DENVER--(BUSINESS WIRE)-- Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today second quarter results for 2018.

Chairman and Chief Executive Officer Terry Considine comments: “In the second quarter, Aimco produced solid results: Same Store Net Operating Income was up 3.2% year-over-year; Redevelopment contributed more earnings and further value creation; and 2018 paired trades were completed, increasing expected Free Cash Flow returns by 400 basis points.”

“We completed our exit from the affordable housing line of business, part of a strategic plan set in 2011. Since then, Aimco has made steady progress on other elements of the plan: selling $4.2 billion in lower-rated communities; improving portfolio quality to $2,090 in monthly revenue per apartment home; and reducing leverage by $1.8 billion. As a result, Net Asset Value per share more than doubled.”

Chief Financial Officer Paul Beldin adds: “Second quarter 2018 AFFO of $0.54 per share was $0.02 per share ahead of the high end of our guidance range, and Pro forma FFO of $0.61 per share met the high end of guidance. AFFO exceeded the midpoint of our expectations due to $0.01 per share of stronger property operating results with the remainder due to timing-related items.”

Financial Results: Second Quarter Pro forma FFO Flat; AFFO Up 6%
			SECOND QUARTER														YEAR-TO-DATE
(all items per common share - diluted)			2018					2017					Variance				2018					2017					Variance
Net income			$	0.02				$	0.10				(80	%)			$	0.54				$	0.17				218	%
Funds From Operations (FFO)			$	0.59				$	0.61				(3	%)			$	1.19				$	1.19				—	%
Add back legal and severance costs			$	0.02				$	—				—	%			$	0.02				$	—				—	%
Pro forma Funds From Operations (Pro forma FFO)			$	0.61				$	0.61				—	%			$	1.21				$	1.19				2	%
Deduct Capital Replacements			$	(0.07	)			$	(0.10	)			(30	%)			$	(0.14	)			$	(0.17	)			(18	%)
Adjusted Funds From Operations (AFFO)			$	0.54				$	0.51				6	%			$	1.07				$	1.02				5	%

Net Income (per diluted common share) - Year-over-year, second quarter net income decreased due to higher depreciation from redevelopments placed into service and from apartment communities acquired during 2018 and to lower gains on the sale of real estate.

Pro forma FFO (per diluted common share) - Aimco’s second quarter Pro forma FFO was flat year-over-year. The following items contributed to Pro forma FFO:

• $0.02 from Same Store Property Net Operating Income growth of 3.2%, driven by a 3.2% increase in revenue, offset by a 3.3% increase in expenses; and
• $0.03 from leasing activity related to renovated homes at Redevelopment communities, 2018 acquisitions, and the second quarter 2017 reacquisition of a 47% interest in the Palazzo communities, offset in part by lower Property Net Operating Income from apartment communities sold in 2017 and 2018.

As compared to 2017, this increase of $0.05 to Pro forma FFO per share was offset by increased interest expense on corporate borrowings primarily related to acquisitions, increased personnel costs due to the timing of incentive compensation costs, and lower tax benefits.

Adjusted Funds From Operations (per diluted common share) - Year-over-year, second quarter AFFO increased 6% as a result of lower Capital Replacement spending. Approximately one-third of the decrease in Capital Replacement spending was due to Aimco’s paired trade activity including the sale of approximately 2,300 apartment homes in 2017 and an additional 513 apartment homes through June 30, 2018, and the remaining decrease is due to timing of 2018 capital spending. As Aimco concentrates its investment capital in higher quality, higher price point communities, Free Cash Flow margin is increasing as Capital Replacements decline as a percentage of Net Operating Income.

Operating Results: Second Quarter Same Store NOI Up 3.2%
			SECOND QUARTER																YEAR-TO-DATE
			Year-over-Year									Sequential							Year-over-Year
			2018			2017			Variance			1st Qtr.			Variance				2018			2017			Variance
Average Rent per Apartment Home			$1,819			$1,772			2.7	%		$1,808			0.6	%			$1,813			$1,767			2.6	%
Other Income per Apartment Home*			121			115			5.2	%		105			15.2	%			114			112			1.8	%
Average Revenue per Apartment Home*			$1,940			$1,887			2.8	%		$1,913			1.4	%			$1,927			$1,879			2.6	%
Average Daily Occupancy			96.3	%		95.9	%		0.4	%		96.3	%		—	%			96.3	%		95.9	%		0.4	%
$ in Millions
Revenue, before utility reimbursements			$147.0			$142.4			3.2	%		$144.9			1.4	%			$291.8			$283.6			2.9	%
Expenses, net of utility reimbursements			38.5			37.3			3.3	%		38.9			(1.1	%)			77.4			75.4			2.7	%
NOI			$108.5			$105.1			3.2	%		$106.0			2.4	%			$214.4			$208.2			3.0	%

