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Aimco Files Preliminary Proxy Statement

Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), today filed its preliminary proxy materials with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Company’s 2022 Annual Meeting of Stockholders (the “Annual Meeting”). Highlights from the preliminary proxy filing include:

Aimco has undergone a comprehensive transformation following the December 2020 spin-off of Apartment Income REIT Corp (“AIR”)

  • Aimco’s new post-spin majority-independent and reconstituted Board of Directors (the “New Aimco Board”) was appointed following the closing of the December 2020 spin-off of AIR, whereby two-thirds of the pre-spin-off Board resigned and was replaced following a thorough search process assisted by a leading executive and board search firm.
  • Aimco has appointed six of its eight independent directors within the past 21 months, adding a fresh perspective with relevant skills in the areas of real estate finance, capital markets, development and transactions, business operations and board leadership, while retaining three directors with complementary skillsets and important historical knowledge of Aimco’s business operations.
  • Aimco also appointed an all-new executive management team following the spin-off, comprising experienced real estate executives with fresh perspectives as well as a deep understanding of the industry, Aimco and its assets.
  • Aimco developed and communicated a new strategy for growth, focused on value-add, opportunistic and alternative investments, targeting the U.S. multifamily sector.

The New Aimco Board and leadership team have delivered significant stockholder value during their short tenure

Since the December 2020 spin-off, when the New Aimco Board and all new management team assumed their current roles, Aimco has delivered total stockholder returns of 56%1, significantly outperforming its identified developer peer group, the FTSE Nareit Equity Apartment Index, the MSCI US REIT Index, the S&P 500, and the Russell 2000. The Company has made significant progress over that period across all aspects of its stated growth strategy. Specific accomplishments include:

  • Creating $100 million of value from the monetization of successfully executed development and redevelopment projects;
  • Securing significant, high-quality, future development opportunities, more than tripling Aimco's controlled pipeline to a total potential of more than 15 million square feet, located in high-growth markets;
  • Retiring or refinancing more than $1 billion of near-term liabilities, eliminating substantially all of its floating rate exposure;
  • Entering into a strategic capital partnership with Alaska Permanent Fund Corporation providing core equity capital for up to $1 billion of Aimco-led multifamily development projects and creating the opportunity to earn third-party management fees and incentive income;
  • Unlocking $265 million of asset value by selling three stabilized multifamily assets at prices above the values in Aimco’s internal Net Asset Value estimate and by selling a partial interest in our passive minority investment in the life science developer, IQHQ, generating a greater than 50% internal rate of return;
  • Eliminating various legacy entanglements with AIR through the early repayment of the $534 million purchase money note, the reduction of leasehold liabilities from $475.1 million down to $6.1 million, and the amendment of key provisions of the master leasing agreement with AIR;
  • Acquiring approximately 742,164 Aimco shares at a weighted average price of $5.93 per share and increasing the Company’s share repurchase authorization from 10 million to 15 million shares; and
  • Building and maintaining a highly qualified and dedicated team of real estate investment professionals, achieving an all-time Company record employee engagement score of 4.52, out of 5, based on independent third-party surveys.

Notwithstanding Aimco’s superior results and the appointment of the New Aimco Board, Aimco stockholder Land & Buildings has provided a notice of competing director nominations

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Nachrichtenquelle: Business Wire (engl.)
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Disclaimer

Aimco Files Preliminary Proxy Statement Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), today filed its preliminary proxy materials with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Company’s 2022 Annual Meeting of …

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