Apartment Investment and Management Company【AIV】株式ニュース

Aimco Reports Fourth Quarter 2025 Results, Recent Highlights, and Updates Related to the Plan of Sale and LiquidationMarch 2, 2026 4:25 PM
PR Newswire (US)

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 ResultsAimco'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.HighlightsIn 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, 34th Street, located in Miami, FL topped-out construction during February and remains on schedule and on budget.Transactions and Plan of Sale and LiquidationOn 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 TransactionsIn 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 TransactionsIn 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 LiquidationIf 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. Distributions From:Amount per share Initial liquidating distribution payable March 2026 (1)$1.45 Expected 2Q Distributions (2)$0.85 to $0.95 Additional Liquidating Distributions:
     Remaining Stabilized Properties (3)$0.25 to $0.30     Land Holdings, Development and Lease-up Properties (4)$2.30 to $3.30     Other Assets (5)$0.90 to $1.10 Estimated Total$5.75 to $7.10[1]Distribution announced on February 9, 2026, payable on March 13, 2026 to stockholders of record on February 27, 2026.[2]Expected distributions following the sale of 12 properties under contract as of February 9, 2026, net of approximately $110 million of construction debt and preferred equity retirement.[3]Includes 1045 on the Park in Atlanta, Georgia that, in late February, Aimco agreed to sell and the remaining three stabilized properties currently being marketed for sale.[4]These assets are expected to be marketed for sale by the middle of 2026.[5]Includes unconsolidated real estate, the Brickell seller financing note, passive equity investments, and accounts for cash net of projected uses during the wind-down.Many of the assumptions and estimates reflected in the timing and range of Expected 2Q Distributions and Additional Liquidating Distributions are beyond the Company's control and include, but are not limited to, the prospective buyer's performance under the sales contracts, local market dynamics impacting operating fundamentals, lease up and net operating income stabilization timing and levels at our recently completed developments, in addition to broader economic conditions. Actual distributions may differ materially from these estimates.  Aimco does not intend to disclose or comment on the sales and marketing of individual assets, or any other strategic transactions, until it determines that further disclosure is appropriate or required.Operating Property ResultsOn December 31, 2025, Aimco's Stabilized Operating Properties, excluding its two held for sale communities, included 13 apartment communities. Results for these properties were as follows:
Fourth Quarter
FULL YEARStabilized Operating PropertiesYear-over-Year
Sequential
Year-over-Year($ in millions)20252024Variance
3Q 2025Variance
20252024Variance   Average Daily Occupancy96.9 %97.9 %(1.0) %
95.3 %1.6 %
96.2 %97.2 %(1.0) %   Revenue, before utility reimbursements$14.5$14.31.8 %
$14.41.1 %
$57.1$56.21.6 %   Expenses, net of utility reimbursements4.64.44.5 %
5.1(8.7) %
19.118.15.6 %   Property NOI9.99.80.5 %
9.36.4 %
38.038.1(0.3) %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 AssetsAimco 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 34th 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 ActivityAimco 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 Share, $ in thousands
Amount

Weighted Avg.
Maturity (Yrs.) [1]
Total non-recourse fixed rate debt
$345,409

4.7
Total non-recourse construction loans and bridge financing

404,497

2.2
Total property debt secured by assets held for sale

106,159

Cash and restricted cash

(406,561)

