Who Owns AIMCO Company?

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Who Owns AIMCO?

Understanding AIMCO's ownership is key to grasping its market strategy and accountability. A major shift occurred in December 2020 with the spin-off of stabilized apartment communities into Apartment Income REIT Corp. (AIR). This event significantly altered AIMCO's focus and asset base.

AIMCO, listed as AIV on the NYSE, is a real estate investment trust headquartered in Denver, Colorado. Its journey began with The Considine Company, Inc., founded in 1975 by Terry Considine. The company went public via an IPO on July 29, 1994.

Who owns AIMCO Company?

As of December 31, 2024, AIMCO's portfolio included 24 apartment communities with 5,243 units, plus one hotel. The company now focuses on value-add and opportunistic investments in the U.S. multifamily sector. A comprehensive AIMCO PESTEL Analysis can provide further context on its operational environment.

AIMCO's journey began with Terry Considine, who established The Considine Company in 1975. Considine, a graduate of Harvard College and Harvard Law School, brought significant experience in Real Estate Investment Trust IPOs, having been involved in one as early as 1971. He later spearheaded AIMCO's initial public offering in 1994, transitioning the company to public trading on the New York Stock Exchange.

Founding Vision

Terry Considine's vision was to establish AIMCO as the premier owner and operator of apartment communities. This was to be achieved through a strong emphasis on customer service, robust financial performance, and responsible corporate citizenship.

Corporate Structure

AIMCO operates as a self-administered and self-managed real estate investment trust. All its business operations and assets are managed through its operating partnership, AIMCO Operating Partnership.

Partnership Interests

As of December 31, 2024, AIMCO held a significant stake in its operating partnership. This included a 92.3% legal interest and a 94.8% economic interest in the common partnership units.

Public Offering

The company was incorporated on January 10, 1994, and officially became a public entity on July 29, 1994. This marked a key transition in its history, making it accessible to a broader range of investors.

Early Investment Details

Specific details regarding the equity splits or shareholdings of early backers and angel investors at the company's inception are not widely publicized. This is a common characteristic for companies that transitioned to public status in the mid-1990s.

AIMCO's Role

Through its wholly-owned subsidiaries, AIMCO functions as both the general and special limited partner of the Aimco Operating Partnership. This structure allows for centralized management and strategic direction.

The early ownership structure of AIMCO, while not detailing individual early investors, clearly shows the foundational role of Terry Considine. His leadership guided the company through its incorporation and subsequent public offering, establishing its operational framework. The company's commitment to being a leading owner and operator of apartment communities, as outlined in its mission, has been a consistent theme since its inception. For a deeper understanding of its historical trajectory, one can refer to the Brief History of AIMCO.

Key Ownership Aspects

Understanding AIMCO's ownership involves recognizing its public status and its relationship with its operating partnership.

• AIMCO is a publicly traded company on the New York Stock Exchange.
• The company operates through AIMCO Operating Partnership.
• As of December 31, 2024, AIMCO held a majority interest in its operating partnership.
• Limited partners hold the remaining interest in the Aimco Operating Partnership.

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AIMCO's journey as a publicly traded entity began on July 29, 1994, with its listing on the New York Stock Exchange under the ticker AIV. A significant transformation in its ownership structure occurred in December 2020, when the company spun off its stabilized apartment communities into a new, independent public entity, Apartment Income REIT Corp. (AIR).

Following the strategic separation in December 2020, AIMCO's ownership profile is predominantly held by institutional investors. As of April 28, 2025, these entities controlled a substantial 91.65% of the company's shares. Insider ownership represented 8.09%. This distribution highlights the company's standing within the real estate investment trust sector and its appeal to large-scale investment funds. The total market value of AIMCO's non-affiliate common stock was approximately $1.1 billion as of June 30, 2024, based on a closing share price of $8.29. This ownership structure reflects the company's refined strategy, emphasizing development, redevelopment, and opportunistic investments, a direction influenced by the spin-off of its stabilized assets.

Key Stakeholders in AIMCO

Understanding who owns AIMCO is crucial for grasping its corporate structure and strategic direction. The majority of AIMCO's shares are held by institutional investors, indicating a strong presence of large financial entities.

• Institutional Investors: Own the largest percentage of AIMCO shares.
• Insider Ownership: Represents shares held by company executives and directors.
• Individual Shareholders: A smaller portion of ownership held by individual investors.
• The spin-off of Apartment Income REIT Corp. (AIR) in 2020 significantly altered the distribution of AIMCO's assets and, consequently, its ownership focus.
• AIMCO's stock symbol is AIV, traded on the New York Stock Exchange.
• The company's Target Market of AIMCO is primarily focused on development and redevelopment projects.

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AIMCO's current leadership includes R. Dary Stone as Chairman of the Board and Wes Powell as President & Chief Executive Officer, with Lynn Stanfield serving as Chief Financial Officer. The company's Board of Directors is fully declassified, meaning all directors stand for re-election annually, promoting heightened accountability to shareholders.

In uncontested director elections, a majority vote determines the outcome, with directors failing to secure a majority required to tender their resignation. Each director serves a one-year term until the following annual meeting of stockholders. While specific details on outsized control through special voting rights are not readily available in recent public filings, an activist investor campaign in late 2022 saw Land & Buildings Capital Growth Fund, led by Jonathan Litt, successfully advocate for the election of their candidate, James Sullivan, to the Board of Directors in December 2022. This event highlighted the impact of significant shareholders and activist investors on company decision-making. Additionally, Terry Considine, the company's founder, departed AIMCO's board in February 2023 to focus on the spun-off entity, AIR Communities.

Shareholder Influence and Board Composition

Shareholder influence can significantly shape a company's board composition and strategic direction. The annual re-election of directors ensures ongoing accountability to AIMCO shareholders.

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• Activist investor impact demonstrated
• Founder's transition impacts board
• Annual director re-election

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Over the past three to five years, AIMCO's ownership profile has seen significant shifts, notably with the December 2020 spin-off of Apartment Income REIT Corp. (AIR). This strategic maneuver reoriented AIMCO towards development and redevelopment initiatives, thereby reshaping its asset portfolio and investor appeal.

Since the start of 2022, AIMCO has demonstrated a consistent commitment to shareholder value by repurchasing a total of 14.5 million shares at an average cost of $7.53 per share. This focus on capital return was further evidenced by the declaration of a special cash dividend of $0.60 per share in December 2024, distributed to stockholders from the net proceeds of 2024 asset sales.

Strategic Asset Dispositions

AIMCO has actively managed its portfolio through significant asset sales. In December 2024, the company divested The Hamilton and a portion of the 3333 Biscayne Boulevard development site for $204 million.

Future Shareholder Value Maximization

On January 9, 2025, AIMCO's Board of Directors announced plans to explore additional alternatives to maximize stockholder value, acknowledging a persistent discount in share trading relative to its estimated private market asset value.

Key Transaction Details

The sale of the Brickell Assemblage for $520 million, with an extended closing to August 2025, is expected to yield $300 million to $320 million in net proceeds, primarily for stockholders.

Market Alignment and Strategy

AIMCO's strategic pivot towards development and opportunistic investments aligns with robust real estate capital markets and the sustained institutional investor interest in U.S. multifamily housing, as detailed in the Marketing Strategy of AIMCO.

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