Apartment Investment & Management Co 8-K, filed Nov 10, 2025
Apartment Investment & Management Co (AIV)
About this 8-K
Apartment Investment & Management Co filed this 8-K on November 10, 2025.
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
of incorporation or organization) |
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File Number) |
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Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
NOT APPLICABLE
(Former name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to section 12(b) of the Act: |
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Apartment Investment and Management Company |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
Apartment Investment and Management Company (“Aimco”) amended the December 30, 2024 agreement to sell the properties located at 1001 Brickell Bay Drive and 1111 Brickell Bay Drive in Miami, Florida (together referred to as the “Brickell Assemblage”) to Brickell Bay Property Owner LLC (the “buyer”) for a gross price of $520 million. 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 notes provided by Aimco. On November 8, 2025, the 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 from the transaction, accounting for the associated property-level debt, the monetization of the seller financing note, the deferred tax liability, and transaction costs are estimated to be approximately $300 million. Aimco intends to return the majority of the net proceeds from the transaction to shareholders.
Item 2.02. Results of Operations and Financial Conditions.
On November 10, 2025 Apartment Investment and Management Company and Aimco OP L.P. (the “Company”) issued a press release announcing results for the period ended September 30, 2025. A copy of the press release is attached as exhibit 99.1 to this report.
The information under this Item 2.02 and Exhibit 99.1 is furnished by the Company in accordance with the rules of the Securities and Exchange Commission. This information shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01. Other Events.
Plan of Sale and Liquidation
On November 10, 2025, the Board unanimously determined advisable and approved a Plan of Sale and Liquidation (the “Plan of Sale and Liquidation”). The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986, as amended, and the Maryland General Corporation Law. Effectiveness of the Plan of Sale and Liquidation is subject to approval by the affirmative vote of the holders of Common Stock entitled to cast two-thirds of all votes entitled to be cast on the matter. Aimco currently anticipates that the Plan of Sale and Liquidation would be submitted for stockholder approval at a special meeting of stockholders, expected to occur in early 2026.
Upon the effectiveness of the Plan of Sale and Liquidation and pursuant thereto, the Company is authorized to sell, convey and transfer or otherwise dispose of any or all of the assets of the Company in one or more transactions, and acting for itself and/or in its capacity as an equity holder, general partner or manager of any direct or indirect subsidiaries or affiliates, authorize any subsidiaries or affiliates to sell, convey, transfer and deliver or otherwise dispose of any or all assets of any subsidiaries in one or more transactions, in each case without further approval of the Company’s shareholders.
The Plan of Sale and Liquidation provides that the Company shall pay or make reasonable provisions to pay all claims and obligations of the Company and its subsidiaries and make all provisions that are reasonably likely to be sufficient to provide payment in respect any claim against the Company or its subsidiaries in connection with any pending action, suit or proceeding to which any of the Company or its subsidiaries is a party. The Plan of Sale and Liquidation provides that the Company is authorized to engage in the wind-down of its business and affairs, discharging, paying or setting aside reserves for all Company liabilities, disposing of its assets and distributing the Company’s remaining assets available for distribution to the Company’s shareholders, as determined by the Board in its discretion, all in accordance with the Plan of Sale and Liquidation.
The Plan of Sale and Liquidation further provides that upon a determination of the Board, the Company may transfer and assign any remaining assets of the Company and its subsidiaries to a liquidating trust or another form of liquidating entity (a “Liquidating Trust”), subject to the terms of the Plan of Sale of Liquidation, and the Board may cause the Company to make the final distribution to the Company’s shareholders as a distribution in kind of beneficial interests in the Liquidating Trust, at such time as the Board deems appropriate in its discretion.
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 Plan of Sale and Liquidation of Aimco (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.
Additional Information and Where to Find It
This communication 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 investor@aimco.com.
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.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibits are filed with this report:
Exhibit No. |
Description |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Dated: November 10, 2025 |
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APARTMENT INVESTMENT AND MANAGEMENT COMPANY |
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/s/ H. Lynn C. Stanfield |
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H. Lynn C. Stanfield |
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Executive Vice President and Chief Financial Officer |
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AIMCO OP L.P. |
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By: Aimco OP GP, LLC, its general partner By: Apartment Investment and Management Company, its managing member |
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/s/ H. Lynn C. Stanfield |
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H. Lynn C. Stanfield |
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Executive Vice President and Chief Financial Officer |
Exhibit 2.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
PLAN OF SALE AND LIQUIDATION
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Exhibit 2.1
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Exhibit 2.1
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Exhibit 2.1
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Table of Contents
Page |
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Earnings Release |
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Outlook |
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Consolidated Statements of Operations |
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Consolidated Balance Sheets |
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Schedule 1 – EBITDAre and Adjusted EBITDAre |
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Schedule 2 – Aimco Leverage and Maturities |
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Schedule 3 – Aimco Portfolio |
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Schedule 4 – Aimco Capital Additions |
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Schedule 5 – Aimco Development and Redevelopment Project Summaries |
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Schedule 6 – Stabilized Operating Properties |
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Schedule 7 – Acquisitions, Dispositions, and Leased Communities |
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Schedule 8 – Net Asset Value Components |
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Schedule 9 – Asset List |
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Glossary and Reconciliations of Non-GAAP Financial and Operating Measures |
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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.
Denver, Colorado, November 10, 2025 – 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.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 3
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 $420 million in special dividends, and delivered total shareholder returns that have outpaced the FTSE NAREIT Equity Apartments index by more than 2,000 bps.
“I am pleased with our track record and extremely proud of the Aimco team which remains committed to the important work that lies ahead.”
Pat Gibson, Independent Director and Chair of Aimco’s Investment Committee, continues:
“The Board, working with Morgan Stanley and Wachtell, evaluated a broad range of strategic alternatives and in January 2025 publicly announced the Board’s expanded strategic review process. That process involved engagement with more than 100 counterparties, including financial sponsors, investment managers, public REITs and private real estate companies, among others.
“Having thoroughly explored various strategic alternatives with these counterparties, the Board unanimously concluded that the voluntary and orderly liquidation of the Company’s remaining assets is most likely to result in the greatest value for shareholders as compared to other alternatives.”
Third Quarter 2025 Results and Recent Highlights
Financial Results
Highlights
Third Quarter 2025 Earnings Release and Supplemental Schedules | 4
Operating Property Results
Aimco owns a diversified portfolio of Stabilized Operating Properties which now includes 15 apartment communities with average rents in line with local market averages. Results for this portfolio were as follow:
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Third Quarter |
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Year-to-Date |
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Stabilized Operating Properties |
Year-over-Year |
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Sequential |
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Year-over-Year |
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($ in millions) |
2025 |
2024 |
Variance |
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2Q 2025 |
Variance |
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2025 |
2024 |
Variance |
Average Daily Occupancy |
94.8% |
96.6% |
(1.8)% |
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95.1% |
(0.3)% |
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95.8% |
96.8% |
(1.0)% |
Revenue, before utility reimbursements |
$18.2 |
$18.0 |
1.2% |
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$18.0 |
1.2% |
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$54.2 |
$53.6 |
1.1% |
Expenses, net of utility reimbursements |
6.6 |
5.9 |
10.5% |
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6.5 |
1.1% |
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18.9 |
17.6 |
7.1% |
Property NOI |
11.6 |
12.0 |
(3.4)% |
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11.5 |
1.3% |
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35.3 |
36.0 |
(1.9)% |
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:
Third Quarter 2025 Earnings Release and Supplemental Schedules | 5
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.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 6
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:
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as of September 30, 2025 |
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Aimco Share, $ in thousands |
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Amount |
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Weighted Avg. |
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Total non-recourse fixed rate debt |
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451,693 |
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5.4 |
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Total non-recourse construction loans and bridge financing |
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389,443 |
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2.2 |
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Total property debt secured by assets held for sale |
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331,583 |
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Cash and restricted cash [2] |
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(424,670 |
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Net Leverage |
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$ |
748,049 |
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[1] Weighted average maturities presented exclude contractual extension rights.
[2] On October 15, 2025 Aimco's cash balance was reduced by $327.3 million for funding of the special dividend.
As of September 30, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no debt maturing prior to June 2027.
Public Market Equity
Special Dividend
Third Quarter 2025 Earnings Release and Supplemental Schedules | 7
Repurchases
2025 Outlook
The table below presents Aimco's current expectations for 2025. In August, given the Boston transaction’s substantial impact on the composition of the Stabilized Operating portfolio, Aimco withdrew prior guidance and will no longer provide revenue, expense and Property NOI guidance for its Stabilized Operating Properties.
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3Q 2025 |
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2025 |
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$ in millions (except per share amounts) Forecast is full year unless otherwise noted |
YTD Results |
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Forecast |
Prior Forecast |
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Net income (loss) per share – diluted [1] |
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$1.80 |
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$4.75 - $4.95 |
$5.20 - $5.40 |
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Developments and Redevelopments |
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Total Direct Costs of Projects in Occupancy Stabilization at Period End [2] |
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$584 |
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$584 |
$68 |
Total Direct Costs of Projects Under Construction at Period End [2] |
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$240 |
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$240 |
$240 |
Direct Project Costs on Active Developments [3] |
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$47 |
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$60 - $65 |
$50 - $60 |
Direct Planning Costs [4] |
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$6 |
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$7 - $9 |
$7 - $10 |
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Real Estate Transactions |
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Acquisitions |
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None |
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None |
None |
Dispositions [5] |
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$490 |
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$1,260 |
$1,260 - $1,280 |
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General and Administrative |
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$24 |
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$32 - $33 |
$32 - $33 |
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Leverage |
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Interest Expense, net of capitalization [6] |
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$48 |
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$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.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 8
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 investor@aimco.com.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 9
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.
Contact
Matt Foster, Vice President, Investor Relations and Capital Markets
Investor Relations 303-793-4661, investor@aimco.com
Third Quarter 2025 Earnings Release and Supplemental Schedules | 10
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
Third Quarter 2025 Earnings Release and Supplemental Schedules | 11
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.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 12
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
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 |
|
|
(102 |
) |
|
|
(1,148 |
) |
|
|
(434 |
) |
|
|
1,164 |
|
Realized and unrealized gains (losses) on |
|
|
(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 |
|
|
(3,582 |
) |
|
|
(3,659 |
) |
|
|
(9,411 |
) |
|
|
(10,817 |
) |
Net (income) loss attributable to noncontrolling interests |
|
|
(105 |
) |
|
|
572 |
|
|
|
(633 |
) |
|
|
1,399 |
|
Net (income) loss attributable to common noncontrolling |
|
|
(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 |
|
Third Quarter 2025 Earnings Release and Supplemental Schedules | 13
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 |
|
Third Quarter 2025 Earnings Release and Supplemental Schedules | 14
Supplemental Schedule 1
EBITDAre and Adjusted EBITDAre
(in thousands) (unaudited)
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||
Net income (loss) |
$ |
302,992 |
|
|
$ |
266,668 |
|
Adjustments: |
|
|
|
|
|
||
Interest expense |
|
14,033 |
|
|
|
70,308 |
|
Income tax (benefit) expense |
|
(116 |
) |
|
|
3,030 |
|
Depreciation and amortization |
|
16,222 |
|
|
|
70,242 |
|
Impairment on real estate |
|
57,373 |
|
|
|
57,373 |
|
Interest expense, depreciation, amortization, and income taxes related to discontinued operations |
|
4,643 |
|
|
|
18,672 |
|
Gains on dispositions of real estate, including discontinued operations |
|
(377,117 |
) |
|
|
(387,866 |
) |
Adjustment related to EBITDAre of unconsolidated partnerships |
|
219 |
|
|
|
1,001 |
|
EBITDAre |
$ |
18,249 |
|
|
$ |
99,428 |
|
Net (income) loss attributable to redeemable noncontrolling interests consolidated real estate partnerships |
|
(3,582 |
) |
|
|
(12,552 |
) |
Net (income) loss attributable to noncontrolling interests consolidated real estate partnerships |
|
(105 |
) |
|
|
(183 |
) |
EBITDAre adjustments attributable to noncontrolling interests |
|
6 |
|
|
|
(2,278 |
) |
Mezzanine investment (income) loss, net |
|
144 |
|
|
|
(308 |
) |
Realized and unrealized (gains) losses on interest rate contracts |
|
102 |
|
|
|
(153 |
) |
Unrealized (gains) losses on passive equity investments |
|
4,868 |
|
|
|
7,118 |
|
Adjusted EBITDAre |
$ |
19,682 |
|
|
$ |
91,072 |
|
Third Quarter 2025 Earnings Release and Supplemental Schedules | 15
Supplemental Schedule 2
Aimco Leverage and Maturities
(dollars in thousands) (unaudited)
|
|
|
|
|
Aimco Share of |
|
|
|