Net Leverage
$449,504

[1] Weighted average maturities presented exclude contractual extension rights.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 EquityDistributionsIn 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.RepurchasesSince 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 million units for an equal number of shares of common stock.Supplemental InformationThe 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 EstimatesThe 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 are more fully described in the Company's proxy statement, filed on January 2, 2026. 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 ListingAimco intends for its common shares to continue to be listed on the New York Stock Exchange; however this is subject to continued compliance with NYSE listing requirements. The New York Stock Exchange has discretionary authority to delist the Company's common shares.Glossary & Reconciliations of Non-GAAP Financial and Operating MeasuresFinancial 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 AimcoOn February 6, 2026, Aimco's common stockholders approved the Plan of Sale and Liquidation. Aimco's strategic liquidation is being undertaken for the sole purpose of maximizing stockholder returns.Prior to the adoption of the Plan of Sale and Liquidation, Aimco's mission was to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes were enhanced through our human capital and substantial value was created for investors, teammates, and the communities in which we operated.Subsequent to the adoption of the Plan of Sale and Liquidation, Aimco plans to sell all assets in an orderly fashion and return net proceeds from asset sales and cash on hand to stockholders, subject to payment of our liabilities and obligations and the creation of associated reserves.Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.Forward-Looking StatementsThis 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 for 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, and developments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development 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: our ability to complete the Plan of Sale and Liquidation, including our ability to successfully market and/or sell the remaining assets, on the terms and timeline anticipated, or at all; our ability to close sales following the execution of purchase and sale agreements on the terms and timeline anticipated, or at all, including the satisfaction or waiver of the conditions to closing the sales transactions currently under contract and any other sales transactions Aimco may undertake (the "Portfolio Sales Transactions"); changes in the amount and timing of the total liquidating distributions resulting from the Plan of Sale and Liquidation and the Portfolio Sales Transactions, including as a result of unexpected levels of transaction costs, delayed or terminated closings, liquidation costs, unpaid or additional liabilities and obligations, changes in the net asset sales proceeds for the sale of the remaining properties from prior estimates or other unanticipated difficulties; the possibility of converting to a liquidating trust or other liquidating entity; the ability of our board of directors to terminate the Plan of Sale and Liquidation; the response of our residents, tenants and business partners to the Plan of Sale and Liquidation and/or Portfolio Sales Transactions; difficulties in employee retention as a result of the ongoing Plan of Sale and Liquidation and/or Portfolio Sales Transactions; the occurrence of any event, change or other circumstances that could give rise to the termination of the Plan of Sale and Liquidation and/or the Portfolio Sales Transactions; the outcome of legal proceedings that may be instituted against Aimco, our subsidiaries, our and their directors and others related to the Plan of Sale and Liquidation and/or Portfolio Sales Transactions; the risk that disruptions caused by or relating to the Plan of Sale and Liquidation and/or Portfolio Sales Transactions will harm our business, including current plans and operations; the possibility that we do not reserve adequate funds to cover expenses and liabilities, and the possibility that our creditors, in that instance, could seek repayment from our stockholders up to the amount of the total liquidating distributions; risks relating to the market value of Aimco's common stock; risks associated with contracts or other instruments containing consent and/or other provisions that may be triggered by the Plan of Sale and Liquidation and/or Portfolio Sales Transactions; restrictions during the pendency of the Portfolio Sale Transactions that may impact our ability to pursue certain business opportunities or strategic transactions; our ability to remain listed on the NYSE; 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 dispositions and developments; expectations regarding sales of apartment communities; 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, 2025, 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.Consolidated Statements of Operations(in thousands, except per share data) (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024
REVENUES:

Rental and other property revenues
$34,639

$36,063

$138,486

$137,700

OPERATING EXPENSES:

    Property operating expenses

17,163

18,466

68,355

68,077
    Depreciation and amortization

13,356

19,219

58,278

77,133
    General and administrative expenses

10,524

8,961

34,026

32,837
    Impairment on real estate [1]

90,082

—

147,456

—
Total operating expenses

131,125

46,646

308,115

178,047

    Interest income

3,481

2,181

8,646

9,643
    Interest expense

(15,215)

(18,169)

(59,429)

(59,364)
   Mezzanine investment income (loss), net

—

(548)

856

(2,432)
    Realized and unrealized gains (losses) on
       interest rate contracts

(37)

588

(471)

1,752
    Realized and unrealized gains (losses) on
       equity investments

(315)

(1,403)

(5,790)

(49,504)
    Gain on disposition of real estate

237,050

10,749

237,060

10,600
Credit loss Expense

(22,899)

