What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-11 · 153 added, 242 removed, 738 unchanged (35% of the section changed)

4 unchanged sentences

(In thousands)

March 31, 2026

June 30, 2026

Cash, cash equivalents, and restricted cash

Unconsolidated real estate partnerships

Notes receivable and other investments

52 unchanged sentences

(In thousands)

For the Period from February 1, 2026, to March 31, 2026

For the Period from February 1, 2026, to June 30, 2026

Attributable to Aimco

2 unchanged sentences

Net assets in liquidation, beginning of period

Change in net assets in liquidation

Changes in net assets in liquidation

Remeasurement of estimated net realizable value of real estate

Remeasurement of estimated costs in excess of estimated receipts

Liquidating distributions to stockholders

Liquidating distributions to noncontrolling interests in Aimco Operating Partnership

Reallocation of noncontrolling interests in Aimco Operating Partnership

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

Exercise of stock options

Changes in net assets in liquidation

6 unchanged sentences

Three Months Ended

Six Months Ended

Rental and other property revenues

36 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Month Ended January 31, 2026 and the Three Months Ended March 31, 2025

For the Month Ended January 31, 2026 and the Three and Six Months Ended June 30, 2025

(Going Concern Basis)

6 unchanged sentences

Share-based compensation expense

Distributions to noncontrolling interests in consolidated real estate partnerships

Other common stock issuances, net of withholding taxes

Balances at January 31, 2026

Balances at March 31, 2025

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

1 unchanged sentence

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

Common stock repurchased

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other common stock issuances, net of withholding taxes

Balances at March 31, 2025

Balances at June 30, 2025

Balances at December 31, 2024

1 unchanged sentence

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

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

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Common stock repurchased

Other common stock issuances, net of withholding taxes

Balances at January 31, 2026

Balances at June 30, 2025

See notes to condensed consolidated financial statements.

3 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

24 unchanged sentences

Proceeds from non-recourse construction loans and bridge financing

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans

Proceeds from interest rate contracts

9 unchanged sentences

Redemption of redeemable noncontrolling interests in consolidated real estate partnerships

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other financing activities

6 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures were $ 14.9 million and $ 14.8 million as of January 31, 2026, and March 31, 2025 , respectively.

(1) Accrued capital expenditures were $ 14.9 million and $ 15.0 million as of January 31, 2026, and June 30, 2025 , respectively.

See notes to condensed consolidated financial statements.

3 unchanged sentences

(In thousands)

March 31, 2026

June 30, 2026

Cash, cash equivalents, and restricted cash

Unconsolidated real estate partnerships

Notes receivable and other investments

14 unchanged sentences

(Going Concern Basis)

(In thousands)

(In thousands, except unit data)

December 31, 2025

32 unchanged sentences

(In thousands)

For the Period from February 1, 2026, to March 31, 2026

For the Period from February 1, 2026, to June 30, 2026

Net assets in liquidation attributable to Aimco Operating Partnership, beginning of period

Change in net assets in liquidation

Changes in net assets in liquidation

Remeasurement of estimated net realizable value of real estate

Remeasurement of estimated costs in excess of estimated receipts

Liquidating distributions to OP Unit holders

Exercise of stock options

Changes in net assets in liquidation

6 unchanged sentences

Three Months Ended

Six Months Ended

Rental and other property revenues

34 unchanged sentences

CONDENSED CONSOLIDATED S TATEMENTS OF PARTNERS’ CAPITAL

For the Month Ended January 31, 2026 and the Three Months Ended March 31, 2025

For the Month Ended January 31, 2026 and the Three and Six Months Ended June 30, 2025

(Going Concern Basis)

11 unchanged sentences

Share-based compensation expense

Distributions to noncontrolling interests in consolidated real estate partnerships

Other OP Unit issuances

Balances at January 31, 2026

Balances at March 31, 2025

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

1 unchanged sentence

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

Redemption of OP Units held by Aimco

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other OP Unit issuances

Balances at March 31, 2025

Balances at June 30, 2025

Balances at December 31, 2024

1 unchanged sentence

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

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

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by Aimco

Other OP Unit issuances

Balances at January 31, 2026

Balances at June 30, 2025

See notes to condensed consolidated financial statements.

3 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

24 unchanged sentences

Proceeds from non-recourse construction loans and bridge financing

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans

Proceeds from interest rate contracts

9 unchanged sentences

Redemption of redeemable noncontrolling interests in consolidated real estate partnerships

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other financing activities

6 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures were $ 14.9 million and $ 14.8 million as of January 31, 2026, and March 31, 2025 , respectively.

(1) Accrued capital expenditures were $ 14.9 million and $ 15.0 million as of January 31, 2026, and June 30, 2025 , respectively.

See notes to condensed consolidated financial statements.

2 unchanged sentences

NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS

March 31, 2026

June 30, 2026

Note 1 — Organization

5 unchanged sentences

(“Aimco Operating Partnership”).

