26 unchanged sentences
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2024, and our report dated February 24, 2025 expressed an unqualified opinion on those financial statements.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2025, and our report dated March 2, 2026 expressed an unqualified opinion on those financial statements.
Basis for opinion
16 unchanged sentences
Denver, Colorado
−Removed: February 24, 2025
+Added: March 2, 2026
Aimco Operating Partnership
21 unchanged sentences
We have audited the internal control over financial reporting of Aimco OP L.P.
−Removed: (a Maryland corporation) and subsidiaries (the “Partnership”) as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
+Added: (a Delaware limited partnership) and subsidiaries (the “Partnership”) as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Partnership as of and for the year ended December 31, 2024, and our report dated February 24, 2025 expressed an unqualified opinion on those financial statements.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Partnership as of and for the year ended December 31, 2025, and our report dated March 2, 2026 expressed an unqualified opinion on those financial statements.
Basis for opinion
16 unchanged sentences
Denver, Colorado
−Removed: February 24, 2025
+Added: March 2, 2026
OTH ER INFORMATION
5 unchanged sentences
The officers of Aimco are also the officers of the general partner of the Aimco Operating Partnership and hold the same titles.
−Removed: The information required by this item for both Aimco and the Aimco Operating Partnership is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.
+Added: The information required by this item for both Aimco and the Aimco Operating Partnership is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025.
EXECUTIVE COMPENSATION
−Removed: The information required by this item, for both Aimco and the Aimco Operating Partnership, and is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.
+Added: The information required by this item, for both Aimco and the Aimco Operating Partnership, and is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
−Removed: The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.
+Added: The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
−Removed: The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.
+Added: The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
−Removed: The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.
−Removed: EXHIBITS AND FINAN CIAL STATEMENT SCHEDULES
+Added: The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025.
+Added: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)(1) The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference.
5 unchanged sentences
(f/k/a AIMCO Properties, L.P.) (Exhibit 2.1 to Aimco’s Current Report on Form 8-K, filed December 15, 2020, is incorporated herein by this reference)
+Added: Plan of Sale and Liquidation (Exhibit 2.1 to Aimco’s Current Report on Form 8-K, dated November 10, 2025, is incorporated herein by this reference)
Articles of Amendment and Restatement of Apartment Investment and Management Company (Exhibit 3.1 to Aimco’s Annual Report on Form 8-K dated October 3, 2023, is incorporated herein by this reference)
2 unchanged sentences
Description of Aimco’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Exhibit 4.1 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2020, filed March 12, 2021, is incorporated herein by this reference)
−Removed: Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)
−Removed: Credit Agreement, dated as of December 16, 2020, by and among Apartment Investment and Management Company, AIMCO OP L.P., certain subsidiary loan parties party thereto, the lenders party thereto and PNC Bank, National Association, as administrative agent, swingline loan lender and letter of credit issuing lender.
−Removed: (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, filed December 16, 2020, is incorporated herein by reference)
+Added: Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (Exhibit 10.1 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed May 8, 2025, is incorporated herein by this reference)
Amended Aimco Severance Policy, effective as of October 27, 2021 (Exhibit 10.3 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
8 unchanged sentences
Form of Performance Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco's Annual Form on 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*
−Removed: Form of LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco's Current Report on Form 8-K, filed January 31, 2017, is incorporated herein by this reference)*
−Removed: Form of Performance Vesting LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.4 to Aimco's Current Report on Form 8-K, filed January 31, 2017, is incorporated herein by this reference)*
Form of Performance Vesting LTIP II Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.15 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, is incorporated herein by this reference)*
12 unchanged sentences
Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.28 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
−Removed: Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (filed herewith)*
+Added: Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.29 to Aimco's Annual Form on 10-K for the year ended December 31, 2024, is incorporated herein by this reference)*
Employee Matters Agreement, effective as of December 15, 2020, by and among Apartment Investment Management Company, Aimco OP L.P., Apartment Income REIT Corp.
1 unchanged sentence
(f/k/a AIMCO Properties, L.P.) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, filed December 15, 2020, is incorporated herein by this reference)
−Removed: Interests Purchase and Sale Agreement, effective as of December 30, 2024, by and among AHOTB Holding, LLC, Aimco OP L.P., and Brickell Bay Property Owner LLC (filed herewith)
−Removed: Policy on Insider Information and Insider Trading
+Added: Purchase and Sale Contract, effective as of August 5, 2025, by and among Royal Crest Estates (Marlboro), L.L.C.,
+Added: Aimco Royal Crest - Nashua, L.L.C., Aimco Warwick, L.L.C., Waterford Village, L.L.C., Aimco Wexford Village, L.L.C., Aimco Wexford Village II, L.L.C., and HGI Acquisitions, LLC (Exhibit 10.2 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed August 11, 2025, is incorporated herein by this reference)
+Added: Third Amendment to Interests Purchase and Sale Agreement, effective November 8, 2025, by and among AHOTB Holding, LLC, Aimco OP L.P., and Brickell Bay Property Owner LLC (Exhibit 10.2 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed November 10, 2025, is incorporated herein by this reference)
+Added: Purchase and Sale Contract, effective as of December 10, 2025, by and among Aimco Elm Creek, L.P., Aimco Elm Creek Townhomes Three, LLC, Aimco Yorktown L.P., 2200 Grace Owner, LLC, Aimco Hyde Park Tower, L.L.C., Church Street Associates Limited Partnership, Williamsburg Limited Partnership, and LaTerra Capital Management, LLC (Exhibit 10.1 to Aimco's Current Report on Form 8-K, filed December 15, 2025, is incorporated herein by this reference)
+Added: Purchase and Sale Contract, effective as of December 23, 2025, by and among Aimco Hillmeade, LLC, CCIP Plantation Gardens, L.L.C., and HGI Acquisitions, LLC (Exhibit 10.1 to Aimco's Current Report on Form 8-K, filed December 23, 2025, is incorporated herein by this reference)
+Added: Letter Agreement by and between Aimco Development Company, LLC and Wesley Powell, dated December 26, 2025 (filed herewith)
+Added: Policy on Insider Information and Insider Trading (Exhibit 19.1 to Aimco's Annual Form on 10-K for the year ended December 31, 2024, is incorporated herein by this reference)
List of Subsidiaries
60 unchanged sentences
Note 13 — Commitments and Contingencies
+Added: Note 14 — Assets held for sale and discontinued operations
Note 15 — Business Segments
+Added: Note 16 — Subsequent Events
Financial Statement Schedule:
5 unchanged sentences
Director, President and Chief Executive Officer
−Removed: February 24, 2025
+Added: March 2, 2026
AIMCO OP L.P.
2 unchanged sentences
Director, President and Chief Executive Officer
−Removed: February 24, 2025
+Added: March 2, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.
5 unchanged sentences
Chief Executive Officer
−Removed: February 24, 2025
+Added: March 2, 2026
(principal executive officer)
Executive Vice President and
−Removed: February 24, 2025
+Added: March 2, 2026
Chief Financial Officer
2 unchanged sentences
Senior Vice President and Chief
−Removed: February 24, 2025
+Added: March 2, 2026
Accounting Officer (principal accounting officer)
Chairman of the Board of Directors
−Removed: February 24, 2025
+Added: March 2, 2026
/s/ QUINCY L.
−Removed: February 24, 2025
+Added: March 2, 2026
/s/ PATRICIA L.
−Removed: February 24, 2025
+Added: March 2, 2026
/s/ JAY PAUL LEUPP
−Removed: February 24, 2025
+Added: March 2, 2026
Jay Paul Leupp
/s/ SHERRY L.
−Removed: February 24, 2025
+Added: March 2, 2026
/s/ DEBORAH SMITH
−Removed: February 24, 2025
+Added: March 2, 2026
Deborah Smith
−Removed: February 24, 2025
−Removed: February 24, 2025
+Added: March 2, 2026
+Added: March 2, 2026
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
2 unchanged sentences
Opinion on the financial statements
−Removed: We have audited the accompanying consolidated balance sheet of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of operations, equity, and cash flows for the year ended December 31, 2024, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”) .
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 24, 2025 expressed an unqualified opinion.
+Added: We have audited the accompanying consolidated balance sheets of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations,equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 2, 2026 expressed an unqualified opinion.
Basis for opinion
These consolidated financial statements are the responsibility of the Company’s management.
−Removed: Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit.
+Added: Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
+Added: We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audit provides a reasonable basis for our opinion.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
2 unchanged sentences
The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Impairment of investment in IQHQ
−Removed: As described further in Note 2 to the financial statements, the Company accounts for their investment in IQHQ, a privately held life sciences real estate development company, using the measurement alternative.
−Removed: During the year ended December 31, 2024, the Company recorded a non-cash impairment charge of $48.6 million, reducing the carrying value of the investment in IQHQ to $11.1 million as a result of the identification of a triggering event.
−Removed: The fair value of IQHQ was determined using various estimates, assumptions, and market data, the most significant being projected operational cash flows, capitalization rates, and discount rates.
−Removed: We identified the fair value measurements utilized in valuing IQHQ’s underlying investment properties as a critical audit matter.
−Removed: The principal considerations for our determination that the fair value measurements utilized in valuing IQHQ’s underlying investment properties are a critical audit matter are the projected operational cash flows, capitalization rates, and discount rates used in determining the fair value, which involved a higher degree of judgment due to the subjective nature of these inputs.
−Removed: Our audit procedures related to the fair value measurements utilized in valuing IQHQ’s underlying investment properties included the following, among others:
−Removed: We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to estimate the fair value of IQHQ’s underlying investment properties.
−Removed: For certain underlying investment properties valued under the income approach, with the assistance of those with specialized skill and knowledge, we evaluated the reasonableness of the fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports.
+Added: Recoverability & fair value measurement of real estate assets within the Development segment
+Added: As described in Note 2 and Note 12 to the consolidated financial statements, the Company records real estate at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable.
+Added: If events or circumstances indicate that the carrying amount of an asset may not recoverable, recoverability is assessed by comparing the carrying amount to the estimated undiscounted future cash flows of the asset.
+Added: If the carrying amounts exceed the aggregate undiscounted future cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the asset.
+Added: During the year ended December 31, 2025, the Company recorded a noncash impairment charge of $147.5 million.
+Added: The impairment charge was recorded on properties presented within the Development and Other segments.
+Added: We identified the recoverability and fair value measurement of real estate assets within the Development segment as a critical audit matter.
+Added: The principal consideration in our determination that the recoverability and fair value measurement of real estate assets within the Development segment is a critical audit matter is the high degree of auditor judgment and subjectivity involved in developing our independent estimates.
+Added: Our audit procedures related to the recoverability and fair value measurement of real estate assets within the Development segment included the following, among others:
+Added: We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to evaluate recoverability and measure the fair value of real estate assets within the Development segment.
+Added: For certain assets within the Development segment, with the assistance of valuation specialists, we evaluated the reasonableness of the recoverability and fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports.
/s/ GRANT THORNTON LLP
1 unchanged sentence
Denver, Colorado
−Removed: February 24, 2025
+Added: March 2, 2026
Report of Independent Registered Public Accounting Firm
2 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheet of Apartment Investment and Management Company (the Company) as of December 31, 2023, the related consolidated statements of operations, equity and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S.
+Added: We have audited the accompanying consolidated statements of operations, equity and cash flows of Apartment Investment and Management Company (the Company) for the year ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with U.S.
generally accepted accounting principles.
2 unchanged sentences
Our responsibility is to express an opinion on the Company’s financial statements based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
+Added: We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
+Added: We conducted our audit in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audits provide a reasonable basis for our opinion.
+Added: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audit provides a reasonable basis for our opinion.
