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10-K annual report · filed Feb 23, 2012

Apartment Investment & Management Co (AIV) FY2011 10-K Annual Report

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Apartment Investment & Management Co (AIV) filed its fiscal 2011 10-K annual report with the SEC on Feb 23, 2012.

  • Top risk flagged: HUD and state housing-program changes: $124.3 million of 2011 rental revenue came from government subsidies

Apartment Investment & Management Co FY2011 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core model: Self-managed REIT owning and operating diversified conventional and affordable apartment communities
  • Simplification strategy: Winding down transaction-based activity fees while reducing related personnel and costs
  • Portfolio repositioning: $63.9 million acquired in five coastal California properties, 25 conventional properties disposed
  • Portfolio scale: 518 properties and 93,694 apartment units at December 31, 2011
  • Liquidity expansion: Revolving credit facility increased from $300.0 million to $500.0 million

Management Discussion & Analysis

  • Property revenue: conventional $806.4M, up 2.2% YoY; affordable $122.9M, up 4.2%
  • Profitability: conventional NOI $506.2M, up 4.2%; affordable NOI $71.9M, up 10.0%
  • Best segment: affordable same-store NOI $63.1M, up 10.4%; worst: other conventional NOI $37.4M, down 7.7%
  • Cash flow and allocation: operating cash $258.8M; capex $200.4M; dividends $107.4M; property-sale proceeds $185.6M
  • 2012 outlook: conventional rents up about 10%; leverage targeted at 7.5:1 Debt to EBITDA, with financing availability and apartment demand key risks

Risk Factors

  • HUD and state housing-program changes: $124.3 million of 2011 rental revenue came from government subsidies
  • Freddie Mac and Fannie Mae conservatorship: reduced secondary-market participation could increase non-recourse property-debt pricing
  • Debt exposure: $220.2 million variable-rate indebtedness, with a 100-basis-point LIBOR increase reducing annual net income by $1.9 million
  • Government-assisted housing concentration: approximately 5.0% of 2011 subsidies tied to contracts expiring in 2012
  • Senior-management dependency: CEO Terry Considine and other executives lack key-man life insurance coverage

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