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Investing.com -- Apartment Investment and Management Co (NYSE:AIV) stock rose 3.3% after the company announced it has closed on the sale of four properties in suburban Boston for $490 million and declared a special dividend of $2.23 per share.
The special dividend will be paid on October 15, 2025, to stockholders of record as of September 30, 2025. The company is distributing approximately $330 million to shareholders through this special dividend.
"The timely execution of these asset sales and the associated distribution of proceeds to shareholders reemphasizes Aimco’s commitment to unlocking and maximizing value for stockholders," said Wes Powell, Aimco’s President and CEO.
The four properties sold are Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village. A portion of the sales proceeds were used to retire mortgage loans and pay off the company’s revolving credit facility.
Aimco also reported that its Royal Crest Estates property in Nashua remains under contract with Harbor Group International for $250 million, with closing expected within the next 30 days. Additionally, the previously announced sale of two assets in Miami’s Brickell neighborhood remains on track to close in the fourth quarter of 2025 for $520 million.
If all pending sales are completed, Aimco will close on $1.26 billion of dispositions in 2025, generating approximately $785 million in net proceeds. The company expects to pay off about $100 million of incremental debt and return between $4.00 and $4.20 per share to stockholders.
Due to the size of the special dividend, the New York Stock Exchange has advised that Aimco’s common shares will trade with "due bills" representing the right to receive the special dividend from September 30 through October 15, 2025.
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