APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
AIV$1.55-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001193125-25-177967
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001193125-25-274542
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 172 current paragraphs.
80 unchanged; 54 reworded; 36 added; 20 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (36)
Current report
Proposed Plan of Sale and Liquidation
Current report
Subsequent to quarter end, on November 10, 2025, our Board deemed advisable and approved the Plan of Sale and Liquidation. The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336, and Section 346(a) of the Code and Maryland General Corporation Law. Effectiveness of the Plan of Sale and Liquidation is subject to approval by the affirmative vote of the holders of Common Stock entitled to cast two-thirds of all votes entitled to be cast on the matter. Aimco currently anticipates that the Plan of Sale and Liquidation would be submitted for stockholder approval at a special meeting of stockholders, expected to occur in early 2026.
Current report
The proposed Plan of Sale and Liquidation presents certain risks, and 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. See Item 1A. Risk Factors in Part II of this report.
Current report
Results for the three and nine months ended September 30, 2025
Current report
In September, we sold four suburban Boston properties for $490.0 million. We retired the associated debt and distributed $2.23 per share to stockholders by way of a special cash dividend paid subsequent to quarter end, on October 15, 2025. The fifth and final suburban Boston asset sold subsequent to quarter end, in October, for $250.0 million.
Current report
Expenses for our Operating segment were $6.6 million, up 10.5% year-over-year primarily related to the net impact of real estate tax assessments and appeals.
Current report
We currently anticipate that the Plan of Sale and Liquidation would be submitted for stockholder approval at a special stockholder meeting, expected to occur in early 2026. Additional information regarding the Plan of Sale and Liquidation will be made available in the Company’s filings with the U.S. Securities and Exchange Commission.
Current report
We do not intend to disclose or comment on the sales and marketing of individual assets, or any other strategic transactions, until we determine that further disclosure is appropriate or required.
Current report
o
Current report
In September 2025, we completed the sale of four suburban Boston properties for $490.0 million with proceeds primarily used to retire associated mortgage loans, pay off in full the balance drawn on our revolving credit facility, and fund a $2.23 per share special dividend distribution to stockholders paid on October 15, 2025.
Current report
o
Current report
Subsequent to quarter end, in October 2025, we completed the sale of our last remaining apartment community located in suburban Boston for $250.0 million. In connection with the sale, $173.4 million of non-recourse property debt was assumed by the buyer. We plan to use net proceeds from the sale to reduce leverage and for general corporate purposes.
Current report
The Brickell Assemblage remains under contract to be sold for $520 million.
Current report
o
Current report
During the third quarter, the buyer notified us that it intended to exercise its option, as permitted in the December 30, 2024 agreement, to finance up to $115 million of the purchase price with transferable seller financing from Aimco.
Current report
o
Current report
Subsequent to quarter end, on November 8, 2025, the purchase and sale agreement was amended such that closing is now scheduled for December of 2025 and the buyer will finance $70 million of the $520 million purchase price with transferable seller financing notes from Aimco. The seller financing notes will have a term of 24 months with compounding interest rate that increases from 12% to 22% over the duration of the loan as well as exit fees ranging from 1% to 4%.
Current report
o
Current report
In addition, on November 10, 2025, $15 million of the $50 million non-refundable deposit has been released to Aimco with the remainder being held in escrow, $20 million is to be released to Aimco on the original closing date, November 18, 2025, and $15 million will be applied at closing.
Current report
o
Current report
Net proceeds, when accounting for associated property-level debt, the monetization of the seller financing note, the deferred tax liability, and transaction costs, are expected to be approximately $300 million.
Current report
Subsequent to quarter end, in October, we completed a transfer of ownership interests with our joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. We exchanged our joint venture ownership in the non-performing seller financing note secured by 200 Broward Avenue along with $7.5 million of cash, for full ownership of 300 Broward Avenue.
Current report
As of September 30, 2025, 100% of our total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, we have no debt maturing prior to June 2027.
Current report
In September, we used proceeds from the sale of four suburban Boston properties to pay down in full the borrowings on our revolving credit facility. Certain of the properties sold served as collateral for the credit facility, which was retired upon completion of the sales.
Current report
Other property net operating income increased by $0.7 million, due primarily to an increase in food and beverage sales and a decrease in real estate taxes due to the successful appeal in the third quarter of 2025.
