Aimco

Aimco or Apartment Investment and Management Company is a publicly traded real estate investment trust. As of December 31, 2019, the company owned 124 apartment communities comprising 32,839 apartment units primarily in Atlanta, the San Francisco Bay Area, Boston, Chicago, Denver, the Washington metropolitan area, Los Angeles, Miami, New York City, Philadelphia, San Diego, and Seattle.[1] In December 2020, it spun off about 90% of its assets into a new company called Apartment Income REIT Corp. or "AIR" (NYSE: AIRC).[2]

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
TypePublic company
NYSE: AIV
IndustryReal estate investment trust
Founded1975 (as "The Considine Company, Inc.")
1994 (Merged with Property Asset Management & PDI, Inc.)
FounderTerry Considine
HeadquartersDenver, Colorado
Key people
Terry Considine, Chairman & CEO
ProductsApartments
Revenue $914 million (2019)
$508 million (2019)
Total assets $6.828 billion (2019)
Total equity $1.860 billion (2019)
Number of employees
950 (2019)
Websiteaimco.com
Footnotes / references
[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.[3]

In 1994, Aimco acquired Homecorp, a management company with 5,300 units based in Montgomery, Alabama.[4]

In 1996, Aimco acquired Walters Management Company[5] and the J.W. English Company.[6]

Aimco also acquired a portion of the general partnership of Balcor Asset Management resulting in the addition of 67 properties in 3 states.

In 1997, Aimco acquired National Housing Partnership Incorporated, which owned 87,659 apartments.[7][8][9]

In October 1997, Aimco acquired 8,175 apartment units from Winthrop.[10]

In 1998, Aimco acquired Insignia Financial Group in a $910 million transaction.[11]

In 2000, the company acquired Oxford Realty Financial Group, which owned interests in 36,662 apartment units, for $314 million.[12] Also in 2000, the company acquired the Oxford Tax-Exempt Fund for $206 million.[13]

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.[14]

In 2003, the company was added to the S&P 500 index.[15][16]

In December 2020, Aimco was removed from the S&P 500, being replaced by Tesla, Inc., and coinciding with the AIR spinoff.[17] The spinoff left Aimco itself too small for inclusion in any of the S&P indices, while AIR was added to the S&P MidCap 400 Index.[18]

References
  1. "Apartment Investment and Management Company 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Svaldi, Aldo (December 16, 2020). "Denver-based Aimco spins off its apartment communities into a new public company". The Denver Post. Retrieved January 8, 2021.
  3. "AIMCo". Crunchbase.
  4. "AIMCo / HOMECORP". Crunchbase.
  5. HIRSH, LOU (April 22, 2013). "Piece of Local History Is Part of La Jolla Apartment Buy". American City Business Journals.
  6. Rutledge, Tanya (November 24, 1996). "Low-profile New York investors to build huge industrial complex". American City Business Journals.
  7. "APARTMENT INVESTMENT AGREES TO ACQUIRE NHP". The New York Times. Bloomberg News. April 22, 1997.
  8. "APARTMENT INVESTMENT AGREES TO BUY 53% STAKE IN NHP". The New York Times. Dow Jones & Company. February 21, 1997.
  9. Knight, Jerry (December 10, 1997). "APARTMENT MANAGER NHP ACQUIRED BY DENVER TRUST". The Washington Post.
  10. "Apartment Investment Adds 8,175 Units From Winthrop". The New York Times. Reuters. October 18, 1997.
  11. HOLUSHA, JOHN (May 24, 1998). "Commercial Property/Insignia Financial Group; Shedding Residential to Focus on Commercial". The New York Times.
  12. "Aimco completes purchase of Oxford". American City Business Journals. September 20, 2000.
  13. "APARTMENT INVESTMENT AGREES TO ACQUIRE OXFORD FUND". The New York Times. Bloomberg News. December 1, 2000.
  14. SANCHEZ, JESUS (December 5, 2000). "Aimco Agrees to Buy Casden". Los Angeles Times.
  15. "AMR booted from S&P 500". CNN. March 11, 2003.
  16. "Bad weather hurts AIMCO in 1Q". American City Business Journals. May 7, 2003.
  17. Wursthorn, Michael (December 12, 2020). "Tesla to Replace Real-Estate Stock in S&P 500". The Wall Street Journal. Retrieved January 8, 2021.
  18. "Tesla Set to Join S&P 500 & 100; Apartment Income REIT to Join S&P MidCap 400" (Press release). S&P Dow Jones Indices. PR Newswire. December 11, 2020. Retrieved January 8, 2021.
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