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Terry Considine, founder of Denver-based multifamily ownership giant Aimco, will this week step down from his position as a director of that company to focus solely on its spinoff, Apartment Income REIT, or AIR, according to a Securities and Exchange Commission filing.
Aimco, founded by Considine in 1975, owns apartments across the U.S. Considine will now serve as CEO of AIR, a public company formed in 2020 to control $8B worth of assets in major markets from Boston to Miami to San Francisco.
“Having fulfilled my commitments, I plan to resign as an Aimco director to focus on AIR,” Considine wrote to Aimco Board Chairman Dary Stone, as reported Tuesday by the Denver Business Journal. “I will remain an Aimco shareholder. I have confidence in management, your leadership, and the board.”
In recent months, Aimco has been the target of agitating by activist investor Land & Buildings Capital Growth Fund, led by Jonathan Litt. Litt and Aimco volleyed public letters and comments disagreeing about the future of Aimco in the second half of 2022, beginning with Litt advocating Aimco’s sale in August.
Land & Buildings succeeded in getting one of its candidates elected to the Aimco Board of Directors in December, with real estate analyst James Sullivan approved by shareholders to sit on the company’s governing body.
Aimco is led by President and CEO Wes Powell.
Aimco reported net income of $34M in the third quarter of 2022, an improvement from a $4.8M loss in the same period a year earlier, according to its most recent earnings report.
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