Apartment investment and management company increases quarterly common dividend 20 percent to $0.12 per share

Denver--(business wire)--apartment investment and management company (“aimco”) (nyse: aiv) announced today that its board of directors declared a quarterly cash dividend of $0.12 per share of class a common stock for the quarter ended december 31, 2010, payable on february 28, 2011, to stockholders of record on february 18, 2011. the fourth quarter 2010 dividend of $0.12 per share represents a 20% increase over the quarterly dividend paid for the last seven quarters, and is reflective of a better operating environment and more stable capital markets than two years ago. during this time, aimco has strengthened its balance sheet by eliminating all non-recourse debt, reducing near-term maturities of property debt in order to reduce refunding risk and take advantage of today’s low interest rates, and by reducing its cost of preferred equity. terry considine, chairman and chief executive officer, comments, “regular dividends are an important part of aimco shareholder returns so i am pleased that the aimco board of directors increased the dividend at this time. we enter 2011 with optimism concerning the recovery of apartment fundamentals, while remaining cautious about the broader economy. the dividend increase provides shareholders with an improved current return, and also allows aimco to retain significant cash flow both to reduce overall leverage and to reinvest in our portfolio.” aimco will release fourth quarter 2010 earnings on friday, february 4, 2011, before the market opens. the fourth quarter 2010 earnings conference call will be conducted on february 4, 2011, at 1:00 p.m. eastern time. to see the full text of aimco’s fourth quarter 2010 earnings release and obtain details of the earnings conference call, please visit www.aimco.com. aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the united states. aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 801 communities serving approximately 500,000 residents in 43 states, the district of columbia and puerto rico. 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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