Apartment Investment and Management Company

What they do

Aimco is a self-administered, self-managed REIT that historically made real estate investments focused primarily on the multifamily sector in targeted U.S. markets. It conducts all business and owns all assets through Aimco Operating Partnership, of which a wholly-owned subsidiary is general partner and the Company is special limited partner. Following the December 15, 2020 separation that created Aimco and AIR, the remaining portfolio includes stabilized apartment communities, land and development properties such as the 34th Street high-rise project in Miami, and lease-up properties.

Revenue drivers

• Stabilized Operating Properties (Operating segment) — Rental income from apartment communities is the primary revenue source; property NOI from Stabilized Operating Properties was $38.0 million for full year 2025 and $9.9 million in Q4 2025.
• Operating segment property NOI (total) — Property net operating income from the Operating segment was $47.6 million for 2025, down 2.0% year over year, covering the broader operating portfolio.
• Asset sale proceeds — With the liquidation under way, cash generation is dominated by dispositions rather than recurring rent; Aimco sold $1.26 billion of real estate assets in 2025.
• Seller financing notes — Aimco has taken back notes from buyers, including $85 million of transferable, cross-collateralized notes from the Brickell Assemblage sale with a two-year term, two one-year extensions and an average 18% rate over the full duration.

Recent performance

For full year 2025, net income attributable to common stockholders was $3.87 per diluted share, with total annual revenue of $138.5 million and operating cash flow of $8.1 million. Quarterly revenue declined through 2025, from $52.8 million in the June 2025 quarter to $27.7 million in the December 2025 quarter, reflecting asset sales. In Q4 2025 Aimco sold its final suburban Boston property for $250 million and the Brickell Assemblage in Miami for $520 million, part of $1.26 billion of 2025 real estate dispositions. Aimco distributed $2.23 per share via a special cash dividend on October 15, 2025, bringing total 2025 dividends to $2.83 per share. Property NOI from Stabilized Operating Properties was $9.9 million in Q4 2025, up 0.5% year over year, and $38.0 million for full year 2025, down 0.3%.

Strategy

Following stockholder adoption of the Plan of Sale and Liquidation on February 6, 2026, Aimco plans to sell assets in an orderly fashion and return net proceeds from asset sales and cash on hand to stockholders, after paying liabilities and obligations. The Board declared an initial liquidating distribution of $1.45 per share on February 9, 2026, paid March 13, 2026 to holders of record February 27, 2026, including initial net proceeds from the Brickell Assemblage sale. Management is marketing remaining stabilized properties for sale and plans to bring all land, development and lease-up properties to market by mid-2026. Total liquidating distributions are estimated at $5.75 to $7.10 per share, consistent with the previously provided range. The Board may modify, amend or terminate the plan before dissolution articles are filed, but the Company states it has no present plans to do so.

Risks

• Execution of the liquidation — Aimco may fail to complete the Plan of Sale and Liquidation, including successfully marketing and selling remaining assets on the terms or timeline anticipated, or at all.
• Uncertain distribution amounts — Total liquidating distributions of $5.75 to $7.10 per share could change due to unexpected transaction costs, delayed or terminated closings, liquidation costs, unpaid or additional liabilities, or changes in net sale proceeds.
• Illiquid real estate and closing conditions — Real estate investments are relatively illiquid, and pending sales depend on satisfying or waiving closing conditions, including the ten properties under contract for approximately $510 million.
• Creditor clawback exposure — If Aimco does not reserve adequate funds to cover expenses and liabilities, creditors could seek repayment from stockholders up to the amount of total liquidating distributions.

Outlook

Management said that thus far in 2026 Aimco closed three property sales for approximately $178 million and has ten properties under contract to sell for approximately $510 million, with most expected to close in the first quarter of 2026. The Company also monetized a seller financing note, is actively marketing remaining stabilized properties, and plans to bring all land, development and lease-up properties to market by the middle of 2026. Total liquidating distributions are estimated at $5.75 to $7.10 per share, and management said overhead costs will be managed to maximize net proceeds distributed to stockholders.