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LONDON, UK / ACCESSWIRE / February 27, 2018 / Active-Investors.com has just released a free research report on Apartment Investment and Management Co. (NYSE: AIV) ("AIMCO"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AIV as the Company's latest news hit the wire. On February 22, 2018, AIMCO announced the acquisition of the Bent Tree apartment community in Fairfax County, Virginia. The property deal is valued approximately $160 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Apartment Investment and Management most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Details of the acquisition
The acquisition is expected to result in an increase in the Adjusted Funds from Operations at $0.01 per share within 12 months of getting complete ownership of the property. The Company plans to divest some of its properties with lower cash flows from rental income and growth prospects. The proposed divested properties would be of an equivalent amount as that of the current acquisition. However, the Company is yet to identify these apartment communities with lower expected free cash flow internal rates of return (FCF IRR) and would depend on the pricing. The Company expects that the FCF IRR of the current acquisition to be more than 300 bps (basis points) as the compared to the FCF IRR of the properties being considered for divestment to fund the acquisition of Bent Tree.
The Company relied on bank borrowings to complete the acquisition of Bent Tree.
Commenting on the acquisition Terry Considine, Chairman and CEO of AIMCO, said:
"We are pleased to add Bent Tree to the AIMCO portfolio, increasing our exposure to the attractive Fairfax County submarket. Located within commuting distance of downtown D.C. and just minutes from Dulles International Airport, Bent Tree offers residents convenient access to employment while also providing comfortable homes and onsite amenities that support their suburban lifestyle."
About Bent Tree Apartment Community
The Bent Tree Apartment Community is a property with 748 apartment homes and is located at 13630 Bent Tree Circle, on the western outskirts of Washington, D.C., in suburban Fairfax County, Virginia. Bent Tree is near AIMCO's two other properties which together have 1,000 apartment homes. The community is within a 16-minute drive to the Dulles International Airport while downtown D.C. is less than 25 miles away. The Bent Tree community has a wide selection of apartments ranging from one bedroom and one bath to three bedrooms and 2 bath options. Bent Tree also has amenities like a swimming pool, a fitness center, a clubhouse, a tennis court, a sand volleyball court, a basketball court, and a playground for kids. The Bent Tree community is also pet friendly and has a pet park. The average rent of these apartments is approximately $1,500 per unit. AIMCO believes that Bent Tree falls under the "B" quality community category and has great potential for higher revenues with renovations and enhancements to the units.
About Apartment Investment and Management Co.
Denver, Colorado-based AIMCO is a REIT (real estate investment trust) and is one of the largest owners and operators of apartment homes in US. It provides apartment homes to nearly 250,000 residents. It has ownership interests in 180 communities in 22 states and the District of Columbia. The Company's business is focused on four areas - Property Operations, Redevelopment and Development, Acquisitions and Dispositions, and Retail Leasing.
The Company recently promoted two of its key executives on February 23, 2018. Patti Fielding the current Executive Vice President - Debt, and Treasurer of the Company has been promoted to the position of President - AIMCO Investment Partners and would head the Company's investment partnerships. While, Wes Powell the current Senior Vice President - East Redevelopment has been promoted to the position of Executive Vice President - Redevelopment, and he will lead the Company's redevelopment activities across the nation.
Stock Performance Snapshot
February 26, 2018 - At Monday's closing bell, Apartment Investment and Management's stock was marginally up 0.33%, ending the trading session at $39.01.
Volume traded for the day: 740.35 thousand shares.
After yesterday's close, Apartment Investment and Management's market cap was at $6.10 billion.
Price to Earnings (P/E) ratio was at 907.21.
The stock has a dividend yield of 3.90%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry. This sector was up 1.1% at the end of the session.
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