Apartment Income REIT Corp. (AIRC) Completes Separation from Aimco (AIV)

Apartment Income REIT Corp. (NYSE: AIRC) (“AIR”) announced today that it has completed its separation from Apartment Investment and Management Company (“Aimco”) (the “Separation”), becoming an independent, publicly-traded, self-managed and self-administered real estate investment trust.

The distribution of AIR common stock was completed on December 15, 2020, with each Aimco holder of record receiving one share of AIR Class A common stock for every one share of Aimco Class A common stock held as of the close of business on December 5, 2020 (the “Record Date”). Stockholders of Aimco will receive cash in lieu of any fractional shares of Class A common stock of AIR.

Beginning today, AIR will trade “regular way” on the NYSE under the symbol “AIRC.”

Additionally, in connection with the Separation, AIMCO-GP, Inc., the general partner of AIMCO Properties, L.P. (“AIR OP”), AIR’s operating partnership, effected a pro rata distribution of all of the outstanding limited partnership units of Aimco OP L.P. (“Aimco OP”) to holders, as of the close of business on the Record Date. As a result, Aimco OP is now Aimco’s operating partnership and AIR OP is now AIR’s operating partnership.

Terry Considine, AIR Chief Executive Officer and Director, comments, “AIR launches today providing investors with a simple and transparent way to invest in the multi-family sector and ownership with public market liquidity of a diversified portfolio of apartment communities, with low financial leverage, limited execution risk, best-in-class operations, and sector low management costs. I would like to thank my fellow AIR directors and teammates for all their hard work in the formation of AIR. I am proud of the work we have done and look forward to serving our stockholders together.”

Citigroup Global Markets Inc. is serving as lead financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC also provided financial advisory services to the company in connection with the transaction.

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