10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13232 (Apartment Investment and Management Company)

Commission File Number: 0-56223 (Aimco OP L.P.)

Apartment Investment and Management Company

Aimco OP L.P.

(Exact name of registrant as specified in its charter)


Maryland (Apartment Investment and Management Company)		84-1259577
Delaware (Aimco OP L.P.)		85-2460835
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

4582 South Ulster Street, Suite 1450
Denver, Colorado		80237
(Address of principal executive offices)		(Zip Code)

(303) 224-7900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock (Apartment Investment and Management Company)	AIV	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None (Apartment Investment and Management Company)

Partnership Common Units (Aimco OP L.P.)

(title of each class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Apartment Investment and Management Company: Yes ☒ No ☐		Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Apartment Investment and Management Company: Yes ☒ No ☐		Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Apartment Investment and Management Company:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

Aimco OP L.P.:


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Apartment Investment and Management Company:	☐		Aimco OP L.P.:	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Apartment Investment and Management Company: Yes ☐ No ☒		Aimco OP L.P.: Yes ☐ No ☒

The number of shares of Apartment Investment and Management Company Class A common stock (“Common Stock”) outstanding as of May 7, 2025: 141,707,657

EXPLANATORY NOTE

Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT. On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly-owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2025, Aimco owned 92.4% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8% of the economic interest in Aimco Operating Partnership. The remaining 7.6% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as “OP Units”. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

Aimco Operating Partnership holds all of Aimco’s assets and manages the daily operations of Aimco’s business. Pursuant to the Aimco Operating Partnership agreement, Aimco is required to contribute to Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2025, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We believe combining the periodic reports of Aimco and Aimco Operating Partnership into this single report provides the following benefits:

•

We present our business as a whole, in the same manner our management views and operates the business;

•

We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and Aimco Operating Partnership; and

•

We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate Aimco and Aimco Operating Partnership as one enterprise; the management of Aimco directs the management and operations of Aimco Operating Partnership; and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, is managed by Aimco.

We believe it is important to understand the few differences between Aimco and Aimco Operating Partnership in the context of how Aimco and Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), Aimco Operating Partnership generates all remaining capital required by its business. These sources include Aimco Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of real estate.

Equity, partners’ capital, and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of Aimco Operating Partnership. Interests in Aimco Operating Partnership held by entities other than Aimco are classified within partners’ capital in Aimco Operating Partnership’s condensed consolidated financial statements and as noncontrolling interests in Aimco’s condensed consolidated financial statements.

To help investors understand the differences between Aimco and Aimco Operating Partnership, this report provides: separate condensed consolidated financial statements for Aimco and Aimco Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

TABLE OF CONTENTS

FORM 10-Q


		Page
	PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Apartment Investment and Management Company:
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Operations (Unaudited)	5
	Condensed Consolidated Statements of Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	7
	Aimco OP L.P.:
	Condensed Consolidated Balance Sheets (Unaudited)	8
	Condensed Consolidated Statements of Operations (Unaudited)	9
	Condensed Consolidated Statements of Partners’ Capital (Unaudited)	10
	Condensed Consolidated Statements of Cash Flows (Unaudited)	11
	Notes to Condensed Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. (Unaudited)	12
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	36
ITEM 4.	CONTROLS AND PROCEDURES	36
	PART II. OTHER INFORMATION
ITEM 1A.	RISK FACTORS	37
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES	37
ITEM 6.	EXHIBITS	39
Signatures		40

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	March 31, 2025			December 31, 2024
ASSETS
Buildings and improvements	$	1,372,255		$	1,348,925
Land		397,968			398,182
Total real estate		1,770,223			1,747,107
Accumulated depreciation		(513,868	)		(499,274	)
Net real estate		1,256,355			1,247,833
Cash and cash equivalents		49,147			141,072
Restricted cash		27,575			31,367
Notes receivable		59,360			58,794
Right-of-use lease assets - finance leases		107,395			107,714
Other assets, net		97,004			94,051
Assets held for sale, net		275,929			276,079
Total assets	$	1,872,765		$	1,956,910

LIABILITIES AND EQUITY
Non-recourse property debt, net	$	685,226		$	685,420
Non-recourse construction loans, net		397,769			385,240
Total indebtedness		1,082,995			1,070,660
Deferred tax liabilities		101,721			101,457
Lease liabilities - finance leases		122,882			121,845
Dividends payable		1,006			89,182
Accrued liabilities and other		101,276			100,849
Liabilities related to assets held for sale, net		160,331			160,620
Total liabilities		1,570,211			1,644,613

Redeemable noncontrolling interests in consolidated real estate partnerships		146,391			142,931

Commitments and contingencies (Note 3)

Equity (510,587,500 shares authorized at March 31, 2025 and December 31, 2024):
Common Stock, $0.01 par value, 137,161,143 and 136,351,966 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		1,372			1,364
Additional paid-in capital		426,309			425,002
Retained earnings (deficit)		(317,195	)		(303,409	)
Total Aimco equity		110,486			122,957
Noncontrolling interests in consolidated real estate partnerships		39,600			39,560
Common noncontrolling interests in Aimco Operating Partnership		6,077			6,849
Total equity		156,163			169,366
Total liabilities and equity	$	1,872,765		$	1,956,910

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2025			2024
REVENUES
Rental and other property revenues	$	52,352		$	50,203

OPERATING EXPENSES
Property operating expenses		23,065			21,199
Depreciation and amortization		16,421			19,468
General and administrative expenses		8,180			8,549
Total operating expenses		47,666			49,216

Interest income		2,092			2,648
Interest expense		(17,438	)		(13,370	)
Realized and unrealized gains (losses) on interest rate contracts		(261	)		1,672
Realized and unrealized gains (losses) on equity investments		(397	)		(271	)
Other income (expense), net		(479	)		(1,592	)
Income (loss) before income tax		(11,797	)		(9,926	)
Income tax benefit (expense)		85			2,730
Net income (loss)		(11,712	)		(7,196	)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(2,673	)		(3,560	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(296	)		16
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership		765			554
Net income (loss) attributable to Aimco	$	(13,916	)	$	(10,186	)

Net income (loss) attributable to Aimco per common share – basic (Note 4)	$	(0.10	)	$	(0.07	)
Net income (loss) attributable to Aimco per common share – diluted (Note 4)	$	(0.10	)	$	(0.07	)

Weighted-average common shares outstanding – basic		136,903			140,594
Weighted-average common shares outstanding – diluted		136,903			140,594

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended March 31, 2025 and 2024

(In thousands)

(Unaudited)


	Common Stock															Noncontrolling Interests in			Common Noncontrolling Interests in
	Shares Issued			Amount			Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Total Aimco Equity			Consolidated Real Estate Partnerships			Aimco Operating Partnership			Total Equity
Balances at December 31, 2023		140,576		$	1,406		$	464,538		$	(116,292	)	$	349,652		$	51,265		$	19,061		$	419,978
Net income (loss)		—			—			—			(10,186	)		(10,186	)		(16	)		(554	)		(10,756	)
Share-based compensation expense		—			—			1,928			—			1,928			—			6			1,934
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			485			—			485
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(401	)		—			(401	)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership		—			—			(28	)		—			(28	)		—			(257	)		(285	)
Common stock repurchased		(873	)		(9	)		(6,546	)		—			(6,555	)		—			—			(6,555	)
Other common stock issuances, net of withholding taxes		508			5			1,015			—			1,020			—			—			1,020
Balances at March 31, 2024		140,211		$	1,402		$	460,907		$	(126,478	)	$	335,831		$	51,333		$	18,256		$	405,420

