Apartment Inv. and Manag. Company completes a series of large financing transactions: AIV

has completed a series of financing transactions over the last six months that repaid 19 non-recourse property loans scheduled to mature between 2012 and 2016 with proceeds from new long-term, fixed-rate, non-recourse property loans. The new loans, which total $674 million, were closed in three parts; $219 million closed in December 2010, $121 million closed in March 2011, and $334 million closed in May 2011… As part of the securitization transaction, Aimco has agreed to purchase the first loss position and mezzanine position from the securitization trust, effectively reducing Aimco’s debt obligation. Under this agreement, Aimco will acquire notes with a face value of $101 million for ~$51 million and the $50 million discount will be accreted into income over the ten-year term of the notes.

Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust (REIT) that engages in the acquisition, ownership, management, and redevelopment of apartment properties. Through Aimco’s wholly owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, it owns a majority of the ownership interests in AIMCO Properties, L.P., which it refers to as the Aimco Operating Partnership. It also provides management services to third-party owners. The Company’s business is organized around two activities: Property Operations and Portfolio Management. As of December 31, 2010, the Company held an interest of approximately 93% in the common partnership units and equivalents of the Aimco Operating Partnership. As of December 31, 2010, Aimco owned or managed a real estate portfolio of 768 apartment properties containing approximately 123,000 apartment units located in 43 states, the District of Columbia, and Puerto Rico.