$AIV
APARTMENT INVESTMENT & MANAGEMENT CO

2018 Q1 Form 10-Q Financial Statement

#000092286418000021 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $247.7M $246.5M
YoY Change 0.5% 0.1%
Cost Of Revenue $87.50M $88.30M
YoY Change -0.91% -0.11%
Gross Profit $160.2M $158.2M
YoY Change 1.26% 0.25%
Gross Profit Margin 64.67% 64.18%
Selling, General & Admin $11.40M $11.50M
YoY Change -0.87% -10.85%
% of Gross Profit 7.12% 7.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $92.50M $87.20M
YoY Change 6.08% 9.27%
% of Gross Profit 57.74% 55.12%
Operating Expenses $194.3M $188.7M
YoY Change 2.99% 3.28%
Operating Profit $53.38M $57.79M
YoY Change -7.63% -9.04%
Interest Expense $47.80M $47.88M
YoY Change -0.18% 0.52%
% of Operating Profit 89.54% 82.86%
Other Income/Expense, Net $224.0K $465.0K
YoY Change -51.83% 503.9%
Pretax Income $61.17M $12.56M
YoY Change 386.89% -29.46%
Income Tax -$34.52M -$4.985M
% Of Pretax Income -56.43% -39.68%
Net Earnings $83.79M $13.70M
YoY Change 511.71% -47.43%
Net Earnings / Revenue 33.83% 5.56%
Basic Earnings Per Share $0.54 $0.07
Diluted Earnings Per Share $0.54 $0.07
COMMON SHARES
Basic Shares Outstanding 151.9M shares 156.3M shares
Diluted Shares Outstanding 152.0M shares 156.8M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.00M $65.00M
YoY Change 7.69% 1.56%
Cash & Equivalents $139.0M $65.07M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $70.00M $65.00M
YoY Change 7.69% 1.56%
LONG-TERM ASSETS
Property, Plant & Equipment $5.735B $5.745B
YoY Change -0.17% 3.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $69.00M $74.00M
YoY Change -6.76% -17.78%
Total Long-Term Assets $6.185B $6.122B
YoY Change 1.03% 0.73%
TOTAL ASSETS
Total Short-Term Assets $70.00M $65.00M
Total Long-Term Assets $6.185B $6.122B
Total Assets $6.255B $6.187B
YoY Change 1.1% 0.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $225.0M $262.0M
YoY Change -14.12% -14.38%
Deferred Revenue
YoY Change
Short-Term Debt $250.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $475.0M $262.0M
YoY Change 81.3% -23.84%
LONG-TERM LIABILITIES
Long-Term Debt $4.005B $3.971B
YoY Change 0.86% 1.35%
Other Long-Term Liabilities $12.00M $17.00M
YoY Change -29.41% -71.67%
Total Long-Term Liabilities $4.017B $3.988B
YoY Change 0.73% 0.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $475.0M $262.0M
Total Long-Term Liabilities $4.017B $3.988B
Total Liabilities $4.491B $4.249B
YoY Change 5.69% -1.65%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.573M $1.570M
YoY Change 0.19% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.670B $1.688B
YoY Change
Total Liabilities & Shareholders Equity $6.255B $6.187B
YoY Change 1.1% 0.74%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $83.79M $13.70M
YoY Change 511.71% -47.43%
Depreciation, Depletion And Amortization $92.50M $87.20M
YoY Change 6.08% 9.27%
Cash From Operating Activities $81.32M $73.60M
YoY Change 10.49% -0.47%
INVESTING ACTIVITIES
Capital Expenditures -$241.2M -$90.00M
YoY Change 168.0% 7.66%
Acquisitions
YoY Change
Other Investing Activities $218.0K -$94.00K
YoY Change -331.91% -98.2%
Cash From Investing Activities -$171.6M -$87.68M
YoY Change 95.74% 33.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $86.80M $21.55M
YoY Change 302.72% 307.95%
NET CHANGE
Cash From Operating Activities $81.32M $73.60M
Cash From Investing Activities -$171.6M -$87.68M
Cash From Financing Activities $86.80M $21.55M
Net Change In Cash -$3.510M $7.473M
YoY Change -146.97% -45.31%
FREE CASH FLOW
Cash From Operating Activities $81.32M $73.60M
Capital Expenditures -$241.2M -$90.00M
Free Cash Flow $322.5M $163.6M
YoY Change 97.14% 3.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q1 aiv Dividends And Distributions Common Stock And Common Units Cash
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CY2018Q1 aiv Effect Of Changes In Ownership For Consolidated Entities
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2500000 shares
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CY2018Q1 aiv Other Items Included In Continuing Operations
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CY2018Q1 aiv Other Operating Expenses Not Allocatedto Reportable Segment
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CY2018Q1 aiv Redemption Of Operating Partnership Units In Exchange For Cash Or Shares Of Common Stock
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APARTMENT INVESTMENT & MANAGEMENT CO
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RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
101378000 USD
CY2017Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
32026000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
206262000 USD
CY2017Q1 us-gaap Revenues
Revenues
246481000 USD
CY2018Q1 us-gaap Revenues
Revenues
247720000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1663144000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1670190000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1655753000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1662647000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-93000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156754000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156740000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156259000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156609000 shares
CY2018Q1 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 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;">March&#160;31, 2018</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;">December 31, 2018</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;">December 31, 2017</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;">December 31, 2017</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 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;"></font></div></div>
CY2018Q1 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, management, redevelopment and limited development of quality apartment communities located in some of the largest 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, 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 OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had </font><font style="font-family:inherit;font-size:10pt;">164,881,653</font><font style="font-family:inherit;font-size:10pt;"> common partnership units outstanding. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, Aimco owned </font><font style="font-family:inherit;font-size:10pt;">157,326,117</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units (</font><font style="font-family:inherit;font-size:10pt;">95.4%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units) 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 31, 2018</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;">134</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">apartment communiti</font><font style="font-family:inherit;font-size:10pt;">es with </font><font style="font-family:inherit;font-size:10pt;">37,228</font><font style="font-family:inherit;font-size:10pt;"> apartment homes in our Real Estate portfolio. Our Real Estate portfolio is diversified by both price point and geography and consists primarily of market rate apartment communities in which we own a substantial interest. We consolidated </font><font style="font-family:inherit;font-size:10pt;">130</font><font style="font-family:inherit;font-size:10pt;"> of these apartment communities with </font><font style="font-family:inherit;font-size:10pt;">37,086</font><font style="font-family:inherit;font-size:10pt;"> apartment homes and these communities comprise our reportable segment. </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 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, we also held nominal ownership positions in partnerships that own </font><font style="font-family:inherit;font-size:10pt;">46</font><font style="font-family:inherit;font-size:10pt;"> low-income housing tax credit apartment communities with </font><font style="font-family:inherit;font-size:10pt;">6,898</font><font style="font-family:inherit;font-size:10pt;"> apartment homes. We provide services to these partnerships and receive fees and other payments in return. Our relationship with these partnerships is different than real estate ownership and is better described as an asset management business, or Asset Management. In accordance with accounting principles generally accepted in the United States of America, or GAAP, we are required to consolidate partnerships owning an aggregate of </font><font style="font-family:inherit;font-size:10pt;">39</font><font style="font-family:inherit;font-size:10pt;"> apartment communities with </font><font style="font-family:inherit;font-size:10pt;">6,211</font><font style="font-family:inherit;font-size:10pt;"> apartment homes. </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;">In April 2018, we announced the planned sale of our Asset Management business, as well as the sale of </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> affordable communities included in our Real Estate portfolio.</font></div></div>
CY2018Q1 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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