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Aimco Announces Sale of Four Properties in Boston for $490 Million and Special Dividend Payment

Strategic Insights

— 2 min read

Aimco, a diversified real estate company, has closed on the sale of four properties in suburban Boston for $490 million. The sale represents a significant milestone in Aimco's efforts to unlock and maximize value for stockholders. As part of this transaction, the company's Board of Directors has declared a special cash dividend of $2.23 per share to be paid on October 15, 2025, to stockholders of record as of September 30, 2025. The payment of this dividend represents more than 25% of the price of Aimco's common shares, triggering "due bills" on the New York Stock Exchange.

Key Takeaways:

  • Aimco has sold four properties in suburban Boston for $490 million, with the sale representing a significant milestone in the company's efforts to unlock and maximize value for stockholders.
  • Aimco's Board of Directors has declared a special cash dividend of $2.23 per share to be paid on October 15, 2025, to stockholders of record as of September 30, 2025.
  • The payment of the special dividend represents more than 25% of the price of Aimco's common shares, triggering "due bills" on the New York Stock Exchange.
  • The four properties sold are Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village.
  • Aimco will distribute approximately $330 million, or $2.23 per share, to stockholders through the special dividend.
  • The company has retired mortgage loans associated with Royal Crest Estates (Marlboro) and paid off in full the balance drawn on Aimco's revolving credit facility.
  • Aimco's only remaining property in the Boston market, Royal Crest Estates (Nashua), remains under contract with Harbor Group for sale at a price of $250 million and is expected to close within the next 30 days.
  • Aimco's previously announced sale of two assets in the Brickell neighborhood of Miami, Florida, remains on track to close in the fourth quarter of 2025 for $520 million.
  • If pending sales are successfully completed, Aimco will close on $1.26 billion of dispositions in 2025 and generate approximately $785 million of net proceeds after retiring associated liabilities.
  • Aimco expects to pay off approximately $100 million of incremental debt and return between $4.00 and $4.20 per share to stockholders.

Statistics:

  • $490 million: the sale price of the four properties in Boston.
  • $2.23 per share: the special cash dividend declared by Aimco's Board of Directors.
  • $330 million: the amount distributed to stockholders through the special dividend.
  • $250 million: the sale price of Royal Crest Estates (Nashua), Aimco's only remaining property in the Boston market.
  • $520 million: the sale price of two assets in the Brickell neighborhood of Miami, Florida.
  • $1.26 billion: the total value of dispositions expected to close in 2025.
  • $785 million: the net proceeds expected to be generated after retiring associated liabilities.
  • $100 million: the amount of incremental debt expected to be paid off.
  • $4.00 to $4.20 per share: the expected return to stockholders.

Sources:

  • "Aimco Announces Sale of Four Properties in Boston for $490 Million and Special Dividend Payment" (PRNewswire)
  • "Aimco Announces Disclosure Related to NSQ Listing" (PRNewswire)
  • "Aimco Announces Separately Announced Sale of Two Multifamily Assets in Miami, Florida for $520 Million" (PRNewswire)
  • "Aimco Announces Distribution Plan for Sale of Four Properties in Boston" (PRNewswire)
  • "Aimco Announces Distribution Plan for Sale of Royal Crest Estates (Nashua)" (PRNewswire)

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