new survey by the Pew Research Center found that 15 percent of prominent accounts on those seven platforms had previously been banished from others like Twitter and Facebook.

F.B.I. raid on Mar-a-Lago thrust his latest pronouncements into the eye of the political storm once again.

study of Truth Social by Media Matters for America, a left-leaning media monitoring group, examined how the platform had become a home for some of the most fringe conspiracy theories. Mr. Trump, who began posting on the platform in April, has increasingly amplified content from QAnon, the online conspiracy theory.

He has shared posts from QAnon accounts more than 130 times. QAnon believers promote a vast and complex conspiracy that centers on Mr. Trump as a leader battling a cabal of Democratic Party pedophiles. Echoes of such views reverberated through Republican election campaigns across the country during this year’s primaries.

Ms. Jankowicz, the disinformation expert, said the nation’s social and political divisions had churned the waves of disinformation.

The controversies over how best to respond to the Covid-19 pandemic deepened distrust of government and medical experts, especially among conservatives. Mr. Trump’s refusal to accept the outcome of the 2020 election led to, but did not end with, the Capitol Hill violence.

“They should have brought us together,” Ms. Jankowicz said, referring to the pandemic and the riots. “I thought perhaps they could be kind of this convening power, but they were not.”

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How Credit Suisse Became a Meme Stock

“Credit Suisse is probably going bankrupt.”

It was Saturday, Oct. 1, and Jim Lewis, who frequently posts on Twitter under the moniker Wall Street Silver, made that assertion to his more than 300,000 followers. “Markets are saying it’s insolvent and probably bust. 2008 moment soon?”

Mr. Lewis was among hundreds of people — many of them amateur investors — who had been speculating about the fate of Credit Suisse, the Swiss bank. It was in the middle of a restructuring and had become an easy target after decades of scandals, failed attempts at reform and management upheavals.

There seemed to be no immediate provocation for Mr. Lewis’s weekend tweet other than a memo that Ulrich Körner, the chief executive of Credit Suisse, had sent employees the day before, reassuring them that the bank was in good financial health.

But the tweet, which has been liked more than 11,000 times and retweeted more than 3,000 times, was one of many that helped ignite a firestorm on social media forums like Twitter and Reddit. The rumor that Credit Suisse was in trouble ricocheted around the world, stumping bank executives and forcing them to call shareholders, trading partners and analysts to reassure them that everything was fine before markets reopened on Monday.

prop up the shares of GameStop, the video game retailer, determined to outsmart hedge funds that had bet the company’s shares would fall.

But what started as a spontaneous effort to take down Wall Street has since become an established presence in the market. Millions of amateur investors have embraced trading, including more sophisticated strategies such as shorting. As the Credit Suisse incident shows, their actions highlight a new source of peril for troubled companies.

Founded in Switzerland in 1856 to help finance the expansion of railroads in the tiny European nation, Credit Suisse has two main units — a private wealth management business and an investment bank. However, the bank has often struggled to maintain a pristine reputation.

It has been the repository of funds from businesspeople who are under sanctions, human rights abusers and intelligence officials. The U.S. government has fined it billions of dollars for its role in helping Americans file false tax returns, marketing mortgage-backed securities tied to the 2008 financial crisis and helping customers in Iran, Sudan and elsewhere breach U.S. sanctions.

In the United States, Credit Suisse built its investment banking business through acquisitions, starting with the 1990 purchase of First Boston. But without a core focus, the bank — whose top bosses sit in Switzerland — has often allowed mavericks to pursue new revenue streams and take outsize risks without adequate supervision.

collapsed. Credit Suisse was one of many Wall Street banks that traded with Archegos, the private investment firm of Bill Hwang, a former star money manager. Yet it lost $5.5 billion, far more than its rivals. The bank later admitted that a “fundamental failure of management and controls” had led to the debacle.

surveillance of Credit Suisse executives under his watch. He left the bank in a stable and profitable condition and invested appropriately across its various divisions, his spokesman, Andy Smith, said.

Credit Suisse replaced Mr. Thiam with Thomas Gottstein, a longtime bank executive. When Archegos collapsed, the bank kept Mr. Gottstein on the job, but he started working with a new chairman, António Horta-Osório, who had been appointed a few months earlier to restructure the bank.

resigned after an inquiry into whether he had broken quarantine rules during the pandemic. But he made swift changes in his short tenure. To reduce risk taking, Mr. Horta-Osório said, the bank would close most of its prime brokerage businesses, which involve lending to big trading firms like Archegos. Credit Suisse also lost a big source of revenue as the market for special purpose acquisition companies, or SPACs, cooled.

By July, Credit Suisse had announced its third consecutive quarterly loss. Mr. Gottstein was replaced by Mr. Körner, a veteran of the rival Swiss bank UBS.

