APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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.
Jun 30, 2026 · Filed Aug 7, 2026
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 2026-03-31; filed 2026-05-11.
0001193125-26-216904
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338545
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 95 previous paragraphs and 67 current paragraphs.
45 unchanged; 17 reworded; 5 added; 32 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 1 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 (5)
Current report
In accordance with the Plan of Sale and Liquidation, the Board approved special liquidating distributions of $1.45 and $1.30 per share and unit paid on March 13, 2026 and June 3, 2026, respectively.
Current report
As of June 30, 2026, we continue to pursue an orderly liquidation of our remaining assets:
Current report
Changes in Net Assets in Liquidation
Current report
Period from February 1, 2026, through June 30, 2026
Current report
Net assets in liquidation decreased by $406.6 million during the period from February 1, 2026, to June 30, 2026, primarily due to Aimco's declaration and payment of $1.45 and $1.30 per share and per unit liquidating distributions totaling $408.8 million. This is partially offset by a net increase of $1.5 million related to the remeasurement of net realizable value of real estate and estimated costs in excess of estimated receipts.
Removed paragraphs (32)
Previous report
Certain financial and operating measures found herein and used by management are not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined and reconciled to the most comparable GAAP measures under the Non-GAAP Measures heading.
Previous report
In January 2026 we finalized an agreement to monetize a subordinated seller financing note associated with property in La Jolla, California, that had an effective interest rate of 6.0% and a current annual interest rate of 2.9%. The agreement was structured as a modification and repayment of the note in January 2026, when we collected the $18.5 million balance included within Notes receivable within the Condensed Consolidated Balance Sheet included in Item 1 as of December 31, 2025.
Previous report
In February 2026 we sold three properties, Hillmeade in Nashville, Tennessee, Plantation Gardens in Plantation, Florida, and The Benson Hotel and Faculty Club in Aurora, Colorado, for a combined $177.5 million.
Previous report
In March 2026 we sold a portfolio of seven properties in the Chicago market for $455.0 million.
Previous report
In accordance with the Plan of Sale and Liquidation, the Board approved a special liquidating distribution of $1.45 per share to stockholders of record on February 27, 2026. The special liquidating distribution was paid on March 13, 2026.
Previous report
On April 30, 2026, the Board approved its second special liquidating distribution of $1.30 per share to be paid on June 3, 2026, with a record date of May 15, 2026. The distribution is being funded with net proceeds from recently closed asset sales, including $0.90 per share, representing the midpoint of the expected second quarter distribution range as previously publicly disclosed and related to the twelve properties which were under contract as of February 9, 2026, plus an additional $0.40 per share related to the sale of 1045 on the Park in Atlanta, GA, the sale of Aimco's partnership interest in a four asset portfolio known as The Casas, and excess cash on hand.
Previous report
As of March 31, 2026, our portfolio consisted of the following assets:
Previous report
Following the shareholder approval of the Plan of Sale and Liquidation and the adoption of liquidation basis accounting in February 2026, the results for the month ended January 31, 2026 are not comparable to the three months ended March 31, 2025.
Previous report
The following discussion and analysis of the results of our operations and financial condition for the month ended January 31, 2026 should be read in conjunction with the accompanying condensed consolidated financial statements included in Item 1.
Previous report
Net loss attributable to Aimco common stockholders was $7.7 million for the month ended January 31, 2026, primarily driven by $3.3 million of general and administrative expenses, $3.3 million of depreciation and amortization, and $3.3 million of interest expense, partially offset by $2.8 million of property net operating income contributed by our segments and $0.9 million of income (loss) from discontinued operations, as described further below.
Previous report
Property Results
Previous report
Prior to the adoption of the Plan of Sale and Liquidation, we had three segments: (i) Development, (ii) Operating, and (iii) Other.
Previous report
Our Development segment consisted of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of January 31, 2026, our Development segment consisted of 9 properties, including one under construction, two completed and in lease-up, one that has completed lease-up and is stabilizing operations, and five undeveloped land parcels.
