Aimco Reports First Quarter 2012 Results

  Aimco Reports First Quarter 2012 Results

Business Wire

DENVER -- May 03, 2012

Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced
today its first quarter 2012 results.

Chairman and Chief Executive Officer Terry Considine comments: “Business is
good! We are on track to meet or beat our guidance for 2012 with FFO expected
to be up 9% and AFFO up 22% as compared to 2011. More importantly, we are
making steady progress on four long-term goals: upgrading our portfolio;
increasing our redevelopment activities; reducing leverage; and simplifying
our business.”

Chief Financial Officer Ernie Freedman adds: “First quarter Pro forma FFO of
$0.40 per share exceeded the midpoint of our guidance range by $0.05 per
share, primarily as a result of better than expected operating results and
offsite cost savings, in part due to outperformance and in part due to timing.
We are increasing our full year 2012 FFO guidance from a range of $1.72 to
$1.82 per share to a range of $1.76 to $1.84 per share and full year 2012 AFFO
guidance from a range of $1.17 to $1.29 per share to a range of $1.21 to $1.31
per share.”

Financial Results

                                                2012       2011
Net loss per share                               ($ 0.09 )  ($ 0.27 )
Funds from Operations (FFO)                      $  0.40   $  0.39 
Pro forma Funds from Operations (Pro forma FFO)  $  0.40   $  0.39 
Adjusted Funds from Operations (AFFO)            $  0.29   $  0.29 

Net loss –Net loss attributable to Aimco common stockholders for the quarter
was $10.6 million, compared to net loss of $31.8 million for first quarter
2011. First quarter 2012 net loss decreased as compared to first quarter 2011
primarily due to: an increase in proportionate net operating income of
properties included in continuing operations, reflecting improved operations
and partnership tenders and mergers; and an increase in income from
discontinued operations, net of noncontrolling interest allocations, primarily
due to an increase in gains on dispositions of consolidated real estate.

Funds from Operations – FFO, Pro forma FFO and AFFO are non-GAAP financial
measures and are defined in the glossary in Aimco’s Supplemental Information
(the Glossary). FFO is computed in accordance with the framework prescribed by
the National Association of Real Estate Investment Trusts (NAREIT). In October
2011, NAREIT revised its definition of FFO to exclude operating real estate
impairments effective fourth quarter 2011. All prior period FFO results
included in this press release have been restated accordingly.

First quarter 2012 FFO was $48.4 million, or $0.40 per share, compared to
$45.8 million, or $0.39 per share, in first quarter 2011. Aimco also reports
Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes
preferred equity redemption related amounts. During first quarter 2012 and
first quarter 2011, Pro forma FFO was equal to FFO as Aimco did not redeem any
preferred equity during either period. First quarter Pro forma FFO exceeded
the midpoint of Aimco’s guidance by $0.05 per share, of which $0.03 per share
was the result of timing of property operating expenses and offsite costs.

AFFO, which represents Pro forma FFO after the deduction of Capital
Replacements, was $35.2 million, or $0.29 per share, compared to $34.3
million, also $0.29 per share, in first quarter 2011.

Property Operations

Aimco’s property operations consist primarily of Conventional real estate
operations. Conventional real estate operations relate to Aimco’s diversified
portfolio of market rate apartment communities and include Same Store
Properties, Redevelopment Properties, Acquisition Properties and Other

Aimco also operates a portfolio of Affordable Properties. Aimco’s Affordable
real estate operations consist of properties with rents that are generally
paid, in whole or in part, by a government agency. Over time, Aimco expects to
dispose of these properties and reinvest capital in its Conventional

Property operating results discussed below, including property net operating
income (NOI), relate to properties that Aimco owns and manages, and that are
classified within continuing operations. To ensure comparability between
periods, results are based on Aimco’s ownership interest as of March 31, 2012.
See the Glossary for property definitions and reconciliation of non-GAAP

Total Same-Store NOI Up 6.2% Year-Over-Year

                        % NOI  Revenue  Expenses  NOI
Conventional Same Store  83%    4.2%     -0.4%     6.8%
Affordable Same Store    12%    2.9%     4.6%      1.8%
Total Same Store         95%    4.0%     0.4%      6.2%
Other Conventional       5%     -1.1%    4.4%      -6.5%
Total Portfolio          100%   3.6%     0.7%      5.5%

Conventional Same Store Results – In first quarter 2012, the Conventional Same
Store portfolio included 157 communities with 55,747 units.

