Apartment Investment and Management Company
TypePublic company
IndustryReal estate investment trust
Founded1975 (as "The Considine Company, Inc.")
1994 (Merged with Property Asset Management & PDI, Inc.)
FounderTerry Considine
HeadquartersDenver, Colorado and Washington, D.., U.S.
Key people
R. Dary Stone, Chairman of the Board
Wes Powell, President & CEO
Lynn Stanfield, Executive Vice President, CFO
Jennifer Johnson, Executive Vice President & Chief Administrative Officer & General Counsel
ProductsApartments
RevenueIncrease US$190 million (2022)
Increase US$75 million (2022)
Total assetsDecrease US$2.181 billion (2022)
Total equityIncrease US$625 million (2022)
Number of employees
62 (2022)
Websiteaimco.com
Footnotes / references
[1]

Aimco or Apartment Investment and Management Company is a publicly traded real estate investment trust. As of December 31, 2022, the company owned 26 apartment communities comprising 5,940 apartment units in the United States.[1]

History

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.

In 1996, Aimco acquired Walters Management Company[2] and the J.W. English Company.[3]

In 1997, Aimco acquired National Housing Partnership Incorporated, which owned 87,659 apartments.[4][5][6]

In October 1997, Aimco acquired 8,175 apartment units from Winthrop.[7]

In 1998, Aimco acquired Insignia Financial Group in a $910 million transaction.[8]

In 2000, the company acquired Oxford Realty Financial Group, which owned interests in 36,662 apartment units, for $314 million.[9] Also in 2000, the company acquired the Oxford Tax-Exempt Fund for $206 million.[10]

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.[11]

In 2003, the company was added to the S&P 500 index.[12][13] It was removed from the index in December 2020.[14][15]

In December 2020, it completed the corporate spin-off of Apartment Income REIT Corp.[16][17][18][19]

References

  1. 1 2 3 "Apartment Investment and Management Company 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ HIRSH, LOU (April 22, 2013). "Piece of Local History Is Part of La Jolla Apartment Buy". American City Business Journals.
  3. ↑ Rutledge, Tanya (November 24, 1996). "Low-profile New York investors to build huge industrial complex". American City Business Journals.
  4. ↑ "APARTMENT INVESTMENT AGREES TO ACQUIRE NHP". The New York Times. Bloomberg News. April 22, 1997.
  5. ↑ "APARTMENT INVESTMENT AGREES TO BUY 53% STAKE IN NHP". The New York Times. Dow Jones & Company. February 21, 1997.
  6. ↑ Knight, Jerry (December 10, 1997). "APARTMENT MANAGER NHP ACQUIRED BY DENVER TRUST". The Washington Post.
  7. ↑ "Apartment Investment Adds 8,175 Units From Winthrop". The New York Times. Reuters. October 18, 1997.
  8. ↑ HOLUSHA, JOHN (May 24, 1998). "Commercial Property/Insignia Financial Group; Shedding Residential to Focus on Commercial". The New York Times.
  9. ↑ "Aimco completes purchase of Oxford". American City Business Journals. September 20, 2000.
  10. ↑ "APARTMENT INVESTMENT AGREES TO ACQUIRE OXFORD FUND". The New York Times. Bloomberg News. December 1, 2000.
  11. ↑ SANCHEZ, JESUS (December 5, 2000). "Aimco Agrees to Buy Casden". Los Angeles Times.
  12. ↑ "AMR booted from S&P 500". CNN. March 11, 2003.
  13. ↑ "Bad weather hurts AIMCO in 1Q". American City Business Journals. May 7, 2003.
  14. ↑ Wursthorn, Michael (December 12, 2020). "Tesla to Replace Real-Estate Stock in S&P 500". The Wall Street Journal.
  15. ↑ "Tesla Set to Join S&P 500 & 100; Apartment Income REIT to Join S&P MidCap 400" (Press release). PR Newswire. December 11, 2020.
  16. ↑ Svaldi, Aldo (December 16, 2020). "Denver-based Aimco spins off its apartment communities into a new public company". The Denver Post.
  17. ↑ "Aimco Completes Separation of Apartment Income REIT Corp" (Press release). Business Wire. December 15, 2020.
  18. ↑ "Apartment Income REIT Corp. Completes Separation from Aimco" (Press release). Business Wire. December 15, 2020.
  19. ↑ "Apartment Income REIT completes separation from Aimco". S&P Global. December 15, 2020.
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