Leading Proxy Advisory Firm Glass Lewis Recommends that Aimco Stockholders Vote “FOR” Aimco’s Three Highly Qualified Director Nominees

Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”) today announced that Glass Lewis & Co. (“Glass Lewis”), a leading independent proxy advisory firm, has recommended that Aimco stockholders vote “FOR” Aimco’s three highly qualified director nominees, Jay Paul Leupp, Michael A. Stein and R. Dary Stone, on the WHITE proxy card in advance of the Company’s December 16, 2022 Annual Meeting of Stockholders (“Annual Meeting”).

In its report dated December 1, 2022, Glass Lewis stated¹:

“Based on our review and analysis, having evaluated the arguments made by L&B, Aimco's responses, and other considerations, we do not believe there is a compelling case to warrant board change at this time, nor do we believe L&B's nominees would be additive to the Aimco board. We find the Company's performance has been generally strong and its valuation broadly in-line with peers, particularly as of late. We believe current leadership deserves credit for the numerous actions it has taken related to Aimco's business, operations and corporate governance, which appear to have been the main drivers underlying Aimco's recent share price outperformance.”

“Moreover, we don't consider either L&B nominee to be particularly additive or the right fit for the Aimco board. And we would have serious misgivings about the board losing certain expertise and perspective that the incumbent directors possess under any of the alternative voting scenarios described above. Specifically, it appears both L&B nominees have a similar skill set and are meant to fulfill the same purpose on the Aimco board, which would seem to be to primarily assist with investor communications and capital allocation.”

On Aimco’s Performance:

“In our view, Aimco's share price outperformance and the narrowing of its NAV trading discount to peers… have been driven primarily by the actions taken by the current board and management team since the spin-off, as well as Aimco's operational execution and financial results, which for the most part appear to have given investors reason to believe in the Company's strategy, performance and management.”

“Thus, while we acknowledge Aimco's persistent discount to NAV, given that both developer and apartment REIT peers have also recently traded at significant discounts to NAV, this currently appears to be more of an industry-wide issue than an Aimco-specific problem, in our opinion.”

“Given the timing of Aimco's valuation gap narrowing (which we acknowledge partially overlaps with L&B's involvement and public campaign) and the consistency with which Aimco has recently traded with peers on a price-to-NAV basis, we do not believe recent trading activity can be attributed solely to investor "hope" stemming from the Dissident's campaign.”