An airline is out and a REIT is in.
Apartment Investment and Management Co.
will replace American Airlines parent
index, the financial data company announced Tuesday evening.
AMR is being removed because of low market capitalization and price per share, Standard & Poor's said.
Apartment Investment and Management, based in Denver, is a real estate investment trust. The company's business is the ownership, acquisition, redevelopment, expansion and management of multifamily apartment properties.
AMR shares finished down 82 cents, or 34%, to $1.59, in heavy volume on Tuesday.
Apartment Investment and Management shares closed down 10 cents, or 0.28%, to $35.15.