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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-13232 (Apartment Investment and Management Company)

Commission file number 0-56223 (Aimco OP L.P.)

Apartment Investment and Management Company

Aimco OP L.P.

(Exact name of registrant as specified in its charter)

Maryland (Apartment Investment and Management Company) |  | 84-1259577
Delaware (Aimco OP L.P.) |  | 85-2460835
(State or other jurisdiction of |  | (I.R.S. Employer
incorporation or organization) |  | Identification No.)
4582 South Ulster Street, Suite 1450 Denver, Colorado |  | 80237
(Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code (303-224-7900)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered
Class A Common Stock (Apartment Investment and Management Company) |  | AIV |  | New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None (Apartment Investment and Management Company)

Partnership Common Units (Aimco OP L.P.)

(title of each class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.

Apartment Investment and Management Company: Yes ☒ No ☐ | Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Apartment Investment and Management Company: Yes ☐ No ☒ | Aimco OP L.P.: Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Apartment Investment and Management Company: Yes ☒ No ☐ | Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Apartment Investment and Management Company: Yes ☒ No ☐ | Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Apartment Investment and Management Company:

Large accelerated filer | ☒ |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  | Emerging growth company | ☐

Aimco OP L.P.:

Large accelerated filer | ☐ |  | Accelerated filer | ☒
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  | 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.

Apartment Investment and Management Company: ☐ | Aimco OP L.P.: ☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Apartment Investment and Management Company: Yes ☒ No ☐ | Aimco OP L.P.: Yes ☒ No ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Apartment Investment and Management Company: Yes ☐ No ☒ | Aimco OP L.P.: Yes ☐ No ☒

The aggregate market value of the voting and non-voting common stock of Apartment Investment and Management Company held by non-affiliates of Apartment Investment and Management Company was approxi mately $1.1 billion based upon the closing price of $8.29 on June 30, 2024.

As of February 21, 2025, there wer e 141,967,654 shares of Class A common stock ("Common Stock") outstanding.

Documents Incorporated by Reference

Portions of Apartment Investment and Management Company's definitive proxy statement to be issued in conjunction with Apartment Investment and Management Company's annual meeting of stockholders to be held June 10, 2025, are incorporated by reference into Part III of this Annual Report.

EXPLANATORY NOTE

Apartment Investment and Management Company ("Aimco" or the "Company"), a Maryland corporation, is a self-administered and self-managed real estate investment trust ("REIT"). On December 15, 2020, Aimco completed the separation of its businesses (the "Separation"), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, "Aimco Predecessor"). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco OP L.P. ("Aimco Operating Partnership"). As of December 31, 2024, Aimco owned 92.3% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8% of the economic interest in Aimco Operating Partnership. The remaining 7.7% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

Aimco Operating Partnership holds all of Aimco's assets and manages the daily operations of Aimco's business. Pursuant to the Aimco Operating Partnership agreement, Aimco is required to contribute to Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).

This filing combines the Annual Reports on Form 10-K for the fiscal year ended December 31, 2024, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We believe combining the periodic reports of Aimco and Aimco Operating Partnership into this single report provides the following benefits:

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We present our business as a whole, in the same manner our management views and operates the business;
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We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and Aimco Operating Partnership; and
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We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate Aimco and Aimco Operating Partnership as one enterprise; the management of Aimco directs the management and operations of Aimco Operating Partnership; and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, is managed by Aimco.

We believe it is important to understand the few differences between Aimco and Aimco Operating Partnership in the context of how Aimco and Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), Aimco Operating Partnership generates all remaining capital required by its business. These sources include Aimco Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of real estate.

Equity, partners’ capital, and noncontrolling interests are the main areas of difference between the consolidated financial statements of Aimco and those of Aimco Operating Partnership. Interests in Aimco Operating Partnership held by entities other than Aimco are classified within partners’ capital in Aimco Operating Partnership’s consolidated financial statements and as noncontrolling interests in Aimco’s consolidated financial statements.

To help investors understand the differences between Aimco and Aimco Operating Partnership, this report provides: separate consolidated financial statements for Aimco and Aimco Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP, L.P.

TABLE OF CONTENTS

ANNUAL REPORT ON FORM 10-K

For the Fiscal Year Ended December 31, 2024

Item |  | Page
| PART I |
1. | Business | 2
1A. | Risk Factors | 6
1B. | Unresolved Staff Comments | 25
1C. | Cybersecurity | 25
2. | Properties | 26
3. | Legal Proceedings | 26
4. | Mine Safety Disclosures | 26
| PART II |
5. | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 27
6. | [Reserved] |
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29
7A. | Quantitative and Qualitative Disclosures About Market Risk | 40
8. | Financial Statements and Supplementary Data | 40
9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 40
9A. | Controls and Procedures | 40
9B. | Other Information | 45
9C. | Disclosure Regarding Foreign Jurisdictions That Prevent Inspections | 45
| PART III |
10. | Directors, Executive Officers and Corporate Governance | 46
11. | Executive Compensation | 46
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 46
13. | Certain Relationships and Related Transactions, and Director Independence | 46
14. | Principal Accounting Fees and Services | 46
| PART IV |
15. | Exhibits and Financial Statement Schedules | 47
16. | Form 10-K Summary | 50

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Annual Report contains or may contain information that is forward-looking, 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 Annual Report 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.

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: 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; 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 our financial statements and the notes thereto, as well as Item 1A. Risk Factors of this Annual Report and subsequent documents we file from time to time with the SEC. These risk factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere in this Annual Report. We undertake 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.

As used herein and except as the context otherwise requires, “we,” “our,” and “us” refer to Apartment Investment and Management Company (which we refer to as Aimco), Aimco OP L.P. (which we refer to as Aimco Operating Partnership) and their consolidated entities, collectively.

Certain financial and operating measures found herein and used by management are not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined and reconciled to the most comparable GAAP measures under the Non-GAAP Measures heading.

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PART I

ITEM 1. BUSINESS

The Company

Aimco, a Maryland corporation is a self-administered and self-managed REIT. On December 15, 2020, Aimco completed the Separation, creating two separate and distinct, publicly traded companies, Aimco and AIR. Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco Operating Partnership, a Delaware Limited Partnership. Aimco conducts all of its business and owns all of its assets through Aimco Operating Partnership.

Please refer to Note 14 to the consolidated financial statements in Item 8 for discussion regarding our business segments.

Executive Overview

Our mission is to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate.

Our value proposition includes our:

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Platform, consisting of a cohesive, talented, and tenured team with diverse real estate industry experience combined with a disciplined and proven investment process;
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Diversified portfolio, consisting of value-add investments, a pipeline of land for potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments; and
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Capital redeployment plan which includes the prudent recycling of capital, reallocating our equity to higher returning investments, and return of capital to stockholders when appropriate.

