Aimco Announces Conclusion of Strategic Review Process, Reports Third Quarter 2025 Results and Recent Highlights

Aimco to Seek Shareholder Approval to Adopt Plan of Sale and Liquidation, Estimates Liquidating Distributions of Between $5.75 and $7.10 Per Share. , /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today the conclusion of the strategic review process and third quarter results for 2025. In early 2025, Aimco launched a broad and comprehensive process actively pursuing value maximizing transactions, including the potential sale of Aimco as a whole or sale of major components of the business. These proactive efforts resulted in the sale of Aimco's Boston portfolio, with $335 million of net proceeds being allocated to leverage reduction and approximately $330 million being returned to shareholders in the form of a special dividend earlier this quarter. Combined with the $0.60 per share dividend paid in the first quarter of 2025, Aimco has returned $2.83 per share to shareholders during the calendar year. Given the disparate composition of Aimco's remaining assets and the market feedback received during a robust strategic process with Morgan Stanley & Co. LLC ("Morgan Stanley") and Wachtell, Lipton, Rosen & Katz ("Wachtell") serving as the Company's financial and legal advisors, respectively, the Aimco Board of Directors has unanimously determined that the targeted marketing and orderly sale of Aimco's remaining assets in a series of transactions is likely to deliver superior value to shareholders, as compared to other strategic alternatives currently available or by maintaining the status quo. Therefore, the Aimco Board of Directors has determined advisable and approved a "Plan of Sale and Liquidation," conditioned on shareholder approval, which will be sought during early 2026. A Plan of Sale and Liquidation would allow for the acceleration of asset sales, establishes the most tax efficient manner of monetizing the Company's remaining assets, and does not preclude a corporate transaction or the sale of the Aimco platform in the future. Aimco intends to return net proceeds from asset sales to shareholders, subject to payment of Aimco's liabilities and obligations, and the creation of associated reserves. Aimco's current portfolio includes 15 fully stabilized multifamily communities containing 2,524 apartment homes, three recently completed Class A development projects containing 933 apartment homes, which will be occupancy stabilized by early 2026, one fully-funded active development project in the construction phase, and various land holdings. Aimco's Brickell Assemblage, which is comprised of the 1001 Brickell Bay Drive office tower and the adjacent Yacht Club apartments, located in Miami, Florida remains under contract to be sold for $520 million, with closing targeted for December 2025. In addition, Aimco is actively marketing a significant portion of its remaining properties. It is estimated that net proceeds from the sale of Aimco's remaining assets, including the Brickell Assemblage, could result in total per share distributions of between $5.75 and $7.10, given current market conditions and inclusive of estimated transaction and wind-down costs. When combined with the $2.85 per share in special dividends previously returned to shareholders since the 2020 spinoff of Apartment Income REIT Corp. (the "2020 Spinoff"), Aimco's total distribution estimate is between $8.60 - $9.95 per share. At the midpoint, this amount reflects approximately 170% of Aimco's share price following the 2020 Spinoff. Aimco President and CEO Wes Powell comments: "Aimco has remained laser focused on our mission, which aims to create value for our shareholders, our teammates, and the communities in which we operate. "Over the past five years, the Aimco team has navigated a challenging market cycle to deliver more than $1.3 billion of high-quality housing to markets across the country, while safeguarding the Company's balance sheet and actively managing the portfolio of assets retained following the 2020 Spinoff. "During this period, Aimco repurchased 14.5 million shares of common stock, sold more than $1.9 billion of assets, returned more than $420 million in special dividends, and delivered total shareholder returns that have outpaced the FTSE NAREIT Equity Apartments index by more than 2,000 bps. "I am pleased with our track record and extremely proud of the Aimco team which remains committed to the important work that lies ahead." Pat Gibson, Independent Director and Chair of Aimco's Investment Committee, continues: "The Board, working with Morgan Stanley