At Aimco team comes first. As you read this year’s report highlighting our accomplishments in operations, redevelopment, portfolio management, financial performance and workplace culture, it becomes clear that our successes result from the hard work and dedication of our talented team.
In 2016 Aimco was recognized for our high performing, collaborative and fun work environment when we earned a Top Workplace in Colorado designation for the fourth consecutive year. I thank my teammates for making this achievement possible and for coming to work each day motivated to serve our customers and each other.
The most important part of our mission is carried out by our onsite team members who consistently provide outstanding service to Aimco residents from coast to coast.
Our property teams work hard to make each resident feel welcome while creating unique communities that they are proud to call home. Aimco puts residents in charge by giving them the opportunity to rate our team members on every interaction. Our team members continue to earn high marks and I am proud that our average overall customer satisfaction score has steadily increased over each of the last four years.
To meet the needs of our residents and deliver value to our shareholders, the Aimco investment team acquires well located properties in high performing markets and maximizes their potential through redevelopment and capital upgrades. During 2016 Aimco achieved Net Operating Income (NOI) stabilization at three redeveloped communities in coastal California: Lincoln Place in Venice; Ocean House on Prospect in La Jolla; and Preserve at Marin in Corte Madera. These redevelopments resulted in $170 million of value creation – an amount equal to 30 percent of Aimco’s investment – and a favorable outcome for our shareholders!
In 2016 Aimco completed the lease-up of Vivo in Cambridge, Massachusetts ahead of plan, and significantly outperformed its expectations for the lease-ups of One Canal in Boston, and Indigo in Redwood City, California. The projected contribution to 2017 NOI from these lease-up communities is $0.13 per share, $0.01 per share greater than we had forecasted one year ago.
The teamdriven Aimco Cares philanthropic program continues to make a positive difference in the lives of individuals and nonprofits across the country. Teammates participated in a national community service week, supported veterans’ causes, and donated to nonprofits of their choosing through a new Give with Gusto initiative that provides a financial match for team volunteer hours. Aimco team members also form alliances with our business and industry partners and elected officials to pursue our common goal of providing homes and improving neighborhoods.
I am privileged to serve with my colleagues on the Aimco Board of Directors, an experienced and highly respected team guiding us with their business acumen and good governance policies. We work together to ensure transparency and predictability for our shareholders. Our Directors along with our entire Aimco team foster a business culture characterized by integrity, collegiality, innovation, trust, accountability and, most importantly, Team First.
Chairman and CEO Apartment Investment and Management Company