Mr. Körner and the chairman, Axel Lehmann, who replaced Mr. Horta-Osório, are expected to unveil a new restructuring plan on Oct. 27 in an effort to convince investors of the bank’s long-term viability and profitability. The stock of Credit Suisse has dipped so much in the past year that its market value — which stood around $12 billion — is comparable to that of a regional U.S. bank, smaller than Fifth Third or Citizens Financial Group.

appeared on Reddit.

Mr. Macleod said he had decided that Credit Suisse was in bad shape after looking at what he deemed the best measure of a bank’s value — the price of its stock relative to its “book value,” or assets minus liabilities. Most Wall Street analysts factor in a broader set of measures.

But “bearing in mind that most followers on Twitter and Reddit are not financial professionals,” he said, “it would have been a wake-up call for them.”

The timing puzzled the bank’s analysts, major investors and risk managers. Credit Suisse had longstanding problems, but no sudden crisis or looming bankruptcy.

Some investors said the Sept. 30 memo sent by Mr. Körner, the bank’s chief executive, reassuring staff that Credit Suisse stood on a “strong capital base and liquidity position” despite recent market gyrations had the opposite effect on stock watchers.

Credit Suisse took the matter seriously. Over the weekend of Oct. 1, bank executives called clients to reassure them that the bank had more than the amount of capital required by regulators. The bigger worry was that talk of a liquidity crisis would become a self-fulfilling prophecy, prompting lenders to pull credit lines and depositors to pull cash, which could drain money from the bank quickly — an extreme and even unlikely scenario given the bank’s strong financial position.

“Banks rely on sentiment,” Mr. Scholtz, the Morningstar analyst, said. “If all depositors want their money back tomorrow, the money isn’t there. It’s the reality of banking. These things can snowball.”

What had snowballed was the volume of trading in Credit Suisse’s stock by small investors, which had roughly doubled from Friday to Monday, according to a gauge of retail activity from Nasdaq Data Link.

Amateur traders who gather on social media can’t trade sophisticated products like credit-default swaps — products that protect against companies’ reneging on their debts. But their speculation drove the price of these swaps past levels reached during the 2008 financial crisis.

Some asset managers said they had discussed the fate of the bank at internal meetings after the meme stock mania that was unleashed in early October. While they saw no immediate risk to Credit Suisse’s solvency, some decided to cut trading with the bank anyway until risks subsided.

In another private message on Twitter, Mr. Lewis declined to speak further about why he had predicted that Credit Suisse would collapse.

“The math and evidence is fairly obvious at this point,” he wrote. “If you disagree, the burden is really on you to support that position.”

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An Uptick in Elder Poverty: A Blip, or a Sign of Things to Come?

“We’re getting more and more older people who lived through this experiment with do-it-yourself pensions, and they’re coming into this age group without the same kind of incomes that older people have,” said Teresa Ghilarducci, an economics professor at the New School who specializes in retirement policy. “I don’t think it’s a blip.”

Even though the share of elderly people officially below the poverty line is low by historical standards in the United States, it remains among the highest in the developed world, according to the Organization for Economic Cooperation and Development. The average poverty rate for older Americans also masks far higher shares among more vulnerable groups, with nearly one in five Black and Hispanic women 65 or older falling below the official poverty threshold in 2021. It’s higher for single people, too — a reality forced on hundreds of thousands of older Americans whose spouses died of Covid-19.

The poverty rate is also not a bright line when it comes to financial hardship. It doesn’t take into account debt, which more seniors have accumulated since the Great Recession. Moreover, nearly one in four people 65 or older make less than 150 percent of the federal poverty line, or $19,494 on average for those living alone. Another measure, developed by the Gerontology Institute at the University of Massachusetts Boston and called the Elder Index, finds that it takes $22,476 for a single older person in good health with no mortgage to cover basic needs, with the cost escalating for renters and those with health problems.

“To some extent we’re splitting hairs when we talk about people who fall just above and just below, because they’re all struggling,” said Jan Mutchler, a demographer at the University of Massachusetts at Boston who helped devise the Elder Index. “The assumptions that go into what we’re calling hardship are just flawed.”

That’s true for Juanita Brown, 77, who lives on her own in Galax, a small town in Virginia’s Blue Ridge Mountains. A farmer’s daughter, she worked as a nanny, and then a certified nursing assistant, and then a preschool teacher. Her husband worked in the local textile industry, and after raising two children, they had built a substantial nest egg.

But then Ms. Brown’s mother developed Alzheimer’s disease and couldn’t support herself. Ms. Brown stopped working to take care of her, which cost another $500 per month in expenses. Her husband got prostate cancer, which required extended trips to the hospital in Winston-Salem, N.C.

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How Ukraine’s Surrogate Mothers Have Survived the War

KYIV, Ukraine — After months huddled in a basement to escape shelling, a surrogate mother named Viktoria was able to get her family, and the unborn child she carried for foreign clients, away from the fighting in northeastern Ukraine.

