AIMCO
Encyclopedia
Aimco is one of the largest owners and operators of apartment
Apartment
An apartment or flat is a self-contained housing unit that occupies only part of a building...

 communities in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, with approximately 870 communities comprising nearly 133,000 units in 44 states, the District of Columbia and Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...

.

History

Aimco’s initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...

 occurred in 1994. A Real Estate Investment Trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...

, Aimco common shares are traded on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

 under the ticker symbol "AIV" and are included on the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...

. Aimco operates apartment communities in 44 states, the District of Columbia
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

, and Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...

. One of the largest owners of apartments and affordable housing, Aimco is headquartered in Denver, Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...

.

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
Montgomery, Alabama
Montgomery is the capital of the U.S. state of Alabama, and is the county seat of Montgomery County. It is located on the Alabama River southeast of the center of the state, in the Gulf Coastal Plain. As of the 2010 census, Montgomery had a population of 205,764 making it the second-largest city...

.

In 1996 Aimco acquired Walters Management Company in San Diego, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...

 and the J.W. English Company in Houston, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

. 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
Vienna, Virginia
Vienna is a town in Fairfax County, Virginia, United States. As of the 2010 United States Census, it had a population of 15,687. Significantly more people live in zip codes with the Vienna postal addresses bordered approximately by Interstate 66 on the south, Interstate 495 on the east, Route 7 to...

. 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
Multi-family residential
Multi-family residential is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. A common form is an apartment building...

.

In 2002 Aimco acquired Casden
Alan Casden
Alan I. Casden is a self-made real estate businessman who lives in Beverly Hills, California. Casden's real estate companies have built over 90,000 multi-family apartments since the 1980s.-Education:...

 Properties, which owned 17 conventional and 99 affordable communities, and 11 conventional communities in the greater-Boston area
Greater Boston
Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston. Due to ambiguity in usage, the size of the area referred to can be anywhere between that of the metropolitan statistical area of Boston and that of the city's combined statistical area which includes...

 from Thomas J. Flatley
Thomas Flatley
Thomas J. Flatley was a Boston real estate tycoon and philanthropist. He immigrated from Ireland in 1950 with a net worth of US$32; at the time of his death his fortune was estimated at $1.3 billion...

. 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
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...

 in 2003.

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

Industry

Apartment Investment and Management Company (Aimco) - headquartered in Denver, Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...

 - is one of the largest owners and operators of apartment communities in the nation. With 870 properties in the United States, including nearly 136,000 apartment units, Aimco serves approximately 500,000 residents each year.

Aimco common shares
Common stock
Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...

 are traded on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

 under the ticker symbol
Ticker symbol
A stock symbol or ticker symbol is a short abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker...

 AIV and are included in the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...

. As a REIT
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...

, Aimco distributes at least 90 percent of its taxable income to shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....

s annually in the form of dividend
Dividend
Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business , or it can be distributed to...

s.

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. Aimco’s key markets include Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...

, Seattle, Philadelphia, South Florida, Atlanta, Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...

, Suburban New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...

/New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...

, San Jose
San Jose, California
San Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay...

, Orange County, California
Orange County, California
Orange County is a county in the U.S. state of California. Its county seat is Santa Ana. As of the 2010 census, its population was 3,010,232, up from 2,846,293 at the 2000 census, making it the third most populous county in California, behind Los Angeles County and San Diego County...

, Jacksonville, Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...

, Houston, Denver, Dallas-Fort Worth, East Bay
East Bay (San Francisco Bay Area)
The East Bay is a commonly used, informal term for the lands on the eastern side of the San Francisco Bay, in the San Francisco Bay Area, in California, United States...

, Tampa
Tâmpa
Tâmpa may refer to several villages in Romania:* Tâmpa, a village in Băcia Commune, Hunedoara County* Tâmpa, a village in Miercurea Nirajului, Mureş County* Tâmpa, a mountain in Braşov city...

, San Diego, Phoenix
Phoenix, Arizona
Phoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populated city in the United States. Phoenix is home to 1,445,632 people according to the official 2010 U.S. Census Bureau data...

, Orlando
Orlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...

, Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

/Northern Virginia
Northern Virginia
Northern Virginia consists of several counties and independent cities in the Commonwealth of Virginia, in a widespread region generally radiating southerly and westward from Washington, D.C...

/Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...

, San Francisco  Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...

 And Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...



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.

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. 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
    Terry Considine
    Terry Considine is the CEO of AIMCO, an American real estate investment trust that he helped found through various acquisitions and mergers. He attended Harvard University for his undergraduate degree and later returned to Harvard for law school...

  • 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. 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
Habitat for Humanity International
Habitat For Humanity International , generally referred to as Habitat for Humanity or simply Habitat, is an international, non-governmental, non-profit organization devoted to building "simple, decent, and affordable" housing, a self-described "Christian housing ministry." The international...

 to support the construction of affordable housing in the Bay Area.

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
Tragedy Assistance Program for Survivors
Tragedy Assistance Program for Survivors is a U.S. non-profit organization that provides care and support to families and friends grieving the loss of a member of the armed forces....

, which provides support services to families of fallen soldiers, and Fisher House
Fisher House Foundation
Fisher House Foundation is best known for the network of comfort homes built on the grounds of major military and VA medical centers. The Fisher Houses are 5,000 to homes, donated to the military and Department of Veterans Affairs, where families can stay while a loved one is receiving treatment...

, which provides temporary housing to families of veterans undergoing specialized medical treatment away from home.

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). 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. 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
Energy Star
Energy Star is an international standard for energy efficient consumer products originated in the United States of America. It was first created as a United States government program during the early 1990s, but Australia, Canada, Japan, New Zealand, Taiwan and the European Union have also adopted...

 partner. Whenever possible, Aimco uses Energy Star
Energy Star
Energy Star is an international standard for energy efficient consumer products originated in the United States of America. It was first created as a United States government program during the early 1990s, but Australia, Canada, Japan, New Zealand, Taiwan and the European Union have also adopted...

 approved appliances and lighting for upgraded or replacement units. Utilizing funds allocated through the American Recovery and Reinvestment Act of 2009
American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009, abbreviated ARRA and commonly referred to as the Stimulus or The Recovery Act, is an economic stimulus package enacted by the 111th United States Congress in February 2009 and signed into law on February 17, 2009, by President Barack Obama.To...

 (ARRA), Aimco is in the process of installing Combined Heat and Power plants
Cogeneration
Cogeneration is the use of a heat engine or a power station to simultaneously generate both electricity and useful heat....

 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. Aimco has implemented more than 25 central plant systems. 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
Building automation
Building automation describes the functionality provided by the control system of a building. A building automation system is an example of a distributed control system...

 http://www.tcsbasys.com/. The control system optimally regulates the performance of the boilers, chillers, pumps, AC units, fans, etc. for increased system efficiency, allowing Aimco to have conserved 1,920,000 gallons of gasoline and 1,150,000 therms of natural gas since 2006. A select number of these control systems can be remotely monitored and controlled via the internet. Aimco participates in the federally funded weatherization program  for qualifying affordable housing properties.

From 2006-2009 Aimco eliminated 16,800 Metric Tons of Greenhouse Gases as a result of completed energy conservation projects. Aimco has also completed more than 350 lighting projects. As part of these projects, existing fluorescent
Fluorescent lamp
A fluorescent lamp or fluorescent tube is a gas-discharge lamp that uses electricity to excite mercury vapor. The excited mercury atoms produce short-wave ultraviolet light that then causes a phosphor to fluoresce, producing visible light. A fluorescent lamp converts electrical power into useful...

 and incandescent
Incandescent light bulb
The incandescent light bulb, incandescent lamp or incandescent light globe makes light by heating a metal filament wire to a high temperature until it glows. The hot filament is protected from air by a glass bulb that is filled with inert gas or evacuated. In a halogen lamp, a chemical process...

lighting is replaced with more efficient fluorescent alternatives. Aimco has reduced 18,000,000 KWH of electricity usage since 2006. Aimco installed satellite-controlled irrigation monitoring systems to optimize water consumption at properties located in Western states.

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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