APARTMENT INVESTMENT & MANAGEMENT CO 10-Q

ITEM 1. FINANCIAL STATEMENTS APARTMENT INVESTMENT A ND MANAGEMENT COMPANY CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands, except share data) (Unaudited) September 30, 2025 December 31, 2024 ASSETS Buildings and improvements $ 1,143,707 $ 1,145,332 Land 242,927 246,881 Total real estate 1,386,634 1,392,213 Accumulated depreciation ( 336,748 ) ( 322,708 ) Net real estate 1,049,886 1,069,505 Cash and cash equivalents 404,379 141,072 Restricted cash 20,679 30,051 Notes receivable 60,150 58,794 Right-of-use lease assets - finance leases 106,758 107,714 Other assets, net 83,152 92,600 Assets from discontinued operations and held for sale, net 351,765 457,174 Total assets $ 2,076,769 $ 1,956,910 LIABILITIES AND EQUITY Non-recourse property debt, net $ 444,847 $ 444,426 Non-recourse construction loans and bridge financing, net 383,685 385,240 Total indebtedness 828,532 829,666 Deferred tax liabilities 102,766 101,457 Lease liabilities - finance leases 124,403 121,845 Dividends payable 333,480 89,182 Accrued liabilities and other 97,707 95,911 Liabilities related to discontinued operations and assets held for sale, net 334,624 406,552 Total liabilities 1,821,512 1,644,613 Redeemable noncontrolling interests in consolidated real estate partnerships 151,666 142,931 Commitments and contingencies (Note 3) 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 1,402 1,364 Additional paid-in capital 431,613 425,002 Retained earnings (deficit) ( 371,027 ) ( 303,409 ) Total Aimco equity 61,988 122,957 Noncontrolling interests in consolidated real estate partnerships 39,420 39,560 Common noncontrolling interests in Aimco Operating Partnership 2,183 6,849 Total equity 103,591 169,366 Total liabilities and equity $ 2,076,769 $ 1,956,910 See notes to condensed consolidated financial statements. 4 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 REVENUES Rental and other property revenues $ 35,132 $ 35,328 $ 103,847 $ 101,637 OPERATING EXPENSES Property operating expenses 16,893 17,658 51,192 49,611 Depreciation and amortization 16,222 21,376 44,922 57,914 General and administrative expenses 7,523 7,750 23,502 23,876 Impairment on real estate 57,373 — 57,373 — Total operating expenses 98,011 46,784 176,989 131,401 Interest income 1,529 2,291 5,166 7,462 Interest expense ( 14,033 ) ( 16,323 ) ( 44,214 ) ( 41,196 ) Realized and unrealized gains (losses) on interest rate contracts ( 102 ) ( 1,148 ) ( 434 ) 1,164 Realized and unrealized gains (losses) on equity investments ( 4,868 ) ( 566 ) ( 5,475 ) ( 48,101 ) Other income (expense), net 923 ( 3,959 ) 359 ( 6,835 ) Income (loss) from continuing operations before income tax ( 79,430 ) ( 31,161 ) ( 117,740 ) ( 117,270 ) Income tax benefit (expense) 116 3,814 ( 5,370 ) 8,731 Net income (loss) from continuing operations ( 79,314 ) ( 27,347 ) ( 123,110 ) ( 108,539 ) Income (loss) from discontinued operations, net of taxes 382,306 7,282 397,415 20,175 Net income (loss) 302,992 ( 20,065 ) 274,305 ( 88,364 ) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 3,582 ) ( 3,659 ) ( 9,411 ) ( 10,817 ) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 105 ) 572 ( 633 ) 1,399 Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership ( 12,592 ) 1,216 ( 10,768 ) 5,134 Net income (loss) attributable to Aimco $ 286,713 $ ( 21,936 ) $ 253,493 $ ( 92,648 ) Earnings (loss) per common share - basic Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco per common share 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco per common share – basic (Note 4) $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Earnings (loss) per common share - diluted Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco per common share 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco per common share – diluted (Note 4) $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Weighted-average common shares outstanding – basic 138,946 136,749 137,738 139,044 Weighted-average common shares outstanding – diluted 138,946 136,749 137,738 139,044 See notes to condensed consolidated financial statements. 5 Table of Contents APARTMENT INVESTMENT A ND MANAGEMENT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF EQUITY For the Three Months Ended September 30, 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 June 30, 2024 137,167 $ 1,372 $ 439,168 $ ( 187,004 ) $ 253,536 $ 50,280 $ 14,089 $ 317,905 Net income (loss) — — — ( 21,936 ) ( 21,936 ) ( 572 ) ( 1,216 ) ( 23,724 ) Share-based compensation expense — — 1,839 — 1,839 — 6 1,845 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 194 — 194 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 326 ) — ( 326 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership — — ( 143 ) — ( 143 ) — ( 142 ) ( 285 ) Common stock repurchased ( 373 ) ( 4 ) ( 3,153 ) — ( 3,157 ) — — ( 3,157 ) Other common stock issuances, net of withholding taxes 120 1 ( 374 ) — ( 373 ) — — ( 373 ) Other, net — — — — — ( 32 ) — ( 32 ) Balances at September 