THE MEDICI LIST

by Mike Gee

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Disclaimer: This is a simplified summary of a public company filing. See full disclaimer here.

APARTMENT INVESTMENT & MANAGEMENT CO

CIK: 9228641 Annual ReportLatest: 2026-03-02

10-K / March 2, 2026

Aimco

Overview

Aimco is a self-administered, self-managed real estate investment trust (REIT) organized as a Maryland corporation. It operates through its subsidiary Aimco Operating Partnership (Aimco OP L.P.), a Delaware limited partnership in which Aimco is the general partner and sole owner of the ordinary partnership interests. Since 2020, Aimco and Apartment Income REIT Corp. (AIR) have been separate publicly traded companies; for this filing, Aimco and Aimco OP L.P. are combined for disclosure purposes.

Business model

Aimco owns, operates, and develops multifamily real estate in the United States. Assets are held primarily through Aimco Operating Partnership, which serves as a pass-through for U.S. federal tax purposes. The company reported operating, development, and other properties and has adopted a Plan of Sale and Liquidation (approved by stockholders in February 2026) to monetize assets and liquidate.

Planned wind-down

Following stockholder approval on February 6, 2026, Aimco intends to sell assets in an orderly fashion, return net proceeds to stockholders, and dissolve. The Plan contemplates liquidating distributions, which may be made via a liquidating trust or a similar vehicle, and may affect the timing and amount of distributions. The wind-down is subject to market conditions and ongoing approvals.

Portfolio (as of 12/31/2025)

  • Operating properties: 19 apartment communities in seven major U.S. markets
    • 15 consolidated properties (including two held for sale)
    • 4 unconsolidated properties
    • Portfolio composed of stabilized assets contributing NOI and liquidity
  • Development and land: 9 properties in development or land held for development
    • 1 under construction
    • 2 completed and in lease-up
    • 1 stabilized
    • 5 undeveloped land parcels
    • Concentration in Southeast Florida, the Washington, D.C. metro area, and Colorado’s Front Range

Customers and leasing metrics

  • Operating segment occupancy: ~96.0% in 2025
  • Upton Place (689 units): 527 units leased or pre-leased
  • Upton Place retail: 97% of 105,000 sq. ft. leased

Employees

  • 50 full-time teammates as of December 31, 2025, performing asset management, development, transactional services, and corporate/area functions
  • No union representation noted

Financial highlights (fiscal year ended 12/31/2025)

  • Consolidated property net operating income (PNOI) by segment
    • Total PNOI: $60.858 million
    • Development PNOI: $14.242 million (Development revenues: $27.518 million)
    • Operating PNOI: $47.649 million (Operating revenues: $72.519 million)
    • Other PNOI: -$1.033 million (Other revenues: $7.553 million)
  • Net income and earnings
    • Consolidated net income (GAAP): $592.968 million
    • Net income per common share (fully diluted): $3.87
    • Income from discontinued operations (net): $551.2 million (2025) vs. $28.2 million (2024), driven by gains on disposals in the Boston portfolio
    • Gains on dispositions of real estate (including discontinued operations): $237.1 million (2025) vs. $10.6 million (2024)
    • Total asset sales in 2025: $1.26 billion
    • Impairments: $147.5 million (primarily related to certain Colorado Front Range and Southeast Florida properties); $87.3 million relates to write-offs of planning costs and development-related capitalization that will not be pursued under the Plan of Sale and Liquidation
  • Dividends and distributions
    • Special dividend paid in 2025: $2.23 per share
    • Total 2025 dividends per share: $2.83

Liquidity and capital resources (as of 12/31/2025)

  • Available liquidity: $406.6 million (cash $394.9 million; restricted cash $11.7 million)
  • Debt (non-recourse, property-level and construction loans)
    • Secured property debt: ~$341.8 million
    • Construction loans: ~$404.8 million
    • All debt fixed-rate or hedged; weighted-average interest rate on non-recourse debt: 4.4%
    • Average remaining term to maturity: 4.7 years
  • Net cash provided by operating activities in 2025: $8.1 million
  • Proceeds from 2025 dispositions were used to reduce leverage; disposition activity continued into 2026 with anticipated net proceeds and planned distributions
  • As of year-end 2025, debt maturities were not due before June 2027

Public market and ownership

  • Class A common stock traded on the New York Stock Exchange under the ticker AIV
  • As of February 27, 2026: 143,870,326 shares of Class A common stock outstanding
  • Aimco OP L.P. has 152,926,160 OP Units outstanding (Aimco holds 143,870,326); there is no public market for OP Units; redemption rights exist for holders after one year

Notable developments (2025–2026)

  • Sale of the Brickell Assemblage (The Yacht Club Apartments + 1001 Brickell Bay Drive) for $520 million in December 2025 (including $85 million of seller-financing notes)
  • Continued monetization of other properties; total asset sales in 2025 equaled $1.26 billion
  • February 2026: stockholders adopted the Plan of Sale and Liquidation, initiating the wind-down and liquidation process
  • Early 2026: deposits or contractual steps toward sale for the Chicago portfolio (seven communities) and additional properties in New York City and Atlanta, with closings planned in 2026

Markets and development pipeline

  • Geographic concentration: Florida, Chicago, the Washington, D.C. metro area, and the Northeast
  • Key development projects:
    • 34th Street (high-end Miami project): initial occupancy anticipated in 2027; stabilized occupancy expected in 2028
    • Upton Place (Washington, D.C. area, 689 units): expected completion of lease-up in mid-2026
    • Strathmore Square (Bethesda, Maryland): substantial leasing activity by 2026 as part of the broader development program

Scope and reporting

This summary reflects the combined Form 10-K for Aimco and Aimco OP L.P. for the year ended December 31, 2025, and includes discussion of the Plan of Sale and Liquidation adopted in February 2026. The company will continue to wind down operations, monetize assets, and make liquidating distributions, with potential use of a liquidating trust or other liquidating entity and with respect to REIT qualification and related tax considerations. A number of figures are presented in thousands of dollars and reflect segment-level and consolidated results; material items include 2025 NOI by segment, GAAP net income, per-share earnings, asset sale proceeds, and liquidity/debt metrics listed above.

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