahead of schedule at Indigo in Redwood City, California, with 77% of the apartment homes occupied at December 31, 2016, and at rental rates consistent with underwriting.

Portfolio Management: Revenue Per Apartment Home Up 8% to $1,978

Aimco portfolio strategy seeks predictable rent growth from a portfolio of apartment communities that is diversified across “A,” “B” and “C+” price points, averaging “B/B+” in quality, and that is also diversified across large coastal and job growth markets in the U.S. Aimco target markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois. Please refer to the Glossary for a description of Aimco’s Portfolio Quality Ratings.

As part of its portfolio strategy, Aimco seeks to sell each year the lowest-rated 5% to 10% of its portfolio and to reinvest the proceeds from such sales in higher quality apartment communities through redevelopment of communities in its current portfolio, occasional development of new communities, and selective acquisitions. Through this disciplined approach to capital recycling, Aimco has significantly increased the quality and expected growth rate of its portfolio.

    2016   2015   Variance
Conventional Apartment Communities     134       140     (6 )
Conventional Apartment Homes     37,922       40,464     (2,542 )
Conventional % NOI in Target Markets     88 %     88 %   %
Revenue per Apartment Home   $ 1,978     $ 1,840     8 %
Portfolio Average Rents as a Percentage of Local Market Average Rents     113 %     111 %   2 %
Percentage A (4Q 2016 Revenue per Apartment Home $2,505)     52 %     51 %   1 %
Percentage B (4Q 2016 Revenue per Apartment Home $1,771)     34 %     32 %   2 %
Percentage C+ (4Q 2016 Revenue per Apartment Home $1,595)     14 %     17 %   (3 )%
NOI Margin     69 %     68 %   1 %
Free Cash Flow Margin     64 %     62 %   2 %

Fourth Quarter 2016 Portfolio Transactions - In fourth quarter, Aimco sold four Conventional apartment communities with 1,402 apartment homes for $215 million in gross proceeds and $210 million in net proceeds to Aimco. Proceeds from the sales were used primarily to repay outstanding borrowings under the revolving credit facility.

Quarter-End Portfolio - Fourth quarter 2016 Conventional portfolio average monthly revenue per apartment home was $1,978, an 8% increase compared to fourth quarter 2015. Year-over-year growth in Conventional Same Store average rent and other income per apartment home of 4.2% and 1.8%, respectively, resulted in monthly revenue per apartment home growth of 3.9%. Additionally, the sale of Conventional apartment communities in 2015 and 2016 with average monthly revenues per apartment home substantially lower than those of the retained portfolio and reinvestment of the sales proceeds through redevelopment, development and acquisition of apartment communities with higher rents and better prospects also contributed to the growth in average revenue per apartment home.

Balance Sheet and Liquidity:

Components of Aimco Leverage

    AS OF DECEMBER 31, 2016
$ in Millions   Amount   % of Total  

Weighted Avg.
Maturity (Yrs.)

Aimco share of long-term, non-recourse property debt*   $ 3,753   94 %   8.0
Outstanding borrowings on revolving credit facility     18   %   5.1
Preferred Equity**     228   6 %   40.0
Total leverage   $ 3,999   100 %   9.8

* Please refer to Supplemental Schedule 5(a) for a reconciliation of this amount to Aimco’s consolidated financial statements.
** Aimco’s Preferred Equity is perpetual in nature; however, for illustrative purposes, Aimco has computed the weighted average maturity of its total leverage assuming a 40-year maturity on its Preferred Equity.

Non-recourse Property Debt - During the fourth quarter, Aimco closed two fixed-rate, non-recourse, amortizing, property loans totaling $227 million with 7-year and 10-year terms, at interest rates of 3.00% and 3.19%, respectively, and spreads of 144 basis points and 140 basis points, respectively, over the corresponding Treasury rate at the time of pricing.

Amended Credit Agreement - During the fourth quarter, Aimco amended its $600 million revolving credit facility, extending its maturity to January 2022. Borrowings under the credit agreement will bear interest at LIBOR plus 1.20%, a savings of 15 basis points from the prior facility. Aimco has an option to increase the size of the facility to $800 million.

