Apartment Income REIT — Investor Presentation (September 2023)
14 slides from Apartment Income REIT's investor presentation, Sep 8, 2023
Slide 1: Investor Presentation September 2023
0 The most efficient and most effective way to allocate capital to multi-family real estate Investor Presentation September 2023 The Elm Bethesda, MD Ocean House, 707 Leahy, and One Ardmore Place were recognized in Q1 2023 as Top 100 Multifamily Properties as part of the Kingsley Excellence Awards E
Slide 2: Portfolio update
1 The most efficient and most effective way to allocate capital to multi-family real estate Portfolio update • Paired trades of older properties with long-term trend growth for newer properties with higher growth prospects Unlevered IRR Expectation Share Repurchases ~4%De-Leveraging Capital Enhancem
Slide 3: Operating update: AIR on plan for 2023
2 The most efficient and most effective way to allocate capital to multi-family real estate August 6.0% 4.7% 3.3% 7.0% 5.7% 5.8% 6.5% 5.1% 4.2% JulyQ2 2023 Signed Lease Rate & ADO (%)(1) New Renewal Blended Operating update: AIR on plan for 2023 Same Store ADO (%)(1) 93% 94% 95% 96% 97% 98% 99% 100%
Slide 4: 2023 FFO per share guidance
3 The most efficient and most effective way to allocate capital to multi-family real estate 2022 2023 Guidance (Midpoint) % Δ AIR Reported / Initial FFO per Share Guidance (Midpoint) $2.41 $2.41 -% Less: Contribution of Aimco Note Receivable(1) (0.22) n/a n/a Less: 2023 Recurring FFO Impacts n/a (0.
Slide 5: Early views on 2024
4 The most efficient and most effective way to allocate capital to multi-family real estate (1) See appendix for a summary of leverage balances and effective interest rates pro forma for YTD transaction activity. Early views on 2024 • Expected growth supported by (i) 2023 results, (ii) 2024 opportun
Slide 6: Safe, highly liquid balance sheet
5 The most efficient and most effective way to allocate capital to multi-family real estate • $2.3B of liquidity (>3x peer average(3)) • No debt maturities until Q2 2025 – Weighted-average maturity of 7.2 years • Sufficient committed liquidity to repay all maturities through 2027 • Net Leverage to E
Slide 7: Appendix
6 The most efficient and most effective way to allocate capital to multi-family real estate Villages at Olde Towne Raleigh, NC Appendix
Slide 8: AIR's distinctive business model provides for peer-leading results
7 The most efficient and most effective way to allocate capital to multi-family real estate AIR’s distinctive business model provides for peer-leading(1) results Same Store NOI Growth (%)(1)(2) Property EBITDA Growth (%)(1)(2)(3)Same Store Revenue Growth (%)(1)(2) 123.6 115.6 129.6 2019 2020 2021 20
Slide 9: Peer comparison of Same Store NOI and Property EBITDA
8 The most efficient and most effective way to allocate capital to multi-family real estate ($ in 000s, unless noted) AIR ESS UDR EQR AVB CPT MAA Q2 YTD Actuals Same Store Revenue (GAAP) $315,374 $783,299 $744,491 $1,375,078 $1,247,386 $624,832 $1,005,515 Same Store NOI (GAAP) $233,541 $555,090 $519
Slide 10: Transacted and signed lease growth update
9 The most efficient and most effective way to allocate capital to multi-family real estate 6.0% 4.7% 3.3% 7.0% 5.7% 5.8% 6.5% 5.1% 4.2% New Renewal Blended 6.2% 4.6% 4.2% 7.8% 6.6% 5.6% 7.1% 5.5% 4.9% Transacted and signed lease growth update Signed Lease Rate (%) AugustJulyQ2 2023 Transacted Lease
Slide 11: Pro forma leverage summary
10 The most efficient and most effective way to allocate capital to multi-family real estate P ro Forma (1) Debt T otal AIR S hare W eighted- Average M aturity (Y ears) W eighted- Average Interest Rate Fixed rate loans payable 2,194,952$ 8.3 4.0% Floating rate loans payable (2) 79,000 3.5 5.4% Non-r
Slide 12: Turn costs and recurring capital in line with peers
11 The most efficient and most effective way to allocate capital to multi-family real estate Turn costs and recurring capital(1) in line with peers(2) (1) Recurring Capital for AIR includes capital replacements (“CR”) and capital improvements (“CI”). Capital replacements (“CR”) represent capital tha
Slide 13: Programmatic property upgrades drive long-term value and FFO accretion
12 The most efficient and most effective way to allocate capital to multi-family real estate Programmatic property upgrades drive long-term value and FFO accretion • Invest only where expected NOI enhancement generates long-term IRR of >10% (generally ~10% yield in Year 1) • Funded by retained earni
Slide 14: Forward-Looking Statements / Non-GAAP Measures
13 The most efficient and most effective way to allocate capital to multi-family real estate Forward-Looking Statements / Non-GAAP Measures This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding pro
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