Current report
For the nine months ended September 30, 2025, compared to the same period in 2024:
Current report
Other property net operating income increased by $0.1 million, due primarily to an increase in food and beverage sales offset by an increase in related operating expenses.
Current report
Please refer to Note 8 to the condensed consolidated financial statements in Item 1 for our Boston portfolio performance, which includes five apartment communities classified as discontinued operations.
Current report
Impairment of Real Estate
Current report
Based on periodic tests of recoverability of long-lived assets, during the three and nine months ended September 30, 2025, we recognized impairment losses totaling $57.4 million. No impairment losses were recognized in the same periods in 2024. The impairment losses were recognized primarily due to the reductions in the estimated period over which we expect to hold the properties, coupled with reductions in the estimated fair values of the assets as compared to their carrying amounts.
Current report
Income (loss) from Discontinued Operations, Net
Current report
The results of operations for consolidated properties that met the criteria required to be recognized within discontinued operations, whether sold during the period or designated as held for sale at the end of the period, are required to be classified as discontinued operations for all periods presented. The components of net earnings that are classified as discontinued operations include all property-related revenues and operating expenses, depreciation expense recognized prior to the classification as held for sale, and property-specific interest expense. In addition, the net gain or loss on the eventual disposal of properties are reported in discontinued operations, along with any related tax effects or allocation of income to noncontrolling interests in the results of the discontinued operations.
Current report
For the three and nine months ended September 30, 2025, we recognized income from discontinued operations, net, of $382.3 million and $397.4 million, respectively, compared to income from discontinued operations, net, of $7.3 million and $20.2 million, respectively, during the same periods in 2024. The change in income from discontinued operations, net, is due primarily to the recognition of a gain on disposal of $377.1 million related to the sale of four properties in our suburban Boston portfolio.
Current report
Subsequent to quarter end, in November 2025, our Board deemed advisable and approved the Plan of Sale and Liquidation. If the Plan of Sale and Liquidation is approved by our stockholders, we expect it will materially impact our short and long-term capital needs and liquidity requirements, and our plan to meet those needs.
Current report
In September, we used proceeds from the sale of four suburban Boston properties to paydown in full $43.8 million of borrowings on our revolving credit facility. Certain properties sold served as collateral for the credit facility, which was retired upon completion of the sales.
Current report
For the nine months ended September 30, 2025, net cash provided by investing activities was $401.8 million. Net cash provided by investing activities for the nine months ended September 30, 2025, changed by $516.2 million compared to the same period in 2024, due primarily to the sale of four real estate assets within our Boston portfolio and decreased capital expenditures.
Removed paragraphs (20)
Previous report
We target a balanced allocation, which includes investments in “Value Add” and “Opportunistic” multifamily real estate, primarily located in Southeast Florida, the Washington, D.C. Metro Area and Colorado’s Front Range, plus investment in a geographically diversified portfolio of “Core” and “Core-Plus” apartment communities.
Previous report
Results for the three and six months ended June 30, 2025
Previous report
Subsequent to quarter end, in August, we agreed to sell our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for $740.0 million. Four of the five asset sales are expected to close during the third quarter of 2025, with the closing of the final asset expected in the fourth quarter 2025.
Previous report
Subsequent to quarter end, in July, the buyer with which we are under agreement to sell the Brickell Assemblage for $520.0 million exercised the final contractual closing extension option that required its non-refundable deposit to be increased by $7.0 million, bringing the total non-refundable deposit to $50.0 million. Closing is now scheduled for the fourth quarter of 2025.
Previous report
Strathmore Square, Upton Place, and Oak Shore, our Development and Redevelopment segment properties in lease-up, remain on plan to reach stabilized occupancy in 2025.
Previous report
In May, we purchased our development partner's interest in the first phase of development at Strathmore Square. We also borrowed on our revolving credit facility to pay off a higher interest rate mezzanine loan used to fund construction of Strathmore Square.
Previous report
Expenses for our Operating segment were $11.2 million, up 3.9% year-over-year primarily due to higher real estate taxes from a multi-year property assessment at our Nashville property, which assessment is being appealed.
Previous report
We have a pipeline of future value-add opportunities totaling approximately 7.7 million gross square feet of development in our target markets of Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range.
Previous report
In Corte Madera, California, construction is complete at Oak Shore. As of June 30, 2025, the ultra-luxury single-family rental community was 96% leased with 23 (96%) of the 24 homes occupied.
