What changed in this filing

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Item 1. Financial Statements

2025-11-10 compared with 2025-08-11 · 354 added, 193 removed, 668 unchanged (45% of the section changed)

3 unchanged sentences

(In thousands, except share data)

June 30, 2025

September 30, 2025

December 31, 2024

8 unchanged sentences

Other assets, net

Assets held for sale, net

Assets from discontinued operations and held for sale, net

LIABILITIES AND EQUITY

Non-recourse property debt, net

Non-recourse construction loans, net

Revolving credit facility

Non-recourse construction loans and bridge financing, net

Total indebtedness

3 unchanged sentences

Accrued liabilities and other

Liabilities related to assets held for sale, net

Liabilities related to discontinued operations and assets held for sale, net

Total liabilities

1 unchanged sentence

Commitments and contingencies (Note 3)

Equity ( 510,587,500 shares authorized at June 30, 2025 and December 31, 2024):

Common Stock, $ 0.01 par value, 137,376,505 and 136,351,966 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Equity ( 510,587,500 shares authorized at September 30, 2025 and December 31, 2024):

Common Stock, $ 0.01 par value, 140,158,784 and 136,351,966 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

8 unchanged sentences

(In thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Rental and other property revenues

3 unchanged sentences

General and administrative expenses

Impairment on real estate

Total operating expenses

4 unchanged sentences

Other income (expense), net

Income (loss) before income tax

Income (loss) from continuing operations before income tax

Income tax benefit (expense)

Net income (loss) from continuing operations

Income (loss) from discontinued operations, net of taxes

Net income (loss)

6 unchanged sentences

Net income (loss) attributable to Aimco

Earnings (loss) per common share - basic

Income (loss) from continuing operations attributable to Aimco per common share

Income (loss) from discontinued operations attributable to Aimco per common share

Net income (loss) attributable to Aimco per common

share – basic (Note 4)

Earnings (loss) per common share - diluted

Income (loss) from continuing operations attributable to Aimco per common share

Income (loss) from discontinued operations attributable to Aimco per common share

Net income (loss) attributable to Aimco per common

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended June 30, 2025 and 2024

For the Three Months Ended September 30, 2025 and 2024

(In thousands)

2 unchanged sentences

Retained Earnings (Accumulated Deficit)

Balances at March 31, 2024

Balances at June 30, 2024

Net income (loss)

4 unchanged sentences

Common stock repurchased

Other common stock issuances, net of withholding taxes

Balances at September 30, 2024

Balances at June 30, 2025

Balances at March 31, 2025

Net income (loss)

3 unchanged sentences

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other common stock issuances, net of withholding taxes

Balances at June 30, 2025

Dividends declared

Balances at September 30, 2025

See notes to condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Six Months Ended June 30, 2025 and 2024

For the Nine Months Ended September 30, 2025 and 2024

(In thousands)

10 unchanged sentences

Other common stock issuances, net of withholding taxes

Balances at June 30, 2024

Balances at September 30, 2024

Balances at December 31, 2024

7 unchanged sentences

Other common stock issuances, net of withholding taxes

Balances at June 30, 2025

Dividends declared

Balances at September 30, 2025

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

8 unchanged sentences

Loss (income) from unconsolidated real estate partnerships

Impairment on real estate

Other, including amortization of debt issuance costs

Discontinued operations:

Depreciation and amortization

Income tax (benefit) expense

Gain on dispositions of real estate

Other adjustments to income (loss) from discontinued operations

Changes in operating assets and operating liabilities:

5 unchanged sentences

Capital expenditures (1)

Proceeds from dispositions of real estate

Other investing activities

Net cash used in investing activities

Net cash provided by (used) in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from non-recourse construction loans

Proceeds from non-recourse construction loans and bridge financing

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans

Principal repayments on non-recourse construction loans and bridge financing

Principal repayments on revolving credit facility

Payments of deferred loan costs

Proceeds from interest rate contracts

Purchase of interest rate contracts

Common stock repurchased

Payments related to withholding taxes for share-based compensation

Dividends paid on common stock and OP Units

Dividends paid on common stock and distributions paid on OP Units

Contributions from redeemable noncontrolling interests

12 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures wer e $ 15.0 milli on and $ 34.5 m illion as of June 30, 2025 and 2024 , respectively.

(1) Accrued capital expendit ures were $ 16.1 milli on and $ 31.6 m illion as of September 30, 2025 and 2024 , respectively.

