−Removed: Aimco, a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”).
+Added: Aimco, a Maryland corporation is a self-administered and self-managed REIT.
+Added: On December 15, 2020, Aimco completed the Separation, creating two separate and distinct, publicly traded companies, Aimco and AIR.
Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco Operating Partnership, a Delaware Limited Partnership.
Aimco conducts all of its business and owns all of its assets through Aimco Operating Partnership.
−Removed: On December 15, 2020, we completed the Separation, creating two separate and distinct, publicly traded companies, Aimco and AIR.
Please refer to Note 14 to the consolidated financial statements in Item 8 for discussion regarding our business segments.
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• Platform, consisting of a cohesive, talented, and tenured team with diverse real estate industry experience combined with a disciplined and proven investment process;
−Removed: • Diversified portfolio, consisting of $0.6 billion of in-process value-add investments, a pipeline of 13 million square feet of potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments;
+Added: • Diversified portfolio, consisting of value-add investments, a pipeline of land for potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments;
• Capital redeployment plan which includes the prudent recycling of capital, reallocating our equity to higher returning investments, and return of capital to stockholders when appropriate.
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We measure broader performance based on Net Asset Value (“NAV”) growth over time.
−Removed: Our capital allocation strategy was designed to leverage our investment platform and optimize risk-adjusted returns for our stockholders.
+Added: Our capital allocation strategy is designed to leverage our investment platform and optimize risk-adjusted returns for our stockholders.
We target a balanced allocation, which includes investments in “Value Add” and “Opportunistic” multifamily real estate, primarily located in Southeast Florida, the Washington, D.C.
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In addition, we currently hold select alternative assets, consisting primarily of indirect, real estate related debt and equity investments.
−Removed: We have reduced our allocation to these investments and plan to continue to significantly reduce our allocation over time.
−Removed: We have policies in place that support our stated strategy, guide our investment allocations, and manage risk, including to hold at all times a sizeable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.
−Removed: Given our stated strategy, it is expected that at any point in time the value-creation process will be ongoing at various of our investments.
+Added: We have reduced our allocation and have no plans to increase our allocation to these investments.
+Added: We have policies in place that support our current strategy, guide our investment allocations, and manage risk, including to hold at all times a sizeable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.
+Added: Given our current strategy, it is expected that at any point in time the value-creation process will be ongoing at numerous of our investments.
Over time, we expect our enterprise to produce superior returns on equity on a risk-adjusted basis and it is our plan to do so by:
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We have corporate headquarters in Denver, Colorado and Washington, D.C.
−Removed: Our investment platform is managed by experienced professionals based in three regions, where we will focus our new investment activity:
−Removed: Southeast Florida, the Washington, D.C.
+Added: Our investment platform is managed by experienced regional professionals with a pipeline supporting new investment activity in Southeast Florida, the Washington, D.C.
Metro Area, and Colorado's Front Range.
By regionalizing this platform, we are able to leverage the in-depth local market knowledge of each regional leader, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.
+Added: • Owning a portfolio of stabilized core and core plus real estate
+Added: We own a geographically diversified portfolio of 24 apartment communities (20 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class).
+Added: We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the "Brickell Assemblage"), in a land assemblage that is under contract to be sold.
+Added: The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance.
+Added: Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.
• Managing and investing in value-add and opportunistic real estate
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Our development and redevelopment portfolio currently includes projects in construction and lease-up.
−Removed: In addition, our team has secured significant, high-quality, future development opportunities, including total potential of 13 million square feet, located in high-growth markets.
+Added: In addition, our team has secured significant, high-quality, future development opportunities, including total potential of more than 7.7 million gross square feet, located in high-growth markets.
Generally, we seek direct investment opportunities in locations where barriers to entry are high, target customers can be clearly defined and where we have a comparative advantage over others in the market.
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In any time period, the amount of our capital that is allocated to development activities may vary based on market conditions and other factors.
−Removed: • Owning a portfolio of stabilized core and core plus real estate
−Removed: Our entire portfolio of operating properties includes 26 apartment communities (22 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class).
−Removed: We also own one commercial office building that is part of an assemblage with an adjacent apartment building.
−Removed: The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance.
−Removed: Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.
−Removed: • Managing and continuing to reduce our allocation to alternative investments, over time
−Removed: We currently hold select alternative investments, the majority of which originated with Aimco Predecessor and, over time, plan to significantly reduce capital allocated to these investments.
