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Share: Apartment Income REIT Corp. ( AIR ) (NYSE:AIRC) today announced the closing of a new $1.4 billion credit facility, results from first quarter 2021 leasing activity, and increased 2021 guidance. $1.4 Billion Credit Facility On April 14, AIR closed a new $1.4 billion credit facility, providing four-to-five-year money at a current all-in cost of 1.6%. The new term loans refund the existing term loan with a current cost of 2.6%. The transaction lowers 2021 interest expense expectations by $2.5 million, increasing FFO by an equal amount or $0.015 per share. Because the use was refunding existing debt, AIR leverage remains unchanged. Strong Recovery in Apartment Demand The sustained improvements described below support AIR expectations that fourth quarter 2021 occupancy will return to pre-COVID levels and for a continued recovery in property operations. These expectations are further supported by positive leading indicators in AIR s three most pandemic-affected markets of Phila

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