30, 2024 136,914 $ 1,369 $ 437,337 $ ( 208,940 ) $ 229,766 $ 49,544 $ 12,737 $ 292,047 Balances at June 30, 2025 137,377 $ 1,374 $ 426,730 $ ( 336,454 ) $ 91,650 $ 39,665 $ 5,027 $ 136,342 Net income (loss) — — — 286,713 286,713 105 12,592 299,410 Share-based compensation expense — — 1,825 2 1,827 — — 1,827 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 177 — 177 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 396 ) — ( 396 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership 2,554 26 3,837 — 3,863 — ( 4,242 ) ( 379 ) Other common stock issuances, net of withholding taxes 228 2 ( 786 ) — ( 784 ) — — ( 784 ) Dividends declared — — — ( 321,288 ) ( 321,288 ) — ( 11,194 ) ( 332,482 ) Other, net — — 7 — 7 ( 131 ) — ( 124 ) Balances at September 30, 2025 140,159 $ 1,402 $ 431,613 $ ( 371,027 ) $ 61,988 $ 39,420 $ 2,183 $ 103,591 See notes to condensed consolidated financial statements. 6 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF EQUITY For the Nine Months Ended September 30, 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) — — — ( 92,648 ) ( 92,648 ) ( 1,399 ) ( 5,134 ) ( 99,181 ) Share-based compensation expense — — 5,673 — 5,673 — 18 5,691 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 873 — 873 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 1,163 ) — ( 1,163 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership — — 523 — 523 — ( 1,208 ) ( 685 ) Common stock repurchased ( 4,290 ) ( 43 ) ( 34,101 ) — ( 34,144 ) — — ( 34,144 ) Other common stock issuances, net of withholding taxes 628 6 641 — 647 — — 647 Other, net — — 63 — 63 ( 32 ) — 31 Balances at September 30, 2024 136,914 $ 1,369 $ 437,337 $ ( 208,940 ) $ 229,766 $ 49,544 $ 12,737 $ 292,047 Balances at December 31, 2024 136,352 $ 1,364 $ 425,002 $ ( 303,409 ) $ 122,957 $ 39,560 $ 6,849 $ 169,366 Net income (loss) — — — 253,493 253,493 633 10,768 264,894 Share-based compensation expense — — 4,631 153 4,784 — 2 4,786 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 528 — 528 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 1,170 ) — ( 1,170 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership 2,554 26 3,613 — 3,639 — ( 4,194 ) ( 555 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships — — 323 — 323 — — 323 Common stock repurchased ( 29 ) — ( 256 ) — ( 256 ) — — ( 256 ) Other common stock issuances, net of withholding taxes 1,282 12 ( 1,649 ) — ( 1,637 ) — — ( 1,637 ) Dividends declared — — — ( 321,288 ) ( 321,288 ) — ( 11,194 ) ( 332,482 ) Other, net — — ( 51 ) 24 ( 27 ) ( 131 ) ( 48 ) ( 206 ) Balances at September 30, 2025 140,159 $ 1,402 $ 431,613 $ ( 371,027 ) $ 61,988 $ 39,420 $ 2,183 $ 103,591 See notes to condensed consolidated financial statements. 7 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS (In thousands) (Unaudited ) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 274,305 $ ( 88,364 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 44,922 57,914 Realized and unrealized (gains) losses on interest rate contracts 434 ( 1,164 ) Realized and unrealized (gains) losses on equity investments 5,475 48,101 Income tax expense (benefit) 5,370 ( 8,731 ) Share-based compensation expense 4,212 4,857 Loss (income) from unconsolidated real estate partnerships ( 1,355 ) 1,707 Impairment on real estate 57,373 — Other, including amortization of debt issuance costs 5,253 16,079 Discontinued operations: Depreciation and amortization 4,795 7,209 Income tax (benefit) expense 177 — Gain on dispositions of real estate ( 377,117 ) — Other adjustments to income (loss) from discontinued operations 1,185 96 Changes in operating assets and operating liabilities: Operating assets, net 1,906 ( 7,107 ) Operating liabilities, net ( 4,516 ) 15,559 Total adjustments ( 251,886 ) 134,520 Net cash provided by operating activities 22,419 46,156 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1) ( 73,874 ) ( 113,869 ) Proceeds from dispositions of real estate 473,596 — Other investing activities 2,090 ( 490 ) Net cash provided by (used) in investing activities 401,812 ( 114,359 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from non-recourse construction loans and bridge financing 34,140 84,981 Proceeds from revolving credit facility 43,800 — Principal repayments on non-recourse property debt ( 69,843 ) ( 2,361 ) Principal repayments on non-recourse construction loans and bridge financing ( 42,081 ) — Principal repayments on revolving credit facility ( 43,800 ) — Payments of deferred loan costs ( 280 ) ( 4,324 ) Proceeds from interest rate contracts 1,420 5,312 Common stock repurchased ( 256 ) ( 34,144 ) Payments related to withholding taxes for share-based compensation ( 4,328 ) ( 941 ) Dividends paid on common stock and distributions paid on OP Units ( 88,213 ) — Contributions from redeemable noncontrolling interests 10,953 1,390 Distributions to redeemable noncontrolling interests ( 6,124 ) ( 6,289 ) Contributions from noncontrolling interests 528 873 Distributions to noncontrolling interests ( 1,170 ) ( 1,163 ) Redemption of OP Units held by third parties ( 555 ) ( 685 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships ( 5,096 ) — Other financing activities ( 919 ) ( 3,305 ) Net cash provided by (used in) financing activities ( 171,824 ) 39,344 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 252,407 ( 28,859 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 172,956 139,267 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 425,363 $ 110,408 (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. 