AIR Communities Announces Date of 2024 Annual Meeting and Continues its Commitment to Corporate Governance Excellence

Rhea-AI Summary

Apartment Income REIT Corp. (AIRC) announces the date of its 2024 annual meeting of shareholders as June 14, 2024. The Board is focused on enhancing governance, with a succession plan for the Chairman in place. Devin Murphy will take over as Chairman at the end of the first quarter. The move to a spring annual meeting cycle aims to address shareholder feedback and improve governance.

DENVER--(BUSINESS WIRE)-- Apartment Income REIT Corp. (NYSE: AIRC) (“AIR” or the “Company”) has announced that the date of its 2024 annual meeting of shareholders will be June 14, 2024.

“The Board continues to have a proactive and thoughtful process to assess Board composition and leadership and seek continuous improvements to AIR’s governance,” commented Ann Sperling, Chairman of AIR’s Governance and Corporate Responsibility Committee. She continued, “We heard from shareholders that they prefer an annual meeting on a more typical spring cycle, and so we have moved our meeting from September to June to be responsive to that feedback.”

As announced last year and discussed with many shareholders, the Board has been working on an orderly succession plan for Thomas L. Keltner, AIR’s Chairman of the Board. Current AIR board member Devin Murphy, who joined the Board in 2020, will take over as Chairman of the Board effective at the end of the first quarter.

“It has been my privilege to serve as AIR’s Chairman since the separation in December 2020 and as a director of Aimco for a number of years before,” said Mr. Keltner. He continued, “I'm excited by what the team has accomplished and even more excited for what is yet to come. Devin is the ideal person to serve as the next independent chairman of AIR’s Board. He is an able leader, an experienced and accomplished real estate executive with deep knowledge of capital markets, real estate investment and finance, and property management and operations. I look forward to supporting Devin in his new role.”

Mr. Murphy commented, “AIR’s Board has a culture of collaboration and a commitment to acting with consensus. I look forward to leading AIR’s Board for the coming years. Terry and the management team are dedicated to creating satisfaction for our residents, great places to work for our team, and strong returns for our shareholders.”

About AIR

Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (“REIT”). AIR’s portfolio comprises 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a simple, predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management. The AIR Edge is a durable operating advantage in driving organic growth, as well as making possible the opportunity for excess returns for properties new to AIR’s platform. For additional information, please visit aircommunities.com.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” “forecast(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, among others, that may affect actual results or outcomes.

Although we believe that the assumptions underlying the forward-looking statements, which are based on management’s expectations and estimates, are reasonable, we can give no assurance that our expectations will be attained. These forward-looking statements reflect management’s judgment as of this date, and we assume no obligation to revise or update them to reflect future events or circumstances. We caution investors not to place undue reliance on any such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240214600620/en/

Matthew O’Grady

Executive Vice President, Capital Markets

(303) 691-4566

Source: Apartment Income REIT Corp

FAQ

When is Apartment Income REIT Corp.'s (AIRC) 2024 annual meeting of shareholders scheduled?

Apartment Income REIT Corp.'s (AIRC) 2024 annual meeting of shareholders is scheduled for June 14, 2024.

Who will take over as Chairman of the Board of Apartment Income REIT Corp. (AIRC) at the end of the first quarter?

Devin Murphy, a current AIR board member, will take over as Chairman of the Board of Apartment Income REIT Corp. (AIRC) at the end of the first quarter.

Why is Apartment Income REIT Corp. (AIRC) moving its annual meeting from September to June?

Apartment Income REIT Corp. (AIRC) is moving its annual meeting from September to June to be responsive to shareholder feedback for a more typical spring cycle.

What qualities make Devin Murphy an ideal candidate for the next independent chairman of AIR's Board?

Devin Murphy is an able leader, an experienced and accomplished real estate executive with deep knowledge of capital markets, real estate investment and finance, and property management and operations, making him an ideal candidate for the next independent chairman of AIR's Board.

What is the focus of AIR's Board in terms of governance and leadership?

AIR's Board is focused on enhancing governance, with a proactive and thoughtful process to assess Board composition and leadership, seeking continuous improvements to AIR's governance.