|
|
Total |
|
|
Weighted |
|
|
Weighted Average Interest Rate |
|
||||||||||
Debt |
|
Consolidated [1] |
|
|
Unconsolidated |
|
|
Noncontrolling |
|
|
Aimco |
|
|
Maturity |
|
|
Stated |
|
|
Capped |
|
|||||||
Fixed rate loans payable |
|
$ |
447,955 |
|
|
$ |
3,738 |
|
|
|
— |
|
|
$ |
451,693 |
|
|
|
5.4 |
|
|
|
4.44 |
% |
|
|
4.44 |
% |
Floating rate loans payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction loans and bridge financing |
|
|
389,443 |
|
|
|
— |
|
|
|
— |
|
|
|
389,443 |
|
|
|
2.2 |
|
|
|
6.81 |
% |
|
|
6.73 |
% |
Total non-recourse debt |
|
$ |
837,398 |
|
|
$ |
3,738 |
|
|
|
— |
|
|
$ |
841,136 |
|
|
|
3.9 |
|
|
|
5.54 |
% |
|
|
5.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Property debt secured by assets held for sale |
|
|
331,583 |
|
|
|
— |
|
|
|
— |
|
|
|
331,583 |
|
|
|
|
|
|
|
|
|
|
|||
Cash and restricted cash |
|
|
(425,058 |
) |
|
|
— |
|
|
|
388 |
|
|
|
(424,670 |
) |
|
|
|
|
|
|
|
|
|
|||
Net Leverage |
|
$ |
743,923 |
|
|
$ |
3,738 |
|
|
$ |
388 |
|
|
$ |
748,049 |
|
|
|
|
|
|
|
|
|
|
|||
Aimco Share Non-Recourse Debt
Excludes property debt secured by assets held for sale |
|
|
|
|
|
|
|
|
Average Rate on Maturing Debt |
|
||||||||||||||
|
|
Amortization |
|
|
Maturities [2] |
|
|
Total |
|
|
Maturities as a |
|
|
Stated |
|
|
Capped |
|
||||||
2025 4Q |
|
$ |
125 |
|
|
$ |
94,000 |
|
|
$ |
94,125 |
|
|
|
11.18 |
% |
|
|
6.76 |
% |
|
|
6.60 |
% |
Total 2025 |
|
|
125 |
|
|
|
94,000 |
|
|
|
94,125 |
|
|
|
11.18 |
% |
|
|
6.76 |
% |
|
|
6.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
2026 1Q |
|
|
127 |
|
|
|
— |
|
|
|
127 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2026 2Q |
|
|
128 |
|
|
|
22,050 |
|
|
|
22,178 |
|
|
|
2.62 |
% |
|
|
8.59 |
% |
|
|
7.91 |
% |
2026 3Q |
|
|
130 |
|
|
|
— |
|
|
|
130 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2026 4Q |
|
|
132 |
|
|
|
— |
|
|
|
132 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total 2026 |
|
|
517 |
|
|
|
22,050 |
|
|
|
22,567 |
|
|
|
2.62 |
% |
|
|
8.59 |
% |
|
|
7.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
2027 |
|
|
542 |
|
|
|
— |
|
|
|
542 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2028 |
|
|
568 |
|
|
|
267,223 |
|
|
|
267,791 |
|
|
|
31.77 |
% |
|
|
6.76 |
% |
|
|
6.76 |
% |
2029 |
|
|
595 |
|
|
|
179,646 |
|
|
|
180,241 |
|
|
|
21.36 |
% |
|
|
4.66 |
% |
|
|
4.66 |
% |
2030 |
|
|
624 |
|
|
|
— |
|
|
|
624 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2031 |
|
|
654 |
|
|
|
46,670 |
|
|
|
47,324 |
|
|
|
5.55 |
% |
|
|
2.78 |
% |
|
|
2.78 |
% |
2032 |
|
|
112 |
|
|
|
221,639 |
|
|
|
221,751 |
|
|
|
26.35 |
% |
|
|
4.62 |
% |
|
|
4.62 |
% |
2033 |
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Thereafter |
|
|
— |
|
|
|
6,171 |
|
|
|
6,171 |
|
|
|
0.73 |
% |
|
|
3.25 |
% |
|
|
3.25 |
% |
Total Aimco Share |
|
$ |
3,737 |
|
|
$ |
837,399 |
|
|
$ |
841,136 |
|
|
|
|
|
|
|
|
|
|
|||
Common Stock, Partnership Units, and Equivalents
(in thousands) (unaudited)
|
September 30, 2025 |
|
|
Class A Common Stock Outstanding |
|
140,159 |
|
Participating unvested restricted stock |
|
1,610 |
|
Potentially dilutive options, share equivalents, and non-participating unvested restricted stock |
|
1,426 |
|
Total shares and potentially dilutive share equivalents |
|
143,195 |
|
Common Partnership Units and equivalents outstanding |
|
6,214 |
|
Total shares, units and potentially dilutive share equivalents [3] |
|
149,409 |
|
[1] Total non-recourse debt and property debt secured by assets held for sale excludes $8.9 million and $0.8 million of deferred financing costs, respectively.
[2] Debt maturities are presented with the earliest maturity date and do not include contractual extension options. Including extensions, the first maturity in Aimco's total non-recourse debt is in 2Q 2027 and the weighted average maturity is 4.2 years.
[3] Represents outstanding Common Stock and Common Partnership units, forfeitable time-based restricted equity awards, options for which dilution is computed based on quarter-end stock price, and the impact of forfeitable market-based equity awards based on stock price performance through September 30, 2025. See Note 4 to Aimco's Third Quarter 2025 SEC Form 10-Q, filed November 10, 2025 and Note 11 to Aimco's 2024 SEC Form 10-K, filed February 24, 2025 for more information.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 16
Supplemental Schedule 3
Aimco Portfolio
(square feet in thousands) (land in acres) (unaudited)
|
|
Number of Properties |
|
|
Number of Apartment |
|
|
Office and Retail Sq Ft |
|
|
Hotel Keys |
|
|
Development Land [6] |
|
|||||
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stabilized Operating Properties |
|
|
15 |
|
|
|
2,524 |
|
|
|
26.4 |
|
|
|
- |
|
|
|
- |
|
Other Real Estate [1] |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
106 |
|
|
|
- |
|
Development and Redevelopment - Owned [2] |
|
|
3 |
|
|
|
1,023 |
|
|
|
121.1 |
|
|
|
- |
|
|
|
- |
|
Development and Redevelopment - Land [3] |
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20.8 |
|
Development and Redevelopment - Leased |
|
|
1 |
|
|
|
24 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Held for Sale [4] |
|
|
3 |
|
|
|
1,259 |
|
|
|
295.7 |
|
|
|
- |
|
|
|
- |
|
Total Consolidated |
|
|
28 |
|
|
|
4,830 |
|
|
|
443.2 |
|
|
|
106 |
|
|
|
20.8 |
|
Unconsolidated |
|
|
5 |
|
|
|
142 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total Portfolio |
|
|
33 |
|
|
|
4,972 |
|
|
|
443.2 |
|
|
|
106 |
|
|
|
20.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Consolidated (Aimco Share) |
|
|
|
|
|
4,830 |
|
|
|
443.2 |
|
|
|
106 |
|
|
|
19.5 |
|
|
Total Unconsolidated (Aimco Share) |
|
|
|
|
|
72 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total Portfolio (Aimco Share) |
|
|
|
|
|
4,902 |
|
|
|
443.2 |
|
|
|
106 |
|
|
|
19.5 |
|
|
[1] Other Real Estate includes:
[2] Development and Redevelopment - Owned includes:
[3] Development and Redevelopment – Land includes:
[4] As of September 30, 2025, Aimco's Royal Crest Nashua Apartments, Yacht Club Apartments, and 1001 Brickell Bay Drive office tower were classified as Held for Sale.
[5] Number of apartment homes includes all current apartments and those authorized for development.