Balances at December 31, 2024		136,352		$	1,364		$	425,002		$	(303,409	)	$	122,957		$	39,560		$	6,849		$	169,366
Net income (loss)		—			—			—			(13,916	)		(13,916	)		296			(765	)		(14,385	)
Share-based compensation expense		—			—			1,222			130			1,352			—			2			1,354
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			174			—			174
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(430	)		—			(430	)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership		—			—			(145	)		—			(145	)		—			39			(106	)
Common stock repurchased		(29	)		—			(256	)		—			(256	)		—			—			(256	)
Other common stock issuances, net of withholding taxes		838			8			544			—			552			—			—			552
Other, net		—			—			(58	)		—			(58	)		—			(48	)		(106	)
Balances at March 31, 2025		137,161		$	1,372		$	426,309		$	(317,195	)	$	110,486		$	39,600		$	6,077		$	156,163

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(11,712	)	$	(7,196	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		16,421			19,468
Realized and unrealized (gains) losses on interest rate contracts		261			(1,672	)
Realized and unrealized (gains) losses on equity investments		397			271
Income tax expense (benefit)		(85	)		(2,730	)
Share-based compensation expense		1,136			1,666
Loss (income) from unconsolidated real estate partnerships		(544	)		(312	)
Other, including amortization of debt issuance costs		2,901			3,339
Changes in operating assets and operating liabilities:
Operating assets, net		(3,163	)		(3,568	)
Operating liabilities, net		(1,784	)		12,446
Total adjustments		15,540			28,908
Net cash provided by operating activities		3,828			21,712
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1)		(19,191	)		(40,936	)
Other investing activities		(557	)		(153	)
Net cash used in investing activities		(19,748	)		(41,089	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans		9,589			28,982
Principal repayments on non-recourse property debt		(817	)		(784	)
Proceeds from interest rate contracts		823			1,847
Purchase of interest rate contracts		(313	)		—
Common stock repurchased		(256	)		(6,555	)
Payments related to withholding taxes for share-based compensation		(2,139	)		(567	)
Dividends paid on common stock and OP Units		(88,213	)		—
Contributions from redeemable noncontrolling interests		2,877			—
Distributions to redeemable noncontrolling interests		(2,010	)		(2,034	)
Contributions from noncontrolling interests		174			485
Distributions to noncontrolling interests		(430	)		(401	)
Redemption of OP Units held by third parties		(106	)		(285	)
Other financing activities		1,022			(175	)
Net cash provided by (used in) financing activities		(79,799	)		20,513
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(95,719	)		1,136
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR		172,956			139,267
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	77,237		$	140,403

(1) Accrued capital expenditures were $14.8 million and $39.8 million as of March 31, 2025 and 2024, respectively.

AIMCO OP L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


	March 31, 2025			December 31, 2024
ASSETS
Buildings and improvements	$	1,372,255		$	1,348,925
Land		397,968			398,182
Total real estate		1,770,223			1,747,107
Accumulated depreciation		(513,868	)		(499,274	)
Net real estate		1,256,355			1,247,833
Cash and cash equivalents		49,147			141,072
Restricted cash		27,575			31,367
Notes receivable		59,360			58,794
Right-of-use lease assets - finance leases		107,395			107,714
Other assets, net		97,004			94,051
Assets held for sale, net		275,929			276,079
Total assets	$	1,872,765		$	1,956,910

LIABILITIES AND EQUITY
Non-recourse property debt, net	$	685,226		$	685,420
Non-recourse construction loans, net		397,769			385,240
Total indebtedness		1,082,995			1,070,660
Deferred tax liabilities		101,721			101,457
Lease liabilities - finance leases		122,882			121,845
Dividends payable		1,006			89,182
Accrued liabilities and other		101,276			100,849
Liabilities related to assets held for sale, net		160,331			160,620
Total liabilities		1,570,211			1,644,613

Redeemable noncontrolling interests in consolidated real estate partnerships		146,391			142,931

Commitments and contingencies (Note 3)

Partners’ capital:
General Partner and Special Limited Partner		110,486			122,957
Limited Partners		6,077			6,849
Partners’ capital attributable to Aimco Operating Partnership		116,563			129,806
Noncontrolling interests in consolidated real estate partnerships		39,600			39,560
Total partners’ capital		156,163			169,366
Total liabilities and partners’ capital	$	1,872,765		$	1,956,910

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)


	Three Months Ended March 31,
	2025			2024
REVENUES
Rental and other property revenues	$	52,352		$	50,203

OPERATING EXPENSES
Property operating expenses		23,065			21,199
Depreciation and amortization		16,421			19,468
General and administrative expenses		8,180			8,549
Total operating expenses		47,666			49,216

Interest income		2,092			2,648
Interest expense		(17,438	)		(13,370	)
Realized and unrealized gains (losses) on interest rate contracts		(261	)		1,672
Realized and unrealized gains (losses) on equity investments		(397	)		(271	)
Other income (expense), net		(479	)		(1,592	)
Income (loss) before income tax		(11,797	)		(9,926	)
Income tax benefit (expense)		85			2,730
Net income (loss)		(11,712	)		(7,196	)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(2,673	)		(3,560	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(296	)		16
Net income (loss) attributable to Aimco Operating Partnership	$	(14,681	)	$	(10,740	)

Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 4)	$	(0.10	)	$	(0.07	)
Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 4)	$	(0.10	)	$	(0.07	)

Weighted-average common units outstanding – basic		144,457			148,257
Weighted-average common units outstanding – diluted		144,457			148,257

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Three Months Ended March 31, 2025 and 2024

(In thousands)

(Unaudited)


	General Partner and Special Limited Partner			Limited Partners			Partners’ Capital Attributable to Aimco Operating Partnership			Noncontrolling Interests in Consolidated Real Estate Partnerships			Total Partners’ Capital
Balances at December 31, 2023	$	349,652		$	19,061		$	368,713		$	51,265		$	419,978
Net income (loss)		(10,186	)		(554	)		(10,740	)		(16	)		(10,756	)
Share-based compensation expense		1,928			6			1,934			—			1,934
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			485			485
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(401	)		(401	)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership		(28	)		(257	)		(285	)		—			(285	)
Redemption of OP Units held by Aimco		(6,555	)		—			(6,555	)		—			(6,555	)
Other OP Unit issuances, net of withholding taxes		1,020			—			1,020			—			1,020
Balances at March 31, 2024	$	335,831		$	18,256		$	354,087		$	51,333		$	405,420