and Wachtell, evaluated a broad range of strategic alternatives and in January 2025 publicly announced the Board's expanded strategic review process. That process involved engagement with more than 100 counterparties, including financial sponsors, investment managers, public REITs and private real estate companies, among others. "Having thoroughly explored various strategic alternatives with these counterparties, the Board unanimously concluded that the voluntary and orderly liquidation of the Company's remaining assets is most likely to result in the greatest value for shareholders as compared to other alternatives." Third Quarter 2025 Results and Recent Highlights Financial Results Aimco's net income attributable to common stockholders per share, on a fully dilutive basis, was $2.04 for the three months ended and $1.80 for the nine months ended September 30, 2025. Property Net Operating Income ("NOI") from Aimco's Stabilized Operating Properties was $11.6 million in the third quarter 2025, down (3.4%) year-over-year, and $35.3 million year-to-date, down (1.9%) year-over-year. Highlights Aimco's Stabilized Operating revenue and expenses increased 1.2% and 10.5%, respectively, resulting in Property NOI decreasing 3.4%, year-over-year in the third quarter. Expenses increased primarily related to the net impact of real estate tax assessments and appeals. Effective rents during the third quarter 2025 were 4.4% higher, on average, than the previous lease, with new leases up 3.1% and renewals up 5.6%. In September, Aimco sold four suburban Boston properties for $490 million. Aimco retired the associated debt and distributed $2.23 per share to stockholders by way of a special cash dividend paid on October 15, 2025. The fifth and final suburban Boston asset sold in October for $250 million. Operating Property Results Aimco owns a diversified portfolio of Stabilized Operating Properties which now includes 15 apartment communities with average rents in line with local market averages. Results for this portfolio were as follow: Third Quarter Year-to-Date Stabilized Operating Properties Year-over-Year Sequential Year-over-Year ($ in millions) 2025 2024 Variance 2Q 2025 Variance 2025 2024 Variance Average Daily Occupancy 94.8 % 96.6 % (1.8) % 95.1 % (0.3) % 95.8 % 96.8 % (1.0) % Revenue, before utility reimbursements $18.2 $18.0 1.2 % $18.0 1.2 % $54.2 $53.6 1.1 % Expenses, net of utility reimbursements 6.6 5.9 10.5 % 6.5 1.1 % 18.9 17.6 7.1 % Property NOI 11.6 12.0 (3.4) % 11.5 1.3 % 35.3 36.0 (1.9) % Revenue in the third quarter 2025 was $18.2 million, up 1.2% year-over-year, resulting from a 3.0% increase in average monthly revenue per apartment home to $2,531 and Average Daily Occupancy of 94.8%, down 180 basis points year-over-year. Sequentially, revenue was up 1.2% over the second quarter 2025. Effective rents during the third quarter 2025 were 4.4% higher, on average, than the previous lease, with new leases up 3.1% and renewals up 5.6%. For residents whose leases were expiring, 59.2% signed renewals. Expenses in the third quarter 2025 were up 10.5% year-over-year primarily related to the net impact of real estate tax assessments and appeals. Sequentially, expenses were up 1.1% over the second quarter 2025. Stabilized Operating Property NOI in the third quarter 2025 was $11.6 million, down (3.4%) year-over-year. Sequentially, Property NOI was up 1.3% over the second quarter 2025. Across the entirety of the Aimco portfolio, the median annual household income of new residents was $160,000 in the third quarter 2025, representing a rent-to-income ratio of 18%. Value Add and Opportunistic Investments Development and Redevelopment Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco's value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements. As of September 30, 2025, Aimco had one multifamily development project under construction, two multifamily communities that have been completed and are now in lease-up, and one that completed lease-up and is stabilizing operations. During the third quarter, $25 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan and preferred equity draws. Updates on active development projects and Aimco's pipeline include: In Upper Northwest Washington D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is complete. As of October 31, 2025, 523 units (76%) were leased or pre-leased and 499 (72%) were occupied. The pace of absorption slowed during the third quarter and we now expect the property to reach occupancy stabilization in the first quarter 2026. Additionally, as of October 31, 2025, approximately 97% of the project's 