/s/ Ernst & Young LLP
2 unchanged sentences
February 26, 2024,
−Removed: except for Note 14, as to which the date is
−Removed: February 24, 2025
+Added: except for the consolidated statement of operations, consolidated statement of cash flows, Note 2, Note 4, Note 10, Note 14, Note 15 and Schedule III, as to which the date is
+Added: March 2, 2026
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
12 unchanged sentences
Other assets, net
−Removed: Assets held for sale, net
+Added: Assets from discontinued operations and held for sale, net
LIABILITIES AND EQUITY
Non-recourse property debt, net
−Removed: Non-recourse construction loans, net
+Added: Non-recourse construction loans and bridge financing, net
Total indebtedness
3 unchanged sentences
Accrued liabilities and other
−Removed: Liabilities related to assets held for sale, net
+Added: Liabilities related to discontinued operations and assets held for sale, net
Total liabilities
4 unchanged sentences
Additional paid-in capital
−Removed: Retained earnings
+Added: Retained earnings (deficit)
Total Aimco equity
12 unchanged sentences
General and administrative expenses
+Added: Impairment on real estate
Total operating expenses
5 unchanged sentences
Gain on dispositions of real estate
−Removed: Lease modification income
+Added: Credit loss expense
Other income (expense), net
−Removed: Income (loss) before income tax
+Added: Income (loss) from continuing operations before income tax
Income tax benefit (expense)
+Added: Net income (loss) from continuing operations
+Added: Income (loss) from discontinued operations, net of taxes
Net income (loss)
6 unchanged sentences
Net income (loss) attributable to Aimco
+Added: Earnings (loss) per common share - basic
+Added: Income (loss) from continuing operations attributable to Aimco per common share
+Added: Income (loss) from discontinued operations attributable to Aimco per common share
Net income (loss) attributable to Aimco per common
share – basic (Note 10)
+Added: Earnings (loss) per common share - diluted
+Added: Income (loss) from continuing operations attributable to Aimco per common share
+Added: Income (loss) from discontinued operations attributable to Aimco per common share
Net income (loss) attributable to Aimco per common
15 unchanged sentences
Distributions to noncontrolling interests in consolidated real estate partnerships
−Removed: Redemption of redeemable noncontrolling interests in consolidated real estate partnerships
−Removed: Purchase of noncontrolling interests in consolidated real estate partnerships
Common stock repurchased
Other common stock issuances
−Removed: Cash dividends
Balances at December 31, 2023
4 unchanged sentences
Distributions to noncontrolling interests in consolidated real estate partnerships
+Added: Purchase of noncontrolling interests in consolidated real estate partnerships
Common stock repurchased
−Removed: Other common stock issuances
+Added: Other common stock issuances, net of withholding taxes
+Added: Dividends declared
Balances at December 31, 2024
Net income (loss)
−Removed: Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership
Share-based compensation expense
1 unchanged sentence
Distributions to noncontrolling interests in consolidated real estate partnerships
−Removed: Purchase of noncontrolling interests in consolidated real estate partnerships
+Added: Purchase of noncontrolling interests in consolidated real estate partnerships (Note 3)
+Added: Deconsolidation of real estate partnership (Note 3)
+Added: Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership
+Added: Purchase of redeemable noncontrolling interests in consolidated real estate partnerships
Common stock repurchased
17 unchanged sentences
Share-based compensation
+Added: Loss (income) from unconsolidated real estate partnerships
+Added: Impairment on real estate
Loss on extinguishment of debt, net
−Removed: Lease modification income
Gain on dispositions of real estate
−Removed: Loss (income) from unconsolidated real estate partnerships
+Added: Credit loss expense
Other, including amortization of debt issuance costs
+Added: Discontinued operations:
+Added: Depreciation and amortization
+Added: Income tax (benefit) expense
+Added: Gain on dispositions of real estate
+Added: Other adjustments to income (loss) from discontinued operations
Changes in operating assets and operating liabilities:
Operating assets, net
−Removed: Net cash received from lease incentive
Operating liabilities, net
5 unchanged sentences
Proceeds from dispositions of real estate
−Removed: Investment in IQHQ
−Removed: Redemption of IQHQ investment
Distributions received from unconsolidated real estate partnerships
6 unchanged sentences
CASH FLOWS FROM FINANCING ACTIVITIES:
−Removed: Proceeds from non-recourse property debt
−Removed: Proceeds from non-recourse construction loans
+Added: Proceeds from non-recourse construction loans and bridge financing
+Added: Proceeds from revolving credit facility
Proceeds from sale of participation in Mezzanine Investment
−Removed: Payments of deferred loan costs
Principal repayments on non-recourse property debt
−Removed: Principal repayments on non-recourse construction loans
−Removed: Principal repayments on Notes Payable to AIR
+Added: Principal repayments on non-recourse construction loans and bridge financing
+Added: Principal repayments on revolving credit facility
+Added: Payments of deferred loan costs
Purchase of interest rate contracts
1 unchanged sentence
Payments on finance leases
−Removed: Payments of prepayment premiums
Common stock repurchased
−Removed: Dividends paid on common stock
+Added: Payments related to withholding taxes for share-based compensation
+Added: Dividends paid on common stock and distributions paid on OP Units
Redemption of redeemable noncontrolling interests
Distributions to redeemable noncontrolling interests
−Removed: Contributions from noncontrolling interests
−Removed: Distributions to noncontrolling interests
+Added: Contributions from noncontrolling interests in consolidated real estate partnerships
+Added: Distributions to noncontrolling interests in consolidated real estate partnerships
Contributions from redeemable noncontrolling interests
Redemption of OP Units held by third parties
−Removed: Redemption of noncontrolling interest in real estate partnership
+Added: Purchase of redeemable noncontrolling interests in consolidated real estate partnerships
Purchase of noncontrolling interests in consolidated real estate partnerships
11 unchanged sentences
Opinion on the financial statements
−Removed: We have audited the accompanying consolidated balance sheet of Aimco OP L.P.
−Removed: (a Maryland corporation) and subsidiaries (the “Partnership”) as of December 31, 2024, the related consolidated statements of operations, partners’ capital, and cash flows for the year ended December 31, 2024, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”) .
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 24, 2025 expressed an unqualified opinion.
+Added: We have audited the accompanying consolidated balance sheets of Aimco OP L.P.
+Added: (a Delaware limited partnership) and subsidiaries (the “Partnership”) as of December 31, 2025 and 2024, the related consolidated statements of operations, partners’ capital, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 2, 2026 expressed an unqualified opinion.
Basis for opinion
These consolidated financial statements are the responsibility of the Partnership’s management.
−Removed: Our responsibility is to express an opinion on the Partnership’s consolidated financial statements based on our audit.
+Added: Our responsibility is to express an opinion on the Partnership’s consolidated financial statements based on our audits.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
+Added: We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audit provides a reasonable basis for our opinion.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
2 unchanged sentences
The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Impairment of investment in IQHQ
−Removed: As described further in Note 2 to the financial statements, the Partnership accounts for their investment in IQHQ, a privately held life sciences real estate development company, using the measurement alternative.
−Removed: During the year ended December 31, 2024, the Partnership recorded a non-cash impairment charge of $48.6 million, reducing the carrying value of the investment in IQHQ to $11.1 million as a result of the identification of a triggering event.
−Removed: The fair value of IQHQ was determined using various estimates, assumptions, and market data, the most significant being projected operational cash flows, capitalization rates, and discount rates.
−Removed: We identified the fair value measurements utilized in valuing IQHQ’s underlying investment properties as a critical audit matter.
−Removed: The principal considerations for our determination that the fair value measurements utilized in valuing IQHQ’s underlying investment properties are a critical audit matter are the projected operational cash flows, capitalization rates, and discount rates used in determining the fair value, which involved a higher degree of judgment due to the subjective nature of these inputs.
−Removed: Our audit procedures related to the fair value measurements utilized in valuing IQHQ’s underlying investment properties included the following, among others:
−Removed: We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to estimate the fair value of IQHQ’s underlying investment properties.
−Removed: For certain underlying investment properties valued under the income approach, with the assistance of those with specialized skill and knowledge, we evaluated the reasonableness of the fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports.
+Added: Recoverability & fair value measurement of real estate assets within the Development segment
+Added: As described in Note 2 and Note 12 to the consolidated financial statements, the Partnership records real estate at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable.
+Added: If events or circumstances indicate that the carrying amount of an asset may not recoverable, recoverability is assessed by comparing the carrying amount to the estimated undiscounted future cash flows of the asset.
+Added: If the carrying amounts exceed the aggregate undiscounted future cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the asset.
+Added: During the year ended December 31, 2025, the Partnership recorded a noncash impairment charge of $147.5 million.
+Added: The impairment charge was recorded on properties presented within the Development and Other segments.
+Added: We identified the recoverability and fair value measurement of real estate assets within the Development segment as a critical audit matter.
+Added: The principal consideration in our determination that the recoverability and fair value measurement of real estate assets within the Development segment is a critical audit matter is the high degree of auditor judgment and subjectivity involved in developing our independent estimates.
+Added: Our audit procedures related to the recoverability and fair value measurement of real estate assets within the Development segment included the following, among others:
+Added: We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to evaluate recoverability and measure the fair value of real estate assets within the Development segment.
+Added: For certain assets within the Development segment, with the assistance of valuation specialists, we evaluated the reasonableness of the recoverability and fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports.
/s/ GRANT THORNTON LLP
1 unchanged sentence
Denver, Colorado
−Removed: February 24, 2025
+Added: March 2, 2026
Report of Independent Registered Public Accounting Firm
2 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheet of Aimco OP L.P.
−Removed: (the Partnership) as of December 31, 2023, the related consolidated statements of operations, partners’ capital, and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S.
+Added: We have audited the accompanying consolidated statements of operations, partners’ capital, and cash flows of Aimco OP L.P.
+Added: (the Partnership) for the year ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with U.S.
generally accepted accounting principles.
2 unchanged sentences
Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S.
+Added: We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
+Added: We conducted our audit in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audits provide a reasonable basis for our opinion.
+Added: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audit provides a reasonable basis for our opinion.
/s/ Ernst & Young LLP
2 unchanged sentences
February 26, 2024,
−Removed: except for Note 14, as to which the date is
−Removed: February 24, 2025
+Added: except for the consolidated statement of operations, consolidated statement of cash flows, Note 2, Note 4, Note 10, Note 14, Note 15 and Schedule III, as to which the date is
+Added: March 2, 2026
AIMCO OP L.P.