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

June 30, 2025

September 30, 2025

December 31, 2024

8 unchanged sentences

Other assets, net

Assets held for sale, net

Assets from discontinued operations and held for sale, net

LIABILITIES AND EQUITY

Non-recourse property debt, net

Non-recourse construction loans, net

Revolving credit facility

Non-recourse construction loans and bridge financing, net

Total indebtedness

3 unchanged sentences

Accrued liabilities and other

Liabilities related to assets held for sale, net

Liabilities related to discontinued operations and assets held for sale, net

Total liabilities

12 unchanged sentences

(In thousands, except per unit data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Rental and other property revenues

3 unchanged sentences

General and administrative expenses

Impairment on real estate

Total operating expenses

4 unchanged sentences

Other income (expense), net

Income (loss) before income tax

Income (loss) from continuing operations before income tax

Income tax benefit (expense)

Net income (loss) from continuing operations

Income (loss) from discontinued operations, net of taxes

Net income (loss)

4 unchanged sentences

Net income (loss) attributable to Aimco Operating

Partnership per common unit – basic (Note 4)

Net income (loss) attributable to Aimco Operating

Partnership per common unit – diluted (Note 4)

Earnings (loss) per common unit - basic

Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit

Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit

Net income (loss) attributable to Aimco Operating Partnership per common

unit – basic (Note 4)

Earnings (loss) per common unit - diluted

Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit

Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit

Net income (loss) attributable to Aimco Operating Partnership per common

unit – diluted (Note 4)

Weighted-average common units outstanding – basic

3 unchanged sentences

CONDENSED CONSOLIDATED S TATEMENTS OF PARTNERS’ CAPITAL

For the Three Months Ended June 30, 2025 and 2024

For the Three Months Ended September 30, 2025 and 2024

(In thousands)

7 unchanged sentences

Estate Partnerships

Balances at March 31, 2024

Balances at June 30, 2024

Net income (loss)

4 unchanged sentences

Redemption of OP Units held by Aimco

Other OP Unit issuances

Balances at September 30, 2024

Balances at June 30, 2025

Balances at March 31, 2025

Net income (loss)

3 unchanged sentences

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other OP Unit issuances, net of withholding taxes

Balances at June 30, 2025

Other OP Unit issuances

Distributions declared

Balances at September 30, 2025

See notes to condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Six Months Ended June 30, 2025 and 2024

For the Nine Months Ended September 30, 2025 and 2024

(In thousands)

14 unchanged sentences

Redemption of OP Units held by Aimco

Other OP Unit issuances, net of withholding taxes

Balances at June 30, 2024

Other OP Unit issuances

Balances at September 30, 2024

Balances at December 31, 2024

6 unchanged sentences

Redemption of OP Units held by Aimco

Other OP Unit issuances, net of withholding taxes

Balances at June 30, 2025

Other OP Unit issuances

Distributions declared

Balances at September 30, 2025

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

8 unchanged sentences

Loss (income) from unconsolidated real estate partnerships

Impairment on real estate

Other, including amortization of debt issuance costs

Discontinued operations:

Depreciation and amortization

Income tax (benefit) expense

Gain on dispositions of real estate

Other adjustments to income (loss) from discontinued operations

Changes in operating assets and operating liabilities:

5 unchanged sentences

Capital expenditures(1)

Proceeds from dispositions of real estate

Other investing activities

Net cash used in investing activities

Net cash provided by (used) in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from non-recourse construction loans

Proceeds from non-recourse construction loans and bridge financing

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans

Principal repayments on non-recourse construction loans and bridge financing

Principal repayments on revolving credit facility

Payments of deferred loan costs

Proceeds from interest rate contracts

Purchase of interest rate contracts

Common stock repurchased

Payments related to withholding taxes for share-based compensation

Dividends paid on common stock and OP Units

Dividends paid on common stock and distributions paid on OP Units

Contributions from redeemable noncontrolling interests

12 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures were $ 15.0 millio n and $ 34.5 million as of June 30, 2025 and 2024 , respectively.

(1) Accrued capital expenditures were $ 16.1 millio n and $ 31.6 million as of September 30, 2025 and 2024 , respectively.

See notes to condensed consolidated financial statements.

2 unchanged sentences

NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS

June 30, 2025

September 30, 2025

Note 1 — Organization

5 unchanged sentences

(“Aimco Operating Partnership”).

As of June 30, 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.

As of September 30, 2025, Aimco owned 94.1 % of the legal interest in the common partnership units of Aimco Operating Partnership and 96.6 % of the economic interest in Aimco Operating Partnership.

The remaining 5.9 % 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 June 30, 2025, of Aimco and Aimco Operating Partnership.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2025, of Aimco and Aimco Operating Partnership.

Where it is important to distinguish between the two entities, each is referred to specifically.

2 unchanged sentences

multifamily sector.

At June 30, 2025, our entire portfolio of operating residential apartment communit ies includes 5,243 apartment homes within 20 consolidated stabilized operati ng 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.

At September 30, 2025, our entire portfolio of operating residential apartment communities inc ludes 2,524 apar tment homes within 15 consolidated stabilized operati ng properties, a complete 689 -unit community with 105,000 square feet of retail space, a complete 220 -unit community, and four unconsolidated properties.