                       FIRST QUARTER                      FIRST QUARTER
                       Year-over-Year                     Sequential
                     2012       2011       Variance  4th Qtr    Variance
Average Rent Per      $ 1,132   $ 1,086   4.2   %   $ 1,130   0.2   %
Other Rental Income    118      109     8.3   %    114     3.5   %
Per Unit
Average Revenue Per   $ 1,250   $ 1,195   4.6   %   $ 1,244   0.5   %
Average Daily          96.0  %   96.4  %  -0.4  %    95.3  %  0.7   %
$ in Millions                                                
Revenue               $ 193.3   $ 185.6   4.2   %   $ 191.1   1.2   %
Expenses               (68.7 )   (69.0 )  -0.4  %    (66.3 )  3.6   %
NOI                   $ 124.6   $ 116.6   6.8   %   $ 124.8   -0.1  %

Rental Rates Rising

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 as either a new
lease, where a vacant apartment is leased to a new customer, or a renewal of
an existing lease. Rental rates by month for first quarter 2012 and for the
prior four quarters are as follows:

2012              Jan   Feb   Mar   1st Qtr
New lease         0.3%  1.4%  4.2%  2.0%
Renewal           4.6%  5.5%  5.3%  5.1%
Weighted average  2.4%  3.4%  4.7%  3.4%

2011              1st Qtr  2nd Qtr  3rd Qtr  4th Qtr
New lease         1.9%     5.1%     6.1%     0.7%
Renewal           3.0%     3.6%     5.6%     5.2%
Weighted average  2.5%     4.3%     5.8%     3.0%

Refer to Supplemental Schedules 6a through 6c for additional details on
Conventional Same Store operating results, including a new schedule detailing
year-over-year and sequential operating expense results.

Affordable Same Store Results – In first quarter 2012, the Affordable Same
Store portfolio included 116 communities with 15,094 units, in which Aimco had
a weighted average ownership of 73%. For first quarter 2012, average month-end
occupancy for the Affordable portfolio was 98.0%, an increase of 0.1% from
first quarter 2011, while average revenue per unit increased 2.8% from $922 to
$948 per unit.

Portfolio Management

Aimco’s portfolio strategy focuses on B/B+ quality conventional apartment
communities located in the largest U.S. markets as measured by total apartment
value. Aimco believes these markets to be deep, relatively liquid and
possessing desirable long-term growth characteristics. These markets are
primarily coastal markets, and also include several Sun Belt cities and
Chicago, Illinois. In executing Aimco’s portfolio strategy, the company
expects to reduce its investment in non-target markets through dispositions
and to increase its investment in target markets through redevelopment and
acquisitions. During first quarter 2012, net operating income generated by
Conventional Properties located in Aimco’s target markets accounted for 85% of
total Conventional Property net operating income.

Aimco measures Conventional Property asset quality based on average rents
compared to local market average rents as reported by REIS, a third-party
provider of commercial real estate performance information and analysis. Aimco
defines asset quality as follows: A-quality assets are those with rents
greater than 125% of local market average; B-quality assets are those with
rents 90% to 125% of local market average; and C-quality assets are those with
rents less than 90% of local market average. For fourth quarter 2011, the most
recent period for which REIS information is available, Aimco’s Conventional
Property rents averaged approximately 102% of local market average rents, up
from 101% in third quarter 2011.

Conventional Property Revenue per Unit Up 7.9% to $1,263

For first quarter 2012, Conventional portfolio average revenue per unit was
$1,263, a 7.9% increase compared to first quarter 2011, as a result of
year-over-year revenue growth of 3.8% and the sale of Conventional Properties
during 2011 and 2012 with average revenues per unit substantially lower than
those of the retained portfolio.

