Aimco Highlights Successful Execution of Strategy, Governance Enhancements and Commitment to Further Enhancing Stockholder Value

Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), following extensive engagement with and feedback from stockholders, today announced several actions to accelerate value creation and enhance corporate governance.

Since the December 2020 spin-off of Apartment Income REIT (AIR), Aimco has successfully executed a growth strategy focused on value add, opportunistic and alternative investments, targeting the U.S. multifamily sector. The Company has effectively managed its high-quality portfolio of real estate investments, fortified its balance sheet, substantially added to its pipeline of development opportunities, sourced growth capital and simplified its story through further separation from AIR Communities. These important milestones were reached more than a year earlier than originally projected.

The implementation and acceleration of the Aimco strategy has resulted in total stockholder returns of 45%¹, significantly outperforming the Company’s identified developer peer group², the FTSE NAREIT Equity Apartments Index, the MSCI US REIT Index, the S&P 500 Index and the Russell 2000 Index.

The Company has also consistently prioritized investor engagement and, over the past 13 months, has met with stockholders representing more than 80% of Aimco’s outstanding shares of common stock.

As a direct result of these discussions and the maturing of the Aimco business, Dary Stone, Chairman of the Nominating, Environmental, Social, and Governance Committee, announced that the Board has decided to take the following actions:

• Declassify the Board in 2023: Given the success of Aimco’s strategic plan, the Aimco Board will accelerate the Company’s previously planned transition to annual elections for all directors for one-year terms beginning at the 2023 annual meeting.
• Opt out of MUTA: The Aimco Board will opt out of the provisions of the Maryland Unsolicited Takeover Act, or MUTA, that allow it to re-classify the Board without the approval of stockholders.
• Transition Timing of the Annual Meeting Date: The Board intends to move the date of the Company’s annual meeting so the 2024 annual meeting will be held by the end of the second quarter of 2024.

While Aimco’s reconstituted Board and new management team have outlined and implemented a clear strategy for the Company that has delivered strong results, the Board is mindful that Aimco shares have continued to trade at a meaningful discount to the inherent value of the Company’s assets and growing platform.