This document provides an investor presentation and guidance update from American Apartment Communities (Aimco) regarding their strategic objectives, operations, capital opportunities, redevelopment pipeline, and balance sheet. The key points are:
- Aimco is focused on operational excellence, redevelopment, portfolio management, and maintaining a strong balance sheet to produce predictable cash flow growth.
- They updated 2018 guidance with higher revenue, NOI, FFO, and AFFO per share growth compared to prior ranges.
- Early indicators point to strong leasing momentum continuing into 2019.
- Aimco has capacity for additional acquisitions, redevelopments, and share buybacks due to a strong balance sheet with
This document provides an overview of Aimco's performance and strategy. Some key points:
- Over the past 5 years, Aimco has achieved 11.5% annual economic income growth and expanded same store NOI margins by 810 basis points.
- For 2019, Aimco plans to spend $300 million on redevelopments and developments, targeting $120 million in value creation.
- Aimco will maintain its disciplined capital allocation strategy of paired trades and focus on opportunistic acquisitions and stock buybacks.
- The company aims to further improve its high quality and flexible balance sheet through debt refinancings in Q4 2018.
This document provides an overview of Aimco's financial performance and strategy. Some key points:
- Aimco has generated strong returns for shareholders since its IPO, with economic income compounding at 14% annually.
- Operations have performed well, with same store NOI growth exceeding peers. Redevelopment spending has created significant value.
- For 2019, Aimco expects continued strong same store performance and increased redevelopment spending.
- Aimco maintains a disciplined approach to capital allocation, selling lower-quality assets and re-investing in higher-return opportunities.
- The company focuses on innovation to drive operating efficiencies and cost control.
- Aimco aims to enhance value through
This document provides an overview of AIMCO, a real estate investment trust that owns and operates multifamily apartment communities. Some key points:
- AIMCO seeks superior long-term returns compared to equity REIT and S&P 500 indices by investing in high-quality apartment communities across diverse geographies and price points, with predictable and rising cash flows.
- Over the past 5 years, AIMCO has achieved 10% annual growth in funds from operations and 14% annual growth in economic income, outperforming peer averages.
- AIMCO's strategic objectives focus on operational excellence through high customer satisfaction to produce predictable cash flow growth, value creation through property redevelopments, portfolio management,
CIT Group Inc. reported strong fourth quarter and full year 2005 results, with diluted EPS up 27% and 27% respectively from the prior year. Key highlights included record new business volume up 37% over prior year, stable margins, strong credit metrics, and a positive outlook for 2006 with EPS guidance of $4.75-$4.85. Managed assets reached $62.9 billion, up from $53.5 billion the prior year. Credit quality remained stable with net charge-offs of 0.91% and non-performing assets at 1.18% of finance receivables.
eBay reported record financial results for Q4 2003, with net revenues of $648 million, up 57% year-over-year. Net income was $142.5 million, or $0.21 per share. For the full year, net revenues were $2.17 billion, up 78%, and net income was $441.8 million, or $0.67 per share. eBay also provided guidance for 2004, estimating net revenues of up to $3 billion and GAAP EPS of up to $0.99.
This corporate presentation provides an overview of the bank's business model evolution, 2017 financial performance, and short, medium, and long-term goals. Key points include:
- The bank has shifted its business model over time from a focus on rating arbitrage to short-term trade finance and fee income generation.
- In 2017, the bank saw growth in loan originations, higher fee income, and improved credit quality as the negative credit cycle ended. However, net interest margins declined due to lower average loan volumes and tighter spreads.
- Going forward, goals include business acceleration through strengthening the core trade finance business, increasing fees, and using capital to consolidate complementary products along the supply chain.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
CIT Group Inc. announced its third quarter results, with earnings per share up 23% from the prior year. Net income increased to $219.5 million for the quarter, compared to $183.9 million last year. Return on tangible common equity rose to 17% for the quarter. New business volume grew 34% over the prior year, driven by increases across most business lines. Credit quality improved, with net charge-offs down and delinquencies and non-performing assets remaining low. The company exceeded its financial targets for the quarter while continuing investments in future growth.
This document provides an overview of Aimco's performance and strategy. Some key points:
- Over the past 5 years, Aimco has achieved 11.5% annual economic income growth and expanded same store NOI margins by 810 basis points.
- For 2019, Aimco plans to spend $300 million on redevelopments and developments, targeting $120 million in value creation.
- Aimco will maintain its disciplined capital allocation strategy of paired trades and focus on opportunistic acquisitions and stock buybacks.
- The company aims to further improve its high quality and flexible balance sheet through debt refinancings in Q4 2018.
This document provides an overview of Aimco's financial performance and strategy. Some key points:
- Aimco has generated strong returns for shareholders since its IPO, with economic income compounding at 14% annually.
- Operations have performed well, with same store NOI growth exceeding peers. Redevelopment spending has created significant value.
- For 2019, Aimco expects continued strong same store performance and increased redevelopment spending.
- Aimco maintains a disciplined approach to capital allocation, selling lower-quality assets and re-investing in higher-return opportunities.
- The company focuses on innovation to drive operating efficiencies and cost control.
- Aimco aims to enhance value through
This document provides an overview of AIMCO, a real estate investment trust that owns and operates multifamily apartment communities. Some key points:
- AIMCO seeks superior long-term returns compared to equity REIT and S&P 500 indices by investing in high-quality apartment communities across diverse geographies and price points, with predictable and rising cash flows.
- Over the past 5 years, AIMCO has achieved 10% annual growth in funds from operations and 14% annual growth in economic income, outperforming peer averages.
