AIV - Aimco's spinoff of Apartment Income REIT closes

Apartment Investment and Management (AIV), also known as Aimco, plummets 72% in premarket trading, reflecting its split with Apartment Income REIT (AIRC), which becomes an independent, publicly traded, self-managed, and self-administered real estate investment trust.Each Aimco holder of record received one share of AIRC class A common stock for each share of Aimco class A common stock held as of Dec. 5, 2020.Additionally, in connection with the separation, AIMCO-GP, Inc., the general partner of AIMCO Properties also split, resulting in As a Aimco OP beinb Aimco’s operating partnership and AIR OP being AIR’s operating partnership.Because Aimco is splitting into two different companies, it will also be dropping out of  the S&P 500, to be replaced by Tesla.Aimco continued with the spinoff even though activist investor Jonathan Litt called for a special meeting of shareholders to vote on the transaction.

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Aimco's spinoff of Apartment Income REIT closes