As of March 31, 2026, Aimco owned 94.1 % of the legal interest in the common partnership units of Aimco Operating Partnership and 95.1 % of the dilutive economic interest in Aimco Operating Partnership.

As of June 30, 2026, Aimco owned 95.1 % of the legal interest in the common partnership units of Aimco Operating Partnership and 95.8 % of the dilutive economic interest in Aimco Operating Partnership.

The remaining 4.9 % legal interest is owned by limited partners.

As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of Aimco and Aimco Operating Partnership.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2026, of Aimco and Aimco Operating Partnership.

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

2 unchanged sentences

multifamily sector.

At March 31, 2026, our portfolio includes six consolidated stabilized operating properties, two completed development properties in lease-up, and four unconsolidated properties.

Additionally, we have a completed single family rental community, a waterfront ground-up development under construction, and undeveloped land parcels.

At June 30, 2026, our portfolio includes two consolidated stabilized operating properties, two completed development properties in lease-up, a completed single family rental community, a waterfront ground-up development under construction, and undeveloped land parcels.

In addition, we hold seller financing notes receivable related to the December 2025 sale of the Brickell Assemblage and other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds.

6 unchanged sentences

In accordance with the Plan of Sale and Liquidation, our objectives are to pursue an orderly liquidation by selling or otherwise disposing of our remaining assets, paying or otherwise settling our debts and our known liabilities, providing for the payment of unknown or contingent liabilities, when appropriate and in the Board’s discretion, distributing the net proceeds from liquidation to our stockholders, subject to the creation of necessary reserves for, and the payment or other satisfaction of, expenses and other liabilities and obligations, and winding up our operations and dissolving our Company.

The Company is aiming to complete the sales of the remaining assets of the Company and its subsidiaries within 24 months after the February 6, 2026, stockholder approval of the Plan of Sale and Liquidation.

The Company is aiming to complete the sales of the remaining assets of the Company and its subsidiaries within 24 months after February 6, 2026, the stockholder approval of the Plan of Sale and Liquidation.

There can be no assurance that the Plan of Sale and Liquidation will result in any transaction or that the Plan of Sale and Liquidation will be completed .

In connection with the Plan of Sale and Liquidation, we paid a special liquidating distribution of $ 1.45 per share on March 13, 2026 to shareholders of record at the close of business on February 27, 2026.

In connection with the Plan of Sale and Liquidation, we paid special liquidating distributions of $ 2.75 per share including $ 1.45 per share on March 13, 2026, to shareholders of record at the close of business on February 27, 2026, and $ 1.30 per share on June 3, 2026, to shareholders of record at the close of business on May 15, 2026.

The Plan of Sale and Liquidation enables us to sell any and all of our assets without further approval of Aimco's stockholders and provides that the amounts and timing of liquidating distributions will be determined by the Board in its discretion.

Pursuant to applicable REIT rules, liquidating distributions we pay pursuant to the Plan of Sale and Liquidation will qualify for the dividends paid deduction, provided that they are paid within 24 months of the approval of the Plan of Sale and Liquidation by

Aimco's stockholders.

Pursuant to applicable REIT rules, liquidating distributions we pay pursuant to the Plan of Sale and Liquidation will qualify for the

dividends paid deduction, provided that they are paid within 24 months of the approval of the Plan of Sale and Liquidation by Aimco's stockholders.

However, if we have not sold all of our assets and paid all of our liabilities within such time period, or if the Board otherwise determines that it is advantageous to do so earlier, we may transfer our remaining assets and liabilities to a liquidating trust or other liquidating entity.

The liquidating trust or other liquidating entity would pay or provide for all of our liabilities and distribute any remaining net proceeds from liquidation to the holders of beneficial interests in the liquidating trust or other liquidating entity.

The liquidating trust or other liquidating entity would pay or provide for our liabilities and distribute any remaining net proceeds from liquidation to the holders of beneficial interests in the liquidating trust or other liquidating entity.

If we are not able to sell our properties and pay our debt within the 24-month period and the remaining assets are not transferred to a liquidating trust or other liquidating entity, any distributions made during the 24 months may not qualify for the dividends paid deduction and may increase our tax liability.

No assurance can be given that any liquidating distributions the Company pays to its shareholders will equal or exceed the estimate of net assets in liquidation presented on the Condensed Consolidated Statement of Net Assets as of March 31, 2026 .

For a discussion of risks related to the Plan of Sale and Liquidation, refer to the section entitled “Risk Factors” described in Item 1A of Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025.

18 unchanged sentences

All financial results and disclosure through January 31, 2026, prior to the adoption of the liquidation basis of accounting, are presented on a going concern basis.

As a result, the Condensed Consolidated Balance Sheet as of December 31, 2025, as well as the Condensed Consolidated Statements of Operations , the Condensed Consolidated Statements of Equity (Partners Capital) and the Condensed Consolidated Statements of Cash Flow for the month ended January 31, 2026, and the period ended December 31, 2025, are presented using the going concern basis of accounting.

