James P. Sullivan
About James P. Sullivan
Independent director at Aimco (AIV) since 2022; age 63. Former senior REIT analyst and research leader at Green Street Advisors with 26 years of experience, plus prior roles in real estate investment banking and construction lending at Bank of America and Manufacturers Hanover. Education: BA in Economics (Duke University) and MBA in Finance & Real Estate (Columbia University). Core credentials: real estate, capital markets, investment and finance; additional expertise in accounting/auditing, corporate governance, business operations, and talent development .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Green Street Advisors | Senior Advisor – Research | 2020 | Fostered best practices across public/private market research |
| Green Street Advisory Group | President | 2014–2019 | Strategic advice to CRE owners/investors globally |
| Green Street Advisors | Head of North American REIT Research | 2010–2014 | Managed REIT research team |
| Green Street Advisors | Managing Director/Senior REIT Analyst | 1994–2009 | Coverage and analysis of REITs |
| Bank of America; Manufacturers Hanover Trust | Real estate investment banker; construction lender | Prior to 1994 | Lending and capital markets experience |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| The James Campbell Company | Director | 2022–present | Audit Committee Chair; Compensation Committee Member |
| Bixby Land Company | Director | 2016–present | Compensation Committee Chair; Audit Committee Member |
No other public company directorships are disclosed for Sullivan in Aimco’s proxy .
Board Governance
- Independence: Board affirmatively determined Sullivan is independent under NYSE standards .
- Committee assignments: Member, Audit Committee; Member, Investment Committee .
- Chair roles: None (Audit Chair is Jay Paul Leupp; Investment Chair is Patricia Gibson) .
- Attendance and engagement: Board held 5 meetings in 2024; Audit 5; Investment 4; non-management directors met in executive session 4 times. No director attended fewer than 75% of Board/committee meetings; all directors attended the 2024 Annual Meeting .
- Governance structure: Majority independent board (8 of 9), independent standing committees, majority voting with resignation policy, proxy access (3%/3 years; up to 20% of board) .
2024 Committee Meetings (Context)
| Body | Meetings (2024) |
|---|---|
| Board | 5 |
| Non-Management Directors | 4 |
| Audit Committee | 5 |
| Compensation & HR Committee | 7 |
| Nominating, ESG Committee | 4 |
| Investment Committee | 4 |
Fixed Compensation
- Director compensation policy (2024): Annual fee $230,000; up to 50% cash retainer ($115,000) with remainder in stock; no meeting fees. Leadership retainers: Chair of Board $65,000; Audit Chair $25,000; Compensation Chair $15,000; Nominating/ESG Chair $14,000; Investment Chair $20,000. Shares awarded Jan 31, 2024; share count based on 5-day average price $7.62; grant-date fair value based on close $7.43 .
- Director compensation policy (2025): Annual fee reduced to $220,000; cash cap $75,000 with remainder in stock. Shares awarded Jan 29, 2025; closing price $9.02 used for grant-date fair value; no meeting fees .
| Year | Cash Retainer Policy | Cash Received (Sullivan) | Leadership Fees (Sullivan) | Notes |
|---|---|---|---|---|
| 2024 | Up to 50% of $230,000 in cash | $46,000 | $0 (not a chair) | No meeting fees; leadership retainers listed above |
| 2025 | Up to $75,000 of $220,000 in cash | Not disclosed | $0 (not a chair) | Grant date Jan 29, 2025; closing price $9.02 |
Performance Compensation
- Equity awards (2024): Stock awards grant-date fair value $179,412 for Sullivan; granted Jan 31, 2024; fair value measured at $7.43 close; share count determined using 5-day average $7.62 (company-wide method) .
- Options: None reported for Sullivan; only Deborah Smith held a vested option (170,323 shares) as of 12/31/2024 .
| Year | Equity Type | Grant Date | Grant-Date Fair Value (Sullivan) | Valuation Basis |
|---|---|---|---|---|
| 2024 | Stock awards | Jan 31, 2024 | $179,412 | Close $7.43; share count set by 5-day average $7.62 |
No performance-linked metrics (TSR, EBITDA, ESG) are disclosed for non-management director compensation; equity is time-based stock awards .
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock Considerations |
|---|---|---|---|
| The James Campbell Company | Real estate | Director; Audit Chair; Comp Member | Real estate focus overlaps sector expertise; no related-party transactions with Aimco disclosed . |
| Bixby Land Company | Real estate | Director; Comp Chair; Audit Member | Real estate focus overlaps sector expertise; no related-party transactions with Aimco disclosed . |
Expertise & Qualifications
- Real Estate; Capital Markets; Investment & Finance; Accounting/Auditing for large organizations; Corporate Governance; Business Operations; Talent Development .
- Education: BA (Duke), MBA (Columbia) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Hedging/Pledging | Ownership Guidelines | Compliance Status |
|---|---|---|---|---|---|
| James P. Sullivan | 67,264 | <0.5% (indicated “*”) | None (no hedging/pledging) | Independent directors expected to own ≥5× annual cash retainer within 5 years | All independent directors have holdings in excess as of filing |
Governance Assessment
- Board effectiveness: Sullivan’s deep REIT research and capital markets background strengthens Audit and Investment oversight; he serves on both committees without chair roles, supporting independent, technical scrutiny of reporting and capital allocation .
- Independence & alignment: Affirmed independent; no hedging/pledging; director stock ownership guidelines met across independent directors, indicating strong alignment with shareholders .
- Engagement: Solid attendance culture (no director <75%); quarterly independent sessions; all directors attended 2024 Annual Meeting, supporting accountability and oversight .
- Compensation signals: 2025 reduction in director fees and lower cash cap suggests cost discipline; Sullivan’s 2024 mix favored equity ($179,412) over cash ($46,000), reinforcing alignment; absence of meeting fees and performance-linked director pay reduces risk of short-termism .
- RED FLAGS: None disclosed—no related-party transactions, tax gross-ups, option repricing, or pledging noted for directors; monitor any future transactions with entities where Sullivan serves (James Campbell, Bixby) though none are disclosed currently .