—

(22,899)

—
Other income (expense), net

(3,687)

(779)

(4,192)

(5,581)
Income (loss) from continuing operations before income tax

101,892

(17,964)

(15,848)

(135,233)
    Income tax benefit (expense)

62,966

2,340

57,595

11,071
Net income (loss) from continuing operations

164,858

(15,624)

41,747

(124,162)
Income (loss) from discontinued operations, net of taxes

153,806

7,987

551,221

28,162
Net income (loss)

318,664

(7,637)

592,968

(96,000)
Net (income) loss attributable to redeemable noncontrolling
     interests in consolidated real estate partnerships

(3,826)

(3,141)

(13,237)

(13,958)
Net (income) loss attributable to noncontrolling interests
     in consolidated real estate partnerships

(149)

450

(781)

1,849
Net (income) loss attributable to common noncontrolling
     interests in Aimco Operating Partnership

(14,172)

508

(24,941)

5,641
   Net income (loss) attributable to Aimco
$300,517

$(9,820)

$554,009

$(102,468)

Income (loss) from continuing operations attributable to Aimco per common share
$1.08

$(0.14)

$0.20

$(0.94)
Income (loss) from discontinued operations attributable to Aimco per common share
$1.04

$0.06

$3.75

$0.19
Net income (loss) attributable to common stockholders per share – basic
$2.12

$(0.08)

$3.95

$(0.75)

Income (loss) from continuing operations attributable to Aimco per common share
$1.06

$(0.14)

$0.19

$(0.94)
Income (loss) from discontinued operations attributable to Aimco per common share
$1.02

$0.06

$3.68

$0.19
Net income (loss) attributable to common stockholders per share – diluted
$2.08

$(0.08)

$3.87

$(0.75)

Weighted-average common shares outstanding – basic

140,159

136,659

138,347

138,496
Weighted-average common shares outstanding – diluted

142,941

136,659

141,057

138,496
[1]Aimco recorded non-cash impairment charges in the fourth quarter and full year 2025 due to reductions in the estimated period over which we expect to hold properties and, for development pipeline properties, the decision not to pursue development given the Plan of Sale and Liquidation. See Aimco's 2025 SEC Form 10-K for more information. Consolidated Balance Sheets(in thousands) (unaudited)

December 31,

December 31,

2025

2024
Assets

Buildings and improvements
$1,014,902

$1,145,332
Land

222,315

246,881
   Total real estate

1,237,217

1,392,213
Accumulated depreciation

(287,285)

(322,708)
   Net real estate

949,932

1,069,505
Cash and cash equivalents

394,891

141,072
Restricted cash

11,670

30,051
Notes receivable

103,863

58,794
Right-of-use lease assets - finance leases

106,438

107,714
Other assets, net

82,092

92,600
Assets from discontinued operations and held for sale, net

26,847

457,174
   Total assets
$1,675,733

$1,956,910

Liabilities and Equity

Non-recourse property debt, net
$339,483

$444,426
Non-recourse construction loans and bridge financing, net

399,142

385,240
   Total indebtedness

738,625

829,666
Deferred tax liabilities

—

101,457
Lease liabilities - finance leases

124,794

121,845
Dividends payable

4,320

89,182
Accrued liabilities and other

147,362

95,911
Liabilities related to discontinued operations and assets held for sale, net

107,747

406,552
   Total liabilities

1,122,848

1,644,613

Redeemable noncontrolling interests in consolidated real estate partnerships

158,292

142,931

Equity:

Common Stock

1,402

1,364
Additional paid-in capital

429,144

425,002
Retained earnings (deficit)

(68,693)

(303,409)
   Total Aimco equity

361,853

122,957
Noncontrolling interests in consolidated real estate partnerships

20,000

39,560
Common noncontrolling interests in Aimco Operating Partnership

12,740

6,849
   Total equity

394,593

169,366
   Total liabilities and equity
$1,675,733

$1,956,910

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