APARTMENT INVESTMENT & MANAGEMENT CO (AIV)

Aimco is a self-administered and self-managed real estate investment trust, incorporated in Maryland in 1994, that makes real estate investments primarily in the multifamily sector within targeted U.S. markets. It conducts all of its business and owns all of its assets through Aimco Operating Partnership, a Delaware limited partnership of which a wholly-owned subsidiary of Aimco is the general and special limited partner. On December 15, 2020, it completed a separation that created two distinct publicly traded companies, Aimco and AIR. Its goal is outsized risk-adjusted returns, mainly through capital appreciation from accretive investment and active portfolio management. It plans to reinvest earnings and does not presently intend to pay a regular quarterly cash dividend.

Aimco's portfolio includes about $0.8 billion of in-process value-added development and redevelopment projects in construction and lease-up, a pipeline of roughly 14 million square feet of potential future development, and a stabilized portfolio of 26 apartment communities (22 consolidated and four unconsolidated), generally B-class. It also owns one commercial office building that is part of an assemblage with an adjacent apartment building. Its capital allocation targets "Value Add" and "Opportunistic" multifamily investments, primarily in South Florida, the Washington, D.C. Metro Area and Colorado's Front Range, plus geographically diversified "Core" and "Core-Plus" apartment communities. It also holds select alternative assets, mainly indirect real estate-related debt and equity investments, which it plans to reduce significantly over time. These include a mezzanine loan to the Parkmerced partnership (3,165 apartment homes and development rights in San Francisco), a passive equity investment in IQHQ, Inc., a privately held life sciences real estate developer, and investments in property technology funds.

Its apartment communities serve residents and compete with other rental apartments, condominiums and single-family homes for rent or sale. Aimco looks for direct investment opportunities where barriers to entry are high and target customers can be clearly defined. Its development focus is on high-growth markets. It is subject to development, environmental, zoning and rent control laws that can affect revenue and costs.

Aimco has corporate headquarters in Denver, Colorado and Washington, D.C. Its investment platform is managed by professionals in three regions: Southeast Florida, the Washington, D.C. Metro Area and Colorado's Front Range. As of December 31, 2022, it had 62 full-time team members, none represented by unions. It expects to fund its activities with non-recourse property debt, construction loans, third-party equity, joint venture capital and recycled equity, and it uses rate caps and an option on an interest rate swap to manage rate risk. It competes with many developers, managers, owners, REITs, private real estate companies and investors in acquiring, developing, financing and disposing of apartment communities. Aimco has elected to be taxed as a REIT, and some operations are conducted through taxable REIT subsidiaries.