Aimco

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
Company typePublic
IndustryReal estate investment trust
Founded1975; 50 years ago (1975) (as "The Considine Company, Inc.")
1994; 31 years ago (1994) (Merged with Property Asset Management & PDI, Inc.)
FounderTerry Considine
HeadquartersDenver, Colorado, U.S.
Key people
R. Dary Stone (Chairman)
Wes Powell (president & CEO)
Lynn Stanfield (CFO)
ProductsApartments
RevenueDecrease US$186 million (2023)
Increase -US$166 million (2023)
Total assetsDecrease US$2.089 billion (2023)
Total equityDecrease US$349 million (2023)
Number of employees
61 (2023)
Websiteaimco.com
Footnotes / references
[1]

Apartment Investment and Management Company, commonly referred to as Aimco, is an American publicly traded real estate investment trust. As of December 31, 2023, 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 and became a public company via an initial public offering on July 29, 1994.[1]

Major acquisitions

Year Company Notes Ref
1996 Walters Management Company [2]
1996 J.W. English Company [3]
1997 Apartment portfolio of Winthrop 8,175 apartments [4]
1997 NHP 87,659 apartments [5]
1998 Apartment division of Insignia Financial Group Price was $910 million [6]
2000 Oxford and affiliates 36,662 apartment units [7][8]
2002 Casden Founded by Alan Casden; owned 17,383 apartments, price was $206 million in stock and $198 million in cash [9]

Major divestitures

Year Company Notes Ref
2018 Affordable apartments business Sold to Related Companies [10]
2020 Stabilized apartments Corporate spin-off of Apartment Income REIT Corp.; acquired by The Blackstone Group [11]

References

  1. ^ a b c "Apartment Investment and Management Company 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 26, 2024.
  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 Adds 8,175 Units From Winthrop". The New York Times. Reuters. October 18, 1997.
  5. ^ Knight, Jerry (December 10, 1997). "APARTMENT MANAGER NHP ACQUIRED BY DENVER TRUST". The Washington Post.
  6. ^ HOLUSHA, JOHN (May 24, 1998). "Commercial Property/Insignia Financial Group; Shedding Residential to Focus on Commercial". The New York Times.
  7. ^ "Aimco completes purchase of Oxford". American City Business Journals. September 20, 2000.
  8. ^ "APARTMENT INVESTMENT AGREES TO ACQUIRE OXFORD FUND". The New York Times. Bloomberg News. December 1, 2000.
  9. ^ "Aimco Buys Units From Casden". Los Angeles Times. Bloomberg News. March 12, 2002.
  10. ^ "Aimco Closes Sale of Asset Management Portfolio to Related Companies" (Press release). Business Wire. July 25, 2018.
  11. ^ "Aimco Completes Separation of Apartment Income REIT Corp" (Press release). Business Wire. December 15, 2020.
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