# EDGAR Filing Document

**Accession Number:** 0001820878
**File Stem:** 0001193125-25-177957
**Filing Date:** 2025-8
**Character Count:** 94840
**Document Hash:** 6dc12df83ba979de8f0002be499b73e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-177957.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001193125-25-177957

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APARTMENT INVESTMENT & MANAGEMENT CO
- **CENTRAL INDEX KEY:** 0000922864
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 841259577
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13232
- **FILM NUMBER:** 251202302

**BUSINESS ADDRESS:**
- **STREET 1:** 4582 SOUTH ULSTER STREET
- **STREET 2:** SUITE 1450
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (303) 224-7900

**MAIL ADDRESS:**
- **STREET 1:** 4582 SOUTH ULSTER STREET
- **STREET 2:** SUITE 1450
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aimco OP L.P.
- **CENTRAL INDEX KEY:** 0001820878
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 852460835
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56223
- **FILM NUMBER:** 251202303

**BUSINESS ADDRESS:**
- **STREET 1:** 4582 S ULSTER STREET, SUITE 1450
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (303) 224-7900

**MAIL ADDRESS:**
- **STREET 1:** 4582 S ULSTER STREET, SUITE 1450
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aimco OP LP
- **DATE OF NAME CHANGE:** 20201103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Durango OP, LP
- **DATE OF NAME CHANGE:** 20200812

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported):** August 11, 2025

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APARTMENT INVESTMENT AND MANAGEMENT CO**MPANY**

AIMCO OP L.P.

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Maryland **(Apartment Investment and Management Company)** | 1-13232 | 84-1259577 |
| Delaware **(Aimco OP L.P.)**<br>| 0-56223<br>| 85-2460835<br>|
| **(State or other jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of incorporation or organization)** | **File Number)** | **Identification No.)** |

---

4582 SOUTH ULSTER STREET

SUITE 1450**,** DENVER**,** CO 80237

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**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone number, including area code: (**303**)** 224-7900

**NOT APPLICABLE**

**(Former name or Former Address, if changed since last report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to section 12(b) of the Act: | Securities registered pursuant to section 12(b) of the Act: | Securities registered pursuant to section 12(b) of the Act: |
| *Title of each class* | *Trading Symbol(s)* | *Name of each exchange on which registered* |
| Apartment Investment and Management Company <br>Class A Common Stock | AIV | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act. ☐

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**ITEM 2.02. Results of Operations and Financial Conditions.**

On August 11, 2025 Apartment Investment and Management Company and Aimco OP L.P. (the "Company") issued a press release announcing results for the period ended June 30, 2025. A copy of the press release is attached as exhibit 99.1 to this report.

The information under this Item 2.02 and Exhibit 99.1 is furnished by the Company in accordance with the rules of the Securities and Exchange Commission. This information shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**ITEM 9.01. Financial Statements and Exhibits.**

(d) The following exhibits are filed with this report:

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| | |
|:---|:---|
| Exhibit No. | Description |
| [<u>99.1</u>](aiv-ex99_1.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Press release dated August 11, 2025</u>](aiv-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| Dated: August 11, 2025 |  |
|  | APARTMENT INVESTMENT AND MANAGEMENT COMPANY |
|  | /s/ H. Lynn C. Stanfield |
|  | H. Lynn C. Stanfield |
|  | Executive Vice President and Chief Financial Officer |
|  | AIMCO OP L.P. |
|  | By: Aimco OP GP, LLC, its general partner<br>By: Apartment Investment and Management Company, its managing member |
|  | /s/ H. Lynn C. Stanfield |
|  | H. Lynn C. Stanfield |
|  | Executive Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

![img255192919_0.jpg](img255192919_0.jpg)

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
| <u>Page</u> |  |
| [<u>3</u>](#earnings_release) | Earnings Release |
| <u>8</u> | Outlook |
| [<u>11</u>](#stmt_of_ops) | Consolidated Statements of Operations |
| [<u>12</u>](#bal_sheet) | Consolidated Balance Sheets |
| [<u>13</u>](#sch1) | Schedule 1 – EBITDAre and Adjusted EBITDAre |
| [<u>14</u>](#sch2) | Schedule 2 – Aimco Leverage and Maturities |
| [<u>15</u>](#sch3) | Schedule 3 – Aimco Portfolio |
| [<u>16</u>](#sch4) | Schedule 4 – Aimco Capital Additions |
| [<u>17</u>](#sch5) | Schedule 5 – Aimco Development and Redevelopment Project Summaries |
| [<u>19</u>](#sch6) | Schedule 6 – Stabilized Operating Properties |
| [<u>20</u>](#sch7) | Schedule 7 – Acquisitions, Dispositions, and Leased Communities |
| [<u>21</u>](#sch8) | Schedule 8 – Net Asset Value Components |
| [<u>22</u>](#sch9) | Schedule 9 – Asset List |
| [<u>23</u>](#glossary)<br>| Glossary and Reconciliations of Non-GAAP Financial and Operating Measures |

---

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Aimco Reports Second Quarter 2025 Results and Recent Highlights</u>**

**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.

**<u>Financial Results</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Aimco's net loss attributable to common stockholders per share, on a fully dilutive basis, was $(0.14) for the three months ended and $(0.24) for the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Property Net Operating Income ("NOI") from Aimco's Stabilized Operating Properties was $24.2 million in the second quarter 2025, up 1.1% year-over-year, and $49.3 million year-to-date, up 1.9% year-over-year.

**<u>CEO Commentary</u>**

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.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 3

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![img255192919_1.jpg](img255192919_1.jpg)

"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."

**<u>Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In August, Aimco agreed to sell its suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for $740 million. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In July, the buyer with which Aimco is under agreement to sell the Brickell Assemblage for $520 million exercised the final contractual closing extension option that required its non-refundable deposit to be increased by $7 million, bringing the total non-refundable deposit to $50 million. Closing is now scheduled for the fourth quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Aimco's Stabilized Operating revenue, expenses, and Property NOI increased 1.9%, 3.9%, and 1.1%, respectively, year-over-year in the second quarter, with average daily occupancy down 50 basis points at 95.8% and average monthly revenue per apartment home increasing by 2.5% to $2,349.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Aimco's three residential development projects currently in lease-up, containing a total of 933 units, remain on plan to reach stabilized occupancy in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In May, Aimco purchased its development partner's interests in the first phase of development at Strathmore Square. Aimco also borrowed on its revolving credit facility to pay off a higher interest rate mezzanine loan used to fund construction of Strathmore Square.

**<u>Operating Property Results</u>**

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Second Quarter** | **Year-to-Date** | **Year-to-Date** | **Year-to-Date** |
| **Stabilized Operating Properties** | **Year-over-Year** | **Year-over-Year** | **Year-over-Year** | **Sequential** | **Sequential** | **Year-over-Year** | **Year-over-Year** | **Year-over-Year** |
| ($ in millions) | **2025** | **2024** | **Variance** | **1Q 2025** | **Variance** | **2025** | **2024** | **Variance** |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Daily Occupancy | 95.8% | 96.3% | (0.5)% | 97.9% | (2.1)% | 96.9% | 97.1% | (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue, before utility reimbursements | $35.4 | $34.7 | 1.9% | $35.6 | (0.5)% | $71.0 | $69.4 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of utility reimbursements | 11.2 | 10.7 | 3.9% | 10.5 | 6.2% | 21.7 | 21.0 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property NOI | 24.2 | 24.0 | 1.1% | 25.1 | (3.3)% | 49.3 | 48.4 | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue in the second quarter 2025 was $35.4 million, up 1.9% year-over-year, resulting from a 2.5% increase in average monthly revenue per apartment home to $2,349 and Average Daily 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Effective rents during the second quarter 2025 were 6.2% higher, on average, than the previous lease, with new leases up 5.5% and renewals up 6.5%. For residents whose leases were expiring, 66.7% signed renewals. In July, effective rents for the 15 properties not included in the Boston portfolio sale were 5.2% higher, on average, than the previous lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The median annual household income of new residents was $124,000 in the second quarter 2025, representing a rent-to-income ratio of 20%.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 4

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![img255192919_1.jpg](img255192919_1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expenses in the second quarter 2025 were up 3.9% year-over-year and 6.2% compared to the first quarter 2025, primarily due to higher real estate taxes from a multi-year property assessment at our Nashville property, which assessment is being appealed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Property NOI in the second quarter 2025 was $24.2 million, up 1.1% year-over-year.

