DENVER, September 07, 2022--(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.
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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Matt Foster, Sr. Director, Capital Markets and Investor Relations
Investor Relations 303-793-4661, firstname.lastname@example.org