Land & Buildings Calls on Aimco to Immediately Pursue a Full Company Sale Process and Highlights Significant Upside to Current Share Price
Land & Buildings Investment Management (L&B), a significant shareholder of Apartment Investment and Management Co. (NYSE: AIV), has called for an immediate sale of the company following recent successful transactions. The announcement comes after Aimco's sale of the Brickell Assemblage for $520 million and the sale of interests in 3333 Biscayne Boulevard and The Hamilton for $204 million.
L&B estimates Aimco's net asset value at $11.50 per share, suggesting a 30% upside potential from current prices. The firm believes a whole company transaction could be completed by mid-2025. According to L&B, Aimco's portfolio is attractive to buyers due to its concentration in the Midwest and Northeast, assumable low-rate mortgage debt, and value-add components.
L&B supports CEO Wes Powell and the board's recent actions but emphasizes that a complete company sale is the only viable path forward, as Aimco is considered subscale and not ideally suited for public markets.
Land & Buildings Investment Management (L&B), un importante azionista di Apartment Investment and Management Co. (NYSE: AIV), ha richiesto una vendita immediata della società a seguito delle recenti transazioni di successo. L'annuncio arriva dopo la vendita da parte di Aimco del Brickell Assemblage per 520 milioni di dollari e la vendita di quote in 3333 Biscayne Boulevard e The Hamilton per 204 milioni di dollari.
L&B stima il valore netto degli attivi di Aimco a 11,50 dollari per azione, suggerendo un potenziale di crescita del 30% rispetto ai prezzi attuali. La società ritiene che una transazione per l'intera azienda possa essere completata entro metà 2025. Secondo L&B, il portafoglio di Aimco è attraente per gli acquirenti a causa della sua concentrazione nel Midwest e nel Northeast, dei mutui a basso tasso di interesse assumibili e degli elementi di incremento di valore.
L&B supporta le recenti azioni del CEO Wes Powell e del consiglio, ma sottolinea che la vendita completa della società è l'unica via percorribile, poiché Aimco è considerata sottodimensionata e non è adatta per i mercati pubblici.
Land & Buildings Investment Management (L&B), un importante accionista de Apartment Investment and Management Co. (NYSE: AIV), ha solicitado la venta inmediata de la empresa tras transacciones recientes exitosas. El anuncio se produce después de la venta de Aimco de Brickell Assemblage por 520 millones de dólares y la venta de intereses en 3333 Biscayne Boulevard y The Hamilton por 204 millones de dólares.
L&B estima el valor neto de los activos de Aimco en 11,50 dólares por acción, lo que sugiere un potencial de aumento del 30% respecto a los precios actuales. La firma cree que una transacción de toda la empresa podría completarse para mediados de 2025. Según L&B, el portafolio de Aimco es atractivo para los compradores debido a su concentración en el Medio Oeste y el Noreste, hipotecas asumibles de bajo interés y componentes de valor agregado.
L&B apoya las acciones recientes del CEO Wes Powell y la junta, pero enfatiza que la venta completa de la empresa es el único camino viable hacia adelante, ya que Aimco se considera de tamaño insuficiente y no está idealmente adecuada para los mercados públicos.
랜드 앤 빌딩스 투자 관리 (L&B)는 아파트 투자 및 관리 회사 (NYSE: AIV)의 주요 주주로, 최근 성공적인 거래를 계기로 회사의 즉각적인 매각을 요구했습니다. 이 발표는 Aimco가 브리켈 어셈블리지(Briкell Assemblage)를 5억 2천만 달러에 매각한 것과 3333 비스케인 블러바드(3333 Biscayne Boulevard) 및 해밀턴(The Hamilton)의 지분을 2억 4천만 달러에 매각한 것 이후입니다.
L&B는 Aimco의 순 자산 가치를 주당 11.50달러로 추정하며, 현재 가격에서 30%의 상승 잠재력을 제시합니다. 이 회사는 전체 회사 거래가 2025년 중반까지 완료될 수 있다고 믿고 있습니다. L&B에 따르면 Aimco의 포트폴리오는 중서부 및 북동부에 집중되어 있고, 가정 가능한 저금리 모기지 부채와 가치 상승 요소로 인해 구매자에게 매력적입니다.
L&B는 CEO 웨스 파웰(Wes Powell)과 이사회의 최근 조치를 지지하지만, Aimco가 규모가 작고 공공 시장에 적합하지 않다고 여기는 만큼, 완전 매각이 유일한 실행 가능한 경로라고 강조합니다.
Land & Buildings Investment Management (L&B), un actionnaire important de Apartment Investment and Management Co. (NYSE: AIV), a appelé à la vente immédiate de l'entreprise suite à des transactions réussies récentes. L'annonce intervient après la vente par Aimco du Brickell Assemblage pour 520 millions de dollars et la vente des intérêts dans 3333 Biscayne Boulevard et The Hamilton pour 204 millions de dollars.