Our primary goal is outsized risk-adjusted returns and accelerating growth for our stockholders. We are focused on providing superior total-return performance to stockholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We do not presently intend to pay a regular quarterly cash dividend, but may periodically pay dividends for REIT tax purposes or to return a portion of profits to stockholders.

Our financial objectives are to create value and produce superior, asset level, risk-adjusted returns on equity as measured by the investment period Internal Rate of Return (“IRR”) and the project-level Multiple on Invested Capital (“MOIC”). We measure broader performance based on Net Asset Value (“NAV”) growth over time.

Our capital allocation strategy is designed to leverage our investment platform and optimize risk-adjusted returns for our stockholders.

We target a balanced allocation, which includes investments in “Value Add” and “Opportunistic” multifamily real estate, primarily located in Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range, plus investment in a geographically diversified portfolio of “Core” and “Core-Plus” apartment communities.

In addition, we currently hold select alternative assets, consisting primarily of indirect, real estate related debt and equity investments. We have reduced our allocation and have no plans to increase our allocation to these investments.

We have policies in place that support our current strategy, guide our investment allocations, and manage risk, including to hold at all times a sizeable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.

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Given our current strategy, it is expected that at any point in time the value-creation process will be ongoing at numerous of our investments. Over time, we expect our enterprise to produce superior returns on equity on a risk-adjusted basis and it is our plan to do so by:

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Benefiting from a national platform while leveraging local and regional expertise

We have corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced regional professionals with a pipeline supporting new investment activity in Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range. By regionalizing this platform, we are able to leverage the in-depth local market knowledge of each regional leader, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.

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Owning a portfolio of stabilized core and core plus real estate

We own a geographically diversified portfolio of 24 apartment communities (20 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class). We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the "Brickell Assemblage"), in a land assemblage that is under contract to be sold. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.

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Managing and investing in value-add and opportunistic real estate

Our dedicated team will source and execute development and redevelopment projects, and various other direct investment strategies. Our development and redevelopment portfolio currently includes projects in construction and lease-up. In addition, our team has secured significant, high-quality, future development opportunities, including total potential of more than 7.7 million gross square feet, located in high-growth markets. Generally, we seek direct investment opportunities in locations where barriers to entry are high, target customers can be clearly defined and where we have a comparative advantage over others in the market. From time to time, we may choose to monetize certain pipeline assets prior to vertical construction in an effort to maximize value and risk adjusted returns. In any time period, the amount of our capital that is allocated to development activities may vary based on market conditions and other factors.

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Maintaining sufficient liquidity and utilizing safe financial leverage

We will guard our liquidity at all times by maintaining sufficient cash and committed credit. From time-to-time, we will allocate capital to financial assets designed to mitigate risks. Existing examples include our use of interest rate caps to provide protection against increases in interest rates on in-place loans. We expect to capitalize our activities through a combination of non-recourse property debt, non-recourse construction loans, third-party equity, and the recycling of our equity, including retained earnings. We plan to limit the use of recourse leverage, with a strong preference towards non-recourse property-level debt to limit risk to our enterprise. When warranted, we plan to seek equity capital from joint venture partners to improve our cost of capital, further leverage our equity, reduce exposure to a single investment and, in certain cases, for strategic benefits.

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Competition

There are many developers, managers, and owners of apartment real estate and underdeveloped land, as well as REITs, private real estate companies, and investors, that compete with us in acquiring, developing, obtaining financing for, and disposing of apartment communities. This competition affects our ability to realize our real estate development and transactional objectives.

In addition, our apartment communities compete for residents with other housing alternatives, including other rental apartments and condominiums, and single-family homes that are available for rent, as well as new and existing condominiums and single-family homes for sale. Competitive residential housing, as well as household formation and job creation in a particular area, could adversely affect our ability to lease apartment homes and to increase or maintain rental rates.

Taxation

Aimco

Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its initial taxable year, and intends to continue to operate in such a manner. The Code imposes various requirements related to organizational structure, distribution levels, diversity of stock ownership, and certain restrictions with regard to owned assets and categories of income that must be met in order to continue to qualify as a REIT. If Aimco continues to qualify for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation.

Certain of our operations, or a portion thereof, are conducted through taxable REIT subsidiaries, each of which we refer to as a “TRS”. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT and, as such, is subject to United States federal corporate income tax.

Aimco Operating Partnership

Aimco Operating Partnership is treated as a “pass-through” entity for United States federal income tax purposes and is not subject to United States federal income taxation. Partners in Aimco Operating Partnership, however, are subject to tax on their allocable share of partnership income, gains, losses, deductions, and credits, regardless of whether the partners receive any actual distributions of cash or other property from Aimco Operating Partnership during the taxable year. Generally, the characterization of any particular item is determined by Aimco Operating Partnership rather than at the partner level, and the amount of a partner’s allocable share of such item is governed by the terms of Aimco Operating Partnership’s Partnership agreement. Aimco Operating Partnership is subject to tax in certain states.

Regulation

General

Apartment development is subject to various laws, ordinances, and regulations, including those concerning entitlement, building, health and safety, site and building design, environment, zoning, and sales, and similar matters apply to or affect the real estate development industry.

Apartment communities and their owners are subject to various laws, ordinances, and regulations, including those related to real estate broker licensing and regulations relating to recreational facilities such as swimming pools, activity centers, and other common areas.

Changes in laws increasing the potential liability for environmental conditions existing on communities or increasing the restrictions on discharges or other conditions, as well as changes in laws affecting development, construction, and safety requirements, may result in significant unanticipated expenditures, which could adversely affect our net income and cash flows from operating activities.

In addition, existing rent control laws, as well as future enactment of rent control or rent stabilization laws, or other laws and ordinances regulating multifamily housing, may reduce rental revenue or increase operating costs in particular markets.

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Environmental

Various federal, state, and local laws subject real estate owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials that may be present. These materials may include lead-based paint, asbestos, polychlorinated biphenyls, and petroleum-based fuels. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the release or presence of such materials. In connection with the ownership of real estate, we could potentially be liable for environmental liabilities or costs associated with our real estate, whether currently owned, acquired in the future, or owned in the past. These and other risks related to environmental matters are described in more detail in Item 1A. Risk Factors.

Corporate Responsibility

Corporate responsibility is an important part of our business. As with all other aspects of our business, our corporate responsibility program focuses on continuous improvement, to the benefit of our stockholders, our residents, our teammates, our communities, and the environment. We actively discuss these matters with our stockholders and solicit their feedback on our program.

We publish a Corporate Responsibility Report reflecting our corporate responsibility priorities and performance on an annual basis.

We remain committed to providing best-in-class living environments that mitigate risk while reducing environmental impacts and creating value for all new construction, existing assets, and corporate operations.

Human Capital and Culture

We believe our most valuable asset is our human capital. Our success is reliant on the collective sum of individual talents. We seek to hire and retain a highly qualified workforce in compliance with applicable federal and other laws and regulations. We hire and promote employees based upon their unique experiences, abilities, talents, and drive.

