Core Viewpoint - Aimco announced the federal income tax allocation of its 2025 distributions for Class A Common Stock, detailing the distribution amounts and their tax implications [1][2]. Distribution Summary - The distribution per share for the record date of January 14, 2025, is $0.60, with a total capital gain distribution of 100% and an unrecaptured Section 1250 gain of 33.7355% [1]. - For the record date of September 30, 2025, the distribution per share is $2.23, also with a total capital gain distribution of 100% and an unrecaptured Section 1250 gain of 33.7355% [1]. - The annual distribution totals $2.83, with 100% classified as total ordinary dividends and capital gains [1]. Tax Information - Aimco's tax return for the year ending December 31, 2025, has not been filed yet, and the income tax character of the distributions is based on the best available information [3]. - The state and local taxation of real estate investment trust distributions may differ from federal tax laws, and shareholders are encouraged to consult their tax advisors [3]. Strategic Review and Future Considerations - The 2025 distributions were made prior to Aimco's Board concluding its strategic review and the announcement of a special stockholder meeting regarding the "Plan of Sale and Liquidation" [4]. - Shareholders should refer to Aimco's Definitive Proxy Statement filed with the SEC for future tax considerations related to the proposed plan [4]. Additional Information - Aimco has filed a proxy statement regarding the proposed plan of sale and liquidation, which has been sent to all shareholders [5]. - Shareholders can access the proxy statement and other documents filed with the SEC for free through the SEC's website or Aimco's investor relations [6]. Company Overview - Aimco is a diversified real estate company focused on value-add and opportunistic investments in the U.S. multifamily sector, aiming to create substantial value for investors and communities [9].

Group 1 - Kingdom Capital Advisors achieved a 17.45% return net of fees in 2025, despite facing significant challenges including a bankruptcy and a cyberattack [1] - The composite return for the fourth quarter was 8.88% net of fees, outperforming the Russell 2000 TR (2.19%), S&P 500 TR (2.68%), and NASDAQ 100 TR (2.47%) [1] - The firm focuses on investing in overlooked microcap companies to yield exceptional returns [1] Group 2 - Apartment Investment and Management Company (NYSE:AIV) had a one-month return of 1.64% but lost 34.17% of its value over the last 52 weeks, closing at $5.93 per share with a market capitalization of $847.885 million on January 8, 2026 [2] - AIV is in the process of selling properties and moving toward full liquidation, having sold the majority of their remaining stabilized apartments [3] - Kingdom Capital Advisors expects dividends in FY26 to cover their cost basis on AIV, anticipating substantial capital returns to shareholders as property sales finalize [3] Group 3 - AIV is not among the 30 Most Popular Stocks Among Hedge Funds, with 35 hedge fund portfolios holding AIV at the end of Q3, up from 26 in the previous quarter [4] - While AIV has potential as an investment, certain AI stocks are believed to offer greater upside potential and less downside risk [4]

Core Viewpoint - Aimco is pursuing an orderly sale of its remaining high-quality portfolio to maximize shareholder value, as determined by its Board of Directors after a comprehensive strategic review [2]. Group 1: Special Stockholder Meeting - Aimco has filed a definitive proxy statement with the SEC for a special stockholder meeting scheduled for February 6, 2026, to approve the "Plan of Sale and Liquidation" [1]. - Shareholders of record as of December 31, 2025, will be eligible to vote at the meeting [1]. Group 2: Financial Performance and Asset Sales - Aimco recently completed the sale of its Brickell Assemblage for $520 million and has an additional $620 million in assets under contract for sale [4]. - The company is actively marketing a significant portion of its remaining portfolio and expects to deliver net proceeds to shareholders through liquidating distributions estimated between $5.75 and $7.10 per share [4]. Group 3: Company Background - Aimco has a long history of acquiring, constructing, renovating, and managing a large portfolio of multifamily assets, focusing on delivering exceptional returns for its partners and shareholders [3]. - Aimco is a diversified real estate company primarily targeting value-add and opportunistic investments in the U.S. multifamily sector [10].

