Apartment Investment & Management AIV
Q1 2011 Earnings Call Transcript

Operator: Eric Wolfe, Citi.

Eric Wolfe - Citigroup: I think the last time we talked you said you were pushing renewals in May and June over 5%, just wondering whether that momentum has continued and if you saw that I think you said 3.5% renewals in April continue to march up in May and June.

Keith M. Kimmel - EVP, Property Operations: Eric, this is Keith Kimmel I'll answer that question for you. We are continuing to have asking rents of that 5 to 6 points that you had referred to and what we are seeing is that while we will have some of those rents that will or those asking prices that will be higher than that at that point and some that will be lower is that some – it's causing some move-outs and you will see that it's indicated in our new lease price point that is also been ticking up a little bit more aggressively than our renewal rates.

Eric Wolfe - Citigroup: Yeah, so that's helpful. On the ATM, you’ve obviously become a bit more active in recent quarters. I'm just wondering if it's reasonable for us to expect the same level of issuance going forward and how you think about your equity needs this year relative to the guidance that you gave on investment activity.

Ernest M. Freedman - EVP and CFO: I will be cautious about predicting what we're going to be doing in the future on equity activities but we have talked about that we're in a significantly more merger and tender activities in 2011 and we've only accomplished a few of those this year and we did talk previously about wanting to match on those. In addition, the ATM is available to us for other accretive uses around things that we need to do with the balance sheet. So, without getting ahead of ourselves, I would say just refer back to our guidance previously on what we're going to do with partnership merger and tender activity, and that would be one of the options for us to be able to match fund than investment activity.

Eric Wolfe - Citigroup: I guess the question is what does match fund mean, does that mean on like a sort of leverage neutral basis or is it like 70-30 equity to debt. I am just trying to understand what the match funding means?

Ernest M. Freedman - EVP and CFO: Specifically with the merger and tender activity, Eric, because we're buying equity interest that have – both already have assets and debt associated with them. What we do is we will be raising capital to pay for the equity components and so in that case the equity will be used for 100%.

Operator: Richard Anderson, BMO Capital Markets.

Richard Anderson - BMO Capital Markets: First of all Terry thank you for lowering yourself to do a conference call after your appearance on I think I was a GQ Magazine or I can’t remember. The question first to you is you've kind of been one, you've been an outlier a little bit relative to your peers about a more conservative mindset. Am I gauging that maybe you're pulling back on that a little bit or inclined to allow yourself to get a little bit more optimistic than maybe you weren’t in the past conference call season?

Terry Considine - Chairman and CEO: Rich, I am highly focused on this call on our internal results in markets and the apartment market is pretty good. So, I do have concerns about how we're going to work out the budget and the deficit and items like that, but you're at least as knowledgably probably more so than I about those macro events and the micro about which I have a particularly advantage which is to say inside AIMCO, business is good.