Balances at December 31, 2024	$	122,957		$	6,849		$	129,806		$	39,560		$	169,366
Net income (loss)		(13,916	)		(765	)		(14,681	)		296			(14,385	)
Share-based compensation expense		1,352			2			1,354			—			1,354
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			174			174
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(430	)		(430	)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership		(145	)		39			(106	)		—			(106	)
Redemption of OP Units held by Aimco		(256	)		—			(256	)		—			(256	)
Other OP Unit issuances, net of withholding taxes		552			—			552			—			552
Other, net		(58	)		(48	)		(106	)		—			(106	)
Balances at March 31, 2025	$	110,486		$	6,077		$	116,563		$	39,600		$	156,163

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(11,712	)	$	(7,196	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		16,421			19,468
Realized and unrealized (gains) losses on interest rate contracts		261			(1,672	)
Realized and unrealized (gains) losses on equity investments		397			271
Income tax expense (benefit)		(85	)		(2,730	)
Share-based compensation expense		1,136			1,666
Loss (income) from unconsolidated real estate partnerships		(544	)		(312	)
Other, including amortization of debt issuance costs		2,901			3,339
Changes in operating assets and operating liabilities:
Operating assets, net		(3,163	)		(3,568	)
Operating liabilities, net		(1,784	)		12,446
Total adjustments		15,540			28,908
Net cash provided by operating activities		3,828			21,712
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1)		(19,191	)		(40,936	)
Other investing activities		(557	)		(153	)
Net cash used in investing activities		(19,748	)		(41,089	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans		9,589			28,982
Principal repayments on non-recourse property debt		(817	)		(784	)
Proceeds from interest rate contracts		823			1,847
Purchase of interest rate contracts		(313	)		—
Common stock repurchased		(256	)		(6,555	)
Payments related to withholding taxes for share-based compensation		(2,139	)		(567	)
Dividends paid on common stock and OP Units		(88,213	)		—
Contributions from redeemable noncontrolling interests		2,877			—
Distributions to redeemable noncontrolling interests		(2,010	)		(2,034	)
Contributions from noncontrolling interests		174			485
Distributions to noncontrolling interests		(430	)		(401	)
Redemption of OP Units held by third parties		(106	)		(285	)
Other financing activities		1,022			(175	)
Net cash provided by (used in) financing activities		(79,799	)		20,513
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(95,719	)		1,136
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR		172,956			139,267
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	77,237		$	140,403

(1) Accrued capital expenditures were $14.8 million and $39.8 million as of March 31, 2025 and 2024, respectively.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

Note 1 — Organization

Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2025, Aimco owned 92.4% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8% of the economic interest in Aimco Operating Partnership. The remaining 7.6% legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2025, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, each is referred to specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At March 31, 2025, our entire portfolio of operating residential apartment communities includes 5,243 apartment homes within 20 consolidated stabilized operating properties, a substantially complete 689-unit community with 105,000 square feet of retail space, a substantially complete 220-unit community, and four unconsolidated properties. Additionally, we have a completed single family rental community with 16 homes and eight accessory dwelling units, a waterfront ground-up development under construction with 114 planned units, a 106-key luxury hotel with event space, one commercial office building that is part of an assemblage with an adjacent apartment building that is currently held for sale (together referred to as the “Brickell Assemblage”), and land parcels held for development. In addition, we hold other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds. See Note 2 for further information over our Mezzanine Investment and our investment in IQHQ.

Note 2 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances and transactions have been eliminated in consolidation.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2024 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

Principles of consolidation

We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity (“VIE”). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate under the voting model when we control an entity through ownership of a majority voting interest. Refer to Note 6 for further information.

Common noncontrolling interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the periods ended March 31, 2025 and 2024, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2%, and 5.2%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable noncontrolling interests in consolidated real estate partnerships

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that generally, after a specified holding period, has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2025, consists of the following: (i) a preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) equity interest in two separate consolidated joint ventures with residential apartment communities in lease-up, including a preferred equity interest in one of the joint ventures accruing 9.7% preferred return per annum, and (iii) a preferred equity interest accruing 14.5% preferred return per annum in an entity that owns a waterfront ground-up development. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of March 31, 2025.

The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the three months ended March 31, 2025 and 2024, (in thousands):


	2025			2024
Balance at Beginning of Period	$	142,931		$	171,632
Contributions		2,877			—
Distributions		(2,010	)		(2,034	)
Net income		2,673			3,560
Other(1)		(80	)		—
Balance at March 31,	$	146,391		$	173,158

(1) In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships and are amortized using the effective interest method in accordance with GAAP .

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. While legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Consolidated Balance Sheets. Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $134.0 million plus an annualized return. While the Mezzanine Investment had not been repaid and was in maturity default as of March 31, 2025, we are precluded from derecognizing the liability until it has been deemed to be extinguished in accordance with GAAP.

Income tax benefit (expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or “TRS entities”. Additionally, our TRS entities hold an investment in 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and, if applicable, gains retained by the REIT. For the three months ended March 31, 2025, we had consolidated net losses subject to tax of $2.3 million, compared to consolidated net losses subject to tax of $6.6 million for the same period in 2024.

For the three months ended March 31, 2025, we recognized an income tax benefit of $0.1 million, compared to income tax benefit of $2.7 million during the same period in 2024. The decrease is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

Use of estimates

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Assets held for sale, net

We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Condensed Consolidated Balance Sheets. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Condensed Consolidated Balance Sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations.

On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage. The transaction is scheduled to occur as early as August 2025 but may be extended at the buyer’s option to the fourth quarter of 2025. We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of March 31, 2025 and December 31, 2024. The transaction does not meet the criteria for discontinued operations classification. The following summary presents the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025			December 31, 2024
Buildings and improvements	$	218,505		$	218,388
Land		181,381			181,381
Total real estate		399,886			399,769
Accumulated depreciation		(126,840	)		(126,840	)
Net real estate		273,046			272,929
Restricted cash		515			517
Other assets, net		2,368			2,633
Assets held for sale, net	$	275,929		$	276,079

Non-recourse property debt, net	$	158,594		$	158,888
Accrued liabilities and other		1,737			1,732
Liabilities related to assets held for sale, net	$	160,331		$	160,620

Cash equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash and cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted cash

Restricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements. The reconciliation of cash flow information is as follows (in thousands):


	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	49,147	$	141,072
Restricted cash		27,575		31,367
Restricted cash held for sale		515		517
Cash, cash equivalents, and restricted cash	$	77,237	$	172,956

Notes receivable

We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Condensed Consolidated Statements of Operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used.

We have a seller financing note with a principal balance of $43.2 million and an effective interest rate of 6.0%. As of March 31, 2025 and December 31, 2024, the remaining unamortized discount was $2.4 million and $2.7 million, respectively. For the three months ended March 31, 2025 and 2024, the amortization of the discount was $0.3 million and $0.3 million, respectively, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations.

Other assets, net

Other assets, net were comprised of the following amounts as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024
Other investments	$	15,922	$	16,115
Deferred costs, deposits, and other		12,581		11,233
Prepaid expenses and real estate taxes		16,533		14,208
Interest rate contracts (1)		650		891
Unconsolidated real estate partnerships		15,214		15,155
Intangible assets, net		12,931		13,154
Corporate fixed assets, net of accumulated depreciation of $10,183 and $9,591 as of March 31, 2025 and December 31, 2024, respectively		9,262		9,844
Accounts receivable, net of allowances of $357 and $352 as of March 31, 2025 and December 31, 2024, respectively		8,028		8,276
Deferred tax assets		5,883		5,175
Total other assets, net	$	97,004	$	94,051

(1) We account for our Interest rate contracts as non-designated hedges.

