May 23, 2024

AIMCo Realty Completes $900 Million Green Bond Offerings

Edmonton – AIMCo Realty Investors LP (“AIMCo Realty”) today announced that it has concluded the sale of $450 million of aggregate principal amount of Series 6 senior unsecured notes maturing February 15, 2030 (the “Series 6 Notes”) and $450 million of aggregate principal amount of Series 7 senior unsecured notes maturing May 23, 2034 (the “Series 7 Notes”, and together with the Series 6 Notes, the “Notes”). The Notes are AIMCo Realty's second and third green bond issuances pursuant to its Green Financing Framework. The Notes were offered on an agency basis by a syndicate of agents co-led by TD Securities Inc. and Scotia Capital Inc. as Active Joint Bookrunners and CIBC World Markets Inc. and RBC Dominion Securities Inc. as Joint Bookrunners.

The Series 6 Notes have a coupon of 4.64% and are payable in equal semi-annual installments on February 15 and August 15 in each year, commencing August 15, 2024 (short first coupon) until the maturity date. The Series 7 Notes have a coupon of 4.97% and are payable in equal semi-annual installments on May 23 and November 23 in each year, commencing November 23, 2024 until the maturity date. The Notes are rated AA (low) by DBRS Limited.

AIMCo Realty intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in its Green Financing Framework, which is available on Alberta Investment Management Corporation's (“AIMCo”) website.

“We are pleased with the depth of interest from investors for our green bond issuance. The proceeds will enable us to further our objective of delivering strong, risk adjusted returns with durable inflation protection, and deliver high quality sustainable real estate developments that are positioned to perform well in the future,” said AIMCo’s Executive Managing Director, Global Head of Real Estate, Paul Mouchakkaa.

About AIMCo Realty

AIMCo Realty is the primary vehicle of Alberta Investment Management Corporation (AIMCo) to invest in Canadian real estate on behalf of AIMCo's public pension, endowment and government fund clients. AIMCo Realty provides exposure to domestic real estate through direct holdings diversified across property types and geographies.

In keeping with its commitment to transparency, AIMCo's clients and stakeholders will have the ability to assess AIMCo Realty’s progress on its green financing program through annual updates posted to AIMCo's website until the net proceeds of any green financing are fully allocated to eligible green projects. Copies of AIMCo Realty’s Green Financing Framework, and Sustainalytics’ second party opinion are available on AIMCo’s website.

Caution Regarding Forward Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws with respect to AIMCo Realty, AIMCO Realty's expected investment in eligible green projects, and its operations, strategy, financial performance and condition. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "goal" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by AIMCo Realty, including general economic conditions. Although AIMCo Realty believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because AIMCo Realty can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, risks related to: real property ownership; availability of cash flow; competition for real property investments; government regulation; interest rates and financing; environmental matters and AIMCo Realty being unable to obtain any required financing and approvals. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. AIMCo Realty undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any AIMCo Realty securities in any jurisdiction. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

About Alberta Investment Management Corporation

AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$160.6 billion of assets under management as at December 31, 2023. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London, Luxembourg, New York, and Singapore, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries.