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About Apartment Investment and Management Company (Aimco) (NYSE: AIV)
Aimco, a self-managed real estate investment trust, is one of the United States’ leading apartment home providers, dedicated to delivering top-quality living experiences to its residents. Focused on the multifamily market, Aimco specializes in property development, redevelopment, and other value-creating investment strategies. The company operates through its three primary segments: Development and Redevelopment, Operating, and Other, with the majority of its revenue generated from the Operating segment. Aimco’s investment strategy targets value-add, opportunistic projects, and alternative investments, enhancing outcomes through its highly skilled team.
Apart from managing and investing in residential properties, Aimco frequently engages in strategic partnerships and transactions to optimize its portfolio and enhance shareholder value. Recently, the company announced significant transactions including the sale of a 20% position in its Parkmerced mezzanine loan investment for $33.5 million, with an option for the purchaser to acquire the remaining 80% for $134 million plus interest. Aimco has so far monetized $91.5 million of its Parkmerced investments.
The company's commitment to reducing exposure to passive investments and focusing on core markets has been evident in its financial maneuvers. Aimco has also successfully refinanced high-cost debt and increased its liquidity to enhance financial stability. As of June 30, 2023, Aimco's net leverage stood strong, with a well-balanced debt portfolio that includes fixed-rate and interest rate-capped floating-rate debts.
Aimco’s recent financial performance has been robust, with the stabilized operating properties reporting notable growth in net operating income, driven by high demand and favorable pricing strategies. Aimco’s CEO, Wes Powell, has emphasized the company’s ongoing efforts to maintain a solid balance sheet, reduce capital allocations to alternative investments, and strategically unlock value through selective asset sales and reinvestments.
Aimco’s mission is to create substantial value for its investors, employees, and the communities it serves, leveraging its human capital to achieve superior investment outcomes. The company is headquartered in Denver, Colorado, and operates with a national presence, focusing new investment activities in Southeast Florida, the Washington D.C. Metro Area, and Colorado’s Front Range.
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 has announced a REIT Distribution where shareholders will receive one share of AIR Class A common stock for each share of Aimco held by December 5, 2020. The distributions are expected to be completed before trading hours on December 15, 2020, with no action required from shareholders. A 'when-issued' market for AIR Class A stock will begin on December 3, 2020. Additionally, the OP Distribution will distribute common limited partnership units to AIR OP unit holders under similar timelines. Aimco advises stockholders to consult tax advisors regarding potential tax implications.
Aimco (NYSE: AIV) announced a 1-for-1.23821 reverse stock split for its common stock, effective November 30, 2020. The move aims to neutralize the dilutive impact of a special dividend declared on October 23, 2020, valued at $8.20 per share. Stockholders can choose to receive the dividend in cash or stock, with the record date set for November 4, 2020. Following the split and dividend, Aimco's total shares outstanding will remain unchanged. Shares will trade on a split-adjusted basis starting December 1, 2020.
Aimco (NYSE: AIV) reported third quarter 2020 results, highlighting challenges due to the pandemic and economic volatility. The company sold a 39% interest in a $2.4 billion California portfolio, reducing financial leverage by $1 billion. A plan was announced to separate its operations into two entities, Apartment Income REIT (AIR) and New Aimco, aimed at enhancing FFO per share and reducing risks. Despite a 5% decline in pro forma FFO per share year-over-year, Aimco anticipates improved trends into 2021. A special dividend of $8.20 was declared, payable November 30, 2020.
Aimco (NYSE: AIV) announced a special dividend of $8.20 per share, consisting of $0.82 in cash and the remainder in common stock, payable after November 30, 2020. This special dividend is influenced by taxable gains from 2020 property sales and includes Aimco's regular fourth-quarter dividend, which accelerates the first dividend payment for 2021. Stockholders can choose between all cash or all stock, subject to proration. To counteract stock dilution from the special dividend, a reverse stock split will occur on November 30, 2020, ensuring total shares remain unchanged.
Aimco (NYSE: AIV) will release its Third Quarter 2020 earnings on October 29, 2020, after market close. A conference call is scheduled for October 30, 2020, at 1:00 p.m. Eastern time to discuss the earnings results. Investors can join the call via domestic dial-in at 1-888-317-6003 or international dial-in at 1-412-317-6061, using passcode 1880227. Aimco is a leading real estate investment trust focused on quality apartment communities across the U.S., owning 125 communities in 17 states and D.C., and is part of the S&P 500.
On October 8, 2020, Aimco announced the awarding of its Aimco Cares Opportunity Scholarship to 20 students living in affordable housing, facilitated by the National Leased Housing Association Education Fund. Aimco has contributed over $1.2 million to this fund, assisting more than 550 students since its inception 12 years ago. The scholarships aim to support students pursuing diverse fields, enhancing educational opportunities for those facing financial barriers. Aimco continues to demonstrate its commitment to social responsibility and education through such initiatives.
Apartments Investment and Management Company (NYSE:AIV) announced a strategic separation of its development company, representing less than 10% of its Gross Asset Value. This move aims to enhance shareholder value by forming a Multi-Family REIT, which is expected to grow Funds from Operations and increase dividends by approximately 5% in 2021. The independent Development Company will pursue diverse investment opportunities with a robust balance sheet of $1.3 billion in assets and $100 million in cash. The Board believes this strategic focus will create substantial value for shareholders.
Aimco has been awarded the BEST Award from the Association for Talent Development (ATD) for the third consecutive year due to its strategic focus on employee talent development. The recognition highlights Aimco's commitment to linking learning with performance and organizational success. With 72% of management positions filled internally, the company emphasizes its efforts in retaining and developing talent through programs like Leading For Impact and the Aimco Performance Learning Systems platform. Aimco is a leading real estate investment trust and trades under the ticker symbol AIV.
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