AIV

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, 34th 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 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 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 million units for an equal number of shares of common stock. Supplemental Information The 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 Estimates The 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 Listing Aimco 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 Measures Financial 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 Aimco On 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 Statements This 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/aimco-reports-fourth-quarter-2025-results-recent-highlights-and-updates-related-to-the-plan-of-sale-and-liquidation-302701537.html

Aimco to Seek Shareholder Approval to Adopt Plan of Sale and Liquidation, Estimates Liquidating Distributions of Between $5.75 and $7.10 Per Share. DENVER, Nov. 10, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today the conclusion of the strategic review process and third quarter results for 2025. In early 2025, Aimco launched a broad and comprehensive process actively pursuing value maximizing transactions, including the potential sale of Aimco as a whole or sale of major components of the business. These proactive efforts resulted in the sale of Aimco's Boston portfolio, with $335 million of net proceeds being allocated to leverage reduction and approximately $330 million being returned to shareholders in the form of a special dividend earlier this quarter. Combined with the $0.60 per share dividend paid in the first quarter of 2025, Aimco has returned $2.83 per share to shareholders during the calendar year. Given the disparate composition of Aimco's remaining assets and the market feedback received during a robust strategic process with Morgan Stanley & Co. LLC ("Morgan Stanley") and Wachtell, Lipton, Rosen & Katz ("Wachtell") serving as the Company's financial and legal advisors, respectively, the Aimco Board of Directors has unanimously determined that the targeted marketing and orderly sale of Aimco's remaining assets in a series of transactions is likely to deliver superior value to shareholders, as compared to other strategic alternatives currently available or by maintaining the status quo. Therefore, the Aimco Board of Directors has determined advisable and approved a "Plan of Sale and Liquidation," conditioned on shareholder approval, which will be sought during early 2026. A Plan of Sale and Liquidation would allow for the acceleration of asset sales, establishes the most tax efficient manner of monetizing the Company's remaining assets, and does not preclude a corporate transaction or the sale of the Aimco platform in the future. Aimco intends to return net proceeds from asset sales to shareholders, subject to payment of Aimco's liabilities and obligations, and the creation of associated reserves. Aimco's current portfolio includes 15 fully stabilized multifamily communities containing 2,524 apartment homes, three recently completed Class A development projects containing 933 apartment homes, which will be occupancy stabilized by early 2026, one fully-funded active development project in the construction phase, and various land holdings. Aimco's Brickell Assemblage, which is comprised of the 1001 Brickell Bay Drive office tower and the adjacent Yacht Club apartments, located in Miami, Florida remains under contract to be sold for $520 million, with closing targeted for December 2025. In addition, Aimco is actively marketing a significant portion of its remaining properties. It is estimated that net proceeds from the sale of Aimco's remaining assets, including the Brickell Assemblage, could result in total per share distributions of between $5.75 and $7.10, given current market conditions and inclusive of estimated transaction and wind-down costs. When combined with the $2.85 per share in special dividends previously returned to shareholders since the 2020 spinoff of Apartment Income REIT Corp. (the "2020 Spinoff"), Aimco's total distribution estimate is between $8.60 - $9.95 per share. At the midpoint, this amount reflects approximately 170% of Aimco's share price following the 2020 Spinoff. Aimco President and CEO Wes Powell comments: "Aimco has remained laser focused on our mission, which aims to create value for our shareholders, our teammates, and the communities in which we operate. "Over the past five years, the Aimco team has navigated a challenging market cycle to deliver more than $1.3 billion of high-quality housing to markets across the country, while safeguarding the Company's balance sheet and actively managing the portfolio of assets retained following the 2020 Spinoff. "During this period, Aimco repurchased 14.5 million shares of common stock, sold more than $1.9 billion of assets, returned more than $420 million in special dividends, and delivered total shareholder returns that have outpaced the FTSE NAREIT Equity Apartments index by more than 2,000 bps. "I am pleased with our track record and extremely proud of the Aimco team which remains committed to the important work that lies ahead." Pat Gibson, Independent Director and Chair of Aimco's Investment Committee, continues: "The Board, working with Morgan Stanley and Wachtell, evaluated a broad range of strategic alternatives and in January 2025 publicly announced the Board's expanded strategic review process. That process involved engagement with more than 100 counterparties, including financial sponsors, investment managers, public REITs and private real estate companies, among others. "Having thoroughly explored various strategic alternatives with these counterparties, the Board unanimously concluded that the voluntary and orderly liquidation of the Company's remaining assets is most likely to result in the greatest value for shareholders as compared to other alternatives." Third Quarter 2025 Results and Recent Highlights Financial Results Aimco's net income attributable to common stockholders per share, on a fully dilutive basis, was $2.04 for the three months ended and $1.80 for the nine months ended September 30, 2025. Property Net Operating Income ("NOI") from Aimco's Stabilized Operating Properties was $11.6 million in the third quarter 2025, down (3.4%) year-over-year, and $35.3 million year-to-date, down (1.9%) year-over-year. Highlights Aimco's Stabilized Operating revenue and expenses increased 1.2% and 10.5%, respectively, resulting in Property NOI decreasing 3.4%, year-over-year in the third quarter. Expenses increased primarily related to the net impact of real estate tax assessments and appeals. Effective rents during the third quarter 2025 were 4.4% higher, on average, than the previous lease, with new leases up 3.1% and renewals up 5.6%. In September, Aimco sold four suburban Boston properties for $490 million. Aimco retired the associated debt and distributed $2.23 per share to stockholders by way of a special cash dividend paid on October 15, 2025. The fifth and final suburban Boston asset sold in October for $250 million. Operating Property Results Aimco owns a diversified portfolio of Stabilized Operating Properties which now includes 15 apartment communities with average rents in line with local market averages. Results for this portfolio were as follow: Revenue in the third quarter 2025 was $18.2 million, up 1.2% year-over-year, resulting from a 3.0% increase in average monthly revenue per apartment home to $2,531 and Average Daily Occupancy of 94.8%, down 180 basis points year-over-year. Sequentially, revenue was up 1.2% over the second quarter 2025. Effective rents during the third quarter 2025 were 4.4% higher, on average, than the previous lease, with new leases up 3.1% and renewals up 5.6%. For residents whose leases were expiring, 59.2% signed renewals. Expenses in the third quarter 2025 were up 10.5% year-over-year primarily related to the net impact of real estate tax assessments and appeals. Sequentially, expenses were up 1.1% over the second quarter 2025. Stabilized Operating Property NOI in the third quarter 2025 was $11.6 million, down (3.4%) year-over-year. Sequentially, Property NOI was up 1.3% over the second quarter 2025. Across the entirety of the Aimco portfolio, the median annual household income of new residents was $160,000 in the third quarter 2025, representing a rent-to-income ratio of 18%. Value Add and Opportunistic Investments Development and Redevelopment Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco's value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements. As of September 30, 2025, Aimco had one multifamily development project under construction, two multifamily communities that have been completed and are now in lease-up, and one that completed lease-up and is stabilizing operations. During the third quarter, $25 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan and preferred equity draws. Updates on active development projects and Aimco's pipeline include: In Upper Northwest Washington D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is complete. As of October 31, 2025, 523 units (76%) were leased or pre-leased and 499 (72%) were occupied. The pace of absorption slowed during the third quarter and we now expect the property to reach occupancy stabilization in the first quarter 2026. Additionally, as of October 31, 2025, approximately 97% of the project's 105K square feet of retail space had been leased. In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is complete. As of October 31, 2025, 186 units (85%) had been leased or pre-leased and 173 (79%) were occupied. We now expect the property to reach occupancy stabilization in the first quarter 2026. In Miami, construction remains on schedule and on budget at 34th Street, an ultra-luxury waterfront residential tower. Initial occupancy is scheduled for 3Q 2027 with stabilized occupancy in 4Q 2028. In the third quarter 2025, Aimco invested $1.7 million into programming, design, documentation, and entitlement efforts primarily related to its 901 North development site, located in Fort Lauderdale, Florida. Investment & Disposition Activity Aimco currently anticipates that a Plan of Sale and Liquidation (the "Proposed Transaction") would be submitted for stockholder approval at a special stockholder meeting, expected to occur in early 2026 (the "Special Stockholder Meeting"). Additional information regarding the Plan of Sale and Liquidation will be made available in the Company's filings with the U.S. Securities and Exchange Commission. 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. In August 2025, Aimco entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740 million. In September 2025, Aimco completed the sale of four of the five apartment properties located in suburban Boston for $490 million with proceeds primarily used to retire associated mortgage loans, pay off in full the balance drawn on Aimco's revolving credit facility, and fund a $2.23 per share special dividend distribution to stockholders paid on October 15, 2025. Subsequent to quarter end, in October 2025, Aimco completed the sale of its last remaining apartment property located in suburban Boston for $250 million. In connection with the sale, $173.4 million of non-recourse property debt was assumed by the buyer. Aimco plans to use net proceeds from the sale to reduce leverage and for general corporate purposes. Aimco's Brickell Assemblage remains under contract to be sold for $520 million. During the third quarter, the buyer notified Aimco that it intended to exercise its option, as permitted in the December 30, 2024, agreement, to finance up to $115 million of the purchase price with transferable seller financing from Aimco. On November 8, 2025, the purchase and sale agreement was amended such that closing is now scheduled for December of 2025 and the buyer will finance $70 million, of the of the $520 million purchase price, with transferable seller financing notes from Aimco. The notes will have a term of 24 months with a compounding interest rate that increases from 12% to 22% over the duration of the loan as well as exit fees ranging from 1% to 4%. In addition, $15 million of the $50 million, non-refundable, deposit has been released to Aimco with the remainder being held in escrow, $20 million is to be released to Aimco on the original closing date, November 18, 2025, and $15 million will be applied at closing. Net proceeds, when accounting for associated property-level debt, the monetization of the seller financing note, the deferred tax liability, and transaction costs, are expected to be approximately $300 million. Subsequent to quarter end, 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. Balance Sheet and Financing Activity Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of September 30, 2025, Aimco had $404.4 million of cash on hand ($327.3 million was distributed as a special dividend on October 15, 2025) and $20.7 million of restricted cash. Aimco's net leverage as of September 30, 2025, was as follows: As of September 30, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no debt maturing prior to June 2027. In September, Aimco used proceeds from the sale of four suburban Boston properties to pay down in full the borrowings on its revolving credit facility. Certain of the properties sold served as collateral for the credit facility, which was retired upon completion of the sales. Public Market Equity Special Dividend On September 15, 2025, Aimco's Board of Directors declared a $2.23 per share special cash dividend to be paid on October 15, 2025 to stockholders of record as of September 30, 2025. Because the dividend represented more than 25% of the price of Aimco's common shares, the New York Stock Exchange advised Aimco that its common shares would trade with "due bills" between the date of record and the close of trading on the payment date. Aimco shares traded ex-dividend on October 16, 2025. Year-to-date, as of November 10, 2025, Aimco has paid $2.83 per share in special cash dividends. 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. In the third quarter 2025, Aimco Operating Partnership redeemed 43,804 units of its equity securities for cash at a weighted average price of $8.66 per unit and 2.6 million units of its equity securities for shares of common stock at a weighted average price of $7.98 per unit. 2025 Outlook The table below presents Aimco's current expectations for 2025. In August, given the Boston transaction's substantial impact on the composition of the Stabilized Operating portfolio, Aimco withdrew prior guidance and will no longer provide revenue, expense and Property NOI guidance for its Stabilized Operating Properties. Supplemental Information The 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 Estimates The 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 will be more fully described in the Company's proxy statement to be filed in connection with the Special Shareholder Meeting to be convened to approve the Proposed Transaction. 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 Listing Although Aimco intends for its common shares to continue to be listed on the New York Stock Exchange if shareholders approve the Proposed Transaction, subject to continued compliance with NYSE listing requirements, the New York Stock Exchange has discretionary authority to delist the Company's common shares following shareholder approval of the Proposed Transaction. At a point in the future to be determined by the Aimco Board of Directors, the Company expects to voluntarily delist its common shares from the NYSE in order to reduce operating expenses and maximize liquidating distributions. Additional Information and Where to Find It This release relates to the proposed plan of sale and liquidation of Aimco and may be deemed to be solicitation material in respect of the Proposed Transaction. In connection with the Proposed Transaction, Aimco intends to file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC"). The Proxy Statement will be sent to all shareholders of Aimco. Aimco will also file other documents regarding the Proposed Transaction with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF AIMCO ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ALL OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders of Aimco may obtain copies of the Proxy Statement and other documents that are filed or will be filed by Aimco with the SEC, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by Aimco with the SEC will also be available, free of charge, on Aimco's website at investors.aimco.com or by contacting Aimco's investor relations contact at [email protected]. Glossary & Reconciliations of Non-GAAP Financial and Operating Measures Financial 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 Aimco Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com. Team and Culture Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced regional professionals who leverage in-depth local market knowledge, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities. Above all else, Aimco is committed to a culture of integrity, respect, and collaboration. Forward-Looking Statements This 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 to form joint ventures, our plans for new acquisitions or 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, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment 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: the risk that the 2025 plans and goals may not be completed, as expected, in a timely manner or at all; the possibility that Aimco's shareholders do not approve the Proposed Transaction; changes in the amount and timing of the total liquidating distributions, including as a result of unexpected levels of transaction cost, delayed or terminated closings, liquidation costs or unpaid or additional liabilities and obligations; the possibility of converting to a liquidating trust or other liquidating entity; the ability of our board of directors to terminate the Proposed Transaction, whether or not approved by shareholders; the occurrence of any event, change or other circumstances that could give rise to the termination of the Proposed Transaction; 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 acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; 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, 2024, and subsequent Quarterly Reports on Form 10-Q 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. Participants in the Solicitation Aimco, certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Aimco's shareholders in connection with the Proposed Transaction. Information about Aimco's directors and executive officers and their ownership of Aimco's common stock is set forth in Aimco's proxy statement for its Annual Meeting of Shareholders on Schedule 14A filed with the SEC on April 25, 2025. To the extent that holdings of Aimco's securities have changed since the amounts reported in Aimco's proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Proposed Transaction may be obtained by reading the Proxy Statement regarding the Proposed Transaction when it becomes available. You may obtain free copies of these documents using the sources indicated above. View original content to download multimedia:https://www.prnewswire.com/news-releases/aimco-announces-conclusion-of-strategic-review-process-reports-third-quarter-2025-results-and-recent-highlights-302610715.html

DENVER, Aug. 11, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today second quarter results for 2025 and provided highlights on recent activities. Financial Results Aimco's net loss attributable to common stockholders per share, on a fully dilutive basis, was $(0.14) for the three months ended and $(0.24) for the six months ended June 30, 2025. Property Net Operating Income ("NOI") from Aimco's Stabilized Operating Properties was $24.2 million in the second quarter 2025, up 1.1% year-over-year, and $49.3 million year-to-date, up 1.9% year-over-year. CEO Commentary Wes Powell, Aimco President and Chief Executive Officer, comments: "During the first half of 2025, Aimco continued its focus on creating value through the effective management of our apartment portfolio and development projects, while actively exploring opportunities to unlock value for stockholders through strategic transactions and prudent capital allocation. "As announced on August 6, 2025, Aimco has executed a contract to sell its five-property suburban Boston portfolio for $740 million. When combined with the pending sale of our Brickell Assemblage we now expect to close $1.26 billion of asset sales in 2025. "These sales are expected to deliver net proceeds of approximately $785 million or $5.21 per share, and we plan to return between $4.00 and $4.20 to stockholders with the remainder allocated to debt reduction and general corporate purposes. "Following the Boston and Brickell asset sales, Aimco's remaining portfolio will consist of: 1) 15 Stabilized Operating Properties containing 2,524 apartment homes, that produced $46 million of annualized Property NOI in the second quarter with rents 5.2% higher on leases transacted during the month of July; 2) three newly completed residential communities containing 933 homes and 114,000 square feet of retail space, that are projected to deliver approximately $40 million of Property NOI when fully stabilized in 2027; 3) one active development project under construction on Miami's waterfront that is scheduled for completion in 2027; and 4) an experienced development and investment management platform and pipeline with the potential to deliver more than 3,700 new apartment units and one million square feet of commercial space over the coming years. "In addition, we remain committed to maintaining a strong and flexible balance sheet with plans to utilize a portion of the sales proceeds to repay the balance drawn on our revolving credit facility and reduce the balance of third-party preferred equity funding, reducing Aimco's cost of leverage by approximately $7 million annually. Aimco's remaining Stabilized Operating Properties are financed with assumable property-level mortgage debt, with a weighted average interest rate of 4.44% and a weighted average remaining term of 5.6 years. "Finally, in collaboration with the Aimco Board and our advisory team, we continue to actively explore additional opportunities to further unlock and maximize stockholder value." Highlights In August, Aimco agreed to sell its suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for $740 million. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter of 2025. In July, the buyer with which Aimco is under agreement to sell the Brickell Assemblage for $520 million exercised the final contractual closing extension option that required its non-refundable deposit to be increased by $7 million, bringing the total non-refundable deposit to $50 million. Closing is now scheduled for the fourth quarter of 2025. Aimco's Stabilized Operating revenue, expenses, and Property NOI increased 1.9%, 3.9%, and 1.1%, respectively, year-over-year in the second quarter, with average daily occupancy down 50 basis points at 95.8% and average monthly revenue per apartment home increasing by 2.5% to $2,349. Aimco's three residential development projects currently in lease-up, containing a total of 933 units, remain on plan to reach stabilized occupancy in 2025. In May, Aimco purchased its development partner's interests in the first phase of development at Strathmore Square. Aimco also borrowed on its revolving credit facility to pay off a higher interest rate mezzanine loan used to fund construction of Strathmore Square. Operating Property Results Aimco owns a diversified portfolio of operating apartment communities with average rents in line with local market averages. Results at Aimco's Stabilized Operating Properties were as follows: Revenue in the second quarter 2025 was $35.4 million, up 1.9% year-over-year, resulting from a 2.5% increase in average monthly revenue per apartment home to $2,349 and Average Daily Occupancy of 95.8%, down 50 basis points year-over-year. Revenue was negatively impacted by approximately 35 bps in the quarter due to a commercial tenant vacancy in New York City. Effective rents during the second quarter 2025 were 6.2% higher, on average, than the previous lease, with new leases up 5.5% and renewals up 6.5%. For residents whose leases were expiring, 66.7% signed renewals. In July, effective rents for the 15 properties not included in the Boston portfolio sale were 5.2% higher, on average, than the previous lease. The median annual household income of new residents was $124,000 in the second quarter 2025, representing a rent-to-income ratio of 20%. Expenses in the second quarter 2025 were up 3.9% year-over-year and 6.2% compared to the first quarter 2025, primarily due to higher real estate taxes from a multi-year property assessment at our Nashville property, which assessment is being appealed. Property NOI in the second quarter 2025 was $24.2 