L&B estime la valeur nette des actifs d'Aimco à 11,50 dollars par action, suggérant un potentiel de hausse de 30 % par rapport aux prix actuels. La société pense qu'une transaction concernant l'ensemble de l'entreprise pourrait être finalisée d'ici mi-2025. Selon L&B, le portefeuille d'Aimco est attrayant pour les acheteurs en raison de sa concentration dans le Midwest et le Nord-Est, de dettes hypothécaires à faible taux d'intérêt assumables et d'éléments valorisants.
L&B soutient les récentes actions du PDG Wes Powell et du conseil, mais souligne qu'une vente complète de l'entreprise est le seul chemin viable à suivre, Aimco étant considérée comme sous-dimensionnée et non adaptée aux marchés publics.
Land & Buildings Investment Management (L&B), ein bedeutender Aktionär von Apartment Investment and Management Co. (NYSE: AIV), hat einen sofortigen Verkauf des Unternehmens gefordert, nachdem jüngst erfolgreiche Transaktionen stattfanden. Die Ankündigung erfolgt nach dem Verkauf von Aimco des Brickell Assemblage für 520 Millionen Dollar und dem Verkauf von Anteilen an 3333 Biscayne Boulevard und The Hamilton für 204 Millionen Dollar.
L&B schätzt den Nettovermögenswert von Aimco auf 11,50 Dollar pro Aktie, was ein Aufwärtspotential von 30 % gegenüber den aktuellen Preisen nahelegt. Das Unternehmen glaubt, dass eine Transaktion für die gesamte Firma bis mitte 2025 abgeschlossen werden könnte. Laut L&B ist Aimcos Portfolio aufgrund seiner Konzentration im Mittleren Westen und Nordosten, der übernehmbaren Hypothekenschulden mit niedrigem Zinssatz und der wertsteigernden Komponenten für Käufer attraktiv.
L&B unterstützt die jüngsten Maßnahmen von CEO Wes Powell und dem Vorstand, betont jedoch, dass der vollständige Verkauf des Unternehmens der einzige gangbare Weg ist, da Aimco als unterdimensioniert und nicht ideal für die öffentlichen Märkte angesehen wird.
- Successfully sold Brickell Assemblage for $520 million
- Completed sale of interests in 3333 Biscayne Boulevard and The Hamilton for $204 million
- Portfolio has attractive features including assumable low-rate mortgage debt
- 30% potential upside to current share price based on NAV estimates
- Company acknowledged as being subscale for public markets
- Current business model deemed not viable as a going concern
Insights
The strategic developments at Aimco represent a pivotal moment for shareholders. The successful execution of the
- Favorable geographic concentration in low-supply markets (Midwest and Northeast)
- Valuable assumable low-rate mortgage debt
- Significant value-add potential within the portfolio
The estimated
The market positioning of Aimco's remaining portfolio is particularly noteworthy. The concentration in the Midwest and Northeast markets provides a strategic advantage, as these regions have shown resilience against the oversupply issues plaguing other markets. The assumable low-rate mortgage debt is an extremely valuable asset in today's high-rate environment, potentially attracting buyers seeking to avoid current market rate financing. The value-add component within the portfolio offers buyers significant organic growth potential through property improvements and operational optimization.
The strategic review's expansion to include a full company sale process is rational given Aimco's subscale position in the public markets. The simplified asset base following the Miami dispositions makes the company a more straightforward M&A target, potentially accelerating the timeline to a mid-2025 transaction close.
The timing and structure of recent transactions reveal a deliberate strategy to maximize shareholder value. The completion of major asset sales in Miami has effectively de-risked the portfolio and created a cleaner acquisition target. The company's current market cap of approximately
- Larger public REITs seeking portfolio expansion
- Private equity firms attracted to the value-add opportunities
- Institutional investors looking for stable multifamily exposure
Applauds CEO Wes Powell and Aimco Board for
Believes That Following Brickell Transaction an Immediate Sale Process for the Remainder of the Portfolio – Principally Comprised of Highly Sought After Stabilized Multifamily Assets – Represents the Best Path Forward for Aimco
Sees
Jonathan Litt, Founder and Chief Investment Officer of Land & Buildings, stated:
“We applaud CEO Wes Powell, the rest of the Aimco management team and the Board on the announced sale of the Brickell Assemblage for
Following the announced sales of the non-core assets outlined above, the Company should immediately pursue a sale of the remaining portfolio. While the freshly announced expanded strategic review for the Company includes a full Company sale process as one of the options, the Board should recognize that this is not merely one path – it is the only one that makes sense given that Aimco remaining a going concern is not viable.
It has been over two years since the Board first announced a ‘review of a broad range of options to enhance stockholder value.’ As Mr. Powell has said to investors and analysts in recent months, Aimco is subscale and not ideally suited for the public markets. With the south
Aimco’s portfolio is highly attractive to buyers given its favorable concentration in the Midwest and Northeast away from oversupply, assumable low-rate mortgage debt and substantial value-add component. Land & Buildings estimates the net asset value of the remaining portfolio (NAV) to be
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Disclaimer
The views expressed are those of Land & Buildings as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250114094769/en/
Media
Longacre Square Partners
Dan Zacchei
dzacchei@longacresquare.com
Source: Land & Buildings Investment Management, LLC
FAQ
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