Apartment Investment and Management Company (Aimco) (NYSE: AIV) today announced the results of the stockholders elections relating to the special dividend of $2.02 per share of common stock announced on February 4, 2019, which is payable on March 22, 2019.
Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today
announced the results of the stockholders’ elections relating to the
special dividend of $2.02 per share of common stock announced on
February 4, 2019, which is payable on March 22, 2019.
Until March 8, 2019, stockholders of record as of February 22, 2019
could elect to receive payment of the special dividend in cash or in
shares of common stock. Stockholders who made a cash election were
placed in a lottery that entitled the selected stockholders to receive
the entire amount of the special dividend in cash without being subject
to the proration described below. Stockholders who failed to make an
election by the deadline were deemed to have made a cash election but
were not entitled to participate in the lottery.
The aggregate amount payable in the special dividend consists of $67.1
million in cash and 4.5 million shares of common stock. For purposes of
determining the value of the shares issued in the special dividend,
Aimco used a price of $49.93 per share, which is the volume-weighted
average price of Aimco's common stock on the New York Stock Exchange on
March 11 and 12, 2019.
Summarized results of the dividend elections are as follows:
Holders of 5.4 million shares who elected to receive the dividend in
cash were selected in the lottery and will receive $2.02 per share in
Holders of 127.8 million shares who made no election, or elected to
receive the dividend in cash but were not selected in the lottery,
will receive $0.44 per share in cash and $1.58 per share in common
Holders of 11 million shares who elected to receive the dividend in
shares of common stock will receive $2.02 per share in common stock.
Cash will be paid in lieu of fractional shares so that stockholders
receive a whole number of shares of common stock. Following the special
dividend, Aimco will have approximately 148.8 million shares of common
stock outstanding, the same number that was outstanding immediately
prior to the reverse stock split effected February 20, 2019. Aimco
expects that the entire special dividend will be taxable as dividends to
its stockholders, whether paid in common stock, cash or a combination of
cash and common stock. For purposes of computing the amount of the
taxable dividend, any stock received by a stockholder will be valued at
the closing price of the Aimco common stock on March 22, 2019 ($49.98
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 132 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.