Delivering Value

Delivering Value
Aimco
CORPORATE CITIZENSHIP
REPORT 2011
“2011 was a good year, and we
expect 2012 will be even better.”
TERRY CONSIDINE, AIMCO CHAIRMAN AND CEO
management business, eliminating administrative
costs and overhead, while increasing our bottom
line.
Redevelopment is a key component of the Aimco
growth strategy. Rehabilitating older properties in
prime locations has long been a means of adding
value to the Aimco portfolio.
We have a deep redevelopment pipeline that should
enable us to realize strong financial returns by
redeveloping properties we already own. These
returns are typically higher than can be achieved
from acquiring properties in similar locations, and
are less risky than ground-up development.
Redevelopment is an economic contributor to the
communities we serve, and we work extensively
with local governments and other stakeholders to
be a partner in stimulating the revitalization of
neighborhoods across the country.
All across America, people come
home to Aimco. As one of the largest
providers of apartment homes in the
United States, Aimco is a major
driver of economic development in
the communities it serves.
We provide much needed housing and jobs and we
do so with a genuine sense of accountability to our
residents, teammates, shareholders and community
partners. Our results come from the focused, steady
implementation of simple strategies: be an excellent
operator, upgrade our portfolio, strengthen our
balance sheet and simplify our business.
We place a premium on providing outstanding
customer service. Aimco residents appreciate the
responsive service they receive from our teams in
the field, and they repay that commitment by being
loyal customers.
We’re pleased that so many residents have made
Aimco their home for years. They’ve told us what
PAGE 2
they want and we’ve
listened, as reflected in
our consistently strong
and improving customer
satisfaction scores.
Contents
· CEO Message ... 6
· Portfolio Report ... 8
· Partnerships ... 10
· Customer Focus ... 14
· Conservation ... 16
· Teamwork ... 18
· Volunteer Service ... 20
· Leadership ... 22
Aimco has
systematically and
substantially improved
the quality of our
portfolio over the last
six years, with $6.5 billion of sales of lower-rent
properties in lower growth markets. We’ve
reinvested the sales proceeds in strategic
acquisitions of higher-rent properties in higher
growth markets. We’ve also re-invested in our
existing properties, making capital improvements
to increase the value of our assets and provide an
outstanding living experience for our residents.
The foundation for Aimco’s growth and continued
success is a healthy balance sheet. We have steadily
lowered our leverage, resulting in the substantial
elimination of recourse debt. We’ve also used fixed
rate property loans and preferred securities, and
proactively refinanced near-term property debt
maturities to lock in attractive interest rates.
In 2011, we reduced our total leverage, including
preferred stock, by $84 million through amortization,
loan pay-downs and purchase of $52 million of
notes from a Freddie Mac securitization trust that
holds only Aimco property loans. We’re on course
for continued de-leveraging through property debt
amortization and refinancing property loans at or
below maturing balances.
We are also working to simplify our business.
By reducing the complexity of our business model,
Aimco has improved the quality of earnings,
increased transparency and lowered off-site costs.
We are focused on acquiring limited partnership
interests at fair value to increase our weighted
average ownership interest in our conventional
portfolio to 96% at the end of 2012. This eliminates
the costs associated with the administration of
multiple partnerships and gives us a higher stake in
our portfolio. We’re also liquidating our legacy asset
As Aimco continues to grow value, we will be guided
by the principles of good citizenship. Achieving
our financial goals is only part of the Aimco story.
We believe that the true measure of Aimco’s success
will be to provide value to our shareholders, and also
to our residents, teammates and the communities in
which we live and work. This is the essence of our
commitment to “Building Community.”
LOOKING AHEAD TO 2012, WE AIM TO
• Provide outstanding customer service
• Realize steady growth in renewal lease rates
• Upgrade the portfolio
• Keep a strong balance sheet with reduced
leverage
• Maximize opportunities for revenue growth
and expense reductions
• Continue a robust redevelopment program
• Be an exemplary corporate citizen
PAGE 3
As part of Aimco’s reinvigorated
redevelopment program, work is
underway to upgrade Flamingo South
Beach overlooking Biscayne Bay in
Miami. The project will create an
expanded public baywalk — providing
residents with pedestrian access to the
restaurants and shops of South Beach
and upgraded grounds, including
tropical landscaping, outdoor kitchens
and dining area, and an elevated pool
deck with wood cabanas.