As a result, the Condensed Consolidated Balance Sheet as of December 31, 2025, as well as the Condensed Consolidated Statements of Operations , the Condensed Consolidated Statements of Equity (Partners Capital) and the Condensed Consolidated Statements of Cash Flow for the month ended January 31, 2026, and the periods ended June 30, 2025, are presented using the going concern basis of accounting.

Liquidation Basis

We have prepared the accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the period from February 1, 2026 to March 31, 2026, in accordance with GAAP, as contained within the Accounting Standards Codification (“ASC”), including Subtopic 205-30, “ Liquidation Basis of Accounting ,” as indicated, and pursuant to the rules and regulations of the Securities and Exchange Commission.

We have prepared the accompanying unaudited condensed consolidated financial statements as of June 30, 2026 and for the period from February 1, 2026 to June 30, 2026, in accordance with GAAP, as contained within the Accounting Standards Codification (“ASC”), including Subtopic 205-30, “ Liquidation Basis of Accounting ,” as indicated, and pursuant to the rules and regulations of the Securities and Exchange Commission.

We determined that liquidation became imminent as defined in ASC 205-30, “ Liquidation Basis of Accounting, ” based on the results of the Company's solicitation of proxies from its shareholders for their approval of the Plan of Sale and Liquidation.

10 unchanged sentences

See Note 4 for further discussion.

Actual costs incurred but unpaid are included in Accounts payable and accrued expenses at March 31, 2026 on the Condensed Consolidated Statement of Net Assets .

Actual costs incurred but unpaid are included in Accounts payable and accrued expenses at June 30, 2026, on the Condensed Consolidated Statement of Net Assets .

All our liabilities, under either the going concern basis of accounting or the liquidation basis of accounting, are derecognized when we pay the obligation or when we are legally released from being the primary obligor under the liability.

Net assets in liquidation at March 31, 2026 represents the remaining estimated liquidation value available to stockholders upon liquidation.

Net assets in liquidation at June 30, 2026 , represents the remaining estimated liquidation value available to stockholders upon liquidation.

Due to the uncertainty in the estimated cash flows from operations and the time required to complete the Plan of Sale and Liquidation, actual liquidation costs and sale proceeds may differ materially from the amounts estimated.

6 unchanged sentences

In addition, when an entity is not a VIE, we consolidate under the voting model when we control an entity through ownership of a majority voting interest.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary.

Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary.

Aimco consolidates Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary.

Through Aimco Operating Partnership, Aimco consolidates all VIEs for which we are the primary beneficiary.

Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

2 unchanged sentences

The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker.

The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland.

In addition, we have three unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker.

The three unconsolidated VIEs include the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland.

Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets.

During the three months ended June 30, 2026, we sold four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, with our share of the net proceeds totaling $ 41.9 million, net of transaction costs of $ 0.9 million.

Liquidation Basis

4 unchanged sentences

Subsequent to February 1, 2026, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to our net assets in liquidation.

There were no changes subsequent to February 1, 2026 in the estimated liquidation value of the investments in real estate.

Going Concern Basis

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

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

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

There were no impairment losses recognized during the month ended January 31, 2026, or three months ended March 31, 2025.

Subsequent to February 1, 2026, the estimated liquidation value of our investments in real estate increased by $ 72.9 million, primarily due to the increase in the liquidation value of our one multifamily development project under construction in Miami, Florida.

The increase in the estimated liquidation value of our investments in real estate is largely offset by the increase in estimated costs in excess of estimated receipts of $ 71.4 million, primarily driven by the inclusion of costs through completion of the multifamily development project, resulting in a combined impact on net assets in liquidation of $ 1.5 million.

Refer to Note 4 for additional information regarding the liabilities for costs in excess of estimated receipts during liquidation.

During the three months ended June 30, 2026 , we sold three consolidated properties in New York City and one consolidated property in Atlanta, Georgia, for a combined sales price of $ 79.4 million.

Non-recourse property debt, construction loans, and bridge financing

2 unchanged sentences

Debt issuance costs were written off as a result of the adoption of the liquidation basis of accounting.

As of March 31, 2026, we have non-recourse property debt of $ 59.3 million and non-recourse construction loans and bridge financing of $ 399.5 million presented within Non-recourse property debt, construction loans, and bridge financing in our Condensed Consolidated Statement of Net Assets .

As of June 30, 2026, we have non-recourse property debt of $ 18.5 million and non-recourse construction loans and bridge financing of $ 411.6 million presented within Non-recourse property debt, construction loans, and bridge financing in our Condensed Consolidated Statement of Net Assets .

Common noncontrolling interests in Aimco Operating Partnership

2 unchanged sentences

The net assets in liquidation is allocated to the holders of OP Units, other than Aimco, based on the number of OP Units (including OP Units held by Aimco) outstanding at the end of the period.