Aimco expects fourth quarter 2012 Conventional portfolio revenue per unit to
average approximately $1,370, an increase of 9% compared to fourth quarter
2011, with approximately half of the increase generated by market rent growth
and half the result of sales of lower-rent properties. Looking forward, Aimco
expects its year-end portfolio average revenue per unit to increase at a rate
that is approximately 4% to 5% greater than annual market rent growth as a
result of the sale of the lowest-rated 5% to 10% of its portfolio each year.

Acquisitions – During the first quarter, Aimco acquired for a total cost of
$38.5 million noncontrolling limited partnership interests in seven
consolidated real estate partnerships that own 13 properties with average
revenues per unit of $975. The gross estimated fair value of the real estate
corresponding to the interests Aimco acquired totaled $123.6 million and was
encumbered by non-recourse property debt.

During the quarter, Aimco also acquired a 488-unit property located in
Phoenix, Arizona for $68.8 million. As part of the transaction, Aimco assumed
$29.1 million of non-recourse, fixed rate, amortizing property debt that
matures in 2019. Revenues per unit average $1,110, and the property’s average
rents are approximately 147% of the local market average.

Dispositions – In first quarter 2012, Aimco sold three Conventional Properties
and six Affordable Properties with 908 and 577 units, respectively, for $89.7
million in gross proceeds. Average revenue per unit for the Conventional
Properties sold during the quarter was $753, compared to the retained
portfolio average of $1,263 per unit. Aimco’s share of net sales proceeds
after distributions to limited partners, repayment of existing property debt
and transaction costs was $35.1 million.

During 2012, Aimco expects to continue to upgrade its portfolio by selling
more than 25 Conventional Properties and at least 60 Affordable Properties for
$550 to $650 million. Aimco is also considering acceleration of portfolio
upgrades by selling in 2012 properties otherwise expected to be sold in 2013
and 2014. If successful, Aimco intends to use the proceeds to redeem high-cost
preferred stock and in doing so also accelerate progress to leverage targets.
Aimco expects to sell almost all of its Affordable Properties over the next
four to five years.

See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s
Conventional portfolio quality and capital allocation, and Supplemental
Schedule 8 for information related to acquisition and disposition activity.


During the first quarter, Aimco continued its $94.1 million redevelopment of
Pacific Bay Vistas, a vacant 308-unit property located in San Bruno,
California. First occupancy of the redeveloped units is expected to occur
during third quarter 2012. During the quarter, Aimco also began a
redevelopment project at The Palazzo at Park La Brea, a 521-unit property
located in West Los Angeles. Aimco and its joint venture partner will invest
$15.3 million in the property (Aimco share $8.1 million) to upgrade the
amenities, including the addition of an exclusive roof-top patio and lounge
area, and 115 penthouse units, with deliveries beginning in third quarter

As described in Supplemental Schedule 10, during 2012 Aimco expects to invest
$125 to $150 million in redevelopment projects at a total of ten properties.
Construction is currently underway at five of these properties including:
Pacific Bay Vistas and The Palazzo; Lincoln Place in Venice, California;
Flamingo South Beach in Miami; and Plantation Gardens in Plantation, Florida.
The projects at Flamingo South Beach and Plantation Gardens are expected to be
complete by year-end.

During the balance of the 2012, multi-year redevelopment projects are expected
to begin at: 2900 on First in Seattle; Elm Creek in Chicago; Park Towne and
The Sterling, both located in Center City Philadelphia; and The Preserve at
Marin (formerly Madera Vista) in the San Francisco Bay Area. Over the next few
years, Aimco expects to invest a total of $400 million in these ten projects
and, based on un-trended rents, generate average current returns greater than
7% and average Free Cash Flow Internal Rates of Return in excess of 10%.

