Apartment Investment and Management Company (AIV) investor relations material

Executive summary

• Liquidation plan approved by stockholders on Feb. 6, 2026; orderly asset sales and wind-down are underway, with completion targeted within 24 months of approval.

• Since plan adoption, 18 assets have been sold for gross proceeds of $754.6 million; net assets in liquidation were $395.0 million at Sept. 30, 2026.

• Total liquidating distributions are estimated at $4.90–$6.20 per share and unit, including $2.75 already paid.

Financial highlights

• Liquidation-basis assets totaled $1,106.2 million and liabilities $711.2 million at Sept. 30, 2026; net assets in liquidation were $395.0 million.

• Net assets in liquidation fell $526.2 million from Feb. 1 to Sept. 30, primarily reflecting $408.6 million of liquidating distributions.

• Remeasurements included a $36.1 million decrease in estimated real estate value; real estate values also reflected decreases of $102.1 million for lease-ups and land and a $66.0 million increase for the active development project.

• Financial statements have used liquidation accounting since Feb. 1; current-period reported values reflect estimated net realizable values and liquidation costs.

Outlook and guidance

• Future liquidating distributions are estimated at $2.15–$3.45 per share and unit; total distributions, including $2.75 paid, are estimated at $4.90–$6.20.

• Remaining asset sales are targeted for completion within 24 months after Feb. 6, 2026; timing and amounts of distributions remain at the Board’s discretion.

• Cash, operating cash generation, and property-sale proceeds are expected to fund operations, debt service, commitments, and liquidation needs through the next 12 months and liquidation.

• Miami 34th Street remains on schedule and on budget; initial occupancy is scheduled for 3Q 2027 and stabilized occupancy for 4Q 2028.