AIRC - Litt seeks Apartment Income REIT board refresh committee to review options

Activist investor Jonathan Litt's Land & Buildings Investment Management seeks new directors on Apartment Income REIT's (AIRC) board and wants the board to form a special committee to evaluate alternatives, starting with a proposal it received from Westdale.In a letter to AIRC's board, Litt points to the stock's discount to net asset value and criticizes the REIT's leadership for ignoring Litt's and other shareholders' request for a special meeting before AIRC was spun off from Apartment Investment and Management (AIV) in mid-December."Under your and CEO Considine’s leadership, discounted valuations and underperformance are the rule, not exception," Litt wrote in the letter.He seeks to refresh a majority of the board with "true independent directors, replacing the directors who oversaw decades of underperformance at Aimco and now offer the same at AIRC."Also, Litt expects that starting a committee to review strategic alternatives could lead to competing offers to the Westdale proposal, which offered

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Litt seeks Apartment Income REIT board refresh, committee to review options