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.

6 unchanged sentences

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 and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the three and nine months ended September 30, 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.

16 unchanged sentences

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 June 30, 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.

For the nine months ended September 30, 2025 and 2024, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 4.9 % , and 5.2 %, respectively.

Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

2 unchanged sentences

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 June 30, 2025 , consists of the following:

Redeemable noncontrolling interests in consolidated real estate partnerships as of September 30, 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) a preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, 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 June 30, 2025.

These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of September 30, 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 six months ended June 30, 2025 and 2024, ( in thousands ):

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the nine months ended September 30, 2025 and 2024, ( in thousands ):

Balance at Beginning of Period

2 unchanged sentences

Purchases (1)

Balance at June 30,

Balance at September 30,

(1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $ 5.0 million.

9 unchanged sentences

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 June 30, 2025, we are precluded from derecognizing the liability until it has been deemed to be extinguished in accordance with GAAP.

While the Mezzanine Investment had not been repaid and was in maturity default as of September 30, 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.

Certain aspects of our operations are conducted through taxable REIT subsidiaries, or “TRS entities”.

Additionally, our TRS entities hold an investment in 1001 Brickell Bay Drive and Oak Shore.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities.

1 unchanged sentence

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 and six months ended June 30, 2025, we had consolidated net losses subject to tax of $ 0.9 million and $ 3.2 million, respectively.

For the three and six months ended June 30, 2024 , we had consolidated net losses subject to tax of $ 5.3 million and $ 11.9 million, respectively.

For the three and six months ended June 30, 2025, we recognized income tax expense of $ 5.6 million and $ 5.5 million , respectively, compared to an income tax benefit of $ 2.2 and $ 4.9 million, respectively, during the same periods in 2024.

The change in income tax expense is due primarily to the recognition of a non-cash partial valuation allowance against the deferred tax assets of our TRS entities and the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

For the three and nine months ended September 30, 2025, we had consolidated net losses subject to tax of $ 2.7 million and $ 5.9 million, respectively.

For the three and nine months ended September 30, 2024 , we had consolidated net losses subject to tax of $ 9.7 million and $ 21.6 million, respectively.

For the three months ended September 30, 2025, we recognized income tax benefit attributable to continuing operations of $ 0.1 million compared to $ 3.8 million during the same period in 2024.

The change in income tax benefit is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

For the nine months ended September 30, 2025, we recognized income tax expense attributable to continuing operations of $ 5.4 million , compared to an income tax benefit of $ 8.7 million during the same period in 2024.

The change in income tax benefit (expense) is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities, partially offset by the recognition of a non-cash partial valuation allowance against the deferred tax assets of our TRS entities in 2025.

On July 4, 2025, legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law.

Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions.

We are currently evaluating the tax consequences of the OBBBA.

The changes introduced by the OBBBA are not expected to have a material impact on our annual effective tax rate for 2025.

Use of estimates

1 unchanged sentence

Actual results could differ from those estimates.

Assets held for sale, net

Assets held for sale and discontinued operations

We classify properties as held for sale when they meet the GAAP criteria, which include (among others):

2 unchanged sentences

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.

We present the assets and liabilities of any properties held for sale separately in the Condensed Consolidated Balance Sheets .

Properties held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell.

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 in 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 June 30, 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 June 30, 2025 and December 31, 2024 ( in thousands ):

June 30, 2025

December 31, 2024

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Restricted cash

Other assets, net

Assets held for sale, net

Non-recourse property debt, net

Accrued liabilities and other

Liabilities related to assets held for sale, net

In connection with the held for sale evaluation, if the disposal or intended disposal represents a strategic shift in operations (e.g., a disposal of a major geographic area or a major line of business) that has, or will have, a major effect on our consolidated financial statements, then the property is presented as discontinued operations.

For any property qualifying for classification as discontinued operations, the components of net income (loss) presented as discontinued operations are primarily comprised of rental and other property revenues, property operating expenses, depreciation and amortization, and interest expense.

We reclassify interest expense related to property debt within discontinued operations when the related property is sold or classified as held for sale.

For periods prior to the property qualifying for discontinued operations, we reclassify the results of operations to discontinued operations.

The net gain on sale is presented in discontinued operations when recognized.

We combine the operating, investing, and financing portions of cash flows attributable to discontinued operations with respective cash flows from continuing operations in the accompanying Consolidated Statements of Cash Flows .

See Note 8 for additional information regarding assets held for sale and discontinued operations.

Unless otherwise noted or separately presented, the information disclosed in Note 3 through Note 10 (with the exception of Note 8 ) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented within discontinued operations.

Impairment of real estate and other long-lived assets

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable.

If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset.

If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.

The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are highly subjective and are based on assumptions, such as anticipated hold periods, future occupancy, future rental or room rates, discount rates, capitalization rates, and recent sales data for comparable properties.