Previous report
We are focused on prudently allocating capital and delivering strong investment returns. Consistent with our capital allocation philosophy, we aim to monetize the value within our assets when accretive uses of the proceeds are identified and invest when the risk adjusted returns are superior to other uses of capital.
Previous report
In December 2024, we entered into an agreement to sell, during 2025, the Brickell Assemblage for a gross price of $520.0 million. Subsequent to quarter end, in July 2025, the buyer exercised its final closing extension option and increased its non-refundable deposit by $7.0 million, bringing the total non-refundable deposit to $50.0 million. Closing is now scheduled for the fourth quarter of 2025.
Previous report
In May, we purchased, for $2.1 million, our development partner's 5% common equity interest in Strathmore Square. In addition, we purchased the same development partner's subordinated interest for $2.9 million, a value representing approximately 60% of its expected future obligation.
Previous report
In May 2025, we borrowed $42.8 million on our revolving credit facility to pay off the mezzanine loan used to fund the construction of the first phase of Strathmore Square. The mezzanine loan carried an interest rate of 13.0%, approximately 650 basis points higher than the average rate on the revolving credit facility borrowings during the second quarter 2025.
Previous report
Our Boston portfolio, which is under contract to sell, serves as collateral for our revolving credit facility. As such, at the sale closing, the balance borrowed in May 2025 will be repaid and the facility will be retired. We plan to maintain prudent liquidity following the facility's retirement.
Previous report
Other property net operating income decreased by $0.5 million, due primarily to higher real estate taxes from a 2025 property assessment, which assessment is being appealed.
Previous report
For the six months ended June 30, 2025, compared to the same period in 2024:
Previous report
Other property net operating income decreased by $0.6 million, due primarily to higher real estate taxes from a 2025 property assessments, which assessment is being appealed.
Previous report
$105.7 million of available capacity to borrow under our revolving secured credit facility, after the consideration of outstanding borrowings of $42.8 million and $1.5 million of letters of credit backed by the facility.
Previous report
Our primary sources of leverage are non-recourse property-level debt and non-recourse construction loans. We also have a secured $150.0 million credit facility with a syndicate of financial institutions. As of June 30, 2025, we had $42.8 million of outstanding borrowing under our revolving loan commitments, as well as $1.5 million in letters of credit backed by the facility. Our revolving secured credit facility requires that we maintain a fixed charge coverage ratio of 1.25X, minimum tangible net worth of $625.0 million, and maximum leverage of 60.0% as defined in the credit agreement. We are currently in compliance and expect to remain in compliance with these covenants through the credit facility's maturity date in December 2025 or its retirement upon the sale of the Boston portfolio. Please refer to Note 9 to the condensed consolidated financial statements in Item 1 for further information.
Previous report
For the six months ended June 30, 2025, net cash used in investing activities of $45.7 million consisted primarily of capital expenditures. Net cash used in investing activities for the six months ended June 30, 2025, decreased by $31.7 million compared to the same period in 2024, due primarily to decreased capital expenditures.
Reworded paragraphs (54)
Previous wording
These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2025 plans and goals may not be completed, as expected, in a timely manner or at all; geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; the impact of tariffs and global trade disruptions on us; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us.
Current wording
These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2025 plans and goals may not be completed, as expected, in a timely manner or at all; the possibility that Aimco’s stockholders do not approve the Plan of Sale and Liquidation; changes in the amount and timing of the total liquidating distributions, including as a result of unexpected levels of transaction cost, delayed or terminated closings, liquidation costs or unpaid or additional liabilities and obligations; the possibility of converting to a liquidating trust or other liquidating entity; the ability of our Board to terminate the Plan of Sale and Liquidation, whether or not approved by stockholders; the occurrence of any event, change or other circumstances that could give rise to the termination of the Plan of Sale and Liquidation; geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; the impact of tariffs and global trade disruptions on us; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us.
Previous wording
In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.
Current wording
In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Code and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.
Previous wording
Diversified portfolio, consisting of value-add investments, a pipeline of land for potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments; and
Current wording
Diversified portfolio, consisting of value-add investments, a pipeline of land for potential future development, a portfolio of stabilized multifamily real estate and limited indirect and passive investments; and
Previous wording
Our primary goal is outsized risk adjusted returns and accelerating growth for our stockholders. We are focused on providing superior total-return performance to stockholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We do not presently intend to pay a regular quarterly cash dividend, but may periodically pay dividends for REIT tax purposes or to return a portion of profits to stockholders.