[6] Development land includes the number of acres of land held by Aimco for future development, land with projects in active development is not included in this presentation.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 17
Supplemental Schedule 4
Aimco Capital Additions
(consolidated amounts in thousands) (unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||
|
|
September 30, 2025 |
|
|
September 30, 2025 |
|
||
|
|
|
|
|
|
|
||
Capital Replacements and Casualty |
|
$ |
4,373 |
|
|
$ |
12,174 |
|
Property Upgrades |
|
|
833 |
|
|
|
1,698 |
|
Tenant Improvements |
|
|
745 |
|
|
|
1,633 |
|
Development and Redevelopment |
|
|
25,044 |
|
|
|
67,083 |
|
Total Capital Additions [1] |
|
$ |
30,995 |
|
|
$ |
82,588 |
|
|
|
|
|
|
|
|
||
[1] Third quarter 2025 total capital additions include $20.0 million of Direct Capital Investment ($18.3 million on active projects and $1.7 million on projects in planning) and certain other costs capitalized in accordance with GAAP.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 18
Supplemental Schedule 5(a)
Aimco Active Development Project Summaries
(dollars in millions) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Estimated / Actual |
||||
Project Name |
|
Location |
|
Units |
|
Units Leased or |
|
Retail |
|
Retail |
|
Initial |
|
Stabilized |
|
NOI |
Upton Place |
|
Washington, D.C. |
|
689 |
|
76% |
|
105,053 |
|
97% |
|
4Q 2023 |
|
1Q 2026 |
|
1Q 2027 |
Strathmore Square |
|
Bethesda, MD |
|
220 |
|
84% |
|
9,000 |
|
64% |
|
2Q 2024 |
|
1Q 2026 |
|
1Q 2027 |
34th Street |
|
Miami, FL |
|
114 |
|
— |
|
7,000 |
|
— |
|
3Q 2027 |
|
4Q 2028 |
|
4Q 2029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
1,023 |
|
|
|
121,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Capital Investment |
|
|
|
|
||||
Project Name |
|
Status |
|
Aimco Ownership [6] |
|
Land Cost/ |
|
Planned |
|
To-Date |
|
Remaining |
|
|
|
|
Upton Place [1] |
|
Lease-up |
|
100% |
|
92.8 |
|
241.4 |
|
241.4 |
|
- |
|
|
|
|
Strathmore Square |
|
Lease-up |
|
100% |
|
24.9 |
|
156.3 |
|
156.2 |
|
0.1 |
|
|
|
|
34th Street |
|
Active Construction |
|
44% [7] |
|
28.3 |
|
211.7 |
|
78.1 |
|
133.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
$146.0 |
|
$609.4 |
|
$475.7 |
|
$133.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Direct Costs of Projects in Active Construction [2] |
|
$240.0 |
|
|
|
|
|
|
|
|
|
|
||||
Estimated Direct Costs of Projects in Lease-up [3] |
|
515.4 |
|
|
|
|
|
|
|
|
|
|
||||
Estimated Direct Costs of Projects in Occupancy Stabilization [4] |
|
68.3 |
|
|
|
|
|
|
|
|
|
|
||||
Estimated Direct Costs of Projects in NOI Stabilization [5] |
|
53.5 |
|
|
|
|
|
|
|
|
|
|
||||
Total Estimated Direct Costs of Development Portfolio |
|
$877.2 |
|
|
|
|
|
|
|
|
|
|
||||
Estimated Stabilized Property NOI |
|
$59.8 |
|
|
|
|
|
|
|
|
|
|
||||
[1] The ground lease for Upton Place is presented at its initial GAAP value recorded at the formation of the joint venture. The project is now complete and in lease-up.
[2] Includes the total of the land cost and the planned Direct Capital Investment for 34th Street.
[3] Includes the total of the leasehold valuation and the planned Direct Capital Investment for Upton Place and Strathmore Square.
[4] Includes the total of the land cost and Direct Capital Investment for The Benson Hotel and Faculty Club, a 106-key hotel and event space on the Anschutz Medical Campus in Aurora, Colorado. During the third quarter 2025, the GAAP value was impaired to $18.4 million.
[5] Includes the total of the leasehold valuation and Direct Capital Investment for Oak Shore, a 24-home luxury single-family rental community in Corte Madera, California.
[6] Aimco equity ownership presented as estimated upon construction completion, net of debt and ground lease financing, unless otherwise noted.
[7] Aimco's investment, representing 44% of the equity capital at project inception, has been fully funded, primarily through the contribution of land and pre-development efforts. The remaining investment will be funded through construction loan and preferred equity draws.
[8] Occupancy timing and stabilization are estimates subject to change.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 19
Supplemental Schedule 5(b)
Aimco Development and Redevelopment Pipeline Projects
as of filing - (unaudited)
Aimco controls a robust pipeline with opportunity for significant value creation. Aimco expects, on average across the development portfolio, to fund pipeline development projects with 50% to 60% loan-to-cost construction loans, Aimco equity of 10% to 15% of the total development cost, and the remaining costs funded with Co-GP and/or LP equity. In the aggregate, Aimco's equity currently embedded in these pipeline assets exceeds the Aimco equity required to fund construction of the pipeline in full.
|
|
|
|
|
|
|
Estimated / Currently Planned [1] |
|||||||||||||
Property Location |
|
Project Name/ |
|
Acreage [2] |
|
|
Gross Sq Ft |
|
|
Multifamily Units |
|
|
Leasable Commercial Sq Ft |
|
|
Earliest Vertical Construction Start |
||||
Southeast Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
300 Broward Boulevard (Fort Lauderdale) |
|
300 Broward |
|
|
2.31 |
|
|
|
1,700,000 |
|
|
|
935 |
|
|
|
40,000 |
|
|
2026 |
901 N Federal Highway (Fort Lauderdale) |
|
901 North (Flagler Village Phase I) |
|
|
5.70 |
|
|
|
1,830,000 |
|
|
|
690 |
|
|
|
230,000 |
|
|
2026 |
510-532 NE 34th Street (Miami) |
|
One Edgewater |
|
|
0.50 |
|
|
|
533,000 |
|
|
|
204 |
|
|
|
— |
|
|
2027 |
NE 9th Street & NE 5th Avenue (Fort Lauderdale) |
|
Flagler Village Phase II |
|
|
1.70 |
|
|
|
400,000 |
|
|
|
300 |
|
|
|
— |
|
|
2027 |
NE 9th Street & NE 5th Avenue (Fort Lauderdale) |
|
Flagler Village Phase III |
|
|
1.40 |
|
|
|
400,000 |
|
|
|
300 |
|
|
|
— |
|
|
2028 |
Washington D.C. Metro Area |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
5300 Block of Tuckerman Lane (Bethesda) |
|
Strathmore Square Phase II [3] |
|
|
1.35 |
|
|
|
525,000 |
|
|
|
399 |
|
|
|
11,000 |
|
|
2026 |
Colorado's Front Range |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
E 23rd Avenue & N Scranton Street (Aurora) |
|
Fitzsimons 4 [3] |
|
|
1.77 |
|
|
|
415,000 |
|
|
|
285 |
|
|
|
— |
|
|
2026 |
1765 Silversmith Road (Colorado Springs) |
|
Flying Horse |
|
|
7.45 |
|
|
|
300,000 |
|
|
|
95 |
|
|
|
— |
|
|
2026 |
E 23rd Avenue & N Scranton Street (Aurora) |
|
Bioscience 4 |
|
|
1.53 |
|
|
|
232,000 |
|
|
|
— |
|
|
|
225,000 |
|
|
2026 |
E 22nd Avenue & N Scranton Street (Aurora) |
|
Fitzsimons 2 |
|
|
2.29 |
|
|
|
390,000 |
|
|
|
275 |
|
|
|
— |
|
|
2026 |
E 23rd Avenue & N Scranton Street (Aurora) |
|
Bioscience 5 |
|
|
1.22 |
|
|
|
230,000 |
|
|
|
— |
|
|
|
190,000 |
|
|
2026 |
E 23rd Avenue & Uvalda (Aurora) |
|
Fitzsimons 3 |
|
|
1.11 |
|
|
|
400,000 |
|
|
|
225 |
|
|
|
— |
|
|
2027 |
E 23rd Avenue & N Scranton Street (Aurora) |
|
Bioscience 6 |
|
|
2.04 |
|
|
|
385,000 |
|
|
|
— |
|
|
|
315,000 |
|
|
2028 |
Total Future Pipeline |
|
|
|
|
30.37 |
|
|
|
7,740,000 |
|
|
|
3,708 |
|
|
|
1,011,000 |
|
|
|
Excluded from the table is the Brickell Assemblage which is under contract to sell in the fourth quarter 2025.
[1] Project metrics are estimated and could deviate substantially from what is currently planned.
