Aimco Announces Expansion of Process to Maximize Shareholder Value Following Agreement to Sell Brickell Properties
Aimco (NYSE: AIV) has announced the expansion of its strategic process to maximize shareholder value, following a $520 million agreement to sell its Brickell Assemblage properties in Miami. The buyer has made a non-refundable deposit of $38 million, and Aimco plans to return the majority of net proceeds to shareholders.
Post-sale, Aimco's portfolio will consist of over 5,200 apartment homes, nearly 1,000 newly constructed units approaching stabilization, one Miami waterfront development, and a pipeline with 7.7 million square feet of development potential. Since 2020, the company has achieved annual same store NOI growth exceeding 7.6%, completed $1.3 billion in development projects, and will have closed over $1.7 billion in asset sales.
Due to shares trading at a significant discount to estimated private market value, the Board is exploring additional alternatives, including potential sales of business components, accelerated asset sales, or a company sale/merger. Morgan Stanley is serving as financial advisor.
Aimco (NYSE: AIV) ha annunciato l'espansione del suo processo strategico per massimizzare il valore per gli azionisti, dopo un accordo di vendita di 520 milioni di dollari per le sue proprietà Brickell Assemblage a Miami. L'acquirente ha effettuato un deposito non rimborsabile di 38 milioni di dollari, e Aimco prevede di restituire la maggior parte dei proventi netti agli azionisti.
Dopo la vendita, il portafoglio di Aimco consisterà in oltre 5.200 appartamenti, quasi 1.000 unità di nuova costruzione prossime alla stabilizzazione, uno sviluppo fronte mare a Miami e un pipeline con 7,7 milioni di piedi quadrati di potenziale di sviluppo. Dal 2020, l'azienda ha registrato una crescita annuale del NOI dello stesso negozio superiore al 7,6%, ha completato progetti di sviluppo per 1,3 miliardi di dollari e avrà chiuso oltre 1,7 miliardi di dollari in vendite di attivi.
A causa delle azioni che vengono scambiate a un significativo sconto rispetto al valore stimato di mercato privato, il Consiglio sta esplorando ulteriori alternative, tra cui potenziali vendite di componenti aziendali, vendite accelerate di asset, o una vendita/fusione dell'azienda. Morgan Stanley funge da consulente finanziario.
Aimco (NYSE: AIV) ha anunciado la expansión de su proceso estratégico para maximizar el valor para los accionistas, tras un acuerdo de 520 millones de dólares para vender sus propiedades Brickell Assemblage en Miami. El comprador ha realizado un depósito no reembolsable de 38 millones de dólares, y Aimco planea devolver la mayor parte de los ingresos netos a los accionistas.
Después de la venta, el portafolio de Aimco constará de más de 5,200 hogares de apartamentos, cerca de 1,000 unidades de nueva construcción que se acercan a la estabilización, un desarrollo en la costa de Miami, y una pipeline con 7.7 millones de pies cuadrados de potencial de desarrollo. Desde 2020, la empresa ha logrado un crecimiento anual del NOI de mismas propiedades superior al 7.6%, ha completado proyectos de desarrollo por 1.3 mil millones de dólares y habrá cerrado más de 1.7 mil millones de dólares en ventas de activos.
Debido a que las acciones se están negociando a un descuento significativo respecto al valor de mercado privado estimado, la Junta está explorando alternativas adicionales, incluyendo posibles ventas de componentes comerciales, ventas aceleradas de activos o una venta/fusión de la empresa. Morgan Stanley está actuando como asesor financiero.
Aimco (NYSE: AIV)는 5억 2천만 달러 규모의 Brickell Assemblage 마이애미 부동산 매각 계약에 따라 주주 가치를 극대화하기 위한 전략적 프로세스를 확장한다고 발표했습니다. 구매자는 비환불 보증금으로 3천8백만 달러를 지불했으며, Aimco는 순수익의 대부분을 주주에게 반환할 계획입니다.
매각 후 Aimco의 포트폴리오는 5,200개 이상의 아파트, 거의 1,000개의 신축 유닛이 안정화 단계에 접어드는 것을 포함하고, 마이애미의 해안 개발과 770만 제곱피트의 개발 잠재력을 가진 파이프라인을 갖게 됩니다. 2020년 이후, 회사는 연간 동일 매장 NOI 성장률이 7.6%를 초과했으며, 13억 달러 규모의 개발 프로젝트를 완료했으며, 17억 달러 이상의 자산 매각을 완료할 예정입니다.
주가가 추정된 사적 시장 가치에 비해 상당한 할인율로 거래되고 있는 만큼, 이사회는 사업 부문의 잠재적 매각, 자산 매각 가속화 또는 회사 매각/합병을 포함한 추가 대안을 탐색하고 있습니다. 모건 스탠리는 재정 고문으로 활동하고 있습니다.
Aimco (NYSE: AIV) a annoncé l'élargissement de son processus stratégique pour maximiser la valeur pour les actionnaires, suite à un accord de vente de 520 millions de dollars pour ses propriétés Brickell Assemblage à Miami. L’acheteur a versé un acompte non remboursable de 38 millions de dollars, et Aimco prévoit de restituer la majorité des produits nets aux actionnaires.
Après la vente, le portefeuille d'Aimco se composera de plus de 5 200 appartements, près de 1 000 unités nouvellement construites approchant la stabilisation, un développement en bord de mer à Miami, et un pipeline avec un potentiel de développement de 7,7 millions de pieds carrés. Depuis 2020, la société a réalisé une croissance annuelle du NOI des mêmes actifs supérieure à 7,6 %, a achevé des projets de développement pour un montant de 1,3 milliard de dollars, et a conclu plus de 1,7 milliard de dollars de ventes d'actifs.