105K square feet of retail space had been leased. In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is complete. As of October 31, 2025, 186 units (85%) had been leased or pre-leased and 173 (79%) were occupied. We now expect the property to reach occupancy stabilization in the first quarter 2026. In Miami, construction remains on schedule and on budget at 34th Street, an ultra-luxury waterfront residential tower. Initial occupancy is scheduled for 3Q 2027 with stabilized occupancy in 4Q 2028. In the third quarter 2025, Aimco invested $1.7 million into programming, design, documentation, and entitlement efforts primarily related to its 901 North development site, located in Fort Lauderdale, Florida. Investment & Disposition Activity Aimco currently anticipates that a Plan of Sale and Liquidation (the "Proposed Transaction") would be submitted for stockholder approval at a special stockholder meeting, expected to occur in early 2026 (the "Special Stockholder Meeting"). Additional information regarding the Plan of Sale and Liquidation will be made available in the Company's filings with the U.S. Securities and Exchange Commission. Aimco does not intend to disclose or comment on the sales and marketing of individual assets, or any other strategic transactions, until it determines that further disclosure is appropriate or required. In August 2025, Aimco entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740 million. In September 2025, Aimco completed the sale of four of the five apartment properties located in suburban Boston for $490 million with proceeds primarily used to retire associated mortgage loans, pay off in full the balance drawn on Aimco's revolving credit facility, and fund a $2.23 per share special dividend distribution to stockholders paid on October 15, 2025. Subsequent to quarter end, in October 2025, Aimco completed the sale of its last remaining apartment property located in suburban Boston for $250 million. In connection with the sale, $173.4 million of non-recourse property debt was assumed by the buyer. Aimco plans to use net proceeds from the sale to reduce leverage and for general corporate purposes. Aimco's Brickell Assemblage remains under contract to be sold for $520 million. During the third quarter, the buyer notified Aimco that it intended to exercise its option, as permitted in the December 30, 2024, agreement, to finance up to $115 million of the purchase price with transferable seller financing from Aimco. On November 8, 2025, the purchase and sale agreement was amended such that closing is now scheduled for December of 2025 and the buyer will finance $70 million, of the of the $520 million purchase price, with transferable seller financing notes from Aimco. The notes will have a term of 24 months with a compounding interest rate that increases from 12% to 22% over the duration of the loan as well as exit fees ranging from 1% to 4%. In addition, $15 million of the $50 million, non-refundable, deposit has been released to Aimco with the remainder being held in escrow, $20 million is to be released to Aimco on the original closing date, November 18, 2025, and $15 million will be applied at closing. Net proceeds, when accounting for associated property-level debt, the monetization of the seller financing note, the deferred tax liability, and transaction costs, are expected to be approximately $300 million. Subsequent to quarter end, in October, Aimco completed a transfer of ownership interests with its joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. Aimco exchanged its joint venture ownership in the non-performing seller financing note secured by 200 Broward Avenue along with $7.5 million of cash, for full ownership of 300 Broward Avenue. Balance Sheet and Financing Activity Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of September 30, 2025, Aimco had $404.4 million of cash on hand ($327.3 million was distributed as a special dividend on October 15, 2025) and $20.7 million of restricted cash. Aimco's net leverage as of September 30, 2025, was as follows: as of September 30, 2025 Aimco Share, $ in thousands Amount Weighted Avg. Maturity (Yrs.) [1] Total non-recourse fixed rate debt $ 451,693 5.4 Total non-recourse construction loans and bridge financing 389,443 2.2 Total property debt secured by assets held for sale 331,583 Cash and restricted cash [2] (424,670) Net Leverage $ 748,049 [1] Weighted average maturities presented exclude contractual extension rights. [2] On October 15, 2025 Aimco's cash balance was reduced by $327.3 million for funding of the special dividend. As of September 30, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no debt maturing prior to June 2027. In September, Aimco used proceeds from the sale of four suburban Boston properties to pay down in full the borrowings on its revolving credit facility. Certain of the properties sold served as collateral for the credit facility, which was retired upon completion of the sales. Public Market Equity Special Dividend On September 15, 2025, Aimco's Board of Directors declared a $2.23 per share special cash dividend to be paid on October 15, 2025 to stockholders of record as of September 30, 2025. Because the dividend represented more than 25% of the price of Aimco's common shares, the New York Stock Exchange advised Aimco that its common shares would trade with "due bills" between the date of record and the close of trading on the payment date. Aimco shares traded ex-dividend on October 16, 2025. Year-to-date, as of November 10, 2025, Aimco has paid $2.83 per share in special cash dividends. Repurchases Since Aimco's Board of Directors announced the expansion of its strategic review process on January 9, 2025, no shares of common stock have been repurchased by Aimco. Since the start of 2022, Aimco has repurchased 14.5 million shares at an average price of $7.53 per share. In the third quarter 2025, Aimco Operating Partnership redeemed 43,804 units of its equity securities for cash at a weighted average price of $8.66 per unit and 2.6 million units of its equity securities for shares of common stock at a weighted average price of $7.98 per unit. 2025 Outlook The table below presents Aimco's current expectations for 2025. In August, given the Boston transaction's substantial impact on the composition of the Stabilized Operating portfolio, Aimco withdrew prior guidance and will no longer provide revenue, expense and Property NOI guidance for its Stabilized Operating Properties. 3Q 2025 2025 $ in millions (except per share amounts) Forecast is full year unless otherwise noted YTD Results Forecast Prior Forecast Net income (loss) per share – diluted [1] $1.80 $4.75 - $4.95 $5.20 - $5.40 Developments and Redevelopments Total Direct Costs of Projects in Occupancy Stabilization at Period End [2] $584 $584 $68 Total Direct Costs of Projects Under Construction at Period End [2] $240 $240 $240 Direct Project Costs on Active Developments [3] $47 $60 - $65 $50 - $60 Direct Planning Costs [4] $6 $7 - $9 $7 - $10 Real Estate Transactions Acquisitions None None None Dispositions [5] $490 $1,260 $1,260 - $1,280 General and Administrative $24 $32 - $33 $32 - $33 Leverage Interest Expense, net of capitalization [6] $48 $60 - $62 $60 - $62 [1] Net income (loss) per share - diluted includes estimated gains from the announced transactions which are under contract. [2] Includes land or leasehold value for projects in lease up that have not yet stabilized occupancy. Upton Place and Strathmore Square are now expected to reach occupancy stabilization in the first quarter 2026. [3] Aimco's planned costs on active developments is primarily related to its 34th Street development project and will be funded through committed construction loan and preferred equity draws. Aimco funded its equity commitment to the joint venture through the contribution of land plus an incremental $5 million in 3Q 2024. [4] Includes direct costs related to advancing planning efforts for certain pipeline projects. [5] Includes the Boston portfolio which sold for $740 million in September and October 2025 and the Brickell Assemblage which is under contract to sell for $520 million in December 2025. Aimco does not provide specific guidance regarding future transactions prior to a contract being executed and the buyer's deposit becoming nonrefundable. [6] Includes GAAP interest expense, exclusive of the amortization of deferred financing costs, and reduced by interest rate option payments which are included in the Realized and unrealized gains (losses) on interest rate options line on Aimco's income statement. Supplemental Information The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco's website at investors.aimco.com. Additional Assumptions and Estimates The estimates of the per share distributions reflected in this Earnings Release are subject to a number of additional assumptions and estimates which were made as of the date of this release, many of which are outside Aimco's control, including the costs to operate the Company, and maintain the Company's assets, through the liquidation and wind-down process, the time it will take to liquidate the Company, the amounts necessary to satisfy the Company's remaining financial