Land & Buildings Sends Letter to AIV Board of Directors

– Voices Major Concerns about Company’s Plan to Separate into Two Businesses Via Reverse Spin-Off –
Which Could Massively Destroy Value –

– Demands that AIV Allow Shareholders to Vote on Proposed Transaction – or Land & Buildings Will File
Proxy Materials Seeking to Call a Special Meeting of Shareholders to Hold Advisory Vote  –

– Calls on Board to Explain Whether It Truly Explored all Available Strategic Opportunities to Maximize
Value for Shareholders Given 75% Upside to Published NAV –


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