UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13232 (Apartment Investment and Management Company) Commission File Number: 0-56223 (Aimco OP L.P.) Apartment Investment and Manag ...

Table of Contents Page 2 3 Earnings Release 8 Outlook 11 Consolidated Statements of Operations 12 Consolidated Balance Sheets 13 Schedule 1 – EBITDAre and Adjusted EBITDAre 14 Schedule 2 – Aimco Leverage and Maturities 15 Schedule 3 – Aimco Portfolio 16 Schedule 4 – Aimco Capital Additions 17 Schedule 5 – Aimco Development and Redevelopment Project Summaries 19 Schedule 6 – Stabilized Operating Properties 20 Schedule 7 – Acquisitions, Dispositions, and Leased Communities 21 Schedule 8 – Net Asset Value Comp ...

DENVER, Aug. 11, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today second quarter results for 2025 and provided highlights on recent activities.Financial Results Aimco's net loss attributable to common stockholders per share, on a fully dilutive basis, was $(0.14) for the three months ended and $(0.24) for the six months ended June 30, 2025. Property Net Operating Income ("NOI") from Aimco's Stabilized Operating Properties was $24.2 million in the second ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13232 (Apartment Investment and Management Company) Commission File Number: 0-56223 (Aimco OP L.P.) Apartment Investment and Mana ...

[Earnings Release](index=3&type=section&id=Earnings%20Release) Aimco reported a Q1 2025 net loss of $(0.10) per share while highlighting strong rental demand, progress on developments, a major asset sale, and the exploration of strategic alternatives [Financial Results and CEO Commentary](index=3&type=section&id=Financial%20Results%20and%20CEO%20Commentary) The CEO highlighted strong portfolio demand, progress on lease-ups and construction, a flexible balance sheet, and key strategic actions including a special dividend and a major asset sale Q1 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Loss per Share (diluted) | $(0.10) | | Stabilized Properties NOI Growth (YoY) | 2.7% | - Effective rental rate growth at stabilized properties accelerated in April, increasing **5.8%** over the prior lease, with average daily occupancy remaining strong at over **97%**[7](index=7&type=chunk) - The company is progressing with the lease-up of newly constructed communities in Corte Madera, CA, and the Washington, D.C. market, with stabilization expected by **year-end 2025**[8](index=8&type=chunk) - A **$520 million** contract to sell the Brickell Assemblage in Miami is scheduled to close later in the year, with the buyer increasing its non-refundable deposit to **$43 million**[11](index=11&type=chunk) - In Q1, Aimco returned **$0.60 per share** to stockholders as a special dividend, representing net proceeds from 2024 asset sales[11](index=11&type=chunk) [Operating Property Results](index=4&type=section&id=Operating%20Property%20Results) Stabilized Operating Properties saw year-over-year revenue, expense, and NOI growth of 2.7% each, with effective rents on new and renewal leases rising 5.2% Stabilized Operating Properties Performance (Q1 2025 vs Q1 2024) | Stabilized Operating Properties (Q1 2025 vs Q1 2024) | 2025 | 2024 | Variance | | :--- | :--- | :--- | :--- | | Average Daily Occupancy | 97.9% | 97.9% | — | | Revenue, before utility reimbursements ($M) | $35.6 | $34.6 | 2.7% | | Expenses, net of utility reimbursements ($M) | $10.5 | $10.2 | 2.7% | | Net operating income (NOI) ($M) | $25.1 | $24.4 | 2.7% | - Effective rents in Q1 2025 were **5.2% higher** on average than the previous lease (new leases up 4.6%, renewals up 6.6%), a trend that accelerated in April to **5.8%**[16](index=16&type=chunk) - Sequentially, NOI decreased by **3.4%** from Q4 2024, primarily due to a 9.6% increase in expenses from seasonal costs and higher real estate taxes[14](index=14&type=chunk)[16](index=16&type=chunk) [Value Add and Opportunistic Investments](index=5&type=section&id=Value%20Add%20and%20Opportunistic%20Investments) Aimco invested $20.6 million in development activities, advanced lease-ups at three communities, and progressed on its Miami waterfront tower and a major asset sale - Upton Place (Washington D.C.): **413 of 