- AIMCO's strategic objectives focus on operational excellence through high customer satisfaction to produce predictable cash flow growth, value creation through property redevelopments, portfolio management,
CIT Group Inc. reported strong fourth quarter and full year 2005 results, with diluted EPS up 27% and 27% respectively from the prior year. Key highlights included record new business volume up 37% over prior year, stable margins, strong credit metrics, and a positive outlook for 2006 with EPS guidance of $4.75-$4.85. Managed assets reached $62.9 billion, up from $53.5 billion the prior year. Credit quality remained stable with net charge-offs of 0.91% and non-performing assets at 1.18% of finance receivables.
eBay reported record financial results for Q4 2003, with net revenues of $648 million, up 57% year-over-year. Net income was $142.5 million, or $0.21 per share. For the full year, net revenues were $2.17 billion, up 78%, and net income was $441.8 million, or $0.67 per share. eBay also provided guidance for 2004, estimating net revenues of up to $3 billion and GAAP EPS of up to $0.99.
This corporate presentation provides an overview of the bank's business model evolution, 2017 financial performance, and short, medium, and long-term goals. Key points include:
- The bank has shifted its business model over time from a focus on rating arbitrage to short-term trade finance and fee income generation.
- In 2017, the bank saw growth in loan originations, higher fee income, and improved credit quality as the negative credit cycle ended. However, net interest margins declined due to lower average loan volumes and tighter spreads.
- Going forward, goals include business acceleration through strengthening the core trade finance business, increasing fees, and using capital to consolidate complementary products along the supply chain.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
CIT Group Inc. announced its third quarter results, with earnings per share up 23% from the prior year. Net income increased to $219.5 million for the quarter, compared to $183.9 million last year. Return on tangible common equity rose to 17% for the quarter. New business volume grew 34% over the prior year, driven by increases across most business lines. Credit quality improved, with net charge-offs down and delinquencies and non-performing assets remaining low. The company exceeded its financial targets for the quarter while continuing investments in future growth.
- CIT reported third quarter results with diluted EPS of $1.44, up from $1.02 the prior year, on record new business volume of $11 billion, up 40% from last year.
- Earnings improved due to increased loan and lease origination volume, asset growth, and higher other revenue including syndication fees, partially offset by lower margins and higher expenses.
- Excluding noteworthy one-time items, total net revenue was up 19% from last year and EPS was up 17% from the prior year.
The document discusses RioCan's use of non-GAAP financial measures to assess financial performance in addition to GAAP measures. It notes several specific non-GAAP measures used by RioCan such as FFO, NOI, and EBITDA are not standardized by IFRS and may not be comparable to other issuers. It also provides context on the forward-looking statements in the presentation by outlining material factors, estimates and assumptions used.
The document discusses non-GAAP financial measures used by RioCan Real Estate Investment Trust to assess financial performance. It notes that these measures are not standardized under IFRS and may not be comparable to similar measures used by other issuers. The measures include funds from operations, net operating income, adjusted EBITDA, and others. RioCan uses these measures to better assess underlying performance but cautions they should not be considered alternatives to IFRS measures. The document also contains forward-looking statements and notes the material factors and assumptions used.
CIT Group reported first quarter results for 2006 with the following highlights:
- EPS increased 14% to $1.12 compared to the prior year, excluding one-time gains.
- New business volume was up 53% and managed assets grew 11% due to balanced growth across segments.
- Segment results were strong across Commercial Finance and Specialty Finance groups, with increased net income and managed asset growth in most segments.
- Credit quality remained excellent with lower net charge-offs and delinquencies compared to the prior year.
Bayport Management Limited provides credit, insurance, and transactional banking solutions to individuals and microbusinesses in emerging and frontier markets. It has a gross loan book of $863 million comprising loans to 557,000 borrowers across Africa and Latin America. It has established operations in 7 African countries and 2 Latin American countries since 2001. The company has demonstrated strong growth through organic expansion, greenfield launches, and acquisitions. It has a robust business model relying on payroll deductions and debit orders for repayments.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Ryder reported third quarter 2017 earnings results. Total revenue increased 7% compared to third quarter 2016, driven by higher operating revenue and subcontracted transportation. Earnings per share were $1.11, lower than last year's $1.59 due primarily to non-operating pension costs and other one-time expenses. Comparable earnings per share were $1.33 versus $1.67 in third quarter 2016. Fleet Management Solutions revenue grew 4% but earnings declined due to higher depreciation and maintenance costs. Dedicated Transportation Solutions and Supply Chain Solutions also saw revenue growth but earnings declined due to rising insurance costs and investments in IT. Year-to-date cash flow from operations was $1.166 billion
The Brink's Company First Quarter 2017 Results Presentationinvestorsbrinks
The document provides an overview of Brink's first quarter 2017 financial results and outlook for 2017 and 2019. Some key points:
- Revenue increased 7% to $740 million in Q1 2017 driven by 7% organic growth.
- Operating profit increased 62% to $53 million in Q1 2017 with margins expanding from 4.7% to 7.1%.
- Full-year 2017 guidance raises revenue to $3 billion, operating profit to $235-245 million, and EPS to $2.55-2.65.
- Three-year strategic plan targets 2019 revenue of $3.3 billion, operating profit of $325 million, and EPS of $3.50, representing continued margin expansion
Deutsche Bank Industrials & Basic Materials ConferenceDelta_Airlines
Delta has significantly improved its financial performance and cash generation over the past decade through consolidation, restructuring, and innovation. It is now one of the leading airlines in the world with industry-leading operational reliability and customer satisfaction. Delta expects to produce record earnings and cash flow in 2015 through continued strategic growth, cost productivity, and lower fuel prices. The company has a balanced capital deployment strategy of reinvesting in the business, strengthening its balance sheet by reducing debt, and returning cash to shareholders. This strategy has driven significant value creation for shareholders.
- Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its core U.S. oil assets and pursuing strategic alternatives for its Canadian and Barnett Shale assets.
