Aimco Completes Separation of Apartment Income REIT Corp.

Company Release - 12/15/2020

DENVER--(BUSINESS WIRE)-- Apartment Investment and Management Company (NYSE: AIV) (“Aimco”) announced today that it has completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Apartment Income REIT Corp. (“AIR”) and Aimco. Aimco retains its growing business of developing and redeveloping apartment communities and will pursue various other value-creating investments across the U.S. multifamily sector.

The distribution of AIR common stock was completed on December 15, 2020, with each Aimco holder of record receiving one share of AIR Class A common stock for every one share of Aimco Class A common stock held as of the close of business on December 5, 2020 (the “Record Date”). Stockholders of Aimco will receive cash in lieu of any fractional shares of Class A common stock of AIR.

Aimco’s common stock continues to trade on the NYSE under the symbol “AIV.”

Additionally, in connection with the Separation, AIMCO-GP, Inc., the general partner ofAIMCO Properties, L.P. (“AIR OP”), AIR’s operating partnership, effected a pro rata distribution of all of the outstanding limited partnership units of Aimco OP L.P. (“Aimco OP”) to holders, as of the close of business on the Record Date. As a result, Aimco OP is now Aimco’s operating partnership.

Aimco Chief Executive Officer and Director Wes Powell comments: “I would like to thank all those whose contributions made the separation possible, our shareholders whose insight was invaluable and our teammates and partners who worked countless hours to bring our plans to fruition. I am energized by the exciting opportunities that lie ahead for Aimco and wish my friends at AIR continued success.”

Citigroup Global Markets Inc. is serving as lead financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC also provided financial advisory services to the company in connection with the transaction.

About Aimco

Aimco is a Real Estate Investment Trust focused on property development, redevelopment and various other value-creating investment strategies, targeting the U.S multifamily market. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website at

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, including statements regarding Aimco’s expected activities after the completion of the Separation. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Risks 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 Aimco’s 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 Aimco operates 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; Aimco’s ability to maintain current or meet projected occupancy, rental rates and property operating results; Aimco’s 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 the proceeds thereof; our ability to successfully operate as a separate company from AIR, with a 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 Aimco; activities by stockholder activists, including a proxy contest; Aimco’s relationship with AIR and the ability and willingness of AIR and its subsidiaries to meet and/or perform their obligations under contractual arrangements that have been entered into with Aimco and its subsidiaries in connection with the Separation and their obligations to indemnify, defend and hold Aimco and its subsidiaries harmless from and against various claims, litigation and liabilities; the ability to achieve some or all the benefits that we expect to achieve from the Separation; and such other risks and uncertainties described from time to time in filings by Aimco with the SEC.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Item 1A of Aimco’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and the other documents Aimco files from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of Aimco OP’s registration statement relating to the Separation. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

Matt Foster
Director, Capital Markets and Investor Relations
(303) 793-4661

Source: Apartment Investment and Management Company