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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 1-13232
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
401(k) RETIREMENT PLAN
(FULL TITLE OF THE PLAN)
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
2000 COLORADO BOULEVARD, TOWER TWO, SUITE 2-1000
DENVER, COLORADO 80222
(NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO
THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE)
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Financial Statements and Schedule
Apartment Investment and Management Company
401(k) Retirement Plan
December 31, 2000 and 1999 and for the year ended December 31, 2000
CONTENTS
Report of Independent Auditors...............................................3
Audited Financial Statements.................................................4
Statements of Net Assets Available for Benefits..............................4
Statement of Changes in Net Assets Available for Benefits....................5
Notes to Financial Statements................................................6
Schedule
Schedule of Assets Held for Investment Purposes at End of Year..............10
Consent of Independent Auditors.............................................11
Signatures..................................................................12
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Report of Independent Auditors
Pension Plan Committee
Apartment Investment and Management Company
401(k) Retirement Plan
We have audited the accompanying statements of net assets available for benefits
of Apartment Investment and Management Company 401(k) Retirement Plan (Plan) as
of December 31, 2000 and 1999 and for the year ended December 31, 2000. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 2000 and 1999 and the changes in its net assets available for
benefits for the year ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
held for investment purposes as of December 31, 2000 is presented for the
purpose of additional analysis and is not a required part of the financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
April 27, 2001
Indianapolis, Indiana
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Apartment Investment and Management Company
401(k) Retirement Plan
Statements of Net Assets Available for Benefits
DECEMBER 31
2000 1999
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ASSETS:
Investments, at fair value $74,090,013 $75,592,284
Contributions receivable:
Employee contribution receivable 105,391 99,711
Employer contribution receivable 58,533 54,114
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163,924 153,825
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Total assets 74,253,937 75,746,109
LIABILITY:
Participant refunds payable 120,991 168,656
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Net assets available for benefits $74,132,946 $75,577,453
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See accompanying notes.
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Apartment Investment and Management Company
401(k) Retirement Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2000
Additions:
Employee contributions $ 6,807,350
Employer contributions 2,864,046
Rollover contributions 742,218
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10,413,614
Interest and dividend income 6,297,544
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Total additions 16,711,158
Deductions
Benefits Payments 10,590,257
Net depreciation in fair value of investments 7,294,867
Participant refunds 120,991
Administrative expenses 149,550
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Total deductions 18,155,665
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Net decrease (1,444,507)
Net assets available for benefits at the beginning of the year 75,577,453
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Net assets available for benefits at the end of the year $ 74,132,946
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See accompanying notes.
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Apartment Investment and Management Company
401(k) Retirement Plan
Notes to Financial Statements
December 31, 2000
1. DESCRIPTION OF THE PLAN
The following description of the Apartment Investment and Management Company
401(k) Retirement Plan (the "Plan") provides only general information.
Participants should refer to the Summary Plan Description for a more complete
description of the Plan's provisions.
The Plan is a defined contribution plan covering all employees of the Apartment
Investment and Management Company (the Company) who have at least six months of
service and are age 18 or older. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
Participants may elect to contribute to the Plan from 1% to 20% of their
compensation on a pretax basis, subject to certain statutory limitations. The
Company, at its discretion, may make a matching contribution on behalf of each
participant in the following manner: (1) for participants with six months to
five years of service, a 50% match of the participant's contribution; (2) for
participants with six to 10 years of service, a 75% match of the participant's
contribution; or (3) for participants with eleven or more years of service, a
100% match of the participant's contribution.
Each participant's account is credited with the participant's contributions and
allocations of the Company's contributions and Plan earnings and is charged with
an allocation of administrative expenses. The benefit to which a participant is
entitled is the account balance at the time of distribution.
Participants are immediately vested in their voluntary contributions. The
Company's matching contributions are fully vested after three years of service.
Upon withdrawal, the nonvested portion of a participant's account will be used
by the Company to reduce the next employer contribution or pay expenses of the
Plan. During 2000 and 1999, forfeited balances of terminated participants'
nonvested accounts were $201,947 and $136,230, respectively.
Participants may borrow funds from their own account. Loans are permitted in
amounts not to exceed the lesser of $50,000 reduced by the highest outstanding
loan balance for the preceding year or 50% of the value of the vested interest
in the participant's account. Only one loan is permitted during any twelve month
period.
