Table of Contents

Aimco Reports Second Quarter 2025 Results and Recent Highlights

Denver, Colorado, August 11, 2025 – Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today second quarter results for 2025 and provided highlights on recent activities.

Financial Results

CEO Commentary

Wes Powell, Aimco President and Chief Executive Officer, comments:

"During the first half of 2025, Aimco continued its focus on creating value through the effective management of our apartment portfolio and development projects, while actively exploring opportunities to unlock value for stockholders through strategic transactions and prudent capital allocation.

"As announced on August 6, 2025, Aimco has executed a contract to sell its five-property suburban Boston portfolio for $740 million. When combined with the pending sale of our Brickell Assemblage we now expect to close $1.26 billion of asset sales in 2025.

"These sales are expected to deliver net proceeds of approximately $785 million or $5.21 per share, and we plan to return between $4.00 and $4.20 to stockholders with the remainder allocated to debt reduction and general corporate purposes.

"Following the Boston and Brickell asset sales, Aimco’s remaining portfolio will consist of:

1) 15 Stabilized Operating Properties containing 2,524 apartment homes, that produced $46 million of annualized Property NOI in the second quarter with rents 5.2% higher on leases transacted during the month of July;

2) three newly completed residential communities containing 933 homes and 114,000 square feet of retail space, that are projected to deliver approximately $40 million of Property NOI when fully stabilized in 2027;

3) one active development project under construction on Miami's waterfront that is scheduled for completion in 2027; and

4) an experienced development and investment management platform and pipeline with the potential to deliver more than 3,700 new apartment units and one million square feet of commercial space over the coming years.

"In addition, we remain committed to maintaining a strong and flexible balance sheet with plans to utilize a portion of the sales proceeds to repay the balance drawn on our revolving credit facility and reduce the balance of third-party preferred equity funding, reducing Aimco’s cost of leverage by approximately $7 million annually. Aimco's remaining Stabilized Operating Properties are financed with assumable property-level mortgage debt, with a weighted average interest rate of 4.44% and a weighted average remaining term of 5.6 years.

"Finally, in collaboration with the Aimco Board and our advisory team, we continue to actively explore additional opportunities to further unlock and maximize stockholder value."

Highlights

Operating Property Results

Aimco owns a diversified portfolio of operating apartment communities with average rents in line with local market averages.

Results at Aimco’s Stabilized Operating Properties were as follows:

Value Add and Opportunistic Investments

Development and Redevelopment

Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco’s value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

As of June 30, 2025, Aimco 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 Aimco's core multifamily developments, The Benson Hotel and Faculty Club was completed in 2023 and remains in the stabilization process.

Aimco also has a pipeline of future value add opportunities in Southeast Florida, the Washington D.C. Metro Area, and Colorado's Front Range.

During the second quarter, $21.4 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan and preferred equity draws. Updates on active development projects and Aimco's pipeline include:

Investment & Disposition Activity

Aimco is focused on prudently allocating capital and delivering strong investment returns. Consistent with Aimco's capital allocation philosophy, it aims to monetize the value within its assets when accretive uses of the proceeds are identified and invest when the risk-adjusted returns are superior to other uses of capital.

[1] The closing expected in the fourth quarter 2025 is for a single property where the buyer is assuming Aimco's in-place debt.

[2] If the Brickell Assemblage buyer elects to utilize the seller financing option, the initial distribution would be reduced by approximately $0.64 per share pending the planned monetization of the seller financing note.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of June 30, 2025, Aimco had access to $173.5 million, 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 its $150.0 million revolving credit facility.

Aimco’s net leverage as of June 30, 2025, was as follows:

[1] Weighted average maturities presented exclude contractual extension rights.

As of June 30, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no debt maturing prior to June 2027.

Public Market Equity

Repurchases

Commitment to Enhance Stockholder Value

On January 9, 2025, Aimco and its Board of Directors announced that, while pleased with the transformation and simplification of the Aimco portfolio and the objective results delivered over the past four years, shares of AIV continue to trade at a meaningful discount to Aimco's estimate of the private market value of Aimco's assets and investment platform. This disconnect has limited Aimco's ability to fund new investment opportunities and accelerate growth.