We continuously invest in our teammates and company culture to ensure employee satisfaction, health, and well-being.

We focus on succession planning and talent development to produce a strong, stable team that is the foundation of our success. We are responsible for and implement succession planning in all leadership positions, both in the short term and the long term.

We offer benefits and support reinforcing our emphasis on the health and well-being of our teammates, including 16 weeks of paid time for parental leave to new mothers and fathers, a longstanding policy of workplace flexibility for our teammates to attend to personal and family matters during the workweek, office environments focused on natural light and ergonomic office furniture including adjustable height desks, access to Company-provided healthy snacks and drinks, paid time annually to volunteer in local communities, and a bonus structure at all levels of the organization.

We evaluate team engagement and retention and include those in our goals on which all teammates are compensated. Every teammate is surveyed annually via a third-party confidential survey. The teammate engagement score consists of the average of the responses to the questions that comprise the engagement index, on a scale of 1 to 5, for all teammates who complete the survey during the year. Our overall team engagement score for the 2024 annual engagement survey was 4.69, with a 100% overall response rate, compared to the target score of 4.50.

As of December 31, 2024, we had 58 full-time teammates performing asset management, development or transactional services and managing corporate and area functions. None of our employees are represented by labor unions.

In 2024, we were recognized with Healthiest Employers Awards in South Florida, Washington, D.C., and Denver, ranking #2 in our category for South Florida and Colorado and #3 in our category for Washington, D.C. The Healthiest Employers Awards honor companies with policies and initiatives promoting the health and well-being of their employees. Healthiest Employers takes a holistic view of worksite health, evaluating the extent of leadership team buy-in, including how well they understand the needs of the employee population and how they proactively support well-being.

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Available Information

Our combined Annual Report on Form 10-K, our combined Quarterly Reports on Form 10-Q, Current Reports on Form 8-K filed by Aimco or Aimco Operating Partnership, and any amendments to any of those reports that we file with the Securities and Exchange Commission are available free of charge as soon as reasonably practicable after filing through our website at www.aimco.com. The information contained on our website is not incorporated into this Annual Report.

ITEM 1A. RISK FACTORS

The risk factors noted in this section, and other factors noted throughout this Annual Report, describe certain risks and uncertainties that could cause our actual results to differ materially from those contained in any forward-looking statement.

SUMMARY RISK FACTORS

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Adverse economic and geopolitical conditions, health crises and dislocations in the financial and credit markets could adversely affect our financial condition and results of operations.
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Development, redevelopment, and construction risks could affect our profitability.
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Failure to generate sufficient net operating income may adversely affect our liquidity, limit our ability to fund necessary capital expenditures, or adversely affect our ability to pay dividends or distributions.
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Failure to generate sufficient net operating income may adversely affect our liquidity, limit our ability to fund necessary capital expenditures, or adversely affect our ability to pay dividends or distributions.
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Our business and financial results could be adversely affected by significant inflation, higher interest rates or deflation.
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Our ability to continue to grow or maintain our pipeline of development and redevelopment opportunities may be constrained.
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Our properties are geographically concentrated.
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Our development projects may subject us to certain liabilities, and we are subject to risks associated with developing properties in partnership with others.
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Development of properties may entail a lengthy, uncertain, and costly entitlement process.
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Government regulations and legal challenges may delay the start or completion of the development of our communities, increase our expenses or limit our building of apartments or other activities.
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Competition could limit our ability to lease apartment homes, increase or maintain rents or execute our development strategy.
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Because real estate investments are relatively illiquid, we may not be able to sell apartment communities or other assets when appropriate.
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Climate change may adversely affect our business.
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Potential liability or other expenditures associated with potential environmental contamination may be costly.
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Rent control laws and other regulations that limit our ability to increase rental rates may negatively impact our rental income and profitability.
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Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
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Moisture infiltration and resulting mold remediation may be costly.
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Although we are insured for certain risks, the cost of insurance, increased claims activity, or losses resulting from casualty events may affect our financial condition and results of operations.
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Natural disasters and severe weather may affect our financial condition and results of operations.
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We depend on our senior management.
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We rely on our property managers to manage our properties.
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Our business and operations would suffer in the event of significant disruptions or cyberattacks of our information technology systems or our failure to comply with laws, rules and regulations related to privacy and data protection.

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Compliance with ever evolving federal and state laws relating to the handling of information about individuals involves significant expenditure and resources, and any failure by us or our vendors to comply may result in significant liability, negative publicity, and/or an erosion of trust, which could materially adversely affect our business, results of operations, and financial condition.
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We do not have control over the operations of our alternative investments, which could adversely affect our financial condition and results of operations.
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There may be, or there may be the appearance of, conflicts of interest in our relationship with AIR.
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Our business could be negatively affected as a result of the actions of activist stockholders.
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We are seeking to maximize shareholder value by exploring strategic alternatives. There can be no assurance that we will be successful in executing a strategic transaction.
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We are subject to risks associated with our debt financing.
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Disruptions in the financial markets could affect our ability to obtain financing and the cost of available financing and could adversely affect our liquidity.
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Increases in interest rates would increase our interest expense and reduce our profitability and could adversely affect our business, operating results, and financial condition.
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Covenant restrictions may limit our operations and impact our ability to make payments to our investors.
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We may increase leverage in executing our development plan.
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Aimco may fail to qualify as a REIT.
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REIT distribution requirements limit our available cash.
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Aimco may be subject to federal, state, and local income taxes in certain circumstances.
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Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.
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Complying with the REIT requirements may cause Aimco to forgo otherwise attractive business opportunities.
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Changes to United States federal income tax laws could materially and adversely affect Aimco and Aimco’s stockholders.
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If the Aimco Operating Partnership were to fail to qualify as a partnership for federal income tax purposes, Aimco would fail to qualify as a REIT and suffer other adverse consequences.
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There are restrictions on the ability to transfer and redeem Aimco Operating Partnership Units, there is no public market for Aimco Operating Partnership Units and holders of Aimco Operating Partnership Units are subject to dilution.
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Cash distributions by Aimco Operating Partnership are not guaranteed and may fluctuate with partnership performance.
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Holders of OP Units have limited voting rights and are limited in their ability to effect a change of control.
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Holders of OP Units may not have limited liability in specific circumstances.
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Aimco may have conflicts of interest with holders of OP Units.
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Provisions in the Aimco Operating Partnership agreement may limit the ability of a holder of OP Units to challenge actions taken by the general partner.
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Aimco Operating Partnership and its subsidiaries may be prohibited from making distributions and other payments.
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Aimco’s charter includes limits on ownership of Aimco shares.
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Aimco’s charter and the Maryland General Corporations Law may limit the ability of a third-party to acquire control of Aimco.

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RISKS RELATED TO BUSINESS

Adverse economic and geopolitical conditions, health crises and dislocations in the financial and credit markets could affect our ability to collect rents and late fees from tenants, and our ability to evict tenants, in addition to having other negative effects on our business, which in turn could adversely affect our financial condition and results of operations.

