Apartment Investment & Management Refinances, Extends And Fixes Debt

In a recent report from Keefe, Bruyette & Woods, Apartment Investment & Management AIV is refinancing, extending and fixing parts of their debt now that the Apartment fundamentals industry are now in recovery. Keefe, Bruyette & Woods maintains a $31.00 price target on AIV. In the report, Keefe, Bruyette & Woods said, "Enhanced maturity profile is positive, but we believe deal is complex and highlights current pricing disadvantage vs unsec. borrowers and company's cost of capital disadvantage (issuing equity below NAV to fund deal)." AIV closed Friday at $26.13.