Short answer
Apartment Investment & Management Co (AIV) filed its fiscal 2013 10-K annual report with the SEC on Feb 21, 2014.
- Top risk flagged: HUD housing-program changes: $78.1 million of 2013 continuing-operations rental revenue came from subsidies
Apartment Investment & Management Co FY2013 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- REIT owning, managing and redeveloping apartment communities in major coastal and job-growth U.S. markets
- Affordable portfolio targeted for disposal over four to five years, with proceeds reinvested into conventional apartments
- Conventional portfolio rents averaged 105% of local market averages
- Portfolio comprised 60,553 apartment homes; workforce totaled 1,932 employees
- Leverage reached 7.2x Debt and Preferred Equity to EBITDA, above the stated below-7.0x target
Management Discussion & Analysis
- Conventional revenue $803.2M, up 5.4% YoY; conventional NOI $518.2M, up 6.3%
- Best segment: Conventional Same Store NOI $473.0M, up 5.1%; worst: Affordable Same Store NOI $52.3M, up 0.9%
- Net income attributable to Aimco $203.7M, up $121.5M; AFFO $222.0M, up from $180.9M
- Operating cash flow $325.6M; capital expenditures $350.3M; dividends $142.9M
- Outlook: conventional redevelopment spending $125M to $150M in 2014; risks include financing availability, interest rates, rents and occupancy
Risk Factors
- HUD housing-program changes: $78.1 million of 2013 continuing-operations rental revenue came from subsidies
- Development exposure: $185 million to $220 million planned for 2014 redevelopment and development activities
- Financing risk: $195.4 million variable-rate debt, with 100-basis-point LIBOR increase reducing annual net income $1.6 million
- Secondary-market vulnerability: Freddie Mac and Fannie Mae conservatorship creates uncertainty over non-recourse debt pricing
- Key-person dependency: CEO Terry Considine’s departure could materially affect business, financial condition, and results
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