In the three and nine months ended September 30, 2025, we assessed certain properties located within Colorado's Front Range for impairment as a result of a change in estimated hold period.

Our assessment resulted in $ 57.4 million of impairment recognized for the three and nine months ended September 30, 2025.

The properties are presented within the Development and Redevelopment and Other segments within Note 9 .

There were no such impairments for the three and nine months ended September 30, 2024 .

Cash equivalents

5 unchanged sentences

The reconciliation of cash flow information is as follows ( in thousands ):

June 30, 2025

September 30, 2025

December 31, 2024

1 unchanged sentence

Restricted cash

Restricted cash held for sale

Restricted cash from discontinued operations and held for sale

Cash, cash equivalents, and restricted cash

3 unchanged sentences

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 mil lion and an effective interest rate of 6.0 %.

As of June 30, 2025 and December 31, 2024, the remaining unamortized discount was $ 2.1 million and $ 2.7 million, respectively.

The amortization of the discount for the three and six months ended June 30, 2025 and 2024, was $ 0.3 million and $ 0.6 million, respectively, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations .

We have a seller financing note with a principal balance of $ 43.2 million and an effective interest rate of 6.0 %.

As of September 30, 2025 and December 31, 2024, the remaining unamortized discount was $ 1.8 million and $ 2.7 million, respectively.

The amortization of the discount for the three and nine months ended September 30, 2025 and 2024, was $ 0.3 million and $ 0.9 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 June 30, 2025 and December 31, 2024 ( in thousands ):

June 30, 2025

Other assets, net were comprised of the following amounts as of September 30, 2025 and December 31, 2024 ( in thousands ):

September 30, 2025

December 31, 2024

5 unchanged sentences

Intangible assets, net

Corporate fixed assets, net of accumulated depreciation of $ 9,322 and $ 9,591 as of June 30, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowances of $ 403 and $ 352 as of June 30, 2025 and December 31, 2024, respectively

Corporate fixed assets, net of accumulated depreciation of $ 9,559 and $ 9,591 as of September 30, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowances of $ 800 and $ 352 as of September 30, 2025 and December 31, 2024, respectively

Deferred tax assets

2 unchanged sentences

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 June 30, 2025, we recognized unrealized losses on our investment in stock of $ 0.2 million, compared to unrealized losses of $ 0.3 million in 2024.

During the three months ended June 30, 2025 and 2024, we recognized no unrealized gains or losses on our investments in property technology funds.

During the six months ended June 30, 2025, we recognized unrealized losses on our investment in stock of $ 0.7 million, compared to unrealized losses of $ 0.7 million during the same period in 2024.

During the six months ended June 30, 2025 and 2024, we recognized unrealized gains on our investments in property technology funds of $ 0.1 million and unrealized gains of $ 0.2 million, respectively.

See Note 5 for discussion of our fair value measurements for these investments.

Other investments consist of passive equity investments in property technology funds and IQHQ, a privately held life sciences real estate development company.

We 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 September 30, 2025, we sold our investment in stock, historically measured at fair value.

During the three months ended September 30, 2025, we recognized net gains on our investment in stock of $ 0.4 million, compared to unrealized losses of $ 0.6 million in 2024.

During the three months ended September 30, 2025, we recognized unrealized gains of $ 0.9 million on our investments in property technology funds compared to no unrealized gains or losses in 2024.

During the nine months ended September 30, 2025, we recognized net losses on our investment in stock of $ 0.3 million, compared to unrealized losses of $ 1.3 milli on during the same period in 2024.

During the nine months ended September 30, 2025 and 2024, we recognized unrealized gains on our investments in property technology funds of $ 1.0 million and unrealized gains of $ 0.2 million, respectively.

See Note 5 for discussion of our fair value measurements for these invest ments.

Investment in IQHQ

5 unchanged sentences

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 June 30, 2025

On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP.

During the three months ended September 30, 2025, we determined that our investment in IQHQ was further impaired after consideration of factors, such as continued adverse market conditions, IQHQ's financial condition and recent capital raising activities that further diluted our investment.

As a result, we recorded a non-cash impairment charge of $ 6.2 million to reduce the carrying value of the investment in IQHQ to $ 4.8 million as of September 30, 2025.

See Note 5 for further details regarding the remeasurement of our investment in IQHQ.

As of September 30, 2025

As of December 31, 2024

10 unchanged sentences

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 June 30, 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.

On September 15, 2025 , we declared a special cash dividend of $ 2.23 per share to distribute the net proceeds resulting from our sale of four of the five properties in our suburban Boston portfolio.

The special cash dividend was paid on October 15, 2025 , to stockholders of record on September 30, 2025.

As of September 30, 2025, we have a liability of $ 332.5 million related to the September 2025 dividend declaration, and $ 1.0 million remaining for forfeitable dividends declared in December 2024 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.