Current wording
Our primary goal is outsized risk adjusted returns and accelerating growth for our stockholders. We are focused on providing superior total-return performance to stockholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We do not presently intend to pay a regular quarterly cash dividend, but periodically pay dividends for REIT tax purposes or to return capital to stockholders.
Previous wording
We have policies in place that support our current strategy, guide our investment allocations, and manage risk, including to hold at all times a sizable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.
Current wording
We have policies in place that support our current strategy, guide our investment allocations, and manage risk, including to hold a sizable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.
Previous wording
We own a geographically diversified portfolio of 24 apartment communities (20 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class), including our suburban Boston portfolio of five consolidated properties under contract to be sold. We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the “Brickell Assemblage”), in a land assemblage that is under contract to be sold. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.
Current wording
We own a geographically diversified portfolio of 19 apartment communities (15 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class). We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the “Brickell Assemblage”), in a land assemblage that is under contract to be sold and an apartment building in suburban Boston sold in October 2025. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.
Previous wording
The results from the execution of our business plan during the three and six months ended June 30, 2025 are described below.
Current wording
The results from the execution of our business plan during the three and nine months ended September 30, 2025 are described below.
Previous wording
For the three and six months ended June 30, 2025, net loss attributable to Aimco common stockholders per share, on a fully dilutive basis, was ($0.14) and $(0.24), respectively.
Current wording
For the three and nine months ended September 30, 2025, net income attributable to Aimco common stockholders per share, on a fully dilutive basis, was $2.04 and $1.80, respectively.
Previous wording
For the three and six months ended June 30, 2025, net operating income from our Operating segment was $24.2 million, up 1.1%, and $49.3 million, up 1.9% year-over-year, respectively.
Current wording
For the three and nine months ended September 30, 2025, property net operating income from our Operating segment was $11.6 million, down 3.4%, and $35.3 million, down 1.9% year-over-year, respectively.
Previous wording
We own a diversified portfolio of stabilized apartment communities located in eight major U.S. markets with average rents in line with local market averages (generally defined as B class).
Current wording
We own a diversified portfolio of stabilized operating properties which now includes 15 apartment communities with average rents in line with local market averages (generally defined as B class).
Previous wording
Revenue for our Operating segment was $35.4 million, up 1.9% year-over-year, resulting from a $57 increase in average monthly revenue per apartment home to $2,349 and occupancy of 95.8%, down 50 basis points year-over-year. Revenue was negatively impacted by approximately 35 bps in the quarter due to a commercial tenant vacancy in New York City.
Current wording
Revenue for our Operating segment was $18.2 million, up 1.2% year-over-year, resulting from a $74 increase in average monthly revenue per apartment home to $2,531 and occupancy of 94.8%, down 180 basis points year-over-year.
Previous wording
Net operating income for our Operating segment was $24.2 million, up 1.1% year-over-year.
Current wording
Property net operating income for our Operating segment was $11.6 million, down 3.4% year-over-year.
Previous wording
As of June 30, 2025, we had one multifamily development project under construction, two multifamily communities that have been substantially completed and are now in lease-up, and one that completed lease-up and is stabilizing operations. In addition to our core multifamily developments, The Benson Hotel was completed in 2023 and remains in the stabilization process.
Current wording
As of September 30, 2025, we had one multifamily development project under construction, two multifamily communities that have been completed and are now in lease-up, and one that completed lease-up and is stabilizing operations.
Previous wording
During the three and six months ended June 30, 2025, we invested $22.1 million and $42.4 million, respectively, in development and redevelopment activities, primarily funded through construction loan and preferred equity, compared to $29.8 million and $72.6 million, respectively, during the same period in 2024.
Current wording
During the three and nine months ended September 30, 2025, we invested $25.8 million and $68.2 million, respectively, in development and redevelopment activities, primarily funded through construction loan and preferred equity draws, compared to $29.8 million and $102.3 million, respectively, during the same period in 2024.
Previous wording
In Upper Northwest Washington, D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is substantially complete. As of June 30, 2025, 473 (69%) units were leased or pre-leased and 386 (56%) were occupied. Additionally, as of June 30, 2025, 92% of the project’s 105,000 square feet of retail space has been leased.