−Removed: Our current allocation to alternative investments includes:
−Removed: our mezzanine loan to the Parkmerced partnership, which owns 3,165 apartment homes and future development rights in San Francisco, California, and our passive equity investments in IQHQ, Inc.
−Removed: (“IQHQ”), a privately-held life sciences real estate development company, and in property technology funds consisting of entities that develop technology related to the real estate industry.
• Maintaining sufficient liquidity and utilizing safe financial leverage
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Existing examples include our use of interest rate caps to provide protection against increases in interest rates on in-place loans.
−Removed: We expect to capitalize our activities through a combination of non-recourse property debt, construction loans, third-party equity, and the recycling of our equity, including retained earnings.
+Added: We expect to capitalize our activities through a combination of non-recourse property debt, non-recourse construction loans, third-party equity, and the recycling of our equity, including retained earnings.
We plan to limit the use of recourse leverage, with a strong preference towards non-recourse property-level debt to limit risk to our enterprise.
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We actively discuss these matters with our stockholders and solicit their feedback on our program.
−Removed: Environmental, Social, Governance Policies
−Removed: We update our Environmental, Social, Governance ("ESG") policies and publish a Corporate Responsibility Report reflecting our ESG priorities and performance on an annual basis.
−Removed: We remain committed to providing best-in-class living environments that mitigate risk while reducing environmental impacts and creating value.
−Removed: Our ESG policies are in place to guide this commitment and are applicable to all new construction, existing assets, and corporate operations.
−Removed: These policies are also taken into consideration when hiring suppliers and procuring materials.
+Added: We publish a Corporate Responsibility Report reflecting our corporate responsibility priorities and performance on an annual basis.
+Added: We remain committed to providing best-in-class living environments that mitigate risk while reducing environmental impacts and creating value for all new construction, existing assets, and corporate operations.
Human Capital and Culture
−Removed: We believe our most valuable asset is our human capital, and are committed to fostering, cultivating, and preserving a welcoming and inclusive culture for all teammates.
+Added: We believe our most valuable asset is our human capital.
Our success is reliant on the collective sum of individual talents.
−Removed: We continuously invest in our teammates and company culture to ensure employee satisfaction, health, and well-being.
+Added: We seek to hire and retain a highly qualified workforce in compliance with applicable federal and other laws and regulations.
We hire and promote employees based upon their unique experiences, abilities, talents, and drive.
−Removed: This naturally leads to a workforce rich with diverse backgrounds and perspectives, leading to improved outcomes.
+Added: We continuously invest in our teammates and company culture to ensure employee satisfaction, health, and well-being.
We focus on succession planning and talent development to produce a strong, stable team that is the foundation of our success.
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The teammate engagement score consists of the average of the responses to the questions that comprise the engagement index, on a scale of 1 to 5, for all teammates who complete the survey during the year.
−Removed: Our overall team engagement score for the 2023 Annual Lifecycle Surveys was 4.74, with a 100% overall response rate, compared to the target score of 4.25.
+Added: Our overall team engagement score for the 2024 annual engagement survey was 4.69, with a 100% overall response rate, compared to the target score of 4.50.
As of December 31, 2024, we had 58 full-time teammates performing asset management, development or transactional services and managing corporate and area functions.
None of our employees are represented by labor unions.
−Removed: In 2023, we were recognized with Healthiest Employers Awards in South Florida, Washington, D.C., and Denver, ranking #1 in our category for South Florida and #2 in our category for Colorado and Washington, D.C.
+Added: In 2024, we were recognized with Healthiest Employers Awards in South Florida, Washington, D.C., and Denver, ranking #2 in our category for South Florida and Colorado and #3 in our category for Washington, D.C.
The Healthiest Employers Awards honor companies with policies and initiatives promoting the health and well-being of their employees.
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Available Information
−Removed: Our combined Annual Report on Form 10-K, our combined Quarterly Reports on Form 10-Q, Current Reports on Form 8-K filed by us or Aimco Operating Partnership, and any amendments to any of those reports that we file with the Securities and Exchange Commission are available free of charge as soon as reasonably practicable after filing through our website at www.aimco.com.
+Added: Our combined Annual Report on Form 10-K, our combined Quarterly Reports on Form 10-Q, Current Reports on Form 8-K filed by Aimco or Aimco Operating Partnership, and any amendments to any of those reports that we file with the Securities and Exchange Commission are available free of charge as soon as reasonably practicable after filing through our website at www.aimco.com.
The information contained on our website is not incorporated into this Annual Report.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.