Quincy L. Allen
About Quincy L. Allen
Independent director at Aimco (AIV) since December 2020; age 55. Co‑Founder and Managing Partner of Arc Capital Partners (2013–present), with deep credentials across real estate investing, development, capital markets, and portfolio management. Education: BS, Finance (Summa Cum Laude), Wayne State University; MBA, Harvard Business School. On the Aimco Board, he chairs the Nominating, Environmental, Social, and Governance Committee and serves on the Compensation and Human Resources Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Arc Capital Partners | Co‑Founder & Managing Partner | 2013–present | Leads firm strategy, investments, asset management, financing and dispositions |
| Canyon Partners (Canyon‑Johnson Urban Funds) | Managing Director; Investment Committee Member | 2003–2013 | Urban mixed‑use investment platform; IC oversight experience |
| Lazard Frères | Executive (workouts & portfolio management) | 2000–2002 | Restructuring and portfolio remediation expertise |
| Archstone Communities (multifamily REIT) | Vice President | 1997–2000 | Multifamily operations and urban portfolio experience |
| Security Capital Group (incl. Prologis platform focus) | Investment professional | 1996–1997 | Early career exposure to multifamily/industrial platforms |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wayne State University – Mike Ilitch School of Business | Board Member | Not disclosed | Governance and academic oversight |
| Wayne State University Foundation | Investment Committee Member | Not disclosed | Endowment oversight and investment policy |
| Think Together | Board Member | 2020–2024 | Education non‑profit governance |
| Urban Land Institute; Pension Real Estate Association; NMHC | Member | Ongoing | Industry networks; stewardship perspectives |
Board Governance
- Independence: Board determined Mr. Allen is independent under NYSE standards; Aimco’s Board is 8/9 independent, with all standing committees comprised solely of independent directors .
- Committee leadership: Chair, Nominating, Environmental, Social, and Governance (NESG); Member, Compensation & Human Resources (CHR) .
- Attendance and engagement: Board held 5 meetings in 2024; NESG held 4; CHR held 7; no director attended fewer than 75% of aggregate Board/committee meetings. All directors attended the 2024 Annual Meeting; the Board anticipates full attendance in 2025 .
- Governance practices: Majority voting with resignation policy; proxy access (3%/3 years, up to 20% of Board); enhanced anti‑hedging/anti‑pledging; director ownership guidelines; regular executive sessions of independent directors (≥4/year). Limits on overboarding/audit committee memberships are in place .
| Committee | Role | 2024 Meetings |
|---|---|---|
| Nominating, Environmental, Social, and Governance | Chair | 4 |
| Compensation & Human Resources | Member | 7 |
Fixed Compensation
- Structure: Independent director annual fee paid in cash and stock; no meeting fees. Additional cash retainers for Board/committee chairs; Allen receives NESG chair retainer .
| Year | Annual Retainer (Policy) | Cash Cap | Equity Grant Date | Equity Pricing Basis | Chair Retainer (NESG) |
|---|---|---|---|---|---|
| 2025 | $220,000 | $75,000 | Jan 29, 2025 | Closing $9.02; shares based on 5‑day avg price | $14,000 |
| 2024 | $230,000 | $115,000 (up to 50%) | Jan 31, 2024 | Closing $7.43; 5‑day avg $7.62 for share calc | $14,000 |
| 2023 | $200,000 | $100,000 (up to 50%) | Feb 1, 2023 | Closing $7.59; avg $7.52 for share calc | $14,000 |
- Actual 2024 Director Compensation (Allen):
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $64,000 | $106,000 |
| Stock Awards ($) | $151,398 | $134,565 |
| Total ($) | $215,398 | $240,565 |
Performance Compensation
- Directors do not receive performance‑based bonuses or PSU‑linked vesting; non‑management director pay consists of retainers (cash + stock), with no meeting fees. In 2023, directors could elect options for the equity portion (discontinued in 2024 onward for most directors) .
| Element | 2023 | 2024 |
|---|---|---|
| Performance‑based cash bonus | None disclosed | None disclosed |
| Performance‑vesting equity (director) | Option election permitted for some directors (e.g., Smith/Miller) | Not typical; equity paid in stock; no director options for Allen |
Other Directorships & Interlocks
- Public company boards: None disclosed for Allen .