Financial Performance - Net income attributable to Aimco for the three months ended September 30, 2025, was $286,713,000, a significant increase from a net loss of $21,936,000 in the same period of 2024[23]. - Net income for the nine months ended September 30, 2025, was $274,305,000, compared to a net loss of $88,364,000 for the same period in 2024[30]. - Net income attributable to Aimco common stockholders for the three months ended September 30, 2025, was $283.1 million, compared to a net loss of $21.9 million for the same period in 2024[99]. - The net income (loss) from continuing operations for Q3 2025 was $(79,314,000), compared to $(27,347,000) in Q3 2024, indicating a worsening performance in core operations[35]. - The company reported an income tax benefit of $116,000 in Q3 2025, contrasting with an expense of $3,814,000 in Q3 2024, suggesting improved tax efficiency[35]. Revenue and Income - Rental and other property revenues for the nine months ended September 30, 2025, were $103,847,000, up from $101,637,000 in the prior year, indicating a growth of 2.2%[23]. - Rental and other property revenues for Q3 2025 were $35,132,000, a slight decrease from $35,328,000 in Q3 2024, while revenues for the nine months ended September 30, 2025, increased to $103,847,000 from $101,637,000 in the same period of 2024[35]. - Total lease income for the three months ended September 30, 2025, was $33,142,000, a slight decrease of 0.9% compared to $33,439,000 for the same period in 2024[121]. - For the nine months ended September 30, 2025, total lease income was $98,328,000, an increase of 1.6% from $96,749,000 in the same period of 2024[121]. Assets and Liabilities - Total assets increased to $2,076,769,000 as of September 30, 2025, compared to $1,956,910,000 at December 31, 2024, reflecting a growth of approximately 6.1%[21]. - The company’s total liabilities increased to $1,821,512,000 as of September 30, 2025, from $1,644,613,000 at December 31, 2024, reflecting a rise of approximately 10.8%[21]. - The company’s total equity decreased to $103,591,000 as of September 30, 2025, from $169,366,000 at December 31, 2024, indicating a decline of approximately 38.8%[21]. - Cash and cash equivalents rose to $404,379,000 as of September 30, 2025, compared to $141,072,000 at December 31, 2024, representing a substantial increase of 186.5%[21]. - The company had accrued liabilities related to assets held for sale amounting to $174,569,000 as of September 30, 2025[128]. Expenses - Total operating expenses for the three months ended September 30, 2025, were $98,011,000, compared to $46,784,000 in the same period of 2024, showing an increase of 109.5%[23]. - The company reported capital expenditures of $73,874,000 for the nine months ended September 30, 2025, down from $113,869,000 in 2024[30]. - Share-based compensation expense was $4,212,000 for the nine months ended September 30, 2025, compared to $4,857,000 in 2024[30]. - The company reported controllable operating expenses of $20.761 million for the nine months ended September 30, 2025, compared to $20.235 million in 2024, marking an increase of 2.6%[138]. Impairments and Losses - The company reported an impairment on real estate of $57,373,000 for the three months ended September 30, 2025, with no impairment recorded in the same period of 2024[23]. - The company experienced an impairment on real estate amounting to $57,373,000 during the nine months ended September 30, 2025[30]. - The company recognized $57.4 million in impairment losses for certain properties in Colorado's Front Range for the three and nine months ended September 30, 2025, with no impairments recorded in the same periods of 2024[70]. - The company experienced realized and unrealized losses on equity investments amounting to $(4,868,000) in Q3 2025, compared to $(566,000) in Q3 2024, indicating increased volatility in investment performance[35]. Cash Flow - Total cash provided by operating activities for the nine months ended September 30, 2025, was $22.4 million, compared to $46.2 million in 2024[41]. - Cash flows from investing activities showed a net increase of $401.8 million, primarily due to proceeds from dispositions of real estate amounting to $473.6 million[41]. - The company reported dividends paid on common stock and distributions paid on OP Units totaling $88.2 million during the nine months ended September 30, 2025[41]. Real Estate and Investments - The company completed the sale of four properties for an aggregate purchase price of $490,000,000 in September 2025, with the fifth property sold for $250,000,000 in October 2025[127]. - The company recognized a gain on dispositions of real estate amounting to $377,117,000 for the three months ended September 30, 2025, significantly higher than the income from discontinued operations of $382,306,000[128]. - The company has investments in real estate technology funds valued at $4.8 million as of September 30, 2025, up from $3.5 million as of December 31, 2024[104]. - The company reported total assets held for sale of $75,912,000 as of September 30, 2025, down from $181,095,000 as of December 31, 2024[128]. Future Plans and Commitments - The company’s Board approved a Plan of Sale and Liquidation, subject to stockholder approval, anticipated to be submitted in early 2026[147]. - The company has remaining unfunded commitments of $1.1 million related to investments in property technology funds as of September 30, 2025[91]. - The company had remaining commitments for construction-related contracts of $107.6 million as of September 30, 2025[90].