12 unchanged sentences
Other assets, net
−Removed: Assets held for sale, net
+Added: Assets from discontinued operations and held for sale, net
LIABILITIES AND EQUITY
Non-recourse property debt, net
−Removed: Non-recourse construction loans, net
+Added: Non-recourse construction loans and bridge financing, net
Total indebtedness
3 unchanged sentences
Accrued liabilities and other
−Removed: Liabilities related to assets held for sale, net
+Added: Liabilities related to discontinued operations and assets held for sale, net
Total liabilities
18 unchanged sentences
General and administrative expenses
+Added: Impairment on real estate
Total operating expenses
5 unchanged sentences
Gain on dispositions of real estate
−Removed: Lease modification income
+Added: Credit loss expense
Other income (expense), net
−Removed: Income (loss) before income tax
+Added: Income (loss) from continuing operations before income tax
Income tax benefit (expense)
+Added: Net income (loss) from continuing operations
+Added: Income (loss) from discontinued operations, net of taxes
Net income (loss)
4 unchanged sentences
Net income (loss) attributable to Aimco Operating
−Removed: Net income (loss) attributable to Aimco Operating
−Removed: Partnership per common unit – basic (Note 10)
−Removed: Net income (loss) attributable to Aimco Operating
−Removed: Partnership per common unit – diluted (Note 10)
+Added: Earnings (loss) per common unit - basic
+Added: Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit
+Added: Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit
+Added: Net income (loss) attributable to Aimco Operating Partnership per common
+Added: unit – basic (Note 10)
+Added: Earnings (loss) per common unit - diluted
+Added: Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit
+Added: Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit
+Added: Net income (loss) attributable to Aimco Operating Partnership per common
+Added: unit – diluted (Note 10)
Weighted-average common units outstanding – basic
14 unchanged sentences
Net income (loss)
−Removed: Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership
+Added: Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership
Share-based compensation expense
1 unchanged sentence
Distributions to noncontrolling interests in consolidated real estate partnerships
−Removed: Redemption of redeemable noncontrolling interests in consolidated real estate partnerships
−Removed: Purchase of noncontrolling interests in consolidated real estate partnerships
−Removed: Common stock repurchased
−Removed: Other common stock issuances
−Removed: Cash dividends
+Added: Redemption of OP Units held by Aimco
+Added: Other OP Unit issuances
Balances at December 31, 2023
Net income (loss)
−Removed: Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership
+Added: Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership
Share-based compensation expense
1 unchanged sentence
Distributions to noncontrolling interests in consolidated real estate partnerships
−Removed: Common stock repurchased
−Removed: Other common stock issuances
+Added: Purchase of noncontrolling interests in consolidated real estate partnerships
+Added: Redemption of OP Units held by Aimco
+Added: Other OP Unit issuances
+Added: Distributions declared
Balances at December 31, 2024
Net income (loss)
−Removed: Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership
Share-based compensation expense
1 unchanged sentence
Distributions to noncontrolling interests in consolidated real estate partnerships
−Removed: Purchase of noncontrolling interests in consolidated real estate partnerships
−Removed: Common stock repurchased
−Removed: Other common stock issuances, net of withholding taxes
−Removed: Dividends declared
+Added: Purchase of noncontrolling interests in consolidated real estate partnerships (Note 3)
+Added: Deconsolidation of real estate partnership (Note 3)
+Added: Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership
+Added: Purchase of redeemable noncontrolling interests in consolidated real estate partnerships
+Added: Redemption of OP Units held by Aimco
+Added: Other OP Unit issuances
+Added: Distributions declared
Balances at December 31, 2025
14 unchanged sentences
Share-based compensation
+Added: Loss (income) from unconsolidated real estate partnerships
+Added: Impairment on real estate
Loss on extinguishment of debt, net
−Removed: Lease modification income
Gain on dispositions of real estate
−Removed: Loss (income) from unconsolidated real estate partnerships
+Added: Credit loss expense
Other, including amortization of debt issuance costs
+Added: Discontinued operations:
+Added: Depreciation and amortization
+Added: Income tax (benefit) expense
+Added: Gain on dispositions of real estate
+Added: Other adjustments to income (loss) from discontinued operations
Changes in operating assets and operating liabilities:
Operating assets, net
−Removed: Net cash received from lease incentive
Operating liabilities, net
5 unchanged sentences
Proceeds from dispositions of real estate
−Removed: Investment in IQHQ
−Removed: Redemption of IQHQ investment
Distributions received from unconsolidated real estate partnerships
6 unchanged sentences
CASH FLOWS FROM FINANCING ACTIVITIES:
−Removed: Proceeds from non-recourse property debt
−Removed: Proceeds from non-recourse construction loans
+Added: Proceeds from non-recourse construction loans and bridge financing
+Added: Proceeds from revolving credit facility
Proceeds from sale of participation in Mezzanine Investment
−Removed: Payments of deferred loan costs
Principal repayments on non-recourse property debt
−Removed: Principal repayments on non-recourse construction loans
−Removed: Principal repayments on Notes Payable to AIR
+Added: Principal repayments on non-recourse construction loans and bridge financing
+Added: Principal repayments on revolving credit facility
+Added: Payments of deferred loan costs
Purchase of interest rate contracts
1 unchanged sentence
Payments on finance leases
−Removed: Payments of prepayment premiums
Common stock repurchased
−Removed: Dividends paid on common stock
+Added: Payments related to withholding taxes for share-based compensation
+Added: Dividends paid on common stock and distributions paid on OP Units
Redemption of redeemable noncontrolling interests
Distributions to redeemable noncontrolling interests
−Removed: Contributions from noncontrolling interests
−Removed: Distributions to noncontrolling interests
+Added: Contributions from noncontrolling interests in consolidated real estate partnerships
+Added: Distributions to noncontrolling interests in consolidated real estate partnerships
Contributions from redeemable noncontrolling interests
Redemption of OP Units held by third parties
−Removed: Redemption of noncontrolling interest in real estate partnership
+Added: Purchase of redeemable noncontrolling interests in consolidated real estate partnerships
Purchase of noncontrolling interests in consolidated real estate partnerships
25 unchanged sentences
Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.
−Removed: We own or lease a portfolio of real estate investments focused primarily on the U.S.
−Removed: multifamily sector.
−Removed: At December 31, 2024, o ur entire portfolio of operating residential apartment communities includes 5,243 apartment homes within 20 consolidated stabilized operating properties, a substantially complete 689 -unit community with 105,000 square feet of retail space, a substantially complete 220 -unit community, and four unconsolidated properties.
−Removed: Additionally, we have a substantially complete 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, and land parcels held for development.
−Removed: We also h old other alternative investments, including our Mezzanine Investment (see Note 2 for further information);
+Added: At December 31, 2025 , our entire portfolio of operating residential apartment communities includes 2,524 apartment homes within 15 consolidated stabilized operating properties, including two operating properties held for sale, complete 689 -unit community with approximately 105,000 square feet of retail space, a complete 220 -unit community, and four unconsolidated properties.
+Added: 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, and undeveloped land parcels.
+Added: We also hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information);
our investment in IQHQ Holdings, LP (“IQHQ”);
and our investment in real estate technology funds.
+Added: 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”), subject to stockholder approval.
+Added: 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 MGCL .
+Added: On February 6, 2026, holders of Common Shares representing approximately 83 % of the outstanding Common Shares voted in favor of the adoption of the Plan of Sale and Liquidation.
+Added: As a result, the Plan of Sale and Liquidation was adopted.
Note 2 — Basis of Presentation and Summary of Significant Accounting Policies
14 unchanged sentences
Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets as Common noncontrolling interests in Aimco Operating Partnership .
−Removed: 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 Aimco) outstanding during the period.
+Added: 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 years ended December 31, 2025, 2024, and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 4.5 % , 5.2 % , and 5.1 %, r espectively.
1 unchanged sentence
Redeemable noncontrolling interests in consolidated real estate partnerships
−Removed: Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement, generally after a specified hold period.
+Added: 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 December 31, 2025, consists of the following:
−Removed: (i) a preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) equity interest in two separate consolidated joint ventures with residential apartment com munities in lease-up, including a preferred equity interest in one of the joint ventures accruing 9.7 % preferred return per annum, and (iii) a preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development.
+Added: (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.
4 unchanged sentences
Balance at Beginning of Period
−Removed: Capital contributions
+Added: Contributions
Distributions
+Added: Purchases (1)
Balance at December 31,
−Removed: (1) In September 2024, we secured a $ 55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida, as further discussed in Note 5 .
−Removed: Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships in accordance with GAAP .
+Added: (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.
+Added: (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.
+Added: 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
4 unchanged sentences
Throughout the term of the Mezzanine Investment, we have performed an assessment to determine whether the fair value of the Mezzanine Investment is less than its net carrying value on an other-than-temporary basis.
−Removed: In 2022, we determined our Mezzanine Investment was impaired on an other-than-temporary basis after considering various factors, including a sustained decrease in rents at the Parkmerced Apartments due to changes in the macroeconomic environment and a decline in value of the real estate collateral.
−Removed: As a result, we recognized a non-cash impairment charge of $ 212.6 million.
−Removed: Prior to the non-cash impairment in 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower.
−Removed: The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment.
−Removed: In 2023, we determined our Mezzanine Investment was incrementally impaired after considering additional factors, including the mezzanine loan’s nearing maturity date and further decline in value of the real estate collateral.
−Removed: As a result, we recognized a non-cash impairment charge of $ 158.0 million.
+Added: In 2023, we determined our Mezzanine Investment was incrementally impaired after considering various factors, including the mezzanine loan’s nearing maturity date and further decline in value of the real estate collateral.
+Added: As a result, we recognized a non-cash impairment charge of $ 158.0 million to reduce the carrying value of the Mezzanine Investment to zero .
In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million.
1 unchanged sentence
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.
−Removed: While the Mezzanine Investment had not been repaid and was in maturity default as of December 31, 2024, we are precluded from derecognizing the liability until it has been extinguished.
+Added: While the Mezzanine Investment had not been repaid and was in maturity default as of December 31, 2025, we are precluded from derecognizing the liability until it has been extinguished in accordance with GAAP.
In connection with the participation sold, the purchaser also made a $ 4.0 million non-refundable payment for the option to acquire the remaining 80 % in the Mezzanine Investment.
1 unchanged sentence
As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations .
−Removed: Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business.
−Removed: We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions.
−Removed: We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed.
−Removed: The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework.
−Removed: We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information.
−Removed: We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar real estate.
−Removed: The intangible assets or liabilities related to in-place leases are comprised of:
−Removed: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, for which the leases are expected to remain in effect;
−Removed: (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases;
−Removed: (c) the value associated with in-place leases during an estimated absorption period, which estimates rental revenue that would not have been earned had the leased space been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels;
−Removed: and (d) tax abatement contract related intangibles, to the extent the property has them in place.
−Removed: The above and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably certain renewal periods.
−Removed: Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases.
Capital additions
5 unchanged sentences
These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress.
−Removed: We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy.
+Added: We cease the capitalization of costs when the capital additions activities are suspended or when communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy.
We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred.
1 unchanged sentence
For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $ 5.7 million, $ 8.0 million, and $ 14.3 mi llion of indirect costs, respectively.
−Removed: Impairment of real estate and other long-lived assets
−Removed: 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.
−Removed: 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 community.
−Removed: 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 community.
−Removed: There were no such impairments for the years ended December 31, 2024, 2023, and 2022 .
−Removed: Assets held for sale, net
+Added: Assets held for sale and discontinued operations
We classify properties as held for sale when they meet the GAAP criteria, which include (among others):
3 unchanged sentences
We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets .
−Removed: Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell.
−Removed: Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets.
+Added: 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.
−Removed: Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations.
−Removed: On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage.
−Removed: The transaction is scheduled to occur as early as March 2025 but may be extended at the buyer's option to the fourth quarter of 2025.
−Removed: We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of December 31, 2024.
−Removed: The transaction does not meet the criteria for discontinued operations classification.
−Removed: The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2024 (in thousands):
−Removed: As of December 31, 2024
−Removed: Buildings and improvements
−Removed: Total real estate
−Removed: Accumulated depreciation
−Removed: Net real estate
−Removed: Restricted cash
−Removed: Other assets, net
−Removed: Assets held for sale, net
−Removed: Non-recourse property debt, net
−Removed: Accrued liabilities and other
−Removed: Liabilities related to assets held for sale, net
+Added: 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
+Added: financial statements, then the property is presented as discontinued operations.
+Added: 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.
+Added: We reclassify interest expense related to property debt within discontinued operations when the related property is sold or classified as held for sale.
+Added: For periods prior to the property qualifying for discontinued operations, we reclassify the results of operations to discontinued operations.
+Added: The net gain on sale is presented in discontinued operations when recognized.
+Added: 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 .
+Added: See Note 14 for additional information regarding assets held for sale and discontinued operations.
+Added: Unless otherwise noted or separately presented, the information disclosed in Note 3 through Note 16 (with the exception of Note 14 ) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented within discontinued operations.
+Added: Impairment of real estate and other long-lived assets
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: In the year ended December 31, 2025, we assessed our properties for impairment as a result of a change in estimated hold period, and, for certain development pipeline properties, the decision not to pursue development given the Plan of Sale and Liquidation.
+Added: Our assessment resulted in $ 147.5 million of impairment recognized on certain properties located within Colorado's Front Range and Southeast Florida for the year ended December 31, 2025.
+Added: The properties are presented within the Development and Other segments within Note 15 .
+Added: There were no such impairments for the years ended December 31, 2024 and 2023 .
Restricted cash
1 unchanged sentence
The reconciliation of cash flow information is as follows ( in thousands ):
−Removed: Year Ended December 31,
Cash and cash equivalents
Restricted cash
−Removed: Restricted cash held for sale
−Removed: Cash, cash equivalents, and restricted cash, including restricted cash held for sale
+Added: Restricted cash from discontinued operations and held for sale
+Added: Cash, cash equivalents, and restricted cash
Cash equivalents
6 unchanged sentences
Interest paid, net of amounts capitalized
−Removed: Cash paid for income taxes
−Removed: Non-cash transactions associated with acquisitions:
−Removed: Buildings and improvements
−Removed: Intangible assets, net
−Removed: Mark to market adjustment on an assumed construction loan
−Removed: Right-of-use lease assets - finance leases
−Removed: Other assets, net
−Removed: Accrued liabilities and other
−Removed: Lease liabilities - finance leases
−Removed: Contributions from redeemable noncontrolling interests in consolidated real estate partnerships
+Added: Cash paid for income taxes (Note 7)
+Added: Non-cash transactions associated with the disposition of real estate:
+Added: Issuance of seller financing
+Added: Non-recourse property debt assumed by buyer
Other non-cash investing and financing transactions:
1 unchanged sentence
Lease liabilities - operating leases
−Removed: Issuance of seller financing in connection with disposition of real estate
−Removed: Contribution of real estate to unconsolidated real estate partnerships
+Added: Notes receivable settled in deconsolidation of real estate partnership (Note 3)
+Added: Contribution of real estate to unconsolidated real estate partnership
Accrued capital expenditures (at end of year)
Notes receivable
−Removed: We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses.
+Added: In accordance with GAAP, notes receivable are classified as held for sale or held for investment.
+Added: Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan.