*		In 2018, Aimco changed its presentation of revenues and expenses to reflect utilities costs net of amounts reimbursed by residents, which were previously included in revenue. 2017 amounts have been revised to conform to this presentation. The change in presentation had no impact on revenue growth rates in second quarter 2018 and a 10 bps impact year-to-date.

Same Store Rental Rates - Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified either as a new lease, where a vacant apartment is leased to a new customer, or as a renewal. The table below details changes in new and renewal lease rates.

2018			1st Qtr.				Apr				May				Jun				2nd Qtr.				Year-to-Date
Renewal rent increases			4.9	%			4.7	%			4.8	%			4.8	%			4.8	%			4.8	%
New lease rent increases			0.4	%			0.6	%			1.7	%			2.8	%			1.9	%			1.3	%
Weighted average rent increases			2.7	%			2.6	%			3.4	%			3.8	%			3.4	%			3.1	%
Average Daily Occupancy			96.3	%			96.4	%			96.4	%			96.1	%			96.3	%			96.3	%

Redevelopment

Redevelopment is Aimco’s second line of business where Aimco creates value by repositioning communities within the Aimco portfolio. Aimco also undertakes ground-up development when warranted by risk-adjusted investment returns, either directly in connection with the redevelopment of an existing apartment community or, on a more limited basis, at a new location. Aimco invests to earn risk-adjusted returns in excess of those expected from the apartment communities sold in paired trades to fund the redevelopment and development. Of these two activities, Aimco favors redevelopment because it permits adjustment of the scope and timing of spending to align with changing market conditions and customer preferences.

During the second quarter, Aimco invested $42 million in redevelopment and development. In Center City, Philadelphia, Aimco continued construction on the fourth and final tower of Park Towne Place; lease-up is underway. At June 30, 2018, 90% of the redeveloped apartment homes in the community were leased and 28 of the 136 homes still under renovation were pre-leased.

During the second quarter, Aimco invested $10 million in the development of its Parc Mosaic community in Boulder, Colorado. Aimco expects completion of construction in late 2019 and initial occupancy in the summer of 2019.

During the second quarter, Aimco leased 181 apartment homes at its Redevelopment communities. At June 30, 2018, Aimco’s exposure to lease-up at active redevelopment and development projects was approximately 419 apartment homes, of which 108 were in the fourth tower of Park Towne Place, 215 were being constructed at Parc Mosaic, and 96 were located in three other active redevelopments.

During the third quarter, Aimco expects to exercise its option to acquire approximately two acres of land adjacent to its 21 Fitzsimons apartment community, located on the University of Colorado Anschutz Medical Campus, for the development of an apartment community. Over the next two years, Aimco expects to invest approximately $87 million to construct 253 apartment homes and 4,600 square feet of retail space. Aimco anticipates a stabilized net operating income yield in the low 6% range, driven by an 80% net operating income margin due to operational efficiencies from owning the adjacent property, and a Free Cash Flow internal rate of return greater than 10% resulting in value creation of at least 35%. Upon completion of the project, Aimco will own and operate 853 apartment homes on the campus. Employment on the campus has grown by 9% annually from 2015 to 2017 and exceeds 25,000 jobs today. This number is expected to grow to 46,000 jobs over the next 12 years. Aimco has multi-year options to acquire the balance of the land on the campus that is zoned for multifamily, enough for an additional 600 apartment homes.

Portfolio Management: Revenue Per Apartment Home Up 7% to $2,090

Aimco’s portfolio of apartment communities is diversified across “A,” “B” and “C+” price points, averaging “B/B+” in quality and is also diversified across several of the largest markets in the United States.

As part of its portfolio strategy, Aimco seeks to sell up to 10% of its portfolio annually and to reinvest the proceeds from such sales in accretive uses such as capital enhancements, redevelopments, occasional developments, and selective acquisitions with projected Free Cash Flow internal rates of return higher than expected from the communities being sold. Through this disciplined approach to capital recycling, Aimco has significantly increased the quality and expected growth rate of its portfolio.