Current wording
In Upper Northwest Washington, D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is complete. As of September 30, 2025, 521 (76%) units were leased or pre-leased and 496 (72%) were occupied. The pace of absorption slowed during the third quarter and we now expect the property to reach stabilization in the first quarter 2026. Additionally, as of September 30, 2025, 97% of the project’s 105,000 square feet of retail space has been leased.
Previous wording
In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is substantially complete. As of June 30, 2025, 164 (75%) units had been leased and 139 (63%) were occupied.
Current wording
In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is complete. As of September 30, 2025, 185 (84%) units had been leased and 169 (77%) were occupied. We now expect the property to reach occupancy stabilization in the first quarter 2026.
Previous wording
In Miami’s Edgewater neighborhood, construction remains on schedule and budget at 34th Street, an ultra-luxury waterfront residential tower that will include rental homes averaging more than 2,500 square feet, with oversized private terraces, top-of-the-line finishes, and unobstructed views of Biscayne Bay. We expect to welcome the first residents in 3Q 2027 and stabilize occupancy in 4Q 2028.
Current wording
In Miami, Florida, construction remains on schedule and budget at 34th Street, an ultra-luxury waterfront residential tower. Initial occupancy is scheduled for 3Q 2027 with stabilized occupancy in 4Q 2028.
Previous wording
In the second quarter of 2025, we invested $2.5 million into programming, design, documentation, and entitlement efforts primarily at our 901 North development site, located in Fort Lauderdale, Florida.
Current wording
In the third quarter of 2025, we invested $1.7 million into programming, design, documentation, and entitlement efforts primarily at our 901 North development site, located in Fort Lauderdale, Florida.
Previous wording
Subsequent to quarter end, in August 2025, we entered into a definitive agreement to sell our portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740.0 million. The buyer has completed due diligence and made a $20.0 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter of 2025 to accommodate the assumption of the property loan.
Current wording
In August 2025, we entered into a definitive agreement to sell our portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740.0 million.
Previous wording
We are highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of June 30, 2025, we had access to $173.5 million in liquidity, including $41.4 million of cash on hand, $26.4 million of restricted cash, and the capacity to borrow up to $105.7 million on our $150.0 million revolving credit facility. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.
Current wording
We are highly focused on maintaining a strong balance sheet, including ample liquidity. As of September 30, 2025, we had access to $425.1 million in liquidity, including $404.4 million of cash on hand ($327.3 million of which funded the special dividend paid on October 15, 2025) and $20.7 million of restricted cash. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.
Previous wording
Results of Operations for the three and six months ended June 30, 2025 and 2024
Current wording
Results of Operations for the three and nine months ended September 30, 2025 and 2024
Previous wording
Net loss attributable to Aimco common stockholders decreased by $41.2 million and $37.5 million, respectively, for the three and six months ended June 30, 2025, compared to the same period in 2024, as described more fully below.
Current wording
Net income (loss) attributable to Aimco common stockholders changed by $308.6 million and $346.1 million, respectively, for the three and nine months ended September 30, 2025, compared to the same period in 2024, as described more fully below.
Previous wording
Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of June 30, 2025, our Development and Redevelopment segment consists of 9 properties, including one under construction, two substantially completed and in lease-up, and one that has completed lease-up and is stabilizing operations.
Current wording
Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of September 30, 2025, our Development and Redevelopment segment consists of 9 properties, including one under construction, two completed and in lease-up, and one that has completed lease-up and is stabilizing operations.
Previous wording
Our Operating segment includes 20 residential apartment communities with 5,243 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.
Current wording
Our Operating segment includes 15 residential apartment communities with 2,524 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.
Previous wording
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”) evaluates the business.
Current wording
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”) evaluates the business. During the three months ended September 30, 2025, we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment.
Previous wording
Development and Redevelopment property net operating income increased by $3.2 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Current wording
Development and Redevelopment property net operating income increased by $3.8 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Previous wording
Operating property net operating income increased by $0.3 million, or 1.1%. The increase was attributable primarily to a $0.7 million, or 1.9% increase in rental and other property revenues due to a $57 increase in average monthly revenue per apartment home to $2,349, offset by higher real estate taxes, primarily due to a multi-year property assessment at our Nashville property, which assessment is being appealed.