Therefore, Aimco's Board of Directors announced its decision to explore additional alternatives in an effort to further unlock and maximize stockholder value. The strategic process has expanded upon Aimco's ongoing efforts such as reducing exposure to development activity and monetizing certain assets, and includes, but is not limited to, the exploration of a sale or merger of Aimco as a whole, potential sales of the major components of the business (in one or a series of transactions), and an acceleration of individual asset sales. The recent announcement of the pending sale of the Boston portfolio is part of this ongoing process and will result in a substantial return of capital to stockholders. The strategic process continues and the Board of Directors' guiding principle is to produce an outcome that delivers maximum value to Aimco stockholders. The strategic process is being overseen by Aimco's Investment Committee, comprised of four independent Aimco Board Members. Morgan Stanley & Co. LLC is serving as financial advisor to Aimco.

There can be no assurance that this expanded strategic process will result in any transaction or transactions or other strategic changes or outcomes, and the timing or outcome of any such event is similarly uncertain. Aimco does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.

2025 Outlook

The table below presents Aimco's current expectations for 2025 and assumes that the asset sales currently under contract close. Given the Boston transaction’s substantial impact on the composition of the Stabilized Operating portfolio, Aimco withdraws prior guidance and will no longer provide revenue, expense and Property NOI guidance for its Stabilized Operating Properties.

[1] Net income (loss) per share - diluted includes estimated gains from the announced transactions which are under contract.

[2] Includes land or leasehold value.

[3] Aimco's planned costs on active developments is primarily related to its 34th Street development project and will be funded through committed construction loan and preferred equity draws. Aimco funded its equity commitment to the joint venture through the contribution of land plus an incremental $5 million in 3Q 2024.

[4] Includes direct costs related to advancing planning efforts for certain pipeline projects.

[5] Includes the Brickell Assemblage and Boston portfolio which are under contract to sell in 2025. Aimco does not provide specific guidance regarding future transactions prior to a contract being executed and the buyer's deposit becoming nonrefundable.

[6] Includes GAAP interest expense, exclusive of the amortization of deferred financing costs, and reduced by interest rate option payments which are included in the Realized and unrealized gains (losses) on interest rate options line on Aimco's income statement.

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at investors.aimco.com.

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States, or GAAP. Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures.

About Aimco

Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

Team and Culture

Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced regional professionals who leverage in-depth local market knowledge, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.

Above all else, Aimco is committed to a culture of integrity, respect, and collaboration.

Contact

Matt Foster, Vice President, Investor Relations and Capital Markets

Investor Relations 303-793-4661, investor@aimco.com

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. The forward-looking statements in this document include, without limitation, statements regarding our future plans and goals, including the timing and amount of capital expected to be returned to stockholders, our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding revenue and expense growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios. We caution investors not to place undue reliance on any such forward-looking statements.

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.

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.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q and other documents Aimco files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment and expectations as of this date, and Aimco undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

Consolidated Balance Sheets

(in thousands) (unaudited)

Supplemental Schedule 1

EBITDAre and Adjusted EBITDAre

(in thousands) (unaudited)

Supplemental Schedule 2

Aimco Leverage and Maturities

(dollars in thousands) (unaudited)

Aimco Share Non-Recourse Debt

Common Stock, Partnership Units, and Equivalents

(in thousands) (unaudited)

[1] Consolidated total non-recourse debt excludes $10.4 million of deferred financing costs.

[2] Debt maturities are presented with the earliest maturity date and do not include contractual extension options. Including extensions, the first maturity in Aimco's total non-recourse debt is in 2Q 2027 and the weighted average maturity is 5.1 years.

[3] Represents outstanding Common Stock and Common Partnership units, forfeitable time-based restricted equity awards, options for which dilution is computed based on quarter-end stock price, and the impact of forfeitable market-based equity awards based on stock price performance through June 30, 2025. See Note 4 to Aimco's Second Quarter 2025 SEC Form 10-Q, filed August 11, 2025 and Note 11 to Aimco's 2024 SEC Form 10-K, filed February 24, 2025 for more information.

Supplemental Schedule 3

Aimco Portfolio

(square feet in thousands) (land in acres) (unaudited)

[1] Other Real Estate includes:

[2] Development and Redevelopment - Owned includes:

[3] Development and Redevelopment – Land includes:

[4] As of June 30, 2025, Aimco's 1001 Brickell Bay Drive office tower and Yacht Club Apartments were classified as Held for Sale.

[5] Number of apartment homes includes all current apartments and those authorized for development.

[6] Development land includes the number of acres of land held by Aimco for future development, land with projects in active development is not included in this presentation.

Supplemental Schedule 4

Aimco Capital Additions

(consolidated amounts in thousands) (unaudited)