[2] Acreage includes land owned and land controlled through options for future development, for the Bioscience project, acreage is presented proportionate based on the buildable gross square feet.
[3] Owned in a joint venture structure.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 20
Supplemental Schedule 6
Stabilized Operating Results
(amounts in thousands, except community, home and per home data) (unaudited)
3Q 2025 v. 3Q 2024 |
|
|
|
|
Revenues, Before Utility |
|
|
Expenses, Net of Utility |
|
|
Property NOI |
|
|
|
Net Operating |
|
Average Daily |
|
Average |
|
|||||||||||||||||||||||||||||
|
Apartment |
|
Apartment |
|
|
3Q 2025 |
|
3Q 2024 |
|
Growth |
|
|
3Q 2025 |
|
3Q 2024 |
|
Growth |
|
|
3Q 2025 |
|
3Q 2024 |
|
Growth |
|
|
|
3Q 2025 |
|
3Q 2025 |
3Q 2024 |
|
3Q 2025 |
|
3Q 2024 |
|
|||||||||||||
Chicago |
|
7 |
|
|
1,495 |
|
|
$ |
10,825 |
|
$ |
10,613 |
|
|
2.0 |
% |
|
$ |
3,518 |
|
$ |
3,042 |
|
|
15.6 |
% |
|
$ |
7,307 |
|
$ |
7,571 |
|
|
(3.5 |
%) |
|
|
67.5% |
|
95.4% |
97.7% |
|
|
2,529 |
|
|
2,422 |
|
New York City |
|
3 |
|
|
150 |
|
|
|
2,070 |
|
|
2,067 |
|
|
0.1 |
% |
|
|
1,049 |
|
|
1,003 |
|
|
4.6 |
% |
|
|
1,021 |
|
|
1,064 |
|
|
(4.0 |
%) |
|
|
49.3% |
|
98.4% |
95.2% |
|
|
4,674 |
|
|
4,824 |
|
Other Markets [1] |
|
5 |
|
|
879 |
|
|
|
5,281 |
|
|
5,284 |
|
|
(0.1 |
%) |
|
|
1,984 |
|
|
1,884 |
|
|
5.3 |
% |
|
|
3,297 |
|
|
3,400 |
|
|
(3.0 |
%) |
|
|
62.4% |
|
93.2% |
94.9% |
|
|
2,150 |
|
|
2,112 |
|
Total |
|
15 |
|
|
2,524 |
|
|
$ |
18,176 |
|
$ |
17,964 |
|
|
1.2 |
% |
|
$ |
6,551 |
|
$ |
5,929 |
|
|
10.5 |
% |
|
$ |
11,625 |
|
$ |
12,035 |
|
|
(3.4 |
%) |
|
|
64.0% |
|
94.8% |
96.6% |
|
$ |
2,531 |
|
$ |
2,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
3Q 2025 v. 2Q 2025 |
|
|
|
|
Revenues, Before Utility |
|
|
Expenses, Net of Utility |
|
|
Property NOI |
|
|
|
Net Operating |
|
Average Daily |
|
Average |
|
|||||||||||||||||||||||||||||
|
Apartment |
|
Apartment |
|
|
3Q 2025 |
|
2Q 2025 |
|
Growth |
|
|
3Q 2025 |
|
2Q 2025 |
|
Growth |
|
|
3Q 2025 |
|
2Q 2025 |
|
Growth |
|
|
|
3Q 2025 |
|
3Q 2025 |
2Q 2025 |
|
3Q 2025 |
|
2Q 2025 |
|
|||||||||||||
Chicago |
|
7 |
|
|
1,495 |
|
|
$ |
10,825 |
|
$ |
10,586 |
|
|
2.3 |
% |
|
$ |
3,518 |
|
$ |
3,476 |
|
|
1.2 |
% |
|
$ |
7,307 |
|
$ |
7,110 |
|
|
2.8 |
% |
|
|
67.5% |
|
95.4% |
95.5% |
|
|
2,529 |
|
|
2,472 |
|
New York City |
|
3 |
|
|
150 |
|
|
|
2,070 |
|
|
2,060 |
|
|
0.5 |
% |
|
|
1,049 |
|
|
946 |
|
|
10.9 |
% |
|
|
1,021 |
|
|
1,114 |
|
|
(8.3 |
%) |
|
|
49.3% |
|
98.4% |
98.6% |
|
|
4,674 |
|
|
4,644 |
|
Other Markets [1] |
|
5 |
|
|
879 |
|
|
|
5,281 |
|
|
5,314 |
|
|
(0.6 |
%) |
|
|
1,984 |
|
|
2,057 |
|
|
(3.5 |
%) |
|
|
3,297 |
|
|
3,257 |
|
|
1.2 |
% |
|
|
62.4% |
|
93.2% |
93.9% |
|
|
2,150 |
|
|
2,146 |
|
Total |
|
15 |
|
|
2,524 |
|
|
$ |
18,176 |
|
$ |
17,960 |
|
|
1.2 |
% |
|
$ |
6,551 |
|
$ |
6,479 |
|
|
1.1 |
% |
|
$ |
11,625 |
|
$ |
11,481 |
|
|
1.3 |
% |
|
|
64.0% |
|
94.8% |
95.1% |
|
$ |
2,531 |
|
$ |
2,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
3Q 2025 YTD v. 3Q 2024 YTD |
|
|
|
|
Revenues, Before Utility |
|
|
Expenses, Net of Utility |
|
|
Property NOI |
|
|
|
Net Operating |
|
Average Daily |
|
Average |
|
|||||||||||||||||||||||||||||
|
Apartment |
|
Apartment |
|
|
3Q 2025 YTD |
|
3Q 2024 YTD |
|
Growth |
|
|
3Q 2025 YTD |
|
3Q 2024 YTD |
|
Growth |
|
|
3Q 2025 YTD |
|
3Q 2024 YTD |
|
Growth |
|
|
|
3Q 2025 YTD |
|
3Q 2025 YTD |
3Q 2024 YTD |
|
3Q 2025 YTD |
|
3Q 2024 YTD |
|
|||||||||||||
Chicago |
|
7 |
|
|
1,495 |
|
|
$ |
31,897 |
|
$ |
31,224 |
|
|
2.2 |
% |
|
$ |
10,019 |
|
$ |
9,379 |
|
|
6.8 |
% |
|
$ |
21,878 |
|
$ |
21,845 |
|
|
0.2 |
% |
|
|
68.6% |
|
96.2% |
97.5% |
|
|
2,463 |
|
|
2,380 |
|
New York City |
|
3 |
|
|
150 |
|
|
|
6,319 |
|
|
6,288 |
|
|
0.5 |
% |
|
|
3,053 |
|
|
2,825 |
|
|
8.1 |
% |
|
|
3,266 |
|
|
3,463 |
|
|
(5.7 |
%) |
|
|
51.7% |
|
98.9% |
97.5% |
|
|
4,733 |
|
|
4,779 |
|
Other Markets [1] |
|
5 |
|
|
879 |
|
|
|
15,947 |
|
|
16,069 |
|
|
(0.8 |
%) |
|
|
5,786 |
|
|
5,400 |
|
|
7.1 |
% |
|
|
10,161 |
|
|
10,669 |
|
|
(4.8 |
%) |
|
|
63.7% |
|
94.6% |
95.5% |
|
|
2,132 |
|
|
2,127 |
|
Total |
|
15 |
|
|
2,524 |
|
|
$ |
54,163 |
|
$ |
53,581 |
|
|
1.1 |
% |
|
$ |
18,858 |
|
$ |
17,604 |
|
|
7.1 |
% |
|
$ |
35,305 |
|
$ |
35,977 |
|
|
(1.9 |
%) |
|
|
65.2% |
|
95.8% |
96.8% |
|
$ |
2,489 |
|
$ |
2,436 |
|
[1] Other Markets includes markets where Aimco owns a single Stabilized Operating Property: Southeast Florida; Denver, Colorado; Nashville, Tennessee; Atlanta, Georgia; and San Francisco, California.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 21
Supplemental Schedule 7
Aimco Transactions
(dollars in millions) (unaudited)
2025 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Partnership Acquisitions |
|
Location |
|
Closing Date |
|
Ownership Acquired |
|
Equity Acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Strathmore Square |
|
Bethesda, MD |
|
May |
|
5% |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Partnership Acquisitions [1] |
|
|
|
|
|
|
|
$ |
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2025 Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Apartment Dispositions |
|
Location |
|
Closing Date |
|
AIV Ownership |
|
AIV Gross Proceeds |
|
|
Units |
|
|
Property |
|
|
Net Sales |
|
|
NOI |
|
|||||
Suburban Boston portfolio |
|
Boston |
|
September / October |
|
100% |
|
|
740.0 |
|
|
|
2,719 |
|
|
|
240.8 |
|
|
|
481.6 |
|
|
|
6.6 |
% |
Total Apartment Dispositions |
|
|
|
|
|
|
|
$ |
740.0 |
|
|
|
2,719 |
|
|
$ |
240.8 |
|
|
$ |
481.6 |
|
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
[1] In May, Aimco purchased, for $2.1 million, its development partner’s 5% common equity interest in Strathmore Square. In addition, Aimco purchased the same development partner's subordinated interest for $2.9 million, a value representing approximately 60% of its expected future obligation.