million, up 1.1% year-over-year. Value Add and Opportunistic Investments Development and Redevelopment Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco's value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements. As of June 30, 2025, Aimco had one multifamily development project under construction, two multifamily communities that have been substantially completed and are now in lease-up, and one that completed lease-up and is stabilizing operations. In addition to Aimco's core multifamily developments, The Benson Hotel and Faculty Club was completed in 2023 and remains in the stabilization process. Aimco also has a pipeline of future value add opportunities in Southeast Florida, the Washington D.C. Metro Area, and Colorado's Front Range. During the second quarter, $21.4 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan and preferred equity draws. Updates on active development projects and Aimco's pipeline include: In Upper Northwest Washington D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is substantially complete. As of July 31, 2025, 504 units (73%) were leased or pre-leased and 418 (61%) were occupied. Additionally, as of July 31, 2025, approximately 92% of the project's 105K square feet of retail space had been leased. In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is substantially complete. As of July 31, 2025, 173 units (79%) had been leased or pre-leased and 151 (69%) were occupied. In Corte Madera, California, construction is complete at Oak Shore. As of July 31, 2025, the ultra-luxury single-family rental community was 96% leased, with 23 (96%) of the 24 homes occupied. In Miami's Edgewater neighborhood, construction remains on schedule and on budget at 34th Street, an ultra-luxury waterfront residential tower that will include rental homes averaging more than 2,500 square feet, with oversized private terraces, top-of-the-line finishes, and unobstructed views of Biscayne Bay. Aimco expects to welcome the first residents in 3Q 2027 and to stabilize occupancy in 4Q 2028. In the second quarter 2025, Aimco invested $2.5 million into programming, design, documentation, and entitlement efforts primarily related to its 901 North development site, located in Fort Lauderdale, Florida. Investment & Disposition Activity Aimco is focused on prudently allocating capital and delivering strong investment returns. Consistent with Aimco's capital allocation philosophy, it aims to monetize the value within its assets when accretive uses of the proceeds are identified and invest when the risk-adjusted returns are superior to other uses of capital. Subsequent to quarter end, in August 2025, Aimco entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740 million. The buyer has completed due diligence and made a $20 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter of 2025.[1] In December 2024, Aimco entered into an agreement to sell its Brickell Assemblage for a gross price of $520 million. In July, the buyer exercised its final closing extension option and increased its non-refundable deposit by $7 million, bringing the total non-refundable deposit to $50 million. Closing is now scheduled for the fourth quarter of 2025. Gross proceeds from the Boston and Brickell transactions are expected to equal $1.26 billion. Net proceeds, when accounting for associated property-level debt, the deferred tax liability related to the Brickell assets, and transaction costs, are expected to be approximately $785 million, or $5.21 per share. Following the closing of the Brickell and Boston Portfolio transactions, Aimco plans to return between $4.00 and $4.20 per share to stockholders with the remainder allocated to debt reduction and general corporate purposes.[2] In May, Aimco purchased, for $2.1 million, its development partner's 5% common equity interest in Strathmore Square. In addition, Aimco purchased the same development partner's subordinated interest for $2.9 million, a value representing approximately 60% of its expected future obligation. Balance Sheet and Financing Activity Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of June 30, 2025, Aimco had access to $173.5 million, including $41.4 million of cash on hand, $26.4 million of restricted cash, and the capacity to borrow up to $105.7 million on its $150.0 million revolving credit facility. Aimco's net leverage as of June 30, 2025, was as follows: As of June 30, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no debt maturing prior to June 2027. In May, Aimco borrowed $42.8 million on its revolving credit facility to pay off the mezzanine loan used to fund the construction of the first phase of Strathmore Square. The mezzanine loan carried an interest rate of 13.0%, approximately 650 basis points higher than the average rate on the credit facility borrowings during the second quarter 2025. Aimco's Boston portfolio, which is under contract to sell, serves as collateral for Aimco's revolving credit facility. As such, at the sale closing, the balance borrowed in May 2025 will be repaid and the facility will be retired. Aimco plans to maintain prudent liquidity following the facility's retirement. Public Market Equity 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. In January, prior to that announcement and the $0.60 special dividend distribution, Aimco repurchased 29,498 shares of its common stock at a weighted average price of $8.66 per share. Since the start of 2022, Aimco has repurchased 14.5 million shares. In the second quarter 2025, Aimco Operating Partnership redeemed 8,609 units of its equity securities for cash at a weighted average price of $8.10 per unit. Commitment to Enhance Stockholder Value On January 9, 2025, Aimco and its Board of Directors announced that, while pleased with the transformation and simplification of the Aimco portfolio and the objective results delivered over the past four years, shares of AIV continue to trade at a meaningful discount to Aimco's estimate of the private market value of Aimco's assets and investment platform. This disconnect has limited Aimco's ability to fund new investment opportunities and accelerate growth. Therefore, Aimco's Board of Directors announced its decision to explore additional alternatives in an effort to further unlock and maximize stockholder value. The