689 units** were leased or pre-leased, and **92% of retail space** was leased as of April 30, 2025[20](index=20&type=chunk) - Strathmore Square (Bethesda, MD): **132 of 220 units** were leased or pre-leased as of April 30, 2025[20](index=20&type=chunk) - 34th Street (Miami, FL): The ultra-luxury waterfront tower remains on schedule and budget, with over **97% of the project bought out** under a guaranteed maximum price contract[20](index=20&type=chunk) - The sale of the Brickell Assemblage for **$520 million** is proceeding, with the buyer increasing its non-refundable deposit to **$43 million** to extend the closing to August 2025[19](index=19&type=chunk)[23](index=23&type=chunk) [Balance Sheet and Financing Activity](index=6&type=section&id=Balance%20Sheet%20and%20Financing%20Activity) Aimco maintained a strong liquidity position of $225.2 million, with net leverage of $1.17 billion and no debt maturities before June 2027, including extensions Net Leverage (as of March 31, 2025) | Aimco Share Leverage (as of March 31, 2025) | Amount ($ thousands) | | :--- | :--- | | Total non-recourse fixed rate debt | $693,506 | | Total non-recourse construction loan debt | $397,573 | | Total property debt secured by assets held for sale | $159,226 | | Cash and restricted cash | $(76,417) | | **Net Leverage** | **$1,173,888** | - Total liquidity as of March 31, 2025, was **$225.2 million**, comprising cash, restricted cash, and availability on its revolving credit facility[21](index=21&type=chunk) - **100% of Aimco's total debt** was either fixed rate or hedged; including contractual extensions and pending asset sales, Aimco has no debt maturing before June 2027[22](index=22&type=chunk) [Public Market Equity and Stockholder Value](index=6&type=section&id=Public%20Market%20Equity%20and%20Stockholder%20Value) Aimco is exploring strategic alternatives to address its stock's discount to private market value, paid a special dividend, and repurchased shares in Q1 - The Board of Directors is exploring strategic alternatives to maximize stockholder value, including a **sale or merger of the company**, sales of business components, or accelerated individual asset sales[25](index=25&type=chunk) - A special cash dividend of **$0.60 per share** was paid on January 31, 2025, distributing net proceeds from 2024 asset sales[23](index=23&type=chunk) - In January 2025, Aimco repurchased **29,498 shares** of common stock at an average price of **$8.66 per share**[27](index=27&type=chunk) [2025 Outlook](index=8&type=section&id=Outlook) Aimco forecasts full-year 2025 diluted net income per share of $1.50 to $1.60, including gains from announced transactions, and NOI growth of 1.0% to 3.0% Full-Year 2025 Forecast | 2025 Forecast | Full Year 2025 | | :--- | :--- | | Net income per share – diluted | $1.50 - $1.60 | | **Operating Properties** | | | Revenue Growth | 2.5% - 3.5% | | Operating Expense Growth | 5.0% - 6.0% | | Net Operating Income Growth | 1.0% - 3.0% | | **Real Estate Transactions** | | | Dispositions ($ in millions) | $520 - $540 | - The net income per share forecast includes estimated gains from the announced sale of the **Brickell Assemblage**[28](index=28&type=chunk)[30](index=30&type=chunk) - Planned direct costs on active developments are projected to be **$50 - $60 million**, primarily for the 34th Street project, funded through committed construction loan and preferred equity draws[28](index=28&type=chunk)[29](index=29&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) The company reported a Q1 net loss of $11.7 million on total assets of $1.87 billion and total liabilities of $1.57 billion as of March 31, 2025 [Consolidated Statements of Operations](index=11&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, a rise in total revenues to $52.4 million was offset by higher interest expense, resulting in a net loss of $11.7 million, or $(0.10) per share Consolidated Statements of Operations Highlights | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Rental and other property revenues | $52,352 | $50,203 | | Total operating expenses | $47,666 | $49,216 | | Interest expense | $(17,438) | $(13,370) | | **Net income (loss)** | **$(11,712)** | **$(7,196)** | | Net