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Land & Buildings Nominates Two for Apartment Investment Board

Land & Buildings Investment Management, LLC has filed a 13D form with the SEC disclosing ownership of 8,806,573 shares of Apartment Investment and Management Co (AIV). This represents 5.8% of the company.

The fund, founded by Jon Litt and focused on activist investing in real estate businesses, also said it nominated Michelle Applebaum and James P. Sullivan for election to AIV’s board and said it filed its definitive proxy statement for the company’s annual meeting in December.

Michelle Applebaum has last served as president of consulting firm Corp Research Inc. Sullivan most recently served as Senior Adviser of Research at Green Street Advisors, LLC (?Green Street?), an investment research firm that focuses on commercial real estate.

What are other large shareholders doing?

Vanguard Group Inc holds 22,346,384 shares representing 14.70% ownership of the company. In its prior filing, the firm reported owning 22,189,450 shares, representing an increase of 0.70%. The firm decreased its portfolio allocation in AIV by 78.12% over the last quarter.

Price T Rowe Associates Inc /md/ holds 19,420,797 shares representing 12.77% ownership of the company. In its prior filing, the firm reported owning 19,903,350 shares, representing a decrease of 2.48%. The firm increased its portfolio allocation in AIV by 6.90% over the last quarter.

BlackRock Inc. holds 14,266,488 shares representing 9.38% ownership of the company. In its prior filing, the firm reported owning 14,751,036 shares, representing a decrease of 3.40%. The firm increased its portfolio allocation in AIV by 0.69% over the last quarter.

Goldman Sachs Group Inc holds 11,540,204 shares representing 7.59% ownership of the company. In its prior filing, the firm reported owning 5,910,799 shares, representing an increase of 48.78%. The firm decreased its portfolio allocation in AIV by 44.50% over the last quarter.

Long Pond Capital, LP holds 10,759,559 shares representing 7.08% ownership of the company. In its prior filing, the firm reported owning 9,978,759 shares, representing an increase of 7.26%. The firm increased its portfolio allocation in AIV by 14.53% over the last quarter.

What is the overall institutional sentiment?

There are 362 funds or institutions reporting positions in Apartment Investment and Management Co. This is an increase of 9 owner(s) or 2.55%.

Average portfolio weight of all funds dedicated to Apartment Investment and Management Co is 0.1549%, an increase of 44.2879%. Total shares owned by institutions decreased in the last three months by 0.16% to 146,231,360 shares.

Based on this information, institutional sentiment is bullish.

This article originally appeared on Fintel

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