Leverage Ratios

Aimco target leverage ratios are: Debt and Preferred Equity to EBITDA below 7.0x; and EBITDA to Interest Expense and Preferred Dividends greater than 2.5x. Aimco also focuses on the ratios of Debt to EBITDA and EBITDA to Interest Expense. Please see the Glossary for definitions of these metrics and, where appropriate, reconciliations to GAAP.



    2016   2015
Debt to EBITDA   6.3x   6.4x
Debt and Preferred Equity to EBITDA   6.7x   6.8x
EBITDA to Interest Expense   3.2x   3.1x
EBITDA to Interest Expense and Preferred Dividends   2.9x   2.8x

Future leverage reduction is expected from earnings growth, especially as apartment communities now being redeveloped are completed and One Canal and Indigo are leased, and from regularly scheduled property debt amortization funded from retained earnings.


Aimco’s only recourse debt at December 31, 2016, was its revolving credit facility, which Aimco uses for working capital and other short-term purposes, and to secure letters of credit.

At December 31, 2016, Aimco had outstanding borrowings on its revolving credit facility of $18 million and available capacity of $570 million, after consideration of $12 million of letters of credit backed by the facility. Aimco also held cash and restricted cash on hand of $131 million.

Finally, Aimco held properties in its unencumbered asset pool with an estimated fair market value of approximately $1.6 billion.

Dividend - As previously announced, the Aimco Board of Directors declared a quarterly cash dividend of $0.36 per share of Class A Common Stock for the quarter ended December 31, 2016. On an annualized basis, this represents an increase of 9% compared to the dividends paid during 2016. This dividend is payable on February 28, 2017, to stockholders of record on February 17, 2017.

2017 Outlook

($ Amounts represent Aimco Share)   FULL YEAR 2017   FULL YEAR 2016
Net Income per share   $0.38 to $0.48   $2.67
Pro forma FFO per share   $2.39 to $2.49   $2.32
AFFO per share   $2.07 to $2.17   $1.97
Select Components of FFO        
Conventional Same Store Operating Measures        
Revenue change compared to prior year   3.25% to 4.25%   4.7%
Expense change compared to prior year   2.50% to 3.00%   1.4%
NOI change compared to prior year   3.50% to 5.00%   6.2%
Non-Core Earnings        
Amortization of deferred tax credit income   $11M   $18M
Non-recurring investment management revenues   $0M   $5M
Historic Tax Credit benefit   $4M to $5M   $14M
Other tax benefits, net   $15M to $17M   $12M
Total Non-Core Earnings   $30M to $33M   $49M
Offsite Costs        
Property management expenses   $23M   $25M
General and administrative expenses   $43M   $45M
Investment management expenses   $4M   $4M
Total Offsite Costs   $70M   $74M
Capital Investments        
Redevelopment and development   $100M to $200M   $183M
Property upgrades   $70M to $90M   $75M
Property dispositions   $160M to $190M   $529M
Property acquisitions   $0M   $320M
Portfolio Quality        
Fourth quarter Conventional property average revenue per apartment home   ~$2,050   $1,978
Balance Sheet        
Debt to Trailing-Twelve-Month EBITDA   ~6.1x   6.3x
Debt and Preferred Equity to Trailing-Twelve-Month EBITDA   ~6.5x   6.7x
Value of unencumbered properties   ~$1.9B   ~$1.6B
($ Amounts represent Aimco Share)  


Net income per share   $0.04 to $0.08
Pro forma FFO per share   $0.55 to $0.59
AFFO per share   $0.48 to $0.52

Rollforward of 2016 Pro forma FFO and AFFO Results to 2017 Outlook Amounts

Aimco’s 2017 outlook reflects continuation of the strategy Aimco has executed over the last several years. This strategy focuses on excellence in property operations; value creation through redevelopment and occasional development; portfolio management based on a disciplined approach to capital recycling and simplification of the business; a safe, flexible balance sheet with abundant liquidity; and a simple business model executed by a performance-oriented and collaborative team. As Aimco continues to execute this consistent strategy, 2017 FFO and AFFO growth are expected to accelerate compared to 2016. This projected higher rate of growth is primarily the result of the factors summarized in the tables that follow:

