Apartment Investment and Management Company (AIV) Investor Presentation - Slideshow

Net Asset Value Overview - As of March 31, 2019, Aimco's estimated Net Asset Value (NAV) was $56 per share[15] - The fair value of real estate was estimated at $80 per share[17] - The fair value of leverage was a negative $26 per share[15] - The fair value of other tangible assets and liabilities was $2 per share[15] Valuation Methodology - The stabilized portfolio, consisting of 119 communities, was valued using a direct capitalization rate (cap rate) method, representing approximately 88% of the real estate fair value[10] - Redevelopment and development communities under construction, comprising four communities, were valued based on discounting projected future cash flows, accounting for approximately 9% of the real estate fair value[10] - Other real estate, including five recently acquired communities, two ground-up development communities, and certain land investments, were valued at Aimco's cost, representing approximately 3% of the real estate fair value[11] Portfolio Composition - The stabilized portfolio was valued at $11102 million, based on an NOI of $544 million and a cap rate of 49%[21] - The non-stabilized portfolio included redevelopment communities under construction valued at $1133 million and other real estate valued at $380 million, totaling $1513 million[20] Assets and Liabilities - The fair value of other tangible assets was $485 million, while the fair value of other tangible liabilities was $179 million, resulting in a net value of $306 million[22,23] - The fair value of leverage was $4177 million[24] - The fair value of preferred equity was $226 million[22]