Apartment Investment and Management Company (NYSE:AIV) Q3 2020 Earnings Conference Call October 30, 2020 1:00 PM ET Company Participants Lisa Cohn - Executive Vice President, General Counsel and Secretary Terry Considine - Chairman and Chief Executive Officer Keith Kimmel - Executive Vice President, Property Operations Wes Powell - Executive Vice President, Redevelopment Paul Beldin - Chief Financial Officer Conference Call Participants Rich Anderson - SMBC Alexander Kalmus - Zelman Associates Alua Askarbek ...

Financial Performance - Rental and other property revenues for the three months ended September 30, 2020, were $215,455 thousand, a decrease of 6.0% from $229,827 thousand for the same period in 2019[16] - Net loss attributable to Aimco for the three months ended September 30, 2020, was $(25,046) thousand, compared to a net income of $2,003 thousand for the same period in 2019[16] - Comprehensive loss attributable to Aimco for the three months ended September 30, 2020, was $(25,235) thousand, compared to a comprehensive income of $1,601 thousand for the same period in 2019[17] - Net income for the three months ended September 30, 2020, was $1,979,000, compared to a net loss of $25,007,000 for the same period in 2019, indicating a significant turnaround[18] - Net income for the nine months ended September 30, 2020, was $27,366,000, a decrease from $365,261,000 in the same period in 2019[20] - For the three months ended September 30, 2020, net income was $2,095,000, a decrease from $2,037,000 in the same period of 2019[24] - The company reported a net loss of $26,348,000 for the nine months ended September 30, 2020, compared to a net income of $359,461,000 for the same period in 2019[25] Assets and Equity - Total assets increased to $7,042,129 thousand as of September 30, 2020, compared to $6,828,739 thousand at December 31, 2019, reflecting a growth of approximately 3.1%[14] - Cash and cash equivalents increased to $228,368 thousand as of September 30, 2020, from $142,902 thousand at December 31, 2019, reflecting a growth of approximately 59.9%[14] - Total Aimco Equity as of September 30, 2020, was $2,121,391,000, an increase from $1,705,459,000 as of September 30, 2019, representing a growth of approximately 24.4%[18] - The total equity as of September 30, 2020, was $2,136,797,000, compared to $1,786,074,000 as of September 30, 2019, reflecting an increase of approximately 19.6%[18] - Total partners' capital as of September 30, 2020, was $2,136,797, compared to $1,786,074 as of September 30, 2019, reflecting an increase of approximately 19.6%[24] Expenses - Total operating expenses increased to $201,686 thousand for the three months ended September 30, 2020, up from $191,200 thousand for the same period in 2019, representing an increase of approximately 5.8%[16] - Interest expense rose to $(50,519) thousand for the three months ended September 30, 2020, compared to $(42,011) thousand for the same period in 2019, indicating an increase of approximately 20.5%[16] - The company reported a bad debt expense of $3.7 million for the three months ended September 30, 2020, contributing to the overall financial impact of COVID-19[110] - Other expenses, net, increased by $13.6 million, or 339.1%, for the three months ended September 30, 2020, primarily due to costs associated with business separation[187] Cash Flow - Cash provided by operating activities was $265,876,000, compared to $278,748,000 for the nine months ended September 30, 2019[20] - Cash, cash equivalents, and restricted cash at the end of the period totaled $268,491,000, up from $93,225,000 at the end of the previous year[20] - The company reported a net increase in cash of $90,789,000 for the nine months ended September 30, 2020, compared to an increase of $20,630,000 in the same period of 2019[26] Investments and Acquisitions - The company made capital expenditures of $272,269,000, down from $292,749,000 in the same period last year[20] - The company loaned $275.0 million to a partnership owning Parkmerced Apartments, accruing interest at 10% per annum[78] - The company announced a plan to separate its business into two public entities, with approximately 90% of estimated fair value going to Apartment Income REIT (AIR) and 10% to the new Aimco[31] - The joint venture formed on September 8, 2020, involved a portfolio of 12 multi-family apartment communities valued at $2.4 billion, with an implied equity value of $1.18 billion[47] - During the nine months ended September 30, 2020, the company sold eight apartment communities for a gain of $356.9 million, with an average of 2,605 apartment homes sold[50] COVID-19 Impact - Incremental costs due to COVID-19 were estimated at $9.5 million for the three months and $22.6 million for the nine months ended September 30, 2020[110] - The impact of COVID-19 included an estimated $6.5 million in property-level impacts for the three months ended September 30, 2020[110] - The company expects bad debt to decline to approximately 30 basis points in 2021 as emergency ordinances unwind[114] - Residential rent collection for the three months ended September 30, 2020, was 95.6%, with total payments received as of October 23, 2020, at 96.7%[112][113] Shareholder Returns - Common Stock dividends for the three months ended September 30, 2020, totaled $58,065,000, a decrease from $61,034,000 in the same period of 2019[18] - Dividends paid during the three months ended September 30, 2020, were $0.41 per share, an increase from $0.39 per share in the same period of 2019; for the nine months, dividends were $1.23 compared to $2.80 in 2019[66] Future Outlook - The company expects to maintain its current or projected occupancy and rental rates despite the ongoing pandemic challenges[95] - The company expects to increase average revenue per apartment home at a rate greater than market rent growth and maintain sufficient geographic and price point diversification to limit volatility and concentration risk[138]