($ Per share, at the midpoint of Aimco's Outlook)    
2016 Pro forma FFO   $ 2.32  
Conventional Same Store NOI growth     0.12  
Other Conventional and Affordable NOI growth     0.07  
Total NOI growth     0.19  
Transactions and Development    
Lease-up Property NOI contribution     0.12  
Lost NOI from property sales     (0.09 )
Change in interest expense attributable to transactions and development     (0.04 )
Net Effect of Transactions and Development     (0.01 )
Changes in Non-Core Earnings    
Amortization of deferred tax credit income     (0.04 )
Non-recurring investment management revenues     (0.03 )
Income tax benefit (including a $0.06 decrease in Historic Tax Credit benefit)     (0.04 )
Net Effect of Changes in Non-Core Earnings     (0.11 )
Reduction in interest expense due to lower property debt balances     0.01  
Offsite costs     0.02  
Other, net     0.02  
2017 Pro forma FFO   $ 2.44  
($ Per share, guidance and forecast at the midpoint)    
2016 AFFO   $ 1.97
Change in Pro forma FFO     0.12
Lower Capital Replacement spending     0.03
2017 AFFO   $ 2.12

Aimco published today, in a separate document its forecast for 2018, which reflects similar FFO and AFFO growth in 2018 compared to 2017 with: continued growth in Same Store revenue and Net Operating Income; earn-in of income from the stabilization of lease-up communities; a continued reduction in non-core earnings; and declining offsite costs. Aimco's 2017 Outlook and 2018 Forecast may be found on its website at

Earnings Conference Call Information

Live Conference Call:       Conference Call Replay:
Friday, February 3, 2017 at 1:00 p.m. ET Replay available until April 3, 2017
Domestic Dial-In Number: 1-888-317-6003 Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-6061 International Dial-In Number: 1-412-317-0088
Passcode: 2388394 Passcode: 10098808

Live webcast and replay:


Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined in the Glossary in the Supplemental Information and reconciled to the most comparable GAAP measures.

About Aimco

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country’s largest owners and operators of apartments, with ownership in 189 communities in 22 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of first quarter and full year 2017 results, including but not limited to: Pro forma FFO and selected components thereof; AFFO; Aimco redevelopment and development investments, timelines and Net Operating Income contribution; expectations regarding sales of Aimco apartment communities and the use of proceeds thereof; and Aimco liquidity and leverage metrics.

These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties. Risks and uncertainties include, but are not limited to: Aimco’s ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, redevelopments and developments; Aimco’s ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to Aimco redevelopments and developments; and Aimco’s ability to comply with debt covenants, including financial coverage ratios.

Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond Aimco’s control, including, without limitation:

  • Real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing of acquisitions, dispositions, redevelopments and developments; and changes in operating costs, including energy costs;
  • Financing risks, including the availability and cost of capital markets’ financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; and the risk that earnings may not be sufficient to maintain compliance with debt covenants;
  • Insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; and
  • Legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of governmental regulations that affect Aimco and interpretations of those regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by Aimco.

In addition, Aimco’s current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on Aimco’s ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, and the other documents Aimco files from time to time with the Securities and Exchange Commission.

These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.