strategic process has expanded upon Aimco's ongoing efforts such as reducing exposure to development activity and monetizing certain assets, and includes, but is not limited to, the exploration of a sale or merger of Aimco as a whole, potential sales of the major components of the business (in one or a series of transactions), and an acceleration of individual asset sales. The recent announcement of the pending sale of the Boston portfolio is part of this ongoing process and will result in a substantial return of capital to stockholders. The strategic process continues and the Board of Directors' guiding principle is to produce an outcome that delivers maximum value to Aimco stockholders. The strategic process is being overseen by Aimco's Investment Committee, comprised of four independent Aimco Board Members. Morgan Stanley & Co. LLC is serving as financial advisor to Aimco. There can be no assurance that this expanded strategic process will result in any transaction or transactions or other strategic changes or outcomes, and the timing or outcome of any such event is similarly uncertain. Aimco does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required. 2025 Outlook The table below presents Aimco's current expectations for 2025 and assumes that the asset sales currently under contract close. Given the Boston transaction's substantial impact on the composition of the Stabilized Operating portfolio, Aimco withdraws prior guidance and will no longer provide revenue, expense and Property NOI guidance for its Stabilized Operating Properties. Supplemental Information The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco's website at investors.aimco.com. Glossary & Reconciliations of Non-GAAP Financial and Operating Measures Financial 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 Aimco Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com. Team and Culture Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced regional professionals who leverage in-depth local market knowledge, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities. Above all else, Aimco is committed to a culture of integrity, respect, and collaboration. Forward-Looking Statements This 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 to form joint ventures, our plans for new acquisitions or 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, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment 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: the risk that the 2025 plans and goals may not be completed, as expected, in a timely manner or at all; 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 acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; 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, 2024, and subsequent Quarterly Reports on Form 10-Q 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/aimco-reports-second-quarter-2025-results-and-recent-highlights-302526740.html SOURCE Apartment Investment and Management Company (Aimco)

Release Date: June 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Aimco Pesticides Ltd (BOM:524288) has seen a 25% increase in volume for active ingredients, despite a flat top line. The domestic brand business has shown consistent growth, with a 15% increase last year and a target of 20% growth this year. The company has expanded its product portfolio by adding new molecules and entering new markets. Promoters have infused additional capital into the company, supporting growth initiatives. The Indian Meteorological Department's prediction for a healthy monsoon is expected to boost domestic agrichemical consumption. Profitability margins have been under pressure due to intense price competition, particularly from Chinese counterparts. The active ingredient division has been significantly impacted by lower product realization across global markets. Increased competition from Chinese manufacturers has compressed margins and slowed export business. Selling prices of several key products have declined, constraining top line growth despite volume increases. The company faces uncertainties in securing key product registrations in major export markets. Warning! GuruFocus has detected 6 Warning Signs with BOM:524288. Q: Can you clarify the current gross margins in active ingredients and how much they have reduced over the last two years? A: In active ingredients manufacturing, gross margins were typically between 20% to 30%. However, due to increased competition from China, these margins have decreased to 12% to 20% for key products over the past two years. This reduction has significantly impacted our financial performance. - Executive Director and CFO Q: What is the impact of Chinese competition on your products, and how do you plan to counter it? A: We face competition from Chinese manufacturers in both export and Indian markets, particularly for products like Trilopi, a herbicide meant for export. Prices have significantly dropped due to this competition, affecting our margins. We are focusing on expanding our domestic brand business to counteract this. - Executive Director and CFO Q: Can you discuss the volume versus value growth in FY25 for active ingredients? A: We experienced a 25% increase in volume for active ingredients, but there was no significant change in the top line due to a reduction in product prices. This indicates a substantial value erosion despite volume growth. - Executive Director and CFO Q: How are you planning to grow the brand business sustainably? A: We are expanding our product basket by adding new molecules and entering new geographical areas. Last year, we added six new molecules and plan to add five more this year. We are also expanding operations in central and northern India to achieve a 20% growth target in the brand business. - Executive Director and CFO Q: What is the status of product registrations in Brazil, and what sales do you expect from these products? A: We have received registration for one product in Brazil, and another is expected soon. We anticipate initial sales of 200 to 300 tons, translating to approximately 100 crore INR. However, competition from Chinese suppliers remains a challenge, and the main sales season starts in September. - Executive Director and CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.

