Apartment Income REIT Corp. Completes Separation from Aimco
15 Dicembre 2020 - 12:30PM
Business Wire
Apartment Income REIT Corp. (NYSE: AIRC) (“AIR”) announced today
that it has completed its separation from Apartment Investment and
Management Company (“Aimco”) (the “Separation”), becoming an
independent, publicly-traded, self-managed and self-administered
real estate investment trust.
The distribution of AIR common stock was completed on December
15, 2020, with each Aimco holder of record receiving one share of
AIR Class A common stock for every one share of Aimco Class A
common stock held as of the close of business on December 5, 2020
(the “Record Date”). Stockholders of Aimco will receive cash in
lieu of any fractional shares of Class A common stock of AIR.
Beginning today, AIR will trade “regular way” on the NYSE under
the symbol “AIRC.”
Additionally, in connection with the Separation, AIMCO-GP, Inc.,
the general partner of AIMCO Properties, L.P. (“AIR OP”), AIR’s
operating partnership, effected a pro rata distribution of all of
the outstanding limited partnership units of Aimco OP L.P. (“Aimco
OP”) to holders, as of the close of business on the Record Date. As
a result, Aimco OP is now Aimco’s operating partnership and AIR OP
is now AIR’s operating partnership.
Terry Considine, AIR Chief Executive Officer and Director,
comments, “AIR launches today providing investors with a simple and
transparent way to invest in the multi-family sector and ownership
with public market liquidity of a diversified portfolio of
apartment communities, with low financial leverage, limited
execution risk, best-in-class operations, and sector low management
costs. I would like to thank my fellow AIR directors and teammates
for all their hard work in the formation of AIR. I am proud of the
work we have done and look forward to serving our stockholders
together.”
Citigroup Global Markets Inc. is serving as lead financial
advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is
serving as legal advisor. J.P. Morgan Securities LLC and Morgan
Stanley & Co. LLC also provided financial advisory services to
the company in connection with the transaction.
About AIR
AIR is a real estate investment trust focused on the ownership
and management of quality apartment communities located in the
largest markets in the United States. AIR is one of the country's
largest owners and operators of apartments, with 98 communities in
12 states and the District of Columbia. AIR common shares are
traded on the New York Stock Exchange under the ticker symbol AIRC.
For more information about AIR, please visit our website at
www.aircommunities.com.
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, including,
but not limited to, statements regarding AIR’s portfolio
composition and its capital structure after the Separation,
including regarding its expected leverage and costs. 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
statements are based on management’s current expectations and
beliefs and are subject to a number of risks and uncertainties that
could lead to actual results differing materially from those
projected, forecasted or expected. Although we believe that the
assumptions underlying the forward-looking statements are
reasonable, we can give no assurance that our expectations will be
attained.
Risks and uncertainties that could cause actual results to
differ materially from our expectations include, but are not
limited to: the effects of the coronavirus pandemic on AIR’s
business and on the global and U.S. economies generally; real
estate and operating risks, including fluctuations in real estate
values and the general economic climate in the markets in which AIR
operates and competition for residents in such markets; national
and local economic conditions, including the pace of job growth and
the level of unemployment; the amount, location and quality of
competitive new housing supply; the timing and effects of
acquisitions, dispositions, redevelopments and developments;
changes in operating costs, including energy costs; negative
economic conditions in our geographies of operation; loss of key
personnel; AIR’s ability to maintain current or meet projected
occupancy, rental rates and property operating results; AIR’s
ability to meet budgeted costs and timelines, and, if applicable,
achieve budgeted rental rates related to redevelopment and
development investments; expectations regarding sales of apartment
communities and the use of the proceeds thereof; our ability to
successfully operate as a separate company from Aimco, with a more
narrowed focus; insurance risks, including the cost of insurance,
and natural disasters and severe weather such as hurricanes;
financing risks, including the availability and cost of financing;
the risk that cash flows from operations may be insufficient to
meet required payments of principal and interest; the risk that
earnings may not be sufficient to maintain compliance with debt
covenants, including financial coverage ratios; legal and
regulatory risks, including costs associated with prosecuting or
defending claims and any adverse outcomes; the terms of laws and
governmental regulations that affect us and interpretations of
those laws and regulations; possible environmental liabilities,
including costs, fines or penalties that may be incurred due to
necessary remediation of contamination of apartment communities
presently or previously owned by Aimco; activities by stockholder
activists, including a proxy contest; AIR’s relationship with Aimco
and the ability and willingness of Aimco and its subsidiaries to
meet and/or perform their obligations under contractual
arrangements that have been entered into with AIR and its
subsidiaries in connection with the Separation and their
obligations to indemnify, defend and hold AIR and its subsidiaries
harmless from and against various claims, litigation and
liabilities; the ability to achieve some or all the benefits that
we expect to achieve from the Separation; and such other risks and
uncertainties described from time to time in filings by AIR with
the SEC.
Readers should carefully review the documents AIR files from
time to time with the SEC. Readers should also carefully review the
“Risk Factors” section of AIR’s registration statement relating to
the Separation. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements.
These forward-looking statements reflect management’s judgment
as of this date, and AIR assumes no (and disclaims any) obligation
to revise or update them to reflect future events or
circumstances.
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Conor Wagner Chief Investment Officer (303) 691-4498
investors@aircommunities.com
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