Other investments

Other investments consist of passive equity investments in stock, property technology funds, and IQHQ, a privately held life sciences real estate development company. We measure our investment in stock at fair value. We also measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the three months ended March 31, 2025, we recognized unrealized losses on our investment in stock of $0.5 million, compared to unrealized losses of $0.5 million in 2024. During the three months ended March 31, 2025 and 2024, we recognized unrealized gains on our investments in property technology funds of $0.1 million and $0.2 million, respectively. See Note 5 for discussion of our fair value measurements for these investments.

Investment in IQHQ

In 2020, Aimco Predecessor made a $50.0 million commitment to IQHQ, a privately held life sciences real estate development company. We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value.

In 2022, after fully funding our commitment, 22% of our original investment in IQHQ was redeemed for $16.5 million. Our remaining investment in IQHQ, with a cost basis of $39.2 million, was adjusted upward to $59.7 million at the same per share value as the cash redemption per share. In 2024, we recorded a non-cash impairment charge of $48.6 million to reduce the carrying value of the investment in IQHQ to $11.1 million.


	As of March 31, 2025			As of December 31, 2024
Equity ownership in IQHQ under measurement alternative:
Initial cost of remaining balance	$	39,185		$	39,185
Cumulative upward adjustments		20,501			20,501
Cumulative impairment		(48,615	)		(48,615	)
Total carrying value	$	11,071		$	11,071

Dividends payable

At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheets. The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards. Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests.

In January 2025, we paid a special cash dividend of $0.60 per share to distribute the net proceeds resulting from our 2024 asset sales to stockholders. The special cash dividend was declared on December 19, 2024, to stockholders of record on January 14, 2025, and was accrued in Dividends payable in our Condensed Consolidated Balance Sheets as of December 31, 2024. As of March 31, 2025, we have a remaining liability of $1.0 million for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved.

Revenue from contracts with customers

We apply ASC 606, Revenue from Contracts with Customers, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement. Payment terms generally align with when the goods and services are provided. Our contracts generally have a single performance obligation, recognized at a point in time.

The Benson Hotel generated revenues of $1.4 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively.

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds. (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires disaggregated disclosure of income statement expenses. The ASU does not change the expense captions an entity presents on the face of the income statement. Rather, it requires disclosure in a tabular format of the disaggregation of any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

Note 3 — Commitments and Contingencies

Commitments

In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of March 31, 2025, we had remaining commitments for construction-related contracts of $138.0 million, with $146.7 million undrawn on our non-recourse construction loans.

As of March 31, 2025, we have remaining unfunded commitments of $1.2 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain.

We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures.

Legal Matters

From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

Note 4 — Earnings per Share and per Unit

Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period.

Aimco’s Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three months ended March 31, 2025 and 2024, because the effect of their inclusion would have been antidilutive. As of March 31, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.4 million and 8.5 million, respectively.

Aimco’s time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units (“LTIP Units”) receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were not included in the computation of diluted earnings per share and unit for the three months ended March 31, 2025 and 2024, because the effect of their inclusion would have been antidilutive. As of March 31, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.4 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2025 and 2024, are as follows (in thousands, except per share and per unit data):


	Three Months Ended March 31,
	2025			2024
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(13,916	)	$	(10,186	)
Net income (loss) allocated to Aimco participating securities		—			—
Net income (loss) attributable to Aimco common stockholders	$	(13,916	)	$	(10,186	)

Denominator - shares:
Basic weighted-average common stock outstanding		136,903			140,594
Diluted share equivalents outstanding		—			—
Diluted weighted-average common stock outstanding		136,903			140,594

Earnings (loss) per share - basic	$	(0.10	)	$	(0.07	)
Earnings (loss) per share - diluted	$	(0.10	)	$	(0.07	)

Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(14,681	)	$	(10,740	)
Net income (loss) allocated to Aimco Operating Partnership participating securities		—			—
Net income (loss) attributable to Aimco Operating Partnership’s common unit holders	$	(14,681	)	$	(10,740	)

Denominator - units
Basic weighted-average OP Units outstanding		144,457			148,257
Diluted OP Unit equivalents outstanding		—			—
Diluted weighted-average OP Units outstanding		144,457			148,257

Earnings (loss) per unit - basic	$	(0.10	)	$	(0.07	)
Earnings (loss) per unit - diluted	$	(0.10	)	$	(0.07	)

Note 5 — Fair Value Measurements and Disclosures

Recurring Fair Value Measurements

In determining the fair value of our financial instruments, we apply Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement and Disclosures”. The fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.

From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. These instruments are presented as Interest rate contracts in Other assets, net in our Condensed Consolidated Balance Sheets. As of March 31, 2025, we held interest rate caps with a maximum notional value of $370.3 million. These instruments were acquired for $3.8 million, and the fair value of these instruments is $0.6 million as noted in the table below.

On a recurring basis, we measure at fair value our interest rate contracts. Our interest rate contracts are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate contracts in our Condensed Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate contracts, and any proceeds are reflected in Proceeds from interest rate contracts in our Condensed Consolidated Statements of Cash Flows.

As of March 31, 2025 and December 31, 2024, we had investments in stock of $1.1 million and $1.6 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of March 31, 2025 and December 31, 2024, we have investments in property technology funds of $3.8 million and $3.5 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. The period of time over which the underlying assets in these investments are expected to be liquidated is unknown. See Note 3 for further information regarding unfunded commitments related to these investments.

The following table summarizes the fair value for our interest rate contracts, investments in stock, and our investments in real estate technology funds as of March 31, 2025 and December 31, 2024 (in thousands):


	As of March 31, 2025								As of December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate contracts	$	620	$	—	$	620	$	—	$	862	$	—	$	862	$	—
Investments in stock		1,088		1,088		—		—		1,573		1,573		—		—
Investments in real estate technology funds (1)		3,760		—		—		—		3,468		—		—		—
Total assets	$	5,468	$	1,088	$	620	$	—	$	5,903	$	1,573	$	862	$	—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Disclosures

We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of March 31, 2025, and December 31, 2024 and are categorized within Level 1 of the GAAP fair value hierarchy. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and non-recourse construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain observable inputs used to estimate their fair value.

The following table summarizes the carrying value and fair value of our non-recourse property debt, and non-recourse construction loans as of March 31, 2025 and December 31, 2024 (in thousands):


	As of March 31, 2025				As of December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Description:
Non-recourse property debt	$	689,521	$	658,475	$	689,885	$	641,563
Non-recourse construction loans		405,432		408,745		393,750		393,756
Total	$	1,094,953	$	1,067,220	$	1,083,635	$	1,035,319

Note 6 — Variable Interest Entities

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE’s economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, six VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland. Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets.