FLAMINGO SOUTH BEACH,
MIAMI BEACH, FLORIDA
THE VALUE OF
Results
Delivering value to our
customers, team members,
shareholders and neighbors
is a key principle that defines
Aimco’s business strategy and
our identity as a responsible
corporate citizen. How we
conduct ourselves is as
important as the results we
achieve. This year, we
increased the value of our portfolio, further
concentrating resources in high-performing target
markets, selling lower-rated properties and
simplifying our business model. Our redevelopment
efforts ramped up with significant starts in California,
Illinois and Florida, and planning was completed for
a robust 2012 program in our Seattle, Los Angeles,
Northern California, Manhattan, Chicago and
Philadelphia markets.
In property operations, our team worked hard
to deliver outstanding customer service while
trimming costs and increasing revenue. We
continued to intensify the focus on resident service,
launched new property and corporate websites,
simplified the leasing process, and enhanced
our online resident portal, all resulting in strong
customer satisfaction scores, healthy retention
rates, and a year-end occupancy rate of more than
95 percent.
Across the board, our Aimco team is working
well together – the spirit of collaboration that exists
among our team members fosters creativity,
increases productivity and makes us more
nimble and efficient. For our team, we provide
comprehensive training opportunities, offer full pay
and benefits to team members called to military
service, lend a hand to teammates in need
through the Aimco Cares 4U Program, and offer
scholarships to children of our team members.
We are developing an important bench of talent,
with a priority of promoting from within Aimco.
Our multidisciplinary Corporate Citizenship Council
is an excellent example of team work – business
leaders coming together to build a better Aimco.
The Council, established to develop and coordinate
Aimco’s corporate social responsibility initiative,
keeps us on track by setting goals and charting
our progress in the areas of resident satisfaction,
team engagement, environmental stewardship,
community service, stakeholder involvement and
corporate governance.
Building team and doing the right thing are the
core of our Aimco Cares philanthropic program.
This year we continued our two Aimco Cares
national days of community service with hundreds
of team events addressing local priorities around
the country. We achieved a record 84% participation
companywide, with four regional teams reaching
100% participation levels. I’m proud of the men and
women of Aimco who respond to the call to serve
their neighbors.
Achieving all that we have this year would not have
been possible without the foundation of strong
corporate governance. I am honored to work with
an exceptional Board of Directors, which values
integrity above all. Their guidance and insight are
instrumental and they are our leadership partners in
moving Aimco forward.
Average Daily Occupancy
95.8%
Increase in Average Rents
Conventional Property
Since 2005
41%
New Revolving Line
of Credit
$500 Million
Increase in Class A
Common Stock Dividend
50%
As I look ahead to 2012, our prospects are
encouraging. Aimco will strive to meet the objectives
of providing premium customer service, improving
portfolio quality, maximizing the talents of an
exceptional team, delivering solid financial results
for our shareholders, and fostering meaningful
partnerships within the community. As you review
this year’s report, I hope you will agree that we have
made much progress in these areas, and have
laid the foundation for an even better 2012.
The opportunities are great, and Aimco is ready
to deliver.
Terry Considine, Chairman and CEO
Apartment Investment and Management Company
PAGE 6
PAGE 7
THE SAN FRANCISCO BAY AREA
IS AN ATTRACTIVE MARKET FOR
AIMCO ACQUISITIONS AND FUTURE
REDEVELOPMENT PROJECTS
ADDING VALUE TO THE
Portfolio
CAPITAL INVESTMENT (IN MILLIONS)
160,000
156,050
150,000
140,000
from its legacy asset
management business. Meeting
this strategic objective will
enable Aimco to focus resources
on being a superior owner and
operator of properties where it
has a direct investment.
Aimco’s business investment
strategy is to own and manage
a high performing portfolio of
apartment communities in target
markets that have the greatest
potential for growth.The team
made significant progress
toward this objective, ending
2011 with a same-store net
operating income increase of
5.9 percent.
