Apartment Income REIT pays down revolver, term loans

By Mary-Katherine Stinson

Lexington, Ky., July 5 – Apartment Income REIT Corp. announced the repayment of borrowings under its revolving credit facility and also the repayment of term loans, according to a press release.

Additionally, the company used $400 million from a partial repayment from Apartment Investment and Management Co. for a $534 million note to repay bank debt.

With the repayment, the company repaid $350 million of term loans and reduced borrowings under its revolver on June 21.

The company stated it expects to the balance on the loan to be repaid by Sept. 30, 2022.

After giving effect for the new $400 million of notes and the repayments, Apartment Income REIT will have the following outstanding: $1.6 billion of secured property level debt and $1.2 billion of fixed-rate debt comprised of the $400 million new privately placed unsecured fixed-rate notes and $800 million of term loans subject to various swap agreements.

Denver, Colo.-based Apartment Income REIT is a real estate investment trust focused on the ownership and management of quality apartment communities located in the largest markets in the United States with 76 communities in 11 states and the District of Columbia.

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