Previous report
Our Operating segment included 8 residential apartment communities with 1,029 apartment homes that have achieved a stabilized level of operations as of January 1, 2025 and maintained it throughout the current year and comparable period. Two of the communities, Hillmeade and Plantation Gardens, met the held for sale criteria in accordance with GAAP as described in Note 3 to the condensed consolidated financial statements in Item 1. We aggregated all our apartment communities that have reached stabilization into our Operating segment.
Previous report
Our Other segment consisted of owned properties that were not included in our Development or Operating segments. Our Other segment included The Benson Hotel, our only hotel.
Previous report
Prior period segment information has been recast based upon our current segment population, and is consistent with how our President and Chief Executive Officer, the chief operating decision maker (“CODM”) evaluated the business prior to adoption of the Plan of Sale and Liquidation. During the month ended January 31, 2026, we reclassified and recast as discontinued operations the seven properties within our Chicago Portfolio, which was previously reported within the Operating segment.
Previous report
Prior to the adoption of the Plan of Sale and Liquidation, we used property net operating income (“PNOI”) to assess the operating performance of our segments. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements, for the consolidated communities; but excluding
Previous report
the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and
Previous report
property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.
Previous report
Please refer to Note 11 to the condensed consolidated financial statements in Item 1 for further discussion regarding our segments, including a reconciliation of these amounts to consolidated rental and other property revenues and property operating expenses.
Previous report
Property Net Operating Income
Previous report
The results of our segments for the month ended January 31, 2026, and three months ended March 31, 2025, as presented below, are based on segment classifications as of January 31, 2026 (dollars in thousands).
Previous report
For the month ended January 31, 2026:
Previous report
Development PNOI was $1.6 million, driven by the continued lease-up of Upton Place and Strathmore Square, and stabilization of operations at Oak Shore.
Previous report
Operating PNOI was $1.4 million, with average daily occupancy for the portfolio of 95.6%.
Previous report
Other PNOI was ($0.2) million. We sold our only property in the Other segment, the Benson Hotel and Faculty Club, in February 2026.
Previous report
Non-Segment Real Estate Operations
Previous report
Operating income amounts not attributed to our segments include property management costs, casualty losses, and, if applicable, the results of apartment communities sold or held for sale, reported in consolidated amounts, which we do not allocate to our segments for purposes of evaluating segment performance. For the month ended January 31, 2026, other property operating expenses not allocated to segments were $0.8 million.
Previous report
Please refer to Note 10 to the condensed consolidated financial statements in Item 1 for our Chicago Portfolio and Boston Portfolio performance, which are classified as discontinued operations.
Previous report
Income (loss) from Discontinued Operations, Net
Previous 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.
Previous report
For the month ended January 31, 2026, we recognized income from discontinued operations, net, of $0.9 million primarily from the operations of the Chicago Portfolio.
Reworded paragraphs (17)
Previous wording
(3) Subsequent to quarter end, in April 2026, we sold the four properties located in San Diego, California, held by four unconsolidated real estate partnerships, with our share of the net proceeds totaling $41.9 million, net of transaction costs of $0.9 million..
Current wording
In April 2026, we sold two properties in New York City and one in Atlanta, Georgia for a combined $56.5 million, as well as four properties located in San Diego, California, held by four unconsolidated real estate partnerships, with our share of the net proceeds totaling $41.9 million, net of transaction costs of $0.9 million.
Previous wording
(2) Subsequent to quarter end, in April 2026, we received a non-refundable deposit and agreed to sell our remaining property in New York City for a sales price of $22.8 million. The sale is scheduled to close in the third quarter of 2026.
Current wording
In June 2026, we sold our remaining property in New York City for a sales price of $22.9 million.
Previous wording
As of March 31, 2026, our $705.9 million of Net assets in liquidation, as presented in our condensed consolidated financial statements included in Item 1, included $33.5 million of excess liabilities which we do not believe are represented at their estimated fair value but cannot be derecognized for GAAP at this time.