income (loss) per share – diluted | $(0.10) | $(0.07) | [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $1.87 billion and total liabilities fell to $1.57 billion, primarily due to a special dividend payment Consolidated Balance Sheets Highlights | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net real estate | $1,256,355 | $1,247,833 | | Assets held for sale, net | $275,929 | $276,079 | | Cash and cash equivalents | $49,147 | $141,072 | | **Total assets** | **$1,872,765** | **$1,956,910** | | Total indebtedness | $1,082,995 | $1,070,660 | | **Total liabilities** | **$1,570,211** | **$1,644,613** | | **Total Aimco equity** | **$110,486** | **$122,957** | [Supplemental Information](index=13&type=section&id=Supplemental%20Information) This section provides detailed schedules on non-GAAP reconciliations, debt, portfolio composition, capital spending, development projects, and Net Asset Value [Schedule 1 – EBITDAre and Adjusted EBITDAre](index=13&type=section&id=Schedule%201%20%E2%80%93%20EBITDAre%20and%20Adjusted%20EBITDAre) For Q1 2025, Aimco's GAAP net loss of $11.7 million reconciled to an EBITDAre of $22.4 million and an Adjusted EBITDAre of $19.7 million Reconciliation to EBITDAre and Adjusted EBITDAre | (in thousands) | Three Months Ended March 31, 2025 | | :--- | :--- | | Net income (loss) | $(11,712) | | Adjustments (Interest, D&A, etc.) | +$34,086 | | **EBITDAre** | **$22,374** | | Further Adjustments | $(2,639) | | **Adjusted EBITDAre** | **$19,735** | [Schedule 2 – Aimco Leverage and Maturities](index=14&type=section&id=Schedule%202%20%E2%80%93%20Aimco%20Leverage%20and%20Maturities) Aimco's $1.09 billion in non-recourse debt has a 5.0-year weighted average maturity, and with extensions, the first maturity is not until Q2 2027 Non-Recourse Debt Summary (Aimco Share) | Debt Type (Aimco Share) | Amount ($ thousands) | W.A. Maturity (Yrs) | W.A. Interest Rate | | :--- | :--- | :--- | :--- | | Fixed rate loans | $693,506 | 6.5 | 4.39% | | Construction loan debt | $397,573 | 2.4 | 7.40% | | **Total non-recourse debt** | **$1,091,079** | **5.0** | **5.50%** | - Including contractual extension options, the first debt maturity is in **Q2 2027**, and the weighted average maturity extends to **5.3 years**[51](index=51&type=chunk) [Schedule 3 – Aimco Portfolio](index=15&type=section&id=Schedule%203%20%E2%80%93%20Aimco%20Portfolio) Aimco's consolidated portfolio consists of 37 properties, including 20 stabilized operating properties with 5,243 apartment homes and multiple development projects Consolidated Portfolio Summary | Portfolio Category | Number of Properties | Apartment Homes | | :--- | :--- | :--- | | Stabilized Operating Properties | 20 | 5,243 | | Development and Redevelopment - Owned | 3 | 1,023 | | Development and Redevelopment - Land | 5 | - | | Held for Sale | 2 | 357 | | **Total Consolidated** | **32** | **6,647** | [Schedule 4 – Aimco Capital Additions](index=16&type=section&id=Schedule%204%20%E2%80%93%20Aimco%20Capital%20Additions) Aimco's total capital additions for Q1 2025 were $23.4 million, with the majority ($20.6 million) allocated to development and redevelopment projects Capital Additions (Q1 2025) | (in thousands) | Three Months Ended March 31, 2025 | | :--- | :--- | | Capital Replacements and Casualty | $2,738 | | Development and Redevelopment | $20,609 | | Other | $100 | | **Total Capital Additions** | **$23,447** | [Schedule 5 – Aimco Development and Redevelopment Project Summaries](index=17&type=section&id=Schedule%205%20%E2%80%93%20Aimco%20Development%20and%20Redevelopment%20Project%20Summaries) Aimco's active development pipeline includes three projects in lease-up and one under construction, with a future pipeline of over 3,700 multifamily units Active Development and Redevelopment Projects | Active Project | Location | Units | Status | Planned Capital ($M) | To-Date ($M) | | :--- | :--- | :--- | :--- | :--- | :--- | | Upton Place | Washington, D.C. | 689 | Lease-up | $242.0 | $241.0 | | Strathmore Square | Bethesda, MD | 220 | Lease-up | $156.5 | $156.0 | | 34th Street | Miami, FL | 114 | Active Construction | $211.7 | $46.3 | | Oak Shore | Corte Madera, CA | 24 | Lease-up | $47.5 | $47.5 | - Aimco's future development pipeline includes projects with the potential for approximately **3,708 multifamily units** and over **1 million square feet** of commercial space[65](index=65&type=chunk) [Schedule 6 – Stabilized Operating Properties](index=19&type=section&id=Schedule%206%20%E2%80%93%20Stabilized%20Operating%20Properties) The 20 stabilized properties saw total NOI grow 2.7% year-over-year, led by Boston, while maintaining a high average occupancy of 97.9% Stabilized Properties Performance by Market (YoY) | Market (Q1 2025 vs Q1 2024) | Revenue Growth | Expense Growth | NOI Growth | Occupancy | | :--- | :--- | :--- | :--- | :--- | | Boston | 3.9% | 2.9% | 4.3% | 98.3% | | Chicago | 2.3% | 2.5% | 2.2% | 97.8% | | New York City | 4.7% | 9.4% | 0.6% | 99.7% | | **Total** | **2.7%** | **2.7%** | **2.7%** | **97.9%** | [Schedule 7 – Acquisitions, Dispositions, and Leased Communities](index=20&type=section&id=Schedule%207%20%E2%80%93%20Acquisitions%2C%20Dispositions%2C%20and%20Leased%20Communities) Aimco did not complete any acquisition or disposition transactions during the first quarter of 2025 - No acquisition or disposition transactions were completed during the first quarter of 2025[70](index=70&type=chunk) [Schedule 8 – Net Asset Value Components](index=21&type=section&id=Schedule%208%20%E2%80%93%20Net%20Asset%20Value%20Components) Aimco's pre-tax NAV components include $100.3 million in annualized NOI from stabilized properties and over $1.09 billion in property and construction debt Key Net Asset Value (NAV) Components | Key NAV Components (in millions) | 1Q 2025 Value | | :--- | :--- | | **Assets** | | | Annualized NOI for Stabilized Properties | $100.3 | | Projected Annual NOI for Development Projects | $61.6 | | Expected proceeds from assets held for sale | $520.0 | | **Liabilities** | | | Non-recourse property debt, net | $689.5 | | Non-recourse construction loans, net | $405.1 | | Liabilities associated with assets held for sale | $220.0 | [Glossary and Reconciliations of Non-GAAP Financial and Operating Measures](index=22&type=section&id=Glossary%20and%20Reconciliations%20of%20Non-GAAP%20Financial%20and%20Operating%20Measures) This section defines non-GAAP measures like EBITDAre and NOI, explains real estate classifications, and provides reconciliations to comparable GAAP figures - Defines key non-GAAP measures used by management, including **EBITDAre, Adjusted EBITDAre, and Property Net Operating Income (NOI)**[77](index=77&type=chunk)[81](index=81&type=chunk)[88](index=88&type=chunk) - Provides reconciliations for non-GAAP measures to their nearest GAAP equivalents, such as the reconciliation of GAAP rental revenues to NOI[91](index=91&type=chunk)[92](index=92&type=chunk) - Explains Aimco's real estate classifications, including **Stabilized Operating Properties, Development and Redevelopment, and Assets Held for Sale**[95](index=95&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)

Financial Reporting and Analysis - Aimco and Aimco Operating Partnership provide separate consolidated financial statements to clarify their financial positions and performance metrics [17]. - The combined Management's Discussion and Analysis section includes discrete information relevant to each entity, enhancing clarity and reducing redundancy [18]. - The report emphasizes the importance of reviewing financial statements and risk factors to understand potential uncertainties affecting performance [27]. Future Plans and Economic Conditions - Aimco's future plans include eliminating certain near-term debt maturities and forming joint ventures to enhance capital efficiency [24]. - The company anticipates potential adverse economic conditions, including rising interest rates and inflation, which may impact occupancy and rental rates [25]. Compliance and Performance Metrics - Aimco's qualification as a real estate investment trust depends on compliance with complex provisions of the Internal Revenue Code, affecting operational results and distribution levels [26]. - Aimco's management uses certain non-GAAP financial measures to provide additional insights into operational performance, which are reconciled to GAAP measures [29].