[2] Net Sales Proceeds are after the repayment of debt, if any, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable.
[3] NOI Cap Rate is calculated based on the annualized NOI (inclusive of property management fees) for the most recent quarter prior to the sale of asset, divided by the sales price.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 22
Supplemental Schedule 8
Net Asset Value Components
(dollars in millions)(pre-tax)(unaudited)
Property NOI for operating properties and active developments |
3Q 2025 |
|
|
Annualized NOI for Stabilized Operating Properties [1] |
$ |
46.5 |
|
Annualized NOI for unconsolidated real estate at AIV share [1] |
|
2.8 |
|
Projected annual NOI for DC Metro lease ups |
|
37.1 |
|
Projected annual NOI for other properties stabilizing operations |
|
4.7 |
|
Projected annual NOI for Aimco's 34th Street development [2] |
|
18.0 |
|
|
|
|
|
Leverage associated with operating properties and active developments |
|
|
|
Non-recourse property debt, net [3] [4] |
$ |
(451.7 |
) |
Non-recourse construction loans and bridge financing, net [4] [5] |
|
(389.4 |
) |
Preferred equity interests |
|
(151.7 |
) |
|
|
|
|
Land, Planning and Entitlement Investment [6] |
|
|
|
901 North in Fort Lauderdale |
$ |
100.0 |
|
Other land and development pipeline |
|
39.2 |
|
|
|
|
|
Announced 4Q 2025 dispositions [7] |
|
|
|
Net proceeds from the sale of the final suburban Boston property |
$ |
70.9 |
|
Expected proceeds from assets held for sale (Brickell Assemblage) |
|
520.0 |
|
Liabilities associated with assets held for sale, including estimates for debt balances, income taxes, and transaction costs |
|
(220.0 |
) |
|
|
|
|
Other |
|
|
|
IQHQ and Real Estate Tech Fund Investments [8] |
$ |
9.7 |
|
Cash and cash equivalents |
|
404.4 |
|
Restricted cash |
|
20.7 |
|
Notes receivable [9] |
|
60.2 |
|
Fair value adjustment on fixed rate property debt & preferred equity |
|
23.1 |
|
Dividends payable |
|
(333.5 |
) |
Other liabilities, net [10] |
|
(132.3 |
) |
|
|
|
|
Common Stock, Partnership Units and Equivalents |
|
|
|
Total shares, units and dilutive share equivalents |
|
149.4 |
|
Noncontrolling interests in consolidated real estate partnerships [11] |
|
(39.4 |
) |
[1] Property NOI does not include property management fees of 3% of revenue.
[2] See supplemental schedule 5(a) for additional details. Aimco's ~$40 million equity position in the 34th Street development joint venture was funded in 3Q 2024 through the contribution of land, pre-development investments, and a one-time cash investment of $5 million. Aimco has no remaining equity commitments related to the construction of 34th Street. Included in the leverage amounts are $52.2 million of non-recourse construction loans, net and $16.3 million of preferred equity interests. Additionally, Aimco expects the remaining investment required to complete construction to be $133.6 million, funded through committed construction loan and preferred equity draws.
[3] Consists of assumable property-level mortgage debt, with a weighted average fixed rate of 4.44% and a weighted average remaining term of 5.4 years.
[4] Amounts presented exclude deferred financing costs.
[5] Non-recourse construction loans and bridge financing, net includes $52.2 million currently drawn on the construction loan to fund Aimco’s 34th Street development; construction loans at Strathmore Square and Oak Shore, $100.2 million and $22.1 million, respectively; and a $215 million term loan at Upton Place.
[6] Includes acquisition price, adjusted for any GAAP impairment, for land purchased and held for future development or redevelopment. Not included in Aimco's land inventory is the value for any entitlements secured, accretive planning investment, or market growth since acquisition.
[7] As of November 10, 2025, Aimco was under contract to sell its Brickell Assemblage. Net proceeds includes a sales price of $520 million, approximately $160 million of property level loans, and approximately $60 million of cash tax (included on Aimco's 3Q 2025 balance sheet with a GAAP value of $102.8 million) and transaction costs.
[8] Investment value for IQHQ is based on cost, adjusted for any impairment or observable price changes, the Real Estate Tech Funds are valued based on 3Q 2025 GAAP fair value.
[9] Notes receivables presented at book value as of September 30, 2025.
[10] For additional detail, see definition and non-GAAP reconciliation in this report's Glossary and Reconciliations of Non-GAAP Financial and Operating Measures.
