2016 Q1 Form 10-Q Financial Statement

#000092286416000089 Filed on April 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $246.2M $244.3M
YoY Change 0.81% -1.87%
Cost Of Revenue $88.40M $95.50M
YoY Change -7.43% -3.83%
Gross Profit $157.8M $148.8M
YoY Change 6.05% -0.6%
Gross Profit Margin 64.08% 60.92%
Selling, General & Admin $12.90M $12.30M
YoY Change 4.88% 4.24%
% of Gross Profit 8.17% 8.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.80M $74.43M
YoY Change 7.21% 5.87%
% of Gross Profit 50.57% 50.02%
Operating Expenses $182.7M $183.2M
YoY Change -0.27% -0.24%
Operating Profit $63.53M $61.07M
YoY Change 4.04% -6.45%
Interest Expense $47.63M $53.52M
YoY Change -11.0% -3.99%
% of Operating Profit 74.97% 87.64%
Other Income/Expense, Net $77.00K $2.264M
YoY Change -96.6% -214.52%
Pretax Income $17.81M $11.54M
YoY Change 54.4% 24.28%
Income Tax -$5.886M -$6.921M
% Of Pretax Income -33.05% -59.99%
Net Earnings $26.06M $93.26M
YoY Change -72.06% 43.64%
Net Earnings / Revenue 10.58% 38.18%
Basic Earnings Per Share $0.15 $0.58
Diluted Earnings Per Share $0.15 $0.58
COMMON SHARES
Basic Shares Outstanding 155.8M shares 153.8M shares
Diluted Shares Outstanding 156.1M shares 154.3M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.00M $164.0M
YoY Change -60.98% 331.58%
Cash & Equivalents $64.45M $164.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $6.000M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $64.00M $170.0M
YoY Change -62.35% 347.37%
LONG-TERM ASSETS
Property, Plant & Equipment $5.528B $5.484B
YoY Change 0.8% 2.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $56.00M
YoY Change 1.82%
Other Assets $90.00M $95.00M
YoY Change -5.26% -40.99%
Total Long-Term Assets $6.078B $6.045B
YoY Change 0.54% 0.0%
TOTAL ASSETS
Total Short-Term Assets $64.00M $170.0M
Total Long-Term Assets $6.078B $6.045B
Total Assets $6.142B $6.215B
YoY Change -1.18% 2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.00M $51.00M
YoY Change -25.49% 41.67%
Accrued Expenses $306.0M $270.0M
YoY Change 13.33% -6.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $344.0M $321.0M
YoY Change 7.17% -1.53%
LONG-TERM LIABILITIES
Long-Term Debt $3.918B $3.888B
YoY Change 0.77% -11.54%
Other Long-Term Liabilities $60.00M $84.00M
YoY Change -28.57% -17.65%
Total Long-Term Liabilities $3.978B $3.972B
YoY Change 0.15% -11.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $344.0M $321.0M
Total Long-Term Liabilities $3.978B $3.972B
Total Liabilities $4.321B $4.293B
YoY Change 0.65% -10.98%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.566M $1.563M
YoY Change 0.19% 6.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.603B $1.616B
YoY Change
Total Liabilities & Shareholders Equity $6.142B $6.215B
YoY Change -1.18% 2.17%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $26.06M $93.26M
YoY Change -72.06% 43.64%
Depreciation, Depletion And Amortization $79.80M $74.43M
YoY Change 7.21% 5.87%
Cash From Operating Activities $73.95M $64.65M
YoY Change 14.39% 17.97%
INVESTING ACTIVITIES
Capital Expenditures -$83.60M -$114.7M
YoY Change -27.11% 5.33%
Acquisitions
YoY Change
Other Investing Activities -$5.209M $699.0K
YoY Change -845.21% -92.01%
Cash From Investing Activities -$65.57M $20.44M
YoY Change -420.75% -144.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $366.6M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.283M $50.43M
YoY Change -89.52% -293.49%
NET CHANGE
Cash From Operating Activities $73.95M $64.65M
Cash From Investing Activities -$65.57M $20.44M
Cash From Financing Activities $5.283M $50.43M
Net Change In Cash $13.67M $135.5M
YoY Change -89.92% -881.13%
FREE CASH FLOW
Cash From Operating Activities $73.95M $64.65M
Capital Expenditures -$83.60M -$114.7M
Free Cash Flow $157.6M $179.4M
YoY Change -12.15% 9.56%