Adverse economic and geopolitical conditions, local, regional, national, or international health crises and dislocations in the credit markets could negatively impact our tenants and our operations. The occurrence of regional epidemics or a global pandemic, may adversely affect our operations, financial condition, and results of operations. These conditions also may add uncertainty to operations and may cause supply chain disruptions.

The effects of a health crisis, adverse economic or geopolitical events or dislocation in the financial and credit markets have negatively impacted or would negatively impact our operations or those of entities in which we hold a partial interest, including:

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our ability to collect rents and late fees on a timely basis or at all, without reductions or other concessions;
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our ability to evict residents for non-payment or for other reasons;
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our ability to ensure business continuity in the event our continuity of operations plan is not effective or improperly implemented or deployed during a disruption;
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fluctuations in regional and local economies, local real estate conditions, and rental rates;
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interruptions in real estate development and redevelopment activities due to supply chain disruptions;
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our ability to dispose of communities at all or on terms favorable to us; and
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our ability to complete developments and redevelopments and other construction projects as planned.

Given the nature of the effects of a potential epidemic, pandemic, or other health crisis, it remains challenging to predict the ultimate impact of such events on the global economy, our residents and commercial tenants, our communities, and the operations of entities in which we hold an interest. Such events, depending on their nature, duration, and intensity, could have a material adverse effect on our operating results and financial condition. An epidemic, pandemic, or other health crisis also may have the effect of heightening many of the other risks described below.

Development, redevelopment, and construction risks could affect our profitability.

Development and redevelopment are subject to numerous risks, including the following:

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we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third-party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities;
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we may incur costs that exceed our original estimates due to increased material, labor, or other factors and costs, such as those resulting from litigation, program changes, inflation, interest rate increases, the implementation of tariffs, or supply chain disruptions;
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we may be unable to complete construction and lease-up of an apartment community on schedule, including as a result of global supply chain disruptions, resulting in increased construction and financing costs and a decrease in expected rental revenues;
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occupancy rates and rents at an apartment community may fail to meet our expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development of competing communities;
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we may be unable to obtain financing, including construction loans, with favorable terms, or at all, which may cause us to delay or abandon an opportunity;
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we may abandon opportunities that we have already begun to explore, or stop projects we have already commenced, for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover costs already incurred in exploring those opportunities;
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we may incur liabilities to third parties during the development or redevelopment process and we may be faced with claims for construction defects after a property has been developed;
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we may face opposition from local community or political groups with respect to the development, construction, or operations at a particular site;

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health and safety incidents or other accidents on site may occur during development;
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unexpected events or circumstances may arise during the development or redevelopment process that affect the timing of completion and the cost and profitability of the development or redevelopment;
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loss of a key member of a development team could adversely affect our ability to deliver developments and redevelopments on time and within our budget;
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government restrictions, standards or regulations intended to reduce greenhouse gas emissions and potential climate change impacts may increase in the future in the form of restrictions or additional requirements on development in certain areas; and
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environmental, social, governance and other sustainability matters and our responses to these matters could impact development.

Some of these development risks may be heightened given current uncertain and potentially volatile market conditions. If market volatility causes economic conditions to remain unpredictable or to trend downwards, we may not achieve our expected returns on properties under development and we could lose some or all of our investments in those properties. In addition, the lead time required to develop, construct, and lease-up a development property may increase, which could adversely impact our projected returns or result in a termination of the development project.

In addition, we may serve as either the construction manager or the general contractor for our development projects. The construction of real estate projects entails unique risks, including risks that the project will fail to conform to building plans, specifications, and timetables. These failures could be caused by labor strikes, weather, government regulations, and other conditions beyond our control. In addition, we may become liable for injuries and accidents occurring during the construction process that are underinsured.

Failure to generate sufficient net operating income may adversely affect our liquidity, limit our ability to fund necessary capital expenditures, or adversely affect our ability to pay dividends or distributions.

Our ability to fund necessary capital expenditures on our communities and make payments to our investors depends on, among other things, our ability to generate net operating income in excess of required debt payments and our ability to collect on interest and principal payments due to us. If we are unable to fund capital expenditures on our communities, we may not be able to preserve the competitiveness of our communities, which could adversely affect their net operating income and long-term value.

Our net operating income and liquidity may be adversely affected by events or conditions beyond our control, including:

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the general economic climate;
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an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents, which we can only do upon renewal of existing leases or at the inception of new leases;
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competition from other apartment communities and other housing options;

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local conditions, such as loss of jobs, unemployment rates, or an increase in the supply of apartments, that might adversely affect apartment occupancy or rental rates;
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changes in governmental regulations and the related cost of compliance;
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changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and
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changes in interest rates and the availability of financing.

Our business and financial results could be adversely affected by significant inflation, higher interest rates or deflation.

Inflation can adversely affect us by increasing costs of land, materials and labor. In addition, significant inflation is often accompanied by higher interest rates, which have a negative impact on housing affordability. Rising interest rates increase the borrowing costs on new debt and could affect fair value of our investments. In an inflationary environment, our cost of capital, labor and materials can increase and the purchasing power of our cash resources can decline, which can have an adverse impact on our business or financial results.

Alternatively, a significant period of deflation could cause a decrease in overall spending and borrowing levels. This could lead to deterioration in economic conditions, including an increase in the rate of unemployment. Deflation could also cause the value of our real estate to decline. These, or other factors related to deflation, could have a negative impact on our business or financial results.

Our ability to continue to grow or maintain our pipeline of development and redevelopment opportunities may be constrained.

We source development and redevelopment opportunities through various means, including from our operating portfolio and property acquisitions. We may be unable to identify and complete acquisitions of properties compatible with our investment strategy. We may be unable to locate properties that will produce returns with a sufficient spread to our cost of capital. The inability to source opportunities could impede our growth and could have a material adverse effect on us.

Our properties are geographically concentrated in Florida, Chicago, the Washington, D.C. Metro Area, and in the Northeast region of the United States, which makes us more susceptible to regional and local adverse economic and other conditions than if we owned a more geographically diversified portfolio.

The majority of our properties are located in Florida, Chicago, the Washington, D.C. Metro Area, and in the Northeast region of the United States. As a result, we are particularly susceptible to adverse economic or other conditions in these markets (such as periods of economic slowdown or recession, business layoffs or downsizing, industry slowdowns, relocations of businesses, increases in real estate and other taxes, and the cost of complying with governmental regulations or increased regulation), as well as to natural disasters (including earthquakes, storms, and hurricanes), potentially adverse effects of “global warming,” and other disruptions that occur in these markets (such as terrorist activity or threats of terrorist activity and other events), any of which may have a greater impact on the value of our assets or on our operating results than if we owned a more geographically diversified portfolio.