Consolidated Statements of Operations                
(in thousands, except per share data) (unaudited)
Three Months Ended Year Ended
December 31, December 31,
2016 2015 2016 2015
Rental and other property revenues $ 246,064 $ 239,646 $ 974,531 $ 956,954
Tax credit and asset management revenues 3,429   6,229   21,323   24,356  
Total revenues 249,493   245,875   995,854   981,310  
Property operating expenses 84,202 87,350 352,427 359,393
Investment management expenses 1,403 1,261 4,333 5,855
Depreciation and amortization 87,710 79,482 333,066 306,301
General and administrative expenses 10,428 9,451 44,937 43,178
Other expenses, net 5,656   2,847   14,295   10,368  
Total operating expenses 189,399   180,391   749,058   725,095  
Operating income 60,094 65,484 246,796 256,215
Interest income 1,956 1,782 7,797 6,949
Interest expense (50,484 ) (48,275 ) (196,389 ) (199,685 )
Other, net 530   (244 ) 6,071   387  
Income before income taxes and gain on dispositions 12,096 18,747 64,275 63,866
Income tax benefit 8,739   6,510   25,208   27,524  
Income before gain on dispositions 20,835 25,257 89,483 91,390
Gain on dispositions of real estate, net of tax 156,564   50,119   393,790   180,593  
Net income 177,399 75,376 483,273 271,983
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships (3,160 ) (694 ) (25,256 ) (4,776 )
Net income attributable to preferred noncontrolling interests in Aimco OP (1,963 ) (1,735 ) (7,239 ) (6,943 )
Net income attributable to common noncontrolling interests in Aimco OP (7,869 ) (3,291 ) (20,368 ) (11,554 )
Net income attributable to noncontrolling interests (12,992 ) (5,720 ) (52,863 ) (23,273 )
Net income attributable to Aimco 164,407 69,656 430,410 248,710
Net income attributable to Aimco preferred stockholders (2,156 ) (2,757 ) (11,994 ) (11,794 )
Net income attributable to participating securities (251 ) (260 ) (635 ) (950 )
Net income attributable to Aimco common stockholders $ 162,000   $ 66,639   $ 417,781   $ 235,966  
Net income attributable to Aimco per common share – basic $ 1.04   $ 0.43   $ 2.68   $ 1.52  
Net income attributable to Aimco per common share – diluted $ 1.03   $ 0.43   $ 2.67   $ 1.52  
Weighted average common shares outstanding – basic 156,171   155,725   156,001   155,177  
Weighted average common shares outstanding – diluted 156,540   156,043   156,391   155,570  
Consolidated Balance Sheets
(in thousands) (unaudited)
December 31, 2016 December 31, 2015
Real estate $ 8,486,166 $ 8,307,483
Accumulated depreciation (2,730,758 ) (2,778,022 )
Net real estate 5,755,408 5,529,461
Cash and cash equivalents 61,244 50,789
Restricted cash 69,906 86,956
Investment in unconsolidated real estate partnerships 14,983 15,402
Goodwill 39,380 43,878
Other assets 290,552 389,125
Assets held for sale 1,345   3,070  
Total assets $ 6,232,818   $ 6,118,681  
Liabilities and Equity
Non-recourse property debt $ 3,889,647 $ 3,846,160
Debt issue costs (22,945 ) (24,019 )
Non-recourse property debt, net 3,866,702 3,822,141
Revolving credit facility borrowings 17,930 27,000
Deferred income [1] 49,366 64,052
Other liabilities 248,995 353,604
Liabilities related to assets held for sale 1,658   53  
Total liabilities 4,184,651   4,266,850  
Preferred noncontrolling interests in Aimco OP 103,201 87,926
Perpetual preferred stock 125,000 159,126
Class A Common Stock 1,569 1,563
Additional paid-in capital 4,051,722 4,064,659
Accumulated other comprehensive income (loss) 1,011 (6,040 )
Distributions in excess of earnings (2,385,399 ) (2,596,917 )
Total Aimco equity 1,793,903   1,622,391  
Noncontrolling interests in consolidated real estate partnerships 151,121 151,365
Common noncontrolling interests in Aimco OP (58 ) (9,851 )
Total equity 1,944,966   1,763,905  
Total liabilities and equity $ 6,232,818   $ 6,118,681  
[1]   Deferred income primarily represents cash received by Aimco and other amounts required by GAAP to be recognized in earnings in future periods as Aimco performs certain responsibilities under tax credit agreements or as other events occur. Please refer to the Glossary for a projection of the timing of income recognition related to Aimco’s tax credit arrangements.


Lynn Stanfield, 303-691-4327
Senior Vice President, Finance
Elizabeth Coalson, 303-691-4327
Vice President, Investor Relations
Investor Relations, 303-691-4327

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