For at least the fourth time this year, Land & Buildings has issued a letter or presentation to convince shareholders to back a change in a publicly held company—in this case, Apartment Investment and Management Company, or Aimco.
The former "announced that it has issued a presentation outlining why it believes change is needed in [Aimco's] boardroom," a Land & Buildings press release said.
Land & Buildings claims that "Aimco has a troubling track record of apparent disregard for shareholders," it has "instituted and maintained archaic corporate governance practices," "has underperformed for years and has been undervalued," that it "prefers to hide from shareholders," and that there is "an opportunity to unlock substantial value at Aimco, to the tune of an approximate 60% upside to NAV."
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