- It is targeting $780 million in annual cost savings by 2021 from operational efficiencies and restructuring, and has an increased $5 billion share repurchase program.
- The company expects to deliver 12-17% annual oil production growth through 2021 and generate over $1.6 billion in cumulative free cash flow at $55 WTI oil prices, while maintaining its strong financial position.
Post-Election: What You Need to Know for Tax PlanningSkoda Minotti
1. The document summarizes proposed business and individual tax changes under plans by Trump and House Republicans, as well as tax provisions recently made permanent or extended by the PATH Act.
2. Key proposed business changes include significantly lowering the corporate tax rate, providing a preferential rate for pass-through businesses, and allowing full expensing of capital expenditures.
3. Key proposed individual changes include reducing the number of tax brackets, nearly doubling the standard deduction, repealing the AMT and estate tax, and capping itemized deductions.
ARC Document Solutions provides document management services to design and construction firms. It has transitioned from primarily print-based services to utilizing cloud and mobile technologies. ARC has over 200 technology professionals developing solutions for the construction industry and has invested over $100 million in research and development. Its clients include thousands of construction, engineering, and design firms. ARC's services include construction document management, managed print services, and archive and information management.
CIT Group Inc. announced positive second quarter results with earnings per share up 26% and return on tangible equity of 16.3%. New business volume increased 47% from the prior year. CIT raised its EPS growth target to over 20% and will exceed its return on tangible equity target of 16%. Additionally, the board approved a $500 million share repurchase program.
This document brings together a set of latest data points and publicly available information relevant for Financial services. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Second Quarter of Fiscal Year Ending March 2018 (FY2017)Briefing on Financial...RicohLease
This document provides a briefing on Ricoh Leasing Company's financial results for the second quarter of Fiscal Year 2017, which ended in September 2017. It discusses the company's consolidated results including record high net sales and operating profit that progressed as expected. It also reviews performance by business segment and topics covered in the company's mid-term management plan, including initiatives in expanding their environmental business. The briefing includes forecasts for the full fiscal year and provides key financial metrics and trends.
eBay reported record financial results for the first quarter of 2005, with net revenues of $1.032 billion (up 36% year-over-year). Key metrics like registered users, listings, and gross merchandise volume also grew substantially compared to the prior year. The company exceeded guidance for the quarter. Based on the strong results, eBay raised its financial guidance for 2005, expecting full-year net revenues between $4.27 and $4.36 billion.
This document summarizes Steven M. Mills' 6th Annual Tax Update presentation. It discusses the following key points:
1. The long-term fiscal challenges facing the US economy, including rising entitlement spending due to an aging population and slow economic growth.
2. The need for tax reform to broaden the tax base, lower rates, and make the system more competitive to spur economic growth.
3. An overview of proposed reforms to corporate, international, and individual tax systems, including lowering rates and eliminating certain tax expenditures.
The document outlines the crisis facing California fairs due to declining funding from horse racing revenues and the solution reached through legislative action. Facing a downward funding spiral, the fair industry worked with legislators to shift funding from horse racing licenses to a continuous $32 million annual allocation from the state general fund. This stable funding source allows fairs to be preserved for their community value and lays the groundwork to leverage infrastructure improvements through future bonds.
The document provides an overview of Aimco's acquisition of four apartment communities in Philadelphia in May 2018 and summarizes Aimco's business strategy and performance. Aimco seeks to earn superior long-term returns through a diversified portfolio of high-quality multifamily communities with predictable and rising cash flows. It has achieved consistent growth and returns above peer averages since its IPO in 1994. Aimco's strategies focus on operational excellence, redevelopment, portfolio management, and maintaining a strong balance sheet.
The document summarizes an investor presentation for Aimco's acquisition of four apartment communities in Philadelphia in May 2018. It provides an overview of Aimco, including its strategic objectives to focus on operational excellence, redevelopment, portfolio management, and balance sheet strength. It discusses Aimco's leadership team, economic income performance, property operations strategy, redevelopment approach, and current redevelopment pipeline.
Investor Presentation Citi Property CEO ConfAimco_IR
Aimco owns a portfolio of apartment properties within 8 miles of Amazon's planned HQ2 site in Arlington, VA, totaling 2,654 units across 5 properties. Over the past 5 and 25+ years, Aimco has achieved annual Economic Income growth of 11.5% and 14% respectively through operations, redevelopment, portfolio management, and balance sheet strength. For 2019, Aimco expects same-store NOI growth of 2.7-4.5% and total AFFO per share of $2.17, with 98% from core real estate operations. Aimco will focus on value-add redevelopments, opportunistic acquisitions and dispositions, and maintaining a flexible
The document summarizes Aimco's strategic focus areas and performance metrics. It states that Aimco focuses on peer-leading same store operations, innovation and productivity to drive cost control, and creating value through redevelopment and development. It provides details on Aimco's same store performance leading the peer group, initiatives to standardize processes and leverage technology to increase efficiency, and outlines the redevelopment cycle from pre-construction to stabilization.
- CIT reported third quarter results with diluted EPS of $1.44, up from $1.02 the prior year, on record new business volume of $11 billion, up 40% from last year.
- Earnings improved due to increased loan and lease origination volume, asset growth, and higher other revenue including syndication fees, partially offset by lower margins and higher expenses.
- Excluding noteworthy one-time items, total net revenue was up 19% from last year and EPS was up 17% from the prior year.
The document discusses RioCan's use of non-GAAP financial measures to assess financial performance in addition to GAAP measures. It notes several specific non-GAAP measures used by RioCan such as FFO, NOI, and EBITDA are not standardized by IFRS and may not be comparable to other issuers. It also provides context on the forward-looking statements in the presentation by outlining material factors, estimates and assumptions used.