DENVER, May 8, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today first quarter results for 2025 and provided highlights on recent activities. Financial Results Aimco's net loss attributable to common stockholders per share, on a fully dilutive basis, was $(0.10) for the quarter ended March 31, 2025. Net Operating Income ("NOI") from Aimco's Stabilized Operating Properties was $25.1 million in the first quarter 2025, up 2.7% year-over-year. CEO Commentary Wes Powell, Aimco President and Chief Executive Officer, comments: "We continue to see strong demand for rental housing across the Aimco portfolio. "At our stabilized properties, primarily located in suburban Boston and Chicago, average revenue per home is now greater than $2,300 per month and effective rental rate growth accelerated in April, increasing 5.8% over the prior lease. In addition, 2025 average daily occupancy has remained strong through April at greater than 97%, in line with 2024. "In April, we completed the lease-up of our luxury single-family-rental community in Corte Madera, California and expect to reach stabilized occupancy later this quarter. Aimco's two newly constructed apartment communities in the Washington, D.C. market remain on track to reach stabilized occupancy by year end. Leasing at these properties has been in line with expectations thus far through 2025 and they are well positioned given their high quality and the broad customer segments they attract. "Aimco has one development project currently under construction, financed in partnership with a leading investment firm and located on Miami's waterfront. The ultra-luxury tower remains on schedule and budget, with more than 97% of the project having been bought out and pricing protected via a guaranteed maximum price construction contract. "In addition, the Aimco balance sheet remains strong and flexible, with appropriate liquidity and contractual options extending our debt's weighted average maturity to more than five years. "We remain committed to accretive and disciplined capital allocation. During the first quarter, Aimco returned $0.60 per share to stockholders in the form of a special dividend, an amount representing the net proceeds received from 2024 asset sales. Further, the previously announced $520 million contract to sell Aimco's assets located on Brickell Bay Drive in Miami, Florida ("the Brickell Assemblage") is scheduled to close later this year with the buyer having increased its non-refundable deposit to $43 million. Additionally, and in collaboration with Aimco's Board and advisory team, we continue to actively explore opportunities to further unlock and maximize stockholder value. "Finally, Aimco's performance is made possible by a committed team and proven platform which has recently been selected to receive several awards for culture, engagement, and performance. I offer my sincere appreciation for the team's commitment to create value for Aimco stockholders, their fellow teammates and the communities in which we operate." Highlights Aimco's Stabilized Operating revenue, expenses, and NOI increased 2.7%, 2.7%, and 2.7%, respectively, year-over-year in the first quarter, with average daily occupancy flat year-over-year at 97.9% and average monthly revenue per apartment home increasing by 2.7% to $2,309. Aimco's three recently completed residential development projects currently in lease-up, containing a total of 933 units, remain on plan to reach stabilized occupancy in 2025. In March, the buyer, with which Aimco is under agreement to sell the Brickell Assemblage for $520 million, exercised a contractual closing extension option that required its non-refundable deposit to be increased by $5 million, from $38 million to $43 million. In January, Aimco paid a special cash dividend of $0.60 per share to stockholders, distributing the net proceeds from 2024 asset sales. Operating Property Results Aimco owns a diversified portfolio of operating apartment communities located in eight major U.S. markets with average rents in line with local market averages. Results at Aimco's Stabilized Operating Properties were as follows:   Revenue in the first quarter 2025 was $35.6 million, up 2.7% year-over-year, resulting from a 2.7% increase in average monthly revenue per apartment home to $2,309 and Average Daily Occupancy of 97.9%, flat year-over-year. Effective rents during the first quarter 2025 were 5.2% higher, on average, than the previous lease, with new leases up 4.6% and renewals up 6.6%. For residents whose leases were expiring, 62.7% signed renewals. In April, effective rents were 5.8% higher, on average, than the previous lease. The median annual household income of new residents was $120,600 in the first quarter 2025, representing a rent-to-income ratio of 21%. Expenses in the first quarter 2025 were up 2.7% year-over-year and 9.6% compared to the fourth quarter 2024, primarily due to seasonal related expenses and higher real estate taxes expected from 2025 property assessments and prior period adjustments recorded in the fourth quarter 2024. NOI in the first quarter 2025 was $25.1 million, up 2.7% year-over-year. Value Add and Opportunistic Investments Development and Redevelopment Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco's value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements. As of March 31, 2025, Aimco had one multifamily development project under construction and three multifamily communities that have been substantially completed and are now in lease-up. In addition to Aimco's core multifamily developments, The Benson Hotel and Faculty Club was completed in 2023 and remains in the stabilization process. Aimco also has a pipeline of future value add opportunities in Southeast Florida, the Washington D.C. Metro Area, and Colorado's Front Range. During the first quarter, $20.6 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan draws. Updates on active development projects and Aimco's pipeline include: In Upper Northwest Washington D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is substantially complete. As of April 30, 2025, 413 units were leased or pre-leased and 344 were occupied. Additionally, as of April 30, 2025, approximately 92% of the project's 105K square feet of retail space had been leased with our two large anchor tenants open for business. In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is substantially complete. As of April 30, 2025, 132 units had been leased or pre-leased and 109 were occupied. In Corte Madera, California, construction is complete at Oak Shore. As of April 30, 2025, the ultra-luxury single-family rental community was 96% leased, with 22 of the 24 homes occupied. In Miami's Edgewater neighborhood, construction remains on schedule and