CREATING VALUE
•
BALANCE SHEET & FINANCES
Reducing near-term repricing risk
Aimco made significant progress on its efforts to reduce repricing and refunding risk associated with
approximately $1 billion of near-term debt obligations.
Recent Aimco Progress
$555 million
Weighted average term 9.4 years
Rate-locked property loans
•
Effective weighted average fixed interest rate 4.37%[1]
•
$320 million of proceeds, net of the repayment of existing debt
balances and prepayment penalties
Sales Price: $127 million (~8% more than carried value)
Sold Pathfinder Village
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Net Proceeds: $70 million
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Eliminated $55 million of floating rate debt due 2023
.
Early Repayment of $534 million in notes
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Agreement with AIR
Maturing in January 2024
5.2% interest rate
Estimated $24 million in spread maintenance
Per agreement, if stabilized occupancy is maintained for 12 months
the lease can be terminated
Stabilized Occupancy at
Flamingo Point North Tower
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Upon termination and sale, either to AIR or an outside buyer,
Aimco will satisfy the $150 million construction loan
[1] Effective weighted average interest rate is presented net of monetized swaption proceeds.
Aimco
CREATING
VALUE
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