obligations, and economic factors such as inflation and interest rate changes, all of which are subject to change. These assumptions and estimates will be more fully described in the Company's proxy statement to be filed in connection with the Special Shareholder Meeting to be convened to approve the Proposed Transaction. These assumptions and estimates may not prove to be accurate, which could cause actual distributions to be less or more than this estimated range. NYSE Listing Although Aimco intends for its common shares to continue to be listed on the New York Stock Exchange if shareholders approve the Proposed Transaction, subject to continued compliance with NYSE listing requirements, the New York Stock Exchange has discretionary authority to delist the Company's common shares following shareholder approval of the Proposed Transaction. At a point in the future to be determined by the Aimco Board of Directors, the Company expects to voluntarily delist its common shares from the NYSE in order to reduce operating expenses and maximize liquidating distributions. Additional Information and Where to Find It This release relates to the proposed plan of sale and liquidation of Aimco and may be deemed to be solicitation material in respect of the Proposed Transaction. In connection with the Proposed Transaction, Aimco intends to file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC"). The Proxy Statement will be sent to all shareholders of Aimco. Aimco will also file other documents regarding the Proposed Transaction with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF AIMCO ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ALL OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders of Aimco may obtain copies of the Proxy Statement and other documents that are filed or will be filed by Aimco with the SEC, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by Aimco with the SEC will also be available, free of charge, on Aimco's website at investors.aimco.com or by contacting Aimco's investor relations contact at [email protected]. Glossary & Reconciliations of Non-GAAP Financial and Operating Measures Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States, or GAAP. Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures. About Aimco Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com. Team and Culture Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced regional professionals who leverage in-depth local market knowledge, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities. Above all else, Aimco is committed to a culture of integrity, respect, and collaboration. Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. The forward-looking statements in this document include, without limitation, statements regarding our future plans and goals, including the timing and amount of capital expected to be returned to stockholders, our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding revenue and expense growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios. We caution investors not to place undue reliance on any such forward-looking statements. These forward-looking statements are based on management's judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2025 plans and goals may not be completed, as expected, in a timely manner or at all; the possibility that Aimco's shareholders do not approve the Proposed Transaction; changes in the amount and timing of the total liquidating distributions, including as a result of unexpected levels of transaction cost, delayed or terminated closings, liquidation costs or unpaid or additional liabilities and obligations; the possibility of converting to a liquidating trust or other liquidating entity; the ability of our board of directors to terminate the Proposed Transaction, whether or not approved by shareholders; the occurrence of any event, change or other circumstances that could give rise to the termination of the Proposed Transaction; geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; the impact of tariffs and global trade disruptions on us; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the "Code") and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q and other documents Aimco files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management's judgment and expectations as of this date, and Aimco undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Participants in the Solicitation Aimco, certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Aimco's shareholders in connection with the Proposed Transaction. Information about Aimco's directors and executive officers and their ownership of Aimco's common stock is set forth in Aimco's proxy statement for its Annual Meeting of Shareholders on Schedule 14A filed with the SEC on April 25, 2025. To the extent that holdings of Aimco's securities have changed since the amounts reported in Aimco's proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Proposed Transaction may be obtained by reading the Proxy Statement regarding the Proposed Transaction when it becomes available. You may obtain free copies of these documents using the sources indicated above. