Strategies for Multi-Family Real Estate Capital Allocation
AIR
COMMUNITIES
The most efficient and most effective way to allocate capital to multi-family real estate
Apartment Income REIT Corp. Company Snapshot
77
25,384
# of Properties(1)
# of Apartment Homes (1)
11.7%
Q1 2022 Same Store
NOI Growth
$2,482
Q1 2022 Same Store
Average Revenue per
Apartment Home
6.2%
Q1 2022 Same Store
Average Revenue per
Apartment Home Growth
98.1%
Q1 2022 Same Store
Average Daily
Occupancy
72.8%
Q1 2022 Same Store
NOI Margin (2)
48% / 52%
Class A / B
Properties(1)(3)
5.4x
Net Leverage
to EBITDA (4)
$1.80
2022 Expected
Dividend per Share
Bay Parc
Miami, FL
Note: Reflects Q1 2022 portfolio metrics, unless noted.
(1)
(2)
(3)
(4)
Reflects AIR's 64 properties in Same Store, nine in Other Real Estate, and four properties leased to Apartment Investment and Management Company ("Aimco" or "AIV") at 100%. Held for Sale
properties are expected to be sold in Q2 2022.
Same Store NOI Margin is presented net of $7.1M of utility reimbursements. AIR views this metric as the best measure of real estate profitability given utility costs are a pass-through to the resident.
Metric reflects percentage contribution of Q1 2022 NOI. AIR classifies as "A" quality those communities with rents greater than 125% of local market average, as "B" quality those with rents between 90%
and 125% of local market average, and as "C" quality those with rents lower than 90% of local market average. 13% of NOI is classified as "C" quality and is included within "B" for presentation purposes.
5.4x metric pro forma for (i) $159M of April property sales and (ii) $557.5M from AIV: $534M in payment of the note and $23.5M as a prepayment penalty.
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