Apartment Investment and Management Company (AIV) Q4 2025 earnings summary

Executive summary

• Approved Plan of Sale and Liquidation in February 2026, aiming for orderly asset sales to maximize stockholder returns.

• Distributed $2.83 per share in 2025 and announced an initial liquidating distribution of $1.45 per share payable March 2026.

• Closed $1.26 billion in strategic asset sales in 2025 and retired over $435 million in debt.

• Outperformed the FTSE NAREIT Equity Apartments Index over one, three, and five-year periods.

Financial highlights

• Net income attributable to common stockholders per diluted share was $2.08 for Q4 2025 and $3.87 for FY 2025.

• Property NOI from stabilized operating properties was $9.9 million in Q4 2025 (up 0.5% YoY) and $38.0 million for FY 2025 (down 0.3% YoY).

• Q4 2025 revenue from stabilized properties rose 1.8% YoY to $14.5 million; expenses increased 4.5% YoY.

• Net income for Q4 2025 was $318.7 million, with $554.0 million for FY 2025.

• Distributed $2.83 per share in special cash dividends in 2025.

Outlook and guidance

• Estimated total liquidating distributions to stockholders between $5.75 and $7.10 per share.

• Plans to market all remaining land, development, and lease-up properties by mid-2026.

• Expects to distribute $0.85–$0.95 per share in Q2 2026, subject to closing of properties under contract.