<\/a><\/p>\n\nThe full letter is included below:\n<\/p>\n
\nDear Fellow Shareholders,\n<\/p>\n
\nThis week you will be faced with an important choice that we believe will determine the future of your investment in Apartment Investment and Management Company (NYSE: AIV) (\u201cAimco\u201d or the \u201cCompany\u201d):\n<\/p>\n
\n1)\u00a0You can vote for more of the same at Aimco \u2013 where an ingrained disregard for shareholders<\/span> and chronic inability to realize the full value of its assets<\/span> have continued to define the Company even after its December 2020 spin off (the \u201cSpin\u201d).\n<\/p>\n\nOR\n<\/p>\n
\n2)\u00a0You can vote for the two exceptionally qualified nominees from Land & Buildings Investment Management, LLC (together with its affiliates, \u201cLand & Buildings\u201d, \u201cus\u201d or \u201cwe\u201d). These two individuals \u2013 Michelle Applebaum and James (\u201cJim\u201d) P. Sullivan \u2013 would bring sorely needed independence to the boardroom<\/span> and help address what leading proxy advisory firm Institutional Shareholder Services Inc. (\u201cISS\u201d) called a persistently \u201cmeaningful discount to (Aimco\u2019s) publicly stated NAV\u201d driven by \u201cinsufficient investor communication\u201d, \u201cpotential conflicts of interest with AIRC\u201d, and a \u201cshareholder-unfriendly view of governance.\u201d1<\/p>\n\nConsider the following:\n<\/p>\n
\nOur latest attempts to reach an amicable solution in the best interests of Aimco shareholders were rebuffed<\/span>\n<\/p>\n\nThis past weekend (December 10th), we reached out to Aimco CEO Wes Powell at the behest of one of the Company\u2019s large institutional shareholders to try to once again settle the proxy contest amicably. While we put forward a number of constructs for a compromise, unfortunately Aimco was unwilling to agree to any deal that included any of its current nominees stepping off the Board of Directors (the \u201cBoard\u201d), in spite of the additional cost to shareholders of continuing through to a contested meeting.\n<\/p>\n
\nIn our view, this is more of the same from Aimco and reflects its troubling pattern of doing the bare minimum in an attempt to maintain the status quo. As ISS noted, \u201cAIV has a history of governance measures that are not consistent with best practices, particularly as it relates to shareholder rights,\u201d and \u201c[T]he AIV board has demonstrated resistance to shareholder input,\u201d when it comes to considering investor-recommended director candidates.\n<\/p>\n
\nThis election may be the only opportunity to finally shift the status quo at Aimco \u2013 and the only way to assure this happens is by voting for our two nominees. We cannot underscore enough the importance of exercising your fundamental right to elect directors at the upcoming Annual Meeting. Vote for real change and accountability in the boardroom on the BLUE universal proxy card TODAY.\n<\/p>\n
\nAimco\u2019s corporate governance failings and last-minute maneuvers<\/span>\n<\/p>\n\nOver the past few weeks, Aimco has issued two separate announcements pledging to reverse some of its most egregious governance practices. It is important to see these maneuvers for what they are: transparently self-serving moves of desperation aimed at winning last-minute shareholder support, rather than a sincere effort to improve corporate governance.\n<\/p>\n
\nSpecifically regarding Aimco nominee Michael Stein \u2013 who chairs the Investment Committee and has been on the Board for 18 years \u2013 ISS notes: \u201cStein’s presence during the governance failures before the spin-off, as well as his stated support, during engagement with ISS, for the decision to proceed with the spin-off without holding the special meeting requested by shareholders, suggests a shareholder-unfriendly view of governance.\u201d\n<\/p>\n
\nWe simply believe shareholders deserve better \u2013 including directors who will take proactive measures to benefit shareholders and not only act due to outside pressure.\n<\/p>\n
\nWe see an opportunity to reverse Aimco\u2019s discount to NAV with improved independent oversight of capital allocation<\/span>\n<\/p>\n\nWe believe there is an approximate 60% upside to net asset value (\u201cNAV\u201d)at Aimco \u2013 but change is urgently needed. As ISS points out, \u201cAIV has persistently traded at a meaningful discount to its publicly stated NAV.\u201d\n<\/p>\n
\nThe Company has underperformed for years and has been undervalued both pre- and post-Spin. Pre-Spin, Aimco was a persistent underperformer based on TSR compared to its apartment peers, consistently trading well below NAV. Following the Spin, Aimco has continued to trade at a deep discount to its own stated NAV, yet is pursuing a large-scale acquisition and development growth plan that requires an effective cost of capital the Company does not possess.\n<\/p>\n
