On January 20, 2021, Land & Buildings Investment Management LLC. called on Apartment Income REIT Corp. to refresh the majority of its board members and form a special board committee that will review strategic alternatives for the real estate investment trust. Land & Buildings stated in a letter to the Company that the Company has failed to close the gap to NAV, even after spinning off from Apartment Investment & Management Co. the Company's shares trade at $39 compared to its disclosed NAV of $50 per share. In addition, Land & Buildings urged the Company to study strategic alternatives, including an offer from Westdale Asset Management LLC that it believes was at a substantial premium and close to Company's NAV.