Apartment Investment and Management Company

Company overview

• Aimco and Aimco Operating Partnership (Aimco OP L.P.) file a combined Form 10-K.
• Aimco is a Maryland corporation, self-administered and self-managed as a Real Estate Investment Trust (REIT). Aimco OP L.P. is a Delaware limited partnership; Aimco is the general partner and holds the majority of units.
• As of December 31, 2025:
  • Aimco owned 94.1% of the legal interest in Aimco OP’s common units and 96.6% of the economic interest.
  • Aimco had 143,870,326 shares of Class A common stock outstanding (as of February 27, 2026).
  • Aimco OP L.P. had 152,926,160 OP Units and equivalents outstanding (143,870,326 held by Aimco).

Strategy and liquidation plan

• Aimco is a vertically integrated REIT focused on owning, operating, developing, and monetizing multifamily real estate.
• In November 2025 the Board approved a Plan of Sale and Liquidation; stockholders approved the plan in February 2026. The plan provides for selling all assets, winding down operations, and dissolving Aimco and Aimco OP to return net asset proceeds to stockholders.
• The plan targets completing asset sales within roughly 24 months after stockholder adoption. Remaining assets may be transferred to a liquidating trust or other liquidating entity. The Board retains discretion to amend or terminate the plan prior to dissolution.

Portfolio and operations

• Operating portfolio (year-end 2025):
  • 19 apartment communities total: 15 consolidated properties (including two held for sale) and four unconsolidated properties, across seven major U.S. markets.
  • 15 stabilized apartment communities are reported in the Operating segment; two additional operating properties are held for sale.
• Development and land portfolio:
  • Nine properties in the development portfolio: one under construction, two completed and in lease-up, one completed and stabilizing, and five undeveloped land parcels.
• Geographic concentration:
  • Portfolio concentration in Florida, Chicago, the Washington, D.C. metropolitan area, and the Northeast U.S.
• Reporting segments:
  • Development: properties under construction or not yet stabilized, plus land held for development.
  • Operating: stabilized apartment communities.
  • Other: non-core properties (for example, hotels).

Dispositions and monetization activity

• 2025 transactions:
  • Total real estate asset sales of about $1.26 billion during 2025.
  • Sold Brickell Assemblage (Miami) for $520 million (including seller-financing notes). Net initial proceeds exceeded $220 million after debt and taxes.
  • Sold suburban Boston portfolio in October 2025 for $250 million; approximately $173.4 million of non-recourse debt was assumed by the buyer.
  • Sold five properties in the suburban Boston portfolio earlier in the year; related gains were reported as part of discontinued operations.
• Post-year-end / early 2026:
  • Agreement to sell seven Chicago-area apartment communities for $455 million, with a $20 million non-refundable deposit in January 2026.
  • Agreement to sell certain New York City and Atlanta properties for approximately $56.5 million with deposits. Additional closings occurred in 2026.
• 2027 timing and subsequent activity will be guided by the Plan of Sale and market conditions.

Financial highlights (fiscal year 2025)

• Revenue and property operating performance (rental and other property revenues, before utility reimbursements):
  • Development: $27.518 million
  • Operating: $72.519 million
  • Other: $7.553 million
  • Total: $107.590 million
• Property operating expenses (net of utility reimbursements):
  • Development: $13.276 million
  • Operating: $24.870 million
  • Other: $8.586 million
  • Total: $46.732 million
• Property net operating income (PNOI):
  • Development: $14.242 million
  • Operating: $47.649 million
  • Other: -$1.033 million
  • Total: $60.858 million
• Net income and related items:
  • Net income attributable to common stockholders (fully diluted): $592.968 million
  • Income from discontinued operations: $551.2 million
  • Gains on dispositions of real estate, including discontinued operations: $237.1 million
  • Net income per share (fully diluted): $3.87
• Impairments and other non-cash items:
  • Impairment of real estate: $147.5 million
  • Impairment related to IQHQ investment: $6.6 million; carrying value of IQHQ reduced to $4.5 million as of 12/31/2025
• Other income/expense highlights:
  • Interest income decreased modestly year-over-year; interest expense increased modestly year-over-year.
  • Realized and unrealized gains/losses on interest rate contracts and equity investments affected results.
  • Credit loss expense related to seller-financing notes: $22.9 million.
• Discontinued operations:
  • Includes a $545.9 million gain on disposal related to the Boston portfolio (2025).
• EBITDA-related non-GAAP measures:
  • EBITDAre: $46.972 million
  • Adjusted EBITDAre: $59.476 million

Cash flows, liquidity and debt (12/31/2025)

• Cash flow:
  • Net cash provided by operating activities: $8.1 million
  • Net cash provided by investing activities: $875.0 million (primarily from dispositions; $973.5 million of disposition proceeds, offset by $99.6 million of capital expenditures)
  • Net cash used in financing activities: $648.8 million
• Cash and liquidity:
  • Cash and cash equivalents: $394.9 million
  • Restricted cash: $11.7 million
  • Total available liquidity: $406.6 million
• Debt positions:
  • Non-recourse property debt: approximately $341.8 million
  • Construction loans: approximately $404.8 million
  • Combined non-recourse property debt and construction loans: roughly $746.6 million
  • All outstanding debt was fixed-rate or hedged with caps as of 12/31/2025
  • Weighted-average interest rate on non-recourse debt: 4.4%
  • Average remaining term to maturity: 4.7 years
  • No debt maturities prior to June 2027 after paying down a revolving credit facility in 3Q 2025

Distributions and tax classification

• Initial liquidating distribution declared for March 2026: $1.45 per share (stockholders of record as of February 27, 2026); approximately $220 million total.
• 2025 dividends to stockholders: $2.83 per share (including special cash distributions).
• During liquidation, distributions may be classified as liquidating distributions rather than regular dividends.

Governance, risk posture and operations

• Market exposure is concentrated in several regional markets: Florida, Chicago, the Washington, D.C. area, and the Northeast.
• The Plan of Sale and Liquidation carries execution risks, including timing and completion of asset sales, potential litigation, and reliance on key personnel to wind down operations.
• The company operates under REIT rules with ownership limits and organizational requirements to maintain REIT status.
• Cybersecurity: the company follows a formal cybersecurity framework aligned with NIST and CIS controls and maintains governance for cybersecurity risk oversight.

Employees and structure

• Aimco employed 50 full-time employees as of December 31, 2025, focused on asset management, development, transactional services, and corporate/area functions.
• Public structure includes Aimco and Aimco OP, with disclosed stock and OP unit counts and a plan to distribute proceeds to stockholders via liquidating distributions.

Executive summary

• Business: Aimco is a vertically integrated REIT that owns, operates, develops, and monetizes multifamily real estate across major U.S. markets and is executing a Plan of Sale and Liquidation approved in late 2025/early 2026.
• 2025 activity and scale: about $1.26 billion of asset dispositions; net income of $592.968 million (plus income from discontinued operations); total property NOI of $60.858 million; rental and other property revenues of $107.590 million.
• Liquidity and leverage (12/31/2025): total available liquidity of $406.6 million; combined non-recourse property debt and construction loans of roughly $746.6 million; all debt fixed-rate or hedged with caps; no maturities before mid-2027.
• Workforce and structure: approximately 50 full-time employees; Aimco as the REIT parent and Aimco OP as the operating partnership with disclosed ownership interests.