APARTMENT INVESTMENT AND MANAGEMENT COMPANY (NYSE:AIV) Files An 8-K Other EventsITEM 8.01.Other Events.
On April 16, 2018, Apartment Investment and Management Company ("Aimco") and Dranoff Properties, Inc. issued a joint press release and Aimco issued a press release announcing a transaction in which Aimco will acquire a portfolio of six Philadelphia Area apartment communities including 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space for $445 million. The acquisition will be initially funded through Aimco's assumption of $290 million of nonrecourse property debt, $90 million in Aimco Properties, L.P. partnership common units valued in the transaction at Aimco's estimated net asset value of $53 per share, and payment of $65 million in cash funded with bank borrowings pending the sale of lower-rated apartment communities.
Copies of the press releases are furnished as Exhibit 99.1 and 99.2 to this report and is incorporated herein by this reference.
ITEM 9.01. Financial Statements and Exhibits.
(d)The following exhibits are furnished with this report:
Press Release, dated April 16, 2018, issued by Aimco and Dranoff Properties, Inc.
Press Release, dated April 16, 2018, issued by Aimco
APARTMENT INVESTMENT & MANAGEMENT CO ExhibitEX-99.1 2 ex991jointpressrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Prominent Developer Carl Dranoff Sells Six Philadelphia Area Apartment Communities to AimcoPHILADELPHIA,…To view the full exhibit click
About APARTMENT INVESTMENT AND MANAGEMENT COMPANY (NYSE:AIV)
Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust. The Company, through its subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, holds the ownership interests in the Aimco Operating Partnership. Its segments include conventional real estate and affordable real estate. Its conventional real estate segment includes over 140 apartment communities with over 40,460 apartment homes. Its affordable real estate operations include approximately 60 apartment communities with over 8,680 apartment homes. The affordable segment consists of apartment communities, which it classifies as Affordable Same Store or Other Affordable. It owns and operates a portfolio of market-rate apartment communities. Aimco Operating Partnership conducts its business, which is focused on the ownership, management, redevelopment and limited development of apartment communities located in the coastal and job growth markets of the United States.