GE Commercial Finance Real Estate - Press Release

Apartment Investment and Management Co., which owns or manages more than 300,000 apartment units, said on Monday it formed a joint-venture with GE Real Estate, putting in about 9,500 units in exchange for about $107 million in cash.

Denver-based Aimco said the 33 properties have a gross value of about $346 million and that GE received a 75 percent non-managing member interest in the venture, which closed Dec. 30. The units have about $204 million in mortgage debt, which was assumed by the joint venture.

The venture is expected to buy more properties this year, including five that are slated to close in the first and second quarter that will bring the total units to more than 10,000.

Aimco, the largest U.S. apartment real estate investment trust, said its annualized funds from operations, a common REIT earnings measure, is expected to be down 2 cents a share because of the transaction.

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