**<u>Value Add and Opportunistic Investments</u>**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In Upper Northwest Washington D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is substantially complete. As of July 31, 2025, 504 units (73%) were leased or pre-leased and 418 (61%) were occupied. Additionally, as of July 31, 2025, approximately 92% of the project's 105K square feet of retail space had been leased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 July 31, 2025, 173 units (79%) had been leased or pre-leased and 151 (69%) were occupied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In Corte Madera, California, construction is complete at Oak Shore. As of July 31, 2025, the ultra-luxury single-family rental community was 96% leased, with 23 (96%) of the 24 homes occupied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In Miami's Edgewater neighborhood, construction remains on schedule and on budget at 34<sup>th</sup> 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. Aimco expects to welcome the first residents in 3Q 2027 and to stabilize occupancy in 4Q 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the second quarter 2025, Aimco invested $2.5 million into programming, design, documentation, and entitlement efforts primarily related to its 901 North development site, located in Fort Lauderdale, Florida.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 5

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Investment & Disposition Activity</u>**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Subsequent to quarter end, in August 2025, Aimco entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740 million. The buyer has completed due diligence and made a $20 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.<sup>[1]</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In December 2024, Aimco entered into an agreement to sell its Brickell Assemblage for a gross price of $520 million. In July, the buyer exercised its final closing extension option and increased its non-refundable deposit by $7 million, bringing the total non-refundable deposit to $50 million. Closing is now scheduled for the fourth quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross proceeds from the Boston and Brickell transactions are expected to equal $1.26 billion. Net proceeds, when accounting for associated property-level debt, the deferred tax liability related to the Brickell assets, and transaction costs, are expected to be approximately $785 million, or $5.21 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Following the closing of the Brickell and Boston Portfolio transactions, Aimco plans to return between $4.00 and $4.20 per share to stockholders with the remainder allocated to debt reduction and general corporate purposes.<sup>[2]</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In May, Aimco purchased, for $2.1 million, its development partner's 5% common equity interest in Strathmore Square. In addition, Aimco purchased the same development partner's subordinated interest for $2.9 million, a value representing approximately 60% of its expected future obligation.

[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.

**<u>Balance Sheet and Financing Activity</u>**

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:

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| | | |
|:---|:---|:---|
|  | **as of June 30, 2025** | **as of June 30, 2025** |
| **Aimco Share, $ in thousands** | **Amount** | **Weighted Avg. <br>Maturity (Yrs.) [1]** |
| &nbsp;&nbsp;Total non-recourse fixed rate debt | $693017 | 6.3 |
| &nbsp;&nbsp;Total non-recourse construction loan debt | 376918 | 2.4 |
| &nbsp;&nbsp;Total property debt secured by assets held for sale | 158690 |  |
| &nbsp;&nbsp;Revolving Credit Facility | 42800 |  |
| &nbsp;&nbsp;Cash and restricted cash | (67542) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Leverage** | $**1203883** |  |

---

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

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 6

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![img255192919_1.jpg](img255192919_1.jpg)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In May, Aimco borrowed $42.8 million on its 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 credit facility borrowings during the second quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Aimco's Boston portfolio, which is under contract to sell, serves as collateral for Aimco's revolving credit facility. As such, at the sale closing, the balance borrowed in May 2025 will be repaid and the facility will be retired. Aimco plans to maintain prudent liquidity following the facility's retirement.

**<u>Public Market Equity</u>**

**Repurchases**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Since Aimco's Board of Directors announced the expansion of its strategic review process on January 9, 2025, no shares of common stock have been repurchased by Aimco. In January, prior to that announcement and the $0.60 special dividend distribution, Aimco repurchased 29,498 shares of its common stock at a weighted average price of $8.66 per share. Since the start of 2022, Aimco has repurchased 14.5 million shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the second quarter 2025, Aimco Operating Partnership redeemed 8,609 units of its equity securities for cash at a weighted average price of $8.10 per unit.

**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.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 7

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>2025 Outlook</u>**

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **2Q 2025** | **2025** | **2025** |
| *$ in millions (except per share amounts)*<br>*Forecast is full year unless otherwise noted* | **YTD Results** | **Forecast** | **Prior Forecast** |
| **Net income (loss) per share – diluted [1]** | $(0.24) | $5.20 - $5.40 | $1.50 - $1.60 |
| **Developments and Redevelopments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Direct Costs of Projects in Occupancy Stabilization at Period End [2] | $585 | $68 | $68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Direct Costs of Projects Under Construction at Period End [2] | $240 | $240 | $240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct Project Costs on Active Developments [3] | $29 | $50 - $60 | $50 - $60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct Planning Costs [4] | $4 | $7 - $10 | $7 - $10 |
| **Real Estate Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions [5] |  | $1260 - $1280 | $520 - $540 |
| **General and Administrative** | $16 | $32 - $33 | $33 - $34 |
| **Leverage** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense, net of capitalization [6] | $33 | $60 - $62 | $63 - $65 |

---

[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.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 8

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Information</u>**

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.

**<u>Glossary & Reconciliations of Non-GAAP Financial and Operating Measures</u>**

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.

**<u>About Aimco</u>**

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.

**<u>Team and Culture</u>**

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.

**<u>Contact</u>**

Matt Foster, Vice President, Investor Relations and Capital Markets

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

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 9

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Forward-Looking Statements</u>**

*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.*

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 10

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Consolidated Statements of Operations</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **REVENUES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and other property revenues | $52758 | $51148 | $105110 | $101350 |
| **OPERATING EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses | 23192 | 22557 | 46257 | 43756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 16363 | 22110 | 32784 | 41578 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 7798 | 7577 | 15978 | 16126 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **47353** | **52244** | **95019** | **101460** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1546 | 2535 | 3638 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (18002) | (16820) | (35440) | (30190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains (losses) on<br>&nbsp;&nbsp;&nbsp;&nbsp; interest rate contracts | (72) | 640 | (333) | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains (losses) on <br>&nbsp;&nbsp;&nbsp;&nbsp; equity investments | (210) | (47264) | (607) | (47535) |
| &nbsp;&nbsp;Other income (expense), net | (72) | (1286) | (551) | (2876) |
| **Income (loss) before income tax benefit** | **(11405)** | **(63291)** | **(23202)** | **(73216)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | (5571) | 2188 | (5486) | 4917 |
| **Net income (loss)** | **(16976)** | **(61103)** | **(28688)** | **(68299)** |
| &nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling<br>&nbsp;&nbsp;&nbsp;&nbsp; interests in consolidated real estate partnerships | (3156) | (3598) | (5829) | (7158) |
| &nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests<br>&nbsp;&nbsp;&nbsp;&nbsp; in consolidated real estate partnerships | (232) | 811 | (528) | 827 |
| &nbsp;&nbsp;Net (income) loss attributable to common noncontrolling<br>&nbsp;&nbsp;&nbsp;&nbsp; interests in Aimco Operating Partnership | 1059 | 3364 | 1824 | 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Aimco** | $**(19305)** | $**(60526)** | $**(33221)** | $**(70712)** |
| &nbsp;&nbsp;Net income (loss) attributable to common stockholders per<br>share – basic | $(0.14) | $(0.43) | $(0.24) | $(0.50) |
| &nbsp;&nbsp;Net income (loss) attributable to common stockholders per<br>share – diluted | $(0.14) | $(0.43) | $(0.24) | $(0.50) |
| &nbsp;&nbsp;Weighted-average common shares outstanding – <br>basic | 137341 | 139816 | 137123 | 140205 |
| &nbsp;&nbsp;Weighted-average common shares outstanding – <br>diluted | 137341 | 139816 | 137123 | 140205 |