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of March 31, 2025 and December 31, 2024 (in thousands, except for Count of VIEs):


	As of March 31, 2025				As of December 31, 2024
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	6		7		6		7
Assets
Net real estate	$	603,772	$	—	$	593,837	$	—
Cash and cash equivalents		5,032		—		4,625		—
Restricted cash		10,028		—		14,913		—
Notes receivable		18,848		—		18,571		—
Right-of-use lease assets - finance leases		107,395		—		107,714		—
Other assets, net		25,694		26,285		26,028		26,226
Liabilities
Non-recourse construction loans, net		397,769		—		385,240		—
Lease liabilities - finance leases		122,882		—		121,845		—
Accrued liabilities and other		17,091		33,500		14,518		33,500

Note 7 — Lease Arrangements

Aimco as Lessor

Our apartment homes and commercial spaces are leased to tenants under operating leases. As of March 31, 2025, our apartment home leases generally have initial terms of 24 months or less. As of March 31, 2025, our commercial space leases generally have initial terms between 5 and 15 years and represent approximately 8% to 9% of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions.

We have a sublease arrangement providing space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029. For the three months ended March 31, 2025 and 2024, we recognized sublease income of $0.4 million.

The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842. For the three months ended March 31, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):


	Three Months Ended March 31,
	2025		2024
Fixed lease income	$	46,256	$	45,933
Variable lease income		4,650		4,199
Total lease income	$	50,906	$	50,132

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of March 31, 2025, are as follows (in thousands):


	Corporate Office Sublease		Commercial Leases
Remainder of 2025	$	1,069	$	1,939
2026		1,433		2,523
2027		1,443		2,342
2028		1,453		2,259
2029		630		2,315
Thereafter		—		18,026
Total	$	6,028	$	29,404

Aimco as Lessee

Lease Arrangements

We are lessee to finance leases for the land underlying our development sites at Upton Place, Strathmore Square, and Oak Shore. We have operating leases primarily for corporate office space. Substantially all of our office lease payments are fixed. See the table below for lease costs, net of capitalized finance lease costs, for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease costs	$	438	$	380
Finance lease costs:
Amortization of right-of-use assets, net of capitalized amounts		322		181
Interest on lease liabilities, net of capitalized amounts		1,852		1,057
Total lease costs, net of capitalized amounts	$	2,612	$	1,618

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of March 31, 2025, and December 31, 2024:


	March 31, 2025			December 31, 2024
Weighted average remaining lease term (years):
Operating leases		4.0			4.3
Finance leases		92.2			92.5

Weighted-average discount rate:
Operating leases		3.4	%		3.5	%
Finance leases		6.1	%		6.1	%

Our finance lease at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. Additionally, the lease provides the lessor at Oak Shore with a residual value guarantee of $6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference.

As of March 31, 2025 and December 31, 2024, operating lease right-of-use lease assets of $4.6 million and $4.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, operating lease liabilities of $8.8 million and $9.2 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets.

For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Condensed Consolidated Balance Sheets. Leases with an initial term greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets.

Annual Future Minimum Lease Payments

Combined annual future minimum lease payments under our operating and finance leases are as follows as of March 31, 2025 (in thousands):


	Operating Leases			Finance Leases
Remainder of 2025	$	1,541		$	3,328
2026		2,466			4,954
2027		2,380			5,483
2028		2,181			5,596
2029		843			5,708
Thereafter		—			1,421,989
Total		9,411			1,447,058
Less: Discount		(639	)		(1,324,176	)
Total lease liabilities	$	8,772		$	122,882

Note 8 — Business Segments

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of March 31, 2025, our Development and Redevelopment segment consists of 9 properties, including one under construction and three substantially completed and in lease-up.

Our Operating segment includes 20 residential apartment communities with 5,243 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.

Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes The Benson Hotel, our only hotel.

Prior period segment information has been recast based upon our current segment population, and is consistent with how our President and Chief Executive Officer, the chief operating decision maker (“CODM”) evaluates the business.

Our CODM evaluates performance and allocates resources for all of our segments using historical and projected property net operating income (“PNOI”), which is our measure of segment profit or loss. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but excluding

•

the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and

•

property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

Our CODM uses historical and projected PNOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget process. PNOI is used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources. The corporate goals, which impact short term incentive compensation for employees, also include consideration of PNOI.

The accounting policies of segments are the same as those described in the summary of significant accounting policies in Note 2.

The following tables present the results of operations of consolidated properties within our segments for the three months ended March 31, 2025 and 2024 (in thousands):


	Development and Redevelopment		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended March 31, 2025
Rental and other property revenues	$	5,209	$	35,573	$	1,446		$	2,067	$	8,057		$	52,352
Controllable operating expenses(3)		1,428		4,411		1,716			—		730			8,285
Real estate taxes, net of capitalized amounts		1,099		4,445		269			—		2,066			7,879
Utilities expense, net of utility reimbursements		600		996		72			2,067		256			3,991
Property insurance expense, net of capitalized amounts		359		658		33			—		380			1,430
Other property operating expenses(4)		—		—		—			—		1,480			1,480
Property operating expenses		3,486		10,510		2,090			2,067		4,912			23,065
Property net operating income (loss)		1,723		25,063		(644	)		—		3,145			29,287
Other operating expenses not allocated to segments(5)		—		—		—			—		(24,601	)		(24,601	)
Other items included in income before income tax(6)		—		—		—			—		(16,483	)		(16,483	)
Income (loss) before income tax	$	1,723	$	25,063	$	(644	)	$	—	$	(37,939	)	$	(11,797	)


	Development and Redevelopment			Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended March 31, 2024
Rental and other property revenues	$	781		$	34,635	$	1,187		$	2,021	$	11,579		$	50,203
Controllable operating expenses(3)		525			4,291		1,530			—		1,325			7,671
Real estate taxes, net of capitalized amounts		268			4,257		146			—		1,721			6,392
Utilities expense, net of utility reimbursements		355			985		64			2,021		330			3,755
Property insurance expense, net of capitalized amounts		251			704		23			—		478			1,456
Other property operating expenses(4)		—			—		—			—		1,925			1,925
Property operating expenses		1,399			10,237		1,763			2,021		5,779			21,199
Property net operating income (loss)		(618	)		24,398		(576	)		—		5,800			29,004
Other operating expenses not allocated to segments(5)		—			—		—			—		(28,017	)		(28,017	)
Other items included in income before income tax(6)		—			—		—			—		(10,913	)		(10,913	)
Income (loss) before income tax	$	(618	)	$	24,398	$	(576	)	$	—	$	(33,130	)	$	(9,926	)

(1)

Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.

(2)

Includes the operating results of apartment communities sold during the period or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(3)

Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, turnover, and contract services.

(4)

Other property operating expenses include property management costs and casualty gains or losses.

(5)

Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expenses.

(6)

Other items included in Income before income tax benefit (expense) consist primarily of interest income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, and gain on dispositions of real estate, if any.

