Aimco Reports Fourth Quarter 2025 Results, Recent Highlights, and Updates Related to the Plan of Sale and Liquidation

DENVER, March 2, 2026 /PRNewswire/ — Apartment Investment and Management Company (“Aimco” or the “Company”) (NYSE:AIV) announced today fourth quarter results for 2025, recent highlights, and updates related to the Company’s Plan of Sale and Liquidation that was approved by stockholders on February 6, 2026.

Wes Powell, Aimco’s President and Chief Executive Officer, comments: “My thanks to the Aimco team for their extraordinary efforts during 2025 which included actively managing our portfolio while working diligently to close $1.26 billion of strategic asset sales, retiring more than $435 million of debt and distributing approximately $420 million ($2.83 per share) to stockholders in the form of special cash dividends.

“In early February, Aimco stockholders overwhelmingly voted in support of the Company’s previously announced strategic plan, focused on the orderly sale of the Company’s remaining assets for the sole purpose of maximizing stockholder returns, which have meaningfully outpaced the FTSE NAREIT Equity Apartments Index over the prior five-, three- and one-year periods.  

“Thus far in 2026, Aimco has closed on the sale of three properties for approximately $178 million and currently has ten properties under contract to sell for approximately $510 million, with the majority of those expected to close during the first quarter of 2026. In addition, Aimco monetized a seller financing note, is actively marketing its remaining stabilized properties for sale and plans to bring the entirety of its land, development and lease-up properties to market by the middle of 2026.

“On February 9, 2026, Aimco’s Board of Directors declared the initial liquidating distribution in the amount of $1.45 per share to be paid on March 13, 2026, to stockholders of record on February 27, 2026. The distribution includes the initial net proceeds from the Brickell Assemblage sale.  

“Total liquidating distributions to stockholders are estimated to be between $5.75 and $7.10 per share, consistent with the range previously provided and also taking into consideration subsequent sales activity, valuation estimates for Aimco’s remaining portfolio, and rapidly fluctuating economic conditions.

“As Aimco executes against our strategic plan we will continue to manage the business, and our overhead costs, to most efficiently and effectively maximize net proceeds distributed to Aimco stockholders.”  

Financial Results

• Aimco’s net income attributable to common stockholders per share, on a fully dilutive basis, was $2.08 for the three months ended and $3.87 for the twelve months ended December 31, 2025.
• Property Net Operating Income (“NOI”) from Aimco’s Stabilized Operating Properties was $9.9 million in the fourth quarter 2025, up 0.5% year-over-year, and $38.0 million for the full year 2025, down (0.3)% year-over-year.

Highlights

• In the fourth quarter 2025, Aimco sold its final suburban Boston property for $250 million and its Brickell Assemblage which included The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building located in Miami, Florida for $520 million. In total, Aimco sold $1.26 billion of real estate assets in 2025.
• Aimco distributed $2.23 per share to stockholders by way of a special cash dividend paid on October 15, 2025, bringing total 2025 dividends to $2.83 per share.
• In December 2025, Aimco agreed to sell its portfolio of seven apartment communities in the Chicago area for $455 million with the full $20 million deposit becoming non-refundable in January 2026. Additionally in the first quarter 2026, Aimco received non-refundable deposits and agreed to sell two properties in New York City and one property in Atlanta, Georgia for a combined $56.5 million.
• In February 2026, Aimco sold three properties, Hillmeade in Nashville, Tennessee, Plantation Gardens in Plantation, Florida, and The Benson Hotel and Faculty Club in Aurora, Colorado, for a combined $177.5 million.
• Aimco’s Stabilized Operating revenue and expenses increased 1.8% and 4.5%, respectively, resulting in Property NOI increasing 0.5%, year-over-year in the fourth quarter. For the full year, revenue and expenses were up 1.6% and 5.6%, respectively, resulting in Property NOI decreasing 0.3%, year-over-year.
• Aimco’s high-rise development project, 34^th Street, located in Miami, FL topped-out construction during February and remains on schedule and on budget.

