Aimco may accelerate property sales in order to redeem preferreds

By Angela McDaniels

Tacoma, Wash., May 3 - Apartment Investment and Management Co. is considering selling in 2012 properties otherwise expected to be sold in 2013 and 2014 and using the proceeds to redeem high-cost preferred stock, according to the company's earnings release for the first quarter.

The company's target ratio of debt and preferred equity to EBITDA is less than 7 times. At the end of the first quarter, its trailing-12-month ratio was 9.7 times.

Aimco is a Denver-based real estate investment trust focused on the ownership and management of apartment communities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.