Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Apartment Investment and Management Company    AIV

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

(AIV)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

APARTMENT INVESTMENT & MANAGEMENT CO : Other Events, Financial Statements and Exhibits (form 8-K)

10/23/2020 | 08:39am EST

ITEM 8.01. Other Events.

Apartment Investment and Management Company ("Aimco") announced today that 2020 property sales, including the previously announced California Joint Venture, generated taxable gains in excess of the company's regular quarterly dividend. On October 21, 2020, the Board of Directors (the "Board") of Aimco declared a special dividend payable to holders of Aimco's common stock as of the close of business on November 4, 2020 (the "Record Date") with an aggregate value of $8.20 multiplied by the number of outstanding shares of Aimco's common stock on the Record Date (the "Dividend Value"), comprised of cash and Aimco common stock. The aggregate cash amount of the special dividend will be $0.82 per share (the "Cash Amount"). This amount includes Aimco's regular quarterly cash dividend for the fourth quarter and accelerates into 2020 the payment of the first regular quarterly dividend for 2021. The aggregate value of Aimco common stock distributed pursuant to the special dividend will be determined by subtracting the Cash Amount from the Dividend Value (with the value of a share of Aimco common stock for this purpose to be determined based on the volume weighted average trading price of a share of Aimco common stock during the ten (10) trading day period ending at the close of business on November 24, 2020 (the "Valuation Period")). The special dividend will be payable after the close of business on November 30, 2020, to stockholders of record as of the close of business on the Record Date. Stockholders will have the opportunity to elect to receive the special dividend in the form of all cash or all stock, subject to proration if either option is oversubscribed. Cash will be paid in lieu of fractional shares. Election materials will be sent to stockholders of record promptly after the Record Date. Stockholders who fail to return a properly completed election form before 5:00 p.m., Eastern Time, on November 20, 2020, will be deemed to have made an election to receive the special dividend in cash, subject to customary proration.

To neutralize the dilutive impact of the Aimco common stock issued in the special dividend, the Board also authorized a reverse stock split, which will be effective on November 30, 2020, immediately after the payment of the special dividend. The split ratio for the reverse stock split will be determined at a later date shortly after the Valuation Period. Total shares of Aimco common stock outstanding following completion of both the special dividend and the reverse stock split will be unchanged from the total shares outstanding immediately prior to the special dividend, however, some individual stockholders may have more Aimco shares, and some individual stockholders may have fewer Aimco shares, after the completion of both the special dividend and the reverse stock split, compared to before, based on their individual elections. The reverse split will ensure comparability of Aimco per share results before and after these transactions.

ITEM 9.01. Financial Statements and Exhibits.

The following exhibits are furnished with this report:



Exhibit
Number       Description

99.1           Press release dated October 23, 2020.

104          Cover Page Interactive Data File (embedded within the Inline XBRL document)

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about APARTMENT INVESTMENT AND MANAGEMENT COMPANY
11/20APARTMENT INVESTMENT & MANAGEMENT CO : Submission of Matters to a Vote of Securi..
AQ
11/19APARTMENT INVESTMENT & MANAGEMENT CO : Temporary Suspension of Trading Under Reg..
AQ
11/19APARTMENT INVESTMENT AND MANAGEMENT : & MANAGEMENT CO Submission of Matters to a..
AQ
11/17APARTMENT INVESTMENT & MANAGEMENT CO : Submission of Matters to a Vote of Securi..
AQ
11/17APARTMENT INVESTMENT AND MANAGEMENT : AIR NAREIT Update - November 2020
PU
11/05APARTMENT INVESTMENT AND MANAGEMENT : Investor Presentation - AIR November Updat..
PU
11/05APARTMENT INVESTMENT AND MANAGEMENT : Aimco Tax Q&A
PU
11/05APARTMENT INVESTMENT & MANAGEMENT CO : Regulation FD Disclosure, Financial State..
AQ
11/03APARTMENT INVESTMENT AND MANAGEMENT : Optional dividend; amount shown is in cas..
FA
11/02APARTMENT INVESTMENT AND MANAGEMENT : & MANAGEMENT CO MANAGEMENT'S DISCUSSION AN..
AQ
More news