She could do so, she said, because her employer, a surrogacy agency, had offered financial aid and an apartment in the capital, Kyiv, to ensure her safety and the baby’s. And although she had initially been reluctant to leave her home, Kharkiv, even under artillery attacks, she is now glad to live in relative security.

“I would not have left if the clinic had not persuaded me,” she said.

Viktoria is one of hundreds of surrogate mothers who have brought pregnancies to term over seven harrowing months, running for safety as air-raid sirens sounded, surviving in bomb shelters, then fleeing from ruined towns to deliver children for parents abroad.

Before Russia invaded in February, Ukraine was a major provider of surrogacy, one of the few countries that allows it for foreign clients. After a pause in the spring, surrogacy agencies are resuming their work, reviving an industry that many childless people rely on but that critics have called exploitative and that, in peacetime, was already ethically and logistically complex.

the business would unravel — especially as Russia tried and failed to seize Kyiv in the war’s early weeks — have proved overblown. Life in western and central Ukraine has largely stabilized despite fighting in southern and eastern regions and the continued risks of long-range missile strikes.

“We did not lose a single one,” said Ihor Pechenoha, the medical director at BioTexCom, Ukraine’s largest surrogacy agency and clinic. “We managed to bring all our surrogate mothers out from under occupation and shelling.”

marooned in a basement nursery in Kyiv. For weeks and months, it was difficult or impossible for biological parents to reach their children in Ukraine, but by August, all of the babies had gone home.

The war has not diminished the appeal of surrogacy for couples desperate to have children, said Albert Tochylovsky, the director of BioTexCom. “They are in a hurry,” he said. “To explain, ‘We have a war going on,’ doesn’t work.”

Before Russia launched its full-scale invasion, BioTexCom was impregnating about 50 women per month. Since the beginning of June, the company has begun at least 15 new pregnancies.

With the money that the business brings in, Mr. Tochylovsky said, surrogate mothers have been moved from frontline towns and Russia-occupied regions to safer places, like Kyiv.

criticism that it leaves poor women vulnerable to exploitation by clients and agencies. Advocates of gestational surrogacy, in which surrogate mothers undergo in vitro fertilization to deliver the babies of clients who cannot have children on their own, say the practice is invaluable to such couples and offers a potentially life-changing sum for surrogates.

“I do it for money, but why not?” said Olha, 28, who started a new surrogate pregnancy this summer. “I have good health and can help people who have money” and want children, she added.

Before the war, the business thrived in Ukraine, where surrogate mothers typically earn about $20,000 per child they deliver. The war has made financial security even more urgent.

One 30-year-old surrogate mother, who spoke on the condition of anonymity because she had evacuated from Melitopol in Russia-occupied southern Ukraine and feared she could be targeted for reprisal, said she credited the job with getting her family out. “With the help of surrogacy,” she said, “I saved my family.”

many new quandaries for the women, clients and medical personnel. Viktoria and her family face one such dilemma: Her payment will help them survive, but it is far from clear where they should go after her recovery from a C-section. The family has remained in the apartment rented by the clinic in Kyiv; her hometown, Kharkiv, is still hit by regular shelling.

For many surrogate mothers, the question was about where to deliver. Threats included not just fighting, but how the authorities established by the Russian occupation government would handle a surrogate birth.

A surrogate named Nadia lived in a village in Russia-occupied territory that was not at risk of artillery shelling. But she decided to evacuate to Ukrainian-controlled territory to deliver the baby, lest the biological parents be deprived of custody, and she lose the fee.

She spent two days with her husband and 11-year-old daughter sleeping in a car on a roadside that is sometimes shelled, waiting to cross the front line.

Ms. Burkovska, the small-agency owner, went into the war with two stranded surrogate babies in her care. In contrast to most surrogacy agencies, she cares for newborns in her own home before biological parents pick them up. For a time, she had to shelter in a basement with the newborns, her partner and her own children.

As more babies arrived in the first months of war, she wound up with seven newborns whose biological parents could not immediately retrieve them, as travel to wartime Ukraine became difficult and as some remaining coronavirus restrictions, like China’s, caused delays.

Ms. Burkovska’s own children helped care for the infants until their parents could get them. By August, most of the parents had arrived to pick up their children.

A Chinese client with BioTexCom, Zhang Zong, was one of those who struggled to reach Kyiv through travel delays. He said the wait had been excruciating. “I was very worried because of the war,” he said.

Meeting his 6-month-old son, he said, was both thrilling and a little strange. “I was extremely excited when they let me hug him,” Mr. Zhang said. “He has been here for a long time and everyone hugs him, everyone likes him, and I am not so special.”

But he added that was only for now. “When he grows up,” Mr. Zhang said, “I can tell him this story.”