+Added: Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis.
+Added: Notes receivable held for investment are recorded at amortized cost, net of the estimated provision for expected credit losses.
+Added: A write-off is recognized when all or a portion of the notes receivable is deemed uncollectible.
Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our 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.
−Removed: We have a seller financing note with a principal balance of $ 43.2 million and an effective interest rate of 6.0 %.
−Removed: As of December 31, 2024 and 2023, the remaining unamortized discount was $ 2.7 million and $ 3.8 million, respectively.
−Removed: For the years ended December 31, 2024, 2023, and 2022, the amortization of the discount was $ 1.1 million, $ 1.1 million, and $ 1.0 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations .
+Added: The following table summarizes our Notes receivable as of December 31, 2025 and 2024 ( in thousands ):
+Added: December 31, 2025
+Added: December 31, 2024
+Added: Notes receivable - held for sale:
+Added: Notes receivable - held for investment:
+Added: Total notes receivable
+Added: (1) In December 2025, Aimco issued seller financing notes in conjunction with the sale of the Brickell Assemblage.
+Added: Refer to Note 3 for a description of the contractual terms of the seller financing notes.
+Added: (2) Subsequent to year end, we finalized an agreement to monetize a seller financing note that had an effective interest rate of 6.0 % and a current annual interest rate of 2.9 %.
+Added: The agreement was structured as a modification and repayment of the note in January 2026, reducing the principal balance of $ 43.2 million to $ 18.5 million.
+Added: As a result, we recorded a provision for credit losses of $ 22.9 million and a write-off to reduce the amortized cost to $ 18.5 million as of December 31, 2025.
+Added: The provision for credit losses is reflected in Credit loss expense in our Consolidated Statements of Operations and as a reduction in the carrying value of Notes Receivable in our Consolidated Balance Sheets.
+Added: Prior to the write-off, the amortized cost was $ 41.4 million, calculated as the note's $ 43.2 million principal balance less unamortized discount of $ 1.5 million and allowance for credit losses of $ 0.3 million.
+Added: F or the years ended December 31, 2025, 2024, and 2023, the amortization of the discount was $ 1.2 million, $ 1.1 million, and $ 1.1 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations .
+Added: A roll forward of our allowance for credit losses for the year ended December 31, 2025 is as follows:
+Added: Balance at Beginning of Period
+Added: Provision for credit losses
+Added: Write-offs charged against allowance for credit losses
+Added: Balance at December 31,
+Added: (3) I n December 2023, we sold a land parcel in downtown Fort Lauderdale also referred to as 200 Broward Avenue.
+Added: In conjunction with this sale, we provided seller financing with a stated value of $ 21.2 million that was recorded net of $ 3.8 million of variable consideration.
+Added: A portion of the interest payments accrued and were added to the principal balance, due at maturity of the note.
+Added: In October 2025 we completed the transfer of our ownership interest in the joint venture holding the seller financing as further discussed in Note 3 .
Other assets, net
Other assets, net were comprised of the following amounts as of December 31, 2025 and 2024 ( in thousands ):
−Removed: As of December 31,
+Added: December 31, 2025
+Added: December 31, 2024
Other investments
7 unchanged sentences
Deferred tax assets
−Removed: Due from affiliates
Total other assets, net
(1) We account for our interest rate contracts as non-designated hedges.
−Removed: See Note 12 for discussion of our fair value measurements for these instruments.
+Added: See Note 12 for d iscussion of our fair value measurements for these instruments.
Other investments
Other investments consist of passive equity investments in stock, property technology funds, and IQHQ, a privately held life sciences real estate development company.
−Removed: We measure our investment in stock at fair value.
−Removed: We also measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values.
−Removed: During the year ended December 31, 2024, we recognized unrealized losses on our investment in stock of $ 1.3 million, compared to unrealized gains of $ 0.7 million in 2023 and unrealized losses of $ 6.1 million in 2022.
−Removed: During the years ended December 31, 2024, 2023 and 2022, we recognized unrealized gains on our investments in property technology funds of $ 0.4 million, $ 0.0 million, and $ 0.3 million, respectively.
+Added: We measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values.
+Added: During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value.
+Added: During the year ended December 31, 2025, we recognized net losses on our investment in stock of $ 0.3 mi llion, compared to unrealized losses of $ 1.3 million in 2024 and unrealized gains of $ 0.7 million in 2023.
+Added: During the years ended December 31, 2025, 2024 and 2023, we recognized unrealized gains on our investments in property technology funds of $ 1.1 m illion, $ 0.4 million, and $ 0.0 million, respectively.
See Note 12 for discussion of our fair value measurements for these investments.
1 unchanged sentence
In 2020, Aimco Predecessor made a $ 50.0 million commitment to IQHQ, a privately held life sciences real estate development company.
−Removed: In 2022, after fully funding our commitment, 22 % of our original investment in IQHQ was redeemed for $ 16.5 million.
−Removed: 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.
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.
+Added: In 2022, after fully funding our commitment, 22 % of our original investment in IQHQ was redeemed for $ 16.5 million.
+Added: 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.
+Added: 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.
−Removed: During the year ended December 31, 2024, we determined that our investment in IQHQ was impaired after consideration of factors, including adverse capital market conditions, increased real estate development costs, and IQHQ's financial condition.
+Added: During the year ended December 31, 2025, we determined that our investment in IQHQ was impaired after consideration of factors, such as continued adverse capital market conditions, IQHQ's financial condition, and capital raising activities that further diluted our investment.
As a result, we recorded a non-cash impairment charge of $ 6.6 million to reduce the carrying value of the investment in IQHQ to $ 4.5 million as of December 31, 2025.
−Removed: The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the year ended December 31, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2024.
+Added: The non-cash impairments are reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2025, and 2024.
No realized or unrealized gains or losses were recognized during the year ended December 31, 2023.
−Removed: During the year ended December 31, 2022, we recognized realized and unrealized gains on our investment in IQHQ totaling $ 5.7 million and $ 20.5 million resulting from the partial redemption of our investment.
As of December 31,
6 unchanged sentences
We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained.
−Removed: Amortization of these costs over the lease term on the same basis as lease income, is included in Depreciation and amortization in our Consolidated Statements of Operations .
+Added: These costs are amortized over the lease term on the same basis as lease income, and are included in Depreciation and amortization in our Consolidated Statements of Operations .
We also defer debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements.
In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement.
−Removed: Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our Consolidated Balance Sheets.
−Removed: We record debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn in Other assets, net in our Consolidated Balance Sheets.
−Removed: We amortize the costs associated with our revolving credit facilities to Interest expense on a straight-line basis over the term of the arrangement.
−Removed: Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our Consolidated Balance Sheets and subsequently amortized to Interest expense under either the effective interest method or on a straight-line basis, which approximates the effective interest method when used, over the remaining term of the arrangement in our Consolidated Statements of Operations.
+Added: Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in Non-recourse property debt, net in our Consolidated Balance Sheets.
+Added: We record debt issuance costs associated with construction loans that have not been drawn in Other assets, net in our Consolidated Balance Sheets.
+Added: These costs are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in Non-recourse construction loans, net in our Consolidated Balance Sheets and subsequently amortized under either the effective interest method or on a straight-line basis, which approximates the effective interest method when used, over the remaining term of the arrangement in Interest expense in our Consolidated Statements of Operations.
When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off.
−Removed: Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense.
+Added: Any lender fees or other costs incurred in connection with an extinguishment are recognized as an expense.
Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations.
8 unchanged sentences
An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis.
−Removed: In March 2022, we acquired an ownership interest in an unconsolidated investment in land held for development in the Edgewater neighborhood of Miami, Florida, in exchange for land that we had purchased for $ 1.8 million in January 2022 and cash of $ 0.3 million.
−Removed: Subsequently, we had additional non-cash contributions of $ 5.7 million for unused transferable density rights and cash contributions of $ 0.9 million.
−Removed: During the year ended December 31, 2024, we exercised our rights under the existing joint venture agreement, whereby our joint venture partner agreed to purchase our ownership interest in this unconsolidated investment.
+Added: During the year ended December 31, 2024, we exercised our rights under an existing joint venture agreement, whereby our joint venture partner agreed to purchase our ownership interest in an unconsolidated investment in land held for development in Miami, Florida.
As a result of the transaction, we recognized a non-cash other-than-temporary-impairment (“OTTI” ) of $ 2.6 million, within Other income (expense), net in our Condensed Consolidated Statements of Operations.
1 unchanged sentence
Intangible assets, net
−Removed: Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets .
−Removed: The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2024 and 2023 (in thousands):
+Added: Intangible assets are included in Other assets, net in our Consolidated Balance Sheets .
+Added: We recognized amortization on our intangible assets for the years ended December 31, 2025, and 2024, of $ 0.9 and $ 0.3 million, respectively.
+Added: The following table details intangible assets, net of accumulated amortization, for the years ended December 31, 2025 and 2024 ( in thousands ):
As of December 31,
2 unchanged sentences
Intangible assets, net
−Removed: Below-market leases
−Removed: accumulated amortization
−Removed: Intangible liabilities, net
−Removed: Based on the balance of intangible assets and liabilities as of December 31, 2024, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands):
+Added: Based on the balance of intangible assets as of December 31, 2025, the net aggregate amortization for the next five years and thereafter is expected to be as follows ( in thousands ):
Intangible assets
8 unchanged sentences
This includes a specific tenant analysis and aging analysis.
+Added: Additionally, as of December 31, 2025, Accounts receivable, net includes tax withholding receivables of $ 8.4 million related to property sales during the year ended December 31, 2025.
Revenue from leases
3 unchanged sentences
Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components.
−Removed: We have elected the practical expedient in accordance with ASC 842, Leases , to not separate non-lease components from associated lease components for all classes of underlying assets.
+Added: We have elected the practical expedient in accordance with Accounting Standards Codification (“ASC”) 842, Leases , to not separate non-lease components from associated lease components for all classes of underlying assets.
Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred.
We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease.
+Added: Dividends payable
+Added: 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 .
+Added: The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards.
+Added: Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests.
+Added: 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.
+Added: 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 .
+Added: 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.
+Added: The special cash dividend was paid on October 15, 2025 , to stockholders of record on September 30, 2025.
+Added: As of December 31, 2025, and December 31, 2024, we had a liability of $ 4.3 million and $ 1.0 million remaining, respectively, for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved.
Revenue from contracts with customers
9 unchanged sentences
Advertising costs are expensed as incurred and are included within Property operating expenses in our Consolidated Statements of Operations.
−Removed: For the years ended December 31, 2024, 2023, and 2022, we recognized total advertising costs of $ 2.3 million, $ 1.3 million, and $ 1.7 million, respectively.
+Added: For the years ended December 31, 2025, 2024, and 2023, we recognized total advertising costs of $ 2.2 million, $ 2.0 million, and $ 1.0 millio n, respectively.
Gain or (loss) on dispositions of real estate
1 unchanged sentence
Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received.
−Removed: For the years ended December 31, 2024, 2023, and 2022, we recognized total Gain on dispositions of real estate of $ 10.6 million, $ 8.0 million, and $ 175.9 million, respectively.
+Added: For the years ended December 31, 2025, 2024, and 2023, we recognized total Gain on dispositions of real estate, including discontinued operations, of $ 783.0 million, $ 10.6 million, and $ 8.0 million, respectively.
+Added: Refer to Note 3 for further information regarding real estate dispositions.
Depreciation and amortization
11 unchanged sentences
Income tax benefit (expense)
−Removed: Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities.
−Removed: Additionally, our TRS entities hold our investment in 1001 Brickell Bay Drive.
+Added: Aimco has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 1994, and has not revoked such election.
+Added: A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90 % of its adjusted taxable income to stockholders.
+Added: Therefore, as a REIT, Aimco generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100 % of its taxable income to its stockholders .
+Added: The states in which we operate generally have similar tax provisions which recognize Aimco as a REIT for state income tax purposes.
+Added: We believe that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented.
+Added: Accordingly, no provision for federal and state income taxes has been made.
+Added: If Aimco fails to qualify as a REIT in any taxable year, we will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years.
+Added: Even if Aimco qualifies for taxation as a REIT, we may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on our undistributed taxable income and in certain other instances.
+Added: Taxable income from activities performed through our taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes.
+Added: For the years ended December 31, 2025, 2024, and 2023, we recognized income tax benefit (expense) attributable to continuing operations of $ 57.6 million, $ 11.1 million, and $ 12.8 million, respectively.