Apartment Investment and Management Company (NYSE:AIV) Q2 2020 Earnings Conference Call August 4, 2020 12:00 PM ET Company Participants Lisa Cohn - Executive Vice President, General Counsel and Secretary Terry Considine - Chairman and Chief Executive Officer Keith Kimmel - Executive Vice President, Property Operations Wes Powell - Executive Vice President, Redevelopment Paul Beldin - Chief Financial Officer Patti Shwayder - Senior Vice President Conference Call Participants John Kim - BMO Capital Markets Je ...

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 June 30, 2020 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.) Apa ...

Financial Data and Key Metrics Changes - Aimco reported a 5% growth in same-store net operating income (NOI) for Q1 2020, with funds from operations (FFO) increasing by 10% and adjusted funds from operations (AFFO) growing by 9% year-over-year [26][32]. - The company maintained a strong balance sheet with $1 billion in liquidity, including cash on hand and availability under its revolving credit facility [26][27]. Business Line Data and Key Metrics Changes - Customer satisfaction remained high at 4.3 out of 5 stars, contributing to a record low turnover rate of 42%, a 160 basis point improvement year-over-year [17]. - Average daily occupancy reached a record of 97.6%, with new lease rates up 1.7% and renewal rates up 5.8% [18]. Market Data and Key Metrics Changes - In April, average daily occupancy was 96.6%, slightly lower than the previous year but higher than April 2018 [19]. - Bad debt expense rose to approximately 100 basis points in April, with 96% of residential billings collected [20]. Company Strategy and Development Direction - Aimco emphasized flexibility and initiative in its operations, focusing on customer selection and satisfaction while controlling property expenses [8]. - The company plans to complete five long-cycle redevelopment projects, expecting to increase annual NOI by approximately $30 million once stabilized [14][25]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant challenges due to the economic impact of COVID-19, with millions newly unemployed and a substantial portion of the economy shut down [13]. - Despite the challenges, management expressed optimism about the company's ability to adapt and maintain operations, citing strong customer satisfaction and effective communication with residents [12][16]. Other Important Information - Aimco reduced its expected 2020 capital spending by 45%, amounting to $150 million, in response to the pandemic [23]. - The company has implemented enhanced cleaning protocols and support for residents during the pandemic, including financial advice and assistance with errands [10]. Q&A Session Summary Question: What is the expected bottom for occupancy rates? - Management indicated uncertainty about the future but expressed hope that occupancy rates would improve, noting recent increases in leasing activity [34][35]. Question: Is the company still committed to selling $900 million to $1 billion in properties? - Management revised the target to approximately $750 million due to reduced capital spending and emphasized that there is no urgency for distressed sales [38][39]. Question: What is the status of the Parkmerced transaction? - Management clarified that the cash interest income from Parkmerced is based on available cash flow, and they remain confident in the borrower's ability to meet obligations [41][42]. Question: How are operating expenses expected to change? - Management noted that while there may be increases in certain costs due to COVID-19, they remain committed to controlling operating expenses [63][65]. Question: How does the company view delinquencies in California and other markets? - Management acknowledged higher delinquencies in California, particularly in Los Angeles, but expressed confidence in the creditworthiness of their resident base [70][72].

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 March 31, 2020 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.) Ap ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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) | --- | --- | |-------------------------------------------------- ...

Apartment Investment and Management Company (NYSE:AIV) Q4 2019 Results Conference Call January 30, 2020 1:00 PM ET Company Participants Lisa Cohn - Executive Vice President and General Counsel Terry Considine - Chairman and Chief Executive Officer Keith Kimmel - Executive Vice President, Property Operations Wes Powell - Executive Vice President, Redevelopment Paul Beldin - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Shirley Wu - Bank of America John Kim - BMO Capital Markets Aust ...