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Three Women of Bucha: Their Deaths and Lives

BUCHA, Ukraine — One woman was badly beaten and shot through the eye. Another, held captive by Russian soldiers, was found in a cellar, shot in the head. An 81-year-old grandmother was discovered hanging in her garden, perhaps killed, perhaps driven to suicide.

They were three victims among hundreds during the Russian occupation of Bucha in the spring. Bucha, a suburb of Ukraine’s capital, Kyiv, quickly became the main focus of atrocities by Russian soldiers before they withdrew from the area.

The crimes gained worldwide attention. But these women were unknown, their deaths unseen and unexplained.

reported at the time on the Russian brutality and came across these cases. So we went back to Bucha, the place of so many deaths, to learn about these three women — to find out about their lives and who they were.

We found that each woman, in her own way, was a fighter, struggling to survive weeks of hunger, cold, bombardment and shooting, yet tragically vulnerable to the ruthless violence of an occupying army.

Many of the circumstances of their last days remain unclear, but for their families and Ukrainian officials, there is no doubt that they were victims of Russia’s aggression against their country.

Oksana Sulyma, 34, was in Bucha only by chance.

A former public servant, she lived in Kyiv with her 5-year-old daughter, but had visited Bucha to stay with friends only 48 hours before the war began in February. Within days, Russian troops had stormed the wooded suburb and roads and transport links had been cut. Oksana was stuck, said Oleksiy, a childhood friend, who asked that only his first name be used for privacy.

She had grown up and lived much of her adult life in Bucha. Her grandmother lived in an apartment near the center of town. Oksana had moved to Kyiv only after divorcing her husband several years ago; she wanted to be closer to her parents, who helped look after her daughter.

Her mother, Larysa Sulyma, agreed to provide a few details of Oksana’s life for her to be remembered by.

“She was a very bright child,” her mother said. She learned French during an exchange visit to France, completed a degree in sociology at the National Aviation University in Kyiv, and later worked at the Ministry of Infrastructure.

“She was very vivacious,” her mother added. She shared photographs of her daughter on a beach in Crimea, where she used to vacation every year before Russia annexed the peninsula in 2014. “She loved life, she loved to travel.”

In early March, Russian troops set up bases and firing positions in Bucha and began to impose greater control on the streets. They searched houses, confiscated cellphones and began detaining people and killing.

Oksana was last seen by friends on March 10 at Shevchenko Square, her mother said. The square, marked by a statue of the Ukrainian poet Taras Shevchenko, is a popular meeting place.

Her mother posted a message on Facebook on March 15 expressing concern. Oksana had experienced mental health issues, and anxiety at the onset of the war may have exacerbated her condition, her mother wrote.

“Her behavior may have manifestations of anger, aggression or incompetence,” her post said. “If anyone knows her whereabouts, please call.”

Anna Noha, 36, had lived most of her life in Bucha and had no intention of leaving.

She had friends and family in the town, and even when her former partner and half sister fled the occupation in early March, she chose to stay. Anna hung out with friends in the basement of her two-story building, sometimes venturing into the streets, visiting her father and rescuing cats.

“She was very independent, very active,” said her stepmother, Tetyana Kopachova, 51. “At the same time, she was very kind, very helpful. She chopped wood all winter for me.”

Anna’s father and stepmother were dog breeders and kept 11 Central Asian sheepdogs in cages on their property in the center of town. Anna would come around to help.

She had always been a tearaway, her stepmother said. She married young, divorced, had a teenage daughter. She had served time in prison for dealing drugs, but had since given that up, her stepmother said.

Anna was also a survivor. Her former partner was abusive and she came over to their house for a couple of nights with a friend, nursing bruises, Ms. Kopachova said.

Her parents pressed her to stay, but she left again on March 13, promising to find dog food because they were running out. She never came back.

Lyudmyla Shchehlova, 81, also did not want to leave Bucha. A retired epidemiologist, she had lived for almost 40 years in a cottage styled like a wood cabin, nestled amid pine trees.

The house had belonged to her husband, also a physician, and together they had raised a daughter, Olena, and later their grandson, Yevhen.

His grandfather was the soft one, Yevhen, 22, recalled in an interview. His grandmother was strict, “It was like good cop, bad cop,” he said laughing. “She taught me a lot,” he added.

Ms. Shchehlova was Russian by origin, and her bookshelves were full of Russian classics. Since her husband died a few years ago, she had lived alone, surrounded by her books and family photographs, with Ralph, a German shepherd, and a cat for company.

Her daughter, Olena, lived in a neighboring suburb, Irpin, and wanted her mother to join her there when the war started, but the roads were blocked by the fighting. Within days, the electricity and telephones went down. She tried to call her mother on March 7, her birthday, but could not reach her.

When the bombardment worsened sharply in their neighborhood, Olena and Yevhen fled on foot across a destroyed bridge toward Kyiv.

The last time Yevhen spoke to his grandmother, she was weeping but was happy that they were out of danger. “She said everything was fine,” he said.