8 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands) (Unaudited) September 30, 2025 December 31, 2024 ASSETS Buildings and improvements $ 1,143,707 $ 1,145,332 Land 242,927 246,881 Total real estate 1,386,634 1,392,213 Accumulated depreciation ( 336,748 ) ( 322,708 ) Net real estate 1,049,886 1,069,505 Cash and cash equivalents 404,379 141,072 Restricted cash 20,679 30,051 Notes receivable 60,150 58,794 Right-of-use lease assets - finance leases 106,758 107,714 Other assets, net 83,152 92,600 Assets from discontinued operations and held for sale, net 351,765 457,174 Total assets $ 2,076,769 $ 1,956,910 LIABILITIES AND EQUITY Non-recourse property debt, net $ 444,847 $ 444,426 Non-recourse construction loans and bridge financing, net 383,685 385,240 Total indebtedness 828,532 829,666 Deferred tax liabilities 102,766 101,457 Lease liabilities - finance leases 124,403 121,845 Dividends payable 333,480 89,182 Accrued liabilities and other 97,707 95,911 Liabilities related to discontinued operations and assets held for sale, net 334,624 406,552 Total liabilities 1,821,512 1,644,613 Redeemable noncontrolling interests in consolidated real estate partnerships 151,666 142,931 Commitments and contingencies (Note 3) Partners’ capital: General Partner and Special Limited Partner 61,988 122,957 Limited Partners 2,183 6,849 Partners’ capital attributable to Aimco Operating Partnership 64,171 129,806 Noncontrolling interests in consolidated real estate partnerships 39,420 39,560 Total partners’ capital 103,591 169,366 Total liabilities and partners’ capital $ 2,076,769 $ 1,956,910 See notes to condensed consolidated financial statements. 9 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (In thousands, except per unit data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 REVENUES Rental and other property revenues $ 35,132 $ 35,328 $ 103,847 $ 101,637 OPERATING EXPENSES Property operating expenses 16,893 17,658 51,192 49,611 Depreciation and amortization 16,222 21,376 44,922 57,914 General and administrative expenses 7,523 7,750 23,502 23,876 Impairment on real estate 57,373 — 57,373 — Total operating expenses 98,011 46,784 176,989 131,401 Interest income 1,529 2,291 5,166 7,462 Interest expense ( 14,033 ) ( 16,323 ) ( 44,214 ) ( 41,196 ) Realized and unrealized gains (losses) on interest rate contracts ( 102 ) ( 1,148 ) ( 434 ) 1,164 Realized and unrealized gains (losses) on equity investments ( 4,868 ) ( 566 ) ( 5,475 ) ( 48,101 ) Other income (expense), net 923 ( 3,959 ) 359 ( 6,835 ) Income (loss) from continuing operations before income tax ( 79,430 ) ( 31,161 ) ( 117,740 ) ( 117,270 ) Income tax benefit (expense) 116 3,814 ( 5,370 ) 8,731 Net income (loss) from continuing operations ( 79,314 ) ( 27,347 ) ( 123,110 ) ( 108,539 ) Income (loss) from discontinued operations, net of taxes 382,306 7,282 397,415 20,175 Net income (loss) 302,992 ( 20,065 ) 274,305 ( 88,364 ) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 3,582 ) ( 3,659 ) ( 9,411 ) ( 10,817 ) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 105 ) 572 ( 633 ) 1,399 Net income (loss) attributable to Aimco Operating Partnership $ 299,305 $ ( 23,152 ) $ 264,261 $ ( 97,782 ) Earnings (loss) per common unit - basic Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 4) $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Earnings (loss) per common unit - diluted Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 4) $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Weighted-average common units outstanding – basic 145,048 144,366 144,798 146,683 Weighted-average common units outstanding – diluted 145,048 144,366 144,798 146,683 See notes to condensed consolidated financial statements. 10 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED S TATEMENTS OF PARTNERS’ CAPITAL For the Three Months Ended September 30, 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 June 30, 2024 $ 253,536 $ 14,089 $ 267,625 $ 50,280 $ 317,905 Net income (loss) ( 21,936 ) ( 1,216 ) ( 23,152 ) ( 572 ) ( 23,724 ) Share-based compensation expense 1,839 6 1,845 — 1,845 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 194 194 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 326 ) ( 326 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership ( 143 ) ( 142 ) ( 285 ) — ( 285 ) Redemption of OP Units held by Aimco ( 3,157 ) — ( 3,157 ) — ( 3,157 ) Other OP Unit issuances ( 373 ) — ( 373 ) — ( 373 ) Other, net — — — ( 32 ) ( 32 ) Balances at September 30, 2024 $ 229,766 $ 12,737 $ 242,503 $ 49,544 $ 292,047 Balances at June 30, 2025 $ 91,650 $ 5,027 $ 96,677 $ 39,665 $ 136,342 Net income (loss) 286,713 12,592 299,305 105 299,410 Share-based compensation expense 1,827 — 1,827 — 1,827 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 177 177 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 396 ) ( 396 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership 3,863 ( 4,242 ) ( 379 ) — ( 379 ) Other OP Unit issuances ( 784 ) — ( 784 ) — ( 784 ) Distributions declared ( 321,288 ) ( 11,194 ) ( 332,482 ) — ( 332,482 ) Other, net 7 — 7 ( 131 ) ( 124 ) Balances at September 30, 2025 $ 61,988 $ 2,183 $ 64,171 $ 39,420 $ 103,591 See notes to condensed consolidated financial statements. 