\nApartment Investment and Management Company (NYSE: AIV) (\u201cAimco\u201d or the \u201cCompany\u201d), today filed its preliminary proxy materials with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) in connection with the Company\u2019s 2022 Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d). Highlights from the preliminary proxy filing include:\n<\/p>\n
Aimco has undergone a comprehensive transformation following the December 2020 spin-off of Apartment Income REIT Corp (\u201cAIR\u201d)<\/b><\/p>\n The New Aimco Board and leadership team have delivered significant stockholder value during their short tenure<\/b><\/p>\n \nSince the December 2020 spin-off, when the New Aimco Board and all new management team assumed their current roles, Aimco has delivered total stockholder returns of 56%1<\/sup>, significantly outperforming its identified developer peer group, the FTSE Nareit Equity Apartment Index, the MSCI US REIT Index, the S&P 500, and the Russell 2000. The Company has made significant progress over that period across all aspects of its stated growth strategy. Specific accomplishments include:\n<\/p>\n Notwithstanding Aimco\u2019s superior results and the appointment of the New Aimco Board, Aimco stockholder Land & Buildings has provided a notice of competing director nominations<\/b><\/p>\n \nIn the preliminary proxy statement filed today, Aimco disclosed that Land & Buildings Investment Management, LLC submitted to the Company a notice of nomination of three alternative candidates to stand for election to the Aimco Board of Directors. Aimco is committed to regular engagement with stockholders, and has held more than 80 individual meetings with more than 35 current and prospective stockholders in the past 13 months, including stockholders representing more than 80% in the aggregate of Aimco\u2019s outstanding shares of common stock. Following several discussions with Land & Buildings, evaluation of its perspectives and review of its candidates, the New Aimco Board and management strongly believe that Aimco\u2019s three director nominees are best positioned to continue overseeing Aimco\u2019s growth. While the New Aimco Board and management are open to continued dialogue with Land & Buildings, they believe that the alternative candidates are unlikely to bring any expertise or perspectives that are not already well represented in the Aimco boardroom and could disrupt the considerable momentum that the Company has built over the past 21 months.\n<\/p>\n \nThe New Aimco Board is comprised of highly skilled, diverse and dedicated directors who have deep experience and a diversity of viewpoints and are unwavering in their commitment to enhance value for all stockholders.\n<\/p>\n ________________________ About Aimco<\/b><\/p>\n \nAimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector. Aimco\u2019s mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com<\/a>.\n<\/p>\n Forward Looking Statements<\/b><\/p>\n \nThis 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, including, but not limited to, the statements in this document regarding future financing plans, including the Company\u2019s expected leverage and capital structure; business strategies, prospects, and projected operating and financial results (including earnings), including facts related thereto, such as expected costs; future share repurchases; expected investment opportunities; and our 2022 pipeline investments and projects. We caution investors not to place undue reliance on any such forward-looking statements.\n<\/p>\n \nWords such as \u201canticipate(s),\u201d \u201cexpect(s),\u201d \u201cintend(s),\u201d \u201cplan(s),\u201d \u201cbelieve(s),\u201d \u201cplan(s),\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cseek(s),\u201d \u201cforecast(s),\u201d 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 include, but are not limited to: (i) the risk that the 2022 preliminary plans and goals may not be completed in a timely manner or at all, (ii) the inability to recognize the anticipated benefits of the pipeline investments and projects, and (iii) changes in general economic conditions, including as a result of the COVID-19 pandemic. Although we believe that the assumptions underlying the forward-looking statements, which are based on management\u2019s expectations and estimates, are reasonable, we can give no assurance that our expectations will be attained.\n<\/p>\n \nRisks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: the effects of the coronavirus pandemic on the Company\u2019s business and on the global and U.S. economies generally; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, redevelopments and developments; changes in operating costs, including energy costs; negative economic conditions in our geographies of operation; loss of key personnel; the Company\u2019s ability to maintain current or meet projected occupancy, rental rate and property operating results; the Company\u2019s ability to meet budgeted costs and timelines, and, if applicable, achieve budgeted rental rates related to redevelopment and development investments; expectations regarding sales of apartment communities and the use of proceeds thereof; the ability to successfully operate as two separate companies each with more narrowed focus; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by the Company; activities by stockholder activists, including a proxy contest; the Company\u2019s relationship with each other after the consummation of the business separation; the ability and willingness of the Company and their subsidiaries to meet and\/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the business separation and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the business separation.\n<\/p>\n \nIn addition, the Company\u2019s current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on the Company\u2019s ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.\n<\/p>\n \nReaders should carefully review the Company\u2019s financial statements and the notes thereto, as well as the section entitled \u201cRisk Factors\u201d in Item 1A of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2021 and in Item 1A of the Company\u2019s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, and the other documents the Company files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.\n<\/p>\n \nThese forward-looking statements reflect management\u2019s judgment as of this date, and the Company assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.\n<\/p>\n \nWe make no representations or warranties as to the accuracy of any projections, estimates, targets, statements or information contained in this document. It is understood and agreed that any such projections, estimates, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.\n<\/p>\n Important Additional Information and Where to Find It<\/span><\/b><\/p>\n \nThe Company has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) in connection with the solicitation of proxies for the Company\u2019s 2022 annual meeting of stockholders (the \u201c2022 Annual Meeting\u201d). Prior to the 2022 Annual Meeting, Aimco will file a definitive proxy statement (the \u201cProxy Statement\u201d) together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2022 Annual Meeting at the SEC\u2019s website (http:\/\/www.sec.gov<\/a>) or at the Company\u2019s website https:\/\/investors.aimco.com<\/a>) or by contacting MacKenzie Partners, Inc. by phone toll-free at (800) 322-2885 or at (212) 929-5500, by email at proxy@mackenziepartners.com<\/a> or by mail at 1407 Broadway, 27th Floor, New York, New York 10018.\n<\/p>\n Participants in the Solicitation<\/span><\/b><\/p>\n \nThe Company, its directors and certain of its executive officers and other employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Solicitation. Additional information regarding the identity of these potential participants, none of whom, other than Terry Considine, owns in excess of one percent (1%) of the Company\u2019s shares, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the applicable Solicitation Statement and other materials to be filed with the SEC in connection with the Solicitation. Information relating to the foregoing can also be found in the Company\u2019s combined annual report on Form 10-K (the \u201c2021 Annual Report\u201d), filed with the SEC on March 1, 2022. To the extent holdings of the Company\u2019s securities by such potential participants (or the identity of such participants) have changed since the information printed in the 2021 Annual Report, such information has been or will be reflected on Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20220928005963\/en\/<\/a><\/span><\/p>\n \nMatt Foster MacKenzie Partners, Inc. Matthew Sherman \/ Andrew Siegel \/ Greg Klassen KEYWORDS:<\/b> United States North America Colorado<\/p>\n INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Commercial Building & Real Estate Construction & Property REIT<\/p>\n\n
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1<\/sup> TSR calculation as of September 23, 2022\n<\/p>\n<\/p>\n
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Sr. Director, Capital Markets and Investor Relations
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(303) 793-4661
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investor@aimco.com
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Dan Burch
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212-929-5748
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Dburch@mackenziepartners.com
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Joele Frank, Wilkinson Brimmer Katcher
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(212) 355-4449\n<\/p>\n
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