The document discusses non-GAAP financial measures used by RioCan Real Estate Investment Trust to assess financial performance. It notes that these measures are not standardized under IFRS and may not be comparable to similar measures used by other issuers. The measures include funds from operations, net operating income, adjusted EBITDA, and others. RioCan uses these measures to better assess underlying performance but cautions they should not be considered alternatives to IFRS measures. The document also contains forward-looking statements and notes the material factors and assumptions used.
CIT Group reported first quarter results for 2006 with the following highlights:
- EPS increased 14% to $1.12 compared to the prior year, excluding one-time gains.
- New business volume was up 53% and managed assets grew 11% due to balanced growth across segments.
- Segment results were strong across Commercial Finance and Specialty Finance groups, with increased net income and managed asset growth in most segments.
- Credit quality remained excellent with lower net charge-offs and delinquencies compared to the prior year.
Bayport Management Limited provides credit, insurance, and transactional banking solutions to individuals and microbusinesses in emerging and frontier markets. It has a gross loan book of $863 million comprising loans to 557,000 borrowers across Africa and Latin America. It has established operations in 7 African countries and 2 Latin American countries since 2001. The company has demonstrated strong growth through organic expansion, greenfield launches, and acquisitions. It has a robust business model relying on payroll deductions and debit orders for repayments.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Ryder reported third quarter 2017 earnings results. Total revenue increased 7% compared to third quarter 2016, driven by higher operating revenue and subcontracted transportation. Earnings per share were $1.11, lower than last year's $1.59 due primarily to non-operating pension costs and other one-time expenses. Comparable earnings per share were $1.33 versus $1.67 in third quarter 2016. Fleet Management Solutions revenue grew 4% but earnings declined due to higher depreciation and maintenance costs. Dedicated Transportation Solutions and Supply Chain Solutions also saw revenue growth but earnings declined due to rising insurance costs and investments in IT. Year-to-date cash flow from operations was $1.166 billion
The Brink's Company First Quarter 2017 Results Presentationinvestorsbrinks
The document provides an overview of Brink's first quarter 2017 financial results and outlook for 2017 and 2019. Some key points:
- Revenue increased 7% to $740 million in Q1 2017 driven by 7% organic growth.
- Operating profit increased 62% to $53 million in Q1 2017 with margins expanding from 4.7% to 7.1%.
- Full-year 2017 guidance raises revenue to $3 billion, operating profit to $235-245 million, and EPS to $2.55-2.65.
- Three-year strategic plan targets 2019 revenue of $3.3 billion, operating profit of $325 million, and EPS of $3.50, representing continued margin expansion
Deutsche Bank Industrials & Basic Materials ConferenceDelta_Airlines
Delta has significantly improved its financial performance and cash generation over the past decade through consolidation, restructuring, and innovation. It is now one of the leading airlines in the world with industry-leading operational reliability and customer satisfaction. Delta expects to produce record earnings and cash flow in 2015 through continued strategic growth, cost productivity, and lower fuel prices. The company has a balanced capital deployment strategy of reinvesting in the business, strengthening its balance sheet by reducing debt, and returning cash to shareholders. This strategy has driven significant value creation for shareholders.
- Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its core U.S. oil assets and pursuing strategic alternatives for its Canadian and Barnett Shale assets.
- It is targeting $780 million in annual cost savings by 2021 from operational efficiencies and restructuring, and has an increased $5 billion share repurchase program.
- The company expects to deliver 12-17% annual oil production growth through 2021 and generate over $1.6 billion in cumulative free cash flow at $55 WTI oil prices, while maintaining its strong financial position.
Post-Election: What You Need to Know for Tax PlanningSkoda Minotti
1. The document summarizes proposed business and individual tax changes under plans by Trump and House Republicans, as well as tax provisions recently made permanent or extended by the PATH Act.
2. Key proposed business changes include significantly lowering the corporate tax rate, providing a preferential rate for pass-through businesses, and allowing full expensing of capital expenditures.
3. Key proposed individual changes include reducing the number of tax brackets, nearly doubling the standard deduction, repealing the AMT and estate tax, and capping itemized deductions.
ARC Document Solutions provides document management services to design and construction firms. It has transitioned from primarily print-based services to utilizing cloud and mobile technologies. ARC has over 200 technology professionals developing solutions for the construction industry and has invested over $100 million in research and development. Its clients include thousands of construction, engineering, and design firms. ARC's services include construction document management, managed print services, and archive and information management.
CIT Group Inc. announced positive second quarter results with earnings per share up 26% and return on tangible equity of 16.3%. New business volume increased 47% from the prior year. CIT raised its EPS growth target to over 20% and will exceed its return on tangible equity target of 16%. Additionally, the board approved a $500 million share repurchase program.
This document brings together a set of latest data points and publicly available information relevant for Financial services. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Second Quarter of Fiscal Year Ending March 2018 (FY2017)Briefing on Financial...RicohLease
This document provides a briefing on Ricoh Leasing Company's financial results for the second quarter of Fiscal Year 2017, which ended in September 2017. It discusses the company's consolidated results including record high net sales and operating profit that progressed as expected. It also reviews performance by business segment and topics covered in the company's mid-term management plan, including initiatives in expanding their environmental business. The briefing includes forecasts for the full fiscal year and provides key financial metrics and trends.
eBay reported record financial results for the first quarter of 2005, with net revenues of $1.032 billion (up 36% year-over-year). Key metrics like registered users, listings, and gross merchandise volume also grew substantially compared to the prior year. The company exceeded guidance for the quarter. Based on the strong results, eBay raised its financial guidance for 2005, expecting full-year net revenues between $4.27 and $4.36 billion.