Net real estate and non-recourse property debt and construction loans, net, of our segments as of March 31, 2025 and December 31, 2024, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Total
As of March 31, 2025
Buildings and improvements	$	640,470		$	655,881		$	75,904		$	1,372,255
Land		165,418			231,047			1,503			397,968
Total real estate		805,888			886,928			77,407			1,770,223
Accumulated depreciation		(27,816	)		(474,148	)		(11,904	)		(513,868	)
Net real estate	$	778,072		$	412,780		$	65,503		$	1,256,355

Non-recourse property debt and construction loans, net	$	397,769		$	685,226		$	—		$	1,082,995


	Development and Redevelopment			Operating			Other			Total
As of December 31, 2024
Buildings and improvements	$	620,000		$	653,184		$	75,741		$	1,348,925
Land		165,633			231,046			1,503			398,182
Total real estate		785,633			884,230			77,244			1,747,107
Accumulated depreciation		(20,872	)		(468,040	)		(10,362	)		(499,274	)
Net real estate	$	764,761		$	416,190		$	66,882		$	1,247,833

Non-recourse property debt and construction loans, net	$	385,240		$	685,420		$	—		$	1,070,660

Capital additions within our segments for the three months ended March 31, 2025 and 2024, were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Development and Redevelopment	$	20,259	$	42,471
Operating		2,696		2,244
Other		160		—
Corporate amounts not allocated to segments (1)		—		919
Total capital additions	$	23,115	$	45,634

(1)

During the three months ended March 31, 2024, certain capital additions pertained to properties that were sold or reclassified as held for sale, and therefore are not included in our segments as capital additions at those respective period ends. We added a corporate row to the table above for presentation purposes to display these capital additions for the three months ended March 31, 2024.

In addition to the amounts disclosed in the tables above, as of March 31, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $107.4 million and $122.9 million, respectively, and as of December 31, 2024, aggregated to $107.7 million and $121.8 million, respectively. As of March 31, 2025, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly Report on Form 10-Q contains or may contain information that is forward-looking 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 Quarterly Report on Form 10-Q include, without limitation, statements regarding: our future plans and goals, including the timing and amount of capital expected to be returned to our 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 our financial statements and the notes thereto, as well as Item 1A. Risk Factors in Part II of this report. These risk factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere in this Quarterly Report on Form 10-Q. We undertake 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.

Readers should also carefully review the section entitled “Risk Factors” described in Item 1A of Apartment Investment and Management Company’s and Aimco OP L.P.’s combined Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent documents we file from time to time with the SEC.

As used herein and except as the context otherwise requires, “we,” “our,” and “us” refer to Apartment Investment and Management Company (which we refer to as Aimco), Aimco OP L.P. (which we refer to as Aimco Operating Partnership) and their consolidated entities, collectively.

Certain financial and operating measures found herein and used by management are not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined and reconciled to the most comparable GAAP measures under the Non-GAAP Measures heading.

Executive Overview

Our mission is to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate.

Our value proposition includes our:

•

Platform, consisting of a cohesive, talented, and tenured team with diverse real estate industry experience combined with a disciplined and proven investment process;

•

Diversified portfolio, consisting of value-add investments, a pipeline of land for potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments; and

•

Capital redeployment plan which includes the prudent recycling of capital, reallocating our equity to higher returning investments, and return of capital to stockholders when appropriate.

Our primary goal is outsized risk adjusted returns and accelerating growth for our stockholders. We are focused on providing superior total-return performance to stockholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We do not presently intend to pay a regular quarterly cash dividend, but may periodically pay dividends for REIT tax purposes or to return a portion of profits to stockholders.

Our financial objectives are to create value and produce superior, asset level, risk-adjusted returns on equity as measured by the investment period Internal Rate of Return (“IRR”) and the project-level Multiple on Invested Capital (“MOIC”). We measure broader performance based on Net Asset Value (“NAV”) growth over time.

Our capital allocation strategy is designed to leverage our investment platform and optimize risk-adjusted returns for our stockholders.

We target a balanced allocation, which includes investments in “Value Add” and “Opportunistic” multifamily real estate, primarily located in Southeast Florida, the Washington, D.C. Metro Area and Colorado’s Front Range, plus investment in a geographically diversified portfolio of “Core” and “Core-Plus” apartment communities.

In addition, we currently hold select alternative assets, consisting primarily of indirect, real estate related debt and equity investments. We have reduced our allocation to these investments and have no plans to increase our allocation to these investments.

We have policies in place that support our current strategy, guide our investment allocations, and manage risk, including to hold at all times a sizable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.

Given our current strategy, it is expected that at any point in time the value-creation process will be ongoing at numerous of our investments. Over time, we expect our enterprise to produce superior returns on equity on a risk-adjusted basis and it is our plan to do so by:

•

Benefiting from a national platform while leveraging local and regional expertise

We have 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.

•

Owning a portfolio of stabilized core and core plus real estate

We own a geographically diversified portfolio of 24 apartment communities (20 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class). We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the “Brickell Assemblage”), in a land assemblage that is under contract to be sold. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.

•

Managing and investing in value-add and opportunistic real estate

Our dedicated team will source and execute development and redevelopment projects, and various other direct investment strategies. Our development and redevelopment portfolio currently includes projects in construction and lease-up. In addition, our team has secured significant, high-quality, future development opportunities, including total potential of more than 7.7 million gross square feet, located in high-growth markets. Generally, we seek direct investment opportunities in locations where barriers to entry are high, target customers can be clearly defined and where we have a comparative advantage over others in the market. From time to time, we may choose to monetize certain pipeline assets prior to vertical construction in an effort to maximize value and risk adjusted returns. In any time period, the amount of our capital that is allocated to development activities may vary based on market conditions and other factors.

•

Maintaining sufficient liquidity and utilizing safe financial leverage

We will guard our liquidity at all times by maintaining sufficient cash and committed credit. From time to time, we will allocate capital to financial assets designed to mitigate risks. Existing examples include our use of interest rate caps to provide protection against increases in interest rates on in-place loans. We expect to capitalize our activities through a combination of non-recourse property debt, non-recourse construction loans, third-party equity, and the recycling of our equity, including retained earnings. We plan to limit the use of recourse leverage, with a strong preference towards non-recourse property-level debt to limit risk to our enterprise. When warranted, we plan to seek equity capital from joint venture partners to improve our cost of capital, further leverage our equity, reduce exposure to a single investment and, in certain cases, for strategic benefits.

Results for the three months ended March 31, 2025

The results from the execution of our business plan during the three months ended March 31, 2025 are described below.

Financial Results and Highlights

•

For the three months ended March 31, 2025, net loss attributable to Aimco common stockholders per share, on a fully dilutive basis, was ($0.10).

•

For the three months ended March 31, 2025, net operating income from our Operating segment was $25.1 million, up 2.7% year-over-year, due primarily to higher average monthly revenue per apartment home of $2,309, up $60 year-over-year.

•

Strathmore Square, Upton Place, and Oak Shore, our Development and Redevelopment segment properties in lease-up, remain on plan to reach stabilized occupancy in 2025.

•

In March, the buyer, with whom we are under agreement to sell the Brickell Assemblage for $520.0 million, exercised a contractual closing extension option which required its non-refundable deposit to be increased by $5.0 million, from $38.0 million to $43.0 million. Closing is subject to terms described later in this document.

