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  "docSlug": "8cb827ce81b1",
  "documentTitle": "Apartment Investment and Management Company (AIV)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-09-22 00:00:00",
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  "notes": "This is a text-heavy shareholder letter page criticizing management's proposed spin-off strategy.",
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      "kind": "callout",
      "text": "Considering shareholders’ concerns regarding the proposed transaction... we immediately call on the Board to put the spin-off to a shareholder vote.",
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      "text": "Considering shareholders' concerns regarding the proposed transaction, including whether a thorough review process was undertaken, we immediately call on the Board to put the spin-off to a shareholder vote.",
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      "text": "The spin-off is \"intentionally\" taxable... RemainCo will be a land and development company... RemainCo will have a majority of new Board members... Terry Considine is expected to be the Chairman of both companies...",
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      "kind": "paragraph",
      "text": "Make no mistake: AIV is worth substantially more than its shares are trading for today. It seems clear to us that if the Board were interested in maximizing value...",
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      "kind": "paragraph",
      "text": "As outlined by Citi REIT analyst Michael Bilerman in a downgrade note titled “Trading a Quarter for Two Dimes” on September 18, 2020...",
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      "kind": "paragraph",
      "text": "Clearly, shareholders do not have confidence in management or the Board to create value and achieve a valuation reflective of the underlying value of the Company's real estate...",
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      "kind": "quote",
      "text": "“...we believe the restructuring is not value enhancing and actually adds more complexity, leading to two subpar entities, a higher dividend payout ratio, and significant tax consequences for taxable shareholders” — Citi REIT analyst Michael Bilerman",
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