Balance Sheet and Liquidity

Components of Aimco Leverage

                           ASOFMARCH 31, 2012
                           Amount     % of   Weighted Avg    Weighted Avg
                                         Total   Maturity (Yrs)   Rate
Aimco leverage ($ in                                       
Aimco’s share of
long-term, non-recourse     $ 4,787.6  86%    7.9             5.51%
property debt
Revolving credit facility    67.4     1%     4.7             3.18%
Subtotal debt               $ 4,855.0  87%    7.8             5.48%
Preferred securities         752.3    13%    Perpetual       7.55%
Total leverage              $ 5,607.3  100%   n/a             5.76%

Revolving Credit Facility – Aimco’s recourse debt at March 31, 2012, was
limited to its revolving credit facility, which Aimco uses for working capital
purposes and to secure letters of credit. At the end of first quarter, Aimco
had $67.4 million outstanding on its revolving credit facility and available
capacity was $402.1 million, net of $30.5 million of letters of credit backed
by the facility.

Debt Ratios – In measuring leverage, Aimco focuses on four key metrics: Debt
to EBITDA; Debt and Preferred Equity to EBITDA; EBITDA Coverage of Interest;
and EBITDA Coverage of Interest and Preferred Dividends. See the Glossary for
definitions of these metrics.

                              Trailing-                           Projected
                            Twelve-                           Annualized
                                          1st Qtr
                              Month                               4th Qtr 2012
                            2012       2011   2012   2011   
Debt to EBITDA               8.4x       8.6x   8.4x   8.6x   7.5x
Debt and Preferred Equity    9.7x       10.0x  9.8x   10.0x  8.7x
EBITDA Coverage of Interest  2.20x      2.11x  2.22x  2.13x  2.5x
EBITDA Coverage of Interest  1.79x      1.72x  1.80x  1.74x  2.0x
and Preferred Dividends

Aimco’s leverage targets are: Debt and Preferred Equity to EBITDA of less than
7.0x; and EBITDA Coverage of Interest and Preferred Dividends of greater than
2.5x. Aimco expects to achieve its leverage targets over the next three years
through earnings growth generated by the current portfolio, earn-in of income
from redevelopment properties and reduction of debt by regularly scheduled
property debt amortization. Leverage will continue to be comprised of
non-recourse, long-term, fixed rate, amortizing property debt and perpetual
preferred stock.

Aimco is also considering acceleration of portfolio upgrades and progress to
leverage targets by selling in 2012 properties otherwise expected to be sold
in 2013 and 2014, and using the proceeds to redeem high-cost preferred stock.

Separately, in connection with its revolving credit facility, Aimco is subject
to Debt Service and Fixed Charge Coverage covenants, as defined in the
Glossary. For first quarter 2012, Aimco’s Debt Service and Fixed Charge
Coverage Ratios were 1.62:1 and 1:38.1, compared to covenants in place during
the quarter of 1.50:1 and 1:30.1, respectively, and first quarter 2011 Ratios
of 1.58:1 and 1.34:1. Aimco expects to remain in compliance with these

See Supplemental Schedule 4 for additional details about Aimco’s non-recourse
property debt and Supplemental Schedule 5 for information related to Aimco’s
preferred securities.

Equity Activity – During first quarter 2012, Aimco issued approximately
405,100 shares of Class Z Cumulative Preferred Stock through its Class Z
Preferred Stock At-the-Market offering program (Class Z ATM) at $24.78 per
share, equating to a yield of 7.06%, for gross proceeds to Aimco of
approximately $10.1 million.

2012 Outlook

                             SECOND           CURRENT          PREVIOUS
                             QUARTER          FULL YEAR        FULLYEAR
Net loss per share          -$0.26 to       -$0.70 to       -$1.00 to
                             -$0.22           -$0.62           -$0.90
FFO per share               $0.40 to $0.44  $1.76 to $1.84  $1.72 to $1.82
AFFO per share                             $1.21 to $1.31  $1.17 to $1.29
Conventional Same Store                                   
Operating Measures
NOI change compared to      0.0% to 1.0%                   
first quarter 2012 *
NOI change compared to      4.5% to 5.5%    5.5% to 7.5%    5.25% to 7.25%
same period 2011
Affordable Same Store NOI                  0.5% to 1.5%    0.0% to 1.0%
change compared to 2011
Total Same Store NOI                       5.00% to 6.75%  4.50% to 6.25%
change compared to 2011
Transaction Activities                                    
Direct Real Estate
Acquisitions (100% Aimco                   $130 million    $60 million

