Apartment Investment and Management Co. AIV, -85.67% said Tuesday that it has completed the separation of its businesses into two separate publicly traded real estate investment trusts. The “new” Apartment Investment and Management Co. (Aimco) has assets of 10% of the previous company’s gross asset value as of March 31, 2020, while the new Apartment Income REIT Corp. has about 90% of the previous company’s assets, and is trading on the NYSE under the ticker symbol “AIRC.” So while some data services may show Aimco shares as being down about 85%, that might not yet account for the separation. As a result of the separation, S&P Dow Jones Indices had said last week that Aimco will be removed from the S&P 500 SPX, +0.60% and be replaced by Tesla Inc. TSLA, +0.87%, effective Dec. 21.
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