budget at 34th Street, an ultra-luxury waterfront residential tower that will include rental homes averaging more than 2,500 square feet, with oversized private terraces, top-of-the-line finishes, and unobstructed views of Biscayne Bay. As of April 30, 2025, more than 97% of the project has been bought out with pricing protected via a guaranteed maximum price construction contract. Aimco expects to welcome the first residents in 3Q 2027 and to stabilize occupancy in 4Q 2028. In the first quarter 2025, Aimco invested $1.4 million into programming, design, documentation, and entitlement efforts primarily related to its 901 North development site, located in Fort Lauderdale, Florida. Investment & Disposition Activity Aimco is focused on prudently allocating capital and delivering strong investment returns. Consistent with Aimco's capital allocation philosophy, it aims to monetize the value within its assets when accretive uses of the proceeds are identified and invest when the risk-adjusted returns are superior to other uses of capital. In December 2024, Aimco entered into an agreement to sell, during 2025, the Brickell Assemblage for a gross price of $520 million. The buyer's initial non-refundable deposit of $38 million was increased in March 2025 to $43 million in exchange for the buyer extending closing to August of 2025, as allowed under the terms of the contract. The sale remains subject to certain closing conditions and one remaining extension option that would extend closing at the buyer's option to the fourth quarter of 2025, with such extension requiring the buyer to further increase its non-refundable deposit. Prior to closing, the buyer has the right to exercise an option to finance, for a period of 18 months, up to $115 million of the purchase price with a transferable seller financing note from Aimco. If exercised, the purchase price increases by $20 million, to $540 million, and the note would carry an annual interest rate of 12%. Net proceeds from the transaction, accounting for the associated property-level debt and deferred tax liability, are estimated to range from $300 to $320 million depending on the buyer's election regarding seller financing. Upon receipt, Aimco intends to return the majority of the net proceeds from the transaction to stockholders. Balance Sheet and Financing Activity Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of March 31, 2025, Aimco had access to $225.2 million, including $49.1 million of cash on hand, $27.6 million of restricted cash, and the capacity to borrow up to $148.5 million on its $150.0 million revolving credit facility. Aimco's net leverage as of March 31, 2025, was as follows:   As of March 31, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no debt maturing prior to June 2027. Public Market Equity Special Cash Dividend On December 19, 2024, Aimco's Board of Directors declared a $0.60 per share special cash dividend to distribute the net proceeds from 2024 asset sales to stockholders. The dividend was paid on January 31, 2025, to holders of record as of January 14, 2025. Repurchases In January, prior to the $0.60 dividend distribution and Aimco's Board of Directors announcing the expansion of its strategic review process, Aimco repurchased 29,498 shares of its common stock at a weighted average price of $8.66 per share. Since the start of 2022, Aimco has repurchased 14.5 million shares. In the first quarter 2025, Aimco Operating Partnership redeemed 11,477 units of its equity securities for cash at a weighted average price of $9.22 per unit, inclusive of the $0.60 dividend distribution. Commitment to Enhance Stockholder Value On January 9, 2025, Aimco and its Board of Directors announced that, while pleased with the transformation and simplification of the Aimco portfolio and the objective results delivered over the past four years, shares of AIV continue to trade at a meaningful discount to Aimco's estimate of the private market value of Aimco's assets and investment platform. This disconnect has limited Aimco's ability to fund new investment opportunities and accelerate growth. Therefore, Aimco's Board of Directors announced its decision to explore additional alternatives in an effort to further unlock and maximize stockholder value. The strategic process has expanded upon Aimco's ongoing efforts such as reducing exposure to development activity and monetizing certain assets, and includes, but is not limited to, the exploration of a sale or merger of Aimco as a whole, potential sales of the major components of the business (in one or a series of transactions), and an acceleration of individual asset sales. The Board of Directors' guiding principle is to produce an outcome that delivers maximum value to Aimco stockholders. The strategic process is being overseen by Aimco's Investment Committee, comprised of four independent Aimco Board Members. Morgan Stanley & Co. LLC is serving as financial advisor to Aimco. There can be no assurance that this expanded strategic process will result in any transaction or transactions or other strategic changes or outcomes, and the timing or outcome of any such event is similarly uncertain. Aimco does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required. 2025 Outlook   Supplemental Information The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco's website at investors.aimco.com. Glossary & Reconciliations of Non-GAAP Financial and Operating Measures Financial 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 Aimco Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com. Team and Culture Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced regional professionals who leverage in-depth local market knowledge, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities. Above all else, Aimco is committed to a culture of integrity, respect, and collaboration. Forward-Looking Statements This 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 to form joint ventures, our plans for new acquisitions or 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, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment 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: the risk that the 2025 plans and goals may not be completed, as expected, in a timely manner or at all; 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 acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; 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, 2024, and subsequent Quarterly Reports on Form 10-Q 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.     View original content to download multimedia:https://www.prnewswire.com/news-releases/aimco-reports-first-quarter-2025-results-and-recent-highlights-302450458.html SOURCE Apartment Investment and Management Company (Aimco)