As of March 31, 2026, the holders of OP Units had a dilutive economic ownership interest in Aimco Operating Partnership of approximately 4.9 % .

As of June 30, 2026, the holders of OP Units had a dilutive economic ownership interest in Aimco Operating Partnership of approximately 4.2 % .

Going Concern Basis

1 unchanged sentence

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 month ended January 31, 2026, and three months ended March 31, 2025, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 3.4 % , and 5.2 %, respectively.

For the periods ended January 31, 2026, and June 30, 2025, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 3.4 % , and 5.2 %, respectively.

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

Redeemable noncontrolling interests in consolidated real estate partnerships

Liquidation Basis

In February 2026, we redeemed the remaining preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities for a cash purchase price of $ 51.9 million, inclusive of accrued

preferred return.

In addition, we redeemed the preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up for a cash purchase price of $ 34.0 million, inclusive of accrued preferred return.

As of March 31, 2026, redeemable noncontrolling interests in consolidated real estate partnerships consists of the preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development .

The preferred equity contributions received and the accrued preferred return through March 31, 2026 are included within Liabilities for noncontrolling interests in consolidated real estate partnerships in Aimco's Condensed Consolidated Statement of Net Assets.

The preferred return expected to accrue in future periods through the estimated sale date of our interest in the development is included within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

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 January 31, 2026, consisted of the following:

(i) a preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development.

Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements.

These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of December 31, 2025.

The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships.

The assets of our consolidated real estate partnerships

must first be used to settle the liabilities of the consolidated real estate partnerships.

The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the month ended January 31, 2026, and the three months ended March 31, 2025, ( in thousands ):

January 31, 2026

Three Months Ended

March 31, 2025

Balance at Beginning of Period

Contributions

Distributions

Redemptions (1)

Balance at End of Period

(1) In January 2026, we redeemed 50 % of the preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities for a cash purchase price of $ 52.2 million.

As of June 30, 2026, redeemable noncontrolling interests in consolidated real estate partnerships consists of the preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development .

The preferred equity contributions received and the accrued preferred return through June 30, 2026 are included within Liabilities for noncontrolling interests in consolidated real estate partnerships in Aimco's Condensed Consolidated Statement of Net Assets.

Noncontrolling interests in consolidated real estate partnerships

As of March 31, 2026 and December 31, 2025 , noncontrolling interests in consolidated real estate partnerships consists of the $ 20.0 million third-party equity interest in a consolidated entity that holds a limited partner interest in a subsidiary that holds our Upton Place property.

As of March 31, 2026 and December 31, 2025, the third-party equity interest is presented in Liabilities for noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Statement of Net Assets and Noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet, respectively .

As of June 30, 2026 , noncontrolling interests in consolidated real estate partnerships consists of the $ 20.0 million third-party equity interest in a consolidated entity that holds a limited partner interest in a subsidiary that holds our Upton Place property.

As of June 30, 2026, the third-party equity interest is presented in Liabilities for noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Statement of Net Assets.

The third-party equity interest earns approximately $ 1.2 million annually, distributed monthly.

1 unchanged sentence

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the

“Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”).

In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”).

The loan bears interest at a 10 % annual rate, accruing if not paid from property operations.

2 unchanged sentences

In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million.

The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheet as of December 31, 2025 and Mezzanine investment - participation sold in our Condensed Consolidated Statement of Net Assets as of March 31, 2026.

Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $ 134.0 million plus an annualized return.

While the Mezzanine Investment had not been repaid and was in maturity default as of March 31, 2026, we are precluded from derecognizing the liability under both the liquidation basis and going concern basis of accounting until it has been deemed to be extinguished in accordance with GAAP.

While the Mezzanine Investment had not been repaid and was in maturity default as of June 30, 2026, we are precluded from derecognizing the liability under both the liquidation basis and going concern basis of accounting until it has been deemed to be extinguished in accordance with GAAP.

Liquidation Basis

Income taxes we expect to incur during the execution of the Plan of Sale and Liquidation are included in Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

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

Additionally, our TRS entities hold an investment in Oak Shore.

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

Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations .

Use of estimates

6 unchanged sentences

(b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets;

and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract.

and (c) actions required to complete the plan indicate that it is unlikely that

significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract.

We present the assets and liabilities of any properties held for sale separately in the Condensed Consolidated Balance Sheet as of December 31, 2025.

8 unchanged sentences

See Note 10 for additional information regarding assets held for sale and discontinued operations.

Unless otherwise noted or separately presented, the information

disclosed in Note 6 through Note 11 (with the exception of Note 10 ) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented withi n discontinued operations.

Unless otherwise noted or separately presented, the information disclosed in Note 6 through Note 11 (with the exception of Note 10 ) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented withi n discontinued operations.

Cash equivalents

4 unchanged sentences

Restricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements.