\nLand & Buildings believes it is critical to improve stewardship and oversight at the Board level now, as Aimco embarks on its planned ambitious >$2.5B development pipeline, while making substantial capital allocation decisions over the next year that will have a long-lasting impact on shareholder value. Our analysis is in line with the Company\u2019s own stated year-end 2022 NAV of $12\/share, yet Aimco trades at a 9% implied cap rate today and will need to make serious improvements to reach its NAV goals.\n<\/p>\n
\nIndependent oversight is needed now to execute on Aimco\u2019s vague promise to evaluate a \u201cbroad range of options to enhance stockholder value.\u201d ISS echoes these concerns about the current Board\u2019s ability to properly evaluate the Company\u2019s go-forward strategy, stating, \u201c\u2026 the lack of detail from the company regarding its development pipeline makes it difficult for shareholders to estimate the potential value of these developments and track management’s execution. While it may be difficult to assign a precise dollar value to the potential impact of a more robust investor communication program, the current state of disclosure is an obvious impediment to reducing the company’s discount to NAV.\u201d\n<\/p>\n
\nOur independent nominees possess the qualifications and experience desperately needed to guide the Company going forward<\/span>\n<\/p>\n\nIt is our strong view that our independent and exceptionally well qualified and experienced nominees \u2013 Michelle Applebaum and Jim Sullivan \u2013 are the right individuals needed to help maximize shareholder value, drive improved accountability and realize Aimco\u2019s true potential.\n<\/p>\n
\nMs. Applebaum has been a shareholder advocate for more than 30 years and is well-positioned to help Aimco improve its corporate governance, make smarter investment decisions, and regain credibility among the investment community.\n<\/p>\n
\nMr. Sullivan has been a highly respected REIT analyst for more than 25 years and can help improve Aimco\u2019s capital allocation, overall strategy, and investor outreach. ISS noted, \u201cSullivan would add an independent voice, and his professional experience as a real estate analyst at Green Street, the leading independent sell-side research firm focused on real estate, could be instrumental to the company’s efforts to obtain sell-side analyst coverage and improve its investor communications program.\u201d\n<\/p>\n
\n***\n<\/p>\n
\nNow is the time for shareholders to make their voices heard and ensure that Aimco charts a course that maximizes value.\n<\/p>\n
\nWE STRONGLY URGE AIMCO SHAREHOLDERS TO VOTE THE BLUE UNIVERSAL PROXY CARD TODAY FOR THE ELECTION OF BOTH OF LAND & BUILDINGS\u2019 HIGHLY QUALIFIED AND EXPERIENCED NOMINEES\n<\/p>\n
\nSincerely,
\n
Jonathan Litt
\n
Land & Buildings Investment Management, LLC\n<\/p>\n
\n_____________________
\n
1 Permission to quote ISS was neither sought nor obtained. Emphases added.\n<\/p>\n
Contacts <\/p>\n
\nMedia
Longacre Square Partners
\n
Dan Zacchei
\n
dzacchei@longacresquare.com<\/a>\n<\/p>\n\nInvestors
Saratoga Proxy Consulting
\n
John Ferguson
\n
(212) 257-1311<\/p>","protected":false},"excerpt":{"rendered":"
Leading Proxy Advisory Firm ISS Concluded \u201cIncreased Independence\u201d is \u201cWarranted\u201d at the Board Level in Order to Help Close the Value Gap at Aimco Land & Buildings\u2019 Recent Attempt to Settle Proxy Contest Amicably Was Rejected by Aimco Leadership \u2013 Further Demonstrating the \u201cResistance to Shareholder Input\u201d Flagged by ISS Aimco\u2019s Poor Corporate Governance Practices, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-842421","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\n
Land & Buildings Issues Letter to Aimco Shareholders Highlighting Why Board Change Is Needed Now - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Land & Buildings Issues Letter to Aimco Shareholders Highlighting Why Board Change Is Needed Now - BeBeez\" \/>\n<meta property=\"og:description\" content=\"Leading Proxy Advisory Firm ISS Concluded \u201cIncreased Independence\u201d is \u201cWarranted\u201d at the Board Level in Order to Help Close the Value Gap at Aimco Land & Buildings\u2019 Recent Attempt to Settle Proxy Contest Amicably Was Rejected by Aimco Leadership \u2013 Further Demonstrating the \u201cResistance to Shareholder Input\u201d Flagged by ISS Aimco\u2019s Poor Corporate Governance Practices, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/\" \/>\n<meta property=\"og:site_name\" content=\"BeBeez\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-13T17:08:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Land & Buildings Issues Letter to Aimco Shareholders Highlighting Why Board Change Is Needed Now\",\"datePublished\":\"2022-12-13T17:08:42+00:00\",\"dateModified\":\"2022-12-13T17:08:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/\"},\"wordCount\":1325,\"publisher\":{\"@id\":\"https:\/\/15.161.165.86\/#organization\"},\"articleSection\":[\"Real Estate in Asia Pacific\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/\",\"url\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/land-buildings-issues-letter-to-aimco-shareholders-highlighting-why-board-change-is-needed-now\/\",\"name\":\"Land & Buildings Issues Letter to Aimco Shareholders Highlighting Why Board Change Is Needed Now - 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![<\/a><\/p>\n\nThe full letter is included below:\n<\/p>\n\nDear Fellow Shareholders,\n<\/p>\n\nThis week you will be faced with an important choice that we believe will determine the future of your investment in Apartment Investment and Management Company (NYSE: AIV) (\u201cAimco\u201d or the \u201cCompany\u201d):\n<\/p>\n\n1)\u00a0You can vote for more of the same at Aimco \u2013 where an ingrained disregard for shareholders<\/span> and chronic inability to realize the full value of its assets<\/span> have continued to define the Company even after its December 2020 spin off (the \u201cSpin\u201d).\n<\/p>\n\nOR\n<\/p>\n\n2)\u00a0You can vote for the two exceptionally qualified nominees from Land & Buildings Investment Management, LLC (together with its affiliates, \u201cLand & Buildings\u201d, \u201cus\u201d or \u201cwe\u201d). These two individuals \u2013 Michelle Applebaum and James (\u201cJim\u201d) P. Sullivan \u2013 would bring sorely needed independence to the boardroom<\/span> and help address what leading proxy advisory firm Institutional Shareholder Services Inc. (\u201cISS\u201d) called a persistently \u201cmeaningful discount to (Aimco\u2019s) publicly stated NAV\u201d driven by \u201cinsufficient investor communication\u201d, \u201cpotential conflicts of interest with AIRC\u201d, and a \u201cshareholder-unfriendly view of governance.\u201d1<\/p>\n\nConsider the following:\n<\/p>\n\nOur latest attempts to reach an amicable solution in the best interests of Aimco shareholders were rebuffed<\/span>\n<\/p>\n\nThis past weekend (December 10th), we reached out to Aimco CEO Wes Powell at the behest of one of the Company\u2019s large institutional shareholders to try to once again settle the proxy contest amicably. While we put forward a number of constructs for a compromise, unfortunately Aimco was unwilling to agree to any deal that included any of its current nominees stepping off the Board of Directors (the \u201cBoard\u201d), in spite of the additional cost to shareholders of continuing through to a contested meeting.\n<\/p>\n\nIn our view, this is more of the same from Aimco and reflects its troubling pattern of doing the bare minimum in an attempt to maintain the status quo. As ISS noted, \u201cAIV has a history of governance measures that are not consistent with best practices, particularly as it relates to shareholder rights,\u201d and \u201c[T]he AIV board has demonstrated resistance to shareholder input,\u201d when it comes to considering investor-recommended director candidates.\n<\/p>\n\nThis election may be the only opportunity to finally shift the status quo at Aimco \u2013 and the only way to assure this happens is by voting for our two nominees. We cannot underscore enough the importance of exercising your fundamental right to elect directors at the upcoming Annual Meeting. Vote for real change and accountability in the boardroom on the BLUE universal proxy card TODAY.\n<\/p>\n\nAimco\u2019s corporate governance failings and last-minute maneuvers<\/span>\n<\/p>\n\nOver the past few weeks, Aimco has issued two separate announcements pledging to reverse some of its most egregious governance practices. It is important to see these maneuvers for what they are: transparently self-serving moves of desperation aimed at winning last-minute shareholder support, rather than a sincere effort to improve corporate governance.\n<\/p>\n\nSpecifically regarding Aimco nominee Michael Stein \u2013 who chairs the Investment Committee and has been on the Board for 18 years \u2013 ISS notes: \u201cStein’s presence during the governance failures before the spin-off, as well as his stated support, during engagement with ISS, for the decision to proceed with the spin-off without holding the special meeting requested by shareholders, suggests a shareholder-unfriendly view of governance.\u201d\n<\/p>\n\nWe simply believe shareholders deserve better \u2013 including directors who will take proactive measures to benefit shareholders and not only act due to outside pressure.