---

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 11

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Consolidated Balance Sheets</u>**

(in thousands) (unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Buildings and improvements | $1379865 | $1348925 |
| &nbsp;&nbsp;Land | 397767 | 398182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 1777632 | 1747107 |
| &nbsp;&nbsp;Accumulated depreciation | (508074) | (499274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate | 1269558 | 1247833 |
| &nbsp;&nbsp;Cash and cash equivalents | 41385 | 141072 |
| &nbsp;&nbsp;Restricted cash | 26428 | 31367 |
| &nbsp;&nbsp;Notes receivable | 59847 | 58794 |
| &nbsp;&nbsp;Right-of-use lease assets - finance leases | 107077 | 107714 |
| &nbsp;&nbsp;Other assets, net | 89623 | 94051 |
| &nbsp;&nbsp;Assets held for sale, net | 275892 | 276079 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1869810** | $**1956910** |
| **Liabilities and Equity** |  |  |
| &nbsp;&nbsp;Non-recourse property debt, net | $685031 | $685420 |
| &nbsp;&nbsp;Non-recourse construction loans, net | 370601 | 385240 |
| &nbsp;&nbsp;Revolving credit facility | 42800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total indebtedness | 1098432 | 1070660 |
| &nbsp;&nbsp;Deferred tax liabilities | 102187 | 101457 |
| &nbsp;&nbsp;Lease liabilities - finance leases | 123664 | 121845 |
| &nbsp;&nbsp;Dividends payable | 998 | 89182 |
| &nbsp;&nbsp;Accrued liabilities and other | 102239 | 100849 |
| &nbsp;&nbsp;Liabilities related to assets held for sale, net | 159842 | 160620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1587362 | 1644613 |
| &nbsp;&nbsp;Redeemable noncontrolling interests in consolidated real estate partnerships | 146106 | 142931 |
| Equity: |  |  |
| &nbsp;&nbsp;Common Stock | 1374 | 1364 |
| &nbsp;&nbsp;Additional paid-in capital | 426730 | 425002 |
| &nbsp;&nbsp;Retained earnings (deficit) | (336454) | (303409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Aimco equity | 91650 | 122957 |
| &nbsp;&nbsp;Noncontrolling interests in consolidated real estate partnerships | 39665 | 39560 |
| &nbsp;&nbsp;Common noncontrolling interests in Aimco Operating Partnership | 5027 | 6849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 136342 | 169366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**1869810** | $**1956910** |

---

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 12

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 1</u>**

**EBITDAre and Adjusted EBITDAre**

(in thousands) (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Twelve Months Ended<br>June 30, 2025** |
| Net income (loss) | $(16976) | $(56389) |
| Adjustments: |  |  |
| &nbsp;&nbsp;Interest expense | 18002 | 75306 |
| &nbsp;&nbsp;Income tax (benefit) expense | 5571 | (668) |
| &nbsp;&nbsp;Gains on dispositions of real estate | - | (10749) |
| &nbsp;&nbsp;Unrealized (gains) losses from investment in unconsolidated partnerships | - | 2597 |
| &nbsp;&nbsp;Depreciation and amortization | 16363 | 77565 |
| &nbsp;&nbsp;Adjustment related to EBITDAre of unconsolidated partnerships | 247 | 1000 |
| **EBITDAre** | $**23207** | $**88662** |
| &nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests consolidated real estate partnerships | (3156) | (12629) |
| &nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests consolidated real estate partnerships | (232) | 494 |
| &nbsp;&nbsp;EBITDAre adjustments attributable to noncontrolling interests | (207) | (3284) |
| &nbsp;&nbsp;Mezzanine investment (income) loss, net | (1000) | 176 |
| &nbsp;&nbsp;Realized and unrealized (gains) losses on interest rate contracts | 72 | 893 |
| &nbsp;&nbsp;Unrealized (gains) losses on passive equity investments | 210 | 2250 |
| **Adjusted EBITDAre** | $**18894** | $**76562** |

---

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 13

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 2</u>**

**Aimco Leverage and Maturities**

(dollars in thousands) (unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Aimco Share of** |  | **Total** | **Weighted<br>Average** | **Weighted Average Interest Rate** | **Weighted Average Interest Rate** |
| **Debt** | **Consolidated** | **Unconsolidated <br>Partnerships** | **Noncontrolling <br>Interests** | **Aimco<br>Share** | **Maturity<br>(Years) [2]** | **Stated** | **Capped** |
| Fixed rate loans payable | $689155 | $3862 |  | $693017 | 6.3 | 4.39% | 4.39% |
| Floating rate loans payable |  |  |  |  |  |  |  |
| Construction loan debt | 376918 |  |  | 376918 | 2.4 | 6.81% | 6.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-recourse debt [1]** | $**1066073** | $**3862** |  | $**1069935** | **4.9** | **5.25%** | **5.20%** |
| Property debt secured by assets held for sale | 158690 |  |  | 158690 |  |  |  |
| Revolving Credit Facility | 42800 |  |  | 42800 |  |  |  |
| Cash and restricted cash | (67813) |  | 271 | (67542) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Leverage** | $**1199750** | $**3862** | $**271** | $**1203883** |  |  |  |

---

**Aimco Share Non-Recourse Debt**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Excludes property debt secured by assets held for sale* | *Excludes property debt secured by assets held for sale* | *Excludes property debt secured by assets held for sale* |  |  | **Average Rate on Maturing Debt** | **Average Rate on Maturing Debt** |
|  | **Amortization** | **Maturities [2]** | **Total** | **Maturities as a<br>Percent of Total** | **Stated** | **Capped** |
| 2025 3Q | $494 | $— | $494 | —% | —% | —% |
| 2025 4Q | 498 | 94000 | 94498 | 8.79% | 6.92% | 6.60% |
| &nbsp;&nbsp;Total 2025 | 992 | 94000 | 94992 | 8.79% | 6.92% | 6.60% |
| 2026 1Q | 503 |  | 503 |  |  |  |
| 2026 2Q | 507 | 22053 | 22560 | 2.06% | 8.73% | 7.91% |
| 2026 3Q | 512 |  | 512 |  |  |  |
| 2026 4Q | 517 |  | 517 |  |  |  |
| &nbsp;&nbsp;Total 2026 | 2039 | 22053 | 24092 | 2.06% | 8.73% | 7.91% |
| 2027 | 2115 |  | 2115 |  |  |  |
| 2028 | 2195 | 254697 | 256892 | 23.80% | 6.69% | 6.69% |
| 2029 | 2277 | 179646 | 181923 | 16.79% | 4.66% | 4.66% |
| 2030 | 2363 |  | 2363 |  |  |  |
| 2031 | 1696 | 104508 | 106204 | 9.77% | 3.20% | 3.20% |
| 2032 | 112 | 221639 | 221751 | 20.72% | 4.62% | 4.62% |
| 2033 |  | 173435 | 173435 | 16.21% | 4.60% | 4.60% |
| Thereafter |  | 6168 | 6168 | 0.58% | 3.25% | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Aimco Share** | $**13789** | $**1056146** | $**1069935** |  |  |  |

---

**Common Stock, Partnership Units, and Equivalents**

(in thousands) (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| Class A Common Stock Outstanding | 137377 |
| Participating unvested restricted stock | 1938 |
| Potentially dilutive options, share equivalents, and non-participating unvested restricted stock | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shares and potentially dilutive share equivalents | 141638 |
| Common Partnership Units and equivalents outstanding | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shares, units and potentially dilutive share equivalents [3]** | **150688** |

---

[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.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 14

