Aimco

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Apartment Investment and Management Company

Type	Public S&P 500 Component
Traded as	NYSE: AIV
Industry	Real Estate Investment Trust
Founded	1975 (as "The Considine Company, Inc.") 1994 (Merged with Property Asset Management & PDI, Inc.)
Founder(s)	Terry Considine
Headquarters	Denver, Colorado, U.S.
Area served	USA Puerto Rico
Key people	Terry Considine (Chairman) & (CEO)
Products	Apartment Homes
Revenue	US$ 1.080 billion (2011)
Operating income	US$ 166.3 million (2011)
Net income	US$ 58.2 million (2011)
Total assets	US$ 6.872 billion (2011)
Total equity	US$ 1.145 billion (2011)
Employees	3,100 (2010)
Website	Aimco.com Aimcoapartments.com

Aimco (NYSE: AIV) is one of the largest owners and operators of apartment communities in the United States, with approximately 520 communities serving 250,000 residents in 36 states, the District of Columbia and Puerto Rico.^[1]

History

Aimco’s initial public offering occurred in 1994. A Real Estate Investment Trust, Aimco common shares are traded on the New York Stock Exchange under the ticker symbol "AIV" and are included on the S&P 500. Aimco operates apartment communities in 44 states, the District of Columbia, and Puerto Rico. One of the largest owners of apartments and affordable housing, Aimco is headquartered in Denver, Colorado.

Aimco has grown by acquisition of several real estate companies. In 1994 Aimco acquired Homecorp, a management company with 5,300 units based in Montgomery, Alabama.

In 1995 Aimco and Insignia management group merged to over 65,000 units under management.

In 1996 Aimco acquired Walters Management Company in San Diego, California and 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.

With the acquisition of Winthrop in October 1997, the company increased in size by another 8,175 apartments. 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 1999, Aimco acquired Insignia, which added 191,000 apartments under management – with ownership interest in 122,000 of them. This $1.13 billion acquisition made Aimco the nation’s largest owner-operator of multi-family housing.

In 2002 Aimco acquired Casden Properties, which owned 17 conventional and 99 affordable communities,^[2] and 11 conventional communities in the greater-Boston area from Thomas J. Flatley. Since 2002 Aimco has been refining its portfolio with the goal of concentrating its assets in approximately 20 markets.

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

In 2010, Aimco has 870 properties serving approximately 500,000 residents.

Industry

Apartment Investment and Management Company (Aimco) - headquartered in Denver, Colorado - is one of the largest owners and operators of apartment communities in the nation.^[1] With 870 properties in the United States, including nearly 136,000 apartment units, Aimco serves approximately 500,000 residents each year.^[3]

Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. As a REIT, Aimco distributes at least 90 percent of its taxable income to shareholders annually in the form of dividends.

Aimco manages a diversified portfolio in terms of asset type as well as geography. The company owns both market-rate and ‘affordable’ communities, totaling 135,654 units. These units are dispersed amongst 870 properties and 44 states.^[3] Aimco’s key markets include Los Angeles, Seattle, Philadelphia, South Florida, Atlanta, Chicago, Suburban New York/New Jersey, San Jose, Orange County, California, Jacksonville, Manhattan, Houston, Denver, Dallas-Fort Worth, East Bay, Tampa, San Diego, Phoenix, Orlando, Washington/Northern Virginia/Maryland, San Francisco Boston And Virginia.

Aimco’s business model focuses on the redevelopment of older, market-rate apartment communities in premiere locations. Since 2005, Aimco has invested $1.3 billion in the redevelopment of 220 conventional properties, rehabbing 78,000 apartments. In 2009, Aimco completed renovations to Van Nuys Apartments, a historic structure build 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.^[4]

In November 2008, Aimco initiated a strategic ecommerce improvement program. Aimco began providing detailed information of properties, descriptive profiles of neighborhoods, and services in the immediate area within its various websites.^[5] Aimco also established a 24-hour Call Center, which participates in virtual chats, arranges apartment tours, and guides the electronic leasing process.

Management

• CEO: Terry Considine
• EVP, General Counsel and Secretary: Lisa R. Cohn
• EVP and Chief Administrative Officer: Miles Cortez
• EVP - Securities and Debt; Treasurer: Patti K. Fielding
• EVP and Chief Financial Officer: Ernest M. Freedman
• EVP - Property Operations: Keith M. Kimmel
• EVP - Redevelopment and Construction Services: Dan S. Matula
• EVP - Transactions: John E. Bezzant

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.^[6] In 2009 Aimco team members volunteered thousands of hours giving back to community organization and causes. Aimco also donated $300,000 worth of building materials to San Francisco and East Bay Chapters of Habitat for Humanity to support the construction of affordable housing in the Bay Area.^[6]

To help meet the needs of the military and their families, Aimco raised $235,000 from participants and sponsors at the Aimco CARES Golf Classic and distributed the funds to three worthy non-profit organizations - Sentinels of Freedom, which assists severely wounded returning veterans, the Tragedy Assistance Program for Survivors, which provides support services to families of fallen soldiers, and Fisher House, which provides temporary housing to families of veterans undergoing specialized medical treatment away from home.^[6]

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 245 college scholarships since 2006), and its Employee Assistance Program (which provides counseling and network of referral services for team members with challenging personal issues).^[6] 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

Aimco employs a full-time Energy Conservation team dedicated to identifying and implementing energy and water savings programs at properties nationwide. From 2006-2011, Aimco eliminated 22,000 metric tons of greenhouse gases as a result of completed energy conservation projects. At the corporate level, Aimco has moved to electronic advertising in an effort to reduce paper consumption, which led to Aimco saving the equivalent of 4,250 trees in 2009 alone.^[6]

Aimco is an Energy Star partner. Whenever possible, Aimco uses Energy Star approved appliances and lighting for upgraded or replacement units. Utilizing funds allocated through the American Recovery and Reinvestment Act of 2009 (ARRA), Aimco has installed Combined Heat and Power plants to generate a portion of the electricity at three Philadelphia properties. In addition to electricity generation, the heat created as a byproduct of the generator is captured and circulated back into the heating system, further offsetting heating costs. As part of a central plant project, the boilers and chillers are replaced with more efficient models. Some of the central plant projects also include the installation of direct digital controls [1]. The control systems optimize the performance of the boilers, chillers, pumps, AC units, fans, etc. for increased system efficiency and are continually monitored via the Web.^[7] Additionally, Aimco has installed solar thermal systems at 7 apartment communities in California contributing to an estimated 35% reduction in annual gas consumption required to heat the swimming pools. Aimco has conserved 1,749,000 therms of natural gas since 2006.

Aimco has also completed more than 350 lighting projects. As part of these projects, existing fluorescent and incandescent lighting is replaced with more efficient LED and fluorescent alternatives.^[8] Aimco has reduced 28,360,000 KWH of electricity usage since 2006. Additionally, Aimco has instated water conservation measures including the installation of satellite-controlled irrigation monitoring systems to optimize water consumption at properties located in arid Western states.^[9] Aimco has reduced water usage by 356,000,000 gallons since 2006.

References

External links

Wikimedia Commons has media related to: Aimco

• Apartment Investment and Management Company's website
• Aimco apartments