By mid-March, the atmosphere in Bucha was growing uglier. New Russian units had taken over control and reprisals against civilians grew.

For several days around March 18, a lot of killing occurred in Bucha.

Russian troops had occupied School No. 3 on Vokzalna Street, and they were firing mortars from empty land behind it. Soldiers smashed their armored vehicles through garden fences and camped in people’s homes.

At some point, Oksana Sulyma was apprehended and taken to a house on Vokzalna Street. The house backed up to School No. 3, which she had attended as a girl. Oksana was found there in April, imprisoned in a potato cellar, shot in the head. She was wearing only a fur coat.

The police found bullet casings by the trap door of the cellar and determined she was killed on March 17, a week after going missing. Her passport and ID card were later found by the Ukrainian police near the railway tracks.

Russian soldiers had been living in the house, sleeping on mattresses in the living room and heating water for washing. In a bedroom upstairs, women’s clothes and underwear were strewn about and the police found a used condom. An official familiar with the case said there was evidence that Oksana had been raped.

Around the same time, Anna Noha moved to an apartment a few blocks away, just west of Vokzalna Street. Her windows had been blown out by the shelling and it was freezing, so a friend, Vladyslav, took her and a former classmate, Yuriy, to stay with his mother, Lyudmyla.

Anna brought coffee and tea with her and asked Lyudmyla if she could also bring an abandoned cat, a beautiful longhaired Siamese, that she had found.

“She seemed very kind,” said Lyudmyla, who asked that only her first name be used. “That’s why I gave her shelter.”

On the evening of March 18, the three friends cleaned the apartment and took out the trash, Lyudmyla said. They said they would have a smoke while they were outside. They never came back.

Lyudmyla later learned from neighbors that Russian troops had detained them by the trash bins and marched them with bags over their heads into the basement of a nearby 10-story building. Neighbors said Anna had shouted out “Glory to Ukraine.”

A week later, Lyudmyla was gathering firewood with a friend when she found their bodies. First she saw Anna and Yuriy, lying in the garden of an unoccupied house. Later she found her son, Vladyslav, inside a shed. They had been beaten and each was shot through an eye. Anna was so badly bludgeoned that her face was unrecognizable, Lyudmyla said.

“She was cheerful, strong,” Lyudmyla said of Anna. “Maybe she suffered for her outspokenness.”

By March 19, only two residents, Ms. Shchehlova, the 81-year-old retired epidemiologist, and Mariya, 84, a former factory worker, remained on their narrow lane.

Soldiers occupied a house at the end of the lane, Mariya said. “There were 15 of them in that gang and they made such trouble here,” she said. Someone stole bottles of alcohol from her fridge while she dozed in an armchair, she said.

A builder, Bogdan Barkar, 37, was out scouring for food one day and came across Ms. Shchehlova in the alley behind her house. “She had tears in her eyes,” he said. He sensed she was being threatened by someone. “Just come by in two days and see if I am alive or not,” she told him.

Some days later, Mariya said she heard Ms. Shchehlova arguing with someone and saw a strange man in her yard. But weak from hunger and fearful, Mariya did not intervene.

It was only days later when the Russians withdrew from Bucha that Mariya’s son came back and discovered Ms. Shchehlova hanging from a tree, a ladder propped against the trunk.

The police recorded it as a suicide, but few who knew Ms. Shchehlova believed she could have done it herself. She was religious and knew it to be a sin, said her neighbor Valentyn Melnyk.

Her grandson Yevhen cut the ropes down from the tree and said he doubted that she would have been able to tie them on the high branches. But he was resigned to his doubts.

“I am a realist,” he said. “How is it possible to find out what happened if all the neighbors left, and she was alone at that moment?”

The grief and loss remains overwhelming. His mother, a refugee in Sweden, wept at missing her mother’s funeral.

Anna Noha’s father, Volodymyr Kopachov, died on July 7, soon after burying his daughter. He lies beside her in Bucha City Cemetery in the section reserved for victims of the war.

Oksana Sulyma’s parents made separate visits to the cellar where she died. Weeping, her mother distributed sweets to the neighbors.

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Aimco Files Definitive Proxy Materials and Mails Letter to Stockholders

DENVER–(BUSINESS WIRE)–Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), today announced that it has filed its definitive proxy materials with the Securities and Exchange Commission (“SEC”) in connection with its 2022 Annual Meeting of Stockholders scheduled to be held on December 16, 2022. Stockholders of record as of October 26, 2022, will be entitled to vote at the meeting. Aimco’s Board of Directors (the “Board”) strongly recommends that stockholders vote on the WHITE proxy card “FOR ALL” three of Aimco’s qualified and experienced director nominees, Jay Paul Leupp, Michael A. Stein and R. Dary Stone.

