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Apartment Investment and Management Company (AIV) investor relations material

Apartment Investment and Management Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary10 Nov, 2025

Executive summary

  • Board approved a Plan of Sale and Liquidation, subject to stockholder approval, targeting total per share liquidating distributions of $8.60–$9.95, including $2.85 per share in special dividends since the 2020 spinoff, with liquidation and dissolution expected in early 2026.

  • Major asset sales included the Boston portfolio for $740M, with proceeds used for leverage reduction and a $2.23 per share special dividend in October 2025.

  • Brickell Assemblage sale amended to close in December 2025 for $520M, with $70M seller financing.

  • The Board determined that an orderly liquidation of remaining assets is expected to maximize shareholder value.

Financial highlights

  • Net income attributable to common stockholders was $302.99M for Q3 2025 and $274.31M for the nine months ended September 30, 2025, driven by gains from asset sales.

  • Earnings per share (diluted) were $2.04 for Q3 2025 and $1.80 for the nine months ended September 30, 2025.

  • Operating segment property net operating income (PNOI) was $11.6M for Q3 2025, down 3.4% year-over-year; $35.3M for the nine months, down 1.9%.

  • Effective rents in Q3 2025 were 4.4% higher than previous leases; new leases up 3.1%, renewals up 5.6%.

  • Q3 2025 revenues for Stabilized Operating Properties were $18.2M, up 1.2% year-over-year; expenses up 10.5% year-over-year.

Outlook and guidance

  • Plan of Sale and Liquidation to be submitted for shareholder approval in early 2026; estimated total per share distributions (including prior dividends) between $8.60–$9.95.

  • 2025 net income per share forecast revised to $4.75–$4.95, down from prior $5.20–$5.40, reflecting asset sales.

  • No regular quarterly dividend planned; future distributions will depend on asset sales and liquidation progress.

  • Sufficient liquidity to meet operational needs for the next twelve months, regardless of liquidation plan outcome.

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Frequently asked questions

Apartment Investment and Management Company, commonly referred to as Aimco, is a diversified real estate company with a primary focus on value-added and opportunistic investments in the U.S. multifamily sector. The company's strategy involves making real estate investments where its human capital can enhance outcomes, thereby creating substantial value for investors, team members, and the communities in which it operates. Aimco's portfolio includes a Development and Redevelopment segment, which comprises properties under construction or yet to achieve stabilization, as well as land held for future development. Aimco was founded in 1975 and is headquartered in Denver, Colorado, with its shares listed on the New York Stock Exchange.

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