* Revenue is expected to increase approximately 1.5% compared to first quarter

Earnings Conference Call

Live Conference Call                   Conference Call Replay
Friday, May 4, 2012 at 1:00 p.m. EDT     Available until 9:00 a.m. EDT on May
                                         15, 2012
Domestic Dial-In Number:                 Domestic Dial-In Number:
1-866-843-0890                           1-877-344-7529
International Dial-In Number:            International Dial-In Number:
1-412-317-9250                           1-412-317-0088
Passcode: 0513860                        Passcode: 10012590

Live webcast and replay:

Supplemental Information

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

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 not calculated in accordance with accounting principles
generally accepted in the United States, or GAAP. These measures are defined
in the glossary in the Supplemental Information and, where appropriate,
reconciled to the most comparable GAAP measures.

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 second quarter and full year 2012 results. These forward-looking
statements are based on management’s judgment as of this date and include
certain risks and uncertainties. Risks and uncertainties include, but are not
limited to, Aimco’s ability to maintain current or meet projected occupancy,
rental rates and property operating results. 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 the control of Aimco, including, without limitation: financing
risks, including the availability and cost of capital markets financing and
the risk that our cash flows from operations may be insufficient to meet
required payments of principal and interest; earnings may not be sufficient to
maintain compliance with debt covenants; real estate risks, including
fluctuations in real estate values and the general economic climate in the
markets in which we operate and competition for residents in such markets;
national and local economic conditions, including the pace of job growth and
the level of unemployment; the terms of governmental regulations that affect
Aimco and interpretations of those regulations; the competitive environment in
which Aimco operates; the timing of acquisitions and dispositions; insurance
risk, including the cost of insurance; natural disasters and severe weather
such as hurricanes; litigation, including costs associated with prosecuting or
defending claims and any adverse outcomes; energy costs; and possible
environmental liabilities, including costs, fines or penalties that may be
incurred due to necessary remediation of contamination of properties presently
owned or previously owned by Aimco. In addition, our 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 our 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, 2011, 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.

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and
management of quality apartment communities located in the largest markets in
the United States. Aimco is one of the country’s largest owners and operators
of apartments, with 361 communities serving approximately 250,000 residents in
30 states, the District of Columbia and Puerto Rico. 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

