Business Description
Apartment Investment and Management Company, or Aimco, is a Maryland corporation
incorporated on January'10, 1994. We are a self-administered and self-managed
real estate investment trust, or REIT, engaged in the acquisition, ownership,
management and redevelopment of apartment properties.
We own an equity interest in, and consolidate the majority of, the properties
in our owned real estate portfolio. These properties represent the consolidated
real estate holdings in our financial statements, or consolidated properties.
In addition, we have an equity interest in, but do not consolidate, certain
properties that are accounted for under the equity method. These properties
represent the investment in unconsolidated real estate partnerships in our financial
statements, or unconsolidated properties. Additionally, we manage (both property
and asset) but do not own an equity interest in other properties, although in
certain cases we may indirectly own generally less than one percent of the operations
of such properties through a partnership syndication or other fund.
Property Operations: Conventional and Aimco Capital
Our property operations are divided into two business components: conventional
and affordable. Our conventional operations, which typically are market-rate
apartments with rents paid by the resident, include 632 properties and 178,397
units. Our affordable operations, which typically are apartments with rents
set by a government agency and frequently subsidized or paid by a government
agency, include 488 properties with 58,598 units organized under Aimco Capital.
Our property operations are characterized by diversification of product, location
and price point. We operate a broad range of property types, from suburban garden-style
to urban high-rise properties in 47 states, the District of Columbia and Puerto
Rico at a broad range of average monthly rental rates, with most between $500
and $1,200 per month, and reaching as much as $2,900 per month at some of our
premier properties. This geographic diversification insulates us, to some degree,
from inevitable downturns in any one market.