Financial Performance - Aimco's net income attributable to common stockholders per share was $2.04 for Q3 2025, compared to $1.80 for the nine months ended September 30, 2025[20]. - Aimco's diluted net income per share for Q3 2025 was $1.80, with a full-year forecast of $4.75 to $4.95, down from the prior forecast of $5.20 to $5.40[40]. - Net income attributable to Aimco for Q3 2025 was $286,713, compared to a net loss of $21,936 in Q3 2024[66]. - The company reported a net income (loss) from continuing operations of $(79,314) for Q3 2025, compared to $(27,347) in Q3 2024[66]. - The company’s total income (loss) before income tax benefit for the three months ended September 30, 2025, was $(79,430,000), compared to $(31,161,000) in the same period of 2024, indicating a significant decline[126]. Revenue and Operating Income - Rental and other property revenues for Q3 2025 were $35,132, a slight decrease of 0.6% compared to $35,328 in Q3 2024[66]. - Aimco's property net operating income (NOI) for Q3 2025 was $35.305 million, representing a 7.1% increase from Q2 2025[92]. - Stabilized Operating properties generated a Property NOI of $11,625,000 for the three months ended September 30, 2025, compared to $12,035,000 in the same period of 2024, a decline of 3.4%[127]. - Total rental income for the nine months ended September 30, 2025, was $103,847,000, compared to $101,637,000 for the same period in 2024, reflecting a year-over-year increase of 2.2%[127]. Expenses and Impairments - Total operating expenses increased significantly to $98,011 in Q3 2025 from $46,784 in Q3 2024, primarily due to a $57,373 impairment on real estate[66]. - The company reported an impairment on real estate of $57,373,000 for the three months ended September 30, 2025, compared to $0 in the same period of 2024[126]. - Interest expense for the three months ended September 30, 2025, was $14,033,000, down from $16,323,000 in the same period of 2024, indicating a decrease of 14.0%[126]. - General and administrative expenses for the three months ended September 30, 2025, were $7,523,000, slightly down from $7,750,000 in the same period of 2024, a decrease of 2.9%[126]. Asset and Liability Management - Total assets increased to $2,076,769 as of September 30, 2025, up from $1,956,910 at the end of 2024[68]. - Total liabilities increased to $1,821,512 as of September 30, 2025, compared to $1,644,613 at the end of 2024[68]. - The company’s total indebtedness remained stable at $828,532 as of September 30, 2025, compared to $829,666 at the end of 2024[68]. - Aimco's net leverage stood at $743,923, indicating a solid financial position amidst ongoing market challenges[71]. Shareholder Returns and Distributions - Aimco has returned $2.83 per share to shareholders during the calendar year, including a $0.60 per share dividend paid in Q1 2025[7]. - Aimco's total distribution estimate, including previous special dividends, is between $8.60 and $9.95 per share, reflecting approximately 170% of Aimco's share price following the 2020 Spinoff[13]. - Year-to-date, Aimco has paid $2.83 per share in special cash dividends, with a special cash dividend of $2.23 per share declared on September 15, 2025[36]. Portfolio and Development Activities - Aimco's current portfolio includes 15 fully stabilized multifamily communities with 2,524 apartment homes and three recently completed Class A development projects with 933 apartment homes[10]. - Aimco's active development projects include Upton Place with 689 units, currently 76% pre-leased, and expected to stabilize in Q1 2026[83]. - Aimco's development pipeline includes 30.37 acres with a total of 7,740,000 gross square feet planned, comprising 3,708 multifamily units and 1,011,000 commercial square feet[89]. - Aimco's total capital additions for the third quarter of 2025 amounted to $30.995 million, with $25.044 million allocated to development and redevelopment projects[81]. Sales and Dispositions - Aimco sold four suburban Boston properties for $490 million in September 2025, distributing $2.23 per share to stockholders as a special cash dividend[20]. - Aimco's dispositions for 2025 are projected to total $1.26 billion, including a $740 million sale of the Boston portfolio and a $520 million sale of the Brickell Assemblage[43]. - The company disposed of its Suburban Boston portfolio for proceeds of $740 million, with a cap rate of 6.6%[94]. - Aimco is under contract to sell its Brickell Assemblage for expected proceeds of $520 million, with net proceeds from the sale of the final suburban Boston property at $70.9 million[102].