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 REVENUES: Rental and other property revenues $ 35,132 $ 35,328 $ 103,847 $ 101,637 OPERATING EXPENSES: Property operating expenses 16,893 17,658 51,192 49,611 Depreciation and amortization 16,222 21,376 44,922 57,914 General and administrative expenses 7,523 7,750 23,502 23,876 Impairment on real estate 57,373 - 57,373 - Total operating expenses 98,011 46,784 176,989 131,401 Interest income 1,529 2,291 5,166 7,462 Interest expense (14,033) (16,323) (44,214) (41,196) Realized and unrealized gains (losses) on interest rate contracts (102) (1,148) (434) 1,164 Realized and unrealized gains (losses) on equity investments (4,868) (566) (5,475) (48,101) Other income (expense), net 923 (3,959) 359 (6,835) Income (loss) before income tax benefit (79,430) (31,161) (117,740) (117,270) Income tax benefit (expense) 116 3,814 (5,370) 8,731 Net income (loss) from continuing operations (79,314) (27,347) (123,110) (108,539) Income (loss) from discontinued operations, net of taxes 382,306 7,282 397,415 20,175 Net income (loss) 302,992 (20,065) 274,305 (88,364) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships (3,582) (3,659) (9,411) (10,817) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships (105) 572 (633) 1,399 Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership (12,592) 1,216 (10,768) 5,134 Net income (loss) attributable to Aimco $ 286,713 $ (21,936) $ 253,493 $ (92,648) Income (loss) from continuing operations attributable to Aimco per common share $ (0.60) $ (0.21) $ (0.95) $ (0.80) Income (loss) from discontinued operations attributable to Aimco per common share $ 2.64 $ 0.05 $ 2.75 $ 0.13 Net income (loss) attributable to common stockholders per share – basic $ 2.04 $ (0.16) $ 1.80 $ (0.67) Income (loss) from continuing operations attributable to Aimco per common share $ (0.60) $ (0.21) $ (0.95) $ (0.80) Income (loss) from discontinued operations attributable to Aimco per common share $ 2.64 $ 0.05 $ 2.75 $ 0.13 Net income (loss) attributable to common stockholders per share – diluted $ 2.04 $ (0.16) $ 1.80 $ (0.67) Weighted-average common shares outstanding – basic 138,946 136,749 137,738 139,044 Weighted-average common shares outstanding – diluted 138,946 136,749 137,738 139,044 Consolidated Balance Sheets (in thousands) (unaudited) September 30, December 31, 2025 2024 Assets Buildings and improvements $ 1,143,707 $ 1,145,332 Land 242,927 246,881 Total real estate 1,386,634 1,392,213 Accumulated depreciation (336,748) (322,708) Net real estate 1,049,886 1,069,505 Cash and cash equivalents 404,379 141,072 Restricted cash 20,679 30,051 Notes receivable 60,150 58,794 Right-of-use lease assets - finance leases 106,758 107,714 Other assets, net 83,152 92,600 Assets from discontinued operations and held for sale, net 351,765 457,174 Total assets $ 2,076,769 $ 1,956,910 Liabilities and Equity Non-recourse property debt, net $ 444,847 $ 444,426 Non-recourse construction loans and bridge financing, net 383,685 385,240 Total indebtedness 828,532 829,666 Deferred tax liabilities 102,766 101,457 Lease liabilities - finance leases 124,403 121,845 Dividends payable 333,480 89,182 Accrued liabilities and other 97,707 95,911 Liabilities related to discontinued operations and assets held for sale, net 334,624 406,552 Total liabilities 1,821,512 1,644,613 Redeemable noncontrolling interests in consolidated real estate partnerships 151,666 142,931 Equity: Common Stock 1,402 1,364 Additional paid-in capital 431,613 425,002 Retained earnings (deficit) (371,027) (303,409) Total Aimco equity 61,988 122,957 Noncontrolling interests in consolidated real estate partnerships 39,420 39,560 Common noncontrolling interests in Aimco Operating Partnership 2,183 6,849 Total equity 103,591 169,366 Total liabilities and equity $ 2,076,769 $ 1,956,910 SOURCE Apartment Investment and Management Company (Aimco)

Aimco Announces Conclusion of Strategic Review Process, Reports Third Quarter 2025 Results and Recent Highlights

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