We cannot assure you that these markets will grow or that underlying real estate fundamentals will be favorable to owners, operators, and developers of multifamily, retail, or office assets, or future development assets. Our operations may also be affected if competing assets are built in these markets. Moreover, submarkets within our core markets may be dependent upon a limited number of industries. Any adverse economic or other conditions, or any decrease in demand for office, multifamily, or retail assets could adversely impact our financial condition and results of operations.

Our development projects may subject us to certain liabilities, and we are subject to risks associated with developing properties in partnership with others.

We may hire and supervise third-party contractors to provide construction, engineering, and various other services for development projects. Certain of these contracts may be structured such that we are the principal rather than the agent. As a result, we may assume liabilities in the course of the project and be subjected to, or become liable for, claims for construction defects, negligent performance of work or other similar actions by third parties we have engaged.

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Adverse outcomes of disputes or litigation could negatively impact our business, results of operations, and financial condition, particularly if we have not limited the extent of the damages for which we may be liable, or if our liabilities exceed the amounts of the insurance that we carry. Moreover, our tenants may seek to hold us accountable for the actions of contractors because of our role even if we have technically disclaimed liability as a legal matter, in which case we may determine it necessary to participate in a financial settlement for purposes of preserving the tenant or customer relationship or to protect our corporate brand. To the extent our tenants are obligated to reimburse us, acting as a principal may also mean that we pay a contractor before we have been reimbursed by our tenants. This exposes us to additional risks of collection in the event of a bankruptcy, insolvency, or a condominium purchaser default. The reverse can occur as well, where a contractor we have paid files for bankruptcy protection or commits fraud with the funds before completing a project that we have funded in part or in full.

Additionally, we use partnerships and limited liability companies to develop some of our real estate investments. Acting through our wholly-owned subsidiaries, we typically will be the general partner or managing member in these partnerships or limited liability companies. There are, however, instances in which we may not control or even participate in management or day-to-day operations of these properties. The use of partnerships and limited liability companies involve special risks associated with the possibility that:

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a partner or member may have interests or goals inconsistent with ours;
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a general partner or managing member may take actions contrary to our instructions, requests, policies, or objectives with respect to our real estate investments;
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a partner or member could experience financial difficulties that prevent it from fulfilling its financial or other responsibilities to the project; or
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a partner may not fulfill its contractual obligations.

In the event any of our partners or members file for bankruptcy, we could be precluded from taking certain actions affecting our project without bankruptcy court approval, which could diminish our control over the project even if we were the general partner or managing member. In addition, if the bankruptcy court were to discharge the obligations of our partner or member, it could result in our ultimate liability for the project being greater than originally anticipated.

Further, disputes between us and a partner may result in litigation or arbitration that may increase our expenses and prevent our management from focusing their time and attention on our business.

To the extent we are a general partner, we may be exposed to unlimited liability, which may exceed our investment or equity in the partnership. If one of our subsidiaries is a general partner of a particular partnership, it may be exposed to the same kind of unlimited liability.

Development of properties may entail a lengthy, uncertain, and costly entitlement process.

Approval to develop real property sometimes requires political support and generally entails an extensive entitlement process involving multiple and overlapping regulatory jurisdictions and often requires discretionary action by local governments. Real estate projects must generally comply with local land development regulations and may need to comply with state and federal regulations. We may incur substantial costs to comply with legal and regulatory requirements. An increase in legal and regulatory requirements may cause us to incur substantial additional costs, or in some cases cause us to determine that the property is not feasible for development. In addition, our competitors and local residents may challenge our efforts to obtain entitlements and permits for the development of properties. The process to comply with these regulations is usually lengthy and costly, may not result in the approvals we seek, and can be expected to materially affect our development activities.

Government regulations and legal challenges may delay the start or completion of the development of our communities, increase our expenses or limit our building of apartments or other activities.

Various local, state, and federal statutes, ordinances, rules, and regulations concerning building, health and safety, site and building design, environment, zoning, sales, and similar matters apply to or affect the real estate development industry. In addition, our ability to obtain or renew permits or approvals and the continued effectiveness of permits already granted or approvals already obtained depends on factors beyond our control, such as changes in federal, state, and local policies, rules and regulations, and their interpretations and application.

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Municipalities may restrict or place moratoriums on the availability of utilities, such as water and sewer taps. If municipalities in which we operate take such actions, it could have an adverse effect on our business by causing delays, increasing our costs, or limiting our ability to operate in those municipalities. These measures may reduce our ability to develop apartment communities and to build and sell other real estate development projects in the affected markets, including with respect to land we may already own, and create additional costs and administration requirements, which in turn may harm our future sales, margins, and earnings.

In addition, there is a variety of legislation being enacted, or considered for enactment, at the federal, state, and local level relating to energy and climate change. This legislation relates to items such as carbon dioxide emissions control and building codes that impose energy efficiency standards. New building code requirements that impose stricter energy efficiency standards could significantly increase our cost to construct buildings. Such environmental laws may affect, for example, how we manage storm water runoff, wastewater discharges, and dust; how we develop or operate properties on or affecting resources such as wetlands, endangered species, cultural resources, or areas subject to preservation laws; and how we address contamination. As climate change concerns continue to grow, legislation and regulations of this nature are expected to continue and increase costs of compliance. In addition, it is possible that some form of expanded energy efficiency legislation may be passed by the U.S. Congress or federal agencies and certain state legislatures, which may, despite being phased in over time, significantly increase our costs of building apartment communities and the sale price to our buyers and adversely affect our sales volumes. We may be required to apply for additional approvals or modify our existing approvals because of changes in local circumstances or applicable law.

Energy-related initiatives affect a wide variety of companies throughout the United States and the world and, because our operations are heavily dependent on significant amounts of raw materials, such as lumber, steel, and concrete, they could have an indirect adverse impact on our operations and profitability to the extent the manufacturers and suppliers of our materials are burdened with expensive cap and trade and similar energy-related taxes and regulations. Our noncompliance with environmental laws could result in fines and penalties, obligations to remediate, permit revocations, other sanctions and reputational harm. In addition, regulations and other expectations related to environmental matters and climate change are not uniform, and may be inconsistently interpreted or applied, which can increase the complexity and costs of compliance as well as any associated litigation or enforcement risks.

Governmental regulation affects not only construction activities but also sales activities, mortgage lending activities, and other dealings with consumers. Further, government agencies routinely initiate audits, reviews, or investigations of our business practices to ensure compliance with applicable laws and regulations, which can cause us to incur costs or create other disruptions in our business that can be significant. Further, we may experience delays and increased expenses as a result of legal challenges to our proposed communities, whether brought by governmental authorities or private parties.

Competition could limit our ability to lease apartment homes, increase or maintain rents or execute our development strategy.