Current wording
As of June 30, 2026, our $514.6 million of Net assets in liquidation, as presented in our condensed consolidated financial statements included in Item 1, included $33.5 million of excess liabilities which we do not believe are represented at their estimated fair value but cannot be derecognized under GAAP at this time.
Previous wording
We are highly focused on maintaining a strong balance sheet, prudent simplification, and appropriate liquidity while promptly returning capital to stockholders. As of March 31, 2026, we had $216.0 million of cash on hand and $8.3 million of restricted cash. 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, prudent simplification, and appropriate liquidity while promptly returning capital to stockholders. As of June 30, 2026, we had $69.8 million of cash on hand and $8.9 million of restricted cash. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.
Previous wording
During the three months ended March 31, 2026, we invested $22.1 million in development activities compared to $20.3 million during the same period in 2025. Updates on our one active development project and two lease-ups include:
Current wording
During the three and six months ended June 30, 2026, we invested $17.0 million and $39.1 million, respectively, in development activities compared to $22.1 million and $42.4 million, respectively, during the same period in 2025. Updates on our one active development project and two lease-ups include:
Previous wording
In Bethesda, Maryland, we expect to complete the lease up of 220 of the highly tailored apartment homes at the first phase of Strathmore Square in the third quarter 2026. As of March 31, 2026, 186 (85%) units had been leased or pre-leased.
Current wording
In Bethesda, Maryland, we expect to complete the lease up of 220 of the highly tailored apartment homes at the first phase of Strathmore Square in the third quarter 2026. As of June 30, 2026, 197 (90%) units had been leased or pre-leased. The property is currently being broadly marketed for sale.
Previous wording
In Upper Northwest Washington, D.C., we expect to complete the lease up of 689 apartment homes at Upton Place during the third quarter 2026. As of March 31, 2026, 523 (76%) units were leased or pre-leased. Additionally, as of March 31, 2026, 97% of the project's 105,000 square feet of retail space has been leased.
Current wording
In Upper Northwest Washington, D.C., we expect to complete the lease up of 689 apartment homes at Upton Place during the fourth quarter 2026. As of June 30, 2026, 578 (84%) units were leased or pre-leased. Additionally, as of June 30, 2026, 97% of the project's 105,000 square feet of retail space has been leased. The property is scheduled to be broadly marketed for sale in the third quarter.
Previous wording
Results of Operations for the month ended January 31, 2026
Current wording
In light of the adoption of liquidation basis accounting as of February 1, 2026 and our liquidation pursuant to the Plan of Sale and Liquidation, the results of operations for the current year period are not comparable to the prior year period. The sale of assets under the Plan of Sale and Liquidation will have a significant impact on our operations. See “— Executive Overview — Plan of Sale and Liquidation”.
Previous wording
Upon adoption of the liquidation basis of accounting, our investments in real estate were adjusted to their estimated net realizable value. The liquidation value represents the estimated amount of cash that we expect to receive through the disposal of our assets as we carry out the Plan of Sale and Liquidation. We estimated the liquidation value of our real estate investments generally based on either contractual purchase prices or offers received on the properties or, if no contracts or offers had been received yet, on management’s estimate of a property’s liquidation value, taking into account information obtained during the marketing and sale process for the properties, including broker opinions of value. The liquidation values of our investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Subsequent to February 1, 2026, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to our net assets in liquidation.
Current wording
Upon adoption of the liquidation basis of accounting, our investments in real estate were adjusted to their estimated net realizable value. The liquidation value represents the estimated amount of cash that we expect to receive through the disposal of our assets as we carry out the Plan of Sale and Liquidation. We estimated the liquidation value of our real estate investments generally based on either contractual purchase prices or offers received on the properties or, if no contracts or offers had been received yet, on management’s estimate of a property’s liquidation value, taking into account information obtained during the marketing and sale process for the properties, including broker opinions of value. The estimated liquidation value of properties without contractual purchase prices or offers received require considerable management judgment and are sensitive to changes in underlying assumptions and market factors, the most significant being projected operational cash flow and capitalization rates. We determine capitalization rates using third-party market research analytics. Property operational cash flows are based on historical, current, and expected future operating results and take into consideration our intended operational strategies. No assurances can be provided that the estimated liquidation value of our properties will be met.
