Brief: Air Communities Announces Two Joint Ventures With Value Of $1.2 Bln

Apartment Income REIT

06/06/2023 15:23

June 6 (Reuters) - Apartment Income REIT Corp  AIRC.N :
    * AIR COMMUNITIES ANNOUNCES TWO JOINT VENTURES WITH A VALUE
OF
$1.2 BILLION; PROCEEDS TO BE USED TO REDUCE INDEBTEDNESS AND
FUND ACCRETIVE ACQUISITIONS
    * APARTMENT INCOME REIT CORP - AIR WILL RECEIVE $600 MILLION
IN
PROCEEDS (CASH AND DEBT RELIEF) FROM JV
    * APARTMENT INCOME REIT CORP - IN FIRST JV, AIR WILL OWN A
53%
INTEREST IN PARTNERSHIP AND A GLOBAL INSTITUTIONAL INVESTOR WILL
OWN 47%
    * APARTMENT INCOME REIT CORP - TRANSACTIONS ARE NEUTRAL TO
FFO
GUIDANCE EXPECTATIONS FOR YEAR
    * APARTMENT INCOME REIT CORP - IN SECOND JV, AIR WILL OWN A
30%
INTEREST IN PARTNERSHIP AND A GLOBAL ASSET MANAGER WILL OWN 70%,

Source text for Eikon:  ID:nBw1NZ7h6a 
Further company coverage:  AIRC.N 

 ((Reuters.Briefs@thomsonreuters.com;))