DENVER--(BUSINESS WIRE)--
Apartment Investment and Management Company ("Aimco") (NYSE: AIV)
announced today that it has commenced a public offering of 8,200,000
shares of its common stock. Aimco intends to use the net proceeds from
this offering to repay indebtedness under its revolving credit facility
and for general corporate purposes.
Citigroup and KeyBanc Capital Markets are acting joint book-running
managers for the offering. Aimco will grant the underwriters a 30-day
option to purchase an additional 1,230,000 shares of its common stock.
Aimco has filed a registration statement (including a prospectus) and a
preliminary prospectus supplement with the SEC for the offering to which
this press release relates. Before you invest, you should read the
prospectus in that registration statement, the preliminary prospectus
supplement and other documents that Aimco has filed with the SEC for
more complete information about Aimco and the offering. You may get
copies of the preliminary prospectus supplement and the accompanying
prospectus, and, when available, the final prospectus supplement,
relating to the offering for free by visiting EDGAR on the SEC Web site
at www.sec.gov
or by contacting: Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146) or KeyBanc
Capital Markets, 127 Public Square, 4th Floor, Cleveland, OH 44114,
Attention: Paul Hodermarsky (facsimile: 216-689-0845).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any offer or sale
of, any securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Aimco is a real estate investment trust that is focused on the ownership
and management of quality apartment communities located in the largest
markets in the United States. Aimco is one of the country's largest
owners and operators of apartments, with 204 communities in 23 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.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking statements
are based on management’s judgment as of this date and include certain
risks and uncertainties. Risks and uncertainties include, but are not
limited to, Aimco’s ability to maintain current or meet projected
occupancy, rental rates and property operating results. Actual results
may differ materially from those described in these forward-looking
statements and, in addition, will be affected by a variety of risks and
factors, some of which are beyond the control of Aimco, including,
without limitation: financing risks, including the availability and cost
of capital markets financing and the risk that our cash flows from
operations may be insufficient to meet required payments of principal
and interest; earnings may not be sufficient to maintain compliance with
debt covenants; real estate risks, including fluctuations in real estate
values and the general economic climate in the markets in which we
operate and competition for residents in such markets; national and
local economic conditions, including the pace of job growth and the
level of unemployment; the terms of governmental regulations that affect
Aimco and interpretations of those regulations; the competitive
environment in which Aimco operates; the timing of acquisitions and
dispositions; insurance risk, including the cost of insurance; natural
disasters and severe weather such as hurricanes; litigation, including
costs associated with prosecuting or defending claims and any adverse
outcomes; energy costs; and possible environmental liabilities,
including costs, fines or penalties that may be incurred due to
necessary remediation of contamination of properties presently owned or
previously owned by Aimco.
In addition, our current and continuing qualification as a real estate
investment trust involves the application of highly technical and
complex provisions of the Internal Revenue Code and depends on our
ability to meet the various requirements imposed by the Internal Revenue
Code, through actual operating results, distribution levels and
diversity of stock ownership.
Readers should carefully review Aimco’s financial statements and notes
thereto, as well as the risk factors described in Aimco’s Annual Report
on Form 10-K for the year ended December 31, 2013, and the other
documents Aimco files from time to time with the Securities and Exchange
Commission (the “SEC”). These forward-looking statements reflect
management’s judgment as of this date, and Aimco assumes no obligation
to revise or update them to reflect future events or circumstances.
Aimco
Elizabeth Coalson, 303-691-4327
Vice President
Investor Relations
or
Investor Relations, 303-691-4350
Investor@aimco.com
Source: Aimco