Our apartment communities compete for residents with other housing alternatives, including other rental apartments and condominiums, and, to a lesser degree, single-family homes that are available for rent, as well as new and existing condominiums and single-family homes for sale. Competitive residential housing, as well as the lack of household formation and job creation in a particular area, could adversely affect our ability to lease apartment homes and to increase or maintain rental rates.

In addition, there are many developers, managers, and owners of apartment real estate and underdeveloped land, as well as REITs, private real estate companies, and investors, that compete with us, some of whom have greater financial resources and market share than us. If our competitors prevent us from realizing our real estate development objectives, our performance may fall short of our expectations and adversely affect our business.

Because real estate investments are relatively illiquid, we may not be able to sell apartment communities or other assets when appropriate.

Real estate investments are relatively illiquid and generally cannot be sold quickly. REIT tax rules also restrict our ability to sell apartment communities. Thus, we may not be able to change our portfolio promptly in response to changes in economic or other market conditions. Our ability to dispose of apartment communities in the future will depend on prevailing economic and market conditions, including the cost and availability of financing. This could have a material adverse effect on our financial condition or results of operations.

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Climate change may adversely affect our business.

To the extent that significant changes in the climate occur in areas where our properties are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Climate change may also have indirect effects on our business by increasing the costs of (or making unavailable) insurance on favorable terms, or at all, or requiring us to spend funds to repair and protect our properties against such risks. Should the impact of climate change be material in nature, including significant property damage to or destruction of our properties, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected. In addition, changes in federal, state and local legislation and regulations based on concerns about climate change could result in increased capital expenditures on our properties (for example, to improve their energy efficiency and/or resistance to inclement weather) without a corresponding increase in revenue, resulting in adverse impacts to our net income.

Potential liability or other expenditures associated with potential environmental contamination may be costly.

Various federal, state, and local laws subject real estate owners or operators to liability for management, and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings. Potentially hazardous materials may include polychlorinated biphenyls, petroleum-based fuels, lead-based paint, or asbestos, among other materials. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such real estate as well as the ability to sell or finance such real estate. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions, damages to natural resources, and for potential fines or penalties in connection with such damage or with respect to the improper management of hazardous materials. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur, or personal injury, disease, disability, or other infirmities related to the alleged presence of hazardous materials at an apartment community. In addition to potential environmental liabilities or costs associated with our current real estate, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future, or real estate we no longer own or operate.

Rent control laws and other regulations that limit our ability to increase rental rates may negatively impact our rental income and profitability.

State and local governmental agencies may introduce rent control laws or other regulations that limit our ability to increase rental rates, which may affect our rental income. Especially in times of recession and economic slowdown, rent control initiatives can acquire significant political support. If rent controls unexpectedly became applicable to certain of our properties, our revenue from and the value of such properties could be adversely affected.

Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.

Under the Americans with Disabilities Act of 1990 (“ADA”), all places intended to be used by the public are required to meet certain federal requirements related to access and use by disabled persons. The Fair Housing Amendments Act of 1988 (“FHAA”) requires apartment communities first occupied after March 13, 1991, to comply with design and construction requirements for disabled access. For those apartment communities receiving federal funds, the Rehabilitation Act of 1973 also has requirements regarding disabled access. These and federal, state, and local laws may require structural modifications to our apartment communities or changes in policy/practice or affect renovations of the communities. Noncompliance with these laws could result in the imposition of fines or an award of damages to private litigants and also could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. Although we believe that our apartment communities are substantially in compliance with present requirements, we may incur unanticipated expenses to comply with the ADA, the FHAA, and the Rehabilitation Act of 1973 in connection with the ongoing operation or redevelopment of our apartment communities.

Moisture infiltration and resulting mold remediation may be costly.

Although we are proactively engaged in managing moisture intrusion and preventing the presence of mold at our apartment communities, it is not unusual for periodic moisture intrusion to cause mold in isolated locations within an apartment community. We have implemented policies, procedures, and training, and include a detailed moisture intrusion and mold assessment during acquisition due diligence. We believe these measures will manage mold exposure at our apartment communities and will minimize the effects that mold may have on our residents. To date, we have not incurred any material costs or liabilities relating to claims of mold exposure or to abate mold conditions. We have only limited insurance coverage for property damage claims arising from the presence of mold and for personal injury claims related to mold exposure.

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Although we are insured for certain risks, the cost of insurance, increased claims activity, or losses resulting from casualty events may affect our financial condition and results of operations.

We are insured for a portion of our real estate assets’ exposure to casualty losses resulting from fire, earthquake, hurricane, tornado, flood, and other perils, which insurance is subject to deductibles and self-insurance retention. We recognize casualty losses or gains based on the net book value of the affected asset and the amount of any related insurance proceeds. In many instances, the actual cost to repair or replace the apartment community may exceed its net book value and any insurance proceeds. We recognize the uninsured portion of losses as casualty losses in the periods in which they are incurred. In addition, we are self-insured for a portion of our exposure to third-party claims related to our workers’ compensation coverage and general liability exposure. With respect to our exposure to claims of third parties, we establish reserves at levels that reflect our known and estimated losses. The ultimate cost of losses and the impact of unforeseen events may vary materially from recorded reserves, and variances may adversely affect our operating results and financial condition. We purchase insurance to reduce our exposure to losses and limit our financial losses on large individual risks. The availability and cost of insurance are determined by market conditions outside our control. No assurance can be made that we will be able to obtain and maintain insurance at the same levels and on the same terms as we do today. If we are not able to obtain or maintain insurance in amounts we consider appropriate for our business, or if the cost of obtaining such insurance increases materially, we may have to retain a larger portion of the potential loss associated with our exposures to risks.

Natural disasters and severe weather may affect our financial condition and results of operations.

Natural disasters such as earthquakes and severe weather such as hurricanes may result in significant damage to our real estate assets. The extent of our casualty losses and loss in operating income in connection with such events is a function of the severity of the event and the total amount of exposure in the affected area. When we have geographic concentration of exposures, a single catastrophe (such as an earthquake) or destructive weather event (such as a hurricane) affecting a region may have a significant adverse effect on our financial condition and results of operations. We cannot accurately predict natural disasters or severe weather, or the number and type of such events that will affect us. As a result, our operating and financial results may vary significantly from one period to the next. Although we anticipate and plan for losses, there can be no assurance that our financial results will not be adversely affected by our exposure to losses arising from natural disasters or severe weather in the future that exceed our previous experience and assumptions.

We depend on our senior management.

Our success and our ability to implement and manage anticipated future growth depend, in large part, upon the efforts of our senior management team, who have extensive market knowledge and relationships, and exercise substantial influence over our operational, financing, acquisition, and disposition activity. Members of our senior management team have national or regional industry reputations that attract business and investment opportunities and assist us in negotiations with lenders, existing and potential tenants, and other industry participants. The loss of services of one or more members of our senior management team, or our inability to attract and retain similarly qualified personnel, could adversely affect our business, diminish our investment opportunities, and weaken our relationships with lenders, business partners, existing and prospective tenants, and industry participants, which could adversely affect our financial condition, results of operations, and cash flow.