Consolidated Statements of Operations                           
(in thousands, except per share data) (unaudited)
                                                     Three Months Ended
                                                     March 31,
                                                     2012          2011
Rental and other property revenues                   $ 265,728     $ 254,803
Asset management and tax credit revenues              8,071       9,236   
Total revenues                                        273,799     264,039 
Property operating expenses                            108,642       115,347
Investment management expenses                         3,388         2,976
Depreciation and amortization                          94,317        93,967
Provision for real estate impairment losses            6,364         -
General and administrative expenses                    11,624        11,181
Other expense, net                                    6,269       3,897   
Total operating expenses                              230,604     227,368 
Operating income                                       43,195        36,671
Interest income                                        2,554         2,037
Interest expense                                       (71,851 )     (72,355 )
Equity in losses of unconsolidated real estate         (763    )     (1,648  )
Gain on dispositions of interests in                  2,180       1,212   
unconsolidated real estate and other, net
Loss before income taxes and discontinued              (24,685 )     (34,083 )
Income tax benefit                                    461         2,412   
Loss from continuing operations                        (24,224 )     (31,671 )
Income from discontinued operations, net              34,871      4,394   
Net income (loss)                                      10,647        (27,277 )
Noncontrolling interests:
Net (income) loss attributable to noncontrolling       (7,765  )     7,305
interests in consolidated real estate partnerships
Net income attributable to preferred
noncontrolling interests in Aimco Operating            (1,670  )     (1,671  )
Net loss attributable to common noncontrolling        737         2,383   
interests in Aimco Operating Partnership
Total noncontrolling interests                        (8,698  )    8,017   
Net income (loss) attributable to Aimco                1,949         (19,260 )
Net income attributable to Aimco preferred             (12,439 )     (12,456 )
Net income attributable to participating              (119    )    (57     )
Net loss attributable to Aimco common stockholders   $ (10,609 )   $ (31,773 )
Weighted average common shares outstanding - basic    120,526     117,320 
and diluted
Earnings (loss) per common share - basic and
Loss from continuing operations attributable to      $ (0.30   )   $ (0.32   )
Aimco common stockholders
Income from discontinued operations attributable      0.21        0.05    
to Aimco common stockholders
Net loss attributable to Aimco common stockholders   $ (0.09   )   $ (0.27   )
Income from Discontinued Operations
Income from discontinued operations consists of
the following (in thousands):
                                                     Three Months Ended
                                                     March 31,
                                                     2012          2011
Rental and other property revenues                   $ 2,936       $ 24,496
Property operating expenses                            (1,672  )     (12,326 )
Depreciation and amortization                          (1,095  )     (7,483  )
Provision for real estate impairment losses           (321    )    (3,855  )
Operating (loss) income                                (152    )     832
Interest income                                        54            246
Interest expense                                      (483    )   (4,328  )
Loss before gain on dispositions of real estate        (581    )     (3,250  )
and income taxes
Gain on dispositions of real estate                    35,692        7,718
Income tax expense                                    (240    )    (74     )
Income from discontinued operations, net             $ 34,871     $ 4,394   
Income from discontinued operations attributable
Noncontrolling interests in consolidated real        $ (7,066  )   $ 1,272
estate partnerships
Noncontrolling interests in Aimco Operating           (1,828  )    (381    )
Total noncontrolling interests                        (8,894  )    891     
Income from discontinued operations attributable     $ 25,977     $ 5,285   
to Aimco

Consolidated Balance Sheets                               
(in thousands) (unaudited)
                                            March 31, 2012   December 31, 2011
Buildings and improvements                  $ 6,851,120      $  6,757,384
Land                                         2,060,726       2,043,106   
Total real estate                             8,911,846         8,800,490
Accumulated depreciation                     (2,907,044 )     (2,818,755  )
Net real estate                               6,004,802         5,981,735
Cash and cash equivalents                     83,234            91,066
Restricted cash                               173,963           186,265
Accounts receivable, net                      42,957            41,796
Notes receivable, net                         110,259           111,205
Investment in unconsolidated real estate      38,222            47,790
Other assets                                  359,442           346,373
Assets held for sale                         10,751          65,632      
Total assets                                $ 6,823,630     $  6,871,862   
Non-recourse property debt                  $ 5,133,795      $  5,122,468
Revolving credit facility borrowings         67,400          -           
Total indebtedness                            5,201,195         5,122,468
Accounts payable                              22,822            32,607
Accrued liabilities and other                 285,409           284,934
Deferred income                               137,892           140,178
Liabilities related to assets held for       12,039          63,617      
Total liabilities                            5,659,357       5,643,804   
Preferred noncontrolling interests in         83,365            83,384
Aimco Operating Partnership
Perpetual Preferred Stock                     667,152           657,114
Class A Common Stock                          1,214             1,209
Additional paid-in capital                    3,071,523         3,098,333
Accumulated other comprehensive loss          (4,191     )      (6,860      )
Distributions in excess of earnings          (2,873,679 )     (2,841,467  )
Total Aimco equity                           862,019         908,329     
Noncontrolling interests in consolidated      256,366           270,666
real estate partnerships
Common noncontrolling interests in Aimco     (37,477    )     (34,321     )
Operating Partnership
Total equity                                 1,080,908       1,144,674   
Total liabilities and equity                $ 6,823,630     $  6,871,862   


Elizabeth Coalson, 303-691-4350
Vice President Investor Relations
Investor Relations, 303-691-4350
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