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 C onsolidated Statements of Operations.
−Removed: Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT.
−Removed: For the year ended December 31, 2024, we had consolidated net losses subject to tax of $ 28.2 million, compared to consolidated net losses subject to tax of $ 15.2 million for the same period in 2023 , and consolidated net income subject to tax of $ 88.8 million for the same period in 2022.
−Removed: For the year ended December 31, 2024, we recognized income tax benefit of $ 11.1 million, compared to income tax benefit of $ 12.8 million for same period in 2023.
−Removed: The year-over-year decrease is due primarily to changes in 2023 to the effective tax rate expected to apply to the reversal of our existing deferred items, partially offset by increased tax benefit from higher losses in 2024 at our TRS entities.
−Removed: We recognized income tax expense of $ 17.3 million for the year ended December 31, 2022.
−Removed: The prior year-over-year decrease is due primarily to GAAP income taxes associated with the net lease modification income recognized in 2022.
−Removed: Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 1994, and Aimco intends to continue to operate in such a manner.
−Removed: Aimco's current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income.
−Removed: If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders.
−Removed: This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation.
−Removed: Even if Aimco qualifies as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on undistributed income.
−Removed: Aimco also will be required to pay a 100 % tax on any net income on non-arm’s length transactions between Aimco and a TRS and on any net income from sales of apartment communities that were held for sale in the ordinary course.
−Removed: The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business.
−Removed: Any taxes imposed on us reduce our operating cash flow and net income.
+Added: When applicable, we recognize interest and/or penalties related to uncertain tax positions within Income tax benefit (expense) in our Consolidated Statements of Operations .
+Added: As of December 31, 2025 and 2024 , we did no t have any material accrued interest or penalties.
+Added: Aimco and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions.
Aimco Operating Partnership
15 unchanged sentences
Accounting pronouncements adopted in the current year
−Removed: We adopted Accounting Standards Update ("ASU") No.
−Removed: 2023-07, "Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures" , which requires disclosure of incremental segment information, including segment expense categories, on an annual and interim basis.
−Removed: The segment expense categories and amounts disclosed in prior periods within Note 14 are based on the significant expense categories identified and disclosed in the period of adoption.
−Removed: The adoption of this standard did no t have a material impact on our consolidated financial statements.
+Added: We adopted ASU 2023-09, “Income Taxes (Topic 740):
+Added: Improvements to Income Tax Disclosures” prospectively.
+Added: ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures.
+Added: 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).
+Added: The adoption of this standard has an effect on our disclosures on income tax ( Note 7 ).
Recent accounting pronouncements
−Removed: In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):
−Removed: Improvements to Income Tax Disclosures” , which is intended to enhance the transparency and decision usefulness of income tax disclosures.
−Removed: 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.
−Removed: (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).
−Removed: 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.
−Removed: ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted.
−Removed: We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses” , which requires disaggregated disclosure of income statement expenses.
5 unchanged sentences
ASU 2024-03 should be applied on a prospective basis, while retrospective application is permitted.
−Removed: We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
+Added: Management has determined this accounting pronouncement will not have a material effect on our financial statements due to the expected change to liquidation basis of accounting upon stockholder approval of the Plan of Sale and Liquidation .
Note 3 — Significant Transactions
3 unchanged sentences
Number of properties sold
−Removed: Gain on sale of real estate
+Added: Gain on sale of real estate, continuing operations
+Added: Gain on sale of real estate, discontinued operations
+Added: Total gain on sale of real estate
+Added: During the year ended December 31, 2025 , we sold the five properties within our Boston Portfolio for an aggregate purchase price of $ 740.0 million.
+Added: In connection with the sale, $ 173.4 million of non-recourse property debt was assumed by the buyer.
+Added: We recognized a gain from the sale of the Boston Portfolio of $ 545.9 million within Income (loss) from discontinued operations, net of taxes in our Consolidated Statements of Operations .
+Added: During the year ended December 31, 2025 , we sold our ownership interests in the two properties comprising the Brickell Assemblage for an aggregate purchase price of $ 520.0 million.
+Added: The sale included $ 85.0 million of transferable seller financing notes provided from Aimco to the buyer at closing.
+Added: The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12 % to 16 % after twelve months, as well as exit fees of 3 %.
+Added: The seller financing notes also allow for two successive one-year renewal options at the buyer's election, upon which the interest rates will increase to 20 % and 24 %, respectively.
+Added: We recognized a gain from the sale of the Brickell Assemblage o f $ 237.1 million.
During the year ended December 31, 2024, we sold a fully renovated waterfront property with 276 units in the Edgewater neighborhood of Miami, Florida, for a gross sales price of $ 190.0 million and recognized a gain from the sale of $ 10.6 million.
6 unchanged sentences
In conjunction with this sale, we provided seller financing with a stated value of $ 21.2 million that was recorded net of $ 3.8 million of variable consideration.
−Removed: The financing matures at 18 months , with an option to extend for an additional six months .
In addition, we recognized a $ 1.9 million gain from the contribution of real estate to an unconsolidated joint venture.
−Removed: During the year ended December 31, 2022, we sold three operating properties and one land parcel for an aggregate gross sales price of $ 267.3 million and recognized an aggregate gain from the sales of $ 175.9 million.
Redemptions and purchases of noncontrolling interests
+Added: 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.
+Added: We exchanged our ownership in 200 Broward Avenue, which was subject to a non-performing seller financing note, along with $ 7.5 million of cash, for full ownership of 300 Broward Avenue.
+Added: The transaction resulted in reductions of N oncontrolling interests in consolidated real estate partnerships of $ 19.3 million and Additional paid-in capital of $ 7.8 million.
+Added: 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.
+Added: The transaction resulted in a reduction of Redeemable noncontrolling interests in consolidated real estate partnerships of $ 5.4 million and an increase in Additional paid-in capital of $ 0.3 million.
In December 2024, we purchased all of the outstanding common noncontrolling interest and redeemed the promoted interest from our development partner in the Upton Place property for a cash purchase price of $ 20.9 million.
7 unchanged sentences
As of December 31, 2025 , our apartment home leases generally have initial terms of 24 months or less.
−Removed: As of December 31, 2024, our commercial space leases have initial terms betwee n 5 and 15 y ears and represent approximately 7 % to 8 % of our total revenue.
+Added: As of December 31, 2025, our commercial space leases have initial terms betwee n 5 and 15 y ears and represent approximately 9 % to 10 % o f 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.
20 unchanged sentences
Substantially all of our office lease payments are fixed.
−Removed: See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2024, 2023, and 2022.
+Added: See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2025, 2024, and 2023 ( in thousands ).
Year ended December 31,
13 unchanged sentences
Finance leases
+Added: Our finance lease at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions.
+Added: The lease term includes the periods covered by this option.
+Added: Additionally, the lease provides the lessor at Oak Shore with a residual value guarantee of $ 6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference.
As of December 31, 2025 and 2024, operating lease right-of-use lease assets of $ 3.5 million and $ 4.7 million, respectively, are included in Other assets, net in our Consolidated Balance Sheets .
5 unchanged sentences
Leases with an initial term greater than 12 months are recorded as operating or finance leases in our Consolidated Balance Sheets .
−Removed: We have provided a lessor 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.
−Removed: Lease Termination Agreement
−Removed: In June 2022, we, as lessee, and AIR, as lessor, entered into a lease termination agreement with respect to four leases entered into on January 1, 2021 that pertained to our North Tower of Flamingo Point, 707 Leahy, The Fremont, and Prism properties.
−Removed: This agreement terminated these four finance leases on September 1, 2022.
−Removed: Upon termination, both parties were released of any and all liabilities and obligations under each respective lease other than those liabilities and obligations, if any, that expressly survived termination.
−Removed: On September 1, 2022, we relinquished control of the leasehold improvements on these four properties as well as the underlying land.
−Removed: In exchange, AIR remitted a total of $ 200.0 million in consideration to us as termination payments.
−Removed: Because the termination agreement modified the expiration date of each lease to September 1, 2022, we accelerated depreciation on the associated leasehold improvements using lease terms that ended September 1, 2022.
−Removed: We recorded $ 85.7 million of total depreciation expense for the year ended December 31, 2022.
−Removed: In addition, we recognized Lease modification income of $ 207.0 million, which is included in our Consolidated Statements of Operations for the year ended December 31, 2022.
Annual Future Minimum Lease Payments
13 unchanged sentences
Substantially all of our assets and liabilities are those of Aimco Operating Partnership.
−Removed: Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, six VIEs that own interests in real estate.
+Added: Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, three VIEs that own interests in real estate.
Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs.
15 unchanged sentences
Other assets, net
−Removed: Non-recourse construction loans, net
+Added: Non-recourse construction loans and bridge financing, net
Lease liabilities - finance leases
Accrued liabilities and other
−Removed: 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, located at 640 NE 34th Street in Miami, Florida.
−Removed: In addition, we secured a non-recourse construction loan commitment for up to $ 172.0 million that has a maturity date of October 1, 2028 , prior to the consideration of a one year extension option.
−Removed: As a result, we performed a reassessment of the entity that owns the property located at 640 NE 34th Street, concluding that it became a VIE and that we are the primary beneficiary.
−Removed: While the consolidation status did not change as it was already consolidated prior to the VIE assessment, its assets and liabilities as of December 31, 2024 are incorporated in the table above.
−Removed: In December 2024, we closed on the sale of our ownership interest in an unconsolidated investment in land held for development in the Edgewater neighborhood of Miami, Florida.
−Removed: Refer to Note 2 for additional discussion of the OTTI recognized in connection with this transaction.
+Added: In May 2025, we purchased our development partner's interest in the first phase of development at Strathmore Square.
+Added: Prior to the purchase, Strathmore Square was consolidated as a VIE.
+Added: Subsequent to the purchase, Strathmore Square is consolidated under the voting model.
+Added: Refer to Note 3 for further discussion on the transaction.
+Added: In October 2025, we exchanged our ownership in 200 Broward Avenue for full ownership of 300 Broward Avenue with our joint venture partner.
+Added: Prior to the exchange, 200 Broward Avenue and 300 Broward Avenue were consolidated as VIEs.
+Added: As a result of the exchange, we deconsolidated 200 Broward Avenue and consolidate 300 Broward Avenue under the voting model.
+Added: Refer to Note 3 for further discussion on the transaction.
Note 6 —D ebt
11 unchanged sentences
Total non-recourse property debt
−Removed: Assumed debt fair value adjustment, net of accumulated amortization
Debt issuance costs, net of accumulated amortization
1 unchanged sentence
Principal and interest on our non-recourse property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity.
−Removed: As of December 31, 2024 , our property debt was secured by 16 properties with an aggregate net book value of $ 329.3 million.
+Added: As of December 31, 2025, our property debt was secured by 12 prop erties with an aggregate net book value of $ 191.1 millio n.
These non-recourse property debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2025, we were in compliance with all such covenants.
−Removed: As of December 31, 2024, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands):
−Removed: Non-recourse construction loans
−Removed: Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2024 and 2023 (in thousands):
+Added: As of December 31, 2025, the scheduled principal maturity payments for the non-recourse property debt were as follows ( in thousands ):
+Added: Principal Maturity Payments
+Added: Non-recourse construction loans and bridge financing
+Added: Our construction loans and bridge financing, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2025 and 2024 ( in thousands ):
As of December 31,
2 unchanged sentences
Weighted-Average Interest Rate
−Removed: Fixed-rate construction loans
−Removed: December 23, 2025 to December 23, 2052
+Added: Fixed-rate construction loans and bridge financing
+Added: January 1, 2028 to December 23, 2052
3.25 % to 6.39 %
2 unchanged sentences
6.33 % to 8.17 %
−Removed: Total non-recourse construction loans
+Added: Total non-recourse construction loans and bridge financing
Assumed debt fair value adjustment, net of accumulated amortization
Debt issuance costs, net of accumulated amortization
−Removed: Total non-recourse construction loans, net
−Removed: Interest-only payments on our construction loans are generally payable monthly with balloon payments due at maturity.
−Removed: As of December 31, 2024, our construction debt was secured by 4 properties with an aggregate net book value of $ 554.6 million.
+Added: Total non-recourse construction loans and bridge financing, net
+Added: Interest-only payments on our construction loans and bridge financing are generally payable monthly with balloon payments due at maturity.
+Added: As of December 31, 2025, our construction debt and bridge financing was secured by 4 properties with an aggregate net book value of $ 596.6 million.