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 3</u>**

**Aimco Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Properties** | **Number of Apartment <br>Homes [5]** | **Office and Retail Sq Ft** | **Hotel Keys** | **Development Land [6]** |
| **Consolidated** |  |  |  |  |  |
| &nbsp;&nbsp;Stabilized Operating Properties | 20 | 5243 | 26.4 | - | - |
| &nbsp;&nbsp;Other Real Estate [1] | 1 | - | - | 106 | - |
| &nbsp;&nbsp;Development and Redevelopment - Owned [2] | 3 | 1023 | 121.1 | - | - |
| &nbsp;&nbsp;Development and Redevelopment - Land [3] | 5 | - | - | - | 20.8 |
| &nbsp;&nbsp;Development and Redevelopment - Leased | 1 | 24 | - | - | - |
| &nbsp;&nbsp;Held for Sale [4] | 2 | 357 | 295.7 | - | - |
| **Total Consolidated** | **32** | **6647** | **443.2** | **106** | **20.8** |
| &nbsp;&nbsp;Unconsolidated | 5 | 142 | - | - | - |
| **Total Portfolio** | **37** | **6789** | **443.2** | **106** | **20.8** |
| &nbsp;&nbsp;Total Consolidated (Aimco Share) |  | 6647 | 443.2 | 106 | 19.5 |
| &nbsp;&nbsp;Total Unconsolidated (Aimco Share) |  | 72 | - | - | - |
| **Total Portfolio (Aimco Share)** |  | **6719** | **443.2** | **106** | **19.5** |

---

[1] Other Real Estate includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Benson Hotel and Faculty Club on the Anschutz Medical Campus in Aurora, Colorado.

[2] Development and Redevelopment - Owned includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•34<sup>th</sup> Street a 114-unit apartment building being constructed in Miami, Florida with 7,000 square feet of retail, Upton Place a 689-unit substantially completed development in Upper Northwest Washington, D.C. with 105,053 square feet of retail, and Strathmore Square a substantially complete 220-unit apartment community with 9,000 square feet of retail in Bethesda, Maryland.

[3] Development and Redevelopment – Land includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Flying Horse, developable land in Colorado Springs, Colorado;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•One land parcel in Miami, Florida for potential future development adjacent to 34th Street;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•One land parcel along Broward Boulevard and the land in Flagler Village in Fort Lauderdale, Florida for potential future developments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•One land parcel for multifamily development on the Anschutz Medical Campus in Aurora, Colorado.

[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.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 15

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 4</u>**

**Aimco Capital Additions**

(consolidated amounts in thousands) (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** |
| &nbsp;&nbsp;Capital Replacements and Casualty | $5063 | $7801 |
| &nbsp;&nbsp;Property Upgrades | 819 | 865 |
| &nbsp;&nbsp;Tenant Improvements | 833 | 887 |
| &nbsp;&nbsp;Development and Redevelopment | 21430 | 42039 |
| **Total Capital Additions [1]** | $**28145** | $**51592** |

---

[1] Second quarter 2025 total capital additions include $16.6 million of Direct Capital Investment ($14.1 million on active projects and $2.5 million on projects in planning) and certain other costs capitalized in accordance with GAAP.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 16

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 5(a)</u>** 

**Aimco Active Development Project Summaries**

(dollars in millions) (unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Estimated / Actual** | **Estimated / Actual** | **Estimated / Actual** |
| **Project Name** | **Location** | **Units** | **Units Leased or <br>Pre-Leased** | **Retail<br>Sq Ft** | **Retail<br>Pre-Leased** | **Initial<br>Occupancy<br>[8]** | **Stabilized<br>Occupancy<br>[8]** | **NOI<br>Stabilization<br>[8]** |
| &nbsp;&nbsp;&nbsp;&nbsp;Upton Place | Washington, D.C. | 689 | 69% | 105053 | 92% | 4Q 2023 | 4Q 2025 | 4Q 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strathmore Square | Bethesda, MD | 220 | 75% | 9000 | 64% | 2Q 2024 | 4Q 2025 | 4Q 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;34th Street | Miami, FL | 114 |  | 7000 |  | 3Q 2027 | 4Q 2028 | 4Q 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Shore | Corte Madera, CA | 24 | 96% |  |  | 4Q 2023 | 2Q 2025 | 2Q 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | **1047** |  | **121053** |  |  |  |  |
|  |  |  |  | **Direct Capital Investment** | **Direct Capital Investment** | **Direct Capital Investment** |  |  |
| **Project Name** | **Status** | **Aimco Ownership [6]** | **Land Cost/<br>Leasehold Value** | **Planned** | **To-Date** | **Remaining** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upton Place [1] | Lease-up | 100% | 92.8 | 242.0 | 241.2 | 0.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Strathmore Square | Lease-up | 100% | 24.9 | 156.5 | 156.1 | 0.4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;34th Street | Active Construction | 44% [6] | 28.3 | 211.7 | 60.3 | 151.4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Shore | Lease-up | 100% | 6.1 | 47.2 | 47.2 | - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  | **$152.1** | **$657.4** | **$504.8** | **$152.6** |  |  |
| ***Estimated Direct Costs of Projects in Active Construction [2]*** | ***Estimated Direct Costs of Projects in Active Construction [2]*** | ***Estimated Direct Costs of Projects in Active Construction [2]*** | ***$240.0*** |  |  |  |  |  |
| ***Estimated Direct Costs of Projects in Lease-up [3]*** | ***Estimated Direct Costs of Projects in Lease-up [3]*** | ***Estimated Direct Costs of Projects in Lease-up [3]*** | ***$569.5*** |  |  |  |  |  |
| ***Estimated Direct Costs of Projects in Occupancy Stabilization [4]*** | ***Estimated Direct Costs of Projects in Occupancy Stabilization [4]*** | ***Estimated Direct Costs of Projects in Occupancy Stabilization [4]*** | ***$68.3*** |  |  |  |  |  |
| ***Total Estimated Direct Costs of Development Portfolio*** | ***Total Estimated Direct Costs of Development Portfolio*** | ***Total Estimated Direct Costs of Development Portfolio*** | ***$877.8*** |  |  |  |  |  |
| ***Estimated Stabilized Property NOI [5]*** | ***Estimated Stabilized Property NOI [5]*** | ***Estimated Stabilized Property NOI [5]*** | ***$60.5*** |  |  |  |  |  |

---

[1] The ground lease for Upton Place is presented at its initial GAAP value recorded at the formation of the joint venture. The project which is nearing completion has approximately $0.8 million of remaining investment expected.

[2] Includes the total of the land cost and the planned Direct Capital Investment for 34th Street.

[3] Includes the total of the land cost or leasehold valuation and the planned Direct Capital Investment for Upton Place, Strathmore Square, and Oak Shore.

[4] Includes the land cost and Direct Capital Investment for The Benson Hotel and Faculty Club, a 106-key hotel and event space on the Anschutz Medical Campus in Aurora, Colorado.

[5] Estimated Stabilized Property NOI was updated to reflect Aimco's current forecast.

[6] Aimco equity ownership presented as estimated upon construction completion, net of debt and ground lease financing, unless otherwise noted.

[7] Aimco's investment, representing 44% of the equity capital at project inception, has been fully funded, primarily through the contribution of land and pre-development efforts. The remaining investment will be funded through construction loan and preferred equity draws.

