Aimco Announces Expansion of Process to Maximize Shareholder Value Following Agreement to Sell Brickell Properties

Core Viewpoint - Aimco is taking significant steps to simplify its holdings and unlock shareholder value through the sale of the Brickell Assemblage in Miami for a gross price of $520 million, with plans to return most of the net proceeds to shareholders [1][2]. Group 1: Transaction Details - Aimco has entered into an agreement to sell properties at 1001 and 1111 Brickell Bay Drive for$520 million, with a non-refundable deposit of $38 million received from the buyer [1]. - The transaction is subject to certain closing conditions and extension options, and upon completion, Aimco will focus on a portfolio of over 5,200 apartment homes and nearly 1,000 newly constructed homes expected to stabilize within 12 months [2]. Group 2: Operational Performance - Since the spin-off of Apartment Income REIT Corp. in December 2020, Aimco has achieved an average annual same-store NOI growth of over 7.6$1.3 billion in development projects [3]. - Aimco has improved corporate governance and, pro forma for the Brickell sale, will have closed over $1.7 billion in asset sales, returning substantial capital to shareholders, including a special dividend scheduled for January 31, 2025 [3]. Group 3: Strategic Initiatives - The Aimco Board of Directors is exploring additional alternatives to maximize shareholder value, which may include asset sales, a sale or merger of the company, and reducing exposure to development activity [5]. - The strategic process is overseen by an independent Investment Committee, with Morgan Stanley & Co. LLC serving as financial advisor [5].