11 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL For the Nine Months Ended September 30, 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) ( 92,648 ) ( 5,134 ) ( 97,782 ) ( 1,399 ) ( 99,181 ) Share-based compensation expense 5,673 18 5,691 — 5,691 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 873 873 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 1,163 ) ( 1,163 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership 523 ( 1,208 ) ( 685 ) — ( 685 ) Redemption of OP Units held by Aimco ( 34,144 ) — ( 34,144 ) — ( 34,144 ) Other OP Unit issuances 647 — 647 — 647 Other, net 63 — 63 ( 32 ) 31 Balances at September 30, 2024 $ 229,766 $ 12,737 $ 242,503 $ 49,544 $ 292,047 Balances at December 31, 2024 $ 122,957 $ 6,849 $ 129,806 $ 39,560 $ 169,366 Net income (loss) 253,493 10,768 264,261 633 264,894 Share-based compensation expense 4,784 2 4,786 — 4,786 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 528 528 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 1,170 ) ( 1,170 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership 3,639 ( 4,194 ) ( 555 ) — ( 555 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships 323 — 323 — 323 Redemption of OP Units held by Aimco ( 256 ) — ( 256 ) — ( 256 ) Other OP Unit issuances ( 1,637 ) — ( 1,637 ) — ( 1,637 ) Distributions declared ( 321,288 ) ( 11,194 ) ( 332,482 ) — ( 332,482 ) Other, net ( 27 ) ( 48 ) ( 75 ) ( 131 ) ( 206 ) Balances at September 30, 2025 $ 61,988 $ 2,183 $ 64,171 $ 39,420 $ 103,591 See notes to condensed consolidated financial statements. 12 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 274,305 $ ( 88,364 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 44,922 57,914 Realized and unrealized (gains) losses on interest rate contracts 434 ( 1,164 ) Realized and unrealized (gains) losses on equity investments 5,475 48,101 Income tax expense (benefit) 5,370 ( 8,731 ) Share-based compensation expense 4,212 4,857 Loss (income) from unconsolidated real estate partnerships ( 1,355 ) 1,707 Impairment on real estate 57,373 — Other, including amortization of debt issuance costs 5,253 16,079 Discontinued operations: Depreciation and amortization 4,795 7,209 Income tax (benefit) expense 177 — Gain on dispositions of real estate ( 377,117 ) — Other adjustments to income (loss) from discontinued operations 1,185 96 Changes in operating assets and operating liabilities: Operating assets, net 1,906 ( 7,107 ) Operating liabilities, net ( 4,516 ) 15,559 Total adjustments ( 251,886 ) 134,520 Net cash provided by operating activities 22,419 46,156 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures(1) ( 73,874 ) ( 113,869 ) Proceeds from dispositions of real estate 473,596 — Other investing activities 2,090 ( 490 ) Net cash provided by (used) in investing activities 401,812 ( 114,359 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from non-recourse construction loans and bridge financing 34,140 84,981 Proceeds from revolving credit facility 43,800 — Principal repayments on non-recourse property debt ( 69,843 ) ( 2,361 ) Principal repayments on non-recourse construction loans and bridge financing ( 42,081 ) — Principal repayments on revolving credit facility ( 43,800 ) — Payments of deferred loan costs ( 280 ) ( 4,324 ) Proceeds from interest rate contracts 1,420 5,312 Common stock repurchased ( 256 ) ( 34,144 ) Payments related to withholding taxes for share-based compensation ( 4,328 ) ( 941 ) Dividends paid on common stock and distributions paid on OP Units ( 88,213 ) — Contributions from redeemable noncontrolling interests 10,953 1,390 Distributions to redeemable noncontrolling interests ( 6,124 ) ( 6,289 ) Contributions from noncontrolling interests 528 873 Distributions to noncontrolling interests ( 1,170 ) ( 1,163 ) Redemption of OP Units held by third parties ( 555 ) ( 685 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships ( 5,096 ) — Other financing activities ( 919 ) ( 3,305 ) Net cash provided by (used in) financing activities ( 171,824 ) 39,344 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 252,407 ( 28,859 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 172,956 139,267 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 425,363 $ 110,408 (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. 