[11] Presented in accordance with GAAP, actual amount may vary substantially based on asset valuations.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 23
Supplemental Schedule 9
Asset List
as of filing - (unaudited)
OPERATING APARTMENT COMMUNITIES |
|
|
|
RECENTLY COMPLETED DEVELOPMENTS |
|
|||||||||
Property Name |
Location |
Units |
|
3Q 2025 Avg Rent |
|
|
|
Property Name |
Location |
Units |
|
|||
118-122 West 23rd Street |
New York, NY |
|
42 |
|
$ |
6,363 |
|
|
|
Oak Shore |
Corte Madera, CA |
|
24 |
|
173 E. 90th Street |
New York, NY |
|
72 |
|
|
3,706 |
|
|
|
Upton Place |
Washington, DC |
|
689 |
|
237-239 Ninth Avenue |
New York, NY |
|
36 |
|
|
3,221 |
|
|
|
Strathmore Square Phase 1 |
Bethesda, MD |
|
220 |
|
1045 on the Park Apartments Homes |
Atlanta, GA |
|
30 |
|
|
2,190 |
|
|
|
|
|
|
|
|
2200 Grace |
Lombard, IL |
|
72 |
|
|
2,118 |
|
|
|
ACTIVE DEVELOPMENT |
|
|||
Bank Lofts |
Denver, CO |
|
125 |
|
|
1,508 |
|
|
|
Property Name |
Location |
Units |
|
|
Bluffs at Pacifica, The |
Pacifica, CA |
|
64 |
|
|
3,123 |
|
|
|
34th Street |
Miami, FL |
|
114 |
|
Eldridge Townhomes |
Elmhurst, IL |
|
58 |
|
|
4,910 |
|
|
|
|
|
|
|
|
Elm Creek |
Elmhurst, IL |
|
400 |
|
|
2,207 |
|
|
|
DEVELOPMENT LAND |
|
|||
Evanston Place |
Evanston, IL |
|
190 |
|
|
2,869 |
|
|
|
Property Name |
Location |
Acres |
|
|
Hillmeade |
Nashville, TN |
|
288 |
|
|
1,780 |
|
|
|
300 Broward |
Fort Lauderdale, FL |
|
2.31 |
|
Hyde Park Tower |
Chicago, IL |
|
155 |
|
|
2,620 |
|
|
|
One Edgewater |
Miami, FL |
|
0.5 |
|
Plantation Gardens |
Plantation ,FL |
|
372 |
|
|
2,051 |
|
|
* |
CU Anschutz Campus Holdings |
Aurora, CO |
|
9.96 |
|
Willow Bend |
Rolling Meadows, IL |
|
328 |
|
|
2,031 |
|
|
|
Flagler Village |
Fort Lauderdale, FL |
|
8.8 |
|
Yorktown Apartments |
Lombard, IL |
|
292 |
|
|
1,970 |
|
|
|
Flying Horse |
Colorado Springs, CO |
|
7.45 |
|
|
|
|
|
|
|
|
* |
Strathmore Square Phase 2 |
Bethesda, MD |
|
1.35 |
|
||
PARTNERSHIP OWNED |
|
|
|
|
|
|
|
|||||||
Property Name |
Location |
Units |
|
Aimco Share of Units |
|
|
|
NON-CORE & ALTERNATIVE INVESTMENTS |
|
|
||||
Casa del Hermosa |
La Jolla, CA |
|
41 |
|
|
20 |
|
|
|
Investment Name |
Investment Type |
|
|
|
Casa del Mar |
La Jolla, CA |
|
30 |
|
|
20 |
|
|
|
The Benson Hotel & Faculty Club |
Non-Core Real Estate |
|
|
|
Casa del Norte |
La Jolla, CA |
|
34 |
|
|
17 |
|
|
|
IQHQ |
Passive Equity |
|
|
|
Casa del Sur |
La Jolla, CA |
|
37 |
|
|
15 |
|
|
|
Parkmerced |
Mezzanine Loan |
|
|
|
|
|
|
|
|
|
|
|
RE Tech Funds |
Passive Equity |
|
|
|||
PLANNED / ANNOUNCED DISPOSITIONS |
|
|
|
|
|
|
|
|||||||
Property Name |
Location |
|
|
Disposition |
|
|
|
SELLER FINANCING NOTES |
|
|
||||
1001 Brickell Bay Drive |
Miami, FL |
|
|
Brickell Assemblage |
|
|
|
Property Name |
Location |
|
|
|||
Yacht Club at Brickell |
Miami, FL |
|
|
Brickell Assemblage |
|
|
|
La Jolla Cove |
La Jolla, CA |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
* |
Owned in a joint venture structure |
|
|
|
|||
Third Quarter 2025 Earnings Release and Supplemental Schedules | 24
Glossary and Reconciliations of Non-GAAP Financial and Operating Measures
This Earnings Release and Supplemental Information include certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.
AIMCO OPERATING PARTNERSHIP or AIMCO OP: AIMCO OP, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 94.1% of the legal interest in the common partnership units of the Aimco OP and 96.6% of the economic interest in the common partnership units of the Aimco OP.
AVERAGE REVENUE PER APARTMENT HOME: Represents Aimco average monthly rental and other property revenues, excluding utility cost reimbursements, divided by the number of occupied apartment homes as of the end of the period.
CAPITAL ADDITIONS: The following table presents the reconciliation of GAAP capital additions to the Capital Additions as presented on Supplemental Schedule 4.
|
Three Months Ended |
|
|
Nine Months Ended |
|
||
Segment Capital Additions Reconciliation |
September 30, 2025 |
|
|
September 30, 2025 |
|
||
|
|
|
|
|
|
||
Total Capital additions (per Note 9 in Aimco's 10-Q) |
$ |
29,142 |
|
|
$ |
76,002 |
|
Adjustment: Discontinued operations |
|
1,617 |
|
|
|
5,683 |
|
Adjustment: Incidental revenues and other adjustments that reduce capital expenditures for GAAP |
|
236 |
|
|
|
904 |
|
|
|
|
|
|
|
||
Total Capital Additions (per Schedule 4) |
$ |
30,995 |
|
|
$ |
82,588 |
|
DIRECT CAPITAL INVESTMENT: Represents all items related to the planning, construction, and management of development and redevelopment projects paid to third party providers. Direct Capital Investment does not include real estate taxes, insurance, right of use lease payments, and certain costs capitalized in accordance with GAAP, such as financing costs and internal team time.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION FOR REAL ESTATE (“EBITDAre”): Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation and amortization expense, further adjusted for:
Aimco believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of Aimco’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry and facilitates comparison of credit strength between Aimco and other companies. Aimco presents EBITDAre on Supplemental Schedule 1 of this release.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 25
ADJUSTED EBITDAre: Adjusted EBITDAre is defined by Aimco, and presented on Supplemental Schedule 1 of this release, as EBITDAre adjusted to exclude the effect of the following items for the reasons set forth below:
NET ASSET VALUE: Net Asset Value is calculated as the market value of a company's assets less its liabilities and obligations. Aimco estimates the value of its portfolio using methods management believes to be appropriate based on the characteristics of the item being valued.
NET OPERATING INCOME (NOI) MARGIN: Represents an apartment community’s net operating income as a percentage of the apartment community’s rental and other property revenues.
OTHER EXPENSES, NET: Other expenses, net, includes costs associated with our risk management activities, partnership administration expenses, fee income, certain non-recurring items, and activity related to our unconsolidated real estate partnerships.
OTHER LIABILITIES, NET: Other liabilities, net, as presented on Supplemental Schedule 8, Net Asset Value Components, generally consists of the value calculated in accordance with GAAP for land leases, accrued expenses, resident security deposits, accounts payable, and other general liabilities, net of the value calculated in accordance with GAAP for interest rate options and other assets, excluding the fair value of Aimco's investments in IQHQ and real estate technology funds.
