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Apartment Investment and Management Company Announces the Pricing of Its Third Common Stock Offering

DENVER, Nov. 22 /PRNewswire/ -- Apartment Investment and Management Company ("AIMCO") (NYSE: AIV) announced today the pricing of its underwritten public offering of 1.1 million shares of its Class A Common Stock at a net price to the Company of $23.428 per share or net proceeds of $25.8 million, which will be used to repay a portion of its acquisition related indebtedness. Upon completion, AIMCO will have 17.4 million shares and OP Units outstanding. The closing price of the stock on the New York Stock Exchange on November 21, 1996 was $24.625.

The common stock offering is being underwritten by Raymond James & Associates, Inc. The underwriter has an over-allotment option to acquire 165,000 additional shares at $23.428 per share, for 30 days.

AIMCO is a real estate investment trust based in Denver, Colorado which holds a geographically diversified portfolio of apartments, primarily serving the middle market. As of November 22, 1996, AIMCO owns or controls 81 multifamily apartment properties containing 20,663 apartment units, 2,815 apartment units in 13 properties are managed for affiliates and 19,599 apartment units in 143 properties are managed for over 100 third party-owners, bringing the total managed portfolio to 237 multifamily apartment properties containing 43,077 apartment units located in the Southeastern, Southcentral, and Southwestern areas of the United States.

 -0- 11/22/96

/CONTACT: Peter Kompaniez, Vice Chairman, 909-336-4821, or Leeann Morein, Senior Vice President, 303-757-8101,, both of AIMCO/


CO: Apartment Investment and Management Co. ST: Colorado IN: FIN SU: OFR

EQ-KL -- LAF009 -- 5688 11/22/96 08:42 EST
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Publication:PR Newswire
Date:Nov 22, 1996
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