[8] Occupancy timing and stabilization are estimates subject to change.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 17

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![img255192919_1.jpg](img255192919_1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&n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**<u>Supplemental Schedule 5(b)</u>** 

**Aimco Development and Redevelopment Pipeline Projects**

(unaudited)

Aimco controls a robust pipeline with opportunity for significant value creation. Aimco expects, on average across the development portfolio, to fund pipeline development projects with 50% to 60% loan-to-cost construction loans, Aimco equity of 10% to 15% of the total development cost, and the remaining costs funded with Co-GP and/or LP equity. In the aggregate, Aimco's equity currently embedded in these pipeline assets exceeds the Aimco equity required to fund construction of the pipeline in full.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Estimated / Currently Planned [1]** | **Estimated / Currently Planned [1]** | **Estimated / Currently Planned [1]** | **Estimated / Currently Planned [1]** |
| **Property Location** | **Project Name/<br>Description** | **Acreage [2]** | **Gross Sq Ft** | **Multifamily Units** | **Leasable Commercial Sq Ft** | **Earliest Vertical Construction Start** |
| **Southeast Florida** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;300 Broward Boulevard (Fort Lauderdale) | 300 Broward [3] | 2.31 | 1700000 | 935 | 40000 | 2026 |
| &nbsp;&nbsp;&nbsp;901 N Federal Highway (Fort Lauderdale) | 901 North (Flagler Village Phase I) | 5.70 | 1830000 | 690 | 230000 | 2026 |
| &nbsp;&nbsp;&nbsp;510-532 NE 34th Street (Miami) | One Edgewater | 0.50 | 533000 | 204 |  | 2027 |
| &nbsp;&nbsp;&nbsp;NE 9th Street & NE 5th Avenue (Fort Lauderdale) | Flagler Village Phase II | 1.70 | 400000 | 300 |  | 2027 |
| &nbsp;&nbsp;&nbsp;NE 9th Street & NE 5th Avenue (Fort Lauderdale) | Flagler Village Phase III | 1.40 | 400000 | 300 |  | 2028 |
| **Washington D.C. Metro Area** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5300 Block of Tuckerman Lane (Bethesda) | Strathmore Square Phase II [3] | 1.35 | 525000 | 399 | 11000 | 2026 |
| **Colorado's Front Range** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;E 23rd Avenue & N Scranton Street (Aurora) | Fitzsimons 4 [3] | 1.77 | 415000 | 285 |  | 2026 |
| &nbsp;&nbsp;&nbsp;1765 Silversmith Road (Colorado Springs) | Flying Horse | 7.45 | 300000 | 95 |  | 2026 |
| &nbsp;&nbsp;&nbsp;E 23rd Avenue & N Scranton Street (Aurora) | Bioscience 4 | 1.53 | 232000 |  | 225000 | 2026 |
| &nbsp;&nbsp;&nbsp;E 22nd Avenue & N Scranton Street (Aurora) | Fitzsimons 2 | 2.29 | 390000 | 275 |  | 2026 |
| &nbsp;&nbsp;&nbsp;E 23rd Avenue & N Scranton Street (Aurora) | Bioscience 5 | 1.22 | 230000 |  | 190000 | 2026 |
| &nbsp;&nbsp;&nbsp;E 23rd Avenue & Uvalda (Aurora) | Fitzsimons 3 | 1.11 | 400000 | 225 |  | 2027 |
| &nbsp;&nbsp;&nbsp;E 23rd Avenue & N Scranton Street (Aurora) | Bioscience 6 | 2.04 | 385000 |  | 315000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Future Pipeline** |  | **30.37** | **7740000** | **3708** | **1011000** |  |

---

*Excluded from the table is the Brickell Assemblage which, as of June 30, 2025, was under contract to sell.*

[1] Project metrics are estimated and could deviate substantially from what is currently planned.

[2] Acreage includes land owned and land controlled through options for future development, for the Bioscience project, acreage is presented proportionate based on the buildable gross square feet.

[3] Owned in a joint venture structure.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 18

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 6</u>**

**Stabilized Operating Results**

(amounts in thousands, except community, home and per home data) (unaudited)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2Q 2025 v. 2Q 2024** | **2Q 2025 v. 2Q 2024** |  | **Revenues, Before Utility<br> Reimbursements** | **Revenues, Before Utility<br> Reimbursements** | **Revenues, Before Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Property NOI** | **Property NOI** | **Property NOI** | **Net Operating<br>Income<br>Margin** | **Average Daily<br>Occupancy <br>During Period** | **Average Daily<br>Occupancy <br>During Period** | **Average<br>Revenue per <br>Aimco Apartment<br>Home** | **Average<br>Revenue per <br>Aimco Apartment<br>Home** |
|  | **Apartment<br>Communities** | **Apartment<br>Homes** | **2Q 2025** | **2Q 2024** | **Growth** | **2Q 2025** | **2Q 2024** | **Growth** | **2Q 2025** | **2Q 2024** | **Growth** | **2Q 2025** | **2Q 2025** | **2Q 2024** | **2Q 2025** | **2Q 2024** |
| Boston | 5 | 2719 | $17434 | $16850 | 3.5% | $4687 | $4760 | (1.5%) | $12747 | $12090 | 5.4% | 73.1% | 96.4% | 96.4% | $2217 | $2142 |
| Chicago | 7 | 1495 | 10586 | 10356 | 2.2% | 3476 | 3385 | 2.7% | 7110 | 6971 | 2.0% | 67.2% | 95.5% | 96.8% | 2472 | 2386 |
| New York City | 3 | 150 | 2060 | 2129 | (3.2%) | 946 | 855 | 10.6% | 1114 | 1274 | (12.6%) | 54.1% | 98.6% | 98.4% | 4644 | 4809 |
| Other Markets [1] | 5 | 879 | 5314 | 5384 | (1.3%) | 2057 | 1747 | 17.7% | 3257 | 3637 | (10.4%) | 61.3% | 93.9% | 94.8% | 2146 | 2153 |
| **Total** | **20** | **5243** | $**35394** | $**34719** | **1.9%** | $**11166** | $**10747** | **3.9%** | $**24228** | $**23972** | **1.1%** | **68.5%** | **95.8%** | **96.3%** | $**2349** | $**2292** |
| **2Q 2025 v. 1Q 2025** | **2Q 2025 v. 1Q 2025** |  | **Revenues, Before Utility<br> Reimbursements** | **Revenues, Before Utility<br> Reimbursements** | **Revenues, Before Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Property NOI** | **Property NOI** | **Property NOI** | **Net Operating<br>Income<br>Margin** | **Average Daily<br>Occupancy <br>During Period** | **Average Daily<br>Occupancy <br>During Period** | **Average<br>Revenue per <br>Aimco Apartment<br>Home** | **Average<br>Revenue per <br>Aimco Apartment<br>Home** |
|  | **Apartment<br>Communities** | **Apartment<br>Homes** | **2Q 2025** | **1Q 2025** | **Growth** | **2Q 2025** | **1Q 2025** | **Growth** | **2Q 2025** | **1Q 2025** | **Growth** | **2Q 2025** | **2Q 2025** | **1Q 2025** | **2Q 2025** | **1Q 2025** |
| Boston | 5 | 2719 | $17434 | $17546 | (0.6%) | $4687 | $4681 | 0.1% | $12747 | $12865 | (0.9%) | 73.1% | 96.4% | 98.3% | $2217 | $2188 |
| Chicago | 7 | 1495 | 10586 | 10486 | 1.0% | 3476 | 3025 | 14.9% | 7110 | 7461 | (4.7%) | 67.2% | 95.5% | 97.8% | 2472 | 2390 |
| New York City | 3 | 150 | 2060 | 2189 | (5.9%) | 946 | 1058 | (10.6%) | 1114 | 1131 | (1.5%) | 54.1% | 98.6% | 99.7% | 4644 | 4878 |
| Other Markets [1] | 5 | 879 | 5314 | 5352 | (0.7%) | 2057 | 1746 | 17.8% | 3257 | 3606 | (9.7%) | 61.3% | 93.9% | 96.6% | 2146 | 2101 |
| **Total** | **20** | **5243** | $**35394** | $**35573** | **(0.5**<br>**%)** | $**11166** | $**10510** | **6.2%** | $**24228** | $**25063** | **(3.3**<br>**%)** | **68.5%** | **95.8%** | **97.9%** | $**2349** | $**2309** |
| **2Q 2025 YTD v. 2Q 2024 YTD** | **2Q 2025 YTD v. 2Q 2024 YTD** |  | **Revenues, Before Utility<br> Reimbursements** | **Revenues, Before Utility<br> Reimbursements** | **Revenues, Before Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Expenses, Net of Utility<br> Reimbursements** | **Property NOI** | **Property NOI** | **Property NOI** | **Net Operating<br>Income<br>Margin** | **Average Daily<br>Occupancy <br>During Period** | **Average Daily<br>Occupancy <br>During Period** | **Average<br>Revenue per <br>Aimco Apartment<br>Home** | **Average<br>Revenue per <br>Aimco Apartment<br>Home** |
|  | **Apartment<br>Communities** | **Apartment<br>Homes** | **2Q 2025 YTD** | **2Q 2024 YTD** | **Growth** | **2Q 2025 YTD** | **2Q 2024 YTD** | **Growth** | **2Q 2025 YTD** | **2Q 2024 YTD** | **Growth** | **2Q 2025 YTD** | **2Q 2025 YTD** | **2Q 2024 YTD** | **2Q 2025 YTD** | **2Q 2024 YTD** |
| Boston | 5 | 2719 | $34980 | $33738 | 3.7% | $9368 | $9308 | 0.6% | $25612 | $24430 | 4.8% | 73.2% | 97.4% | 97.3% | $2202 | $2126 |
| Chicago | 7 | 1495 | 21072 | 20611 | 2.2% | 6501 | 6338 | 2.6% | 14571 | 14273 | 2.1% | 69.1% | 96.6% | 97.4% | 2431 | 2358 |
| New York City | 3 | 150 | 4249 | 4221 | 0.7% | 2004 | 1822 | 10.0% | 2245 | 2399 | (6.4%) | 52.8% | 99.1% | 98.6% | 4762 | 4757 |
| Other Markets [1] | 5 | 879 | 10666 | 10785 | (1.1%) | 3803 | 3516 | 8.2% | 6863 | 7269 | (5.6%) | 64.3% | 95.3% | 95.8% | 2123 | 2134 |
| **Total** | **20** | **5243** | $**70967** | $**69355** | **2.3%** | $**21676** | $**20984** | **3.3%** | $**49291** | $**48371** | **1.9%** | **69.5%** | **96.9%** | **97.1%** | $**2329** | $**2270** |