In 2011, Aimco made several
strategic investments including
Madera Vista, a 126-unit
property in Marin County,
California with outstanding
views overlooking San
Francisco Bay. In San Diego,
Aimco increased its holdings
by acquiring approximately
one-half ownership of four
contiguous properties in
PAGE 8
MADERA VISTA
In 2011, Aimco acquired Madera Vista,
located in San Francisco’s attractive
Marin County submarket. The
property offers unobstructed views of
San Francisco Bay and Mount
Tamalpais, and access to nearby
nature preserves. Aimco will invest
approximately $25 million to redevelop
the property in 2012. According to
CEO Terry Considine, “Madera Vista
has an irreplaceable location in a
target market where we are working
to increase our capital allocation.”
La Jolla, California, with 142
total units. Overlooking
Tourmaline Beach, these
communities are in a prime
location, offer an upscale living
experience, and promise to
deliver solid financial returns.
Aimco also increased its
ownership in 15 properties,
acquiring partnership interests
while reducing the cost of doing
business.
Aimco has continued to align its
holdings with its strategic vision
by selling lower performing
properties. In 2011, Aimco’s
transactions team sold 151
properties, including 25
conventional properties with
average rents of $649,
compared to the retained
portfolio with average rents of
$1,143. Aimco’s affordable
portfolio became more
concentrated in our target
markets with the sale of 45
lower-performing properties.
Business simplification is
another Aimco goal. Last year,
Aimco sold 81 properties that
it had asset-managed for
third parties. This represents
significant progress toward
Aimco’s complete departure
A key component of Aimco’s
commitment to being an
outstanding operator is regular
investment in the ongoing
maintenance and improvement
of its properties. In 2011,
Aimco launched several capital
enhancement programs
including the installation of
attractive and environmentally
friendly vinyl plank flooring in
more than 5,000 apartments.
Aimco also installed granite
countertops in kitchens at 14
communities. These initiatives
utilize durable, long-lasting
products and generate
130,000
146,748
110,000
100,000
2009
2010
2011
$156,050,000
TOTAL CAPITAL SPEND
$33,187,000
TOTAL REDEVELOPMENT SPEND
substantial value to Aimco
through increased rents and
maintenance cost savings.
Aimco boosted its ownership in the
Southern California target market by
acquiring approximately 50% of four
beach front properties in La Jolla,
California.
Aimco acquired 100% ownership of
Boston Lofts in Aimco’s Denver
market, offering residents apartments
with historic features, modern
amenities and all the conveniences
of a vibrant city location.
120,000
120,042
AIMCO’S TARGET MARKETS
• Southern CA – Los Angeles,
Orange County, San Diego
• San Francisco Bay Area – San
Francisco, East Bay, San Jose
• Seattle
• Boston
• Manhattan and Suburban
New York / New Jersey
• Philadelphia
• Washington, D.C, Northern
Virginia, Maryland
• Florida – Miami, Palm BeachFort Lauderdale
• Sunbelt – Denver, Phoenix,
Atlanta
• Chicago
PAGE 9
PARK TOWNE PLACE,
PHILADELPHIA,
PENNSYLVANIA
VALUABLE
District and the San Mateo
County Peninsula. Dubbed “the
gateway to San Bruno,” Pacific
Bay Vistas will bring muchneeded housing, and serve as
an anchor for neighborhood
revitalization. In Southern
California, Aimco began the
renovation of Lincoln Place, a
project designed to be a model
of sustainable redevelopment.
Listed on the National Register of
Historic Places, the $150 million
renovation will provide 795
apartments one mile from trendy
Venice Beach.
Aimco works in partnership with
local elected officials, government
agencies and resident groups to
meet housing needs and
enhance the economic vitality of
neighborhoods across the
country.
“You and your team members
truly made the neighborhood
and surrounding community an
even better place for our
constituents.”
WILLIAM GREENLEE, COUNCILMAN
AT LARGE, CITY OF PHILADELPHIA
Through its business model of
redeveloping and repurposing
older buildings in premier
locations rather than engaging in
ground-up development, Aimco
PAGE 10
realizes greater returns on its
investments while preserving
local infrastructure and resources.