13 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS September 30, 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 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 September 30, 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 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. 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”), one operating property held for sale, 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 regarding our Mezzanine Investment and our investment in IQHQ. Note 2 — Basis of Prese ntation 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 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. 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. 14 Table of Contents 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 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. 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 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 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 nine months ended September 30, 2025 and 2024, ( in thousands ): 2025 2024 Balance at Beginning of Period $ 142,931 $ 171,632 Contributions 10,953 1,390 Distributions ( 6,124 ) ( 6,289 ) Purchases (1) ( 5,419 ) — Net income 9,411 10,817 Other (2) ( 86 ) ( 2,241 ) Balance at September 30, $ 151,666 $ 175,309 15 Table of Contents (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. (2) 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 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 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. 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 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 provisio ns. 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 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. 16 Table of Contents Assets held for sale and discontinued operations 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 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. 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 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 ): September 30, 2025 December 31, 2024 Cash and cash equivalents $ 404,379 $ 141,072 Restricted cash 20,679 30,051 Restricted cash from discontinued operations and held for sale 305 1,833 Cash, cash equivalents, and restricted cash $ 425,363 $ 172,956 17 Table of Contents 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 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 September 30, 2025 and December 31, 2024 ( in thousands ): September 30, 2025 December 31, 2024 Other investments $ 9,676 $ 16,115 Deferred costs, deposits, and other 11,658 11,233 Prepaid expenses and real estate taxes 12,348 13,209 Interest rate contracts (1) 208 891 Unconsolidated real estate partnerships 15,280 15,155 Intangible assets, net 12,485 13,154 Corporate fixed assets, net of accumulated depreciation of $ 9,559 and $ 9,591 as of September 30, 2025 and December 31, 2024, respectively 6,412 9,844 Accounts receivable, net of allowances of $ 800 and $ 352 as of September 30, 2025 and December 31, 2024, respectively 13,205 7,824 Deferred tax assets 1,880 5,175 Total other assets, net $ 83,152 $ 92,600 (1) We account for our Interest rate contracts as non-designated hedges. Other 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. 18 Table of Contents 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. 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 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 ( 54,837 ) ( 48,615 ) Total carrying value $ 4,849 $ 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 . 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 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. 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 $ 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. 19 Table of Contents 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 ” ("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. 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 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. 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. 20 Table of Contents 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 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. 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 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. 