Aimco

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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
S&P 500 Component
Traded as NYSEAIV
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
USA
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
Slogan America Comes Home to Aimco
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[edit]

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[edit]

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[edit]

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[edit]

  • 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 and Chief Investment Officer: John E. Bezzant

Philanthropy[edit]

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[edit]

Aimco employs a full-time Energy Conservation team dedicated to identifying and implementing energy and water savings programs at properties nationwide. From 2006-2014, Aimco has invested $68.7 million in energy conservation projects resulting in 33,600 metric tons of greenhouse gases. 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.

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 [4]. 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.[11] 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 1,989,000 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.[12] Aimco has reduced 39,542,000 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.[13] Aimco has reduced water usage by 407,000,000 gallons since 2006.

References[edit]

External links[edit]