Facts In Submission

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PaymentsOfDividendsMinorityInterest
6203000 USD
CY2016Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
6423000 USD
CY2015Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2827000 USD
CY2016Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2757000 USD
CY2015Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
2167000 USD
CY2016Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1764000 USD
CY2015Q1 us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
40800000 USD
CY2016Q1 us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
2275000 USD
CY2015Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
3522000 USD
CY2016Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2757000 USD
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
159126000 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
159126000 USD
CY2016Q1 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
3200000 shares
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
366585000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
18473000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
7766000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1657000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1681000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-112330000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
79080000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
133305000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
9601000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
104150000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
29885000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2778022000 USD
CY2016Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2858642000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8307483000 USD
CY2016Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8386163000 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5529461000 USD
CY2016Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5527521000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
87926000 USD
CY2016Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
86201000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
140858000 USD
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19179000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
86956000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
90158000 USD
CY2015Q1 us-gaap Revenues
Revenues
244265000 USD
CY2016Q1 us-gaap Revenues
Revenues
246239000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
3822141000 USD
CY2016Q1 us-gaap Secured Debt
SecuredDebt
3811510000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
174000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1622391000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
1603162000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1763905000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1735065000 USD
CY2016Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-780000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154277000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156117000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153821000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155791000 shares
CY2016Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The balance sheets of Aimco and the Aimco Operating Partnership at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco&#8217;s and the Aimco Operating Partnership&#8217;s combined Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership.</font></div></div>
CY2016Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership and management of quality apartment communities located in large coastal and job growth markets in the United States.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Aimco, and through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as &#8220;OP Units.&#8221; OP Units include common partnership units, high performance partnership units and partnership preferred units, which we refer to as common OP Units, HPUs and preferred OP Units, respectively. We also refer to HPUs as common OP Unit equivalents. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, after eliminations for units held by consolidated entities, the Aimco Operating Partnership had </font><font style="font-family:inherit;font-size:10pt;">164,450,933</font><font style="font-family:inherit;font-size:10pt;"> common partnership units and equivalents outstanding. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, Aimco owned </font><font style="font-family:inherit;font-size:10pt;">156,605,152</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units (</font><font style="font-family:inherit;font-size:10pt;">95.2%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units and equivalents) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as the context otherwise requires, &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, we owned an equity interest in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">139</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">conventional apartment communiti</font><font style="font-family:inherit;font-size:10pt;">es with </font><font style="font-family:inherit;font-size:10pt;">40,376</font><font style="font-family:inherit;font-size:10pt;"> apartment homes and </font><font style="font-family:inherit;font-size:10pt;">56</font><font style="font-family:inherit;font-size:10pt;"> affordable apartment communities with </font><font style="font-family:inherit;font-size:10pt;">8,685</font><font style="font-family:inherit;font-size:10pt;"> apartment homes. Of these, we consolidated </font><font style="font-family:inherit;font-size:10pt;">135</font><font style="font-family:inherit;font-size:10pt;"> conventional apartment communities with </font><font style="font-family:inherit;font-size:10pt;">40,234</font><font style="font-family:inherit;font-size:10pt;"> apartment homes and </font><font style="font-family:inherit;font-size:10pt;">49</font><font style="font-family:inherit;font-size:10pt;"> affordable apartment communities with </font><font style="font-family:inherit;font-size:10pt;">7,998</font><font style="font-family:inherit;font-size:10pt;"> apartment homes. Conventional and affordable apartment communities generated </font><font style="font-family:inherit;font-size:10pt;">90%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of the proportionate property net operating income (as defined in </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">Note 8</font><font style="font-family:inherit;font-size:10pt;"> and excluding amounts related to apartment communities sold or classified as held for sale) during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.</font></div></div>

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