As of March 31, 2026, we had $ 216.0 million of cash and cash equivalents and $ 8.3 million of restricted cash included within Cash, cash equivalents, and restricted cash in our Condensed Consolidated Statement of Net Assets.

The reconciliation of cash flow information for the month ended January 31, 2026, and three months ended March 31, 2025, is as follows ( in thousands ):

As of June 30, 2026, we had $ 69.8 million of cash and cash equivalents and $ 8.9 million of restricted cash included within Cash, cash equivalents, and restricted cash in our Condensed Consolidated Statement of Net Assets.

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

January 31, 2026

6 unchanged sentences

Liquidation Basis

Upon adoption of the liquidation basis of accounting, our notes receivable and other investments were adjusted to their estimated net realizable value.

Upon adoption of the liquidation basis of accounting, our notes receivable and other investments, including our unconsolidated real estate partnership, were adjusted to their estimated net realizable value.

We estimated the liquidation value of the notes receivable at their face value of $ 85.0 million based on information obtained during the marketing and sale process for the notes.

As of March 31, 2026, other investments of $ 4.5 million are included within Notes receivable and other investments in our Condensed Consolidated Statement of Net Assets .

As of June 30, 2026, other investments of $ 4.5 million are included within Notes receivable and other investments in our Condensed Consolidated Statement of Net Assets .

The remaining unfunded commitments related to our investments in property technology funds are reflected within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

In accordance with GAAP, notes receivable are classified as held for sale or held for investment.

Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan.

Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis.

We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses.

Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Condensed Consolidated Statements of Operations .

Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used.

The following table summarizes our Notes receivable as of January 31, 2026 and December 31, 2025 ( in thousands ):

January 31, 2026

December 31, 2025

Notes receivable - held for sale:

Notes receivable - held for investment:

Total notes receivable

(1) In December 2025, Aimco issued $ 85.0 million of seller financing notes in conjunction with the sale of the Brickell Assemblage.

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 %.

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 .

(2) During the month ended January 31, 2026 , we finalized an agreement to monetize a subordinated seller financing note associated with property in La Jolla, California, that had an effective interest rate of 6.0 % and a current annual interest rate of 2.9 %.

The agreement was structured as a modification and repayment of the note in January 2026, when we collected the $ 18.5 million balance included within Notes receivable within the Condensed Consolidated Balance Sheet as of December 31, 2025.

During the three months ended March 31, 2025 , we recognized amortization of discount on the seller financing note of $ 0.3 million, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations .

We did not recognize any amortization of the discount during the month ended January 31, 2026 .

As of June 30, 2026, our unconsolidated real estate partnership of $ 1.9 million, is included within Notes receivable and other investments in our Condensed Consolidated Statement of Net Assets.

Other assets, net

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Additionally, prepaid expenses and real estate taxes that will not be converted to cash are written off.

Our unconsolidated real estate partnerships, corporate fixed assets, and accounts receivable were adjusted to their estimated net realizable value.

Corporate fixed assets, and accounts receivable were adjusted to their estimated net realizable value.

Our intangible assets were also adjusted to their estimated net realizable value;

as the tax abatement contract will be realized in connection with the sale of the associated real estate, it is presented in Real Estate in the Condensed Consolidated Statement of Net Assets.

Going Concern Basis

Other assets, net were comprised of the following amoun ts as of December 31, 2025 ( in thousands ):

December 31, 2025

Other investments

Deferred costs, deposits, and other

Prepaid expenses and real estate taxes

Interest rate contracts (1)

Unconsolidated real estate partnerships

Intangible assets, net

Corporate fixed assets, net of accumulated depreciation of $ 10,103 as of December 31, 2025

Accounts receivable, net of allowances of $ 927 as of December 31, 2025

Total other assets, net

(1) Under the going concern basis, we account for our Interest rate contracts as non-designated hedges.

Dividends payable

At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheet as of December 31, 2025 or Condensed Consolidated Statement of Net Assets as of March 31, 2026.

The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards.

Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests.

As of March 31, 2026, we have a liability of $ 3.4 million related to certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved or the dual-trigger vesting conditions are met in accordance with the Plan of Sale and Liquidation.

Revenue from contracts with customers

Going Concern Basis

We apply ASC 606, “ Revenue from Contracts with Customers ”, in recognizing revenue from our operations at The Benson Hotel.

The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues.

We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided.

Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs.

The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement.

Payment terms generally align with when the goods and services are provided.

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

The Benson Hotel generated revenues of $ 0.4 million and $ 1.4 million for the month ended January 31, 2026, and three months ended March 31, 2025 , respectively.

As of June 30, 2026, we have a liability of $ 3.8 million related to certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved or the dual-trigger vesting conditions are met in accordance with the Plan of Sale and Liquidation.

Note 4 — Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation

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The liquidation basis of accounting requires us to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Sale and Liquidation.