Other liabilities, net as of September 30, 2025, as presented in Supplemental Schedule 8, Net Asset Value Components, is calculated as follows (in millions):
Accrued Liabilities and Other (per Consolidated Balance Sheet) |
$ |
97.7 |
|
Lease liabilities - finance leases (per Consolidated Balance Sheet) |
|
124.4 |
|
Other assets, net (per Consolidated Balance Sheet) |
|
(83.2 |
) |
Total |
|
138.9 |
|
|
|
|
|
Reduction in assets (reported elsewhere on Schedule 8): |
|
|
|
IQHQ and Real Estate Tech Funds |
|
9.7 |
|
Unconsolidated real estate partnerships |
|
15.3 |
|
Deferred tax assets |
|
1.9 |
|
|
|
|
|
Reduction in liabilities (GAAP amount not reflective of value): |
|
|
|
Mezzanine Investment - Participation Sold |
|
(33.5 |
) |
|
|
|
|
Other liabilities, net (per Schedule 8) |
$ |
132.3 |
|
PREFERRED EQUITY INTERESTS: Preferred equity interests includes the redeemable non-controlling interests, as presented on Aimco's Balance Sheet in accordance with GAAP, related to third party investment interests.
PROPERTY NET OPERATING INCOME (NOI): Property NOI is defined by Aimco as total rental and other property revenues, excluding utility reimbursements, less property operating expenses, including utility reimbursements for the consolidated apartment communities. Property NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. Aimco evaluates the
Third Quarter 2025 Earnings Release and Supplemental Schedules | 26
performance of the apartment communities in its segments using Property NOI, which includes the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate. Property NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations, and financing arrangements.
The following table presents the reconciliation of GAAP income (loss) before income tax benefit to total Property NOI, as well as Property NOI for our Stabilized Operating apartment communities as presented on Supplemental Schedule 6 to total Property NOI.
Property NOI reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(dollars in thousands) (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
Three Months Ended June 30, |
|
|||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) before income tax benefit per Consolidated Statements of Operations |
$ |
(79,430 |
) |
|
$ |
(31,161 |
) |
|
$ |
(117,740 |
) |
|
$ |
(117,270 |
) |
|
$ |
(11,405 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
16,222 |
|
|
|
21,376 |
|
|
|
44,922 |
|
|
|
57,914 |
|
|
|
16,363 |
|
General and administrative expenses |
|
7,523 |
|
|
|
7,750 |
|
|
|
23,502 |
|
|
|
23,876 |
|
|
|
7,798 |
|
Impairment on real estate |
|
57,373 |
|
|
|
0 |
|
|
|
57,373 |
|
|
|
0 |
|
|
|
0 |
|
Interest income |
|
(1,529 |
) |
|
|
(2,291 |
) |
|
|
(5,166 |
) |
|
|
(7,462 |
) |
|
|
(1,546 |
) |
Interest expense |
|
14,033 |
|
|
|
16,323 |
|
|
|
44,214 |
|
|
|
41,196 |
|
|
|
18,002 |
|
Realized and unrealized (gains) losses on interest rate contracts |
|
102 |
|
|
|
1,148 |
|
|
|
434 |
|
|
|
(1,164 |
) |
|
|
72 |
|
Realized and unrealized (gains) losses on equity investments |
|
4,868 |
|
|
|
566 |
|
|
|
5,475 |
|
|
|
48,101 |
|
|
|
210 |
|
Other (income) expense |
|
(923 |
) |
|
|
3,959 |
|
|
|
(359 |
) |
|
|
6,835 |
|
|
|
72 |
|
Total Property NOI |
$ |
18,239 |
|
|
$ |
17,670 |
|
|
$ |
52,655 |
|
|
$ |
52,026 |
|
|
$ |
29,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment Property NOI reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(dollars in thousands) (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
Three Months Ended June 30, |
|
|||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|||||
Rental income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stabilized Operating (Supplement Schedule 6) |
$ |
18,176 |
|
|
$ |
17,964 |
|
|
$ |
54,163 |
|
|
$ |
53,581 |
|
|
$ |
17,960 |
|
Stabilized Operating utilities reimbursement [1] |
|
1,157 |
|
|
|
1,030 |
|
|
|
3,224 |
|
|
|
2,896 |
|
|
|
1,150 |
|
Other Real Estate |
|
1,989 |
|
|
|
1,889 |
|
|
|
5,519 |
|
|
|
4,888 |
|
|
|
2,084 |
|
Non-stabilized and other amounts not allocated [2] |
|
13,810 |
|
|
|
14,445 |
|
|
|
40,941 |
|
|
|
40,272 |
|
|
|
31,564 |
|
Total rental income |
|
35,132 |
|
|
|
35,328 |
|
|
|
103,847 |
|
|
|
101,637 |
|
|
|
52,758 |
|
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stabilized Operating (Supplement Schedule 6) |
|
6,551 |
|
|
|
5,929 |
|
|
|
18,858 |
|
|
|
17,604 |
|
|
|
6,479 |
|
Stabilized Operating utilities reimbursement [1] |
|
1,157 |
|
|
|
1,030 |
|
|
|
3,224 |
|
|
|
2,896 |
|
|
|
1,150 |
|
Other Real Estate |
|
1,794 |
|
|
|
2,377 |
|
|
|
6,308 |
|
|
|
5,741 |
|
|
|
2,424 |
|
Non-stabilized and other amounts not allocated [2] |
|
7,391 |
|
|
|
8,322 |
|
|
|
22,802 |
|
|
|
23,370 |
|
|
|
13,139 |
|
Total property operating expenses: |
|
16,893 |
|
|
|
17,658 |
|
|
|
51,192 |
|
|
|
49,611 |
|
|
|
23,192 |
|
Property NOI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stabilized Operating (Supplement Schedule 6) |
|
11,625 |
|
|
|
12,035 |
|
|
|
35,305 |
|
|
|
35,977 |
|
|
|
11,481 |
|
Other Real Estate |
|
195 |
|
|
|
(488 |
) |
|
|
(789 |
) |
|
|
(853 |
) |
|
|
(340 |
) |
Non-stabilized and other amounts not allocated [2] |
|
6,419 |
|
|
|
6,123 |
|
|
|
18,139 |
|
|
|
16,902 |
|
|
|
18,425 |
|
Total Property NOI |
$ |
18,239 |
|
|
$ |
17,670 |
|
|
$ |
52,655 |
|
|
$ |
52,026 |
|
|
$ |
29,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Third Quarter 2025 Earnings Release and Supplemental Schedules | 27
[1] Operating results for properties not included in Stabilized Operating or Other Real Estate, an adjustment for utility reimbursements which are included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.
[2] Properties not included in the Stabilized Operating Portfolio, including discontinued operations, and other amounts not allocated includes operating results of properties not presented in the Stabilized Operation Portfolio as presented on Supplemental Schedule 6 during the periods shown, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.
REAL ESTATE CLASSIFICATIONS: Aimco’s real estate portfolio is diversified by price point, geography, and opportunity. Aimco’s consolidated portfolio is classified into the following groups:
DEVELOPMENT and REDEVELOPMENT - OWNED: Includes apartment communities currently under construction or in pre-construction that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.
DEVELOPMENT and REDEVELOPMENT - LAND: Includes land parcels being held for potential future construction of real estate.
DEVELOPMENT and REDEVELOPMENT - LEASED: Includes communities leased from a third party currently under construction or in pre-construction that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.
STABILIZED OPERATING PROPERTIES: Apartment communities that (a) are owned and asset managed by Aimco, (b) had reached a stabilized level of operations as of January 1, 2024 and maintained it throughout the current and the comparable prior periods, and (c) are not expected to be sold within 12 months.
OTHER REAL ESTATE: Includes non-apartment real estate owned and asset managed by Aimco.
ASSETS HELD FOR SALE: Includes those assets, if any, that as of the last day of the quarter being reported, were under contract, with non-refundable deposits.
Third Quarter 2025 Earnings Release and Supplemental Schedules | 28