Dranoff: APARTMENT INVESTMENT AND MANAGEMENT COMPANY (NYSE:AIV) Files An 8-K Other Events

On April 16, 2018, Apartment Investment and Management Company ("Aimco") and Dranoff Properties, Inc. issued a joint press release and Aimco issued a press release announcing a transaction in which Aimco will acquire a portfolio of six Philadelphia Area apartment communities including 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space for $445 million. The acquisition will be initially funded through Aimco's assumption of $290 million of nonrecourse property debt, $90 million in Aimco Properties, L.P. partnership common units valued in the transaction at Aimco's estimated net asset value of $53 per share, and payment of $65 million in cash funded with bank borrowings pending the sale of lower-rated apartment communities.