Aimco Enters Material Definitive Agreement
Ticker: AIV · Form: 8-K · Filed: Dec 30, 2024 · CIK: 922864
| Field | Detail |
|---|---|
| Company | Apartment Investment & Management CO (AIV) |
| Form Type | 8-K |
| Filed Date | Dec 30, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $520 million, $38 million, $20 million, $540 m, $115 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, real-estate, reit
TL;DR
Aimco just signed a big deal, details TBD.
AI Summary
Apartment Investment & Management Co. (Aimco) entered into a material definitive agreement on December 30, 2024. The filing does not disclose specific details of the agreement, such as the counterparty or financial terms, but indicates a significant event for the company.
Why It Matters
This filing signals a significant new contract or partnership for Aimco, which could impact its future operations and financial performance in the real estate investment trust sector.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and implications of the material definitive agreement.
Key Players & Entities
- APARTMENT INVESTMENT & MANAGEMENT CO (company) — Filer
- Aimco OP L.P. (company) — Filer subsidiary
- 20241230 (date) — Agreement Date
FAQ
What type of material definitive agreement did Apartment Investment & Management Co. enter into?
The filing states that Apartment Investment & Management Co. entered into a material definitive agreement on December 30, 2024, but does not specify the nature of the agreement.
Who is the counterparty to this material definitive agreement?
The filing does not disclose the name of the other party involved in the material definitive agreement.
What are the key financial terms or obligations associated with this agreement?
The filing does not provide any details regarding the financial terms or obligations of the material definitive agreement.
When was this material definitive agreement officially entered into?
The agreement was entered into on December 30, 2024.
Does this agreement represent an acquisition, divestiture, or partnership for Aimco?
The filing does not specify whether the agreement is an acquisition, divestiture, partnership, or any other specific type of transaction.
Filing Stats: 915 words · 4 min read · ~3 pages · Grade level 13 · Accepted 2024-12-30 16:30:07
Key Financial Figures
- $520 million — LLC (the "buyer") for a gross price of $520 million (the "Purchase Agreement"). The buyer's
- $38 million — ement"). The buyer's initial deposit of $38 million is now non-refundable, and due diligenc
- $20 million — e has been completed. In exchange for a $20 million increase in the purchase price, to $540
- $540 m — lion increase in the purchase price, to $540 million, the buyer can exercise its optio
- $115 million — the Purchase Agreement to finance up to $115 million of the purchase price with a transferab
- $300 — liability, are estimated to range from $300 to $320 million depending on the buyer'
- $320 million — ty, are estimated to range from $300 to $320 million depending on the buyer's election regar
Filing Documents
- aiv-20241230.htm (8-K) — 59KB
- 0000950170-24-141161.txt ( ) — 209KB
- aiv-20241230.xsd (EX-101.SCH) — 46KB
- aiv-20241230_htm.xml (XML) — 8KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. On December 30, 2024, Apartment Investment and Management Company ("Aimco") entered into an agreement to sell the properties located at 1001 Brickell Bay Drive and 1111 Brickell Bay Drive in Miami, Florida (together referred to as the "Brickell Assemblage") to Brickell Bay Property Owner LLC (the "buyer") for a gross price of $520 million (the "Purchase Agreement"). The buyer's initial deposit of $38 million is now non-refundable, and due diligence has been completed. In exchange for a $20 million increase in the purchase price, to $540 million, the buyer can exercise its option contained in the Purchase Agreement to finance up to $115 million of the purchase price with a transferable seller financing note from Aimco for a period of 18 months at a rate of 12%. If the option is exercised, Aimco's seller financing note will be secured by a lien on the equity interests of the entities through which the buyer is purchasing the Brickell Assemblage. The sale, which is subject to certain closing conditions and extension options, is scheduled to occur as early as March 2025 but may be extended at the buyer's option to the fourth quarter of 2025, with such extensions requiring the buyer to increase its non-refundable deposit. Net proceeds from the transaction, accounting for the associated property-level debt and deferred tax liability, are estimated to range from $300 to $320 million depending on the buyer's election regarding seller financing. Aimco intends to return the majority of the net proceeds from the transaction upon receipt to shareholders. Cautionary Statement Regarding Forward-Looking Statements This Current Report on Form 8-K contains certain 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. Words such as "anticipate(s)," "
SIGNATURES
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 hereunto duly authorized. Dated: December 30, 2024 APARTMENT INVESTMENT AND MANAGEMENT COMPANY /s/ H. Lynn C. Stanfield H. Lynn C. Stanfield Executive Vice President and Chief Financial Officer AIMCO OP L.P. By: Aimco OP GP, LLC, its general partner By: Apartment Investment and Management Company, its managing member /s/ H. Lynn C. Stanfield H. Lynn C. Stanfield Executive Vice President and Chief Financial Officer