This year marked the reinvigoration of Aimco’s
redevelopment program following
its wind down during the
recession. Because Aimco
redevelops properties it already
owns, activity can be suspended
or re-started as economic
conditions change. In California,
Aimco broke ground on the major
redevelopment of Pacific Bay
Vistas, a vacant property located
on a 13-acre hilltop with
outstanding views of the Pacific
Ocean and San Francisco Bay.
The location offers proximity to
the BART transportation system,
San Francisco International
Airport, San Francisco’s Financial
AIMCO HOUSING IMPACT AWARD
Patti Shwayder, Senior Vice President
of Government Relations and
Communications, presented the Aimco
Housing Impact Award to LA City
Councilman Herb Wesson, Jr., for his
leadership of the Council’s Housing,
Community and Economic
Development Committee and support
for sustainable quality housing, during
the LA Business Council’s Mayoral
Housing, Transportation and Jobs
Summit in November.
In Miami, work is underway
on Flamingo South Beach,
overlooking Biscayne Bay. The
project includes construction of
a section of the public baywalk,
an attractive promenade along
the water providing pedestrian
access to the shops and nightlife
of South Beach. The focal point
of the redevelopment is the
creation of an outdoor experience
for Flamingo residents fashioned
after a high-end Caribbean
resort. Tropical landscaping,
outdoor kitchens, an outdoor
dining area and tiki bar, and an
elevated pool deck with wood
cabanas are just some of the
amenities Aimco is bringing to
residents of the bayside
community.
Other phased redevelopment
projects that moved forward in
2011 were the building of a
Partnerships
PACIFIC BAY VISTAS, SAN BRUNO, CALIFORNIA
San Bruno Director of Community Development Aaron
Aknin, Aimco EVP of Redevelopment and Construction
Services Dan Matula, Aimco Vice President for
Redevelopment West Sean Finnegan, San Bruno Mayor
Jim Ruane, Former Mayor Larry Franzella, Vice Mayor
Ken Ibarra, and City Councilwoman Irene O’Connell
broke ground on Aimco’s $93 million investment in
Pacific Bay Vistas.
Project Highlights:
• Rehabilitation of 308 apartments
• Construction of a resident clubhouse, with business
center, lounge and movie theater
“Pacific Bay
Vistas will
undoubtedly
become one
of Aimco’s
signature
properties.”
TERRY CONSIDINE,
AIMCO CHAIRMAN
AND CEO
• New 4,600 square foot fitness center featuring an indoor salt water lap
pool, state-of-the-art equipment, and Wi-Fi access
• Covered outdoor fireplace/barbeque area and a fenced dog park.
parking structure and outdoor
amenities at Yorktown
Apartments in a suburb of
Chicago, and extensive exterior
upgrades and new landscaping
at Plantation Gardens in Broward
County, Florida.
With its deep pipeline of welllocated communities with
redevelopment potential, the
Aimco team has identified a
number of redevelopment
opportunities and has completed
plans to launch an even more
robust program for 2012,
with at least eight projects
underway in Philadelphia, Seattle,
Los Angeles, Marin County,
San Bruno and Chicago.
COMMUNITY IMPACT
“We look forward to Aimco being part of the
San Bruno community for decades to come.”
SAN BRUNO MAYOR JIM RUANE
PAGE 11
Aimco is investing in upgrades to
improve the residential experience,
including expanded fitness centers at a
number of communities across the
country. Residents are able to work out
in state-of-the-art fitness centers, fully
equipped with cardio machines, weight
machines, spin bikes, free weights,
medicine balls, big screen TVs and
personal monitors.
VALUING
Aimco’s mission is to be the
best owner and operator of
apartment homes across the
country. That means listening
to residents, delivering
extraordinary customer service,
and maintaining communities
that are not just a place to live,
but a place to call home.
Residents at Riverside in Alexandria,
Virginia can enjoy a movie in the
private screening room located
in the community’s well-appointed
clubhouse.
PAGE 14
The Aimco team measures its
success by the satisfaction of its
residents. Aimco set out to
improve the experience for
current and potential residents
this year with the launch of new,
customized property websites,
an enhanced corporate website,
aimco.com, an expanded social
media presence, and a
streamlined leasing process.
