Land & Buildings Sends Letter to Apartment Earnings REIT Board of Directors

STAMFORD, Conn.–(Company WIRE)–Today Land & Properties Financial commitment Administration LLC (collectively with its affiliate marketers, “Land & Buildings” or “L&B”), a major shareholder of Apartment Profits REIT (“AIRC” or the “Company”) (NYSE: AIRC), sent a letter to the Company’s Board of Administrators (the “Board”).

The whole textual content of the letter follows:

Expensive Condominium Profits REIT Board of Administrators:

It is our view that your actions, previously as directors of Condominium Financial investment and Management Enterprise (“AIV” or “Aimco”) (NYSE: AIV) and now as administrators of AIRC, have destroyed worth and disenfranchised shareholders for many years. Your said goal to shut the hole to NAV via a taxable spin of 90% of Aimco’s ideal apartment qualities into what is now AIRC has been an abject failure, as about a thirty day period after the taxable spin the shares of AIRC trade at a substantial discount to your very own stated NAV.

Latest events and actions bordering the taxable spin only serve to underscore the very long history of terrible habits that has occurred beneath your look at. Consider the following:

• You chose not to get in touch with a particular assembly of shareholders of AIV to advise on the taxable spin, despite, in a timely way, Land & Properties getting approximately 50% guidance for such a conference – including a considerable the greater part of active shareholders
• You engaged in quite a few disenfranchisement and delay tactics to stymie L&B’s exclusive assembly ask for, which includes:
  • Location a report date for our exclusive meeting request a lot more than 5 weeks following we filed our preliminary solicitation
  • Declaring a massive taxable unique dividend with the identical file day as our distinctive assembly request, in a blatant endeavor to generate taxable shareholders out of the stock prior to having their voices read
  • Delaying the certification of published consents by a week adhering to delivery
  • Requesting L&B pay out an exorbitant cost to maintain the particular meeting whilst at the same time acknowledging there had been no designs to keep a exclusive conference prior to the consummation of the spin.
• You insured a staggered Board would be in put at the Company for the 2021 once-a-year assembly to prevent shareholder accountability as soon as once more
• You unsuccessful to very seriously engage with events intrigued in obtaining Aimco, and mischaracterized personal operator Westdale’s offer you as “grossly inadequate” even with our comprehension that it was at a sizeable premium.

Shares of AIRC trade at $39, a substantial price cut to your have disclosed NAV of $50 for each share. Possibly this result is predictable offered the multitude of challenges L&B and other shareholders highlighted with the spin, as properly the finish disregard for shareholders demonstrated throughout the separation method. Underneath your and CEO Considine’s leadership, discounted valuations and underperformance are the rule, not exception.

The Board has a fiduciary duty to shareholders to increase benefit and should consider motion to do so quickly. Precisely:

• Refresh a the vast majority of the Board with genuine impartial directors, changing the directors who oversaw a long time of underperformance at Aimco and now give the identical at AIRC
• Build a specific committee of the Board with real independent administrators to evaluate strategic choices, commencing with Westdale’s offer. The proposal was at a sizeable quality and close to Aimco’s mentioned NAV as we have an understanding of it. Given the substantial demand from customers by private institutional traders for good quality apartments, numerous bidders would likely arise.

We seem ahead to your well timed reply.

Sincerely,

Jonathan Litt

Founder & CIO

Land & Properties Investment decision Management, LLC