---

[1] Other Markets includes markets where Aimco owns a single Stabilized Operating Property: Southeast Florida; Denver, Colorado; Nashville, Tennessee; Atlanta, Georgia; and San Francisco, California. Expenses in the second quarter 2025 are unfavorable due primarily to a multi-year property assessment at our Nashville property, which assessment is being appealed.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 19

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 7</u>**

**Aimco Transactions**

(dollars in millions) (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025 Acquisitions** |  |  |  |  |
| &nbsp;&nbsp;**Partnership Acquisitions** | **Location** | **Closing Date** | **Ownership Acquired** | **Equity Acquired** |
| &nbsp;&nbsp;&nbsp;&nbsp;Strathmore Square | Bethesda, MD | May | 5% | 2.1 |
| &nbsp;&nbsp;**Total Partnership Acquisitions [1]** |  |  |  | $**2.1** |

---

[1] In May, Aimco purchased, for $2.1 million, its development partner's 5% common equity interest in Strathmore Square. In addition, Aimco purchased the same development partner's subordinated interest for $2.9 million, a value representing approximately 60% of its expected future obligation.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 20

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 8</u>**

**Net Asset Value Components** 

(dollars in millions)(pre-tax)(unaudited)

---

| | |
|:---|:---|
| **Property NOI for operating properties and active developments** | **2Q 2025 <br>Proforma** |
| &nbsp;&nbsp;Annualized NOI for Stabilized Operating Properties [1] | $45.9 |
| &nbsp;&nbsp;Annualized NOI for unconsolidated real estate at AIV share [1] | 2.6 |
| &nbsp;&nbsp;Projected annual NOI for DC Metro lease ups | 37.1 |
| &nbsp;&nbsp;Projected annual NOI for other properties stabilizing operations | 5.4 |
| &nbsp;&nbsp;Projected annual NOI for Aimco's 34th Street development [2] | 18.0 |
| **Leverage associated with operating properties and active developments** |  |
| &nbsp;&nbsp;Non-recourse property debt, net [3] [4] | (451.8) |
| &nbsp;&nbsp;Non-recourse construction loans, net [4] [5] | (376.9) |
| &nbsp;&nbsp;Preferred equity interests | (146.1) |
| **Land, Planning and Entitlement Investment at cost [6]** |  |
| &nbsp;&nbsp;901 North in Fort Lauderdale | 100.0 |
| &nbsp;&nbsp;Other land and development pipeline | 41.0 |
| **Sales expected to close in 2025 [7]** |  |
| &nbsp;&nbsp;Expected proceeds from assets held for sale | $1260.0 |
| &nbsp;&nbsp;Liabilities associated with assets held for sale, including estimates for debt balances, income taxes, and transaction costs | (474.2) |
| **Other** |  |
| &nbsp;&nbsp;IQHQ and Real Estate Tech Fund Investments [8] | 15.8 |
| &nbsp;&nbsp;Cash and cash equivalents | 41.4 |
| &nbsp;&nbsp;Restricted cash | 26.4 |
| &nbsp;&nbsp;Notes receivable [9] | 59.8 |
| &nbsp;&nbsp;Fair value adjustment on fixed rate property debt & preferred equity | 36.5 |
| &nbsp;&nbsp;Amounts drawn on Aimco's revolving secured credit facility | (42.8) |
| &nbsp;&nbsp;Other liabilities, net [10] | (135.9) |
| **Common Stock, Partnership Units and Equivalents (in millions)** |  |
| Total shares, units and dilutive share equivalents | 150.7 |
| Noncontrolling interests in real estate [11] |  |

---

[1] Property NOI is presented proforma the Boston portfolio sale, at Aimco share, and does not include property management fees of 3% of revenue.

[2] See supplemental schedule 5(a) for additional details. Aimco's ~$40 million equity position in the 34th Street development joint venture was funded in 3Q 2024 through the contribution of land, pre-development investments, and a one-time cash investment of $5 million. Aimco has no remaining equity commitments related to the construction of 34th Street. Included in the leverage amounts are $39.7 million of non-recourse construction loans, net and $11.5 million of preferred equity interests. Additionally, Aimco expects the remaining investment required to complete construction to be $151.4 million, funded through committed construction loan and preferred equity draws.

[3] Consists of assumable property-level mortgage debt, with a weighted average fixed rate of 4.44% and a weighted average remaining term of 5.6 years. Non-recourse property debt, net as presented on Supplemental Schedule 2 includes $241.2 million of property loans associated with the suburban Boston properties that, in early August, went under contract to sell in 2025.

[4] Amounts presented exclude deferred financing costs.

[5] Non-recourse construction loans, net includes $39.7 million currently drawn on the construction loan to fund Aimco's 34th Street development; construction loans at Strathmore Square and Oak Shore, $100.2 million and $22.1 million, respectively; and a $215 million term loan at Upton Place.

[6] Includes acquisition price for land purchased and held for future development or redevelopment. Not included in Aimco's land inventory is the value for any entitlements secured, or accretive planning investment, since acquisition. Aimco estimates this value to be at least $30 million.

[7] As of August 11, 2025, Aimco was under contract to sell its Brickell Assemblage and its Boston portfolio of stabilized apartment communities. Included in the liabilities are approximately $400 million of property level loans, approximately $60 million of cash tax (included on Aimco's 2Q 2025 balance sheet with a GAAP value of $102.2 million) and transaction costs.

[8] Investment value for IQHQ is based on cost, adjusted for any impairment or observable price changes, the Real Estate Tech Funds are valued based on 2Q 2025 GAAP fair value.

[9] Notes receivables presented at book value.

[10] For additional detail, see definition and non-GAAP reconciliation in this report's Glossary and Reconciliations of Non-GAAP Financial and Operating Measures.

