Benzinga | Dec 15, 2020 06:31AM EST

Aimco Completes Separation Of Apartment Income REIT Corp.

Apartment Investment and Management Company (NYSE:AIV) ("Aimco") announced today that it has completed the separation of its businesses (the "Separation"), creating two, separate and distinct, publicly traded companies, Apartment Income REIT Corp. ("AIR") and Aimco. Aimco retains its growing business of developing and redeveloping apartment communities and will pursue various other value-creating investments across the U.S. multifamily sector.

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.

Aimco's common stock continues to trade on the NYSE under the symbol "AIV."

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.

Aimco Chief Executive Officer and Director Wes Powell comments: "I would like to thank all those whose contributions made the separation possible, our shareholders whose insight was invaluable and our teammates and partners who worked countless hours to bring our plans to fruition. I am energized by the exciting opportunities that lie ahead for Aimco and wish my friends at AIR continued success."

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.