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Home > Investing > Spotlight on REITs: Ambassador Apartments INC (soon to be AIMCO)

Spotlight on REITs: Ambassador Apartments INC (soon to be AIMCO)

Money Manager | Monday, May 9th, 2011

Ambassador Apartments INC: This Real Estate Investment Trust is based on Garden apartments and middle class homes. The company was founded in Chicago, IL, in order to provide apartments for the middle class in the area, the apartments were low to the ground and were not buildings they were garden apartments.

Most of the company’s properties are based in Tennessee, Texas, Arizona, Colorado and Florida. Rental income is responsible for 92% of the total income the other 8% was based on interest, in 1997 these where good numbers, since most companies would rely on interest rather than rent.

Ambassador Apartments INC was traded on the New York Stock Exchange as AAH. In 1997 the company owned 50 properties that had multiple units; they total over 14,984 single home units, it had the beginnings of a great REIT.

Ambassador Apartments INC was merged with Apartment Investment and Management Company, who is one of the largest Apartment owners in the United States of America, this company then merged all the property into its own and put its name on the properties, not needing the brand awareness that some companies might need.

As of 2010 the company owned and managed 127,000 apartment units in 43 different states and Puerto Rico as well. Apartment Investment and Management Company (AIMCO) was founded in 1975 in Denver Colorado, making the multi – billion Dollar Company 36 years old at this time.

AIMCO owns a $2,976.16 million market share as of 2010, it is a REIT which means that it is not taxed like any other business, 90% of the profit is divided amongst the shareholders and given to them at the end of every quarter, making a REIT a great investment for those who are looking to save taxes at the end of the year.

AIMCO is traded on the New York Stock Exchange as AIV and is currently worth $25.43 per common share as of January 2011, it is said to be a steady growth stock.

Ambassador Apartments INC now has no further assets, as they are all owned by AIMCO which is currently in the position to buy and merger with many other REITs at this time, which will make it the largest apartment owner in the United States, AIMCO currently employs 3,500 people and its growth is set at 22.2% this year.

The company’s Chairman and CEO is currently Terry Considine, who looks after every large acquisition and property that the company buys as well as dispositions.

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