Financial Performance - Aimco's net operating income (NOI) for 2024 was $99 million, reflecting a 4.5% increase compared to 2023[4]. - Revenue for the fourth quarter of 2024 was $35.5 million, a 3.5% increase year-over-year, with average monthly revenue per apartment home rising to $2,307[25]. - Rental and other property revenues for Q4 2024 were $54,171,000, an increase of 9.8% from $49,352,000 in Q4 2023[61]. - Total revenues for the real estate operations reached $208,679,000 for the twelve months ended December 31, 2024, compared to $186,995,000 for the same period in 2023, reflecting a year-over-year increase of approximately 11.0%[110]. - The total stabilized operating revenue for the twelve months ended December 31, 2024, was $140,099,000, up from $134,078,000 in 2023, indicating a growth of about 4.0%[110]. - The total net operating income (NOI) for stabilized operating properties was $35,539,000 for the three months ended December 31, 2024, compared to $34,339,000 in 2023, showing a growth of approximately 3.5%[110]. Expenses and Income - Aimco's expenses increased by 4.4% year-over-year in 2024, primarily due to non-annual real estate tax reassessments[12]. - Total operating expenses for Q4 2024 were $54,088,000, up 19.7% from $45,171,000 in Q4 2023[61]. - The total expenses for real estate operations were $90,984,000 for the twelve months ended December 31, 2024, compared to $73,712,000 in 2023, marking a rise of around 23.3%[110]. - Aimco's interest expense for 2025 is projected to be between $63 million and $65 million, an increase from $57 million in 2024[43]. Shareholder Returns - The company plans to return approximately $300 million in net proceeds from the sale of the Brickell Assemblage to stockholders[14]. - Aimco's Board declared a special cash dividend of $0.60 per share, paid on January 31, 2025[30]. - A special cash dividend of $0.60 per share was declared in December 2024, to be distributed from net proceeds of asset sales[93]. Sales and Acquisitions - Aimco sold The Hamilton and a partial interest in the 3333 Biscayne Boulevard site for a total of $204 million, generating approximately $90 million in net proceeds[7]. - In the fourth quarter, Aimco sold interests in two real estate investments for $203.8 million and returned approximately $90 million of capital to stockholders[27]. - Aimco's total partnership acquisitions in 2024 included a 10% ownership increase in Upton Place, valued at $19.1 million[85]. Debt and Leverage - Aimco's net leverage as of December 31, 2024, was $1,067.7 million, with total non-recourse fixed rate debt of $693.993 million[29]. - Total indebtedness decreased to $1,070,660,000 in Q4 2024 from $1,147,741,000 in Q4 2023, a reduction of 6.7%[63]. - Aimco's total non-recourse debt stands at $1,079,952,000 with a weighted average interest rate of 5.49% and a maturity of 5.3 years[65]. Development Projects - Aimco plans to invest between $50 and $60 million in its active development project in 2025, down from $94 million in 2024[38]. - Aimco's active development projects include Upton Place in Washington, D.C., with 689 units and a projected stabilization in Q4 2026[75]. - The total estimated direct costs of Aimco's development portfolio amount to $878.1 million, with an estimated stabilized NOI of $61.6 million[75]. - The company has multiple projects scheduled to start construction in 2025, including One Edgewater in Miami with 533,000 sq ft and 204 units[80]. Market Performance - Average daily occupancy in the fourth quarter of 2024 reached 97.9%, up 50 basis points year-over-year[25]. - The median annual household income of new residents in the fourth quarter of 2024 was $130,000, resulting in a rent-to-income ratio of 20.9%[25]. - Aimco's Chicago market saw a 13.0% revenue growth in Q4 2024 compared to Q4 2023[83]. - New York City's average revenue per apartment home decreased by 4.3% in Q4 2024 compared to Q4 2023[83]. Financial Position - Aimco's balance sheet remains strong with no debt maturities prior to June 2027 and an average duration of 6.8 years for fixed-rate property loans[8]. - Cash and cash equivalents increased to $141,072,000 in Q4 2024 from $122,601,000 in Q4 2023, a rise of 15.0%[63]. - Aimco's net asset value is calculated as the market value of assets less liabilities, with a focus on maintaining a strong balance sheet[102].