As of March 31, 2026, we estimated that we will have costs in excess of estimated receipts during the liquidation process.

As of June 30, 2026, we estimated that we will have costs in excess of estimated receipts during the liquidation process.

These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs and capital expenditures, the timing and value of property sales, estimates of direct costs incurred to complete the sales, the timing and estimated amounts associated with discharging known and contingent liabilities, and the estimated costs associated with the winding up of operations.

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(1) Capital expenditures for our one multifamily development project under construction in Miami, Florida is primarily funded through a construction loan and preferred equit y draws.

Our estimated future capital expenditures exclude certain commitments we expect will not be incurred prior to the sale of our interest in the active development.

(2) Liquidation transaction costs primarily include disposal costs related to the sale of the Company's assets, severance expenses, and advisory expenses related to the Plan of Sale and Liquidation.

The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of March 31, 2026 is as follows ( in thousands ):

The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of June 30, 2026 is as follows ( in thousands ):

As of February 1, 2026

Revenue Recognized / Expense Incurred

As of March 31, 2026

Remeasurement

As of June 30, 2026

Estimated net inflows from real estate (1)

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(1) Other assets, net primarily include other investments and corporate fixed assets.

Net assets in liquidation decreased by $ 215.3 mill ion during the period February 1, 2026, to March 31, 2026, primarily due to Aimco's declaration and payment of the $ 1.45 per share and per unit liquidating distributions.

Net assets in liquidation decreased by $ 406.6 million during the period from February 1, 2026, to June 30, 2026, primarily due to Aimco's declaration and payment of $ 1.45 and $ 1.30 per share and per unit liquidating distributions totaling $ 408.8 million.

This is partially o ffset by a net increase of $ 1.5 million related to the remeasurement of net realizable value of real estate and estimated costs in excess of estimated receipts.

Note 6 — Commitments and Contingencies

In connection with our development 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 March 31, 2026, we had remaining commitments for construction-related contracts of $ 70.9 million, with $ 88.0 million undrawn on our non-recourse construction loans.

As of March 31, 2026, we have remaining unfunded commitments of $ 0.9 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry.

As of June 30, 2026, we had remaining commitments for construction-related contracts of $ 57.4 million, with $ 75.9 million undrawn on our non-recourse construction loans.

As of June 30, 2026, we have remaining unfunded commitments of $ 0.9 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry.

The timing of the remaining funding of these commitments is uncertain.

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Liquidation Basis

As of March 31, 2026, Aimco has 141.2 million shares of Common Stock outstanding , 1.3 million unvested time-based restricted stock awards, and a maximum of 1.3 million shares of unvested market-based restricted stock awards, with 0.9 million shares of the market-based awards expected to vest based on stock price performance through March 31, 2026.

Additionally, as of March 31, 2026, Aimco has 3.0 million exercisable stock options with a weighted-average exercise price of $ 3.38 per share, reflecting the equitable adjustments as a result of the special dividends paid during the prior year and the initial liquidating distribution.

As of June 30, 2026, Aimco has 143.3 million shares of Common Stock outstanding , 0.8 million unvested time-based restricted stock awards, and a maximum of 1.3 million shares of unvested market-based restricted stock awards, with 0.7 million shares of the market-based awards expected to vest based on stock price performance through June 30, 2026.

Additionally, as of June 30, 2026, Aimco has 4.0 million exercisable stock options with a weighted-average exercise price of $ 2.41 per share, reflecting the equitable adjustments as a result of the special dividends paid during the prior year and the liquidating distributions paid during the current year.

Aimco Operating Partnership Partners' Capital

As of March 31, 2026, Aimco Operating Partnership has 146.1 million OP Units outstanding, including 141.2 million held by Aimco and 4.9 million held by third parties.

In addition to the OP Units that may be issued to Aimco upon vesting of the restricted stock awards or exercise of stock options discussed above, Aimco Operating Partnership has 4.1 million LTIP II units

with a weighted-average conversion metric of $ 1.87 per unit, reflecting the equitable adjustments as a result of the special dividends paid during the prior year and the initial liquidating distribution.

As of June 30, 2026, Aimco Operating Partnership has 148.2 million OP Units outstanding, including 143.3 million held by Aimco and 4.9 million held by third parties.

In addition to the OP Units that may be issued to Aimco upon vesting of the restricted stock awards or exercise of stock options discussed above, Aimco Operating Partnership has 2.6 million LTIP II units with a weighted-average conversion metric of $ 1.43 per unit, reflecting the equitable adjustments as a result of the special dividends paid during the prior year and the liquidating distributions paid during the current year.

During the three months ended June 30, 2026 , 1,524,343 OP Units were redeemed for an equal number of shares of Common Stock on a one-for-one basis and 2,196 OP Units were redeemed for an aggregate weighted-average price of $ 4.15 per unit.

Subsequent to quarter end, in July 2026, 2.5 million LTIP II units with a weighted-average conversion metric of $ 1.43 per unit were converted into 1.3 million OP Units.