Although the Company has not expressed any intent to do so, it has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of termination of the
Plan, each participant will become fully vested and will receive a total
distribution of their account.
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Apartment Investment and Management Company
401(k) Retirement Plan
Notes to Financial Statements (Continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements of the Plan are presented on the accrual
basis of accounting.
INVESTMENTS
Investments other than participant loans are valued at fair value as determined
by reference to quoted market values. The participant loans are valued at their
outstanding balances, which approximate fair value.
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts in the financial statements and
accompanying notes. Actual results could differ from those estimates.
INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated February 7, 2001, stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code (the "Code") and, therefore, the related trust is
exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The plan administrator
believes that the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan continues to be
qualified and the related trust is tax exempt.
3. INVESTMENTS
The Plan's investments are held in trust by Fidelity Management Trust, the
trustee of the Plan. The Plan's investments in the various funds (including
investments bought, sold, and held during the year) appreciated (depreciated) in
fair value for the year ended December 31, 2000 as presented in the following
table.
NET
APPRECIATION
(DEPRECIATION)
IN FAIR VALUE
DURING YEAR
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Fair value as determined by quoted market prices:
Investments in mutual funds $(7,716,162)
Investments in common stocks 421,295
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$(7,294,867)
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Apartment Investment and Management Company
401(k) Retirement Plan
Notes to Financial Statements (Continued)
3. INVESTMENTS (CONTINUED)
The fair value of individual investments that represent 5% or more of the Plan's
net assets are as follows:
DECEMBER 31
2000 1999
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Fair value determined by quoted market prices:
Fidelity Investment Mutual Funds:
Magellan Fund $12,671,887 $13,886,387
Growth Company Fund 9,433,828 9,164,597
Growth and Income Fund 10,083,843 10,975,301
Retirement Money Market Fund 7,528,997 7,456,344
Asset Manager Fund 6,440,849 6,625,164
Equity Income II Fund 5,730,922 5,856,453
Fidelity Management Trust Company common collective trust fund:
Managed Income Portfolio Fund 8,947,613 9,404,195
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SCHEDULE
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Apartment Investment and Management Company
401(k) Retirement Plan
Schedule H, line 4i - Schedule of Assets Held for Investment
Purposes at End of Year
December 31, 2000
EIN: 58-1471003
Plan Number: 004
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUER, BORROWER, RATE OF INTEREST, COLLATERAL, PAR CURRENT
LESSOR OR SIMILAR PARTY OR MATURITY VALUE VALUE
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Common Stock:
*AIMCO Stock 149,160 shares $ 2,262,415
*Fidelity Management Trust Company
Mutual Funds:
Magellan Fund 106,219 shares 12,671,887
Growth Company Fund 132,071 shares 9,433,828
Growth and Income Fund 239,521 shares 10,083,843
Intermediate Bond Fund 289,653 shares 2,908,114
Asset Manager Fund 382,928 shares 6,440,849
Equity Income II Fund 240,190 shares 5,730,922
Aggressive Growth Fund 89,224 shares 3,227,249
Diversified International Fund 17,224 shares 377,904
Low Price Stock Fund 14,993 shares 346,629
Spartan US Equity Index Fund 13,836 shares 647,648
Retirement Money Market Fund 7,528,997 shares 7,528,997
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59,397,870
Common Collective Trust:
Managed Income Portfolio Fund 8,947,613 shares 8,947,613
Participant Loans Interest rates range from 10% to 10.25% 3,482,115
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$74,090,013
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*Indicates a party-in-interest to the Plan
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CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 333-57617) pertaining to the 401(k) Retirement Plan of Apartment
Investment and Management Company of our report dated April 27, 2001 with
respect to the financial statements and schedule of the Apartment Investment and
Management Company 401(k) Retirement Plan included in this Annual Report (Form
11-K) for the year ended December 31, 2000.
/s/ Ernst & Young LLP
Indianapolis, Indiana
June 25, 2001
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Plan Administrator has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: June 28, 2001
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
401(k) RETIREMENT PLAN
By: /s/ MARI AKERS
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Mari Akers
Plan Administrator
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