Apartment Invt & Mgmt Co Stock Price, News & Analysis

Apartment Investment and Management Company (NYSE: AIV) announced the resignation of Mr. Terry Considine from its board of directors, acknowledging nearly 30 years of service. Mr. Considine played a pivotal role in the company's history, including its IPO in 1994 and its growth into the largest owner and operator of apartment homes in the U.S. His leadership has been credited with doubling net asset value per share during challenging times. While he will focus on his role as CEO of Apartment Income REIT Corp. (AIR), he remains an Aimco shareholder, expressing confidence in the current management team.

Apartment Investment and Management Company (NYSE: AIV) has announced the appointment of R. Dary Stone as Chairman of the Board, effective February 1, 2023. Mr. Stone, a board member since December 2020, brings extensive experience in real estate and finance. Alongside this leadership change, several committee appointments were made, including Quincy L. Allen as Chairman of the Nominating Committee and Patricia L. Gibson as Chairwoman of the Investment Committee. The Board aims to enhance governance and shareholder value through these changes. Aimco continues to focus on multifamily investments in the U.S. market.

Apartment Investment and Management Company (NYSE: AIV) shareholders have elected Jim Sullivan to the Board of Directors, replacing incumbent Michael Stein. This marks the first contested election conducted under the new universal proxy card voting regulations. Jim Sullivan received over twice as many votes as Stein, signaling shareholder discontent with the current management.

Jonathan Litt, Founder of Land & Buildings, expressed confidence in Sullivan's ability to bring necessary change and accountability to Aimco, enhancing value for shareholders.

Apartment Investment and Management Company (NYSE: AIV) has reported preliminary results from its 2022 Annual Meeting of Stockholders, where stockholders voted to elect nominees Jay Leupp, Dary Stone, and Jim Sullivan to the board. Aimco's management thanked shareholders for their input since the December 2020 spin-off of Apartment Income REIT Corp. The company emphasized its value-creation strategy, which has led to strong total shareholder returns and a solid financial outlook. The final election results will be certified by an independent Inspector of Elections.

Apartment Investment and Management Company (AIV) announced an upcoming Annual Meeting of Stockholders on December 16, 2022. The company is urging investors to vote for its three independent director nominees: Jay Leupp, Michael Stein, and Dary Stone, emphasizing their qualifications and successful strategies since the spin-off of Apartment Income REIT Corp. in December 2020. The statement highlights strong stockholder returns and governance enhancements, including declassifying the Board and adopting best practices. Aimco's management is committed to maximizing stockholder value and engaging with investors.

Land & Buildings Investment Management has issued a letter urging Aimco shareholders to vote for their nominees Michelle Applebaum and Jim Sullivan, citing a need for increased board independence to close the company's significant discount to net asset value (NAV). The letter highlights Aimco's poor corporate governance, resistance to shareholder input, and ongoing underperformance in the market. Institutional Shareholder Services (ISS) supports these claims, suggesting Aimco's leadership has failed to adequately communicate with investors.

Apartment Investment and Management Company (NYSE: AIV) has announced significant changes to enhance corporate governance. Key actions include opting out of the Maryland Unsolicited Takeover Act (MUTA), declassifying the Board to require annual elections, and amending the bylaws to lower the threshold for calling special meetings to 15% of shares outstanding. These changes aim to increase stockholder rights and engagement. The 2023 annual meeting is expected to be held by the end of Q3 2023, with the 2024 meeting slated for Q2 2024.

Apartment Investment and Management Company (NYSE: AIV) has announced measures to enhance corporate governance and accelerate value creation for shareholders. Following the December 2020 spin-off of Apartment Income REIT, Aimco has reported a total stockholder return of 45%. The Board plans to declassify its structure in 2023, opt-out of the Maryland Unsolicited Takeover Act, and move the annual meeting to mid-2024. Aimco is evaluating strategies to enhance stockholder value amid shares trading below asset value, including asset monetization and share repurchases.

Aimco (NYSE: AIV) reported strong third quarter results for 2022, with net income per share of $0.19, a significant rise from $(0.03) in Q3 2021. Revenues increased by 11.0% year-to-date, with net operating income (NOI) up 15.8%. The company maintained a solid balance sheet, holding $375.4 million in liquidity. Aimco's development projects, particularly in Miami, showed promising demand, achieving 35% lease-up ahead of expectations. The company actively repurchased shares, totaling over 1.3 million year-to-date, while successfully closing a $669 million lease termination with AIR, enhancing shareholder value.