•

In January, we paid a special cash dividend of $0.60 per share to distribute the net proceeds resulting from our 2024 asset sales to stockholders. The special cash dividend was declared on December 19, 2024, to stockholders of record on January 14, 2025, and was accrued in Dividends payable in our Condensed Consolidated Balance Sheets as of December 31, 2024.

Operating Property Results

We own a diversified portfolio of stabilized apartment communities located in eight major U.S. markets with average rents in line with local market averages (generally defined as B class).

Highlights for the three months ended March 31, 2025 include:

•

Revenue for our Operating segment was $35.6 million, up 2.7% year-over-year, resulting from a $60 increase in average monthly revenue per apartment home to $2,309.

•

Expenses for our Operating segment were $10.5 million, up 2.7% year-over-year primarily due to higher real estate taxes from 2025 property assessments.

•

Net operating income for our Operating segment was $25.1 million, up 2.7% year-over-year.

Value Add and Opportunistic Investments

Development and Redevelopment

We generally seek development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and where we have a comparative advantage over others in the market. Our Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

As of March 31, 2025, we had one multifamily development project under construction, three multifamily communities that have been substantially completed and are now in lease-up. In addition to our core multifamily developments, The Benson Hotel was completed in 2023 and remains in the stabilization process.

We have a pipeline of future value-add opportunities totaling approximately 7.7 million gross square feet of development in our target markets of Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range. During the three months ended March 31, 2025, we invested $20.3 million in development and redevelopment activities compared to $42.8 million during the same period in 2024.

Highlights for the three months ended March 31, 2025 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 March 31, 2025, 375 units were leased or pre-leased and 331 were occupied. Additionally, as of March 31, 2025, 92% of the project’s 105,000 square feet of retail space has 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 March 31, 2025, 117 units had been leased and 99 were occupied.

•

In Corte Madera, California, construction is complete at Oak Shore with all 16 ultra-luxury single-family rental homes and eight accessory dwelling units delivered. As of March 31, 2025, the community was 83% leased or pre-leased.

•

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. We expect to welcome the first residents in 3Q 2027 and stabilize occupancy in 4Q 2028.

•

In the first quarter of 2025, we invested $1.4 million into programming, design, documentation, and entitlement efforts primarily at our 901 North (Flagler Village Phase I) project in Fort Lauderdale, Florida.

Investment and Disposition Activity

We are focused on prudently allocating capital and delivering strong investment returns. Consistent with our capital allocation philosophy, we monetize the value within our 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, we entered into an agreement to sell, during 2025, the Brickell Assemblage for a gross price of $520.0 million.

The buyer’s initial non-refundable deposit of $38.0 million was increased in March 2025 to $43.0 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 which 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 $115.0 million of the purchase price with a transferable seller financing note from Aimco. If exercised, the purchase price increases by $20.0 million, to $540.0 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 $300.0 to $320.0 million depending on the buyer’s election regarding seller financing. Upon receipt, we intend to return the majority of the net proceeds from the transaction to stockholders.

Balance Sheet and Financing Activities

We are highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of March 31, 2025, we had access to $225.2 million in liquidity, 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 our revolving credit facility. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.

Financial Results of Operations

The following discussion and analysis of the results of our operations and financial condition should be read in conjunction with the accompanying condensed consolidated financial statements included in Item 1.

Results of Operations for the three months ended March 31, 2025 and 2024

Net income attributable to Aimco common stockholders decreased by $3.7 million, respectively, for the three months ended March 31, 2025, compared to the same period in 2024, as described more fully below.

Property Results

We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other.

Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes The Benson Hotel, our only hotel.

We use property net operating income (“PNOI”) to assess the operating performance of our segments. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements, for the consolidated communities; but excluding

•

property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

Please refer to Note 8 to the condensed consolidated financial statements in Item 1 for further discussion regarding our segments, including a reconciliation of these amounts to consolidated rental and other property revenues and property operating expenses.

Property Net Operating Income

The results of our segments for the three months ended March 31, 2025 and 2024, as presented below, are based on segment classifications as of March 31, 2025 (dollars in thousands).


	Three Months Ended March 31,
	2025			2024			$ Change			% Change
Rental and other property revenues, before utility reimbursements:
Development and Redevelopment	$	5,209		$	781		$	4,428		nm
Operating		35,573			34,635			938			2.7	%
Other		1,446			1,187			259			21.8	%
Total		42,228			36,603			5,625			15.4	%
Property operating expenses, net of utility reimbursements:
Development and Redevelopment		3,486			1,399			2,087		nm
Operating		10,510			10,237			273			2.7	%
Other		2,090			1,763			327			18.5	%
Total		16,086			13,399			2,687			20.1	%
Property net operating income:
Development and Redevelopment		1,723			(618	)		2,341		nm
Operating		25,063			24,398			665			2.7	%
Other		(644	)		(576	)		(68	)		(11.8	%)
Total	$	26,142		$	23,204		$	2,938			12.7	%

For the three months ended March 31, 2025, compared to the same period in 2024:

•

Development and Redevelopment property net operating income increased by $2.3 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.

•

Operating property net operating income increased by $0.7 million, or 2.7%. The increase was attributable primarily to a $0.9 million, or 2.7% increase in rental and other property revenues due to a $60 increase in average monthly revenue per apartment home to $2,309.

•

Other property net operating income decreased by $0.1 million, or 11.8% primarily due to higher real estate taxes.

Non-Segment Real Estate Operations

Operating income amounts not attributed to our segments include property management costs, casualty losses, and, if applicable, the results of apartment communities sold or held for sale, reported in consolidated amounts, which we do not allocate to our segments for purposes of evaluating segment performance.

For the three months ended March 31, 2025 and 2024, other property operating expenses not allocated to segments were $1.5 million and $1.9 million, respectively. For the three months ended March 31, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $4.6 million and $7.7 million, respectively.

Depreciation and Amortization

For the three months ended March 31, 2025, compared to the same period in 2024, Depreciation and amortization expense decreased by $3.0 million, or 15.7% due primarily to the disposition of The Hamilton and the classification of the Brickell Assemblage as held for sale in December 2024, partially offset by the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024.

General and Administrative Expenses

For the three months ended March 31, 2025, compared to the same periods in 2024, General and administrative expenses decreased by $0.4 million, or 4.3%.

Interest Income

For the three months ended March 31, 2025, compared to the same period in 2024, Interest income decreased by $0.6 million, or 21.0%, due primarily to a decrease earned on amounts of invested cash.

Interest Expense

For the three months ended March 31, 2025, compared to the same periods in 2024, Interest expense increased by $4.1 million, or 30.4%, due primarily to increased non-recourse construction loan draws and reduced capitalization as development projects are advanced and completed, partially offset by the repayment of certain non-recourse construction loans in December 2024.

Realized and Unrealized Gains (Losses) on Interest Rate Contracts

We are required to adjust our interest rate contracts to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $0.6 million for the three months ended March 31, 2025, compared to unrealized losses of $0.2 million for the same period in 2024. In addition, we realized gains of $0.3 million for the three months ended March 31, 2025, compared to realized gains of $1.9 million, respectively, for the same periods in 2024.