21 Table of Contents 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Earnings per share Numerator: Income (loss) from continuing operations $ ( 79,314 ) $ ( 27,347 ) $ ( 123,110 ) $ ( 108,539 ) Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 3,582 ) ( 3,659 ) ( 9,411 ) ( 10,817 ) Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 105 ) 572 ( 633 ) 1,399 Less: Net (income) loss from continuing operations attributable to common noncontrolling interests in Aimco Operating Partnership 3,492 1,599 6,103 6,185 Less: Net (income) loss allocated to Aimco participating securities ( 3,590 ) — ( 3,590 ) — Income (loss) from continuing operations attributable to Aimco common stockholders ( 83,099 ) ( 28,835 ) ( 130,641 ) ( 111,772 ) Income (loss) from discontinued operations, net of taxes 382,306 7,282 397,415 20,175 Less: Net (income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 16,084 ) ( 383 ) ( 16,871 ) ( 1,051 ) Income (loss) from discontinued operations attributable to Aimco common stockholders 366,222 6,899 380,544 19,124 Net income (loss) attributable to Aimco common stockholders $ 283,123 $ ( 21,936 ) $ 249,903 $ ( 92,648 ) Denominator - shares: Basic weighted-average common stock outstanding 138,946 136,749 137,738 139,044 Diluted share equivalents outstanding — — — — Diluted weighted-average common stock outstanding 138,946 136,749 137,738 139,044 Earnings (loss) per share - basic Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco per common share 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco per common share – basic $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Earnings (loss) per share - diluted Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco per common share 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco per common share – diluted $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) 22 Table of Contents Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Earnings per unit Numerator: Income (loss) from continuing operations $ ( 79,314 ) $ ( 27,347 ) $ ( 123,110 ) $ ( 108,539 ) Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 3,582 ) ( 3,659 ) ( 9,411 ) ( 10,817 ) Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 105 ) 572 ( 633 ) 1,399 Less: Net (income) loss allocated to Aimco participating securities ( 3,774 ) — ( 3,774 ) — Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders ( 86,775 ) ( 30,434 ) ( 136,928 ) ( 117,957 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders 382,306 7,282 397,415 20,175 Net income (loss) attributable to Aimco Operating Partnership's common unitholders $ 295,531 $ ( 23,152 ) $ 260,487 $ ( 97,782 ) Denominator - units Basic weighted-average OP Units outstanding 145,048 144,366 144,798 146,683 Diluted OP Unit equivalents outstanding — — — — Diluted weighted-average OP Units outstanding 145,048 144,366 144,798 146,683 Earnings (loss) per unit - basic Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco per unit – basic $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Earnings (loss) per unit - diluted Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit $ ( 0.60 ) $ ( 0.21 ) $ ( 0.95 ) $ ( 0.80 ) Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit 2.64 0.05 2.75 0.13 Net income (loss) attributable to Aimco Operating Partnership per unit – diluted $ 2.04 $ ( 0.16 ) $ 1.80 $ ( 0.67 ) Note 5 — Fair Value Measure ments and Disclosures Recurring Fair Value Measurements 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). 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 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. 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 . 23 Table of Contents 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. 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 September 30, 2025 and December 31, 2024 ( in thousands ): As of September 30, 2025 As of December 31, 2024 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate contracts $ 180 $ — $ 180 $ — $ 862 $ — $ 862 $ — Investments in stock — — — — 1,573 1,573 — — Investments in real estate technology funds (1) 4,825 — — — 3,468 — — — Total assets $ 5,005 $ — $ 180 $ — $ 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 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 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 Carrying Value Fair Value Carrying Value Fair Value Description: Non-recourse property debt $ 447,955 $ 434,733 $ 447,955 $ 419,626 Non-recourse construction loans 389,773 393,344 393,750 393,756 Total $ 837,728 $ 828,077 $ 841,705 $ 813,382 Nonrecurring Fair Value Measurements Real Estate 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. 24 Table of Contents 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 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, five 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 September 30, 2025 and December 31, 2024 ( in thousands, except for Count of VIEs ): As of September 30, 2025 As of December 31, 2024 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 7 6 7 Assets Net real estate $ 479,269 $ — $ 593,837 $ — Cash and cash equivalents 2,553 — 4,625 — Restricted cash 6,842 — 14,913 — Notes receivable 19,038 — 18,571 — Right-of-use lease assets - finance leases 92,144 — 107,714 — Other assets, net 10,916 20,129 26,028 26,226 Liabilities Non-recourse construction loans, net 284,067 — 385,240 — Lease liabilities - finance leases 108,099 — 121,845 — Accrued liabilities and other 15,055 33,500 14,518 33,500 25 Table of Contents Note 7 — Lease Arrangements Aimco as Lessor Our apartment homes and commercial spaces are leased to tenants under operating leases. 