[11] Amounts presented at 100% ownership exclusive of noncontrolling interests. Aimco estimates this value to be $25 - $35 million.

Second Quarter 2025 Earnings Release and Supplemental Schedules \| 21

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![img255192919_1.jpg](img255192919_1.jpg)

**<u>Supplemental Schedule 9</u>**

**Asset List** 

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OPERATING APARTMENT COMMUNITIES** | **OPERATING APARTMENT COMMUNITIES** | **OPERATING APARTMENT COMMUNITIES** | **OPERATING APARTMENT COMMUNITIES** | **RECENTLY COMPLETED DEVELOPMENTS** | **RECENTLY COMPLETED DEVELOPMENTS** | **RECENTLY COMPLETED DEVELOPMENTS** |
| **Property Name** | **Location** | **Units** | **2Q 2025 Avg Rent** | **Property Name** | **Location** | **Units** |
| 118-122 West 23rd Street | New York, NY | 42 | $6238 | Oak Shore | Corte Madera, CA | 24 |
| 173 E. 90th Street | New York, NY | 72 | 3680 | Upton Place | Washington, DC | 689 |
| 237-239 Ninth Avenue | New York, NY | 36 | 3178 | Strathmore Square Phase 1 | Bethesda, MD | 220 |
| 1045 on the Park Apartments Homes | Atlanta, GA | 30 | 2199 |  |  |  |
| 2200 Grace | Lombard, IL | 72 | 2015 | **ACTIVE DEVELOPMENT** | **ACTIVE DEVELOPMENT** | **ACTIVE DEVELOPMENT** |
| Bank Lofts | Denver, CO | 125 | 1548 | **Property Name** | **Location** | **Units** |
| Bluffs at Pacifica, The | Pacifica, CA | 64 | 3078 | 34<sup>th</sup> Street | Miami, FL | 114 |
| Eldridge Townhomes | Elmhurst, IL | 58 | 4735 |  |  |  |
| Elm Creek | Elmhurst, IL | 400 | 2158 | **DEVELOPMENT LAND** | **DEVELOPMENT LAND** | **DEVELOPMENT LAND** |
| Evanston Place | Evanston, IL | 190 | 2844 | **Property Name** | **Location** | **Acres** |
| Hillmeade | Nashville, TN | 288 | 1775<br> \* | 300 Broward | Fort Lauderdale, FL | 2.31 |
| Hyde Park Tower | Chicago, IL | 155 | 2543 | One Edgewater | Miami, FL | 0.5 |
| Plantation Gardens | Plantation ,FL | 372 | 2043<br> \* | CU Anschutz Campus Holdings | Aurora, CO | 9.96 |
| Willow Bend | Rolling Meadows, IL | 328 | 1979 | Flagler Village | Fort Lauderdale, FL | 8.8 |
| Yorktown Apartments | Lombard, IL | 292 | 1935 | Flying Horse | Colorado Springs, CO | 7.45 |
|  |  |  | <br> \* | Strathmore Square Phase 2 | Bethesda, MD | 1.35 |
| **PARTNERSHIP OWNED** | **PARTNERSHIP OWNED** | **PARTNERSHIP OWNED** | **PARTNERSHIP OWNED** |  |  |  |
| **Property Name** | **Location** | **Units** | **Aimco Share of Units** | **NON-CORE & ALTERNATIVE INVESTMENTS** | **NON-CORE & ALTERNATIVE INVESTMENTS** |  |
| Casa del Hermosa | La Jolla, CA | 41 | 20 | **Investment Name** | **Investment Type** |  |
| Casa del Mar | La Jolla, CA | 30 | 20 | The Benson Hotel & Faculty Club | Non-Core Real Estate |  |
| Casa del Norte | La Jolla, CA | 34 | 17 | IQHQ | Passive Equity |  |
| Casa del Sur | La Jolla, CA | 37 | 15 | Parkmerced | Mezzanine Loan |  |
|  |  |  |  | RE Tech Funds | Passive Equity |  |
| **PLANNED / ANNOUNCED DISPOSITIONS** | **PLANNED / ANNOUNCED DISPOSITIONS** | **PLANNED / ANNOUNCED DISPOSITIONS** | **PLANNED / ANNOUNCED DISPOSITIONS** |  |  |  |
| **Property Name** | **Location** |  | **Disposition** | **SELLER FINANCING NOTES** | **SELLER FINANCING NOTES** |  |
| 1001 Brickell Bay Drive | Miami, FL |  | Brickell Assemblage | **Property Name** | **Location** |  |
| Yacht Club at Brickell | Miami, FL |  | Brickell Assemblage | La Jolla Cove | La Jolla, CA |  |
| Royal Crest Estates | Warwick, RI |  | Boston Portfolio<br> \* | 200 Broward | Fort Lauderdale, FL |  |
| Royal Crest Estates | Nashua, NH |  | Boston Portfolio |  |  |  |
| Royal Crest Estates | Marlborough, MA |  | Boston Portfolio |  |  |  |
| Waterford Village | Bridgewater, MA |  | Boston Portfolio |  |  |  |
| Wexford Village | Worcester, MA |  | Boston Portfolio<br> \* | Owned in a joint venture structure |  |  |

---

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**<u>Glossary and Reconciliations of Non-GAAP Financial and Operating Measures</u>**

*This Earnings Release and Supplemental Information include certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco's definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.*

**AIMCO OPERATING PARTNERSHIP or AIMCO OP**: AIMCO OP, L.P., a Delaware limited partnership, is the operating partnership in Aimco's UPREIT structure. Aimco owns approximately 92.4% of the legal interest in the common partnership units of the Aimco OP and 94.8% of the economic interest in the common partnership units of the Aimco OP.

**AVERAGE REVENUE PER APARTMENT HOME**: Represents Aimco average monthly rental and other property revenues, excluding utility cost reimbursements, divided by the number of occupied apartment homes as of the end of the period.

**CAPITAL ADDITIONS:** The following table presents the reconciliation of GAAP capital additions to the Capital Additions as presented on Supplemental Schedule 4.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Six Months Ended** |
| **Segment Capital Additions Reconciliation** | **June 30, 2025** | **June 30, 2025** |
| Total Capital additions (per Note 8 in Aimco's 10-Q) | $27694 | $50915 |
| &nbsp;&nbsp;Adjustment: Incidental revenues and other adjustments that reduce capital expenditures for GAAP | 451 | 677 |
| **Total Capital Additions (per Schedule 4)** | $28145 | $51592 |

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**DIRECT CAPITAL INVESTMENT:** Represents all items related to the planning, construction, and management of development and redevelopment projects paid to third party providers. Direct Capital Investment does not include real estate taxes, insurance, right of use lease payments, and certain costs capitalized in accordance with GAAP, such as financing costs and internal team time.

**EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION FOR REAL ESTATE ("EBITDAre")**: Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation and amortization expense, further adjusted for:

&nbsp;&nbsp;&nbsp;&nbsp;• gains and losses on the dispositions of depreciated property;

&nbsp;&nbsp;&nbsp;&nbsp;• impairment write-downs of depreciated property;

&nbsp;&nbsp;&nbsp;&nbsp;• impairment write-downs of investments in unconsolidated partnerships caused by a decrease in the value of the depreciated property in such partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;• adjustments to reflect the Aimco share of EBITDAre of investments in unconsolidated entities.

Aimco believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of Aimco's ability to incur and service debt because it is a recognized measure of performance by the real estate industry and facilitates comparison of credit strength between Aimco and other companies. Aimco presents EBITDAre on Supplemental Schedule 1 of this release.

