Apartment Investment & Management Co. Upping Refi Action

Apartment Investment & Management Co. has decided to focus on reducing refunding risk by accelerating refinancing of property loans maturing prior to 2012, based on the results of its recently released third-quarter activity. According to the Denver-based real estate investment manager's earnings statement, AIMCO's share of property debt maturing during 2009 through 2011 was $221.3 million at the start of the quarter. During thev third quarter, through refinancing, repayment and property sales, AIMCO reduced these maturities by $36.8 million. As of Sept. 30, the balance of property debt maturing through 2011 totaled $184.5 million in nine loans. Of these loans, refunding risk has since been eliminated on all but four loans totaling $164 million, which the company expects to be refinanced at their maturity in 2011.