Current residents took advantage
of more “self-service” options as
they paid rent, submitted service
requests, and handled utility
charges online using an
upgraded resident portal. Most
importantly, the onsite
management teams continued a
high level of service, responding
to maintenance requests within
a guaranteed 24 hours, soliciting
resident feedback through
move-in, 120-day and service
IMPROVING THE ONLINE
EXPERIENCE
Aimco unveiled a brand new
interactive website to provide
enhanced service to customers,
investors, employees and
community partners. The new
www.aimco.com represented
another phase of the company’s
re-branding initiative that was
introduced in 2011.
Stafford Apartments in Baltimore
is in a superior location close to
Johns Hopkins University, the
University of Maryland Medical
School, and just blocks from the
City’s famous Inner Harbor.
satisfaction surveys, and by
keeping their doors open to
address resident concerns.
Aimco promotes peace of mind
among residents by making their
safety and security top priorities.
Service teams ensure that
buildings, entryways and parking
areas are well lit and the
environment is clean and well
maintained. Upon move-in,
Aimco and new residents sign a
PROPERTY WEBSITES
Driven by data and with the
customer foremost in mind, Aimco
completed the redesign and
launch of new property websites.
Potential residents can customize
searches based on what is most
important to them – from the
number of bedrooms they seek to
their desired rent. Visitors also
can view the apartment
community’s proximity to schools,
transportation and cultural
activities.
Aimco Vice President for Northeast
Operations Scott Marino, resident
Angela Bridges, Community Manager
Cynthia Shelton, NAHMA representative
Elizabeth Tucker, and resident Cheryl
Johnson mark the Community of Quality
designation earned by Portner Place
in Washington, D.C.
mutual Good Neighbor
Commitment to promote a
respectful and positive living
experience.
This year, several Aimco
properties garnered recognition for
providing outstanding resident
service. Denver’s Bank Lofts and
Boston Lofts received honors from
the Apartment Association of
Metro Denver for best Internet
presence and most outstanding
regional maintenance director,
Jim Macias. Center Square
Apartments in Doylestown, PA,
was recognized with a “Best of
Bucks County” honor for being
an outstanding apartment
community. Underwood Elderly
and Family in Hartford, CT was in
the spotlight with the grand
opening of its Neighborhood
Network Center. Representatives
Customers
from the Hartford Regional Office
of the Department of Housing and
Urban Development, state and
local elected officials, and Aimco
team members gathered to open
the Center, which will provide
much-needed computer access
and educational opportunities to
residents of this affordable
community. And, for the fourth
consecutive year, the National
Affordable Housing and
Management Association
recognized Aimco for having the
highest number of affordable
communities in its portfolio that
have earned the “Community of
Quality” distinction. This coveted
designation is based on
outstanding physical
surroundings, resident service,
and management practices.
FEELING
AT HOME
“I moved about 4 months
ago. My experience has
been nothing but GREAT.
The office staff and
maintenance team are very
friendly and professional.
The other tenants in the
building are friendly and
courteous. I hope to stay
here for a long time.”
A RESIDENT OF 2900
ON FIRST APARTMENTS SEATTLE,
WASHINGTON
PAGE 15
Conservation
BY THE NUMBERS: Savings from Aimco’s
Conservation Programs from 2006-2011
Gallons of Water Conserved
356,000,000
Metric Tons of Greenhouse
Gas Emissions Eliminated
Natural Gas Therms Conserved
kwh Electricity Saved
26,000
1,749,000
28,360,000
BAYBERRY HILL ESTATES,
FRAMINGHAM, MASSACHUSETTS
Aimco’s conservation programs
strive to achieve a healthy
balance between sustainability
and smart investment. A
dedicated Energy Team identifies
opportunities to achieve greater
efficiencies while maintaining a
comfortable environment for
residents and preserving
resources. Aimco searches for
new opportunities to improve
lighting efficiency and reduce
energy consumption. In 2011,
Aimco began a major initiative to
integrate leading-edge LED
technology at properties
nationwide. LED projects at
Pathfinder Village in Fremont, CA
and Riverloft Apartments in
Philadelphia, PA resulted in a
68% reduction in lighting energy
usage while enhancing the
surroundings for residents and
improving safety. Additionally, the
extended life of LED lighting
PAGE 16
technology will provide long term
repair and maintenance savings.