Core Insights - Aimco reported strong operational results for 2024, with a net operating income (NOI) of $99 million, reflecting a 4.5% increase from 2023, driven by disciplined capital allocation and strategic transactions [3][8][10] Financial Results - In 2024, Aimco's revenues increased by 4.5% year-over-year, while expenses rose by 4.4%, resulting in stable NOI growth [3][15] - The average daily occupancy rate reached 97.9% in Q4 2024, with revenue per home increasing by 2.9% year-over-year [3][19] - Aimco's net loss attributable to common stockholders was $(0.75) per share for the year, an improvement from $(1.16) in 2023 [8][56] Development and Redevelopment - Aimco completed construction on three multifamily assets, adding 933 residential units and over 100,000 square feet of commercial space, with total direct costs expected to be $10 million lower than initially projected [4][20] - The company commenced construction on a $240 million project in Miami's Edgewater neighborhood, fully financing the venture [5][23] Investment and Disposition Activity - Aimco sold The Hamilton and its interest in the 3333 Biscayne Boulevard site for a combined $204 million, generating approximately $90 million in net proceeds [6][23] - The company entered into an agreement to sell the Brickell Assemblage for $520 million, with expected net proceeds of $300 to $320 million after debt and tax liabilities [13][23] Balance Sheet and Financing Activity - Aimco maintained a solid balance sheet with no debt maturities before June 2027, and refinanced its Upton Place asset with a $215 million bridge loan at a fixed interest rate of 6.39% [7][24] - As of December 31, 2024, Aimco had access to $321 million in liquidity, including $141.1 million in cash [22][24] 2025 Outlook - For 2025, Aimco projects revenue growth of 2.5% to 3.5% and NOI growth of 1% to 3%, with expenses expected to rise by 5% to 6% [11][33] - The company plans to stabilize occupancy at three recently completed developments and continue construction at its active project in Miami [34][35] Commitment to Enhance Stockholder Value - Aimco's Board of Directors is exploring strategic alternatives to unlock shareholder value, including potential sales or mergers [41][42] - The company declared a special cash dividend of $0.60 per share, distributing net proceeds from asset sales to stockholders [26][9]

Group 1 - Aimco plans to report its 2024 fourth quarter and full year results on February 24, 2025, after market close [1] - Aimco's earnings release will be accessible in the Investor Relations section of its website [1] - Aimco is a diversified real estate company focused on value add and opportunistic investments in the U.S. multifamily sector [2] Group 2 - Aimco's mission is to enhance real estate investment outcomes through human capital, creating substantial value for investors, teammates, and communities [2] - Aimco is traded on the New York Stock Exchange under the ticker AIV [2] - More information about Aimco can be found on its official website [2]

Core Viewpoint - Aimco is taking significant steps to simplify its holdings and unlock shareholder value through the sale of the Brickell Assemblage in Miami for a gross price of $520 million, with plans to return most of the net proceeds to shareholders [1][2]. Group 1: Transaction Details - Aimco has entered into an agreement to sell properties at 1001 and 1111 Brickell Bay Drive for $520 million, with a non-refundable deposit of $38 million received from the buyer [1]. - The transaction is subject to certain closing conditions and extension options, and upon completion, Aimco will focus on a portfolio of over 5,200 apartment homes and nearly 1,000 newly constructed homes expected to stabilize within 12 months [2]. Group 2: Operational Performance - Since the spin-off of Apartment Income REIT Corp. in December 2020, Aimco has achieved an average annual same-store NOI growth of over 7.6% and completed more than $1.3 billion in development projects [3]. - Aimco has improved corporate governance and, pro forma for the Brickell sale, will have closed over $1.7 billion in asset sales, returning substantial capital to shareholders, including a special dividend scheduled for January 31, 2025 [3]. Group 3: Strategic Initiatives - The Aimco Board of Directors is exploring additional alternatives to maximize shareholder value, which may include asset sales, a sale or merger of the company, and reducing exposure to development activity [5]. - The strategic process is overseen by an independent Investment Committee, with Morgan Stanley & Co. LLC serving as financial advisor [5].