Transactions and Plan of Sale and Liquidation

On February 6, 2026, Aimco stockholders approved the Plan of Sale and Liquidation proposed by Aimco’s Board of Directors. Pursuant to this plan, Aimco expects to continue to monetize its assets and return proceeds to stockholders through liquidating distributions, subject to payment of liabilities and obligations and the creation of associated reserves. Additional information regarding the Plan of Sale and Liquidation is available in Aimco’s Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on January 2, 2026.

2025 Transactions

• In October, Aimco completed the monetization of its suburban Boston portfolio with the sale of an apartment property located in Nashua, New Hampshire for $250 million. In connection with the sale, $173.4 million of non-recourse property debt was assumed by the buyer.
• In October, Aimco completed a transfer of ownership interests with its joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. Aimco exchanged its joint venture ownership in the non-performing seller financing note secured by 200 Broward Avenue along with $7.5 million of cash, for full ownership of 300 Broward Avenue.
• In December, Aimco sold its Brickell Assemblage which included The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building located in Miami, Florida for $520 million.
  • The sale included $85 million of transferable and cross-collateralized seller financing notes provided from Aimco to the buyer at closing. Each note has a two-year term and two one-year extension options with an average interest rate over the full duration of 18%. As previously announced, Aimco plans to monetize the seller financing notes.
  • Initial net proceeds, after taking into account the associated property-level debt, the tax liability, transaction costs, and excluding the seller financing notes, were more than $220 million. 

2026 Transactions

• In January, Aimco monetized the subordinated seller financing note associated with property in La Jolla, California, for $18.5 million. The note had approximately seven years of term remaining at an average interest rate of approximately 5.5%.
• In February, Aimco sold three properties, Hillmeade in Nashville, Tennessee, Plantation Gardens in Plantation, Florida, and The Benson Hotel and Faculty Club in Aurora, Colorado, for a combined $177.5 million.
• In December 2025, Aimco agreed to sell its portfolio of seven apartment communities in the Chicago area for $455 million with a $20 million deposit becoming non-refundable in January 2026. Closing is scheduled for the first quarter 2026.
• In the first quarter 2026, Aimco agreed to sell two properties in New York City and one in Atlanta, Georgia for a combined $56.5 million with non-refundable deposits of $5.1 million. Closings are scheduled for the second quarter 2026.

Plan of Sale and Liquidation

If all of the properties currently under contract close as planned, Aimco expects to distribute between $0.85 and $0.95 per share during the second quarter (“Expected 2Q Distributions”), after accounting for the retirement of property level debt, transaction costs, and the planned payoff of approximately $110 million of construction debt and preferred equity borrowings.  

Aimco is focused on the efficient and orderly sale of its holdings to maximize and unlock stockholder value. In addition to those properties currently under contract to sell, Aimco is actively marketing for sale its remaining stabilized properties and plans to bring the entirety of its land, development and lease-up properties to market by the middle of 2026.

The estimates below reflect the Company’s best approximation of additional liquidating distributions resulting from the sale of the remaining stabilized properties, land holdings, development and lease-up properties, and other assets (“Additional Liquidating Distributions”) as well as Expected 2Q Distributions.

Many of the assumptions and estimates reflected in the timing and range of Expected 2Q Distributions and Additional Liquidating Distributions are beyond the Company’s control and include, but are not limited to, the prospective buyer’s performance under the sales contracts, local market dynamics impacting operating fundamentals, lease up and net operating income stabilization timing and levels at our recently completed developments, in addition to broader economic conditions. Actual distributions may differ materially from these estimates.  

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.

