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Aimco Announces the Formation Of Apartment Income REIT, A Self-managed $10 Billion REIT, And The Closing Of A $2.4 Billion Joint Venture (BusinessWire)

September 15, 2020 (Business Wire) – Apartment Investment And Management Company (“Aimco”) announced today its plan to separate its business into two, separate and distinct, publicly traded companies, Apartment Income REIT (“AIR”) and Aimco.

AIR, a newly formed, self-managed real estate investment trust will provide a simple and transparent way to invest in the multi-family sector: ownership with public market liquidity of a diversified portfolio of apartment communities, with low financial leverage, limited execution risk, best-in-class operations, and sector low management costs.

Aimco will retain its growing business of developing and redeveloping apartment communities while also pursuing other accretive transactions.

The decision was based on a longer-term strategic review by management and made through a highly engaged board process over the past several months. Bob Miller, Aimco Lead Director, thanked his colleagues for their long hours spent in numerous meetings to refine the concept of AIR as a “pure play” apartment investment vehicle and to refocus Aimco on its growing pipeline of development and redevelopment opportunities.

“We came to understand deeply that today’s Aimco includes two businesses: ownership with active management and development. We believe that both will benefit from separation with balance sheets tailored to the individual businesses, enhanced management focus, expanded opportunities, and distinctive risks and rewards for shareholders.”

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