Apartment Investment and Management Company (Aimco) announced on April 30 that its Board of Directors has declared a $1.30 per share liquidating distribution, scheduled for payment on June 3 to stockholders of record as of May 15.
The announcement is significant as it marks another step in Aimco’s ongoing strategic liquidation process, which aims to maximize returns for its stockholders following the approval of the Plan of Sale and Liquidation earlier this year.
According to the company, the distribution will be funded from net proceeds generated by recent asset sales. This includes $0.90 per share related to twelve properties under contract as previously disclosed, plus an additional $0.40 per share from sales such as 1045 on the Park in Atlanta, Aimco’s partnership interest in The Casas portfolio, and excess cash on hand.
Because this liquidating distribution represents more than 25% of Aimco’s common share price, the New York Stock Exchange has advised that shares will trade with “due bills” between May 15 and June 3. During this period, sellers transfer their right to receive the distribution to buyers through due bill obligations handled by brokers. Aimco said it is not responsible for settling or processing these due bills and encourages investors to consult their brokers about these procedures.
On February 6, Aimco’s common stockholders approved a plan directing all assets be sold in an orderly fashion with net proceeds returned to shareholders after liabilities are paid. Before adopting this plan, Aimco focused on real estate investments primarily within U.S. multifamily markets.
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