Aimco Announces Estimated Financial Impact of Hurricane Irma

Business Wire 15-Sep-2017 6:00 PM

DENVER--(BUSINESS WIRE)-- Apartment Investment and Management Company (Aimco) (NYSE:AIV) today announced its preliminary opinion of the impact of Hurricane Irma. Executive Vice President and Chief Financial Officer Paul Beldin said: Thankfully neither Aimco teammates nor Aimco residents sustained serious injuries. Aimcos six Florida properties experienced minimal damage whose cost to repair is estimated at $1.5-$2.5M. The majority of the costs relate to the cleanup and repair of landscaping, water intrusion repair, and roofing repairs. Leasing activities were disrupted during the storm and the prior evacuations but we expect that disruption will have only shifted leasing into later periods.

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding damage estimates, projected results, and forecasts for the remainder of the year. These forward-looking statements are based on managements judgment as of this date, which is subject to risks and uncertainties. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond Aimcos control.

About Aimco

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the countrys largest owners and operators of apartments, with ownership interests in 187 communities in 22 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

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Aimco Lynn Stanfield Sr. Vice President, FinanceInvestor Relations, 303-793-4661Investor@aimco.com

Source: Apartment Investment and Management Company