Conserving water is also a
priority and the Energy Team has
implemented state-of-the-art
technology to provide optimal
control of irrigation systems. The
program has been particularly
effective in Southern California
where better management of
watering cycles has resulted in an
average 30% reduction in water
costs and a 60% decrease in
sewer charges.
360O MAINTENANCE PROGRAM
Aimco’s implementation of 360°
Preventive Maintenance enables
service teams to work smarter,
not harder. Nearly two thirds of
Aimco properties have begun to
use the “cloud” based program,
which retains audit histories on
equipment maintenance and
construction activities, handles
asset inventories and is an
invaluable tool for capital
planning and budgeting. Service
teams are migrating to electronic
records that include detailed
maintenance plans and
inspections that are automatically
scheduled by the system.
The system will save time and
increase productivity when fully
implemented.
Solar
Thermal
Project
In 2011, Aimco piloted a program using solar
thermal energy to heat pools at seven California
apartment communities, including HillCreste,
pictured above. The results show that the initiative
not only reduced energy usage by 55,893 therms,
but that it also yielded an average return on
investment of 21 percent.
PAGE 17
A VALUABLE
Executive Vice President for
Operations, Keith Kimmel, leads a
semi-weekly stand-up meeting of
a cross-functional team focused
on operational excellence.
A talented team of men and
women with expertise in their
fields and dedication to serving
customers is Aimco’s greatest
resource. The team defines
Aimco’s success and strives to
exceed expectations of
customers, shareholders and
partners. Collaboration is the key
to high performance and it has
never been stronger than in 2011.
A broad-based team worked
together to refresh Aimco’s
mission, vision, and values
statements. The updated vision
reflects Aimco’s commitment to
being the best owner and
operator of apartment homes,
delivering outstanding customer
service, and achieving financial
results.
The Aimco values of integrity,
respect, collaboration, customer
PAGE 18
focus and performance remained
unchanged as they continue to
be foundational to the way the
company does business.
THE AIMCO LOGO
In concert with reaffirming
Aimco’s corporate identity, a
multidisciplinary team led by the
Marketing Department embarked
upon the design and rollout of a
new company logo and tagline.
The mission of providing quality
apartment homes to a broad
base of residents across the
country is reflected in Aimco’s
new key-shaped logo and the
buildings represented within it.
The tagline “Building Community”
describes Aimco’s objectives of
creating communities for
residents, a sense of community
among its team members, and
the goal of having a positive
impact on the community at
large. In addition to ongoing field
operations team meetings, Aimco
leaders sponsored 12 local “town
halls” across the country to
promote collegiality and open
“The day-to-day challenges
of the job are what keeps
me excited about coming to
work. I also attribute much
of my success to a wide
range of support that I
receive from teams like
construction services and
learning and organizational
development.”
JIMMIE FRIERSON,
AREA SERVICE MANAGER,
ROCKVILLE, MARYLAND
discussion. The Aimco senior
leadership team, representing
business units nationwide,
gathers quarterly for
programmatic briefings and
strategic discussions regarding
how best to meet Aimco’s
objective of continuous
improvement. The “AimcoLive!”
program was strengthened as
regional teams planned special
events outside the office to
promote camaraderie and
cohesiveness. The Operations
Team introduced semi-weekly
“stand-up” meetings to report on
progress in areas such as
apartment rentals and renewals,
revenue management, and
customer service, and to motivate
team members to reach and
exceed their performance goals.
AIMING FOR THE STARS
Promoting team success also
means recognizing a job well
done. Each quarter, Aimco team
members honor their colleagues
through the Aiming for the Stars
program. In 2011, the program
recognition categories were
aligned to mirror company
values. Awards are given to
team members whose work
exemplifies collaboration,
integrity, customer focus, top
sales, and overall community
performance. In addition, Aimco
rewards and celebrates team
members for their years of
dedicated and loyal service.
Team
Aimco Mission, Vision, Values
OUR MISSION
To consistently provide quality apartment homes in a respectful environment
delivered by a team of people who care.
OUR VISION
To be the best owner and operator of apartment communities, inspired by
a talented team committed to exceptional customer service, strong financial
performance, and outstanding corporate citizenship.
OUR VALUES
Integrity: Do the right thing always.
