Apartment Investment & Management Company is a Maryland corporation incorporated on January 10, 1994. It is a self-administered and self-managed real estate investment trust, or REIT, along with its subsidiaries is engaged in the ownership and operation of portfolio of apartment properties. The Company conducts substantially all of its business and owns almost all of its assets through the Aimco Operating Partnership. The Company's business is organized around two core activities; Property Operations and Portfolio Management. Its property operations consist of a diversified portfolio of market-rate apartment communities, which it refers to as conventional apartment communities. At December 31, 2015, its conventional property operations consisted of 140 apartment communities with 40464 apartment homes in which it held an average ownership of approximately 98%. It also operates a portfolio of affordable apartment communities, which consists of apartments with rents that are generally paid, in whole or part, by a government agency. At December 31, 2015, its affordable property operations consisted of 56 apartment communities with 8685 apartment homes in which it held an average ownership of approximately 95%. Portfolio management involves the ongoing allocation of investment capital to meet its geographic and product type goals. The Company's apartment communities compete directly with other rental apartments as well as condominiums and single-family homes that are available for rent or purchase in the markets in which its apartment communities are located. Apartment communities and their owners are subject to various laws, ordinances and regulations, including those related to real estate broker licensing and regulations relating to recreational facilities such as swimming pools, activity centers and other common areas.