Note 8 — Earnings per Share and per Unit

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OP Unit equivalents also include unvested long-term incentive partnership units.

The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the month ended January 31, 2026, and three months ended March 31, 2025, because the effect of their inclusion would have been antidilutive.

The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the month ended January 31, 2026, and three and six months ended June 30, 2025, because the effect of their inclusion would have been antidilutive.

As of January 31, 2026, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.9 million and 8.1 million, respectively.

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We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method.

Participating securities were not included in the computation of diluted earnings per share and unit for the month ended January 31, 2026, and three months ended March 31, 2025, because the effect of their inclusion would have been antidilutive.

Participating securities were not included in the computation of diluted earnings per share and unit for the month ended January 31, 2026, and three and six months ended June 30, 2025, because the effect of their inclusion would have been antidilutive.

As of January 31, 2026, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.5 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the month ended January 31, 2026, and three months ended March 31, 2025, are as follows ( in thousands, except per share and per unit data ):

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the month ended January 31, 2026, and the three and six months ended June 30, 2025, are as follows ( in thousands, except per share and per unit data ):

Three Months Ended

Six Months Ended

Earnings per share

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Three Months Ended

Six Months Ended

Earnings per unit

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Aimco as Lessee

Future lease obligations for our ground leases are recognized within Lease liabilities - finance leases, while future lease obligations for our corporate office space are included within Accounts payable and accrued expenses in the Condensed Consolidated Statement of Net Assets.

These lease liabilities are measured at the present value of the expected future lease payments over the liquidation period at discount rates equivalent to the rates we would have paid on a secured borrowing with terms similar to the leases at commencement.

Going Concern Basis

Aimco as Lessor

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

As of January 31, 2026 , our apartment home leases generally had initial terms of 24 months or less.

As of January 31, 2026, our commercial space leases generally had initial terms betwee n 5 and 15 y ears and represent approxim ately 4 % to 5 % of our total revenue.

Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions.

We have a sublease arrangement providing space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029 .

For the month ended January 31, 2026, we recognized sublease income of $ 0.1 million.

For the three months ended March 31, 2025 , we recognized sublease income of $ 0.4 million.

The majority of lease payments we receive from our residents and tenants are fixed.

We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services.

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

For the month ended January 31, 2026, and three months ended March 31, 2025, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ):

Three Months Ended

Fixed lease income

Variable lease income

Total lease income

Aimco as Lessee

Lease Arrangements

We are lessee to finance leases for the land underlying our properties at Upton Place, Strathmore Square, and Oak Shore.

We have operating leases primarily for corporate office space.

Substantially all of our office lease payments are fixed.

See the table below for lease costs, net of capitalized finance lease costs, for the month ended January 31, 2026, and three months ended March 31, 2025 ( in thousands ):

Three Months Ended

Operating lease costs

Finance lease costs:

Amortization of right-of-use assets

Interest on lease liabilities

Total lease costs, net of capitalized amounts

Note 10 — Assets Held fo r Sale and Discontinued Operations

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

In January 2026, we received the remaining funding of a significant, non-refundable deposit for the sale of our portfolio of seven apartment properties located in the Chicago market (the “Chicago Portfolio”).

We determined that the Chicago Portfolio met the held-for-sale criteria beginning on this date.

In March 2026, we completed the sale of the Chicago Portfolio for $ 455.0 million.

In March 2026, we completed the sale of our portfolio of seven apartment properties located in the Chicago market (the "Chicago Portfolio") for $ 455.0 million.

In connection with the sale of the Chicago Portfolio, $ 282.5 million of non-recourse property debt was assumed by the purchaser.

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:

We determined that the Boston Portfolio and Chicago Portfolio were each disposal groups that met the criteria of discontinued operations as the sales of these properties represented strategic shifts that had significant effects on our operations and, as such, the results, assets, and liabilities of these properties are classified as discontinued operations for all periods presented in accordance with ASC 205-20 “ Presentation of Financial Statements:

Discontinued Operations ”.

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

December 31, 2025

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Restricted cash

Other assets, net

Assets from discontinued operations, net

Non-recourse property debt, net

Accrued liabilities and other

Liabilities from discontinued operations, net

The following table summarizes income from discontinued operations for the month ended January 31, 2026, and three months ended March 31, 2025:

The following table summarizes income from discontinued operations for the month ended January 31, 2026, and the three and six months ended June 30, 2025:

Three Months Ended

Six Months Ended

Rental and other property revenues

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Net income (loss) from discontinued operations attributable to Aimco

The following table summarizes cash flow information related to the discontinued operation for the month ended January 31, 2026, and three months ended March 31, 2025:

Three Months Ended

The following table summarizes cash flow information related to the discontinued operation for the month ended January 31, 2026, and six months ended June 30, 2025:

Six Months Ended

Total operating cash flows from (used in) discontinued operations

Total investing cash flows from (used in) discontinued operations

During the fourth quarter of 2025 , we entered into an agreement to sell two properties located in Plantation, Florida, and Nashville, Tennessee and received a significant, non-refundable deposit in connection therewith.