Respect: Appreciate others and treat them as you would want to be treated.
Collaboration: Work together. Seek and value the perspectives of others.
Customer Focus: Provide exceptional service to our customers and
communities.
Performance: Demonstrate pride and passion for our work. Deliver
consistent and measurable results. Reward success.
SUPPORTING FAMILY NEEDS
Several Aimco initiatives support
team members in their day-today lives outside of the office.
Aimco offers team members a
tuition reimbursement program
for career-related classes,
and a scholarship program for
their college-bound children.
The scholarship program
has awarded 364
grants since its
inception six years
ago. Aimco also
lends a hand when
a team member
faces an unexpected
emergency. The
Aimco Cares 4U
program provides
team members with
“Thank you so very much for the
assistance that I so desperately
needed. Words cannot say how
much I appreciate it.”
AIMCO TEAM MEMBER, STATESBORO, GA
short-term financial assistance to
help them during tough times.
ZUMALI DIXON,
DAUGHTER OF
JED DIXON,
LEASING
CONSULTANT
JESSE CANNON,
SON OF LESLEY
CANNON,
GREENVILLE SERVICE
CENTER
ARIAN KOHI,
DAUGHTER OF
HASINA KOHI,
RESIDENT RELATIONS
SPECIALIST
UNIVERSITY OF
FLORIDA
SPARTANBURG
METHODIST COLLEGE
GEORGE MASON
UNIVERSITY
PAGE 19
VALUING
Rick Garcia, HUD Region VIII
Administrator, (left) is joined by Aimco
Senior Vice President Patti Shwayder
and Aimco Chief Administrative
Officer Miles Cortez. Garcia
spoke about HUD programs
at a dinner following the
Charity Golf Classic.
Aimco demonstrates the value
of giving back through its
philanthropic arm, Aimco Cares.
To promote community
involvement, Aimco offers 10
paid hours of time to each team
member for volunteer service.
A full schedule of events across
the country in 2011 reflected
Aimco’s commitment to
corporate citizenship and Aimco
team members’ compassion for
their neighbors.
In 2011, the Aimco Cares Charity
Golf Classic raised more than
$340,000 to benefit military
families and students. Sponsored
by Aimco and presented by
RE/MAX, the annual event
garners support from individual
golfers and companies
nationwide. Due to the generosity
of more than 120 golfers and 60
sponsors, Aimco made sizable
PAGE 20
AIMCO CARES OPPORTUNITY SCHOLARSHIP
Aimco established
the Aimco Cares
Opportunity Scholarship
Fund to provide
financial assistance to
college-bound students
who live in subsidized
rental housing. In
partnership with the
KATELYNN SIMS
ASHLEY TAYLOR
National Leased
TRI-COUNTY
FLORIDA STATE
Housing Association, 46 TECHNICAL
COLLEGE OF
COLLEGE
JACKSONVILLE
deserving students have
ANDERSON, SOUTH
JACKSONVILLE,
received grants toward CAROLINA
FLORIDA
their college pursuits.
Aimco Chief Administrative Officer
Miles Cortez presents a ceremonial
check to Bonnie Carroll, founder
and president of TAPS, along with
members of the Aimco D.C. team and
golf tournament lead sponsors.
donations to two beneficiaries:
TAPS, the Tragedy Assistance
TINA LIU
UNIVERSITY
OF HAWAII AT
MANOA
Program for Survivors, which
helps families cope with the loss
of a loved one in service to our
country, and the Education Fund
of the National Leased Housing
Association, which administers
the Aimco Cares Opportunity
Scholarship Fund for collegebound students in affordable
housing.
Again in 2011, Aimco Cares
sponsored two national days of
service involving more than 130
projects in partnership with
nonprofit agencies. The Aimco
team truly made a difference:
Community
in Denver, with the help of CEO
Terry Considine, team members
were “Yard Angels,” working on
maintenance of yards at homes
owned by senior citizens; in
Ventura County, California, the
Aimco team made a strong
showing for Habitat for Humanity;
and in Philadelphia, Aimco
partnered with City Councilman
Bill Greenlee’s office to
landscape the Veterans Memorial
Park in the City’s Fairmount
District.