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 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. 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 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Fixed lease income $ 30,197 $ 30,825 $ 89,270 $ 89,199 Variable lease income 2,945 2,614 9,058 7,550 Total lease income $ 33,142 $ 33,439 $ 98,328 $ 96,749 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 Commercial Leases Remainder of 2025 $ 356 $ 644 2026 1,433 3,298 2027 1,443 3,388 2028 1,453 3,326 2029 630 3,364 Thereafter — 23,828 Total $ 5,315 $ 37,848 Aimco as Lessee Lease Arrangements We are lessee to finance leases for the land underlying our properties 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 and nine months ended September 30, 2025 and 2024 ( in thousands ): 26 Table of Contents Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Operating lease costs $ 399 $ 375 $ 1,248 $ 1,137 Finance lease costs: Amortization of right-of-use assets, net of capitalized amounts 319 312 958 743 Interest on lease liabilities, net of capitalized amounts 1,875 1,794 5,592 4,467 Total lease costs, net of capitalized amounts $ 2,593 $ 2,481 $ 7,798 $ 6,347 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 Weighted average remaining lease term (years): Operating leases 3.5 4.3 Finance leases 91.8 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 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 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. 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 September 30, 2025 ( in thousands ): Operating Leases Finance Leases Remainder of 2025 $ 386 $ 1,109 2026 2,466 4,954 2027 2,380 5,483 2028 2,181 5,596 2029 843 5,708 Thereafter — 1,421,989 Total 8,256 1,444,839 Less: Discount ( 493 ) ( 1,320,436 ) Total lease liabilities $ 7,763 $ 124,403 27 Table of Contents 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 $ 62,203 $ 203,593 Land $ 68,231 151,301 Total real estate 130,434 354,894 Accumulated depreciation ( 54,718 ) ( 176,566 ) Net real estate 75,716 178,328 Restricted cash — 1,316 Other assets, net 196 1,451 Assets held for sale, net $ 75,912 $ 181,095 Non-recourse property debt, net $ 172,895 $ 240,994 Accrued liabilities and other 1,674 4,938 Liabilities related to assets held for sale, net $ 174,569 $ 245,932 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, 2025 2024 2025 2024 REVENUES Rental and other property revenues $ 15,178 $ 17,830 $ 51,573 $ 52,871 OPERATING EXPENSES Property operating expenses 5,348 5,679 17,306 17,482 Depreciation and amortization 712 2,169 4,795 7,209 Total operating expenses 6,060 7,848 22,101 24,691 Interest income 2 8 2 20 Interest expense ( 3,754 ) ( 2,708 ) ( 8,999 ) ( 8,025 ) Gain on dispositions of real estate 377,117 — 377,117 — Income (loss) from discontinued operations before income tax 382,483 7,282 397,592 20,175 Income tax benefit (expense) ( 177 ) — ( 177 ) — Income (loss) from discontinued operations, net of taxes 382,306 7,282 397,415 20,175 (Income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 16,084 ) ( 383 ) ( 16,871 ) ( 1,051 ) Net income (loss) from discontinued operations attributable to Aimco $ 366,222 $ 6,899 $ 380,544 $ 19,124 28 Table of Contents 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, 2025 2024 Total operating cash flows from (used in) discontinued operations $ 24,855 $ 28,412 Total investing cash flows from (used in) discontinued operations 467,771 ( 3,635 ) 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 $ 218,964 $ 218,388 Land 181,381 181,381 Total real estate 400,345 399,769 Accumulated depreciation ( 126,840 ) ( 126,840 ) Net real estate 273,505 272,929 Restricted cash 305 517 Other assets, net 2,043 2,633 Assets held for sale, net $ 275,853 $ 276,079 Non-recourse property debt, net $ 157,867 $ 158,888 Accrued liabilities and other 2,188 1,732 Liabilities related to assets held for sale, net $ 160,055 $ 160,620 Note 9 — 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 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. 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. 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. PNOI is defined as rental and other property revenues, excluding utility reimbursem ents, 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. 