APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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, 2026 · Filed Nov 9, 2026
AIV$1.53-1.3%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001193125-26-453646
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 67 previous paragraphs and 70 current paragraphs.
50 unchanged; 12 reworded; 7 added; 5 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 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 (7)
Current report
The net assets in liquidation were also impacted by (1) remeasurement of estimated net realizable value of real estate assets, comprised of a decrease of $102.1 million primarily related to our lease-up assets and undeveloped land holdings, and an increase of $66.0 million for our one active development project; (2) remeasurement of notes receivable of $15.0 million; and (3) an increase of estimated costs in excess of estimated receipts of $67.5 million mainly attributable to the estimated transaction timing related to our one active development project, which was largely offset by an increase in the estimated net realizable value of real estate previously described, and for which funding is already in place. The adjusted real estate and notes receivable values are based on quarter-end market conditions and feedback received as we advance our sales process, including negotiations with prospective purchasers.
Current report
Aimco’s estimated range of total liquidating distributions, as disclosed in November 2025 at the conclusion of its strategic review process and adoption of the Plan of Sale and Liquidation, was between $5.75 and $7.10 per share and per unit. Aimco subsequently made two liquidating distributions totaling $2.75 per share and per unit and reported an updated estimate of net assets in liquidation on a quarterly basis. Considering the valuation changes during the most recent quarter and based on the current market environment, including an increase in investment return requirements and buyer borrowing costs, as well as feedback received during the period as we advance our sales process, Aimco now estimates the range of future liquidating distributions to be between $2.15 and $3.45 per share and per unit. Accordingly, total liquidating distributions to stockholders are now estimated to be between $4.90 and $6.20 per share and per unit. The estimated range of total liquidating distributions was based on approximately 152.0 million shares, units, and equivalents outstanding as of September 30, 2026.
Current report
These estimates, updated as part of our recently completed quarter end process, are subject to significant uncertainty. Many of the assumptions reflected in these estimates are beyond our control and include, but are not limited to, local market dynamics impacting operating fundamentals, lease up and net operating income stabilization timing and levels at our recently completed developments, in addition to general market conditions. Actual distributions may differ materially from these estimates and the actual amounts and timing of any such distributions will be determined by the Board in its sole discretion. Refer to our definitive proxy statement, filed with the U.S. Securities and Exchange Commission on January 2, 2026, for greater detail regarding uncertainties related to the estimated future liquidating distributions.
Current report
Consistent with prior practice, we will disclose any material agreements once entered into in accordance with the rules and regulations of the U.S. Securities and Exchange Commission.
Current report
Disposition Activity
Current report
Since the adoption of the Plan of Sale and Liquidation, we have sold 18 assets for gross proceeds of $754.6 million. The following table summarizes the assets sold in accordance with the Plan of Sale and Liquidation:
Current report
In Bethesda, Maryland, Ravel and Royale on Strathmore Square (containing 220 units) is being actively marketed for sale. As of September 30, 2026, 198 (90%) units had been leased or pre-leased and the property was 87% occupied.
Removed paragraphs (5)
Previous report
Disposition activity for the three months ended June 30, 2026
Previous report
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 report
In June 2026, we sold our remaining property in New York City for a sales price of $22.9 million.
Previous report
We plan to fulfill our contractual obligations and maximize value at our one multifamily development project under construction in Miami, Florida and complete the lease-up of, and market for sale, our two recently completed Washington, D.C. Metro Area multifamily communities. We have ceased planning and predevelopment efforts for future projects.
Previous report
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.
Reworded paragraphs (12)
Previous 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.
Current wording
As of September 30, 2026, our $395.0 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
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.
Current wording
Net assets in liquidation decreased by $526.2 million during the period from February 1, 2026, to September 30, 2026, primarily due to Aimco’s declaration and payment of $1.45 and $1.30 per share and per unit liquidating distributions totaling $408.6 million.
Previous wording
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 wording
In accordance with the Plan of Sale and Liquidation, the Board has approved and paid special liquidating distributions of $2.75 per share and unit, including $1.45 and $1.30 per share and unit paid on March 13, 2026 and June 3, 2026, respectively.
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 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.
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 September 30, 2026, we had $66.2 million of cash on hand and $8.2 million of restricted cash. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.
Previous wording
As of June 30, 2026, 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 December 2027.
Current wording
As of September 30, 2026, 100% of our total debt was either fixed rate or hedged with interest rate cap protection. Including contractual extensions, we have no debt maturing prior to December 2027.
Previous 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:
Current wording
During the three and nine months ended September 30, 2026, we invested $17.6 million and $56.7 million, respectively, in development activities compared to $25.8 million and $68.2 million, respectively, during the same periods in 2025. Updates on our one active development project and two lease-ups include:
Previous 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.
Current wording
In Upper Northwest Washington, D.C., Upton Place (containing 689 units and 105,000 square feet of retail space) is being actively marketed for sale. As of September 30, 2026, 609 (88%) units were leased or pre-leased and the property was 85% occupied. Additionally, as of September 30, 2026, 97% of the project's 105,000 square feet of retail space has been leased.
Previous wording
As of June 30, 2026, our available liquidity was $78.7 million, which consisted of:
Current wording
As of September 30, 2026, our available liquidity was $74.4 million, which consisted of:
Previous wording
$69.8 million in cash and cash equivalents; and
Current wording
$66.2 million in cash and cash equivalents; and
Previous 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.
Current wording
$8.2 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 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.
Current wording
As of September 30, 2026, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on our multifamily development project of approximately $44.6 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
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.
Current wording
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 September 30, 2026, we have unused outstanding capacity on our construction loans of $65.7 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
As of September 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 5.7 years. As of September 30, 2026, our construction loans and bridge financing include both fixed and variable interest rates. The weighted-average interest rate on our construction loans and bridge financing was 6.6%, and the remaining weighted-average term to maturity was 1.6 years. Weighted-average debt maturities do not include contractual extension options. Including extensions, the first maturity of Aimco's construction loans and bridge financing is December 2027.