Apartment Investment and Management Company Announces Election Results for Special Dividend
Aimco (NYSE: AIV) announced the results of its special dividend election, offering stockholders a choice between cash and stock for a dividend totaling $8.20 per share. Stockholders had until November 20, 2020, to make their elections, with the record date set for November 4, 2020. Approximately $121.8 million in cash and around 35.4 million shares were available for distribution. Holders of 118.3 million shares opting for cash will receive $1.02924 per share in cash along with $7.17076 in stock, while those electing all stock will receive the full $8.20 in shares.
- Aimco is returning significant capital to shareholders through a special dividend of $8.20 per share.
- Stockholders had the flexibility to choose between cash and stock, enhancing their investment options.
- Cash elections exceeded the available cash amount, necessitating prorated distributions, which may leave some stockholders receiving less cash than expected.
DENVER--(BUSINESS WIRE)--Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today announced the results of the stockholders’ elections relating to the special dividend of
Until November 20, 2020, stockholders of record as of the Record Date had the opportunity to elect to receive payment of the special dividend in all cash or in all stock, subject to proration as described below if either option was oversubscribed. Stockholders who did not properly make an affirmative election in respect of all of the shares of common stock owned by them as of the Record Date were deemed to have elected to receive all cash. As the total cash elections (including deemed cash elections) exceeded the Cash Amount, each stockholder who made a cash election (including deemed cash elections) will receive a pro rata portion of the Cash Amount, and will receive the remaining portion of the special dividend in shares of common stock.
Summarized results of the dividend elections are as follows:
-
Holders of 118,349,437 shares who elected to receive the special dividend in all cash or who made no election will receive
$1.02 924 per share in cash and$7.17 076 per share in common stock. -
Holders of 30,199,002 shares who elected to receive the special dividend in all shares will receive
$8.20 per share in common stock.
Cash will be paid in lieu of fractional shares so that stockholders receive a whole number of shares of common stock.
About Aimco
Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located throughout the United States. Aimco is one of the nation’s largest owners and operators of apartments with 125 communities in 17 states and the District of Columbia. 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.