We rely on our property managers to manage our properties. If our property managers fail to efficiently manage our properties, tenants may not renew their leases, or we may become subject to unforeseen liabilities.

Our properties are managed by third parties. We do not supervise our third-party property managers or their employees on a day-to-day basis and we cannot assure you that they will manage such properties in a manner that is consistent with their obligations under our agreements, that they will not be negligent in their performance or engage in any criminal or fraudulent activity, or that they will not otherwise default on their management obligations to us. If any of the foregoing occurs, the relationships with our tenants at such properties could be damaged, which may cause the tenants not to renew their leases, and we could incur liabilities resulting from loss or injury to the properties or to persons at the properties. If we are unable to lease the properties or we become subject to significant liabilities as a result of our third-party property managers’ management performance, our financial condition and results of operations could be substantially harmed.

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Our business and operations would suffer in the event of significant disruptions or cyberattacks of our information technology systems or our failure to comply with laws, rules and regulations related to privacy and data protection.

Information technology, communication networks, and related systems (“IT Systems”), including systems maintained by third-party vendors with which we do business are essential to the operation of our business. We use these systems to manage our vendor relationships, internal communications, accounting and record-keeping systems, and many other key aspects of our business. Our operations rely on the secure processing, storage, and transmission of confidential, personal and other information (“Confidential Information") in our computer systems and networks, which also depend on the strength of our procedures and the effectiveness of our internal controls. We own and manage some of these IT Systems, but also rely on third parties for a range of IT Systems and related products and services, including but not limited to cloud computing services. Information security risks have generally increased in recent years due to the rise in new technologies and the increased sophistication and activities of perpetrators of cyberattacks.

We face numerous and evolving risks associated with energy blackouts, natural disasters, terrorism, war, telecommunication failures, and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems. The risk of a cyber incident has generally increased as the number, intensity and sophistication of attempted attacks have increased globally, including by computer hackers, foreign governments, information service interruptions and cyber terrorists, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware. Techniques used in cyber incidents evolve frequently, may originate from less regulated and remote areas of the world and be difficult to detect and may not be recognized until launched against a target. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, making it impossible for us to entirely eliminate this risk. Because we make use of third-party suppliers and service providers that support our internal- and external-facing operations, successful cyberattacks that disrupt or result in unauthorized access to third party IT Systems can materially impact our operations and financial results. Aimco Predecessor and our third-party vendors have been impacted by security incidents in the past and we and our third-party vendors will likely continue to experience security incidents of varying degrees. For example, unauthorized parties, whether within or outside the Company, may disrupt or gain access to our IT Systems, or those of third parties with whom we do business, through human error, misfeasance, fraud, trickery, or other forms of deceit, including break-ins, use of stolen credentials, social engineering, phishing, computer viruses or other malicious codes, and similar means of unauthorized and destructive tampering. While we do not believe that past incidents have had a material impact to date, as our reliance on technology increases, so do the risks of a security incident. The occurrence of any of the foregoing risks could have a material adverse effect on us.

We may also incur additional costs to remedy damages caused by such disruptions. There can be no assurance that our security efforts and measures will be fully implemented, complied with or effective or that attempted security breaches or disruptions would not be successful or damaging. Any compromise of our security could also result in a violation of applicable privacy and other laws, significant legal and financial exposure, damage to our reputation, loss, or misuse of the Confidential Information, and a loss of confidence in our security measures, which could harm our business, operating results, and financial condition. We also cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

Compliance with ever evolving federal and state laws relating to the handling of information about individuals involves significant expenditure and resources, and any failure by us or our vendors to comply may result in significant liability, negative publicity, and/or an erosion of trust, which could materially adversely affect our business, results of operations, and financial condition.

We receive, store, handle, transmit, use and otherwise process business information and information related to individuals, including from and about actual and prospective tenants, as well as our employees and service providers. We also depend on a number of third-party vendors in relation to the operation of our business, a number of which we rely on to process personal data on our behalf. While we may not be responsible for the compliance with certain laws, failure by such third parties to comply with those laws could result in harm to our reputation and brand and require us to expend significant resources.

We and our vendors are subject to a variety of federal and state data privacy laws, rules, regulations, industry standards and other requirements, including those that apply generally to the handling of information about individuals, and those that are specific to certain industries, sectors, contexts, or locations. These requirements, and their application, interpretation and amendment are constantly evolving and developing.

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We also are subject to laws, rules, and regulations in the United States, such as the California Consumer Protection Act (the “CCPA” (which became effective on January 1, 2020 and is amended by the California Privacy Rights Act)), relating to the collection, use, disclosure and security of employee and business contact data. For other personal data, including tenant, we rely on our third-party partners to store and process such data. Among other things, the CCPA: requires disclosures to such residents about the data collection, use and disclosure practices of covered businesses; provides such individuals expanded rights to access, delete, and correct their personal information, and opt-out of certain sales or transfers of personal information; and provides such individuals with a private right of action and statutory damages for certain data breaches. The enactment of the CCPA is prompting a wave of similar legislative developments in other states in the United States, which creates the potential for a patchwork of overlapping but different state laws. Evolving compliance and operational requirements under the CCPA and the privacy and data security laws of other jurisdictions in which we operate impose significant costs that are likely to increase over time. Our failure, or the failure of third-party partners we rely on to process data, to comply with laws, rules, and regulations related to privacy and data protection could harm our business or reputation.

Additionally, we rely on third-party property managers to run background checks on prospective tenants. Those third-party managers are considered “users” of consumer reports provided by consumer reporting agencies (“CRAs”) under the Fair Credit Reporting Act, as amended by the Fair and Accurate Credit Transactions Act (collectively, “FCRA”). FCRA regulates and protects consumer information and, among other things, imposes specific obligations “users” of consumer reports. Such obligations include notifying consumers when such reports are used to make an adverse decision, and, in the context of completing employee background checks, providing a notice containing certain disclosures to the consumer and obtaining their consent. Noncompliance with the FCRA can lead to civil and even criminal penalties, and it permits consumers to bring a private right of action if they are unsatisfied with the dispute resolution process.

Further, laws, regulations, and standards covering marketing, advertising, and other activities conducted by telephone, email, mobile devices, and the internet may be or become applicable to our business, such as the Telephone Consumer Protection Act (the “TCPA”), the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (the “CAN-SPAM Act”), and similar state consumer protection and communication privacy laws, such as California’s Invasion of Privacy Act.