- Interlocks: Aimco prohibits interlocking directorships between management and companies employing Aimco directors; NESG oversees related‑party policy. No interlocks disclosed involving Allen .
- Non‑profit/academic roles: Wayne State boards; Think Together (2020–2024); ULI/PREA/NMHC memberships .
| Category | Entity | Role | Notable Overlap |
|---|---|---|---|
| Academic | Wayne State – Ilitch School | Board Member | None disclosed |
| Foundation | Wayne State Foundation | Investment Committee | None disclosed |
| Non‑profit | Think Together | Board Member (2020–2024) | None disclosed |
| Industry | ULI, PREA, NMHC | Member | None disclosed |
Expertise & Qualifications
- Real Estate development/investment; capital markets; financial expertise and literacy; business operations; talent development; corporate governance; development .
Equity Ownership
- Ownership alignment: Director stock ownership guideline requires ≥5× annual cash retainer within five years; all independent directors exceeded holdings as of 2025 filing. Anti‑hedging/anti‑pledging policy applies; none of the directors’ or NEOs’ securities are subject to hedging/pledging per ownership table .
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Common Shares Beneficially Owned | 70,336 | 88,447 | 105,597 |
| % of Shares Outstanding | * (<0.5%) | * (<0.5%) | * (<0.5%) |
| OP Units | — | — | — |
| Pledged/Hedged | None | None | None |
Shareholder Voting Signals
- Director election support:
| Vote Outcome | 2024 | 2025 |
|---|---|---|
| Votes For (Allen) | 103,431,634 | 100,614,094 |
| Votes Against (Allen) | 1,711,524 | 1,264,991 |
| Abstentions (Allen) | 13,334 | 96,843 |
| Broker Non‑Votes | 7,674,195 | 12,445,975 |
- Say‑on‑Pay (advisory) support: For 2024, 102,071,663 For / 3,050,288 Against / 34,541 Abstentions ; For 2025, 99,538,669 For / 2,282,604 Against / 154,870 Abstentions . Aimco notes “Say on Pay” approved every year since 2011; 5‑year average support ~95% .
Compensation Structure Analysis
- Year‑over‑year director pay evolution:
- 2023: $200k retainer; directors could elect options for equity portion (some did) .
- 2024: Retainer increased to $230k; equity paid in stock; no meeting fees; specific chair retainers maintained .
- 2025: Retainer reduced to $220k after review by Ferguson Partners; cash cap lowered to $75k; continued stock component and chair retainers .
- Signal: Shift away from director options (more straightforward stock grants) and slight reduction in fee quantum in 2025 suggests cost discipline and alignment with peer practices .
Potential Conflicts & Related-Party Exposure
- NESG oversees a formal related‑party transaction policy; Aimco prohibits unapproved related‑party transactions and interlocks; anti‑hedging/anti‑pledging policy in place .
- No related‑party transactions disclosed involving Allen; no pledging/hedging of director securities per ownership table .
Governance Assessment
-
Strengths
- Independent committee leadership (Allen chairs NESG; member of CHR); robust committee cadence; strong board independence; regular executive sessions; majority voting and proxy access practices .
- High shareholder support for director elections and executive pay (consistent Say‑on‑Pay approvals; >97% in 2024 proxy highlights; strong 2024–2025 8‑K vote tallies) .
- Ownership alignment via mandatory director ownership guidelines; anti‑hedging/pledging policy; Allen’s increasing share ownership over 2023–2025 .
-
Watch items
- External real estate investing role (Arc Capital Partners) requires ongoing NESG oversight to avoid related‑party issues; Aimco’s policy framework mitigates risk (no RPTs disclosed) .
- Continued monitoring of committee workloads and overboarding limits; board refreshment maintained post‑separation .
-
Red flags
- None disclosed for Allen regarding attendance shortfalls, pledging/hedging, or related‑party transactions .
Overall, Allen’s independent leadership of the NESG committee, consistent election support, and adherence to ownership and anti‑pledging policies support board effectiveness and investor confidence. The 2025 reduction in director fees and continued equity usage further align director incentives with shareholders .