Apartment Investment and Management Co. stockholders will vote on a proposal to permit the board of directors to grant waivers of the look-through ownership limit to up to 20%.
Currently, the board waives the ownership limit applicable to a single holder and a look-through entity if the holder's and the entity's ownership do not exceed 12.0% and 18.0% of the company's common stock, respectively.
The multifamily-focused residential real estate investment trust said the proposal will give the board flexibility to respond to recent indications from look-through entities that plan to increase their stake in the company to more than 18.0%, without creating any risk to the company's REIT status.
The proposal, along with five other resolutions, will be voted on at the company's annual meeting of stockholders slated for May 1.
