Aimco to redeem 9% convertibles

New York, March 22 - Apartment Investment and Management Co. said it will redeem all its outstanding 9% class P convertible cumulative preferred stock on April 21.

The Denver real estate investment trust will pay $25 per share plus accrued and unpaid dividends of $0.0375 per share.

Up to 5 p.m. ET on April 20, holders can convert their preferreds into common stock at a price of $56 per share. Aimco stock closed at $31.35 Monday.

Funding for the redemption will come from the REIT's recent issuance of class U cumulative preferred stock.

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