As of December 31, 2025, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows ( in thousands ):
1 unchanged sentence
Revolving Credit Facility
−Removed: In December 2020, we entered into a credit agreement that provides for a $ 150.0 million secured credit facility, with a $ 20.0 million swingline loan sub-facility and a $ 30.0 million letter of credit sub-facility.
−Removed: We can request incremental commitments under the credit agreement up to an aggregate principal amount of $ 300.0 million.
−Removed: Our revolving secured credit facility matures in December 2025.
−Removed: The revolving loans (other than the swingline) will bear interest, at our option, at a per annum rate equal to (a) SOFR plus a margin of 2.11448 % or (b) a base rate plus a margin of 1.00 %.
−Removed: Swingline loans made under the revolving credit facility will bear interest at a per annum rate equal to the base rate plus a margin of 1.00 %.
−Removed: The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5 %, (y) PNC Bank, National Association’s prime rate and (z) the daily SOFR Rate plus 1.00 %.
−Removed: If the SOFR Rate determined under any referenced method would be less than 0.25 %, such rate shall be deemed 0.25 % .
−Removed: We may terminate or, from time to time, reduce the aggregate amount of commitments.
−Removed: As of December 31, 2024 , we had capacity to borrow $ 148.5 million on our secured revolving credit facility.
−Removed: Under our secured revolving credit facility, we have agreed to maintain a fixed charge coverage ratio of 1.25 x, minimum adjusted tangible net worth of $ 625.0 million, and maximum leverage of 60.0 % as defined in the credit agreement, among other customary covenants.
−Removed: We are in compliance with these covenants as of December 31, 2024.
−Removed: Notes Payable to AIR
−Removed: In July 2022, we completed the prepayment of $ 534.1 million of Notes Payable to AIR, which was entered into on December 14, 2020.
−Removed: As a result, we incurred $ 17.4 million of spread maintenance costs, which are included in Interest expense in our Consolidated Statements of Operations .
−Removed: For the year ended December 31, 2022, we recognized interest expense of $ 13.7 million associated with the Notes Payable to AIR, which is included in Interest expense in our Consolidated Statements of Operations .
+Added: In December 2020, we entered into a credit agreement that provided for a $ 150.0 million secured credit facility, with a $ 20.0 million swingline loan sub-facility and a $ 30.0 million letter of credit sub-facility.
+Added: In May 2025, we borrowed $ 42.8 million on the revolving credit facility to pay off the construction loan used to fund the construction of the first phase of Strathmore Square.
+Added: In September 2025, we used proceeds from the sale of four suburban Boston properties to paydown in full $ 43.8 million of borrowings on our revolving credit facility.
+Added: Certain properties sold served as collateral for the credit facility, which was retired upon completion of the sale.
Note 7 — Inco me Taxes
−Removed: Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of our taxable entities for financial reporting purposes and the amounts used for income tax purposes.
+Added: Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes.
+Added: The expected future tax rates are based upon enacted tax laws.
Significant components of our deferred tax liabilities and assets as of December 31, 2025 and 2024 are as follows ( in thousands ):
7 unchanged sentences
Valuation allowance for deferred tax assets
−Removed: Net deferred tax liability
−Removed: Our policy is to include any interest and penalties related to income taxes within Income tax benefit (expense) in our Consolidated Statements of Operations .
−Removed: Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):
+Added: Net deferred tax (asset) liability
+Added: (1) The significant decrease in real estate and real estate partnership basis differences during the year ended December 31, 2025, is primarily due to the sale of the Brickell Assemblage and the removal of the deferred tax liability that arose from the corporate structure used to complete the acquisition of 1001 Brickell.
+Added: Significant components of income tax (benefit) expense including any interest and penalties related to income taxes are as follows for the years ended December 31, 2025, 2024, and 2023 ( in thousands ):
Total current
2 unchanged sentences
Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT.
−Removed: For the year ended December 31, 2024, we had consolidated net losses subject to tax of $ 28.2 million, compared to consolidated net losses subject to tax of $ 15.2 million for the year ended December 31, 2023 and consolidated net income subject to tax of $ 88.8 million for the year ended December 31, 2022.
−Removed: The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024, 2023, and 2022, is shown below (in thousands):
+Added: For the years ended December 31, 2025, 2024, and 2023, we had consolidated net losses subject to tax of $ 33.1 million, $ 28.2 million, and $ 15.2 million, respectively.
+Added: For the year ended December 31, 2025, we recognized income tax benefit from continuing operations of $ 57.6 million, compared to income tax benefit of $ 11.1 million for the same period in 2024.
+Added: The year-to-year change is due primarily to the removal of the deferred tax liability that arose in the original acquisition of 1001 Brickell offset by the actual income taxes associated with the gain on sale of the asset.
+Added: The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the year ended December 31, 2025, in accordance with the guidance in ASU 2023-09, is shown below ( in thousands ):
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax
−Removed: US branch profits tax on earnings of foreign subsidiary
State income tax, net of federal (benefit) expense (1)
+Added: Effect of cross-border tax laws (2)
+Added: Effect of transaction
+Added: Changes in valuation allowances
+Added: Total income tax (benefit) expense
+Added: (1) State taxes in Florida made up the majority (greater than 50%) of the tax effect in this category.
+Added: (2) The effect of the cross-border taxes primarily reflect income taxes incurred in conjunction with the sale of 1001 Brickell, offset by the removal of the deferred tax liability that arose in its original acquisition.
+Added: The FDAP and FIRPTA amounts payable are included within Accrued liabilities and other within our Consolidated Balance Sheets.
+Added: The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09, is shown below ( in thousands ):
+Added: Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax
+Added: United States income tax on earnings of foreign subsidiary
+Added: State income tax, net of federal (benefit) expense
Effects of permanent differences
−Removed: Uncertain tax positions
Valuation allowance
−Removed: Change in Tax Rate
Total income tax (benefit) expense
−Removed: Income taxes paid totaled approximately $ 0.9 million, $ 1.7 million, and $ 22.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.
−Removed: At December 31, 2024, we had federal and state net operating loss carry forwards ("NOLs"), for which the deferred tax asset was approximately $ 10.3 million, before a valuation allowance of $ 6.9 million.
+Added: Income taxes paid totaled approximately $ 0.9 million and $ 1.7 million for the years ended December 31, 2024 and 2023 , respectively.
+Added: Below is a summary of income taxes paid, net of refunds, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 ( in thousands ):
+Added: Income taxes paid, net of refunds:
+Added: Total income taxes paid, net of refunds
+Added: At December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”), for which the deferred tax asset was approximately $ 16.0 million, before a valuation allowance of $ 16.0 million.
The NOLs expire in the years ended 2033 to 2045 .
8 unchanged sentences
Balance at December 31,
−Removed: A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands):
Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2022, and subsequent years and certain of our state income tax returns for the year ended December 31, 2022, and subsequent years are currently subject to examination by the IRS or other taxing authorities.
If recognized, the unrecognized tax benefits would affect our effective tax rate.
+Added: A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets ( in thousands ):
Balance at January 1,
3 unchanged sentences
In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards.
−Removed: We recognize the tax effects related to stock-based compensation through earnings in the period the compensation is recognized.
Note 8 — Ai mco Equity
3 unchanged sentences
Aimco's Board has, from time to time, authorized Aimco to repurchase shares of its outstanding Common Stock.
−Removed: The total remaining authorization for future share repurchases is 16.3 mil lion shares of its outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions.
+Added: The total remaining authorization for future share repurchases is 16.2 million shares of its outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions.
This remaining authorization has no expiration date.
−Removed: During the years ended December 31, 2024, 2023, and 2022, Aimco repurchased approximate ly 4.9 mill ion, 6.2 million, and 3.5 million shares of its Common Stock at weighted-average prices of $ 8.01 , $ 7.33 , and $ 7.21 per share, respectively.
+Added: During the year ended December 31, 2025, Aimco repurchased approximately 29,000 shares of its Common Stock at a weighted-average price of $ 8.66 per share.
+Added: During the years ended December 31, 2024, and December 31, 2023 , Aimco repurchased approximately 4.9 million and 6.2 million shares of its Common Stock at weighted-average prices of $ 8.01 and $ 7.33 per share, respectively.
Cash Dividends
As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0 % of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income.
−Removed: Aimco's Board determines and declares Aimco's dividends.
−Removed: In making a dividend determination, Aimco's Board considers a variety of factors, including REIT distribution requirements, current market conditions, liquidity needs, and other uses of cash, such as deleveraging and accretive investment activities.
+Added: Aimco's Board determines and declares Ai mco's dividends.
+Added: Pursuant to the Plan of Sale and Liquidation adopted on February 6, 2026, Aimco's Board expects to return proceeds from the monetization of the Company's assets through liquidating distributions after payment of all costs and expenses of the Plan of Sale and Liquidation, payment of liabilities, and the establishment of reserve amounts, if any.
+Added: A special cash dividend of $ 2.23 per share was declared on September 15, 2025 , to stockholders of record on September 30, 2025 .
+Added: The cash dividend was paid on October 15, 2025 .
A special cash dividend of $ 0.60 per share was declared on December 19, 2024 , to stockholders of record on January 14, 2025 .
The cash dividend was paid on January 31, 2025 .
−Removed: The declared dividends are classified within Dividends payable in Aimco's Consolidated Balance Sheets as of December 31, 2024.
No dividends were declared or paid during the year ended December 31, 2023.
−Removed: On September 30, 2022, Aimco paid a special cash dividend of $ 0.02 per share to stockholders of record on September 14, 2022 .
Note 9 — Part ners’ Capital
4 unchanged sentences
When a limited partner redeems an OP Unit for Common Stock, Limited Partners' capital is reduced, and the General Partner and Special Limited Partners’ capital is increased.
−Removed: Entities other than Aimco that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock.
+Added: Entities that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock.
During the years ended December 31, 2025 and 2024, the Aimco Operating Partnership declared distributions per common unit of $ 2.23 and $ 0.60 , respectively.
There were no dividends declared or paid during the year ended December 31, 2023.
−Removed: During the years ended December 31, 2024 and 2023, there were no OP Units redeemed in exchange for shares of Common Stock.
−Removed: During the year ended December 31, 2022 , approximately 108,000 OP Units were redeemed in exchange for shares of Common Stock.
−Removed: During the years ended December 31, 2024, 2023, and 2022, approximately 119,000 , 149,000 , and 33,000 OP Units were redeemed in exchange for cash at aggregate weighted average prices per unit of $ 8.28 , $ 7.24 , and $ 7.07 , respectively.
+Added: During the year ended December 31, 2025 , 2,554,326 OP Units were redeemed in exchange for shares of Common Stock at an aggregate December 31, 2025 weighted-average price per unit of $ 7.98 .
+Added: T here were no OP Units redeemed in exchange for shares of Common Stock during the years ended December 31, 2024, and 2023.
+Added: During the years ended December 31, 2025, 2024, and 2023, approxim ately 76,000 , 119,000 , and 149,000 OP Units were redeemed in exchange for cash at aggregate weighted-average prices per unit of $ 8.48 , $ 8.28 , and $ 7.24 , respectively.
Note 10 — Earnings per Sh are and per Unit
4 unchanged sentences
OP Unit equivalents also include unvested long-term incentive partnership units.
−Removed: The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024, and December 31, 2023, because the effect of their inclusion would be antidilutive.
The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive.
+Added: The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive.
As of December 31, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.6 million and 8.7 million, respectively.
2 unchanged sentences
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.
−Removed: Participating securities were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and December 31, 2023, because the effect of their inclusion would be antidilutive.
Participating securities were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive.
+Added: Participating securities were not included in the computation of diluted earnings per share and unit for the years
+Added: ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive.
As of December 31, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.6 million.
