Apartment Investment and Management Company Announces Valuation of Special Dividend is $2.02 Per Share
DENVER--(BUSINESS WIRE)--Mar 13, 2019--Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today announced that the value of its recently announced special dividend is $2.02 per share.
On February 3, 2019, Aimco’s board of directors declared a special dividend on Aimco’s common stock payable on March 22, 2019 to stockholders of record as of the close of business on February 22, 2019. The aggregate amount payable in the special dividend consists of $67.1 million in cash and 4.5 million shares of common stock.
For purposes of determining the value of the shares issued in the special dividend, Aimco used a price of $49.93 per share, which is the volume-weighted average price of Aimco’s common stock on the New York Stock Exchange on March 11 and 12, 2019. The per share amount of the special dividend has been calculated by dividing the aggregate value of the cash and stock by 144,265,870 shares of Aimco common stock, which was the number outstanding at the close of business on the record date.
Until March 8, 2019, stockholders could elect to receive the special dividend in cash or in shares of common stock. Stockholders who made a cash election have been placed in a lottery that will entitle the selected stockholders to receive the entire amount of the special dividend in cash without being subject to the proration described below. Aimco will pay between $10.6 million and $11.0 million of the cash amount to the stockholders selected in the lottery. Stockholders who did not make any election will not participate in the lottery, but will otherwise be deemed to have made a cash election. Following the lottery, if the total remaining cash elections (including deemed cash elections) exceed the aggregate cash amount remaining after lottery payments, each stockholder who made a cash election (including a deemed cash election) but is not selected in the lottery will receive a pro rata portion of the remaining cash amount, and will receive the remaining portion of the special dividend in shares of common stock. As a result, a stockholder making a cash election (including a deemed cash election) will receive at least $0.39 of the special dividend in cash. If the total stock elections exceed the aggregate shares being issued in the special dividend, each stockholder who made a stock election will receive a pro rata portion of the shares, and will receive the remaining portion of the special dividend in cash. Cash will be paid in lieu of fractional shares so that stockholders receive a whole number of shares of common stock. Aimco expects that the entire special dividend will be taxable as dividends to its stockholders, whether paid in common stock, cash or a combination of cash and common stock.
Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country’s largest owners and operators of apartments, with ownership interests in 132 communities in 17 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.
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CONTACT: Aimco Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: REIT COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Apartment Investment and Management Company
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PUB: 03/13/2019 05:32 PM/DISC: 03/13/2019 05:32 PM