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**ADJUSTED EBITDAre**: Adjusted EBITDAre is defined by Aimco, and presented on Supplemental Schedule 1 of this release, as EBITDAre adjusted to exclude the effect of the following items for the reasons set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;• net income or loss attributable to noncontrolling interests in consolidated real estate partnerships and EBITDAre adjustments attributable to noncontrolling interests;

&nbsp;&nbsp;&nbsp;&nbsp;• the amount of realized and unrealized gains or losses recognized by Aimco on its interest rate contracts, to allow investors to compare a measure of Aimco's earnings before the effects of Aimco's capital structure and indebtedness with that of other companies in the real estate industry;

&nbsp;&nbsp;&nbsp;&nbsp;• the amount of unrealized gains or losses recognized by Aimco on passive equity investments; and

&nbsp;&nbsp;&nbsp;&nbsp;• the amount of investment income or loss recognized by Aimco related to the mezzanine loan made by Aimco to a partnership owning Parkmerced Apartments.

**NET ASSET VALUE**: Net Asset Value is calculated as the market value of a company's assets less its liabilities and obligations. Aimco estimates the value of its portfolio using methods management believes to be appropriate based on the characteristics of the item being valued.

**NET OPERATING INCOME (NOI) MARGIN**: Represents an apartment community's net operating income as a percentage of the apartment community's rental and other property revenues.

**OTHER EXPENSES, NET**: Other expenses, net, includes costs associated with our risk management activities, partnership administration expenses, fee income, certain non-recurring items, and activity related to our unconsolidated real estate partnerships.

**OTHER LIABILITIES, NET**: Other liabilities, net, as presented on Supplemental Schedule 8, Net Asset Value Components, generally consists of land leases, accrued expenses, resident security deposits, accounts payable, and other general liabilities, net of interest rate options and other assets, excluding the fair value of Aimco's investments in IQHQ and real estate technology funds.

Other liabilities, net as of June 30, 2025, as presented in Supplemental Schedule 8, Net Asset Value Components, is calculated as follows (in millions):

---

| | |
|:---|:---|
| **Accrued Liabilities and Other (per Consolidated Balance Sheet)** | $**102.2** |
| **Dividends payable** | **1.0** |
| **Lease liabilities - finance leases (per Consolidated Balance Sheet)** | **123.7** |
| **Other assets, net (per Consolidated Balance Sheet)** | **(89.6)** |
| **Total** | **137.3** |
| Reduction in assets (reported elsewhere on Schedule 8): |  |
| &nbsp;&nbsp;IQHQ and Real Estate Tech Funds | 15.8 |
| &nbsp;&nbsp;Unconsolidated real estate partnerships | 15.4 |
| &nbsp;&nbsp;Deferred tax assets | 1.0 |
| Reduction in liabilities (GAAP amount not reflective of value): |  |
| &nbsp;&nbsp;Mezzanine Investment - Participation Sold | (33.5) |
| **Other liabilities, net (per Schedule 8)** | $**135.9** |

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**PREFERRED EQUITY INTERESTS:** Preferred equity interests includes the redeemable non-controlling interests, as presented on Aimco's Balance Sheet in accordance with GAAP, related to third party investment interests.

**PROPERTY NET OPERATING INCOME (NOI)**: Property NOI is defined by Aimco as total rental and other property revenues, excluding utility reimbursements, less property operating expenses, including utility reimbursements for the consolidated apartment communities. Property NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. Aimco evaluates the

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performance of the apartment communities in its segments using Property NOI, which includes the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate. Property NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations, and financing arrangements.

The following table presents the reconciliation of GAAP income (loss) before income tax benefit to total Property NOI, as well as Property NOI for our Stabilized Operating apartment communities as presented on Supplemental Schedule 6 to total Property NOI.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Property NOI reconciliation** |  |  |  |  |
| (dollars in thousands) (unaudited) |  |  |  |  |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Income (loss) before income tax benefit per Consolidated Statements of Operations | $(11405) | $(63291) | $(23202) | $(73216) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 16363 | 22110 | 32784 | 41578 |
| &nbsp;&nbsp;General and administrative expenses | 7798 | 7577 | 15978 | 16126 |
| &nbsp;&nbsp;Interest income | (1546) | (2535) | (3638) | (5183) |
| &nbsp;&nbsp;Interest expense | 18002 | 16820 | 35440 | 30190 |
| &nbsp;&nbsp;Realized and unrealized (gains) losses on interest rate contracts | 72 | (640) | 333 | (2312) |
| &nbsp;&nbsp;Realized and unrealized (gains) losses on equity investments | 210 | 47264 | 607 | 47535 |
| &nbsp;&nbsp;Other (income) expense | 72 | 1286 | 551 | 2876 |
| **Total Property NOI** | $29566 | $28591 | $58853 | $57594 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segment Property NOI reconciliation** |  |  |  |  |
| (dollars in thousands) (unaudited) |  |  |  |  |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Rental income: |  |  |  |  |
| &nbsp;&nbsp;Stabilized Operating (Supplement Schedule 6) | $35394 | $34719 | $70967 | $69355 |
| &nbsp;&nbsp;Stabilized Operating utilities reimbursement [1] | 1775 | 1592 | 3482 | 3458 |
| &nbsp;&nbsp;Other Real Estate | 2084 | 1813 | 3530 | 2999 |
| &nbsp;&nbsp;Non-stabilized and other amounts not allocated [2] | 13505 | 13024 | 27131 | 25538 |
| Total rental income | 52758 | 51148 | 105110 | 101350 |
| Property operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Stabilized Operating (Supplement Schedule 6) | 11166 | 10747 | 21676 | 20984 |
| &nbsp;&nbsp;Stabilized Operating utilities reimbursement [1] | 1775 | 1592 | 3482 | 3458 |
| &nbsp;&nbsp;Other Real Estate | 2424 | 1606 | 4514 | 3364 |
| &nbsp;&nbsp;Non-stabilized and other amounts not allocated [2] | 7827 | 8612 | 16585 | 15950 |
| Total property operating expenses: | 23192 | 22557 | 46257 | 43756 |
| Property NOI: |  |  |  |  |
| &nbsp;&nbsp;Stabilized Operating (Supplement Schedule 6) | 24228 | 23972 | 49291 | 48371 |
| &nbsp;&nbsp;Other Real Estate | (340) | 207 | (984) | (365) |
| &nbsp;&nbsp;Non-stabilized and other amounts not allocated [2] | 5678 | 4412 | 10546 | 9588 |
| **Total Property NOI** | $29566 | $28591 | $58853 | $57594 |

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[1] Operating results for properties not included in Stabilized Operating or Other Real Estate, an adjustment for utility reimbursements which are included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.

[2] Properties not included in the Stabilized Operating Portfolio and other amounts not allocated includes operating results of properties not presented in the Stabilized Operation Portfolio as presented on Supplemental Schedule 6 during the periods shown, as well as property management and casualty expense, which are not included in property operating expenses, net of utility reimbursements in the Supplemental Schedule 6 presentation.

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**REAL ESTATE CLASSIFICATIONS**: Aimco's real estate portfolio is diversified by price point, geography, and opportunity. Aimco's consolidated portfolio is classified into the following groups:

DEVELOPMENT and REDEVELOPMENT - OWNED: Includes apartment communities currently under construction or in pre-construction that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.

DEVELOPMENT and REDEVELOPMENT - LAND: Includes land parcels being held for potential future construction of real estate.

DEVELOPMENT and REDEVELOPMENT - LEASED: Includes communities leased from a third party currently under construction or in pre-construction that have not achieved a stabilized level of operations and communities that have been completed in recent years that had not achieved and maintained stabilized operations for both the current and the comparable prior periods.

STABILIZED OPERATING PROPERTIES: Apartment communities that (a) are owned and asset managed by Aimco, (b) had reached a stabilized level of operations as of January 1, 2024 and maintained it throughout the current and the comparable prior periods, and (c) are not expected to be sold within 12 months.

OTHER REAL ESTATE: Includes non-apartment real estate owned and asset managed by Aimco.

ASSETS HELD FOR SALE: Includes those assets, if any, that as of the last day of the quarter being reported, were under contract, with non-refundable deposits.

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