2 unchanged sentences
Earnings per share
−Removed: Net income (loss) attributable to Aimco
+Added: Income (loss) from continuing operations
+Added: Net (income) loss attributable to redeemable noncontrolling
+Added: interests in consolidated real estate partnerships
+Added: Net (income) loss attributable to noncontrolling interests
+Added: in consolidated real estate partnerships
+Added: Net (income) loss from continuing operations attributable to common noncontrolling
+Added: interests in Aimco Operating Partnership
Net (income) loss allocated to Aimco participating securities
+Added: Income (loss) from continuing operations attributable to Aimco common stockholders
+Added: Income (loss) from discontinued operations, net of taxes
+Added: Net (income) loss from discontinued operations attributable to common noncontrolling
+Added: interests in Aimco Operating Partnership
+Added: Net (income) loss from discontinued operations allocated to Aimco participating securities
+Added: Income (loss) from discontinued operations attributable to Aimco common stockholders
Net income (loss) attributable to Aimco common stockholders
4 unchanged sentences
Earnings (loss) per share - basic
+Added: Income (loss) from continuing operations attributable to Aimco per common share
+Added: Income (loss) from discontinued operations attributable to Aimco per common share
+Added: Net income (loss) attributable to Aimco per common share – basic
Earnings (loss) per share - diluted
+Added: Income (loss) from continuing operations attributable to Aimco per common share
+Added: Income (loss) from discontinued operations attributable to Aimco per common share
+Added: Net income (loss) attributable to Aimco per common share – diluted
+Added: Year ended December 31,
Earnings per unit
−Removed: Net income (loss) attributable to Aimco Operating Partnership
−Removed: Net income (loss) allocated to Aimco Operating Partnership participating securities
−Removed: Net income (loss) attributable to Aimco Operating Partnership's common unit holders
+Added: Income (loss) from continuing operations
+Added: Net (income) loss attributable to redeemable noncontrolling
+Added: interests in consolidated real estate partnerships
+Added: Net (income) loss attributable to noncontrolling interests
+Added: in consolidated real estate partnerships
+Added: Net (income) loss allocated to Aimco Operating Partnership's participating securities
+Added: Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders
+Added: Income (loss) from discontinued operations, net of taxes
+Added: Net (income) loss from discontinued operations allocated to Aimco Operating Partnership's participating securities
+Added: Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders
+Added: Net income (loss) attributable to Aimco Operating Partnership's common unitholders
Denominator - units
3 unchanged sentences
Earnings (loss) per unit - basic
+Added: Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit
+Added: Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit
+Added: Net income (loss) attributable to Aimco per unit – basic
Earnings (loss) per unit - diluted
+Added: Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit
+Added: Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit
+Added: Net income (loss) attributable to Aimco Operating Partnership per unit – diluted
Note 11 — Share-Ba sed Compensation
We have a stock award and incentive program to attract and retain employees and independent directors.
−Removed: As of December 31, 2024 , approximately 18.2 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”).
+Added: As of December 31, 2025, appr oximately 16.8 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”).
The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan.
12 unchanged sentences
(2) Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets.
−Removed: (3) Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets.
+Added: (3) Amounts are primarily recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets.
As of December 31, 2025, our share of total unvested compensation cost not yet recognized was $ 7.8 million.
We expect to recognize this compensation cost over a weighted-average period of approximately 1.5 years.
−Removed: The aggregate fair value of the vested Restricted Stock Awards and LTIP I Units during each of the years ended December 31, 2024, 2023, and 2022 was $ 2.1 million, $ 0.9 million, and $ 0.6 million, respectively.
+Added: The aggregat e fair value of the vested Restricted Stock Awards and LTIP I Units during each of the years ended December 31, 2025, 2024, and 2023 was $ 5.7 million, $ 2.1 million, and $ 0.9 million, respectively.
For our employees, we grant restricted stock awards and two forms of LTIP Units that are subject to time-based vesting and require continuous employment, typically over a period of three to five years from the grant date, and we refer to these awards as Time-Based Restricted Stock, Time-Based LTIP I Units, and Time-Based LTIP II Units.
8 unchanged sentences
therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest.
−Removed: We had Time-Based Restricted Stock, Time-Based LTIP I Units, Time-Based LTIP II Units, TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units outstanding as of December 31, 2024 .
+Added: We had Time-Based Restricted Stock, Time-Based LTIP II Units, TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units outstanding as of December 31, 2025 .
The following two tables summarize activity for equity compensation for the year ended December 31, 2025.
−Removed: Unvested TSR Stock Options
Time-Based Restricted Stock Awards
1 unchanged sentence
Weighted-Average
−Removed: Exercise Price
Weighted-Average
−Removed: Weighted-Average
Outstanding at beginning of year
1 unchanged sentence
(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.
−Removed: Unvested LTIP I Units
Unvested TSR LTIP II Units
−Removed: Unvested Time LTIP II Units
Convertible LTIP II Units
+Added: Unvested TSR Stock Options
+Added: Exercisable TSR Stock Options
Weighted-Average
−Removed: Fair Value (1)
Weighted-Average
2 unchanged sentences
Outstanding at beginning of year
+Added: Dividend adjustment
Outstanding at end of year (1)
−Removed: (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.
−Removed: The aggregate intrinsic values are calculated as the difference between the closing price of Aimco common stock on the last trading day of the year and the exercise price multiplied by the number of in-the-money TSR Stock Options and LTIP II Units had they all been exercised and converted, respectively, on December 31, 2024.
−Removed: The aggregate intrinsic values for those that were exercisable or convertible and unvested were $ 5.7 million and $ 5.1 million, respectively.
−Removed: The following table summarizes the unvested equity, exercisable stock options and convertible LTIP II units that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2024 (in thousands, except shares):
+Added: (1) The TSR Stock Options and LTIP II units were adjusted during the year pursuant to anti-dilution provisions that provide for equitable adjustments in the event of a special cash dividend.
+Added: The weighted-average exercise price of TSR Stock Options and LTIP II Units outstanding at end of year reflect the adjustments as a result of the special dividends paid during the year.
+Added: The adjustments did not result in incremental share-based compensation expense.
+Added: The aggregate intrinsic values are calculated as the difference between the closing price of Aimco common stock on the last trading day of the year and the exercise price multiplied by the number of in-the-money TSR Stock Options and LTIP II
+Added: Units had they all been exercised and converted, respectively, on December 31, 2025.
+Added: The aggregate intrinsic values for those that were exercisable or convertible was $ 9.5 million.
+Added: The following table summarizes the unvested equity that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2025 ( in thousands, except shares ):
Unvested Compensation Not Yet Recognized (1)
−Removed: TSR Stock Options
Time-Based Restricted Stock Awards
TSR Restricted Stock Awards
−Removed: TSR LTIP II Units
(1) Unvested compensation not yet recognized represents our compensation cost for our employees.
3 unchanged sentences
the weighted-average exercise price of LTIP II Units held by AIR and former AIR employees is $ 2.68 per unit.
+Added: Current and former Aimco board members also hold 0.6 million exercisable stock options with a weighted-average exercise price of $ 4.78 per share.
Determination of Grant-Date Fair Value Awards
18 unchanged sentences
Recurring Fair Value Measurements
−Removed: In determining the fair value of our financial instruments, we apply Accounting Standards Codification ("ASC") 820, “ Fair Value Measurement and Disclosures ”.
+Added: In determining the fair value of our financial instruments, we apply ASC 820, “ Fair Value Measurement and Disclosures ”.
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).
3 unchanged sentences
As of December 31, 2025, we held interest rate caps with a maximum notional value of $ 289.0 million.
−Removed: These instruments were acquired for $ 3.5 million, and the fair value of these instruments is $ 0.9 million as noted in the table below.
+Added: These instruments were acquired for $ 0.5 million.
+Added: The fair value of these instruments are noted in the table below.
During the year ended December 31, 2023, we monetized the $ 1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $ 54.2 million.
3 unchanged sentences
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 Consolidated Statements of Cash Flows .
−Removed: As of December 31, 2024 and 2023, we had investments in stock of $ 1.6 million and $ 2.9 million, respectively, classified within Level 1 of the GAAP fair value hierarchy.
+Added: During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value.
+Added: 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 December 31, 2025 and 2024, we had investments in property technology funds of $ 4.9 million and $ 3.5 million, respectively, in entities that develop technology related to the real estate industry.
11 unchanged sentences
We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of December 31, 2025 and 2024, and are categorized within Level 1 of the GAAP fair value hierarchy.
+Added: We believe that the carrying value of the consolidated amounts of notes receivable approximated their fair value as of December 31, 2025 and are categorized within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the observable inputs used to estimate their fair value.
We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios.
8 unchanged sentences
Nonrecurring Fair Value Measurements
−Removed: Mezzanine Investment
−Removed: During the years ended December 31, 2023 and 2022, we tested the Mezzanine Investment for impairment given triggering events that occurred and we recorded non-cash impairment charges to reduce the carrying value of the Mezzanine Investment to zero and $ 158.6 million, respectively .
−Removed: We used internally developed models to determine the fair value of the Mezzanine Investment.
−Removed: This incorporated the fair value of the underlying real estate collateral that incorporates various estimates and assumptions, the most significant being the capitalization rate of 5.25 % compared to 3.75 % as of December 31, 2023 and 2022, respectively.
−Removed: These assumptions are based on Level 3 inputs.
−Removed: See Note 2 for further details.
+Added: During the year ended December 31, 2025, we recorded a non-cash impairment charge of $ 147.5 million related to properties located in Colorado's Front Range and Southeast Florida.
+Added: Of this, approximately $ 87.3 million relates to the write-off of planning costs and amounts capitalized for GAAP, such as team time and interest expense for development pipeline assets for which development will not be pursued by us given our Plan of Sale and Liquidation.
+Added: We used a third-party appraisal, broker opinions of value, or letter of intent to determine the fair value estimates of the properties.
+Added: The fair value estimates of the properties were determined by discounted cash flow analyses or references to market comparable data.
+Added: 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.
+Added: The most significant unobservable inputs utilized in determining the fair value are capitalization rates and discount rates, which were 8 % and 10 %, respectively.
+Added: 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.
+Added: Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties.
+Added: Because these inputs are derived from observable market data, we determined that the fair values of properties using this approach are classified within Level 2 of the fair value hierarchy.
Investment in IQHQ
−Removed: During the year ended December 31, 2024, we recorded a non-cash impairment charge of $ 48.6 million related to our passive equity investment in IQHQ.
−Removed: This impairment charge was derived using a third-party valuation of IQHQ, which incorporated fair value estimates of properties owned by IQHQ.
+Added: During the years ended December 31, 2025 and 2024, we performed a qualitative impairment assessment on our passive equity investment in IQHQ and recorded non-cash impairment charges of $ 6.6 million and $ 48.6 million, respectively.
+Added: The valuations of IQHQ to determine the fair values as of December 31, 2025 and 2024, 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.
−Removed: The most significant unobservable inputs utilized in determining the fair value of these assets are capitalization rates and discount rates, which ranged from 6.00 % to 7.00 % and 7.25 % to 10.25 %, respectively.
+Added: The most significant unobservable inputs utilized in determining the fair value of these assets are capitalization rates and discount rates, which ranged from 5.75 % to 8.23 % and 7.25 % to 9.00 %, respectively, during the year ended December 31, 2025 and 6.00 % to 7.00 % and 7.25 % to 10.25 %, respectively, during the year ended December 31, 2024.
Because of these inputs, we have determined that the fair value of these properties are classified within Level 3 of the fair value hierarchy.
1 unchanged sentence
Because these inputs are derived from observable market data, we have determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy.
+Added: Mezzanine Investment
+Added: During the year ended December 31, 2023, we tested the Mezzanine Investment for impairment given triggering events that occurred and we recorded non-cash impairment charges to reduce the carrying value of the Mezzanine Investment to zero .
+Added: We used internally developed models to determine the fair value of the Mezzanine Investment.
+Added: This incorporated the fair value of the underlying real estate collateral that incorporates various estimates and assumptions, the most significant being the capitalization rate of 5.25 % as of December 31, 2023.
+Added: These assumptions are based on Level 3 inputs.
Note 13 — Commitm ents and Contingencies
−Removed: 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.
+Added: In connection with our development, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development of certain real estate, pursuant to financing or other arrangements.
As of December 31, 2025, we had remaining commitments for non-recourse construction-related contracts of $ 87.5 million, with $ 105.7 million undrawn on our construction loans.
6 unchanged sentences
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 result of operations.
−Removed: Note 14 — Busi ness Segments
+Added: Note 14 — Assets Held for Sale and Discontinued Operations
+Added: 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.
+Added: In September 2025, we completed the sale of four of the five properties for an aggregate purchase price of $ 490.0 million.
+Added: These four properties include properties known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village.
+Added: The sale of the fifth property, Royal Crest Estates (Nashua), was completed in October 2025 , for a gross purchase price of $ 250.0 million.
+Added: In connection with the sale of the fifth property, $ 173.4 million of non-recourse property debt was assumed by the purchaser.
+Added: 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:
+Added: Discontinued Operations ”.
+Added: We held no assets and liabilities in the Boston Portfolio disposal group as of December 31, 2025 .
