X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

DENVER-A number of executives and others with close ties to locally based Apartment Investment and Management Co., the nation’s largest real estate investment trust by some measures, recently listed about 8.84 million shares of class A common stock in Aimco that they could possibly sell for about $369.7 million. In a prospectus filed with the Securities and Exchange Commission the company noted it would receive no proceeds from the potential sale.

However, because the shares are registered and could be sold, it doesn’t mean they will be. “Because the selling stockholders may sell some or all of the shares offered, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of such shares, no estimates can be given as to the number of shares that will be held by the selling stockholders upon termination of any offering,” the company notes in the SEC document.

Those that listed shares for potential sale include Terry Considine, chairman, president and CEO of Aimco. Considine lists 1.83 million shares owned prior to the offering and 1.16 million shares that are offered shares. The 1.83 million shares includes 254,056 shares currently held; 510,452 shares issued in exchange for common operating partnership units; and 1.06 million shares issuable upon exercise of stock options, according to a footnote in the SEC S-3 document. The 1.16 million shares includes 49,247 share currently held; 41,034 shares in exchange for common OP units; and 1.06 million shares issuable upon exercise of stock options.

Others who listed shares in the offering include Elizabeth Considine, wife of Terry Considine; Miles Cortez, executive vice president, secretary and general counsel of Aimco; Patti Fielding, executive vice president-securities and debt and treasurer of Aimco; Lance Graber, EVP, Aimco Capital Transactions; Paul McAuliffe, EVP; and David Robertson; EVP and president and CEO of Aimco Capital.

A company called Titaho Limited Partnership has 4.9 million shares issuable upon exercise of stock options. Terry Considine’s brother is the trustee for the sole general partners of Titaho, according to a footnote. Another company, Titahotwo Limited Partnership, has 1.197 million shares owned prior to the offering and 535,500 shares in the offering. Terry Considine is the general partner of Titahotwo, according to a footnote.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.