Operating Property Results

On December 31, 2025, Aimco’s Stabilized Operating Properties, excluding its two held for sale communities, included 13 apartment communities. Results for these properties were as follows:

• Revenue in the fourth quarter 2025 was $14.5 million, up 1.8% year-over-year, resulting from a 2.8% increase in average monthly revenue per apartment home to $2,678 and Average Daily Occupancy of 96.9%, down 100 basis points year-over-year. Sequentially, revenue was up 1.1% over the third quarter 2025.
• Expenses in the fourth quarter 2025 were up 4.5% year-over-year. Sequentially, expenses were down 8.7% over the third quarter 2025 due primarily to seasonal reductions and lower than estimated tax bills.
• Property NOI in the fourth quarter 2025 was $9.9 million, up 0.5% year-over-year. Sequentially, Property NOI was up 6.4% over the third quarter 2025.

Active Construction and Lease-up Assets

Aimco plans to fulfill its contractual obligations and maximize value at its one multifamily development project under construction in Miami, Florida and complete the lease-up of its two recently completed Washington, D.C. area multifamily communities.  Aimco has ceased planning and predevelopment efforts for future projects.

During the fourth quarter, $24.9 million of capital was invested in Aimco’s development activities, primarily funded through construction loan and preferred equity draws. Updates on Aimco’s one active development project and two lease-ups include:

• In Miami, construction remains on schedule and on budget at 34^th Street, an ultra-luxury waterfront residential tower. The 38-story project was topped out in late February and initial occupancy is scheduled for 3Q 2027 with stabilized occupancy in 4Q 2028.
• In Upper Northwest Washington D.C., Aimco expects to complete the lease up of 689 apartment homes at Upton Place during the second quarter 2026. As of February 23, 2026, 532 units (77%) were leased or pre-leased and 518 (75%) were occupied. Additionally, as of February 23, 2026, approximately 97% of the project’s 105K square feet of retail space had been leased.
• In Bethesda, Maryland, Aimco expects to complete the lease up of 220 highly tailored apartment homes at the first phase of Strathmore Square in the second quarter 2026. As of February 23, 2026, 179 units (81%) had been leased or pre-leased and 170 (77%) were occupied.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, prudent simplification, and appropriate liquidity while promptly returning capital to stockholders.

Aimco’s net leverage as of December 31, 2025, was as follows:

As of December 31, 2025, Aimco had $394.9 million of cash on hand and $11.7 million of restricted cash.

Subsequent to quarter end, Aimco announced the following sources and uses of cash:

• Approximately $80 million of net proceeds from assets monetized or sold in 2026 as of filing.
• The pay down, in full, of the preferred equity borrowings collateralized by certain stabilized properties and the remaining preferred equity borrowings that funded the development of Upton Place, totaling approximately $135 million.
• The initial liquidating distribution of $1.45 per share to be paid on March 13, 2026 to stockholders of record on February 27, 2026, totaling approximately $220 million.
• The payment of approximately $52 million of income taxes related to 2025 dispositions, included in Accrued liabilities and other on Aimco’s Consolidated Balance Sheet.

Public Market Equity

Distributions

• In 2025, Aimco paid $2.83 per share in special cash dividends.
• Subsequent to quarter end, following the approval of the Plan of Sale and Liquidation, on February 9, 2026, Aimco announced a $1.45 per share liquidating distribution to be paid on March 13, 2026 to stockholders of record on February 27, 2026.

Repurchases

• Since Aimco’s Board of Directors announced the expansion of its strategic review process on January 9, 2025, no shares of common stock have been repurchased by Aimco. Since the start of 2022, Aimco has repurchased 14.5 million shares at an average price of $7.53 per share (prior to $2.83 per share of distributions subsequently paid in 2025 and the $1.45 per share liquidating distribution to be paid to holders of record as of February 27, 2026).
• In the fourth quarter 2025, Aimco Operating Partnership redeemed 12,493 units of its equity securities for cash at a weighted average price of $7.43 per unit (inclusive of the $2.23 per share distribution); for the year, it redeemed 76,383 units for cash at a weighted average price of $8.48 per unit (inclusive of distributions paid in in the quarter of redemption) and redeemed another 2.6 …

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