Aimco, also known as the Apartment Investment and Management Company, is one of America’s leading operators of apartment communities, headquartered in Denver, Colorado.
The company’s main business operations are: Property Operations (owning and operating complete apartment communities), Redevelopment (the planning and designing of community renovations), Acquisitions/Dispositions, and Retail Leasing.
Aimco operates around 203 communities with 250,000 residents across 25 states in the US.
The company’s mission is “to consistently provide quality apartment homes in a respectful environment delivered by a team of people who care.”
The history of Aimco stems back to The Considine Company, founded by Terry Considine in 1975, and later changed its name to the Cairn Company. After acquiring McDermott and Stein & Ira the company became a leading fee management company.
In 1988 Cairn acquired the Florida based company Property Asset Management (P.A.M.). Two years later the entire company became known as Property Asset Management. P.A.M.
In 1994 P.A.M. officially became Apartment Investment and Management Company (Aimco), and went public on the New York Stock Exchange (NYSE) under the stock ticker symbol ‘AIV’.
Overview
- CEO and Chairman: Terry Considine
- Industry: Real Estate
- Type: Public
- Listed on the New York Stock Exchange (NYSE)
- NYSE stock symbol: AIV
- S&P 500 Component
- Founded: 1975
- Founder: Terry Considine
- Revenue: $984.363 million USD (2014)
- Net income: $356.111 million USD (2014)
- Earnings per share: $2.06 USD (2014)
- Company head office: 4582 S. Ulster St., Suite 1100, Denver, CO 80237, USA
- Employees: 1,693 (2014)
- Website: http://www.aimco.com/
- Investor relations contact number: 303.691.4350
- Investor relations email: [email protected]
Aimco Financial Results, Years Ended December 2014
| Revenue (in $ thousands) | 2014 | 2013 |
| Rental and other property revenues | $952,831 | $939,231 |
| Tax credit and asset management revenues | $31,532 | $34,822 |
| – Total revenues | $984,363 | $974,053 |
| Expenses (in $ thousands) | ||
| Property operating expenses | $373,316 | $375,672 |
| Investment management expenses | $7,310 | $4,341 |
| Depreciation and amortization | $282,608 | $291,910 |
| Provision for real estate impairment losses | $1,820 | $ – |
| General and administrative expenses | $44,195 | $45,708 |
| Other expense, net | $12,764 | $7,403 |
| – Total operating expenses | $722,013 | $725,034 |
| Income (in $ thousands) | ||
| Operating income | $262,350 | $249,019 |
| Income (loss) from continuing operations | $67,475 | $34,596 |
| Income from discontinued operations, net | $ – | $203,229 |
| Net income | $356,111 | $237,825 |
| Net income attributable to Aimco | $309,249 | $207,290 |
| Balance sheet data (in $ thousands) | ||
| Total assets | $6,097,028 | $6,079,413 |
| Total liabilities | $4,566,986 | $4,826,716 |
| Total Aimco equity | $1,227,735 | $967,457 |
| Total equity | $1,442,105 | $1,172,744 |
| Common share data (in $) | ||
| Basic and diluted earnings per share | $2.06 | $1.40 |
| Cash flow data (in $ thousands) | ||
| Cash provided by operating activities | $321,424 | $325,596 |
| Cash used in investing activities | $13,678 | $65,192 |
| Cash provided by (used in) financing activities | $(361,882) | $(419,450) |
| Cash and cash equivalents at beginning of year | $55,751 | $84,413 |
| Cash and cash equivalents at end of year | $28,971 | $55,751 |
Source: “Aimco Form 10-K 2014”