Current wording
Operating property net operating income decreased by $0.4 million, or 3.4%. The decrease was attributable primarily to an increase in real estate taxes at our Chicago properties, which assessment is being appealed, offset by an increase in rental and other property revenues due to a $74 increase in average monthly revenue per apartment home to $2,531.
Previous wording
The results of our segments for the six months ended June 30, 2025 and 2024, as presented below, are based on segment classifications as of June 30, 2025 (dollars in thousands).
Current wording
The results of our segments for the nine months ended September 30, 2025 and 2024, as presented below, are based on segment classifications as of September 30, 2025 (dollars in thousands).
Previous wording
Development and Redevelopment property net operating income increased by $5.5 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Current wording
Development and Redevelopment property net operating income increased by $9.3 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Previous wording
Operating property net operating income increased by $0.9 million, or 1.9%. The increase was attributable primarily to a $1.6 million, or 2.3% increase in rental and other property revenues due to a $59 increase in average monthly revenue per apartment home to $2,329, offset by higher real estate taxes, primarily due to a multi-year property assessment at our Nashville property, which assessment is being appealed.
Current wording
Operating property net operating income decreased by $0.7 million, or 1.9%. The decrease was attributable primarily to a multi-year property assessment at our Chicago properties, which assessment is being appealed, offset by an increase in rental and other property revenues due to a $53 increase in average monthly revenue per apartment home to $2,489. Our Nashville property successfully appealed its multi-year property assessment in the third quarter of 2025.
Previous wording
For the three months ended June 30, 2025 and 2024, other property operating expenses not allocated to segments were $1.8 million and $2.0 million, respectively. For the three months ended June 30, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $4.5 million and $6.6 million, respectively.
Current wording
For the three months ended September 30, 2025 and 2024, other property operating expenses not allocated to segments were $0.9 million and $0.9 million, respectively. For the three months ended September 30, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $3.1 million and $6.6 million, respectively.
Previous wording
For the six months ended June 30, 2025 and 2024, other property operating expenses not allocated to segments were $3.3 million and $3.9 million, respectively. For the six months ended June 30, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $9.1 million and $14.3 million, respectively.
Current wording
For the nine months ended September 30, 2025 and 2024, other property operating expenses not allocated to segments were $3.0 million and $3.6 million, respectively. For the nine months ended September 30, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $12.1 million and $20.9 million, respectively.
Previous wording
For the three and six months ended June 30, 2025, compared to the same periods in 2024, Depreciation and amortization expense decreased by $5.7 million, or 26.0%, and $8.8 million, or 21.2%, respectively, due primarily to the disposition of The Hamilton and the classification of the Brickell Assemblage as held for sale in December 2024, partially offset by the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024.
Current wording
For the three and nine months ended September 30, 2025, compared to the same periods in 2024, Depreciation and amortization expense decreased by $5.2 million, or 24.1%, and $13.0 million, or 22.4%, respectively, due primarily to the disposition of The Hamilton and the classification of the Brickell Assemblage as held for sale in December 2024, partially offset by the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024.
Previous wording
For the three months ended June 30, 2025, compared to the same period in 2024, General and administrative expenses increased by $0.2 million, or 2.9%. For the six months ended June 30, 2025, compared to the same period in 2024, General and administrative expenses decreased by $0.1 million, or 0.9%.
Current wording
For the three months ended September 30, 2025, compared to the same period in 2024, General and administrative expenses decreased by $0.2 million, or 2.9%. For the nine months ended September 30, 2025, compared to the same period in 2024, General and administrative expenses decreased by $0.4 million, or 1.6%.
Previous wording
For the three and six months ended June 30, 2025, compared to the same periods in 2024, Interest income decreased by $1.0 million, or 39.0%, and $1.5 million, or 29.8%, respectively, due primarily to a decrease earned on amounts of invested cash.
Current wording
For the three and nine months ended September 30, 2025, compared to the same periods in 2024, Interest income decreased by $0.8 million, or 33.3%, and $2.3 million, or 30.8%, respectively, due primarily to a decrease earned on amounts of invested cash.
Previous wording
For the three and six months ended June 30, 2025, compared to the same periods in 2024, Interest expense increased by $1.2 million, or 7.0%, and $5.3 million, or 17.4%, respectively, due primarily to increased non-recourse construction loan draws and reduced capitalization due to the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024, partially offset by the repayment of certain non-recourse construction loans in December 2024 and use of the revolving credit facility to pay off a higher interest rate non-recourse construction loan in May 2025.