Aimco Cares hit a high mark in
2011, with 84 percent
participation and team members
logging more than 10,000 hours.
Special recognition went to the
Mid Atlantic, Phoenix, Tampa
and Denver Corporate teams,
all of which achieved 100%
participation.
AIMCO CARES COMMUNITY
SERVICE DAYS
Top: Chairman and CEO Terry
Considine takes a break from raking
to visit with a homeowner whose yard
was being cleaned by a team in Denver.
VOLUNTEERISM
10,000+ HOURS
84% PARTICIPATION
Left Center: Ben Egge gets to work on
a home for Habitat for Humanity in
California.
Left Bottom: Danielle Stanek helps to
sort food donations for the Food Bank
of the Rockies in Denver.
Right Center: George Garceau repairs
a window at Champa House, a
transitional home for women and
children in Denver.
Right Bottom: The Aimco Philadelphia
team poses for a quick picture after
working on the Veterans’ Memorial
Park in Center City.
PAGE 21
LED BY OUR
ELM CREEK APARTMENTS
ELMHURST, ILLINOIS
Values
IN MEMORIAM
Richard S.
Ellwood
Aimco’s value of integrity
underlies all of our business
activities and leadership
decisions. Maintaining high
ethical standards and honoring
our core values have defined
Aimco’s corporate practices and
culture since the company’s
inception.
Aimco’s Board of Directors has
led the industry in establishing
good governance practices and
adopting policies and procedures
to reflect the highest standards.
The Board of Directors is elected
by majority voting annually and
all, save Mr. Considine, are
independent members.
Every Aimco team member
certifies compliance with
government regulations and
industry benchmarks and must
pass annual courses such as Fair
Housing, Fair Labor Standards
Act, REIT requirements, and
Aimco’s Code of Business
Conduct and Ethics.
Being an effective leader also
means getting involved in
community and industry groups
across the country. Aimco holds
leadership positions and actively
participates in the National
Association of Real Estate
Investment Trusts, National
Multi Housing Council, National
Leased Housing Association,
National Affordable Housing
Management Association, and
the Real Estate Roundtable.
PAGE 22
AIMCO CODE OF ETHICS
Aimco’s corporate philosophy
is founded upon high ethical
standards and professional
responsibility. Each and every
individual within our organization
must observe these principles.
Aimco is committed to
conducting its business in
accordance with applicable
laws, rules and regulations and
the highest standards of
business ethics so as to earn
the public trust.
The Aimco family
lost one of its
dear members
in 2011, Richard
S. Ellwood.
A member of the Board of Directors
since 1994, Mr. Ellwood served on
the Audit, Compensation and
Human Resources, and Nominating
and Corporate Governance
committees. He was the founder
and President of R.S. Ellwood &
Co., Incorporated, and enjoyed a
national reputation for his judgment,
character and knowledge of real
estate investment. Director
Ellwood will long be remembered
by the Aimco team.
AIMCO BOARD OF DIRECTORS
Terry Considine
Founder, Chairman of the Board and CEO, Aimco
James N. Bailey
Chairman, Nominating and Corporate Governance Committee; Co-Founder,
Senior Managing Director and Treasurer, Cambridge Associates, LLC
Thomas L. Keltner
Served as Executive Vice President
and CEO, Americas and Global Brands, Hilton Hotels Corporation
J. Landis Martin
Lead Independent Director; Chairman, Compensation and Human
Resources Committee; Founder and Managing Director, Platte River
Ventures, LLC; Served as CEO of four NYSE companies
Robert A. Miller
Executive Vice President and Chief Operating Officer, International of
Marriott Vacations Worldwide Corporation; Co-Founder and President of
American Resorts, which was sold to Marriott International, Inc. to form
its timeshare division and now spun off as a NYSE-listed company
Kathleen M. Nelson
Founder and President, KMN Associates, LLC and Co-Founder and
Managing Principal of Bay Hallow Associates, LLC; Served as managing
director/group leader and chief administrative officer for TIAA-CREF’s
mortgage and real estate division
Michael A. Stein
Chairman, Audit Committee;
Served as CFO of ICOS Corporation, Nordstrom, Inc. and Marriott
International, Inc.
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DENVER, COLORADO 80237
WWW.AIMCO.COM