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Aimco Announces Conclusion of Strategic Review Process and Future Plans

On November 10, 2025, Apartment Investment and Management Company ("Aimco") revealed the termination of a comprehensive strategic review and its financial performance for Q3 2025. This announcement follows an extensive appraisal aimed at maximizing shareholder value through various transactions, including the sale of entire business components as well as individual assets.

In early 2025, Aimco initiated a detailed exploration of strategies to enhance value, which culminated in the successful sale of its Boston portfolio, yielding net proceeds of $335 million. These funds contributed to a considerable reduction of leverage and allowed approximately $330 million in special dividends to be disbursed to shareholders earlier this quarter. Alongside the special dividend of $0.60 per share paid earlier this year, shareholders have received a total of $2.83 per share in returns this calendar year.

Feedback from the market and the analyses conducted alongside financial advisors Morgan Stanley and Wachtell, Lipton, Rosen & Katz led Aimco's Board of Directors to conclude that an orderly liquidation of remaining assets would provide superior returns for shareholders compared to maintaining the status quo or pursuing other strategic alternatives. Consequently, the Board approved a "Plan of Sale and Liquidation," subject to shareholder consent in early 2026, which aims to expedite the sale of remaining assets in a tax-efficient manner while also allowing for future corporate transactions.

Aimco’s current portfolio features 15 stabilized multifamily communities encompassing 2,524 apartment homes, along with three newly finished Class A development projects that house an additional 933 units. One development is still under construction, and various lands are part of the remaining assets. Notably, Aimco's Brickell Assemblage in Miami is under contract to be sold for $520 million, with a target closing date of December 2025.

The estimated net proceeds from the liquidation process could translate into a return of $5.75 to $7.10 per share for investors, factoring in prospective transactional and wind-down costs. When this is combined with the $2.83 yielded through special dividends since the company's Split with Apartment Income REIT Corp. in 2020, it sets the estimated total return between $8.60 and $9.95 per share.

Aimco President and CEO Wes Powell underscored the firm’s commitment to evolving into a higher-value enterprise while navigating through complex market conditions over recent years. Over the past five years, effectively managing the company’s balance sheet, Aimco secured sales of $1.9 billion in assets and repurchased 14.5 million shares of its common stock. Their efforts led to a total shareholder return outperforming the FTSE NAREIT Equity Apartments index by over 2,000 basis points.

During Q3 2025, Aimco's financial results showed a net income of $2.04 per share attributable to common stockholders for the quarter and a net income of $1.80 per share for the nine months ended September 30. However, Property Net Operating Income (NOI) saw a year-over-year decline of 3.4%, amounting to $11.6 million for the quarter. Despite challenges, revenues climbed to $18.2 million, representing a 1.2% increase from the previous year. Despite the positive growth in revenue, expenses also surged by 10.5%, driven by real estate tax impacts and other operational costs.

In light of these developments, Aimco is placing its strategic focus on maximizing shareholder wealth and fortifying its market presence through a responsible and calculated liquidation process, while preparing for new opportunities in the future. In collaboration with Morgan Stanley and Wachtell, the Board continues to assess all viable paths forward, with expectations of a shareholder meeting in early 2026 to approve the proposed liquidation plan. Shareholders are encouraged to stay informed as more details regarding the Plan of Sale and Liquidation are forthcoming in Aimco's filings with the SEC.

Aimco embodies an unwavering commitment to providing quality housing while enhancing shareholder value, and this strategic realignment signals a transformative shift aimed at maximizing returns in an evolving market landscape.