29 Table of Contents 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 September 30, 2025 and 2024 ( in thousands ): Development and Redevelopment Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2025 Rental and other property revenues $ 7,606 $ 18,176 $ 1,989 $ 1,598 $ 5,763 $ 35,132 Controllable operating expenses (3) 1,628 3,183 1,839 — 788 7,438 Real estate taxes, net of capitalized amounts 1,125 2,731 ( 149 ) — 1,190 4,897 Utilities expense, net of utility reimbursements 456 214 70 1,598 342 2,680 Property insurance expense, net of capitalized amounts 139 423 34 — 396 992 Other property operating expenses (4) — — — — 886 886 Property operating expenses 3,348 6,551 1,794 1,598 3,602 16,893 Property net operating income (loss) 4,258 11,625 195 — 2,161 18,239 Other operating expenses not allocated to segments (5) — — — — ( 81,118 ) ( 81,118 ) Other items included in income (loss) from continuing operations before income tax (6) — — — — ( 16,551 ) ( 16,551 ) Income (loss) from continuing operations before income tax $ 4,258 $ 11,625 $ 195 $ — $ ( 95,508 ) $ ( 79,430 ) Development and Redevelopment Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2024 Rental and other property revenues $ 3,085 $ 17,964 $ 1,889 $ 1,390 $ 11,000 $ 35,328 Controllable operating expenses (3) 1,342 2,841 2,063 — 1,629 7,875 Real estate taxes, net of capitalized amounts 331 2,439 206 — 1,907 4,883 Utilities expense, net of utility reimbursements 641 234 64 1,390 343 2,672 Property insurance expense, net of capitalized amounts 325 415 44 — 543 1,327 Other property operating expenses (4) — — — — 901 901 Property operating expenses 2,639 5,929 2,377 1,390 5,323 17,658 Property net operating income (loss) 446 12,035 ( 488 ) — 5,677 17,670 Other operating expenses not allocated to segments (5) — — — — ( 29,126 ) ( 29,126 ) Other items included in income (loss) from continuing operations before income tax (6) — — — — ( 19,705 ) ( 19,705 ) Income (loss) from continuing operations before income tax $ 446 $ 12,035 $ ( 488 ) $ — $ ( 43,154 ) $ ( 31,161 ) 30 Table of Contents 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 Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2025 Rental and other property revenues $ 18,939 $ 54,163 $ 5,519 $ 4,480 $ 20,746 $ 103,847 Controllable operating expenses (3) 4,546 8,556 5,323 — 2,336 20,761 Real estate taxes, net of capitalized amounts 3,349 8,552 680 — 4,191 16,772 Utilities expense, net of utility reimbursements 1,386 445 205 4,480 937 7,453 Property insurance expense, net of capitalized amounts 643 1,305 100 — 1,175 3,223 Other property operating expenses (4) — — — — 2,983 2,983 Property operating expenses 9,924 18,858 6,308 4,480 11,622 51,192 Property net operating income (loss) 9,015 35,305 ( 789 ) — 9,124 52,655 Other operating expenses not allocated to segments (5) — — — — ( 125,797 ) ( 125,797 ) Other items included in income (loss) from continuing operations before income tax (6) — — — — ( 44,598 ) ( 44,598 ) Income (loss) from continuing operations before income tax $ 9,015 $ 35,305 $ ( 789 ) $ — $ ( 161,271 ) $ ( 117,740 ) Development and Redevelopment Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2024 Rental and other property revenues $ 5,517 $ 53,581 $ 4,888 $ 3,883 $ 33,768 $ 101,637 Controllable operating expenses (3) 2,737 7,922 5,005 — 4,571 20,235 Real estate taxes, net of capitalized amounts 782 7,649 446 — 5,808 14,685 Utilities expense, net of utility reimbursements 1,594 805 192 3,883 993 7,467 Property insurance expense, net of capitalized amounts 730 1,228 98 — 1,541 3,597 Other property operating expenses (4) — — — — 3,627 3,627 Property operating expenses 5,843 17,604 5,741 3,883 16,540 49,611 Property net operating income (loss) ( 326 ) 35,977 ( 853 ) — 17,228 52,026 Other operating expenses not allocated to segments (5) — — — — ( 81,790 ) ( 81,790 ) Other items included in income (loss) from continuing operations before income tax (6) — — — — ( 87,506 ) ( 87,506 ) Income (loss) from continuing operations before income tax $ ( 326 ) $ 35,977 $ ( 853 ) $ — $ ( 152,068 ) $ ( 117,270 ) (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, 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, 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. 31 Table of Contents 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 Operating Other Total As of September 30, 2025 Buildings and improvements $ 677,782 $ 441,243 $ 24,682 $ 1,143,707 Land 162,817 79,746 364 242,927 Total real estate 840,599 520,989 25,046 1,386,634 Accumulated depreciation ( 41,741 ) ( 288,361 ) ( 6,646 ) ( 336,748 ) Net real estate $ 798,858 $ 232,628 $ 18,400 $ 1,049,886 Non-recourse property debt and construction loans, net $ 383,685 $ 444,847 $ — $ 828,532 Development and Redevelopment Operating Other Total As of December 31, 2024 Buildings and improvements $ 620,000 $ 449,591 $ 75,741 $ 1,145,332 Land 165,633 79,745 1,503 246,881 Total real estate 785,633 529,336 77,244 1,392,213 Accumulated depreciation ( 20,872 ) ( 291,474 ) ( 10,362 ) ( 322,708 ) Net real estate $ 764,761 $ 237,862 $ 66,882 $ 1,069,505 Non-recourse property debt and construction loans, net $ 385,240 $ 444,426 $ — $ 829,666 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, 2025 2024 2025 2024 Development and Redevelopment $ 25,776 $ 29,818 $ 68,169 $ 102,284 Operating 3,010 2,183 7,106 6,009 Other — 26 160 26 Corporate and Amounts Not Allocated to Segments (1) 356 713 567 2,199 Total capital additions $ 29,142 $ 32,740 $ 76,002 $ 110,518 (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. 32 Table of Contents Note 10 — Subsequent Events 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. 33 Table of Contents