This document summarizes Steven M. Mills' 6th Annual Tax Update presentation. It discusses the following key points:
1. The long-term fiscal challenges facing the US economy, including rising entitlement spending due to an aging population and slow economic growth.
2. The need for tax reform to broaden the tax base, lower rates, and make the system more competitive to spur economic growth.
3. An overview of proposed reforms to corporate, international, and individual tax systems, including lowering rates and eliminating certain tax expenditures.
The document outlines the crisis facing California fairs due to declining funding from horse racing revenues and the solution reached through legislative action. Facing a downward funding spiral, the fair industry worked with legislators to shift funding from horse racing licenses to a continuous $32 million annual allocation from the state general fund. This stable funding source allows fairs to be preserved for their community value and lays the groundwork to leverage infrastructure improvements through future bonds.
The document provides an overview of Aimco's acquisition of four apartment communities in Philadelphia in May 2018 and summarizes Aimco's business strategy and performance. Aimco seeks to earn superior long-term returns through a diversified portfolio of high-quality multifamily communities with predictable and rising cash flows. It has achieved consistent growth and returns above peer averages since its IPO in 1994. Aimco's strategies focus on operational excellence, redevelopment, portfolio management, and maintaining a strong balance sheet.
The document summarizes an investor presentation for Aimco's acquisition of four apartment communities in Philadelphia in May 2018. It provides an overview of Aimco, including its strategic objectives to focus on operational excellence, redevelopment, portfolio management, and balance sheet strength. It discusses Aimco's leadership team, economic income performance, property operations strategy, redevelopment approach, and current redevelopment pipeline.
Investor Presentation Citi Property CEO ConfAimco_IR
Aimco owns a portfolio of apartment properties within 8 miles of Amazon's planned HQ2 site in Arlington, VA, totaling 2,654 units across 5 properties. Over the past 5 and 25+ years, Aimco has achieved annual Economic Income growth of 11.5% and 14% respectively through operations, redevelopment, portfolio management, and balance sheet strength. For 2019, Aimco expects same-store NOI growth of 2.7-4.5% and total AFFO per share of $2.17, with 98% from core real estate operations. Aimco will focus on value-add redevelopments, opportunistic acquisitions and dispositions, and maintaining a flexible
The document summarizes Aimco's strategic focus areas and performance metrics. It states that Aimco focuses on peer-leading same store operations, innovation and productivity to drive cost control, and creating value through redevelopment and development. It provides details on Aimco's same store performance leading the peer group, initiatives to standardize processes and leverage technology to increase efficiency, and outlines the redevelopment cycle from pre-construction to stabilization.
Aimco has consistently outperformed peers and market indices over its 25-year history as a public company. In its investor presentation, Aimco outlines its strategic focus on strengthening operations, increasing redevelopment investment, adjusting its portfolio mix, reducing leverage, and decentralizing decision-making. Aimco expects 8-11% economic income growth in 2020 and several years of strong earnings growth through same store NOI growth, completing redevelopment projects, opportunistic transactions, and a lower cost of capital. Aimco benefits from best-in-class operations, disciplined capital allocation, a diversified portfolio, and a safe and flexible balance sheet.
This document provides an overview of Aimco's economic income and earnings, operations, redevelopment pipeline, and portfolio management strategies. Some key points:
- Aimco's primary measure of long-term performance is Economic Income, which has compounded at 14% annually since IPO and 10.2% over the last five years.
- Operations have led to peer-leading same store NOI growth of 4.7% through Q3 2019 due to expense control and rental rate increases. 2020 same store NOI growth is projected at 3.7-4.1%.
- The redevelopment pipeline includes projects like 707 Leahy in Redwood City and the North and Center Towers
The document discusses RioCan's use of non-GAAP financial measures to assess financial performance in addition to GAAP measures. It provides definitions for several non-GAAP measures used, such as Funds From Operations, Net Operating Income, Adjusted EBITDA, and Debt to Adjusted EBITDA. The document also notes that RioCan's data is based on June 30, 2018 and includes forward-looking statements, with material factors that could affect results.
QTS Realty Trust reported earnings results for the fourth quarter of 2019. Key highlights included:
- Signed new and modified leases totaling $27.7 million in incremental annualized rent, the strongest leasing quarter in company history.
- Commenced construction on a new 250+ megawatt data center campus in Hillsboro, Oregon, with initial development delivering in mid-2020.
- Provided full year 2020 guidance with 10-12% revenue and adjusted EBITDA growth expected over 2019 results.
- Maintains a strong balance sheet with $220 million in available undrawn equity proceeds and extended credit facilities.
This document provides an overview of Aimco, a multifamily REIT. Key points include:
- Aimco seeks superior returns through a diversified portfolio of high-quality apartment communities across geographies and price points.
- Since its IPO in 1994, Aimco has achieved a total shareholder return of 12.2% annually, outperforming peers and market indices.
- Aimco focuses on operational excellence, redevelopment, portfolio management, and maintaining a strong balance sheet to drive predictable growth.
- The company has a pipeline of redevelopment projects expected to create value above 35% of the investment amount.
Slate Office REIT reported its Q2 2022 results, with its portfolio valued at $2 billion across various geographies. It owns high-quality office properties that are 47% discounted to net asset value and have a 7.1% in-place discount to market rent. The REIT focuses on acquiring assets below replacement cost to drive organic growth through rental rate increases and occupancy gains as it executes on its value creation strategies. Looking ahead, Slate Office REIT will pursue larger transformative acquisitions and growth markets to scale its platform.
CL King Conference Presentation - September 2019WinnebagoInd
Michael Happe, CEO of Winnebago Industries, discussed the company's strategic priorities and recent acquisition of Newmar Corporation. The key strategic priorities are to elevate excellence in operations, strengthen and expand the core RV business, build a high-performance culture, expand into new profitable markets, and leverage innovation. The acquisition of Newmar will help strengthen the motorhome business, create synergies, and be immediately accretive to cash earnings per share. Newmar adds a complementary high-end motorhome product portfolio and dealer network.