In conjunction with the definitive proxy filing, Aimco has also mailed a letter to the Company’s stockholders. Highlights from the letter include:

Aimco’s definitive proxy materials and other materials regarding the Board’s recommendation for the 2022 Annual Meeting of Stockholders can be found at https://investors.aimco.com.

1 TSR calculation as of September 30, 2022

2 Includes AHH, CLPR, CSR, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, VRE, and WRE (per AIV 2021 10-K) represents simple average

The full text of the letter being mailed to stockholders follows:

October 12, 2022

Dear Fellow Stockholders:

Your Board of Directors and management team are committed to enhancing the value of your investment in Aimco and have been unwavering in our commitment to acting in the best interests of our stockholders. We have implemented a clearly defined value creation strategy and a comprehensive transformation of Aimco’s legacy business under a recently reconstituted, majority-independent Board (the “New Aimco Board” or the “Board”) and all-new executive management team.

Since the New Aimco Board and management team assumed their current roles following the Apartment Income REIT Corp. (“AIR”) spin-off in December 2020, Aimco has delivered total stockholder returns of 45%3, significantly outperforming its identified developer peer group4, the FTSE NAREIT Equity Apartments Index, the MSCI US REIT Index, the S&P 500 and the Russell 2000.

Aimco expects to continue to drive growth and outsized returns by:

The New Aimco Board and new management team executing this plan were put in place in connection with the 2020 spin-off of AIR, with the Company:

Despite Aimco’s clear momentum and the recent reconstitution of the Aimco Board, Land & Buildings Investment Management LLC (“Land & Buildings”) has initiated a proxy contest and is seeking to remove and replace two of your highly qualified directors. We have engaged with Land & Buildings to better understand its perspectives and have reviewed the qualifications of the candidates it has put forth. It is clear from our interactions to date, however, that Land & Buildings is primarily focused on historical issues and decisions made prior to the reconstitution of the Aimco Board and the replacement of the Aimco management team. While the New Aimco Board and management are open to continued dialogue with Land & Buildings, we believe that additional director turnover at this time is unwarranted. We also believe that the candidates proposed by Land & Buildings would not bring any relevant expertise that is not already well represented on the Aimco Board, and that election of Land & Buildings’ candidates would remove expertise from the New Aimco Board that is critical to our success.

Against this backdrop, you now face an important decision regarding the future of your investment and go-forward Board of Directors. Your Board has three directors up for re-election who have highly relevant skills and expertise and are important contributors to Aimco’s ongoing success. To protect your investment, we strongly recommend that you vote the enclosed universal WHITE proxy card today “FOR” all three of Aimco’s qualified and experienced director nominees: Jay Paul Leupp, Michael A. Stein and R. Dary Stone. Please vote today to ensure your voice is heard at the Company’s Annual Meeting of Stockholders (“Annual Meeting”) on December 16, 2022.

PROTECT THE VALUE OF YOUR INVESTMENT.

USE THE UNIVERSAL WHITE PROXY CARD TODAY TO VOTE FOR ALL THREE

OF AIMCO’S QUALIFIED AND EXPERIENCED DIRECTORS

AIMCO IS SUCCESSFULLY EXECUTING ITS VALUE ADD STRATEGY

For the past 21 months, Aimco has been successfully executing a growth strategy focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector.

As part of this strategy, we’ve taken decisive actions to drive stockholder value, by:

AIMCO HAS DELIVERED SIGNIFICANT VALUE FOR STOCKHOLDERS

Since the December 2020 spin-off, Aimco has significantly outperformed its identified developer peer group, real estate market indices, and broader market indices, as evidenced in the following chart.

From an operating perspective, we have generated significant value across our stabilized portfolio and our development pipeline. For example, during the first half of 2022, we increased net operating income by 14.9%, and since the start of 2021, we have nearly tripled the Company’s future development pipeline.

Importantly, we have a clear plan to build on this progress and drive continued growth. We will remain primarily focused on multifamily housing with an increased allocation to value add and opportunistic investments. We will also continue to leverage the Company’s best-in-class platform, existing portfolio of value add and stable core properties, and an investment pipeline that leads to superior risk-adjusted returns.

Despite these strong results and clear and actionable strategy, the New Aimco Board is not standing still. We routinely consider all viable options to enhance and unlock stockholder value and remain committed to doing so going forward.

NEW AIMCO BOARD AND MANAGEMENT TEAM HAVE ENGAGED CONSTRUCTIVELY

WITH STOCKHOLDERS, INCLUDING LAND & BUILDINGS

Aimco is committed to open and constructive engagement with all stockholders, including Land & Buildings. Aimco has held more than 80 individual meetings with more than 35 current and prospective stockholders in the past 13 months, including stockholders that own in the aggregate more than 80% of Aimco’s outstanding shares of common stock, as well as multiple meetings with Land & Buildings, as described in the Company’s proxy statement. The New Aimco Board has demonstrated that we value and act on the feedback we receive.

