Pursuant to the terms of the amended agreement, the purchaser will have the option to acquire the remaining 80% for an additional
So long as the purchaser's option remains unexercised, Aimco will receive a first priority return from any payments made to service or pay down the mezzanine loan equal to
Separately, Aimco monetized its associated interest rate swaption for
In total, Aimco has monetized
This partial sale and amended agreement represent significant progress towards Aimco's goals to reduce exposure to west coast markets and passive investments. I am thankful to the Aimco team for their work and creativity in the face of challenging market conditions,' commented
About Aimco
Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as 'anticipate(s),' 'expect(s),' 'intend(s),' 'plan(s),' 'believe(s),' 'may,' 'will,' 'would,' 'could,' 'should,' 'seek(s)' and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Aimco that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statement. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the risk that the expectations may not be completed, as expected, in a timely manner or at all and (ii) changes in general economic conditions, including, increases in interest rates and as a result of the COVID-19 pandemic. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled 'Risk Factors' in Item 1A of Aimco's Annual Report on Form 10-K for the year ended
Contact:
Tel: 303-793-4661
Email: investor@aimco.com
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