Aimco

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Apartment Investment and Management Company
TypePublic company
NYSEAIV
IndustryReal estate investment trust
Founded1975 (as "The Considine Company, Inc.")
1994 (Merged with Property Asset Management & PDI, Inc.)
FounderTerry Considine
HeadquartersDenver, Colorado
Key people
Robert A. Miller, Chairman
Wesley W. Powell, President & CEO
H. Lynn C. Stanfield, CFO
ProductsApartments
RevenueIncrease $151 million (2020)
Decrease -$5 million (2020)
Total assetsIncrease $1.840 billion (2020)
Total equityIncrease $559 million (2020)
Number of employees
52 (2020)
Websiteaimco.com
Footnotes / references
[1]

Aimco or Apartment Investment and Management Company is a publicly traded real estate investment trust. As of December 31, 2020, the company owned 27 apartment communities comprising 6,342 apartment units in 12 states and the District of Columbia.[1]

History[edit]

Aimco traces its roots to The Considine Company, formed in 1975 by Terry Considine.

Aimco was incorporated on January 10, 1994.[1]

On July 29, 1994, the company became a public company via an initial public offering.[2]

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

In 1996, Aimco acquired Walters Management Company[4] and the J.W. English Company.[5]

In 1997, Aimco acquired National Housing Partnership Incorporated, which owned 87,659 apartments.[6][7][8]

In October 1997, Aimco acquired 8,175 apartment units from Winthrop.[9]

In 1998, Aimco acquired Insignia Financial Group in a $910 million transaction.[10]

In 2000, the company acquired Oxford Realty Financial Group, which owned interests in 36,662 apartment units, for $314 million.[11] Also in 2000, the company acquired the Oxford Tax-Exempt Fund for $206 million.[12]

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.[13]

In 2003, the company was added to the S&P 500 index.[14][15] It was removed from the index in December 2020.[16][17]

In December 2020, it completed the corporate spin-off of Apartment Income REIT Corp.[18][19][20][21]

References[edit]

  1. ^ a b c "Apartment Investment and Management Company 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "AIV IPO". Crunchbase.
  3. ^ "HOMECORP acquired by AIMCo". Crunchbase.
  4. ^ HIRSH, LOU (April 22, 2013). "Piece of Local History Is Part of La Jolla Apartment Buy". American City Business Journals.
  5. ^ Rutledge, Tanya (November 24, 1996). "Low-profile New York investors to build huge industrial complex". American City Business Journals.
  6. ^ "APARTMENT INVESTMENT AGREES TO ACQUIRE NHP". The New York Times. Bloomberg News. April 22, 1997.
  7. ^ "APARTMENT INVESTMENT AGREES TO BUY 53% STAKE IN NHP". The New York Times. Dow Jones & Company. February 21, 1997.
  8. ^ Knight, Jerry (December 10, 1997). "APARTMENT MANAGER NHP ACQUIRED BY DENVER TRUST". The Washington Post.
  9. ^ "Apartment Investment Adds 8,175 Units From Winthrop". The New York Times. Reuters. October 18, 1997.
  10. ^ HOLUSHA, JOHN (May 24, 1998). "Commercial Property/Insignia Financial Group; Shedding Residential to Focus on Commercial". The New York Times.
  11. ^ "Aimco completes purchase of Oxford". American City Business Journals. September 20, 2000.
  12. ^ "APARTMENT INVESTMENT AGREES TO ACQUIRE OXFORD FUND". The New York Times. Bloomberg News. December 1, 2000.
  13. ^ SANCHEZ, JESUS (December 5, 2000). "Aimco Agrees to Buy Casden". Los Angeles Times.
  14. ^ "AMR booted from S&P 500". CNN. March 11, 2003.
  15. ^ "Bad weather hurts AIMCO in 1Q". American City Business Journals. May 7, 2003.
  16. ^ Wursthorn, Michael (December 12, 2020). "Tesla to Replace Real-Estate Stock in S&P 500". The Wall Street Journal.
  17. ^ "Tesla Set to Join S&P 500 & 100; Apartment Income REIT to Join S&P MidCap 400" (Press release). PR Newswire. December 11, 2020.
  18. ^ Svaldi, Aldo (December 16, 2020). "Denver-based Aimco spins off its apartment communities into a new public company". The Denver Post.
  19. ^ "Aimco Completes Separation of Apartment Income REIT Corp" (Press release). Business Wire. December 15, 2020.
  20. ^ "Apartment Income REIT Corp. Completes Separation from Aimco" (Press release). Business Wire. December 15, 2020.
  21. ^ "Apartment Income REIT completes separation from Aimco". S&P Global. December 15, 2020.

External links[edit]