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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 25, 2018
_____________________________________________
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(Exact name of registrant as specified in its charter)
_____________________________________________
 
MARYLAND
 
1-13232
 
84-1259577
(State or other jurisdiction
 
(Commission
 
(I.R.S. Employer
of incorporation or organization)
 
File Number)
 
Identification No.)
4582 SOUTH ULSTER STREET
SUITE 1100, DENVER, CO 80237
_____________________________________________
(Address of principal executive offices)
  
(Zip Code)
 
Registrant's telephone number, including area code: (303) 757-8101

NOT APPLICABLE
 (Former name or Former Address, if Changed Since Last Report)
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company o
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act. o








ITEM 8.01.    Other Events.
On July 25, 2018, Apartment Investment and Management Company ("Aimco") issued a press release announcing the closing of the previously announced sale of its Asset Management portfolio and four affordable apartment communities to Related Companies' affordable division for $590 million. With this sale, Aimco completes the exit from its affordable housing line of business.
A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by this reference.
ITEM 9.01.    Financial Statements and Exhibits.
(d)    The following exhibit is filed with this report:
Exhibit Number
Description
Press Release, dated July 25, 2018, issued by Aimco






Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: July 25, 2018
 
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
 
By:
/s/ PAUL BELDIN
 
Paul Beldin
 
Executive Vice President and Chief Financial Officer
 
 






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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


394356055_aimcoheadera02.jpg


Aimco Closes Sale of Asset Management Portfolio to Related Companies
 
DENVER, CO, July 25, 2018 -- Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today announced that the company has closed the previously announced sale of its Asset Management portfolio and four affordable apartment communities to Related Companies’ affordable division for $590 million. With this sale, Aimco completes the exit from its affordable housing line of business.
Aimco’s Asset Management portfolio is a fee-based business in which Aimco has been the general partner in partnerships owning interests in low-income housing tax credit apartment communities. As general partner, Aimco has provided asset management and other services to these partnerships and has received fees and other payments in return. The portfolio sale to Related also includes the Hunters Point communities - four affordable, garden style communities with 604 apartment homes located in San Francisco, CA.
Aimco plans to use the net proceeds of the transaction, after closing costs and repayment of the Hunters Point property debt, to partially fund the previously-announced acquisitions of Bent Tree in Fairfax County, VA and a portfolio of six communities in Philadelphia, PA, and to reduce leverage, including the redemption of Class A preferred stock callable in 2Q 2019.


About Aimco
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 134 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.




Contact:
Aimco Investor Relations
(303) 793-4661
Investor@aimco.com
Suzanne Sorkin
Vice President, Investor Relations/FP&A



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