DENVER-Locally based Apartment Investment and Management Co., which by some measures is the largest apartment REIT in the country, has completed its modification of its revolving credit facility and term loan. As part of the changes, it will increase the covenant limit on distributions as a percentage of funds from operation to 88% from 80% for the second quarter of this year through the first quarter of next year.

The ratio will be 85% for the second and third quarters of 2004 and 80% thereafter. The quarterly covenant is calculated based on trailing four quarters and is consistent with all other covenant calculations.

The REIT has the right to redeem preferred stock with new common or preferred equity or sales proceeds.

AIMCO owns and operates a geographically diversified portfolio of apartment communities through 19 regional operating centers. AIMCO, through its subsidiaries, operates about 1,760 properties, with about 313,000 apartment units that serve about a million residents. AIMCO properties are in 47 states, the District of Columbia and Puerto Rico.

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