Aimco Confirms Completion of Lease Termination Transaction, Realizing $100 Million of Value Creation
September 07 2022 - 6:58AM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV) announced today that on September 1, 2022, it completed the
previously announced lease termination transaction with AIR
Communities.
This transaction highlights the successful development and
lease-up of 707 Leahy in Redwood City, CA, Prism in Cambridge, MA,
Flamingo Point North Tower in Miami Beach, FL, and The Fremont on
the Anschutz Medical Campus in Aurora, CO. In addition to the
release of $469 million of leasehold obligations, Aimco received
$200 million in return for cancellation of the leases of the four
properties and realized approximately $100 million of value
creation, approximately 18 months sooner than originally
anticipated.
“We are pleased to have delivered significant value for
shareholders,” commented Wes Powell, Aimco President and CEO. Mr.
Powell continued, “Our team executed effectively on this portfolio
of development projects, and we remain excited about the depth and
quality of our investment pipeline and the opportunity it presents
for future value creation.”
Proceeds were used to repay debt and to increase cash on
hand.
About Aimco
Aimco is a diversified real estate company primarily focused on
value add, opportunistic, and alternative investments, targeting
the U.S. multifamily sector. Aimco’s mission is to make real estate
investments where outcomes are enhanced through its human capital
so that substantial value is created for investors, teammates, and
the communities in which we operate. Aimco is traded on the New
York Stock Exchange as AIV. For more information about Aimco,
please visit its website www.aimco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220907005453/en/
Matt Foster, Sr. Director, Capital Markets and Investor
Relations Investor Relations 303-793-4661, investor@aimco.com
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