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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 2, 1998
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APARTMENT INVESTMENT AND MANAGEMENT COMPANY
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(Exact name of registrant as specified in its charter)
MARYLAND 1-13232 84-1259577
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1873 SOUTH BELLAIRE STREET, SUITE 1700, DENVER, CO 80222-4348
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 757-8101
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NOT APPLICABLE
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(Former name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
The press release of Apartment Investment and Management Company
attached hereto as Exhibit 99.1 is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
The following exhibit is filed with this report:
<TABLE>
<CAPTION>
Exhibit
Number Description
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<S> <C>
99.1 Press Release of Apartment Investment and Management Company
dated September 2, 1998.
</TABLE>
2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
Date: September 2, 1998 By: /s/ Troy D. Butts
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Troy D. Butts
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
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<S> <C>
99.1 Press Release of Apartment Investment and Management Company
dated September 2, 1998.
</TABLE>
4
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EXHIBIT 99.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
COMPLETES FINANCING ARRANGEMENTS FOR
ACQUISITION OF THE MULTI FAMILY BUSINESS
OF INSIGNIA FINANCIAL GROUP, INC.
DENVER, Sept. 2 /PRNewswire/--Apartment Investment and Management Company (NYSE:
AIV)("AIMCO") announced today that it has completed financing arrangements for
the acquisition of the multifamily business of Insignia Financial Group, Inc.
("Insignia") by obtaining a $300 million loan commitment from Lehman Brothers.
Closing of the loan is subject to customary conditions.
Peter Kompaniez, President of AIMCO, indicated that the Insignia
transaction would close in early October 1998, assuming the stockholders of
Insignia approve the transaction. The Insignia stockholders' vote is scheduled
for September 14, 1998.
Mr. Kompaniez also indicated that assuming consummation of the Insignia
merger, AIMCO was "on track" today to meet industry analysts' consensus
estimates for Funds From Operations for 1998 and 1999 of $3.41 per common share
and $3.96 per common share, an increase of 23% and 42% over 1997 results of
$2.78 per common share.
The foregoing estimates of FFO are forward-looking statements that involve
numerous risks and uncertainties that could result in actual results differing
materially from the expectations set forth above. Some of the factors that could
affect the foregoing expectations include general economic conditions,
competition in and performance of local real estate markets, competition from
other property management companies, AIMCO's ability to obtain financing,
increases in interest rates, increases in operating costs and real estate taxes,
as well as other risks detailed from time to time in AIMCO's filings with the
Securities and Exchange Commission.
AIMCO is a real estate investment trust with headquarters in Denver,
Colorado and 15 regional operating centers, which holds a geographically
diversified portfolio of apartment communities. As of July 31, 1998, AIMCO,
through its subsidiaries, owned or controlled 58,890 units in 213 apartment
communities and had an equity interest in 73,444 units in 472 apartment
communities. In addition, AIMCO managed 68,253 units in 357 apartment
communities for third parties and affiliates, bringing the total owned and
managed portfolio to 200,587 units in 1,042 apartment communities. AIMCO's
properties are located in 42 states, the District of Columbia and Puerto Rico.
Upon completion of the previously announced merger with Insignia, AIMCO will
become the largest manager of apartment communities in the United States, with
ownership interests in approximately 251,000 units and an additional 146,000
units managed for third party owners. The 397,000 units in approximately 2,300
apartment communities are located in 49 states, the District of Columbia and
Puerto Rico.
SOURCE Apartment Investment and Management Company
-0- 09/02/98
Contact: Peter Kompaniez, President 909-336-4821, or
Leeann Morein, Senior Vice President of Apartment Investment and
Management Company, 303-757-8101
e-mail: [email protected]/
web Site: http://www.aimco.com/
(AIV)
