Apartment Investment And Management Company · NYSE:AIV
Apartment Investment And Management — Proxy Contest (October 2022)
12 slides from Apartment Investment And Management's proxy contest presentation, Oct 18, 2022
Slide 1: Aimco (NYSE: AIV) October 2022
,_____Im CO AIMCO (NYSE: AIV; APARTMENTS] OCTOBER 2022 THIS PRESENTATION, FURNISHED ON A CONFIDENTIAL BASIS TO THE RECIPIENT, IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES, INVESTMENT PRODUCT OR INVESTMENT ADVISORY SERVICES. IT IS INTENDED EXCLUSIVELY FOR THE USE
Slide 2: Land & Buildings Overview
A sw0 & BUILDINGS OVERVIEW DECADES OF EXPERTISE IN THE REIT INDUSTRY * Firm Background + Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings” or “L&B”) is an SEC-registered investment advisor founded in 2008 and located in Stamford, Connecticut * Invests in t
Slide 3: Proven Residential REIT Activist Track Record
PROVEN RESIDENTIAL REIT ACTIVIST TRACK RECORD L&B HAS HAD SUCCESS IN RESIDENTIAL SECTOR THE WALL STREET JOURNAL. Land & Buildings Encourages BRE Properties to Explore Potential Sale Forbes REIT Activist Scores Win In Associated Estates $2.5B Sale To Brookfield REUTERS A vist hedge fund urges Forest
Slide 4: Case Study: American Campus Communities
A 1st STUDY: AMERICAN CAMPUS COMMUNITIES (NYSE: ACC) ACHIEVED CHANGE AND UNLOCKED SUBSTANTIAL VALUE FOR SHAREHOLDERS * American Campus Communities (“ACC”) is the largest owner, manager, and developer of high-quality student housing communities in the United States. L&B issues presentation detailing
Slide 5: Estimated Net Asset Value vs Share Price
▪ ▪ ▪ Estimated Net Asset Value $12.20/share ▪ Share Price (as of 10/14/22) $6.68 Equity Market Cap $1.1B Upside to Net Asset Value (NAV) 83% ▪ ▪ Yacht Club (Miami, FL) Hyde Park Tower (Chicago, IL)
Slide 6: Valuation Likely Attracts Suitors
A vsscounten VALUATION LIKELY ATTRACTS SUITORS Aimco LIKELY MULTIPLE POTENTIAL INTERESTED ACQUIRORS OF AIMCO * Westdale, an owner of over 180 multifamily properties SCHEDULE 13D nationally, filed a SC 13D in August 2022, and disclosed ownership of 5.1% In December 2020, Westdale made an unsolicited
Slide 7: Governance and Performance Concerns at Aimco
Pre-Spin Board Orphan stock with zero disenfranchising Inferior total returns sell-side coverage, no shareholders by over decades under quarterly earnings calls, staggering the Board and prior leadership and virtually no investor delaying Annual Meeting conferences Terry Considine factor: Assets hig
Slide 8: Apartment Community List
Apartment Community Type Location Units 118-122 West 23rd Street High Rise New York, NY 42 173 E. 90th Street High Rise New York, NY 72 237-239 Ninth Avenue High Rise New York, NY 36 1045 on the Park Mid Rise Atlanta, GA 30 2200 Grace High Rise Lombard, IL 72 Bank Lofts High Rise Denver, CO 125 The
Slide 9: Future HQ
• • • FUTURE HQ Yacht Club (Miami, FL)
Slide 10: Requested Changes and Director Nominations
• Immediately de-stagger the Board and opt out of MUTA rather than waiting until the 2024 annual meeting to fully de-stagger Remove Terry Considine, former CEO of Aimco and current AIRC CEO, from Board Refresh the Board with independent, shareholder-minded directors Move the Annual Meeting back to t
Slide 11: Disclaimer
A DISCLOSURE Aimco DISCLAIMER This presentation i furnished on a confidential esis for discussion purposes only and dovs not constitute an offer to sell, or a saictation of an offer fo purchase, any eecurites, investment products oy investment advisory services, including interests in the Land & Bui
Slide 12: Additional Legal Disclosures
Land & Buildings and the other participants in its solicitation (collectively, the, “Participants”) have filed a preliminary prowy statement, and accompanying BLUE universal proxy card with the US Securities and Exchange Commission (the “SEC to be used to solicit votes for the election of two Mighly
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