Apartment Investment and Management Company (AIV) Q3 2025 earnings summary

Executive summary

• Board approved a Plan of Sale and Liquidation, subject to stockholder approval, targeting total per share liquidating distributions of $8.60–$9.95, including $2.85 per share in special dividends since the 2020 spinoff, with liquidation and dissolution expected in early 2026.

• Major asset sales included the Boston portfolio for $740M, with proceeds used for leverage reduction and a $2.23 per share special dividend in October 2025.

• Brickell Assemblage sale amended to close in December 2025 for $520M, with $70M seller financing.

• The Board determined that an orderly liquidation of remaining assets is expected to maximize shareholder value.

Financial highlights

• Net income attributable to common stockholders was $302.99M for Q3 2025 and $274.31M for the nine months ended September 30, 2025, driven by gains from asset sales.

• Earnings per share (diluted) were $2.04 for Q3 2025 and $1.80 for the nine months ended September 30, 2025.

• Operating segment property net operating income (PNOI) was $11.6M for Q3 2025, down 3.4% year-over-year; $35.3M for the nine months, down 1.9%.

• Effective rents in Q3 2025 were 4.4% higher than previous leases; new leases up 3.1%, renewals up 5.6%.

• Q3 2025 revenues for Stabilized Operating Properties were $18.2M, up 1.2% year-over-year; expenses up 10.5% year-over-year.

Outlook and guidance

• Plan of Sale and Liquidation to be submitted for shareholder approval in early 2026; estimated total per share distributions (including prior dividends) between $8.60–$9.95.

• 2025 net income per share forecast revised to $4.75–$4.95, down from prior $5.20–$5.40, reflecting asset sales.

• No regular quarterly dividend planned; future distributions will depend on asset sales and liquidation progress.

• Sufficient liquidity to meet operational needs for the next twelve months, regardless of liquidation plan outcome.