The document discusses RioCan's non-GAAP financial measures and forward-looking statements. It notes that RioCan uses certain financial measures not defined by IFRS to assess performance, including FFO, NOI, Adjusted EBITDA, and others. It also contains statements about RioCan's objectives, strategies, management's beliefs and expectations that are not historical facts and are forward-looking statements. Additional information on material risks, factors, and assumptions that could cause actual results to differ from these statements can be found in RioCan's regulatory filings.
This presentation provides an overview of Sunoco LP's strategic shift from convenience stores to fuel logistics and distribution. Some key points:
- Sunoco divested the majority of its company-operated retail operations to 7-Eleven in exchange for a 15-year, take-or-pay fuel supply agreement.
- The company completed a refinancing that reduced debt by over $2 billion and extended debt maturities.
- Going forward, Sunoco expects to generate stable cash flows from its fuel distribution contracts and rental income properties while maintaining a disciplined financial strategy and balance sheet. It sees opportunities to grow through acquisitions in the fuel logistics and distribution sector.
This presentation provides an overview of Sunoco LP's strategic shift from retail operations to fuel logistics and distribution. Some key points:
- Sunoco divested the majority of its retail operations and supply agreements to 7-Eleven in exchange for a 15-year fuel supply agreement.
- The company refinanced over $2 billion in debt and repurchased units to strengthen its balance sheet.
- Going forward, Sunoco expects to benefit from significant scale in fuel distribution, a portfolio of stable income streams, and opportunities for growth through acquisitions and expanding into adjacent sectors.
- Iron Mountain is a global leader in records and information management with a $3 billion annual revenue and over 155,000 customers worldwide.
- It has a stable storage rental business that produces consistent annual growth, and sees opportunities to expand in emerging markets and new services like data centers.
- Converting to a REIT structure enhances Iron Mountain's strategy by allowing it to more efficiently return capital to shareholders and fund future investments from stable cash flows.
Grow + Sell Your Business Part Three: Practical Tips To Facilitate a TransactionKegler Brown Hill + Ritter
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1. BAML Global Real Estate Conference
Investor Presentation & Guidance Update
September 2018
Park Towne Place, PhiladelphiaPark Towne Place, Philadelphia
Park Towne Place
Center City, Philadelphia
2. 2
STRATEGIC OBJECTIVES
Operational Excellence Redevelopment
Focus on Customer Selection and
Satisfaction to Produce Predictable
and Growing Free Cash Flow(1)
• Lower resident turnover, 45.4% in 2Q
2018, through careful customer
selection and emphasis on measured
customer satisfaction
o Median income of new residents
in 2Q 2018 was over $100K for
the sixth consecutive quarter
o Customer satisfaction rating of
>4 (out of 5) for over 4 years
o Residents make a “Good-
Neighbor Commitment”
• Produce predictable and growing
Free Cash Flow
o Greater than 4% SS NOI growth,
each year, from 2011-2017
o 2Q 2018 peer leading SS NOI
margin of 74%, with 890 bps of
margin expansion over the five
years ended 2Q18, ~625 bps
better than peer average (2)
Create Value by Repositioning
Properties Within the Portfolio
and by Constructing New
Properties
• Invest up to 3% of GAV annually
• Focus on location quality and
excellence of design
• Achieve Free Cash Flow IRRs of
~10% on current projects
• Create lasting value for
shareholders
o For the five years ended
2017, $1B of redevelopment
and development spend
created ~$400M of value
o For 2018, Aimco increased
its expected Redevelopment
spending to $160-200M and
expects to further increase
this amount in 2019
Portfolio Management
Enhance Rent Growth and
Increase Long Term Values
Through Portfolio Design
• Employ strategic capital
allocation to emphasize land
value, location, and
submarket selection
• Reduce revenue volatility by:
o Geographic
diversification across 12
primary markets, and
o Price point diversification
~50% "A" communities
and ~50% "B/C+"
communities
• YTD paired trade activities
have increased expected
FCF IRR by 400 bps
• Currently have >$500M of
lower rated assets in the
market for sale
Balance Sheet
Limit Risk Through Balance
Sheet Structure
• Employ low leverage, 35% of
LTV(3)
• Finance primarily with non-
recourse property debt, 94% of
total leverage(4)
• Maintain a pool of
unencumbered properties
currently valued at $2B,
growing to $2.4-2.9B by YE‘18
• Following July transactions,
significant balance sheet
capacity to pursue
opportunistic transactions,
repurchase stock, and fund
accretive redevelopment and
development projects
• Maintain investment-grade
rating
Aimco’s primary measure of long-term financial performance is Economic Income.
This metric reflects Aimco shareholder value creation as measured by the change in its Net Asset Value plus Cash Dividends paid.
(1) Free Cash Flow is calculated as net operating income or NOI, less capital replacement spending or CR.
(2) Peer group consists of AVB, CPT, EQR, ESS, MAA and UDR. Data Source: SNL Financial.
(3) Loan-to-value is calculated as the Aimco share of consolidated property debt to the corresponding property value.
(4) Following sales of the Asset Management portfolio and Chestnut Hill Village in July 2018, the $250M term loan and $220M revolver balance were repaid.
Team and Culture
Focus intentionally on a collaborative and productive culture based on respect for others and personal responsibility, reinforced by a preference for promotion
from within based on talent development and succession planning to produce a strong, stable team that is the enduring foundation of Aimco success.