We apply Accounting Standards Codification (“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.

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Our contracts generally have a single performance obligation, recognized at a point in time.

The Benson Hotel generated revenues of $ 2.1 million and $ 1.8 million for the three months ended June 30, 2025 and 2024, respectively, and $ 3.5 million and $ 3.0 million for the six months ended June 30, 2025 and 2024 , respectively.

The Benson Hotel generated revenues of $ 2.0 million and $ 1.9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 5.5 million and $ 4.9 million for the nine months ended September 30, 2025 and 2024 , respectively.

Recent accounting pronouncements

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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.

In November 2024, the FASB issued ASU 2024-03, “ Disaggregation of Income Statement Expenses ” ("ASU 2024-03") , 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.

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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 June 30, 2025, we had remaining commitments for construction-related contracts of $ 125.1 million, with $ 133.2 million undrawn on our non-recourse construction loans.

As of June 30, 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.

As of September 30, 2025, we had remaining commitments for construction-related contracts of $ 107.6 million, with $ 120.7 million undrawn on our non-recourse construction loans.

As of September 30, 2025, we have remaining unfunded commitments of $ 1.1 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.

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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 and six months ended June 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of June 30, 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.

The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of September 30, 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.

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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 and six months ended June 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of June 30, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.9 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2025 and 2024, are as follows ( in thousands, except per share and per unit data ):

Participating securities were not included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of September 30, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.6 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and nine months ended September 30, 2025 and 2024, are as follows ( in thousands, except per share and per unit data ):

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Earnings per share

Net income (loss) attributable to Aimco

Income (loss) from continuing operations

Net (income) loss attributable to redeemable noncontrolling

interests in consolidated real estate partnerships

Net (income) loss attributable to noncontrolling interests

in consolidated real estate partnerships

Net (income) loss from continuing operations attributable to common noncontrolling

interests in Aimco Operating Partnership

Net (income) loss allocated to Aimco participating securities

Income (loss) from continuing operations attributable to Aimco common stockholders

Income (loss) from discontinued operations, net of taxes

Net (income) loss from discontinued operations attributable to common noncontrolling

interests in Aimco Operating Partnership

Income (loss) from discontinued operations attributable to Aimco common stockholders

Net income (loss) attributable to Aimco common stockholders

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Earnings (loss) per share - basic

Income (loss) from continuing operations attributable to Aimco per common share

Income (loss) from discontinued operations attributable to Aimco per common share

Net income (loss) attributable to Aimco per common share – basic

Earnings (loss) per share - diluted

Income (loss) from continuing operations attributable to Aimco per common share

Income (loss) from discontinued operations attributable to Aimco per common share

Net income (loss) attributable to Aimco per common share – diluted

Three Months Ended

September 30,

Nine Months Ended

September 30,

Earnings per unit

Net income (loss) attributable to Aimco Operating Partnership

Net income (loss) allocated to Aimco Operating Partnership participating securities

Net income (loss) attributable to Aimco Operating Partnership’s common unit holders

Income (loss) from continuing operations

Net (income) loss attributable to redeemable noncontrolling

interests in consolidated real estate partnerships

Net (income) loss attributable to noncontrolling interests

in consolidated real estate partnerships

Net (income) loss allocated to Aimco participating securities

Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders

Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders

Net income (loss) attributable to Aimco Operating Partnership's common unitholders

Denominator - units

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Earnings (loss) per unit - basic

Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit

Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit

Net income (loss) attributable to Aimco per unit – basic

Earnings (loss) per unit - diluted

Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit

Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit

Net income (loss) attributable to Aimco Operating Partnership per unit – diluted

Note 5 — Fair Value Measure ments 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 ”.

In determining the fair value of our financial instruments, we apply 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).

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These instruments are presented as Interest rate contracts in Other assets, net in our Condensed Consolidated Balance Sheets .

As of June 30, 2025, we held interest rate caps with a maximum notional value of $ 464.3 million.

As of September 30, 2025, we held interest rate caps with a maximum notional value of $ 370.3 million.

These instruments were acquired for $ 2.8 million, and the fair value of these instruments is $ 0.2 million as noted in the table below.

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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 June 30, 2025 and December 31, 2024, we had investments in stock of $ 0.9 million and $ 1.6 million, respectively, classified within Level 1 of the GAAP fair value hierarchy.

In addition, as of June 30, 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.

During the three months ended September 30, 2025, we sold our investment in stock, historically measured at fair value.

As of December 31, 2024 , we had investments in stock of $ 1.6 million classified within Level 1 of the GAAP fair value hierarchy.

In addition, as of September 30, 2025 and December 31, 2024, we have investments in property technology funds of $ 4.8 million and $ 3.5 million, respectively, in entities that develop technology related to the real estate industry.

These investments are m easured at net asset value (“NAV”) as a practical expedient.

