Aimco says it has determined that the total carrying amount of its Lincoln Place property in Venice is no longer probable of recovery, which will result in an $85.4 million impairment loss in the fourth quarter. It is also writing off $5.7 million of value at its vacant Treetops property immediately south of San Francisco in San Bruno, CA.
In addition, the company is writing off $16.3 million of value related to its 20% passive interest in Casden Properties LLC, an entity organized to re-entitle and develop land parcels in Southern California.
Aimco is one of the largest owners and operators of apartment communities in the United States with 1,067 properties, including 178,083 apartment units, in 46 states, the District of Columbia and Puerto Rico. The company's share price fell 9.4% to 6.5% at $9.47 on Thursday.
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