3. 3
STRONG 2018 PEAK LEASING SEASON
• May-August blended lease rate growth was 3.5% and Average Daily Occupancy was 96.2%
2018 SAME STORE REVENUE INCREASINGLY CERTAIN
• Remaining new leases are only ~6% of full year transactions
UPDATED FULL YEAR 2018 GUIDANCE
2018 Same Store REVENUE growth to 3.0% Equals the High End of prior 2.5-3.0% guidance range
2018 Same Store EXPENSE growth at 2.8%-3.4% Same as prior range
2018 Same Store NOI growth to 2.9%-3.1% Midpoint equals the High End of prior 2.2-3.0% guidance range
2018 Pro forma FFO per share to $2.41-2.49 Midpoint is $0.01/sh Higher than prior $2.40-2.48 range
2018 AFFO per share to $2.10-2.18 Midpoint is $0.01/sh Higher than prior $2.09-2.17 range
OPERATIONS UPDATE
(1) Aimco measures changes in Same Store 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.
(2) QTD Mid-Sept leasing data is updated as of 9/24/2018, and is considered preliminary, actual results to be published with the 3Q 2018 Earnings Release may differ.
CHANGES IN SAME STORE
RENTAL RATES(1)
Full Year
2017
1Q
2018
2Q
2018
QTD Mid
Sept (2)
YTD
Leases
RENEWALS 4.6% 4.9% 4.8% 4.2% 4.6%
NEW LEASES 0.6% 0.4% 1.9% 2.3% 1.8%
WT. AVG. 2.5% 2.7% 3.4% 3.3% 3.2%
AVERAGE DAILY OCCUPANCY
(“ADO”)
96.0% 96.3% 96.3% 96.2% 96.3%
4. 4
EARLY LOOK AT 2019
BUILDING BLOCKS FOR 2019 SAME STORE
REVENUE GROWTH
• EARN-IN: 2018 leasing activity will contribute ~150 bps to
2019 Same Store revenue growth vs. 2017 leasing activity
which contributed 120 bps to 2018 SS revenue growth.
• AVERAGE DAILY OCCUPANCY: YTD 2018 ADO of
96.3% is 30 bps higher than the same time last year, likely
providing a stronger jumping off point for 2019.
• RENEWAL RATE GROWTH: Renewals are typically less
volatile than new leases and over the last five years Aimco
has achieved renewal lease growth between 4-6%.
Renewals in 2019 are expected to be similar to prior years.
• MARKET RATE GROWTH: Overall market rate growth in
Aimco submarkets in 2019 is expected to be similar to
2018 according to third party forecasts.(1)
(1) Source: Average of REIS and Axio data.
5. 5
CAPITAL OPPORTUNITIES
BALANCE SHEET CAPACITY FOR ADDITIONAL OPPORTUNISTIC
TRANSACTIONS
• Under-managed communities
e.g. Bent Tree Apartments
• OP unit transactions
e.g. Philadelphia portfolio
• Redevelopment of existing assets with high land value
e.g. Park Towne Place and Parc Mosaic
• Unique developments with limited entitlement and construction risk
e.g. One Canal and Vivo
• Capacity for share buybacks
e.g. Aimco maintains an existing authorization for repurchase of up to 19.3M shares
POTENTIAL FOR SIGNIFICANT REFINANCING ACTIVITIES
• With $1.4B of debt maturities between 2019 and 2021 at a weighted
average rate of 5.5%, 135 bps above current market pricing, Aimco
has an opportunity for future interest savings
• $125M of Class A perpetual preferred equity at a coupon of 6.875%
is callable in May 2019
6. 6
BAY AREA
707 Leahy
Preserve At Marin
(Expansion)
CHICAGO
100 Forest Place
Elm Creek
(Expansion)
Yorktown Apartments
(Expansion)
MIAMI
Bay Parc
(Expanded Scope)
Flamingo South Beach
(Expanded Scope)
Yacht Club at Brickell
PHILADELPHIA
Chestnut Hall
DENVER
Meadow Creek
21 Fitzsimons
(Additional Phases)
GREATER LA
Villas at Park La Brea
HillCreste
MINNEAPOLIS
Calhoun Beach Club
(Expanded Scope)
GREATER
WASHINGTON, DC
Foxchase
Shenandoah Crossing
Bent Tree
(New Acquisition)SAN DIEGO
Mariner's Cove
WHAT'S NEXT FOR REDEVELOPMENT?
REDEVELOPMENT PIPELINE
• Aimco plans future starts to backfill its redevelopment pipeline.
• In 2018, Aimco expects to spend $160M to $200M on redevelopment and development activities and is likely
to accelerate spending on these activities in 2019.
The menu shown above is representative of the communities whose redevelopment or development is being considered. Actual projects and their scope may differ materially from the
above.
NEW YORK CITY
East 88th & 2nd Ave
7. 7
AIMCO’S PORTFOLIO TRANSFORMATION
• On July 25th, 2018, Aimco closed the $590 million sale of its Asset Management business and Hunters
Point affordable communities, the capstone to a multi-year strategy to exit the affordable housing business
and concentrate capital investment into high quality, market rate communities.
• Since 2011, when Aimco first announced the planned exit of its Affordable and Asset Management lines of
business, Aimco has sold $4.2B of properties and reinvested the majority of the proceeds into higher
quality properties with greater expected rent growth and higher FCF IRRs, while also significantly reducing
Total Net Leverage.
• Over this time period…
o Total Net Leverage: $1.8B
o Average revenue per home: 2x (2Q18 = $2,090)
o SS NOI margin expansion: >1000 bps (2Q18 = 73.8%)
(1) Represents Aimco’s last published NAV at 3/31/2018.
(2) Earnings outside of “core real estate operations” represents AFFO contribution from Low Income Housing Tax Credit (LIHTC) communities, Asset Management, and historic tax credits and other tax benefits.