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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 June 30, 2025 and December 31, 2024 ( in thousands ):

As of June 30, 2025

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 September 30, 2025 and December 31, 2024 ( in thousands ):

As of September 30, 2025

As of December 31, 2024

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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 June 30, 2025, and December 31, 2024 and are categorized within Level 1 of the GAAP fair value hierarchy.

In addition, the carrying amount of the revolving credit facility approximated its fair value as of June 30, 2025.

We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of September 30, 2025, and December 31, 2024 and are categorized within Level 1 of the GAAP fair value hierarchy.

We estimate the fair value of our non-recourse property debt and non-recourse construction loans 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, non-recourse construction loans, and revolving credit facility 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 June 30, 2025 and December 31, 2024 ( in thousands ):

As of June 30, 2025

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 September 30, 2025 and December 31, 2024 ( in thousands ):

As of September 30, 2025

As of December 31, 2024

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Non-recourse construction loans

Nonrecurring Fair Value Measurements

During the three and nine months ended September 30, 2025, we recorded a non-cash impairment charge of $ 57.4 million related to properties located in Colorado's Front Range.

We used a third-party appraisal, broker opinion of value, and letter of intent to determine the fair value estimates of the properties.

The fair value estimates of the properties were determined by discounted cash flow analyses or references to market comparable data.

The cash flows utilized in such discounted cash flow analysis are comprised of projected operating results, which are based upon market conditions and future expectations.

The most significant unobservable inputs utilized in determining the fair value are capitalization rates and discount rates, which were 8 % and 10 %, respectively.

Because of these inputs, we have determined that the fair value of properties using this approach are classified within Level 3 of the fair value hierarchy.

Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties.

Because these inputs are derived from observable market data, we determined that the fair values of properties using this approach are classified within Level 2 of the fair value hierarchy.

Investment in IQHQ

During the three and nine months ended September 30, 2025, we recorded a non-cash impairment charge of $ 6.2 million related to our passive equity investment in IQHQ.

This impairment charge was derived using an internal valuation of IQHQ, which incorporated fair value estimates of properties owned by IQHQ.

The fair value estimates of the properties owned by IQHQ were determined by discounted cash flow analyses and references to market comparable data.

The cash flows utilized in such discounted cash flow analyses are comprised of projected operating results, which are based upon market conditions and future expectations.

The most significant unobservable inputs utilized in determining the fair value are capitalization rates and discount rates, which ranged from 5.75 % to 8.23 % and 7.25 % to 9 %, respectively.

Because of these inputs, we have determined that the fair value of these properties are classified within Level 3 of the fair value hierarchy.

Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties.

Because these inputs are derived from observable market data, we determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy.

Note 6 — Variable Interest Entities

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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 June 30, 2025 and December 31, 2024 ( in thousands, except for Count of VIEs ):

As of June 30, 2025

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of September 30, 2025 and December 31, 2024 ( in thousands, except for Count of VIEs ):

As of September 30, 2025

As of December 31, 2024

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Our apartment homes and commercial spaces are leased to tenants under operating leases.

As of June 30, 2025 , our apartment home leases generally have initial terms of 24 months or less.

As of June 30, 2025, our commercial space leases generally have initial terms betwee n 5 and 15 y ears and represent approxim ately 6 % to 7 % of our total revenue.

As of September 30, 2025 , our apartment home leases generally have initial terms of 24 months or less.

As of September 30, 2025, our commercial space leases generally have initial terms betwee n 5 and 15 y ears and represent approxim ately 9 % to 10 % 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 and six months ended June 30, 2025, we recognized sublease income of $ 0.4 and $ 0.7 million, respectively.

For the three and nine months ended September 30, 2025, we recognized sublease income of $ 0.4 million and $ 1.1 million, respectively.

For the same periods in 2024 , we recognized sublease income of $ 0.4 million and $ 1.1 million, respectively.

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We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842.

For the three and six months ended June 30, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ):

For the three and nine months ended September 30, 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

Six Months Ended

September 30,

Nine Months Ended

September 30,

Fixed lease income

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Total lease income

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of June 30, 2025, are as follows (in thousands) :

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of September 30, 2025, are as follows (in thousands) :

Corporate Office Sublease

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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 and six months ended June 30, 2025 and 2024 ( in thousands ):

See the table below for lease costs, net of capitalized finance lease costs, for the three and nine months ended September 30, 2025 and 2024 ( in thousands ):

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Operating lease costs

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Total lease costs, net of capitalized amounts

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of June 30, 2025, and December 31, 2024:

June 30, 2025

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of September 30, 2025, and December 31, 2024:

September 30, 2025

December 31, 2024

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Additionally, the lease p rovides 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 June 30, 2025 and December 31, 2024, operating lease right-of-use lease assets of $ 4.3 million and $ 4.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets .

As of June 30, 2025 and December 31, 2024, operating lease liabilities of $ 8.3 million and $ 9.2 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets .

As of September 30, 2025 and December 31, 2024, operating lease right-of-use lease assets of $ 3.8 million and $ 4.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets .

As of September 30, 2025 and December 31, 2024, operating lease liabilities of $ 7.8 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.

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Annual Future Minimum Lease Payments

Combined annual future minimum lease payments under our operating and finance leases are as follows as of June 30, 2025 ( in thousands ):

Combined annual future minimum lease payments under our operating and finance leases are as follows as of September 30, 2025 ( in thousands ):

Operating Leases

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Total lease liabilities

Note 8 — Assets Held for Sale and Discontinue d Operations

On August 5, 2025, we entered into an agreement to sell our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for an aggregate purchase price of $ 740.0 million.

In September 2025, we completed the sale of four of the five properties for an aggregate purchase price of $ 490.0 million.

These four properties include properties known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village.

The sale of the fifth property, Royal Crest Estates (Nashua), was completed October 3, 2025, subsequent to quarter end , for a gross purchase price of $ 250.0 million.

In connection with the sale of the fifth property, $ 173.4 million of non-recourse property debt was assumed by the purchaser.

We determined that the Boston portfolio was a disposal group that met the criteria of discontinued operations as the sale of these properties represented a strategic shift that had a significant effect on our operations and, as such, the results, assets, and liabilities of these properties are classified as discontinued operations for all periods presented in accordance with ASC 205-20 “ Presentation of Financial Statements:

Discontinued Operations ”.

The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the discontinued operations as of September 30, 2025 and December 31, 2024 ( in thousands ):

September 30, 2025

December 31, 2024

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Restricted cash

Other assets, net

Assets held for sale, net

Non-recourse property debt, net

Accrued liabilities and other

Liabilities related to assets held for sale, net

The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

Rental and other property revenues

OPERATING EXPENSES

Property operating expenses

Depreciation and amortization

Total operating expenses

Interest income

Interest expense

Gain on dispositions of real estate

Income (loss) from discontinued operations before income tax

Income tax benefit (expense)

Income (loss) from discontinued operations, net of taxes

(Income) loss from discontinued operations attributable to common noncontrolling

interests in Aimco Operating Partnership

Net income (loss) from discontinued operations attributable to Aimco

The following table summarizes cash flow information related to the discontinued operation for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,

Total operating cash flows from (used in) discontinued operations

Total investing cash flows from (used in) discontinued operations

On December 30, 2024, we entered into an agreement to sell the Brickell Assemblage.

The transaction is scheduled to occur in 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 September 30, 2025 and December 31, 2024.

The transaction does not meet the criteria for discontinued operations classification.

The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of September 30, 2025 and December 31, 2024 ( in thousands ):

September 30, 2025

December 31, 2024

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Restricted cash

Other assets, net

Assets held for sale, net

Non-recourse property debt, net

Accrued liabilities and other

Liabilities related to assets held for sale, net

Note 9 — Business Segments

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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 June 30, 2025 , our Development and Redevelopment segment consists of 9 properties, including one under construction, two substantially completed and in lease-up, and one that has completed lease-up and is stabilizing operations.

As of September 30, 2025 , our Development and Redevelopment segment consists of 9 properties, including one under construction, two completed and in lease-up, and one that has completed lease-up and is stabilizing operations.

Our Operating segment includes 15 residential apartment communities with 2,524 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.

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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.

During the three months ended September 30, 2025 , we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment.

Refer to Note 8 for the operating results of our Boston portfolio.

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.

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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 June 30, 2025 and 2024 ( in thousands ):

The following tables present the results of operations of consolidated properties within our segments for the three months ended September 30, 2025 and 2024 ( in thousands ):

Development and Redevelopment

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Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Rental and other property revenues

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Other operating expenses not allocated to segments (5)

Other items included in income before

income tax (6)

Income (loss) before income tax

Other items included in income (loss) from continuing operations before income tax (6)

Income (loss) from continuing operations before income tax

Development and Redevelopment

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Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Rental and other property revenues

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Other operating expenses not allocated to segments (5)

Other items included in income before

income tax (6)

Income (loss) before income tax

The following tables present the results of operations of consolidated properties within our segments for the six months ended June 30, 2025 and 2024 ( in thousands ):

Other items included in income (loss) from continuing operations before income tax (6)

Income (loss) from continuing operations before income tax

The following tables present the results of operations of consolidated properties within our segments for the nine months ended September 30, 2025 and 2024 ( in thousands ):

Development and Redevelopment

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Corporate and Amounts Not Allocated to Segments (2)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Rental and other property revenues

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Other operating expenses not allocated to segments (5)

Other items included in income before

income tax (6)

Income (loss) before income tax

Other items included in income (loss) from continuing operations before income tax (6)

Income (loss) from continuing operations before income tax

Development and Redevelopment

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Corporate and Amounts Not Allocated to Segments (2)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Rental and other property revenues

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Other operating expenses not allocated to segments (5)

Other items included in income before

income tax (6)

Income (loss) before income tax

Other items included in income (loss) from continuing operations before income tax (6)

Income (loss) from continuing operations before income tax

(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.

