Activist investor Land & Buildings Investment Management has expressed concern over Apartment Investment and Management Co.'s plans to separate into two businesses through a reverse split. Land & Buildings, a significant shareholder in AIMCO, wrote an open letter to the company's board of directors asserting that the split could potentially destroy value and requests that the company allow shareholders to vote on the proposed transaction.

Earlier this month, Apartment Investment and Management Co. announced plans to split into two publicly traded companies, Apartment Income REIT, or AIR,  and AIMCO. AIR will be a self-managed "pure play" REIT focused on multifamily investment, and it will own 93.5% of the company's apartment portfolio in Boston, Philadelphia, Washington DC, Denver, the Bay Area, Los Angeles, Miami and San Diego. The portfolio totals 26,599 and will total $10.4 billion in value. AIMCO will continue to develop and redevelop apartment communities.

In its letter to AIMCO's board of directors, Land & Buildings said, "We believe the proposed transaction will not close the company's substantial discount to net asset value and is a thinly veiled attempt by management and the Board of Directors to rid themselves of a decades-long poor track record rather than address the fundamental issues challenging the company."