(3) Aimco expects to receive $4 million in historic tax credits related to the construction at Park Towne Place in 2018, there are currently no projects in its pipeline generating historic tax credits in 2019.
• Since 2011, NAV per share has more than DOUBLED to $54/sh(1) and Aimco’s quality of earnings
has significantly improved with the contribution to earnings from core real estate operations increasing
from approximately 55% to almost 90%.(2)
• In 2019, Aimco will have no contribution to earnings from the Asset Management business and is
unlikely to recognize any historic tax credit income so that Aimco expects core real estate operations
and related items to contribute >95% of its earnings.(3)
8. 8
HIGH QUALITY BALANCE SHEET
Aimco limits risk through balance sheet structure, employing low leverage, primarily non-recourse and
long-dated property debt, and builds financial flexibility by maintaining ample unused and available
credit as well as a pool of properties with substantial value unencumbered by property debt.
Refunding risk is lower than total leverage due to principal amortization
paid from retained earnings, and because Aimco’s perpetual preferred
equity is not subject to mandatory refunding.
Investment Grade
Credit Ratings
Standard & Poor’s Ratings Services
Fitch Ratings
Unencumbered Pool Value:
$2.0Billion
GROWING TO $2.4-2.9B BY YE18
9. 9
WHY INVEST IN AIMCO?
• Best-in-Class Operations: Driving lower resident turnover and
higher revenue growth through intentional focus on customer
selection and satisfaction.
• Paired Trade Capital Allocation Discipline: Through
acquisitions, redevelopment, and development, Aimco adheres to
a disciplined capital allocation strategy via paired trades.
• Over the past two years, even in a fully priced market, Aimco
announced $1.4B of opportunistic acquisitions in which Aimco
had a unique “advantage” that provided for value creation.
o Indigo, Palazzo (reacquisition of 47% interest from JV
partner), Bent Tree Apartments, and Philadelphia portfolio
• Aimco invests up to 3% of its GAV annually in repositioning
existing properties and constructing new ones, adding on
average, $0.40 to Net Asset Value for every dollar invested in
the last 5 years, and at FCF IRRs of ~10%.
• Aimco funds these investments by selling properties with lower
land value and growth prospects.
• Geographically Diversified vs. Peers: Targeting 12 of the
largest markets in the nation, including the only publicly traded
apartment REIT with significant investments in Philadelphia and
Chicago, and one of only two with investment in Miami.
• Secure and Flexible Balance Sheet: Aimco is the only REIT in
its peer group that uses primarily safe, non-recourse, property
level financing. Aimco maintains an investment grade rating as
confirmation of the safety of its balance sheet.
10. 10
APPENDIX: GUIDANCE UPDATE
2018 Outlook
($ Amounts represent Aimco Share) Full Year 2018 Prior Full Year 2018 ∆ from Prior Guidance
Net Income per share $4.26 to $4.34 $4.25 to $4.33 +$0.01 at the midpoint
Pro forma FFO per share $2.41 to $2.49 $2.40 to $2.48 +$0.01 at the midpoint
AFFO per share $2.10 to $2.18 $2.09 to $2.17 +$0.01 at the midpoint
Select Components of FFO
Same Store Operating Measures
Revenue change compared to prior year 3.00% 2.50% to 3.00% +25 bps at the midpoint
Expense change compared to prior year 2.80% to 3.40% 2.80% to 3.40% -
NOI change compared to prior year 2.90% to 3.10% 2.20% to 3.00% +40 bps at the midpoint
Other Earnings
Asset Management Contribution $22M $22M -
Tax Benefits $16M to $18M $16M to $18M -
Offsite Costs
Property management expenses $20M $20M -
General and administrative expenses $44M $44M -
Total Offsite Costs $64M $64M -
Capital Investments
Redevelopment/Development $160M to $200M $160M to $200M -
Capital Enhancements $80M to $100M $80M to $100M -
Transactions
Property Dispositions(1)
$825M $825M -
Property Acquisitions(2)
$468M $468M to $551M Removal of The Victor
Portfolio Quality
Average revenue per apartment home ~$2,100 ~$2,100 -
Balance Sheet
Proportionate Debt to Adjusted EBITDA ~6.3x ~6.3x -
Proportionate Debt and Preferred Equity to Adjusted EBITDA ~6.7x ~6.7x -
(1) In addition to the $825M of already completed dispositions in 2018, Aimco currently has >$500M of assets exposed to the market for sale. There are no assurances that any of these sales will close in 2018.
(2) Aimco does not predict or guide to acquisitions. The reduction in 2018 acquisitions relates to the removal of the previously announced Camden, New Jersey community, which was conditioned upon the City of
Camden’s approval of the transfer of the existing PILOT tax agreement, no longer expected in 2018.
11. 11
FORWARD LOOKING STATEMENTS &
OTHER INFORMATION
This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected
results and specifically forecasts of 2018 results, including but not limited to: Pro forma FFO and selected components thereof; AFFO; Aimco redevelopment and
development investments and projected value creation from such investments; 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.
Pursuant to its existing authority to repurchase up to 19.3M shares, the company may make repurchases from time to time in the open market or in privately negotiated
transactions at the company’s discretion and in accordance with the requirements of the SEC. The timing and amount of repurchases, if at all, will depend on market
pricing as well as other conditions.
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 presentation does not constitute an offer of securities for sale.
Glossary & Reconciliations of Non-GAAP Financial and Operating Measures
Financial and operating measures discussed in this document include certain financial measures used by Aimco management, some of which are measures not defined
under accounting principles generally accepted in the United States, or GAAP. These measures are defined in the Glossary and Reconciliations of Non-GAAP Financial
and Operating Measures included in Aimco’s Second Quarter 2018 Earnings Release dated August 2, 2018.