Current wording
For the nine months ended September 30, 2025, compared to the same period in 2024, Interest expense increased by $3.0 million, or 7.3%, due primarily to increased non-recourse construction loan draws and reduced capitalization due to the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024, partially offset by the repayment and refinancing of certain non-recourse construction loans in December 2024 and use of the revolving credit facility to pay off a higher interest rate non-recourse construction loan in May 2025. In September 2025, we used proceeds from the sale of four Boston properties to paydown in full the borrowings and retire the revolving credit facility.
Previous wording
We are required to adjust our interest rate contracts to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $0.3 million for the three months ended June 30, 2025, and unrealized losses of $0.8 million for the six months ended June 30, 2025. We recorded unrealized losses of $1.3 million and $1.5 million, respectively, for the same periods in 2024. In addition, we realized gains of $0.2 million for the three months ended June 30, 2025, and realized gains of $0.5 million for the six months ended June 30, 2025, respectively, compared to realized gains of $1.9 million and $3.8 million, respectively, for the same periods in 2024.
Current wording
We are required to adjust our interest rate contracts to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $0.4 million for the three months ended September 30, 2025, and unrealized losses of $1.2 million for the nine months ended September 30, 2025. We recorded unrealized losses of $2.6 million and $4.1 million, respectively, for the same periods in 2024. In addition, we realized gains of $0.3 million for the three months ended September 30, 2025, and realized gains of $0.8 million for the nine months ended September 30, 2025, respectively, compared to realized gains of $1.5 million and $5.3 million, respectively, for the same periods in 2024.
Previous wording
We measure our investments in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. In addition, we measure our investment in IQHQ at cost, less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. As a result of changes in the values of these investments, we recorded unrealized losses of $0.2 million and $0.6 million, respectively, for the three and six months ended June 30, 2025. For the same periods in 2024, we recorded unrealized losses of $47.3 million and $47.5 million, respectively, primarily due to a $47.0 million non-cash impairment recognized on our investment in IQHQ.
Current wording
We measure our investments in property technology funds at NAV as a practical expedient. Prior to the sale of our investment in stock during the three months ended September 30, 2025, we measured our investments in stock based on its market price at period end. In addition, we measure our investment in IQHQ at cost, less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. As a result of changes in the values of these investments, we recorded net losses of $4.9 million and $5.5 million, respectively, for the three and nine months ended September 30, 2025. For the same periods in 2024, we recorded net losses of $0.6 million and $48.1 million, respectively. During the three and nine months ended September 30, 2025, we recorded a $6.2 million non-cash impairment recognized on our investment in IQHQ compared to $47.0 million recorded in the second quarter of 2024.
Previous wording
Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items, as well as activity related to our Mezzanine Investment and unconsolidated real estate partnerships. For the three and six months ended June 30, 2025, compared to the same periods in 2024, Other income (expense), netchanged by $1.2 million, or 94.4%, and by $2.3 million, or 80.8%, respectively, primarily due to an increase in income related to our Mezzanine Investment, offset by costs associated with our ongoing strategic review.
Current wording
Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items, as well as activity related to our Mezzanine Investment and unconsolidated real estate partnerships. For the three and nine months ended September 30, 2025 compared to the same periods in 2024 Other income (expense), netchanged by $4.9 million and $7.2 million, respectively, primarily due to an increase in income related to our Mezzanine Investment and the non-cash other than temporary impairment recognized on our investment in an unconsolidated investment in the third quarter of 2024.
Previous wording
Certain aspects of our operations, including our development and redevelopment activities, are conducted through TRS entities. Additionally, our TRS entities hold our investment in 1001 Brickell Bay Drive.
Current wording
Certain aspects of our operations are conducted through taxable REIT subsidiaries, or “TRS entities”. Additionally, our TRS entities hold an investment in 1001 Brickell Bay Drive and Oak Shore.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three months ended September 30, 2025, compared to the same period in 2024, Interest expense decreased by $2.3 million, or 14.0%, due primarily to the repayment of certain non-recourse construction loans in December 2024 and use of the revolving credit facility to pay off a higher interest rate non-recourse construction loan in May 2025.
Current report — wording carried from elsewhere
For the three months ended September 30, 2025, we recognized income tax benefit attributable to continuing operations of $0.1 million compared to $3.8 million during the same period in 2024. The change in income tax benefit is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.