Apartment Investment & Management Co. separated its businesses and created Apartment Income REIT Corp. and Aimco, two separate publicly traded companies.

The multifamily real estate investment trust completed the distribution of Apartment Income REIT's common stock on Dec. 15, with stockholders receiving 1 Apartment Income REIT class A common share for every Aimco class A common share held as of the close of business on Dec. 5.

In connection with the separation of businesses, Aimco Properties LP's general partner Aimco-GP Inc. effected a pro rata distribution of all outstanding limited partnership units of Aimco OP LP, as of close of business on Dec. 5, resulting in Aimco OP to become the operating partnership of Aimco.

Aimco's shares continue to trade on the NYSE under the symbol AIV.

Citigroup Global Markets Inc. is serving as the lead financial adviser with J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, while Skadden Arps Slate Meagher & Flom LLP is acting as legal adviser in the transaction.