Apartment Investment and Management Company Announces Valuation of Special Dividend is $2.02 Per Share
March 13 2019 - 5:32PM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV) today announced that the value of its recently announced
special dividend is $2.02 per share.
On February 3, 2019, Aimco's board of directors declared a
special dividend on Aimco’s common stock payable on March 22, 2019
to stockholders of record as of the close of business on February
22, 2019. The aggregate amount payable in the special dividend
consists of $67.1 million in cash and 4.5 million shares of common
stock.
For purposes of determining the value of the shares issued in
the special dividend, Aimco used a price of $49.93 per share, which
is the volume-weighted average price of Aimco's common stock on the
New York Stock Exchange on March 11 and 12, 2019. The per share
amount of the special dividend has been calculated by dividing the
aggregate value of the cash and stock by 144,265,870 shares of
Aimco common stock, which was the number outstanding at the close
of business on the record date.
Until March 8, 2019, stockholders could elect to receive the
special dividend in cash or in shares of common stock. Stockholders
who made a cash election have been placed in a lottery that will
entitle the selected stockholders to receive the entire amount of
the special dividend in cash without being subject to the proration
described below. Aimco will pay between $10.6 million and $11.0
million of the cash amount to the stockholders selected in the
lottery. Stockholders who did not make any election will not
participate in the lottery, but will otherwise be deemed to have
made a cash election. Following the lottery, if the total remaining
cash elections (including deemed cash elections) exceed the
aggregate cash amount remaining after lottery payments, each
stockholder who made a cash election (including a deemed cash
election) but is not selected in the lottery will receive a pro
rata portion of the remaining cash amount, and will receive the
remaining portion of the special dividend in shares of common
stock. As a result, a stockholder making a cash election (including
a deemed cash election) will receive at least $0.39 of the special
dividend in cash. If the total stock elections exceed the aggregate
shares being issued in the special dividend, each stockholder who
made a stock election will receive a pro rata portion of the
shares, and will receive the remaining portion of the special
dividend in cash. Cash will be paid in lieu of fractional shares so
that stockholders receive a whole number of shares of common stock.
Aimco expects that the entire special dividend will be taxable as
dividends to its stockholders, whether paid in common stock, cash
or a combination of cash and common stock.
About Aimco
Aimco is a real estate investment trust focused on the ownership
and management of quality apartment communities located in select
markets in the United States. Aimco is one of the country’s largest
owners and operators of apartments, with ownership interests in 132
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190313005879/en/
Aimco Investor Relations(303) 793-4661Investor@aimco.com
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