Previous wording
Due to the adoption of the Plan of Sale and Liquidation, we are no longer reporting EBITDAre, Adjusted EBITDAre, or other non-GAAP measures as we no longer consider these to be key financial indicators.
Current wording
Due to the adoption of the Plan of Sale and Liquidation, we are no longer reporting EBITDAre, Adjusted EBITDAre, or other non-GAAP measures as we no longer consider these to be key financial indicators. Property net operating income is presented solely as the ASC 280 segment measure for prior periods.
Previous wording
As of March 31, 2026, our available liquidity was $224.3 million, which consisted of:
Current wording
As of June 30, 2026, our available liquidity was $78.7 million, which consisted of:
Previous wording
$216.0 million in cash and cash equivalents; and
Current wording
$69.8 million in cash and cash equivalents; and
Previous wording
$8.3 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance.
Current wording
$8.9 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance.
Previous wording
As of March 31, 2026, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on our multifamily development project of approximately $70.9 million. We also have unfunded commitments in the amount of $0.9 million related to our investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include operating activities, payments of principal and interest on outstanding debt, ground lease payments, and capital expenditures. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.
Current wording
As of June 30, 2026, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on our multifamily development project of approximately $57.4 million. We also have unfunded commitments in the amount of $0.9 million related to our investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include operating activities, payments of principal and interest on outstanding debt, ground lease payments, and capital expenditures. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.
Previous wording
We believe, based on information available at this time, cash and cash equivalents, cash generated from operations, and proceeds from sales of property pursuant to the Plan are sufficient sources of liquidity for the next twelve months and through liquidation to meet operational needs as well as remaining commitments on our one remaining development project. We also have limited debt maturities over the next two years. After giving effect to available extension options, we have no scheduled maturities until December 2027. Our use of low‑leverage, property‑level financing provides flexibility to refinance existing debt, if necessary.
Current wording
We believe, based on information available at this time, cash and cash equivalents, cash generated from operations, and proceeds from sales of property pursuant to the Plan of Sale and Liquidation are sufficient sources of liquidity for the next twelve months and through liquidation to meet operational needs as well as remaining commitments on our one remaining development project. We also have limited debt maturities over the next two years. After giving effect to available extension options, we have no scheduled maturities until December 2027. Our use of low‑leverage, property‑level financing provides flexibility to refinance existing debt, if necessary.
Previous wording
As of March 31, 2026, all of our outstanding non-recourse property debt had a fixed interest rate. In addition, the weighted-average contractual rate on our non-recourse debt was 4.6%, and the average remaining term to maturity was 6.2 years. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates. Our primary sources of leverage are non-recourse property-level debt and non-recourse construction loans. As of March 31, 2026, we have unused outstanding capacity on our construction loans of $88.0 million.
Current wording
As of June 30, 2026, our outstanding non-recourse property debt had a fixed interest rate. In addition, the rate on our non-recourse debt was 4.6%, and the remaining term to maturity was 5.9 years. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates. Our primary sources of leverage are non-recourse property-level debt, non-recourse construction loans, and bridge financing. As of June 30, 2026, we have unused outstanding capacity on our construction loans of $75.9 million.
Previous wording
For the month ended January 31, 2026, net cash used in operating activities was $39.3 million, primarily related to income tax payments associated with the sale of 1001 Brickell in the fourth quarter of 2025. Our operating cash flow is primarily affected by rental rates, occupancy levels, operating expenses related to our portfolio of apartment communities and general and administrative costs.
Current wording
For the month ended January 31, 2026, net cash used in operating activities was $39.3 million, primarily related to income tax payments associated with the sale of 1001 Brickell in the fourth quarter of 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(1) Subsequent to quarter end, in April 2026, we sold two properties in New York City and one in Atlanta, Georgia for a combined $56.5 million