Aimco Comments on Proxy Advisory Firm Recommendations
Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”) today commented on a report published by Institutional Shareholder Services Inc. (“ISS”) in connection with Aimco’s 2022 Annual Meeting of Stockholders (“Annual Meeting”), to be held on December 16, 2022.
We are pleased that ISS recommends stockholders vote FOR Jay Paul Leupp and Dary Stone at the Company’s upcoming Annual Meeting. However, although ISS acknowledges the strength and independence of the Board’s director nominees and the Company’s relative TSR outperformance, we respectfully disagree with ISS’s recommendation that stockholders support James Sullivan over Michael Stein. We acknowledge that Mr. Sullivan is an experienced real estate analyst, but he has no public company board or executive management experience and does not provide any expertise that is not currently represented on the Aimco Board.
We believe that replacing Michael Stein would deprive the Company of unique skills and expertise essential to advancing Aimco’s strategy and driving continued value creation. Mike has a deep understanding of Aimco and has overseen strategic corporate transactions that unlock stockholder value as evidenced by his efforts at Marriott International, ICOS Corporation and Getty Images, Inc. He has been an important contributor to our reconstituted Board and has embraced change and Aimco’s new strategic direction. Mike knows the Company’s assets and is using his experience to help oversee the Board’s ongoing evaluation of options to enhance value.
Importantly, leading proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) recognizes that Aimco has the right Board and the right strategy to continue enhancing value for stockholders. In its December 1, 2022, report, Glass Lewis recommends Aimco stockholders vote FOR each of Aimco’s three director nominees – Jay Paul Leupp, Michael A. Stein and R. Dary Stone – on the WHITE proxy card.
The Aimco Board is committed to acting in the best interests of stockholders and will continue to act as its own agent of change for the benefit of all Aimco stockholders. The Aimco Board strongly urges stockholders to vote “FOR” Aimco’s three highly qualified directors – Jay Paul Leupp, Michael A. Stein and R. Dary Stone – standing for re-election at the annual meeting on the WHITE proxy card.
If you have questions or require any assistance with voting your shares, please contact the Company’s proxy solicitor listed below:
MacKenzie Partners, Inc.