On April 18, 2023, Land & Buildings Investment Management LLC announced that it has issued an open letter to Apartment Investment and Management Company, stating that it has continued to engage with the Company since the 2022 annual meeting of shareholders and concerned about the Company's continued failure to act with urgency in exploring ways to maximize value for shareholders, especially considering Company continuing to trade at a deep discount to its own stated net asset value. In addition, Land & Buildings Investment urged the Company to run a full public strategic review process to evaluate all potential alternatives including a sale to deliver value for shareholders, believes a potential sale could result in between 40% and 60% upside to the current trading price, Land & Buildings Investment stated that the economic environment is still on sound footing and the capital markets remain open for a potential transaction, but either of those variables could change rapidly and it will continue to advocate for the best interests of all shareholders and look forward to a clear update on the status and specifics of the ongoing review of a broad range of options to enhance value.