Apartment Investment Closes 11 Mln. Common Stock Offering - Quick Facts

Apartment Investment & Management Turns To Profit In Q1

Apartment Investment To Present At Citi Global Conference At 9:30 AM ET

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6/26/2012 12:16 PM ET

Apartment Investment and Management Co. (AIV: Quote) said Tuesday it has completed its public offering of about 11.0 million shares of its common stock. This includes 9.0 million shares sold by the company and over 2.0 shares sold by selling stockholders. The company said the shares were sold to the underwriters at a price of $26.74 per share.

The company said it plans to use the net proceeds from this offering, along with available cash, to redeem all outstanding shares of its Class U Cumulative Preferred Stock.

Citigroup and Morgan Stanley acted as joint book-running managers for the offering. Aimco said it has granted the underwriters a 30-day option to purchase an additional 1.35 million shares of its common stock.

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by RTT Staff Writer

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