Aimco Shareholders Elect Land & Buildings Nominee to the Board at the 2022 Annual Meeting

Rhea-AI Summary

Apartment Investment and Management Company (NYSE: AIV) shareholders have elected Jim Sullivan to the Board of Directors, replacing incumbent Michael Stein. This marks the first contested election conducted under the new universal proxy card voting regulations. Jim Sullivan received over twice as many votes as Stein, signaling shareholder discontent with the current management.

Jonathan Litt, Founder of Land & Buildings, expressed confidence in Sullivan's ability to bring necessary change and accountability to Aimco, enhancing value for shareholders.

Positive

• Jim Sullivan's election represents a significant change in board leadership, providing new perspectives.
• Shareholder support for Sullivan indicates a desire for improved accountability and value maximization.

Negative

• The need for a contested election suggests dissatisfaction with current management performance.

Preliminary Vote Results Indicate Shareholders Have Elected Jim Sullivan to the Company’s Board

Represents First Contested Election Taken Through to a Vote Following the Introduction of Required Universal Proxy Card Voting

STAMFORD, Conn.--(BUSINESS WIRE)-- Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), announced that, based on the preliminary report provided by its proxy solicitor, shareholders have voted to remove Aimco director Michael Stein by electing Land & Buildings nominee James (“Jim”) P. Sullivan to the Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) held today.

According to the preliminary analysis, Jim Sullivan received more than twice as many votes as Aimco’s incumbent director Michael Stein.

Land & Buildings Founder and Chief Investment Officer, Jonathan Litt, commented on the preliminary results of the Annual Meeting:

“We are grateful to our fellow Aimco shareholders for their support throughout our campaign. Today’s vote to elect Jim Sullivan to the Board is a clear signal that shareholders are no longer satisfied with the status quo at Aimco, and we are confident that Jim will be a voice for change from day one. He will bring an important perspective to the Board as it oversees the Company’s efforts to maximize value and drive improved accountability for all shareholders and we know Jim is committed to working collaboratively with the rest of the Board to help Aimco realize its full potential.”

The election of Jim Sullivan also represents the first contested election taken through to a vote following the introduction of SEC Rule 14a-19 and universal proxy card voting.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221216005360/en/

Media

Longacre Square Partners

Dan Zacchei

dzacchei@longacresquare.com

Investor

Saratoga Proxy Consulting

John Ferguson

(212) 257-1311

Source: Land & Buildings Investment Management, LLC

FAQ

What were the preliminary results of the Aimco shareholder meeting regarding Jim Sullivan's election?

Jim Sullivan has been elected to the Aimco Board, receiving more than twice as many votes as Michael Stein.

How does Jim Sullivan's election impact Apartment Investment and Management Company?

Sullivan's election is expected to bring new perspectives and enhance accountability, addressing shareholder concerns.

What does the contested election of Jim Sullivan signify for Aimco shareholders?

It signifies shareholder dissatisfaction with the status quo and a demand for improved company performance.

What is the significance of the universal proxy card voting in Aimco's election?

It represents the first contested election under the SEC rule, allowing for greater shareholder influence in board elections.