+Added: 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 December 31, 2024 ( in thousands ):
+Added: As of December 31, 2024
+Added: Buildings and improvements
+Added: Total real estate
+Added: Accumulated depreciation
+Added: Net real estate
+Added: Restricted cash
+Added: Other assets, net
+Added: Assets from discontinued operations, net
+Added: Non-recourse property debt, net
+Added: Accrued liabilities and other
+Added: Liabilities related to discontinued operations, net
+Added: The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the years ended December 31, 2025, 2024, and 2023:
+Added: Year Ended December 31,
+Added: Rental and other property revenues
+Added: OPERATING EXPENSES
+Added: Property operating expenses
+Added: Depreciation and amortization
+Added: Total operating expenses
+Added: Interest income
+Added: Interest expense
+Added: Gain on dispositions of real estate
+Added: Income (loss) from discontinued operations before income tax
+Added: Income tax benefit (expense) (1)
+Added: Income (loss) from discontinued operations, net of taxes
+Added: (Income) loss from discontinued operations attributable to common noncontrolling
+Added: interests in Aimco Operating Partnership
+Added: Net income (loss) from discontinued operations attributable to Aimco
+Added: (1) Income taxes payable from the sale of the Boston Portfolio are included in Accrued liabilities and other in our Consolidated Balance Sheets .
+Added: The following table summarizes cash flow information related to the discontinued operations for the years ended December 31, 2025, and 2024:
+Added: Year Ended December 31,
+Added: Total operating cash flows from (used in) discontinued operations
+Added: Total investing cash flows from (used in) discontinued operations
+Added: On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage.
+Added: We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of December 31, 2024.
+Added: The transaction closed on December 22, 2025 and does not meet the criteria for discontinued operations classification.
+Added: On December 23, 2025, Aimco entered into an agreement to sell two properties, including a total of 660 apartment homes, located in Plantation, Florida, and Nashville, Tennessee.
+Added: We determined the two properties represented a disposal group that met the criteria to be classified as held for sale as of December 31, 2025.
+Added: The transaction closed in February 2026 and does not meet the criteria for discontinued operations classification.
+Added: The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2025, and 2024 ( in thousands ):
+Added: As of December 31,
+Added: Buildings and improvements
+Added: Total real estate
+Added: Accumulated depreciation
+Added: Net real estate
+Added: Restricted cash
+Added: Other assets, net
+Added: Assets held for sale, net
+Added: Non-recourse property debt, net
+Added: Accrued liabilities and other
+Added: Liabilities related to assets held for sale, net
+Added: Note 15 — Business Segments
We have three segments:
−Removed: (i) Development and Redevelopment;
+Added: (i) Development;
(ii) Operating;
and (iii) Other.
−Removed: Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development.
−Removed: As of December 31, 2024 , our Development and Redevelopment segment consists of 9 properties, including one under construction and three substantially completed and in lease-up.
−Removed: Our Operating segment includes 20 residential apartment communities with 5,243 apartment homes that have achieved a stabilized level of operations as of January 1, 2023 and maintained it throughout the current year and comparable period.
+Added: Our Development segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development.
+Added: As of December 31, 2025 , our Development segment consists of 9 properties, including one under construction, two completed and in lease-up, one that has completed lease-up and is stabilizing operations, and five undeveloped land parcels.
+Added: Our Operating segment include s 15 res idential 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.
+Added: Two of the communities, Hillmeade and Plantation Gardens, meet the held for sale criteria in accordance with GAAP as described in Note 2 .
We aggregate all our apartment communities that have reached stabilization into our Operating segment.
−Removed: Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments.
+Added: Our Other segment consists of properties currently owned that are not included in our Development or Operating segments.
Our Other segment includes The Benson Hotel, our only hotel.
−Removed: During the first quarter of 2024, we revised the information regularly reviewed by our President and Chief Executive Officer , the chief operating decision maker ("CODM"), to assess our operating performance.
−Removed: As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment.
−Removed: In addition, during the year ended December 31, 2024, we disposed of a majority of our partnership interest in St.
−Removed: George Villas, which was previously reported within the Other segment, and The Hamilton, which was previously reported within the Development and Redevelopment segment.
−Removed: We also reclassified as held for sale 1001 Brickell Bay Drive, which was previously reported within the Other segment, and Yacht Club Apartments, which was previously reported in our Operating segment.
+Added: During the year ended December 31, 2025, we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment.
+Added: Refer to Note 14 for the operating results of our Boston portfolio.
Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business.
9 unchanged sentences
The following tables present the results of operations of consolidated properties with our segments for the years ended December 31, 2025, 2024, and 2023 ( in thousands ):
−Removed: Development and Redevelopment
Adjustments (1)
13 unchanged sentences
Income (loss) before income tax
−Removed: Development and Redevelopment
Adjustments (1)
13 unchanged sentences
Income (loss) before income tax
−Removed: Development and Redevelopment
Adjustments (1)
14 unchanged sentences
(1) Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Consolidated Statements of Operations , in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.
−Removed: (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any.
+Added: (2) Includes the operating results of apartment communities sold during the periods shown, 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.
−Removed: (3) Controllable operating expenses primarily consists of property personnel costs, marketing, repairs and maintenance, turnover, and contract services expense.
−Removed: (4) Other property operating expenses include property management costs and casualty gains or losses.
−Removed: (5) Other operating expenses not allocated to segments consists of depreciation and amortization and general and administrative expense.
−Removed: (6) Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition of real estate, interest income, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate contracts, and realized and unrealized gains (losses) on equity investments.
−Removed: Net real estate and non-recourse property debt, net, of our segments as of December 31, 2024 and 2023, were as follows (in thousands):
−Removed: Development and Redevelopment
−Removed: Corporate (1)
+Added: (3) Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, and contract services.
+Added: (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.
+Added: (5) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expenses, and impairment on real estate.
+Added: (6) Other items included in Income (loss) before income tax consist primarily of interest income, interest expense, mezzanine investment income (loss), net, 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.
+Added: Net real estate and non-recourse property debt and construction loans, net, of our segments as of December 31, 2025 and 2024, were as follows ( in thousands ):
+Added: Operating (1)
As of December 31, 2025
4 unchanged sentences
Non-recourse property debt and construction loans, net
−Removed: Development and Redevelopment
−Removed: Corporate (1)
+Added: Operating (1)
As of December 31, 2024
4 unchanged sentences
Non-recourse property debt and construction loans, net
−Removed: (1) During the years ended December 31, 2024 and 2023 certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end.
−Removed: We added a Corporate column to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023 .
+Added: (1) During the year ended December 31, 2025, Hillmeade and Plantation Gardens were reclassified as held for sale.
+Added: As described in Note 2 , we present certain assets and liabilities of real estate properties held for sale separately in the Consolidated Balance Sheets and therefore are not included in our segment balance sheets as of December 31, 2025.
+Added: The assets and the associated debt of these properties as of December 31, 2024 remain in the Operating column above for presentation purposes.
+Added: Refer to Note 14 for the balance sheet of our held for sale properties.
Capital additions within our segments for the years ended December 31, 2025, 2024 and 2023, were as follows ( in thousands ):
Year Ended December 31,
−Removed: Development and Redevelopment
Corporate amounts not allocated to segments (1)
Total capital additions
−Removed: (1) During the years ended December 31, 2024, 2023 and 2022, 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 year ends.
+Added: (1) During the years ended December 31, 2025, 2024 and 2023, certain capital additions pertained to properties that were sold and therefore are not included in our segments as capital additions at those respective year ends.
We added a Corporate row to the table above for presentation purposes to display these capital additions as of December 31, 2025, 2024 and 2023 , respectively.
−Removed: In addition to the amounts disclosed in the tables above, as of December 31, 2024, the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 107.7 million and $ 121.8 million, respectively, and as of December 31, 2023 , aggregated to $ 109.0 million and $ 118.7 million, respectively.
+Added: In addition to the amounts disclosed in the tables above, as of December 31, 2025, the Development segment right-of-use lease assets and lease liabilities aggregated to $ 106.4 million and $ 124.8 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively.
As of December 31, 2025, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore Square and Oak Shore.
+Added: Note 16 — Subsequent Events
+Added: Subsequent to year end, we redeemed, at our sole discretion, preferred equity interests for an aggregate cash purchase price of $ 137.6 million.
+Added: The noncontrolling interest's carrying value of $ 136.2 million is included within Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2025.
+Added: The difference between the noncontrolling interest's carrying value and the cash paid will be recognized within Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships within the period the redemption occurred.
+Added: Subsequent to year end, on January 15, 2026, we received the remaining funding of a non-refundable deposit for the sale of our portfolio of seven apartment properties (the “Chicago Portfolio” ), including 1,495 units, located in the Chicago market and under contract for a gross sales price of $ 455 million.
+Added: We determined that the Chicago Portfolio met the held-for-sale criteria beginning on this date.
+Added: Subsequent to year end, in February 2026, we closed on the sales of three properties, Hillmeade in Nashville, Tennessee, Plantation Gardens in Plantation, Florida, and the Benson Hotel and Faculty Club in Aurora, Colorado, for aggregate gross sales prices of $ 177.5 million.
+Added: Subsequent to year end, on February 9, 2026 , Aimco declared a $ 1.45 per share liquidating distribution to be paid on March 13, 2026 , to stockholders of record as of February 27, 2026 .
+Added: In conjunction, the Aimco Operating Partnership declared a distribution per common unit of $ 1.45 .
+Added: Subsequent to year end, we received non-refundable deposits and agreed to sell two properties in New York City and one property in Atlanta, Georgia, for a combined $ 56.5 million.
+Added: Closing of the sale of the two-property New York portfolio is scheduled for the second quarter of 2026, pending assumption of the in-place mortgage loans, the approval of which is currently being pursued.
+Added: The closing of the sale of our property in Atlanta, Georgia, is also scheduled for the second quarter of 2026.
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
19 unchanged sentences
Evanston Place
−Removed: Nashville, TN
Hyde Park Tower
−Removed: Plantation Gardens
−Removed: Plantation, FL
−Removed: Royal Crest Estates (Warwick)
−Removed: Royal Crest Estates (Nashua)
−Removed: Royal Crest Estates (Marlboro)
−Removed: Marlborough, MA
−Removed: Waterford Village
−Removed: Bridgewater, MA
−Removed: Wexford Village
−Removed: Worcester, MA
Rolling Meadows, IL
1 unchanged sentence
Total Operating
−Removed: Development and redevelopment:
One Edgewater
13 unchanged sentences
Lauderdale, FL
−Removed: Total Development and redevelopment
+Added: Total Development
The Benson Hotel
Held for sale (6):
−Removed: 1001 Brickell Bay Drive
−Removed: Yacht Club Apartments
+Added: Nashville, TN
+Added: Plantation Gardens
+Added: Plantation, FL
Total Held for sale
2 unchanged sentences
(1) Includes unamortized fair market adjustments of debt assumed in the acquisition of properties.
−Removed: (2) Includes costs capitalized since acquisition or date of initial acquisition of the community.
−Removed: (3) The aggregate cost of land and depreciable property for federal income tax purposes was a pproximately $ 1.6 billion as of December 31, 2024.
+Added: (2) Includes costs capitalized since acquisition or date of initial acquisition of the community, less impairment charges recognized on real estate.
+Added: (3) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $ 1.5 billion as of December 31, 2025.
(4) Depreciable life for buildings and improvements ranges from five to 30 years and is calculated on a straight-line basis.
(5) Date we acquired the apartment community or first acquired the partnership that owns the community.
+Added: (6) The two properties held for sale as of December 31, 2025 are included within our Operating segment, but disclosed separately within this schedule as their assets are included within Assets from discontinued operations and held for sale, net within our Consolidated Balance Sheets.
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
4 unchanged sentences
(In Thousands)
+Added: The following table reconciles real estate and accumulated depreciation, excluding discontinued operations, from January 1, 2023 to December 31, 2025:
Total real estate balance at beginning of year
−Removed: Additions during the year:
Capital additions
+Added: Impairment on real estate
Write-offs of fully depreciated assets and other
5 unchanged sentences
Accumulated depreciation balance at end of year
+Added: The following table reconciles real estate and accumulated depreciation classified as discontinued operations, from January 1, 2023 to December 31, 2025:
+Added: Total real estate balance at beginning of year
+Added: Capital additions
+Added: Write-offs of fully depreciated assets and other
+Added: Total real estate balance at end of year
+Added: Accumulated depreciation balance at beginning of year
+Added: Write-offs of fully depreciated assets and other
+Added: Accumulated depreciation balance at end of year
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.