ISS Supports Land & Buildings’ Call for Special Meeting of AIV Shareholders
October 30, 2020 at 11:25 AM EDT
Today Land & Buildings Investment Management LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Apartment Investment and Management Company (“AIV” or the “Company”) (NYSE: AIV), announced that a leading proxy advisory firm, Institutional Shareholder Services Inc. (“ISS”), has recommended that shareholders vote FOR on the GOLD request card to consent to call a special meeting of the Company’s shareholders (the “Special Meeting,” or the “Meeting”) to hold an advisory vote on AIV’s planned separation of its business into two, separate and distinct, publicly traded companies, Apartment Income REIT (“AIR”) and Aimco, through a reverse spin-off.
In concluding that a Special Meeting is warranted, ISS noted the following1:
ISS also commented on AIV’s performance and lack of credibility with investors, writing:
Jonathan Litt, Land & Buildings Founder & Chief Investment Officer, stated: “We are pleased that ISS agrees that AIV shareholders deserve to voice their opinion on what we believe is an enormously value destructive spin-off. As we have consistently stated, this would be a non-binding vote but would be highly instructive for the Company as it considers potential paths forward.
Notably, Chairman and CEO Considine continues to demonstrate his blatant disregard for shareholders, as is laid bare in the Company’s announcement last night (in its Q3 earnings press release) that it made a $50 million unrelated investment in a Life Science business affording him the opportunity to be associated with highly regarded Life Science executives at the expense of AIMCO shareholders, in our view.
We look forward to continuing to make our case to shareholders to ensure that such an irreversible and harmful transaction cannot proceed without a vote.”
1 Permission to quote ISS was neither sought nor obtained. Emphases added.