\n<\/p>\n\nWe see an opportunity to reverse Aimco\u2019s discount to NAV with improved independent oversight of capital allocation<\/span>\n<\/p>\n\nWe believe there is an approximate 60% upside to net asset value (\u201cNAV\u201d)at Aimco \u2013 but change is urgently needed. As ISS points out, \u201cAIV has persistently traded at a meaningful discount to its publicly stated NAV.\u201d\n<\/p>\n\nThe Company has underperformed for years and has been undervalued both pre- and post-Spin. Pre-Spin, Aimco was a persistent underperformer based on TSR compared to its apartment peers, consistently trading well below NAV. Following the Spin, Aimco has continued to trade at a deep discount to its own stated NAV, yet is pursuing a large-scale acquisition and development growth plan that requires an effective cost of capital the Company does not possess.\n<\/p>\n\nLand & Buildings believes it is critical to improve stewardship and oversight at the Board level now, as Aimco embarks on its planned ambitious >$2.5B development pipeline, while making substantial capital allocation decisions over the next year that will have a long-lasting impact on shareholder value. Our analysis is in line with the Company\u2019s own stated year-end 2022 NAV of $12\/share, yet Aimco trades at a 9% implied cap rate today and will need to make serious improvements to reach its NAV goals.\n<\/p>\n\nIndependent oversight is needed now to execute on Aimco\u2019s vague promise to evaluate a \u201cbroad range of options to enhance stockholder value.\u201d ISS echoes these concerns about the current Board\u2019s ability to properly evaluate the Company\u2019s go-forward strategy, stating, \u201c\u2026 the lack of detail from the company regarding its development pipeline makes it difficult for shareholders to estimate the potential value of these developments and track management’s execution. While it may be difficult to assign a precise dollar value to the potential impact of a more robust investor communication program, the current state of disclosure is an obvious impediment to reducing the company’s discount to NAV.\u201d\n<\/p>\n\nOur independent nominees possess the qualifications and experience desperately needed to guide the Company going forward<\/span>\n<\/p>\n\nIt is our strong view that our independent and exceptionally well qualified and experienced nominees \u2013 Michelle Applebaum and Jim Sullivan \u2013 are the right individuals needed to help maximize shareholder value, drive improved accountability and realize Aimco\u2019s true potential.\n<\/p>\n\nMs. Applebaum has been a shareholder advocate for more than 30 years and is well-positioned to help Aimco improve its corporate governance, make smarter investment decisions, and regain credibility among the investment community.\n<\/p>\n\nMr. Sullivan has been a highly respected REIT analyst for more than 25 years and can help improve Aimco\u2019s capital allocation, overall strategy, and investor outreach. ISS noted, \u201cSullivan would add an independent voice, and his professional experience as a real estate analyst at Green Street, the leading independent sell-side research firm focused on real estate, could be instrumental to the company’s efforts to obtain sell-side analyst coverage and improve its investor communications program.\u201d\n<\/p>\n\n***\n<\/p>\n\nNow is the time for shareholders to make their voices heard and ensure that Aimco charts a course that maximizes value.\n<\/p>\n\nWE STRONGLY URGE AIMCO SHAREHOLDERS TO VOTE THE BLUE UNIVERSAL PROXY CARD TODAY FOR THE ELECTION OF BOTH OF LAND & BUILDINGS\u2019 HIGHLY QUALIFIED AND EXPERIENCED NOMINEES\n<\/p>\n\nSincerely,\nJonathan Litt\nLand & Buildings Investment Management, LLC\n<\/p>\n\n_____________________\n1 Permission to quote ISS was neither sought nor obtained. Emphases added.\n<\/p>\nContacts <\/p>\n\nMediaLongacre Square Partners\nDan Zacchei\ndzacchei@longacresquare.com<\/a>\n<\/p>\n\nInvestorsSaratoga Proxy Consulting\nJohn Ferguson\n(212) 257-1311<\/p>","protected":false},"excerpt":{"rendered":"Leading Proxy Advisory Firm ISS Concluded \u201cIncreased Independence\u201d is \u201cWarranted\u201d at the Board Level in Order to Help Close the Value Gap at Aimco Land & Buildings\u2019 Recent Attempt to Settle Proxy Contest Amicably Was Rejected by Aimco Leadership \u2013 Further Demonstrating the \u201cResistance to Shareholder Input\u201d Flagged by ISS Aimco\u2019s Poor Corporate Governance Practices, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-842421","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nLand & Buildings Issues Letter to Aimco Shareholders Highlighting Why Board Change Is Needed Now - 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