Aimco

This article is about the apartment operator. For the auto parts brand, see Affinia Group. For the fund manager, see Alberta Investment Management Corporation.
Apartment Investment and Management Company
Public
Traded as NYSE: AIV
S&P 500 Component
Industry Real estate investment trust
Founded 1975 (as "The Considine Company, Inc.")
1994 (Merged with Property Asset Management & PDI, Inc.)
Founder Terry Considine
Headquarters Denver, Colorado, U.S.
Area served
 United States
Puerto Rico
Key people
 Terry Considine
(Chairman) & (CEO)
Products Apartment Homes
Revenue Decrease US$981.3 million (2015) [1]
Decrease US$256.2 million (2015)
Decrease US$271.9 million (2015)
Total assets Increase US$6.144 billion (2015)
Total equity Increase US$1.763 billion (2015)
Number of employees
 1,625
Website Aimco.com
Aimcoapartments.com

Aimco or Apartment Investment Management Company is one of the largest owners and operators of apartment communities in the United States. The company is headquartered in Denver, Colorado.

The company owns or has investments in 196 communities serving 250,000 residents in 22 states and the District of Columbia.[1]

Aimco’s key markets include Los Angeles, Seattle, Philadelphia, South Florida, Atlanta, Chicago, Suburban New York/New Jersey, San Jose, Orange County, California, Manhattan, Denver, East Bay, San Diego, Phoenix, Washington/Northern Virginia/Maryland, San Francisco and Boston.

Aimco’s business model focuses on the redevelopment of older, market-rate apartment communities in premiere locations. Since 2005, Aimco has invested $1.5 billion in the redevelopment of 220 conventional properties. In 2009, Aimco completed renovations to Van Nuys Apartments, a historic structure built in 1911. This redevelopment has secured affordable housing for senior and disabled residents for the next 55 years, and has anchored a revitalization of its surrounding Los Angeles neighborhood.[2]

History

Aimco was founded by Terry Considine, who currently serves as Chairman and CEO.[3]

Aimco went public via an initial public offering in 1994.[3]

Aimco was first included in the S&P 500 in 2003.

Acquisitions

In 1994 Aimco acquired Homecorp, a management company with 5,300 units based in Montgomery, Alabama.[3]

In 1996 Aimco acquired Walters Management Company, based in San Diego, California.[4]

Aimco also acquired the J.W. English Company in Houston, Texas. Aimco also purchased a portion of the general partnership of Balcor Asset Management resulting in the addition of 67 properties in three states.

In October 1997, Aimco acquired 8,175 apartment units from Winthrop.[5]

In May of that year, Aimco acquired National Housing Partnership Incorporated, then the country’s second largest management company, headquartered in Vienna, Virginia. The NHP acquisition added 534 conventional and affordable properties with 87,659 apartments to Aimco. NHP is a Congressionally chartered affordable housing company.

In 1998, Aimco acquired Insignia in a $910 million transaction. The company then owned or managed 391,891 apartment units in 2,163 apartment communities.[6]

In 2002, Aimco acquired Casden Properties, founded by Alan Casden. The $1.5 billion acquisition included 17,383 apartments, including 6,356 conventional apartment units located in Southern California and 11,027 affordable apartment units in 25 states.[7]

Corporate Culture

In 2013, Aimco released its Values and Culture Guide,[8] detailing the ways the company's core values influence the culture at Aimco, including "owning it," valuing relationships and living with gusto. In addition, Aimco was named one of the Denver Post's Top Workplaces in Colorado in 2013, 2014 and 2015.[9][10]

Management

Philanthropy

Aimco Cares, which was started in 2004, encourages each team member to spend ten Aimco-paid hours a year to volunteer in meaningful activities. In 2014 Aimco team members volunteered thousands of hours giving back to community organization and causes; 145 events in total.

To help meet the needs of the military and their families, Aimco has raised more than $2.93 million from participants and sponsors at the Aimco Cares Charity Golf Classic (nearly $400,000 in 2014 alone!) and distributed the funds to worthy non-profit organizations - Tragedy Assistance Program for Survivors, which provides support services to families of fallen soldiers; Project Sanctuary, which offers family retreats that offer a constructive and unique way for our nation's heroes to reconnect with loved ones and readjust to life at home and the National Leased Housing Association, which in partnership with Aimco, provides college scholarships to students living in affordable housing.

Aimco also has a number of philanthropic programs geared towards aiding its employees and their families; Including education reimbursement for its team members, college scholarships for its team members’ children (Aimco has given out 491 college scholarships since 2006), and its Employee Assistance Program (which provides counseling and network of referral services for team members with challenging personal issues). Aimco’s Aimco CARES 4U program also provides short-term funds to help colleagues weather tough times and get back on their feet.

Environmental initiatives

According to page 13 of the company's 2014 Corporate Citizenship Report, the company has introduced lighting, HVAC, and irrigation systems that have positive environmental and economic impacts.

References

  1. 1 2 "Aimco Reports Fourth Quarter 2015 Results, Provides 2016 Guidance". Business Wire. February 4, 2016.
  2. ↑ "Newly Landmarked Van Nuys to Get a $42 Million Update". blogdowntown. 2008-01-30. Retrieved 2010-06-22.
  3. 1 2 3 "Aimco: Corporate Facts".
  4. ↑ "Apartment Investment and Management Company Agrees to Acquire the Walters Property Management Business". PRNewswire. August 30, 1996.
  5. ↑ "Apartment Investment Adds 8,175 Units From Winthrop". New York Times. October 18, 1997.
  6. ↑ "Insignia Financial Group Announces Residential Management Operations To Merge With AIMCO In $910 Million Transaction; Insignia/ESG To Be Spun Off To Insignia Shareholders". PRNewswire. March 17, 1998.
  7. ↑ "Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units From Casden Properties of Los Angeles". PRNewswire. December 4, 2001.
  8. ↑ , Aimco Corporate Website, 2015
  9. ↑ , The Denver Post, 2015
  10. ↑ , The Denver Post, 2015

External links

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