			SECOND QUARTER
			2018					2017					Variance
Apartment Communities			138					141					(3	)
Apartment Homes			37,897					39,187					(1,290	)
Average Revenue per Apartment Home*			$	2,090				$	1,950				7	%
Portfolio Average Rents as a Percentage of Local Market Average Rents			112		%			113		%			(1	%)
Percentage A (2Q 2018 Average Revenue per Apartment Home $2,770)			50		%			53		%			(3	%)
Percentage B (2Q 2018 Average Revenue per Apartment Home $1,839)			35		%			33		%			2	%
Percentage C+ (2Q 2018 Average Revenue per Apartment Home $1,669)			15		%			14		%			1	%
NOI Margin			72		%			71		%			1	%
Free Cash Flow Margin			66		%			65		%			1	%

*		In 2018, Aimco changed its presentation of revenues and expenses to reflect utilities costs net of amounts reimbursed by residents, which were previously included in revenue. 2017 amounts have been revised to conform to this presentation.

Second Quarter Real Estate Portfolio - For its entire portfolio, Aimco’s average monthly revenue per apartment home was $2,090 for second quarter 2018, a 7% increase compared to second quarter 2017. This increase is due to year-over-year growth in Same Store revenue as well as Aimco’s acquisition activities, lease-up of redevelopment and acquisition properties, and sale of communities with average monthly revenues per apartment home lower than those of the retained portfolio.

Acquisitions - Aimco evaluates potential acquisitions with an eye for unique and opportunistic investments and funds acquisitions pursuant to its strict paired trade discipline. As previously announced, in April 2018 Aimco agreed to acquire six communities in the Philadelphia area. On May 1st, Aimco purchased four communities including 665 apartment homes and 153,000 square feet of office and retail space for $308 million. The purchase of the fifth apartment community is conditioned upon the City of Camden’s approval of the transfer of the existing PILOT tax agreement, which has not yet been received. The purchase of the sixth apartment community is expected upon completion of construction in the first half of 2019.

In the first quarter, Aimco purchased for $160 million Bent Tree Apartments, a 748-apartment home community in Fairfax County, Virginia. Since acquisition, results have exceeded underwriting, with new lease rates increasing by 8%, 5% before capital investments, and occupancy increasing by approximately 300 basis points to 97%.

Dispositions - On July 25, 2018, Aimco sold for $590 million its Asset Management business and its four affordable apartment communities located in Hunters Point. After payment of transaction costs and repayment of property-level debt encumbering the Hunters Point apartment communities, net proceeds to Aimco were approximately $512 million.

On July 27, 2018, Aimco sold for $170 million Chestnut Hill Village, an 821-apartment home community located in north Philadelphia.

Aimco used proceeds from the two sales to fund 2018 acquisitions, completing the paired trades. The sale of Chestnut Hill Village rebalanced Aimco’s capital allocation to Philadelphia from a lower-rated apartment community in north Philadelphia to communities in the more desirable Center City and University City submarkets.

Aimco used proceeds from these sales to repay in full its revolving credit facility and its term loan. Aimco plans to use the remaining proceeds to reduce property-level borrowings and to fund an expected increase in 2018 redevelopment activity.

Balance Sheet

Aimco Leverage

Aimco’s leverage strategy seeks to increase financial returns while using leverage with appropriate caution. Aimco limits risk through balance sheet structure, employing low leverage, primarily non-recourse and long-dated property debt; builds financial flexibility by maintaining ample unused and available credit as well as holding properties with substantial value unencumbered by property debt; and uses partners’ capital when it enhances financial returns or reduces investment risk.

Aimco total leverage includes Aimco share of long-term, non-recourse, property debt encumbering apartment communities in its Real Estate portfolio, outstanding borrowings under its revolving credit facility and term loan, and outstanding preferred equity. Aimco leverage excludes the non-recourse property debt obligations of consolidated partnerships served by its Asset Management business.

