Exhibit 99.1
Aimco Completes Separation of Apartment Income REIT Corp.
Denver, CO – December 15, 2020 – 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 of AIMCO 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 www.aimco.com.
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
