SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
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) JUNE 2, 1999
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 (Commission (I.R.S. Employer
of incorporation or File Number) Identification No.)
organization)
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
NOT APPLICABLE
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(Former name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS.
On May 28, 1999, Apartment Investment and Management Company, a
Maryland corporation ("AIMCO"), sold five million shares of Class L
Convertible Cumulative Preferred Stock (the "Preferred Stock") to GE
Captial Equity Investments, Inc for $125 million. The press release of
AIMCO, attached hereto as Exhibit 99.1, relating to the sale of the
Preferred Stock, 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:
Exhibit
Number Description
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99.1 Press Release of AIMCO, dated June 2, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, 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: June 3, 1999 By: /s/ Peter K. Kompaniez
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Peter K. Kompaniez
President and Vice Chairman
EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release of AIMCO, dated June 2, 1999.
EXHIBIT 99.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SELLS $125 MILLION OF CONVERTIBLE PREFERRED STOCK
TO GE CAPITAL
DENVER, COLORADO, June 2, 1999 (NYSE: AIV)
Apartment Investment and Management Company ("AIMCO") announced that
it has sold $125 million of newly issued Class L Convertible Cumulative
Preferred Stock (the "Preferred Stock") to GE Capital through their GE
Equity and GE Capital Real Estate groups, in a private transaction. The
Preferred Stock will have an initial dividend rate, payable quarterly, of
8.1% per annum. The Preferred Stock may be converted, at GE's option, into
shares of AIMCO's Class A Common Stock at a conversion price of $46.48 per
share. After the third anniversary of the date of issuance, AIMCO may
redeem the Preferred Stock for cash. AIMCO used the proceeds from the
Preferred Stock to payoff 100% of its outstanding short-term borrowings.
With the issuance of the Preferred Stock, AIMCO's common and preferred
equity capitalization increased to $3.8 billion and its common and
preferred equity to total market capitalization ratio increased to 62%.
"We are very pleased to have a major long-term investor like GE as
part of the AIMCO investor base. GE was able to initiate, underwrite and
fund the transaction in under 30 days," said Peter Kompaniez, AIMCO's
president and vice chairman.
GE Equity is the private equity group of GE Capital. GE Capital Real
Estate invests in and finances commercial and multi-family residential
properties and provides Asset Management and Loan Servicing. GE Capital,
with assets of more than US$300 billion, is a global, diversified financial
services company with 28 specialized businesses. A wholly-owned subsidiary
of General Electric Company, GE Capital, based in Stamford, CT, provides
equipment management, mid-market and specialized financing, specialty
insurance and a variety of consumer services, such as car leasing, home
mortgages and credit cards, to businesses and individuals around the world.
GE is a diversified manufacturing, technology and services company with
operations worldwide.
AIMCO is a real estate investment trust with headquarters in Denver,
Colorado and 35 regional operating centers, which holds a geographically
diversified portfolio of apartment communities. AIMCO through its
subsidiaries, operates approximately 2,100 properties, including
approximately 375,000 apartment units, and serves approximately one million
residents. AIMCO's properties are located in 49 states, the District of
Columbia and Puerto Rico.
Contact: Peter Kompaniez, President (714) 593-1723
Leeann Morein, Senior Vice President-Investor Services
(303) 757-8101
E-Mail: [email protected]
Web Site: http://www.aimco.com
