By Denny Jacob
Apartment Investment and Management is exploring additional alternatives to its business.
The real-estate company said its board reached its decision in an effort to further unlock and maximize shareholder value. The exploration will expand on its ongoing efforts in areas including reducing its exposure to development activity and monetizing certain assets. Alternatives include potential sales of the major components of its business, an acceleration of individual asset sales, or a sale or merger of the company as a whole.
The Denver company, also known as Aimco, said there was no guarantee its expanded strategic process will result in any transactions, changes or outcomes.
Aimco's strategy comes amid a pending sale of properties located in Miami, which it entered into in December for a gross price of $520 million.
Aimco said it is pleased with the transformation of its portfolio, including the spinoff of Apartment Income REIT in December 2020, over the past four years. But the company said its shares continue to trade at a meaningful discount to its estimated value of its assets and investment platform, which Aimco believes has limited its ability to fund new investment opportunities and accelerate growth.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 09, 2025 13:54 ET (18:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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