AVB » Topics » Summary of Fourth Quarter Charges

This excerpt taken from the AVB 8-K filed Dec 18, 2008.

Summary of Fourth Quarter Charges

 

 

 

$ Millions

 

Land Impairment (1)

 

$55 - $65

 

Abandoned Pursuit Costs (2)

 

$7

 

Severance (3)

 

$3

 

 


(1)

 

Associated with the impairment of eight Company-owned land parcels.

 

 

 

(2)

 

Associated with the abandonment of six previously listed development rights and one development opportunity that was not listed at September 30, 2008.

 

 

 

(3)

 

Associated with severance and related costs primarily related to construction and development overhead reductions.

 

The Company currently has 15 apartment communities under construction which are not impacted by these actions.  The Company plans to complete the construction and lease-up of these communities as planned, with amounts remaining to fund current construction activities totaling $683 million.  Committed capital liquidity is projected to be approximately $1.1 billion as of December 31, 2008 and the Company anticipates that these sources of financing together with retained cash from operations are adequate to fund current construction underway through completion as well as fund all debt maturities scheduled for 2009 and 2010.  The Company intends to arrange additional financings to add to the current level of committed capital.  The Company has approximately 100 unencumbered apartment communities available for future secured financing activity.

 

The following table summarizes the current status of the Company’s development operations:

 

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