Apartment Investment and Management Company ("Aimco") (NYSE: AIV)
announced today the completion of its previously announced public
offering of 11,041,934 shares of its common stock, consisting of
9,000,000 shares sold by Aimco and 2,041,934 shares sold by selling
stockholders. The shares were sold to the underwriters at a price of
$26.74 per share.
Aimco intends to use the net proceeds from this offering, along with
available cash, to redeem all outstanding shares of its Class U
Cumulative Preferred Stock.
Citigroup and Morgan Stanley acted as joint book-running managers for
the offering. Aimco has granted the underwriters a 30-day option to
purchase an additional 1,350,000 shares of its common stock.
Copies of the prospectus and related prospectus supplement associated
with this offering, when available, may be obtained from Citigroup,
Brooklyn Army Terminal, 140 58th Street, Brooklyn, NY 11220, (Tel:
800-831-9146), or Morgan Stanley, Attention: Prospectus Department, 180
Varick Street, Second Floor, New York, NY 10014 (Tel: (866) 718-1649;
email address: firstname.lastname@example.org).
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 www.aimco.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements related to Aimco’s use of the net proceeds from the offering.
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 notes
thereto, as well as the risk factors described in 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.