The New Aimco Board and management team are focused on the future, executing a clear and effective strategy to enhance the value of your investment, while Land & Buildings’ complaints primarily relate to decisions made almost two years ago by the pre-spin Board of Directors and management team.

THE DIRECTORS ON AIMCO’S MAJORITY-INDEPENDENT, RECONSTITUTED BOARD

BRING HIGHLY RELEVANT SKILLS AND FRESH PERSPECTIVES

Aimco is seeking your support to vote FOR ALL of its three highly qualified, experienced directors at this year’s Annual Meeting: Jay Paul Leupp, Michael A. Stein and R. Dary Stone.

The New Aimco Board is purpose-built, and its composition reflects our commitment to closely aligning the skill sets and experience of the Company’s directors with the needs of the Company and its stockholders. Importantly, the Board works closely with management and has been—and will continue to be—a significant agent of change overseeing the continued improvement of Aimco’s performance and valuation.

We are confident that our three highly-qualified nominees seeking re-election are the better choice to build on the success that Aimco has delivered. Aimco’s three director nominees bring highly relevant expertise and complementary skillsets, and our Board is unanimous in recommending that stockholders vote for our three nominees.

Mr. Leupp, an independent director and the Chairman of Aimco’s Audit Committee, has been an integral part of our Board since his appointment in December 2020 and brings capital markets, investment and finance, real estate, and development experience gained through his over 28 years as a Portfolio Manager and Managing Director focused on investments in publicly traded real estate securities and publicly traded REIT board service. Mr. Leupp is a Certified Public Accountant (CPA).

Mr. Stein, an independent director and Chairman of Aimco’s Investment Committee, is a seasoned executive who brings real estate investment and finance, financial reporting, accounting and auditing, capital markets, and business operations experience, gained through his experience as a director of five publicly traded companies and Chief Financial Officer of three publicly traded companies. Further, having served on Aimco’s Board since October 2004, Mr. Stein has significant institutional knowledge of Aimco.

Mr. Stone, an independent director and Chairman of Aimco’s Nominating, Environmental, Social, and Governance Committee, is an experienced leader and has served on Aimco’s Board since December 2020 and brings investment and finance, real estate, development, property / asset management and operations, and capital markets experience gained through his over 30-year career investing and developing a variety of projects and joint ventures, including the management of one of the country’s largest master planned developments. He also brings publicly traded REIT board service.

PROTECT THE VALUE OF YOUR INVESTMENT AND AIMCO’S FUTURE GROWTH PROSPECTS.

USE THE UNIVERSAL WHITE PROXY CARD TODAY TO VOTE FOR ALL THREE

OF AIMCO’S QUALIFIED AND EXPERIENCED DIRECTORS

The New Aimco Board is active, engaged and focused on continuing to grow Aimco and providing enhanced value for all our stockholders. We strongly recommend that stockholders vote FOR the Company’s three director nominees on the universal WHITE proxy card: Jay Paul Leupp, Michael A. Stein and R. Dary Stone.

Your vote “FOR” our director nominees will help ensure that you, as an Aimco stockholder, have a Board acting in your best interest at all times.

On behalf of the New Aimco Board, we appreciate your investment and support.

Sincerely,

The Aimco Board of Directors

3 TSR calculation as of September 30, 2022

4 Includes AHH, CLPR, CSR, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, VRE, and WRE (per AIV 2021 10-K) represents simple average

If you have questions or require any assistance with voting your shares, please contact the Company’s proxy solicitor listed below:

MacKenzie Partners, Inc.

1407 Broadway, 27th Floor

New York, New York 10018

Call Collect: (212) 929-5500

or

Toll-Free (800) 322-2885

Email: proxy@mackenziepartners.com

Forward Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to, the statements in this document regarding future financing plans, including the Company’s expected leverage and capital structure; business strategies, prospects, and projected operating and financial results (including earnings), including facts related thereto, such as expected costs; future share repurchases; expected investment opportunities; and our 2022 pipeline investments and projects. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” “forecast(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the risk that the 2022 preliminary plans and goals may not be completed in a timely manner or at all, (ii) the inability to recognize the anticipated benefits of the pipeline investments and projects, and (iii) changes in general economic conditions, including as a result of the COVID-19 pandemic. Although we believe that the assumptions underlying the forward-looking statements, which are based on management’s expectations and estimates, are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: the effects of the coronavirus pandemic on the Company’s business and on the global and U.S. economies generally; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, redevelopments and developments; changes in operating costs, including energy costs; negative economic conditions in our geographies of operation; loss of key personnel; the Company’s ability to maintain current or meet projected occupancy, rental rate and property operating results; the Company’s ability to meet budgeted costs and timelines, and, if applicable, achieve budgeted rental rates related to redevelopment and development investments; expectations regarding sales of apartment communities and the use of proceeds thereof; the ability to successfully operate as two separate companies each with more narrowed focus; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by the Company; activities by stockholder activists, including a proxy contest; the Company’s relationship with each other after the consummation of the business separation; the ability and willingness of the Company and their subsidiaries to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the business separation and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the business separation.