								Pro forma*
$ in Millions			June 30, 2018Actual					June 30, 2018Pro forma					% of Total				WeightedAvg. Maturity(Yrs.)
Aimco share of long-term, non-recourse property debt			$	3,801				$	3,801				94	%			7.0
Term loan			250					—					—	%
Outstanding borrowings on revolving credit facility			220					—					—	%
Non-recourse property debt related to assets held for sale			68					—					—	%
Preferred Equity**			226					226					6	%			40.0
Total Leverage			$	4,565				$	4,027				100	%			8.9
Cash, restricted cash and investments in securitization trust assets			(171		)			(378		)
Net Leverage, as adjusted			$	4,394				$	3,649

*	Aimco used the proceeds, net of transaction costs, from the sales of its Asset Management business, its four affordable apartment communities located in Hunters Point, and Chestnut Hill Village, to repay outstanding borrowings on its revolving credit facility and its term loan.
**	Aimco’s Preferred Equity is perpetual in nature; however, for illustrative purposes, Aimco has computed the weighted average maturity of its total leverage assuming a 40-year maturity for its Preferred Equity.

Leverage Ratios

Aimco target leverage ratios are Proportionate Debt and Preferred Equity to Adjusted EBITDA below 7.0x and Adjusted EBITDA to Interest Expense and Preferred Dividends greater than 2.5x. Aimco calculates Adjusted EBITDA, Pro forma EBITDA and Adjusted Interest Expense used in its leverage ratios based on current quarter amounts, annualized.

Proportionate Debt to Pro forma EBITDA*					6.5x
Proportionate Debt and Preferred Equity to Pro forma EBITDA*					6.9x
Adjusted EBITDA to Adjusted Interest Expense					3.4x
Adjusted EBITDA to Adjusted Interest Expense and Preferred Dividends					3.1x

*		The Proportionate Debt to Pro forma EBITDA and Proportionate Debt and Preferred Equity to Pro forma EBITDA ratios have been calculated on a pro forma basis to reflect the impact of the July 2018 dispositions of Aimco’s Asset Management business, its four affordable apartment communities located in Hunters Point, and Chestnut Hill Village. Pro forma EBITDA has also been adjusted to reflect the acquisition of the four Philadelphia apartment communities as if the transaction had closed on April 1, 2018. These adjustments reduced the ratios of Proportionate Debt to Adjusted EBITDA and Proportionate Debt and Preferred Equity to Adjusted EBITDA by 0.7x.

Aimco expects its Proportionate Debt to Adjusted EBITDA and Proportionate Debt and Preferred Equity to Adjusted EBITDA ratios to decrease to 6.3x and 6.7x, respectively, before year-end.

Liquidity

At June 30, 2018, Aimco held cash and restricted cash of $88 million and had the capacity to borrow $368 million under its revolving credit facility, after consideration of outstanding borrowings of $220 million and $12 million of letters of credit backed by the facility. Aimco uses its credit facility primarily for working capital and other short-term purposes and to secure letters of credit. After the completion of the July dispositions, Aimco used the proceeds to repay outstanding borrowings on the revolving credit facility and term loan. On a pro forma basis, Aimco would have had the capacity to borrow $593 million under its revolving credit facility and additional cash of approximately $207 million.

Aimco also manages its financial flexibility by maintaining an investment grade rating and holding apartment communities that are unencumbered by property debt. At June 30, 2018, Aimco held unencumbered apartment communities with an estimated fair market value of approximately $2 billion.

Dividend - As previously announced, the Aimco Board of Directors declared a quarterly cash dividend of $0.38 per share of Class A Common Stock for the quarter ended June 30, 2018. On an annualized basis, this represents an increase of 6% compared to the dividends paid during 2017. This dividend is payable on August 31, 2018, to stockholders of record on August 17, 2018.

