Aimco (NYSE:AIV) news for Tuesday includes the company completing its spinoff of Apartment Income REIT (NYSE:AIR) and AIV stock is falling.

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Here’s what investors need to know about the Aimco spinoff news.

• Aimco has separated into two publically traded companies.
• The company continues to hold its businesses of developing and refreshing apartment complexes.
• This will also have it working on other investments in the U.S. multifamily sector.
• Apartment Income REIT is the new company created by the Aimco spinoff.
• This has it trading its shares under the AIR ticker.
• AIR stock was sent out to shareholders in AIV stock today.
• This saw shareholders receive one share of AIR stock for each share of AIV stock that they own.
• The stock distribution doesn’t allow for the creation of any fractional shares of AIR stock.
• Instead, investors will receive cash in place of fractional shares.
• The deal also saw Aimco-GP, the general partner of Aimco Properties, distribute its partnerships with Aimco OP to holders.
• This has Aimco OP now acting as Aimco’s operating partner.

Wes Powell, director and CEO of Aimco, said this about the spinoff news.

“I would like to thank all those whose contributions made the separation possible, our shareholders whose insight was invaluable and our teammates and partners who worked countless hours to bring our plans to fruition. I am energized by the exciting opportunities that lie ahead for Aimco and wish my friends at AIR continued success.”

AIV stock was down 86.6% as of Tuesday morning.