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(4) Other property operating expenses include property management costs and casualty gains or losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(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, other income (expense), 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 June 30, 2025 and December 31, 2024, were as follows ( in thousands ):

(5) Other operating expenses not allocated to segments consist of depreciation and amortization, general and administrative expenses, and impairment on real estate.

(6) Other items included in Income (loss) before income tax consist primarily of interest income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, other income (expense), 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 September 30, 2025 and December 31, 2024, were as follows ( in thousands ):

Development and Redevelopment

As of June 30, 2025

As of September 30, 2025

Buildings and improvements

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Non-recourse property debt and construction loans, net

Capital additions with in our segments for the three and six months ended June 30, 2025 and 2024, were as follows ( in thousands ):

Three Months Ended June 30,

Six Months Ended June 30,

Capital additions with in our segments for the three and nine months ended September 30, 2025 and 2024, were as follows ( in thousands ):

Three Months Ended September 30,

Nine Months Ended September 30,

Development and Redevelopment

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Total capital additions

(1) During the three and six months ended June 30, 2025 and 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 row to the table above for presentation purposes to display these capital additions for the three and six months ended June 30, 2025 and 2024 .

In addition to the amounts disclosed in the tables above, as of June 30, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 107.1 million and $ 123.7 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively.

As of June 30, 2025 , right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

(1) During the three and nine months ended September 30, 2025 and 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 row to the table above for presentation purposes to display these capital additions for the three and nine months ended September 30, 2025 and 2024 .

In addition to the amounts disclosed in the tables above, as of September 30, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 106.8 million and $ 124.4 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively.

As of September 30, 2025 , right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

Note 10 — Subsequent Events

Subsequent to quarter end, in July 2025, the buyer in the agreement to sell the Brickell Assemblage exercised its final closing extension option and increased its non-refundable deposit by $ 7.0 million, bringing the total non-refundable deposit to $ 50.0 million.

Closing is now scheduled for the fourth quarter of 2025.

Our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island, is under contract for $ 740.0 million.

The buyer's $ 20.0 million deposit became non-refundable in August 2025.

Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter of 2025 to accommodate the assumption of the property loan.

Our revolving credit facility is secured primarily with the Boston portfolio.

Upon closing of the sale of the Boston portfolio, the revolving credit facility bank commitments will end, and sale proceeds will be used to retire the credit facility balance borrowed in May 2025.

Subsequent to quarter end, in October 2025, we completed the transfer of ownership interests with our joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida.

We exchanged our ownership in 200 Broward Avenue, which was subject to a non-performing seller financing note with a carrying value of $ 19.0 million presented within Notes Receivable in our Condensed Consolidated Balance Sheets as of September 30, 2025 , along with $ 7.5 million of cash, for f ull ownership of 300 Broward Avenue.

Subsequent to quarter end, we amended the December 30, 2024 agreement to sell the properties located at 1001 Brickell Bay Drive and 1111 Brickell Bay Drive in Miami, Florida (together referred to as the “Brickell Assemblage”) to Brickell Bay Property Owner LLC (the “Buyer”) for a gross price of $ 520.0 million.

The Buyer notified Aimco that it intended to exercise its option, as permitted in the December 30, 2024 agreement, to finance up to $ 115.0 million of the purchase price with transferable seller financing notes provided by Aimco.

On November 8, 2025, the agreement was amended such that closing is now scheduled for December of 2025 and the buyer will finance $ 70.0 million of the purchase price with transferable seller financing notes from Aimco.

The seller financing notes will have a term of 24 months with a compounding interest rate that increases from 12 % to 22 % over the duration of the loan as well as exit fees ranging from 1 % to 4 %.

In addition, on November 10, 2025, $ 15.0 million of the $ 50.0 million non-refundable deposit has been released to Aimco with the remainder held in escrow, $ 20.0 million is to be released to Aimco on the original closing date, November 18, 2025, and $ 15.0 million will be applied to the closing.

Subsequent to quarter end, on November 10, 2025, our Board of Directors (the “Board”) determined advisable and approved a Plan of Sale and Liquidation (the “Plan of Sale and Liquidation”).

The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986 (the “Code”), as amended, and the Maryland General Corporation Law.

Effectiveness of the Plan of Sale and Liquidation is subject to approval by the affirmative vote of the holders of Common Stock entitled to cast two-thirds of all the votes entitled to be cast on the matter.

Aimco currently anticipates that the Plan of Sale and Liquidation would be submitted for stockholder approval at a special meeting of stockholders, expected to occur in early 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements