Apartment Investment and Management Comp (AIV, Financial) filed Quarterly Report for the period ended 2010-06-30.
Apartment Investment And Management Comp has a market cap of $2.49 billion; its shares were traded at around $21.32 with a P/E ratio of 13.9 and P/S ratio of 2.1. The dividend yield of Apartment Investment And Management Comp stocks is 1.8%.AIV is in the portfolios of Bruce Kovner of Caxton Associates, Stanley Druckenmiller of Duquesne Capital Management, LLC, Arnold Schneider of Schneider Capital Management, Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC.
For the six months ended June 30, 2010, compared to the six months ended June 30, 2009, asset management and tax credit revenues decreased $8.3 million. This decrease is attributable to a $4.7 million decrease in income related to our affordable housing tax credit syndication business, which includes a $2.4 million write off of syndication fees receivable we determined were uncollectible during 2010 and a $2.1 million decrease in amortization of related tax credit income, primarily related to adjustments in the amount and timing of anticipated cash flows for several tax credit projects. The decrease in revenues also includes a $1.4 million decrease in disposition and other fees we earn in connection with transactional activities, a $1.2 million decrease in promote income, which is income earned in connection with the disposition of properties owned by our consolidated joint ventures, and a $1.0 million decrease in current asset management fees, primarily due to the elimination of fees associated with certain partnerships we consolidated during 2010 (see Note 2 to our condensed consolidated financial statements in Item 1 discussing our adoption of revised accounting guidance regarding the consolidation of variable interest entities).
For the three months ended June 30, 2010 and 2009, income from discontinued operations totaled $26.2 million and $36.3 million, respectively. The $10.1 million decrease in income from discontinued operations was principally due to a $26.6 million decrease in gain on dispositions of real estate, net of income taxes, partially offset by a $10.3 million decrease in interest expense and a $10.0 million decrease in operating loss (inclusive of a $16.4 million decrease in real estate impairment losses).
For the six months ended June 30, 2010 and 2009, income from discontinued operations totaled $47.4 million and $39.4 million, respectively. The $8.0 million increase in income from discontinued operations was principally due to a $21.8 million decrease in interest expense, partially offset by a decrease of $6.2 million in operating income (inclusive of a $5.8 million decrease in real estate impairment losses) and a decrease of $3.5 million in gain on dispositions of real estate, net of income taxes.
During the three months ended June 30, 2010, we sold 11 consolidated properties for gross proceeds of $102.2 million and net proceeds of $26.3 million, resulting in a net gain on sale of approximately $26.8 million (which is net of $0.2 million of related income taxes). During the three months ended June 30, 2009, we sold 19 consolidated properties for gross proceeds of $270.8 million and net proceeds of $107.2 million, resulting in a gain on sale of approximately $53.4 million (which is net of $4.6 million of related income taxes).
During the six months ended June 30, 2010, we sold 23 consolidated properties for gross proceeds of $184.8 million and net proceeds of $47.4 million, resulting in a net gain on sale of approximately $54.2 million (which includes $0.9 million of related income taxes). During the six months ended June 30, 2009, we sold 29 consolidated properties for gross proceeds of $353.9 million and net proceeds of $121.8 million, resulting in a gain on sale of approximately $57.7 million (which is net of $4.9 million of related income taxes).
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Apartment Investment And Management Comp has a market cap of $2.49 billion; its shares were traded at around $21.32 with a P/E ratio of 13.9 and P/S ratio of 2.1. The dividend yield of Apartment Investment And Management Comp stocks is 1.8%.AIV is in the portfolios of Bruce Kovner of Caxton Associates, Stanley Druckenmiller of Duquesne Capital Management, LLC, Arnold Schneider of Schneider Capital Management, Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Real estate operations net operating income amounts not attributed to our conventional or affordable segments include property management revenues and expenses and casualty losses, which we do not allocate to our conventional or affordable segments for purposes of evaluating segment performance. For the three and six months ended June 30, 2010, as compared to the three and six months ended June 30, 2009, property management revenues decreased by $0.5 million and $0.9 million, respectively, primarily due to the elimination of revenues related to properties consolidated during 2010 in connection with our adoption of revised accounting guidance regarding consolidation of variable interest entities discussed above. For the three and six months ended June 30, 2010, as compared to the three and six months ended June 30, 2009, expenses not allocated to our conventional or affordable segments increased by $3.8 million and $1.5 million, respectively. These increases in expenses were due to $4.1 million and $4.3 million, respectively, of increases in casualty losses, offset by decreases of $0.3 million and $2.8 million, respectively, in property management expenses, resulting primarily from reductions in personnel and related costs attributed to our restructuring activities (see Note 4 to the condensed consolidated financial statements in Item 1).For the six months ended June 30, 2010, compared to the six months ended June 30, 2009, asset management and tax credit revenues decreased $8.3 million. This decrease is attributable to a $4.7 million decrease in income related to our affordable housing tax credit syndication business, which includes a $2.4 million write off of syndication fees receivable we determined were uncollectible during 2010 and a $2.1 million decrease in amortization of related tax credit income, primarily related to adjustments in the amount and timing of anticipated cash flows for several tax credit projects. The decrease in revenues also includes a $1.4 million decrease in disposition and other fees we earn in connection with transactional activities, a $1.2 million decrease in promote income, which is income earned in connection with the disposition of properties owned by our consolidated joint ventures, and a $1.0 million decrease in current asset management fees, primarily due to the elimination of fees associated with certain partnerships we consolidated during 2010 (see Note 2 to our condensed consolidated financial statements in Item 1 discussing our adoption of revised accounting guidance regarding the consolidation of variable interest entities).
For the three months ended June 30, 2010 and 2009, income from discontinued operations totaled $26.2 million and $36.3 million, respectively. The $10.1 million decrease in income from discontinued operations was principally due to a $26.6 million decrease in gain on dispositions of real estate, net of income taxes, partially offset by a $10.3 million decrease in interest expense and a $10.0 million decrease in operating loss (inclusive of a $16.4 million decrease in real estate impairment losses).
For the six months ended June 30, 2010 and 2009, income from discontinued operations totaled $47.4 million and $39.4 million, respectively. The $8.0 million increase in income from discontinued operations was principally due to a $21.8 million decrease in interest expense, partially offset by a decrease of $6.2 million in operating income (inclusive of a $5.8 million decrease in real estate impairment losses) and a decrease of $3.5 million in gain on dispositions of real estate, net of income taxes.
During the three months ended June 30, 2010, we sold 11 consolidated properties for gross proceeds of $102.2 million and net proceeds of $26.3 million, resulting in a net gain on sale of approximately $26.8 million (which is net of $0.2 million of related income taxes). During the three months ended June 30, 2009, we sold 19 consolidated properties for gross proceeds of $270.8 million and net proceeds of $107.2 million, resulting in a gain on sale of approximately $53.4 million (which is net of $4.6 million of related income taxes).
During the six months ended June 30, 2010, we sold 23 consolidated properties for gross proceeds of $184.8 million and net proceeds of $47.4 million, resulting in a net gain on sale of approximately $54.2 million (which includes $0.9 million of related income taxes). During the six months ended June 30, 2009, we sold 29 consolidated properties for gross proceeds of $353.9 million and net proceeds of $121.8 million, resulting in a gain on sale of approximately $57.7 million (which is net of $4.9 million of related income taxes).
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