AIR Communities Announces two Joint Ventures with a Value of $1.2 Billion; Proceeds to be used to Reduce Indebtedness and Fund Accretive Acquisitions

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Jun 06, 2023

Apartment Income REIT Corp. (NYSE: AIRC) (“AIR”) announced today joint ventures, with two of the world’s largest real estate investors, to recapitalize 11 properties valued at an aggregate of $1.2 billion based on a trailing twelve-month NOI cap rate of 5.6%. AIR will receive $600 million in proceeds (cash and debt relief), as well as asset and property management fees expected to contribute $2.5 million in annual margin. Upon completion of the transactions, AIR total indebtedness to ebitda will be less than 6:1, providing capacity for accretive acquisitions.