Land & Buildings Files Preliminary Solicitation Materials Seeking Shareholder Support to Call Special Meeting

– Believes Shareholders Deserve to Have Their Voices Heard on AIV’s Proposed Spin-Off that Could Destroy
Significant Value

– Continues to Believe the Proposed Transaction Will Not Close the Company’s Substantial Discount to
Stated NAV of $58 Per Share and that All Options for Maximizing Value Need to Be Considered

– Company’s Recent Attempts to Justify Plan for Business Separation Have Only Further Revealed Extent to
Which Transaction Would Benefit Management at the Expense of Shareholders

– AIV Claims that Spin-Off is in Best Interests of Shareholders – Yet Refuses to Put the Question to a
Shareholder Vote


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