Realized and Unrealized Gains (Losses) on Equity Investments

We measure our investments in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. In addition, we measure our investment in IQHQ at cost, less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. As a result of changes in the values of these investments, we recorded unrealized losses of $0.4 million for the three months ended March 31, 2025. For the same period in 2024, we recorded unrealized losses of $0.3 million.

Other Income (Expense), Net

Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items, as well as activity related to our Mezzanine Investment and unconsolidated real estate partnerships. For the three months ended March 31, 2025, compared to the same period in 2024, Other income (expense), net changed by $1.1 million, or 69.9%, primarily due to the cessation of amortization of transaction costs associated with the partial sale of the Mezzanine Investment.

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through TRS entities. Additionally, our TRS entities hold our investment in 1001 Brickell Bay Drive.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and, income and gains retained by the REIT. For the three months ended March 31, 2025, we had consolidated net losses subject to tax of $2.3 million compared to consolidated net losses subject to tax of $6.6 million, for the same period in 2024.

For the three months ended March 31, 2025, we recognized an income tax benefit of $0.1 million, compared to an income tax benefit of $2.7 million for the same period in 2024. The decrease is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

Critical Accounting Estimates

We prepare our consolidated financial statements in accordance with GAAP, which requires us to make estimates and assumptions. Our critical accounting estimates that involve our more significant judgments and estimates used in the preparation of our consolidated financial statements are detailed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes in our critical accounting estimates from those reported in our Form 10-K and we believe that the related judgments and assessments have been consistently applied and produce financial information that fairly depicts the financial condition, results of operations, and cash flows for all periods presented.

Non-GAAP Measures

We use EBITDAre and Adjusted EBITDAre in managing our business and in evaluating our financial condition and operating performance. These key financial indicators are non-GAAP measures and are defined and described below. We provide reconciliations of the non-GAAP financial measures to the most comparable financial measure computed in accordance with GAAP.

Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)

EBITDAre and Adjusted EBITDAre are non-GAAP measures, which we believe are useful to investors, creditors, and rating agencies as a supplemental measure of our ability to incur and service debt because they are recognized measures of performance by the real estate industry and facilitates comparison of our credit strength to other companies. EBITDAre and Adjusted EBITDAre should not be considered alternatives to net income (loss) as determined in accordance with GAAP as indicators of liquidity. There can be no assurance that our method of calculating EBITDAre and Adjusted EBITDAre is comparable with that of other real estate investment trusts. Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation, and amortization expense, further adjusted for:

•

gains and losses on the dispositions of depreciated property;

•

impairment write-downs of depreciated property;

•

impairment write-downs of investments in unconsolidated partnerships caused by a decrease in the value of the depreciated property in such partnerships; and

•

adjustments to reflect our share of EBITDAre of investments in unconsolidated entities.

EBITDAre is defined by Nareit and provides for an additional performance measure independent of capital structure for greater comparability between real estate investment trusts. We define Adjusted EBITDAre as EBITDAre adjusted to exclude the effect of the following items:

•

net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships and EBITDAre adjustments attributable to noncontrolling interests;

•

realized and unrealized (gains) losses on interest rate contracts, which we believe allow investors to compare a measure of our earnings before the effects of our capital structure and indebtedness with that of other companies in the real estate industry;

•

the non-cash (income) loss recognized on our Mezzanine Investment; and

•

the unrealized (gains) losses recognized on our passive equity investments.

The reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the three months ended March 31, 2025 and 2024, is as follows (in thousands):


	Three Months Ended March 31,
	2025			2024
Net income (loss)	$	(11,712	)	$	(7,196	)
Adjustments:
Interest expense		17,438			13,370
Income tax (benefit) expense		(85	)		(2,730	)
Depreciation and amortization		16,421			19,468
Adjustment related to EBITDAre of unconsolidated partnerships		312			215
EBITDAre	$	22,374		$	23,127
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(2,673	)		(3,560	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(296	)		16
EBITDAre adjustments attributable to noncontrolling interests		(328	)		(575	)
Mezzanine investment (income) loss, net		—			628
Realized and unrealized (gains) losses on interest rate contracts		261			(1,672	)
Unrealized (gains) losses on passive equity investments		397			—
Adjusted EBITDAre	$	19,735		$	17,964

Liquidity and Capital Resources

Liquidity

Liquidity is the ability to meet present and future financial obligations. Our primary sources of liquidity are cash flows from operations and borrowing capacity under our loan agreements.

As of March 31, 2025, our available liquidity was $225.2 million, which consisted of:

•

$49.1 million in cash and cash equivalents;

•

$27.6 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance; and

•

$148.5 million of available capacity to borrow under our revolving secured credit facility.

As of March 31, 2025, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on development and redevelopment projects of approximately $138.0 million. We also have unfunded commitments in the amount of $1.2 million related to our investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include normal operating activities, payments of principal and interest on outstanding debt, capital expenditures, and future investments. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.

We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.

In the event that our cash and cash equivalents, revolving secured credit facility, and cash provided by operating activities are not sufficient to cover our liquidity needs, we have the means to generate additional liquidity, such as from additional property financing activity and proceeds from apartment community sales. We expect to meet our long-term liquidity requirements, including debt maturities, development and redevelopment spending, and future investment activity, primarily through property financing activity, cash generated from operations, and the recycling of our equity. Our revolving secured credit facility matures in December 2025.


Fiscal Period	Total Number of Shares Repurchased		Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs (1)
Jan 1 - 31, 2025		29,498	$	8.66		29,498		16,236,004
Feb 1 - 28, 2025		—		—		—		16,236,004
March 1 - 31, 2025		—		—		—		16,236,004
Total		29,498	$	8.66		29,498


Fiscal Period	Total Number of Units Repurchased		Weighted Average Price Paid per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Units That May Yet Be Purchased Under Plans or Programs (1)
Jan 1 - 31, 2025		—	$	—	NA	NA
Feb 1 - 28, 2025		—		—	NA	NA
March 1 - 31, 2025		11,477		9.22	NA	NA
Total		11,477	$	9.22


EXHIBIT NO.		DESCRIPTION

3.1		Charter – Articles of Amendment and Restatement (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated October 2, 2023, is incorporated herein by this reference)

3.2		Amended and Restated Bylaws (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated April 28, 2023, is incorporated herein by this reference).

3.3		Articles Supplementary of Apartment Investment Management Company (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)

10.1		Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (filed herewith)

31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco

31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco

31.3		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership

31.4		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership

32.1		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco

32.2		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership


EXHIBIT NO.		DESCRIPTION

101		The following materials from Aimco’s and Aimco Operating Partnership’s combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) condensed consolidated balance sheets; (ii) condensed consolidated statements of operations; (iii) condensed consolidated statements of equity and partners’ capital; (iv) condensed consolidated statements of cash flows; and (v) notes to condensed consolidated financial statements.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	APARTMENT INVESTMENT AND MANAGEMENT COMPANY

	By:	/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer


	By:	/s/ Kellie E. Dreyer
		Kellie E. Dreyer
		Senior Vice President and Chief Accounting Officer


	AIMCO OP L.P.

	By:	Aimco OP GP, LLC, its General Partner

	By:	/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer


	By:	/s/ Kellie E. Dreyer
		Kellie E. Dreyer
		Senior Vice President and Chief Accounting Officer