Apartment Investment Stock See Action From Activist Investor
These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity's attaining more than 5% in any class of a company's securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Oct. 27 through Nov. 2, 2022. Source: VerityData
Apartment Investment and Management (AIV) Land & Buildings Investment Management reported a stake of 8,806,573 shares in the real estate developer, equal to 5.8% of the outstanding stock. Land & Buildings Investment revealed that it plans to nominate two directors for approval at Apartment Investment's 2022 shareholder meeting, scheduled for Dec. 16. Land & Buildings Investment is seeking representation, alleging missteps, including the taxable spinoff of 90% of Apartment Investment's assets into Apartment Income REIT (AIRC) in September 2020 before a special shareholders' meeting could be called. Land & Buildings believes that the spinoff was a "reset" to make up for Apartment Investment's underperformance over the past several years. Land & Buildings believes that a reconstituted board is necessary to improve shareholder engagement and initiate a strategic review, "including options for monetizing all or part" of Apartment Investment, or Aimco, through a sale. In a Nov. 1 regulatory filing, Apartment Investment noted, "We believe that a vote for Land & Buildings could harm Aimco and the value of your investment. It is important that you vote and protect the future of the company and the value of your investment."