AIMCO is in the process of buying Casden Properties, creating the nation's largest apartment REIT.
Capital replacement costs were $110 per unit for the fourth quarter of 2001 compared to $75 per unit in the fourth quarter of 2000. Capital replacement costs for all of 2001 was $367 per unit, compared with $300 per unit in 2000.
Fourth quarter 2001, "same store" sales for the 641 "same store" apartment communities containing 175,658 units owned during both 2001 and 2000 showed a 2% increase in revenues, a 1% increase in operating expenses, and a 2.7% increase in net operating income from the fourth quarter of 2000.
Weighted average occupancy for the 641 apartment communities was 93.4% for the fourth quarter, compared to 94.2% for the fourth quarter of 2000. Average monthly rent per occupied unit was $692 at the end of the year, an increase of 2%.
For the entire year the FFO was $532 million, or $5.21 per share, an increase of 8.3% over 2000. The AFFO for 2001 was $473 million, or $4.63 per share, compared to $399 million, or $4.37 per share, an increase of 19%, or 6% on a per share basis.
The company expects, before any impact of the Casden transaction, that its AFFO for the first quarter will be in the $1.12 to $1.15 per share and the AFFO for the entire year will be $4.50 to $4.85 per share.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