In addition, the Company’s current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on the Company’s ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review the Company’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in Item 1A of the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, and the other documents the Company files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and the Company assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

We make no representations or warranties as to the accuracy of any projections, estimates, targets, statements or information contained in this document. It is understood and agreed that any such projections, estimates, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This document includes certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

NET OPERATING INCOME (NOI) MARGIN: Represents an apartment community’s net operating income as a percentage of the apartment community’s rental and other property revenues.

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations, and financing arrangements. NOI is also considered by many in the real estate industry to be a useful measure for determining the value of real estate. Reconciliations of NOI as presented in this document to Aimco’s consolidated GAAP amounts are provided below. Due to the diversity of its economic ownership interests in its apartment communities in the periods presented, Aimco evaluates the performance of the apartment communities in its segments using Property NOI, which represents the NOI for the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate. Property NOI is defined as rental and other property revenue less property operating expenses. In its evaluation of community results, Aimco excludes utility cost reimbursement from rental and other property revenues and reflects such amount as a reduction of the related utility expense within property operating expenses. The following table presents the reconciliation of GAAP rental and other property revenue to the revenues before utility reimbursements and GAAP property operating expenses to expenses, net of utility reimbursements.

Segment NOI Reconciliation

Twelve Months Ended (in thousands)

December 31, 2021

December 31, 2020

Total Real Estate Operations

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

 
 

Total (per consolidated statements of operations)

$

169,836

 

$

67,613

 

$

151,451

 

$

61,514

 

 

Adjustment: Utilities reimbursement

 

(3,022

)

$

(3,022

)

 

(2,163

)

 

(2,163

)

 

Adjustment: Non-stabilized and other amounts not allocated [2]

 

(30,629

)

 

(21,158

)

 

(18,528

)

 

(17,676

)

 

Total Stabilized Operating (per Schedule 6)

$

136,185

 

$

43,433

 

$

130,760

 

$

41,675

 

 
 
 

Segment NOI Reconciliation

Three Months Ended (in thousands)

June 30, 2022

June 30, 2021

Total Real Estate Operations

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

 
 

Total (per consolidated statements of operations)

$

50,697

 

$

19,708

 

$

40,418

 

$

16,403

 

 

Adjustment: Utilities reimbursement

 

(1,347

)

 

(1,347

)

 

(1,128

)

 

(1,128

)

 

Adjustment: Assets Held for Sale

 

(1,823

)

$

568

 

 

(1,798

)

 

634

 

 

Adjustment: Other Real Estate

 

(4,383

)

$

1,317

 

 

(3,138

)

 

1,090

 

 

Adjustment: Non-stabilized and other amounts not allocated [2]

 

(10,040

)

 

(9,825

)

 

(4,589

)

 

(7,056

)

 

Total Stabilized Operating (per Schedule 6)

$

33,104

 

$

10,420

 

$

29,765

 

$

9,943

 

 

 

 

 

 
 

Segment NOI Reconciliation

Six Months Ended (in thousands)

June 30, 2022

June 30, 2021

Total Real Estate Operations

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

Revenues,

Before Utility

Reimbursements
[1]

Expenses,

Net of Utility

Reimbursements

 
 

Total (per consolidated statements of operations)

$

100,691

 

$

38,929

 

$

80,222

 

$

33,345

 

 

Adjustment: Utilities reimbursement

 

(2,903

)

 

(2,903

)

 

(2,473

)

 

(2,473

)

 

Adjustment: Assets Held for Sale

 

(3,628

)

 

1,159

 

 

(3,503

)

 

1,265

 

 

Adjustment: Other Real Estate

 

(9,378

)

 

(2,822

)

 

(6,324

)

 

(2,127

)

 

Adjustment: Non-stabilized and other amounts not allocated [2]

 

(19,455

)

 

(13,696

)

 

(8,903

)

 

(9,871

)

 

Total Stabilized Operating (per Schedule 6)

$

65,327

 

$

20,667

 

$

59,018

 

$

20,139

 

[1] Approximately two-thirds of Aimco’s utility costs are reimbursed by residents. These reimbursements are included in rental and other property revenues on Aimco’s consolidated statements of operations prepared in accordance with GAAP. This adjustment represents the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results and as presented on Supplemental Schedule 6. Aimco also excludes the reimbursement amounts from the calculation of Average Revenue per Apartment Home throughout this Earnings Release and Supplemental Schedules.

[2] Properties not included in the Stabilized Operating Portfolio and other amounts not allocated includes operating results of properties not presented in the Stabilized Operation Portfolio as presented on Supplemental Schedule 6 during the periods shown, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.

About Aimco

Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.

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