An airline is out and a REIT is in.

Apartment Investment and Management Co.

(AIV) - Get Report

will replace American Airlines parent

AMR

(AMR)

in the

S&P 500

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.