Core Viewpoint - Aimco has concluded its strategic review process and is seeking shareholder approval for a "Plan of Sale and Liquidation," which is expected to provide significant liquidating distributions to shareholders, estimated between $5.75 and $7.10 per share [1][4][6]. Financial Performance - Aimco reported third-quarter revenue of $18.2 million, a 1.2% increase year-over-year, driven by a 3.0% rise in average monthly revenue per apartment home to $2,531 [11][12]. - The net income attributable to common stockholders per share was $2.04 for the three months ended September 30, 2025, compared to $1.80 for the nine months ended [12][50]. - Property Net Operating Income (NOI) from stabilized properties was $11.6 million in Q3 2025, down 3.4% year-over-year, with total year-to-date NOI at $35.3 million, a decrease of 1.9% [12][18]. Strategic Actions - Aimco has sold its Boston portfolio for $740 million, with $490 million from four properties sold in September 2025, and a special dividend of $2.23 per share was distributed to shareholders [20][21]. - The company is actively marketing its remaining properties and has a contract to sell the Brickell Assemblage in Miami for $520 million, with closing targeted for December 2025 [5][24]. Shareholder Returns - Aimco has returned a total of $2.83 per share to shareholders in special dividends during 2025, including the recent $2.23 per share distribution [2][32]. - The total estimated distribution to shareholders, including previous dividends, is projected to be between $8.60 and $9.95 per share, reflecting approximately 170% of Aimco's share price following the 2020 spinoff [6][12]. Future Outlook - The Board of Directors plans to seek shareholder approval for the liquidation plan in early 2026, which aims to maximize shareholder value through the orderly sale of remaining assets [4][16]. - Aimco's current portfolio includes 15 stabilized multifamily communities and various development projects, with expectations for occupancy stabilization in early 2026 for some properties [4][19].

Group 1 - Aimco plans to report its third quarter results for 2025 on November 10, 2025, after market close [1] - Aimco is a diversified real estate company focused on value-add and opportunistic investments in the U.S. multifamily sector [2] - The company's mission is to enhance real estate investment outcomes through human capital, creating substantial value for investors and communities [2] Group 2 - Aimco has completed the sale of four properties in suburban Boston and announced a special dividend [3] - The company reported its second quarter results for 2025, providing highlights on recent developments [4]

Core Insights - The real estate sector is experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1] - The Relative Strength Index (RSI) is a key indicator used to identify oversold conditions, with a value below 30 indicating potential buying opportunities [1] Company Summaries - **Fermi Inc (NASDAQ:FRMI)**: Priced its IPO at $21 per share, but the stock has fallen approximately 30% in the past five days, with a 52-week low of $18.70. Current RSI is 27.4, and shares closed at $19.84, down 0.3% [5] - **Apartment Investment and Management Co (NYSE:AIV)**: Recently closed the sale of four properties for $490 million and declared a special cash dividend of $2.23 per share. The stock has decreased around 26% over the past month, with a 52-week low of $5.49. Current RSI is 24, and shares closed at $5.69, up 0.4% [5] - **FirstService Corp (NASDAQ:FSV)**: Reported mixed quarterly results, with CEO noting resilient growth despite market challenges. The stock has fallen about 13% in the past month, with a 52-week low of $153.13. Current RSI is 11.3, and shares closed at $166.73, down 9.8% [5]

Core Insights - Apartment Investment & Management Company (NYSE: AIV) has not achieved the expected pivotal year, resulting in negative year-to-date returns despite rallies in U.S. equity indices [1] Company Performance - AIV's recent performance has been disappointing, with negative returns observed in the current year [1] - The company has not met the expectations set during previous analyses, indicating potential challenges in its operational strategy [1] Market Context - The broader U.S. equity indices have experienced rallies, contrasting with AIV's performance, highlighting a divergence between the company's results and market trends [1]

Group 1: Kingdom Capital Advisors Performance - Kingdom Capital Advisors reported a portfolio recovery in Q3 2025, achieving a composite return of 20.78% (net of fees), outperforming the Russell 2000 TR (12.39%), S&P 500 TR (8.12%), and NASDAQ 100 TR (9.01%) [1] - Since inception, the portfolio compounded at 21.06% (net of fees), significantly higher than the Russell 2000 TR (4.60%), S&P 500 TR (11.46%), and NASDAQ 100 TR (13.48%) [1] Group 2: Apartment Investment and Management Company (AIV) Overview - Apartment Investment and Management Company (NYSE:AIV) is a diversified real estate company with a one-month return of -1.91% and a 52-week loss of 10.98%, closing at $7.70 per share on October 13, 2025, with a market capitalization of $1.096 billion [2] - Kingdom Capital Advisors initiated a position in AIV during Q3 2025, viewing the sale of Boston multi-family apartment assets as a signal for the company to liquidate remaining properties [3] Group 3: Future Expectations for AIV - Kingdom Capital Advisors expects to recover most invested cash within a few months due to incoming dividends from the Boston sale, proceeds from the Brickell sale, and the anticipated sale of remaining apartment complexes [3] - AIV still owns multi-family units generating approximately $90 million in operating income and has development sites estimated to be worth an additional $6-7 per share [3] Group 4: Hedge Fund Interest in AIV - AIV is not among the 30 most popular stocks among hedge funds, with 26 hedge fund portfolios holding AIV at the end of Q2 2025, an increase from 25 in the previous quarter [4] - While AIV has potential as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [4]