We determined the two properties represented a disposal group that met the criteria to be classified as held for sale as of January 31, 2026, and December 31, 2025.

In February 2026, we completed the sale of these two properties for $ 155.0 million.

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

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

December 31, 2025

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Restricted cash

Other assets, net

Assets held for sale, net

Non-recourse property debt, net

Accrued liabilities and other

Liabilities related to assets held for sale, net

Note 11 — Business Segment s

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As of January 31, 2026 , our Development segment consisted of 9 properties, including one under construction, two completed and in lease-up, one that had completed lease-up and was stabilizing operations, and five undeveloped land parcels.

Our Operating segment included 8 residential apartment communities with 1,029 apartment homes that had achieved a stabilized level of operations as of January 1, 2025 and maintained it throughout the current year and comparable period.

As of January 31, 2026 , our Operating segment included 8 residential apartment communities with 1,029 apartment homes that had achieved a stabilized level of operations as of January 1, 2025 and maintained it throughout the current year and comparable period.

Two of the communities, Hillmeade and Plantation Gardens, met the held for sale criteria in accordance with GAAP as described in Note 3.

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Our Other segment included The Benson Hotel, our only hotel.

Prior period segment information has been recast based upon our current segment population, and is consistent with how our President and Chief Executive Officer, the chief operating decision maker (“CODM”) evaluated the business prior to adoption of the Plan of Sale and Liquidation.

Prior period segment information has been recast based upon the segment population as of January 31, 2026, and is consistent with how our President and Chief Executive Officer, the chief operating decision maker (“CODM”) evaluated the business prior to adoption of the Plan of Sale and Liquidation.

During the month ended January 31, 2026, we reclassified and recast as discontinued operations the seven properties within our Chicago Portfolio, which was previously reported within the Operating segment.

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PNOI was used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources.

The corporate goals, which impacted

short term incentive compensation for employees, also previously included consideration of PNOI.

The corporate goals, which impacted short term incentive compensation for employees, also previously included consideration of PNOI.

The accounting policies of segments were the same as those under the going concern basis of accounting described in the summary of significant accounting policies in Note 3.

The following tables present the results of operations of consolidated properties within our segments for the month ended January 31, 2026, and three months ended March 31, 2025 ( in thousands ):

The following tables present the results of operations of consolidated properties within our segments for the month ended January 31, 2026, and the three and six months ended June 30, 2025 ( in thousands ):

Adjustments (1)

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Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Rental and other property revenues

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Income (loss) from continuing operations before income tax

Development and Redevelopment

Adjustments (1)

Corporate and Amounts Not Allocated to Segments (2)

Six Months Ended June 30, 2025

Rental and other property revenues

Controllable operating expenses (3)

Real estate taxes, net of capitalized amounts

Utilities expense, net of utility reimbursements

Property insurance expense, net of capitalized amounts

Other property operating expenses (4)

Property operating expenses

Property net operating income (loss)

Other operating expenses not allocated to segments (5)

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

Income (loss) from continuing operations before income tax

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

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

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

As of December 31, 2025

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Non-recourse property debt and construction loans, net

Capital additions with in our segments for the month ended January 31, 2026, and three months ended March 31, 2025, were as follows ( in thousands ):

Capital additions with in our segments for the month ended January 31, 2026, and the three and six months ended June 30, 2025, were as follows ( in thousands ):

Three Months Ended

Six Months Ended

Corporate and Amounts Not Allocated to Segments (1)

Total capital additions

(1) During the month ended January 31, 2026, and three months ended March 31, 2025, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends.

We added a row to the table above for presentation purposes to display these capital additions for the month ended January 31, 2026, and three months ended March 31, 2025 .

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.

Right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

Note 12 — Subsequent Events

Subsequent to quarter end, we sold two properties in New York City and one property in Atlanta, Georgia, for a combined sales price of $ 56.5 million.

Subsequent to quarter end, we received a non-refundable deposit and agreed to sell our remaining property in New York City for a sales price of $ 22.8 million.

The sale is scheduled to close in the third quarter of 2026.

Subsequent to quarter end, we sold the four properties located in San Diego, California, held by four unconsolidated real estate partnerships, with our share of the net proceeds totaling $ 41.9 million, net of transaction costs of $ 0.9 million.

On April 30, 2026 , we declared a liquidating distribution of $ 1.30 per share of Common Stock and per OP Unit, to be paid on June 3, 2026 , to stockholders of record on May 15, 2026 .

(1) During the three and six months ended June 30, 2025, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends.

We added a row to the table above for presentation purposes to display these capital additions for the three and six months ended June 30, 2025 .

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

What changed 10-Q

Item 1. Financial Statements