En raison des actions se négociant à un discount significatif par rapport à la valeur marchande privée estimée, le Conseil examine des alternatives supplémentaires, y compris des ventes potentielles de composants commerciaux, des ventes d'actifs accélérées ou une vente/fusion de l’entreprise. Morgan Stanley agit comme conseiller financier.
Aimco (NYSE: AIV) hat die Erweiterung seines strategischen Prozesses angekündigt, um den Wert für die Aktionäre zu maximieren, nachdem ein Verkaufsvertrag über 520 Millionen Dollar für die Brickell Assemblage Immobilien in Miami abgeschlossen wurde. Der Käufer hat eine nicht erstattungsfähige Anzahlung von 38 Millionen Dollar geleistet, und Aimco plant, den Großteil der Nettoprognosen an die Aktionäre zurückzugeben.
Nach dem Verkauf wird Aimcos Portfolio aus über 5.200 Wohnanlagen, fast 1.000 neu gebauten Einheiten, die sich der Stabilisierung nähern, einer Waterfront-Entwicklung in Miami und einer Pipeline mit 7,7 Millionen Quadratfuß Entwicklungspotenzial bestehen. Seit 2020 hat das Unternehmen ein jährliches NOI-Wachstum an denselben Standorten von über 7,6% erzielt, Projekte im Wert von 1,3 Milliarden Dollar abgeschlossen und wird über 1,7 Milliarden Dollar an Vermögensverkäufen abgeschlossen haben.
Aufgrund des erheblichen Abschlags, zu dem die Aktien im Vergleich zum geschätzten privaten Marktwert gehandelt werden, prüft der Vorstand zusätzliche Alternativen, darunter mögliche Verkäufe von Unternehmensbestandteilen, beschleunigte Vermögensverkäufe oder einen Unternehmensverkauf/eine Fusion. Morgan Stanley fungiert als Finanzberater.
- Agreement to sell Brickell properties for $520M with $38M non-refundable deposit
- Strong operational performance with >7.6% annual same store NOI growth
- Successful completion of $1.3B in development projects
- Pro forma asset sales totaling $1.7B post-Brickell transaction
- Extensive development pipeline of 7.7M square feet
- Shares trading at significant discount to estimated private market value
- ability to fund new investment opportunities and growth
Insights
The announced sale of Aimco's Brickell Assemblage for
Post-transaction, Aimco's streamlined portfolio of 5,200 apartments plus 1,000 stabilizing units presents a more focused investment thesis. The
The persistent trading discount to private market value creates an attractive arbitrage opportunity. With
This strategic initiative marks a watershed moment for Aimco's capital allocation strategy. The board's decision to explore comprehensive alternatives, including potential sale scenarios, reflects mounting pressure to address the public-private market valuation gap. The commitment to return the majority of Brickell sale proceeds to shareholders demonstrates strong capital discipline and alignment with shareholder interests.
The formation of a dedicated Investment Committee comprising four independent directors ensures proper oversight and governance of the strategic review process. Morgan Stanley's engagement adds credibility and suggests a thorough evaluation of strategic alternatives. The company's track record of executing
The timing aligns with broader real estate market dynamics where private capital continues to seek quality multifamily assets. The strategic optionality created by the simplified portfolio structure post-Brickell sale enhances the probability of value-maximizing outcomes, whether through individual asset sales, portfolio transactions, or a full company sale.
The pending sale of the Brickell Assemblage marks an important step in Aimco's efforts to simplify its holdings and to unlock value for shareholders. Upon closing of the Brickell Assemblage transaction, which is subject to certain closing conditions and extension options, Aimco will primarily consist of a portfolio of more than 5,200 well-located apartment homes that we believe is well-positioned to experience strong revenue growth, nearly 1,000 newly constructed apartment homes that are expected to be occupancy stabilized within the next 12 months, one active development project located on
Since the spin-off of Apartment Income REIT Corp. in December of 2020, Aimco has delivered consistently strong operational performance with average annual same store NOI growth of greater than
These results were achieved by a dedicated and experienced team that is active in its approach to investment and portfolio management and prudent in the allocation of shareholder capital. We are pleased with the transformation of the Aimco portfolio and the objective results delivered over the past four years. However, our shares continue to trade at a meaningful discount to our estimate of the private market value of our assets and investment platform, which we believe has limited our ability to fund new investment opportunities and accelerate growth.
Therefore, the Aimco Board of Directors has decided to explore additional alternatives in an effort to further unlock and maximize shareholder value. The exploration will expand upon Aimco's ongoing efforts such as reducing exposure to development activity and monetizing certain assets, and include, but not be limited to, exploration of potential sales of the major components of the business (in one or a series of transactions), an acceleration of individual asset sales, or a sale or merger of the Company as a whole. Our guiding principle will be to produce an outcome that delivers maximum value to Aimco shareholders. The strategic process is being overseen by Aimco's Investment Committee, comprised of four independent Aimco Board Members. Morgan Stanley & Co. LLC is serving as financial advisor to Aimco.
There can be no assurance that this expanded strategic process will result in any transaction or transactions or other strategic changes or outcomes, and the timing or outcome of any such event is similarly uncertain. Aimco does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)," "forecast(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements, including those regarding revenue growth, development potential, potential strategic transactions, the timing of asset sales, and the timing and amount of capital expected to be returned to shareholders, are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, and assumptions that may affect actual results or outcomes, including changes in market conditions, fluctuations in our stock price, our financial performance, regulatory changes, and general economic conditions. Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2023, as these filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management's judgment as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
About Aimco
Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the
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SOURCE Apartment Investment and Management Company (Aimco)
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