2018 Outlook
($ Amounts represent Aimco Share)			YEAR-TO-DATEJUNE 30, 2018			FULL YEAR 2018			PREVIOUS FULLYEAR 2018
Net Income per share			$0.54			$4.25 to $4.33			$4.05 to $4.55
Pro forma FFO per share			$1.21			$2.40 to $2.48			$2.39 to $2.49
AFFO per share			$1.07			$2.09 to $2.17			$2.08 to $2.18
Select Components of FFO
Same Store Operating Measures
Revenue change compared to prior year			2.9%			2.50% to 3.00%			2.10% to 3.10%
Expense change compared to prior year			2.7%			2.80% to 3.40%			2.60% to 3.60%
NOI change compared to prior year			3.0%			2.20% to 3.00%			1.70% to 3.10%
Other Earnings
Asset Management Contribution			$16M			$22M			$22M to $24M
Tax Benefits			$8M			$16M to $18M			$16M to $18M
Offsite Costs
Property management expenses			$10M			$20M			$20M
General and administrative expenses			$25M			$44M			$44M
Total Offsite Costs			$35M			$64M			$64M
Capital Investments
Redevelopment/Development			$88M			$160M to $200M			$120M to $200M
Capital Enhancements			$46M			$80M to $100M			$80M to $100M
Transactions
Property dispositions			$65M			$825M			$790M to $870M
Property acquisitions [1]			$468M			$468M to $551M			$551M
Portfolio Quality
Average revenue per apartment home			$2,090			~$2,100			~$2,100
Balance Sheet
Proportionate Debt to Adjusted EBITDA [2]			6.5x			~6.3x			~6.3x
Proportionate Debt and Preferred Equity to Adjusted EBITDA [2]			6.9x			~6.7x			~6.7x

[1]		Aimco does not predict or guide to acquisitions. The variability in 2018 acquisitions relates to the uncertain purchase of the previously announced Camden, New Jersey community, which is conditioned upon the City of Camden’s approval of the transfer of the existing PILOT tax agreement.
[2]		Aimco leverage ratios have been calculated on a pro forma basis to reflect the July 2018 dispositions of Aimco’s Asset Management business, its four affordable apartment communities located in Hunters Point, and Chestnut Hill Village. EBITDA has also been adjusted to reflect the acquisition of the four Philadelphia apartment communities as if the transaction had closed on April 1, 2018. These adjustments reduced the ratios of Proportionate Debt to Adjusted EBITDA and Proportionate Debt and Preferred Equity to Adjusted EBITDA by 0.7x.

($ Amounts represent Aimco Share)					THIRD QUARTER 2018
Net income per share					$3.62 to $3.66
Pro forma FFO per share					$0.58 to $0.62
AFFO per share					$0.49 to $0.53

Earnings Conference Call Information
Live Conference Call:					Conference Call Replay:
Friday, August 3, 2018 at 1:00 p.m. ET					Replay available until November 3, 2018
Domestic Dial-In Number: 1-888-317-6003					Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-6061					International Dial-In Number: 1-412-317-0088
Passcode: 2156813					Passcode: 10121597
Live webcast and replay: investors.aimco.com

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at investors.aimco.com.

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States (“GAAP”). Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures.

About Aimco

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country’s largest owners and operators of apartments, with ownership interests in 133 communities in 17 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of third quarter and full year 2018 results, including but not limited to: FFO, Pro forma FFO and selected components thereof; AFFO; Aimco redevelopment/development investments and projected yield on such investments, timelines and Net Operating Income contribution; expectations regarding sales of Aimco apartment communities and the use of proceeds thereof; and Aimco liquidity and leverage metrics.

These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties. Risks and uncertainties include, but are not limited to: Aimco’s ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, redevelopments and developments; Aimco’s ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to Aimco redevelopments and developments; and Aimco’s ability to comply with debt covenants, including financial coverage ratios.

Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond Aimco’s control, including, without limitation:

• Real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing of acquisitions, dispositions, redevelopments and developments; and changes in operating costs, including energy costs;
• Financing risks, including the availability and cost of capital markets’ financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; and the risk that earnings may not be sufficient to maintain compliance with debt covenants;
• Insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; and
• Legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of governmental regulations that affect Aimco and interpretations of those regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by Aimco.

In addition, Aimco’s current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on Aimco’s ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2017, and the other documents Aimco files from time to time with the Securities and Exchange Commission.

These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.

Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
			Three Months Ended										Six Months Ended
			June 30,										June 30,
			2018					2017					2018					2017
REVENUES
Rental and other property revenues attributable to Real Estate			$	231,130				$	227,703				$	456,523				$	452,931
Rental and other property revenues of partnerships served by Asset Management business			19,000					18,533					37,808					37,095
Tax credit and transaction revenues			57					2,856					3,576					5,547
Total revenues			250,187					249,092					497,907					495,573
OPERATING EXPENSES
Property operating expenses attributable to Real Estate			76,031					79,082					154,318					158,708
Property operating expenses of partnerships served by Asset Management business			9,062					8,391					18,257					17,587
Depreciation and amortization			97,485					89,155					190,033					176,323
General and administrative expenses			13,882					10,108					25,237					21,071
Other expenses, net			4,366					2,650					7,324					4,389
Total operating expenses			200,826					189,386					395,169					378,078
Operating income			49,361					59,706					102,738					117,495
Interest income			2,884					2,012					5,056					4,204
Interest expense			(49,906		)			(46,858		)			(97,701		)			(94,740		)
Other, net			200					200					424					665
Income before income taxes and gain on dispositions			2,539					15,060					10,517					27,624
Income tax benefit			4,395					5,023					41,783					10,008
Income before gain on dispositions			6,934					20,083					52,300					37,632
Gain on dispositions of real estate, inclusive of related income tax			222					1,508					50,546					1,114
Net income			7,156					21,591					102,846					38,746
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships			(45		)			(813		)			(6,251		)			(1,764		)
Net income attributable to preferred noncontrolling interests in Aimco OP			(1,934		)			(1,939		)			(3,871		)			(3,888		)
Net income attributable to common noncontrolling interests in Aimco OP			(140		)			(787		)			(3,895		)			(1,344		)
Net income attributable to noncontrolling interests			(2,119		)			(3,539		)			(14,017		)			(6,996		)
Net income attributable to Aimco			5,037					18,052					88,829					31,750
Net income attributable to Aimco preferred stockholders			(2,149		)			(2,149		)			(4,297		)			(4,297		)
Net income attributable to participating securities			(71		)			(60		)			(190		)			(119		)
Net income attributable to Aimco common stockholders			$	2,817				$	15,843				$	84,342				$	27,334
Net income attributable to Aimco per common share – basic and diluted			$	0.02				$	0.10				$	0.54				$	0.17
Weighted average common shares outstanding – basic			156,703					156,305					156,656					156,282
Weighted average common shares outstanding – diluted			156,833					156,715					156,786					156,735

Consolidated Balance Sheets
(in thousands) (unaudited)
					June 30, 2018					December 31, 2017
Assets
Real estate					$	8,171,651				$	7,927,753
Accumulated depreciation					(2,452,947		)			(2,522,358		)
Net real estate					5,718,704					5,405,395
Cash and cash equivalents					46,703					60,498
Restricted cash					41,117					34,827
Goodwill					37,808					37,808
Other assets					327,756					234,931
Assets held for sale					94,314					17,959
Assets of partnerships served by Asset Management business [1]:
Real estate, net					216,875					224,873
Cash and cash equivalents					20,696					16,288
Restricted cash					30,055					30,928
Other assets					10,328					15,533
Total Assets					$	6,544,356				$	6,079,040
Liabilities and Equity
Non-recourse property debt secured by Aimco Real Estate communities					$	3,810,824				$	3,563,041
Debt issue costs					(19,586		)			(17,932		)
Non-recourse property debt, net					3,791,238					3,545,109
Term loan, net					249,801					249,501
Revolving credit facility borrowings					220,170					67,160
Accrued liabilities and other					216,789					213,027
Liabilities related to assets held for sale					68,610					—
Liabilities of partnerships served by Asset Management business [1]:
Non-recourse property debt, net					224,112					227,141
Accrued liabilities and other					17,519					19,812
Total Liabilities					4,788,239					4,321,750
Preferred noncontrolling interests in Aimco OP					101,332					101,537
Equity:
Perpetual preferred stock					125,000					125,000
Class A Common Stock					1,574					1,572
Additional paid-in capital					3,887,260					3,900,042
Accumulated other comprehensive income					3,208					3,603
Distributions in excess of earnings					(2,402,101		)			(2,367,073		)
Total Aimco equity					1,614,941					1,663,144
Noncontrolling interests in consolidated real estate partnerships					(2,984		)			(1,716		)
Common noncontrolling interests in Aimco OP					42,828					(5,675		)
Total equity					1,654,785					1,655,753
Total liabilities and equity					$	6,544,356				$	6,079,040

[1]

On July 25, 2018, Aimco completed the sale of its Asset Management business and derecognized these assets and liabilities. As of June 30, 2018, these amounts are classified as held for sale on Aimco’s GAAP balance sheet.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180802005950/en/

Apartment Investment and Management Company

Investor Relations

Suzanne Sorkin, 303-793-4661

Vice President, Investor Relations/FP&A

[email protected]

Source: Apartment Investment and Management Company

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