Third-party property managers send short message service, or SMS, text messages to tenants. The actual or perceived improper sending of such text messages may subject us to potential risks, including liabilities or claims relating to consumer protection laws such as the TCPA. Numerous class-action suits under federal and state laws have been filed in recent years against companies who conduct telemarketing and/or SMS texting programs, with many resulting in multi-million-dollar settlements to the plaintiffs. Any future such litigation against us could be costly and time-consuming to defend. In particular, the TCPA imposes significant restrictions on the ability to make telephone calls or send text messages to mobile telephone numbers without the prior consent of the person being contacted. Federal or state regulatory authorities or private litigants may claim that the notices and disclosures we provide, form of consents we obtain or our SMS texting practices are not adequate or violate applicable law. This may in the future result in civil claims against us. Claims that we have violated the TCPA could be costly to litigate, whether or not they have merit, and could expose us to substantial statutory damages or costly settlements.

Third-party property managers send marketing messages via email and are subject to the CAN-SPAM Act. The CAN-SPAM Act imposes certain obligations regarding the content of emails and providing opt-outs (with the corresponding requirement to honor such opt-outs promptly). While we strive to ensure that all of our marketing communications comply with the requirements set forth in the CAN-SPAM Act, any violations could result in the FTC seeking civil penalties against us.

Moreover, as our third-party property managers accept debit and credit cards for payment, they are subject to the Payment Card Industry Data Security Standard (“PCI-DSS”), issued by the Payment Card Industry Security Standards Council. PCI-DSS contains compliance guidelines with regard to our security surrounding the physical and electronic storage, processing and transmission of cardholder data. If our third-party property managers or other service providers are unable to comply with the security standards established by banks and the payment card industry, we may be subject to fines, restrictions and expulsion from card acceptance programs, which could materially and adversely affect our business.

Any failure or perceived failure by us to comply with data privacy laws, rules, regulations, industry standards and other requirements could result in proceedings or actions against us by individuals, consumer rights groups, government agencies, or others. We could incur significant costs in investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business. Further, these proceedings and any subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of

operations, and financial condition could be materially adversely affected.

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We do not have control over the operations of our alternative and equity method investments, which could adversely affect our financial condition and results of operations.

Our interests in alternative investments consist of the mezzanine loan to the partnership owning the Parkmerced Apartments (the “Mezzanine Investment”), as well as our investments in IQHQ and real estate technology funds. Our equity method investments include ownership interests in unconsolidated real estate partnerships that own four operating properties and one land parcel held for development. These investments are subject to certain risks, including, but not limited to, exposure to the skill and capital of the controlling party, local market conditions, increases in construction financing costs (when applicable), and occupancy rates.

In 2023 and 2022, we recognized non-cash impairment charges on our Mezzanine Investment of $158.0 million and $212.6 million, respectively. The carrying value of the Mezzanine Investment was zero as of December 31, 2024 and 2023. While we have impaired and written down the carrying value of the Mezzanine Investment to zero and the mezzanine loan is in maturity default, the risk remains that all or a portion of the loan will not be repaid.

In 2024, we recognized a non-cash impairment of $48.6 million on our passive equity investment in IQHQ reducing the carrying value to $11.1 million.

There can be no assurances that we will not take additional charges in the future related to the impairment of our alternative and equity method investments. Any future impairment could have a material adverse effect on our financial condition and results of operations.

There may be, or there may be the appearance of, conflicts of interest in our relationship with AIR.

There may be, or there may be the appearance of, conflicts of interest in our relationship with AIR. The Separation was designed to minimize conflicts of interest between us and AIR, and the volume of transactions with AIR has significantly decreased since the Separation. While AIR is not a related party, there can be no assurance that such conflicts, or appearance of conflicts, do not exist.

Actual, potential, or perceived conflicts could give rise to investor dissatisfaction, settlements with stockholders, litigation or regulatory inquiries or enforcement actions. Appropriately dealing with conflicts of interest is complex and difficult, and our reputation could be damaged if we fail, or appear to fail, to deal appropriately with one or more potential, actual, or perceived conflicts of interest. Regulatory scrutiny of, or litigation in connection with, conflicts of interest could have a material adverse impact on our reputation, which could materially adversely affect our business in a number of ways, including causing a reluctance of counterparties to do business with us, a decrease in the prices of our equity securities, and a resulting increased risk of litigation and regulatory enforcement actions.

Our business could be negatively affected as a result of the actions of activist stockholders.

Publicly traded companies have increasingly become subject to campaigns by investors advocating corporate actions such as financial restructuring, increased borrowing, special dividends, stock repurchases, or sales of assets or the entire company. We have been subject to stockholder activism in the past and given our stockholder composition and other factors, it is possible our stockholders or future activist stockholders may attempt to effect such changes in the future. Responding to proxy contests and other actions by such activist stockholders or others would be costly and time-consuming, disrupt our operations and divert the attention of our board of directors (the "Board") and senior management team from the pursuit of business strategies, which could adversely affect our results of operations and financial condition. Additionally, perceived uncertainties as to our future direction as a result of stockholder activism or changes to the composition of our Board may lead to the perception of a change in the direction of the business, instability, or lack of continuity, which may be exploited by our competitors, cause concern to our current or potential lenders, partners, or others with whom we do business, and make it more difficult to attract and retain qualified personnel.

We are seeking to maximize shareholder value by exploring strategic alternatives. There can be no assurance that we will be successful in executing a strategic transaction.

We are actively considering strategic alternatives in an effort to unlock and maximize stockholder value. These strategic alternatives may include, but not be limited to, exploration of potential sales of the major components of the business (in one or a series of transactions), an acceleration of individual asset sales, or a sale or merger of the Company as a whole. We may not be able to identify or consummate a suitable transaction and do not currently have any commitments relating to any transactions. We may not be able to successfully implement a strategic transaction we pursue, and even if we determine to pursue one or more strategic transactions, we may be unable to do so on acceptable financial terms and any such transaction may not improve the market price of our common stock. Pursuing a strategic opportunity is subject to risks, including those outlined herein, and if we are unsuccessful in consummating a strategic transaction, our business could be materially adversely affected.

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RISKS RELATED TO OUR INDEBTEDNESS AND FINANCING

Our debt financing could result in foreclosure of our apartment communities, prevent us from making distributions on our equity, or otherwise adversely affect our liquidity.

A significant number of our assets, including apartment communities, land, and construction projects serve as collateral for our credit facility, property debt and construction loans. Our secured credit facility matures in December 2025. Certain of our subsidiaries have existing secured property-level debt equal to approximately $689.9 million and construction loans of approximately $393.8 million as of December 31, 2024. Over time, we are likely to become party to additional financing arrangements, which may include credit facilities or other bank debt, bonds, and mortgage financing. Our organizational documents do not limit the amount of debt that we may incur, and we have significant amounts of debt outstanding. Payments of principal and interest may leave us with insufficient cash resources to operate our communities or pay distributions required to maintain our qualification as a REIT.

In connection with such financing activities, we are subject to the risk that our cash flow from operations will be insufficient to make required payments of principal and interest, and the risk that our indebtedness may not be refinanced or that the terms of any refinancing will not be as favorable as the terms of then-existing indebtedness. If we fail to make required payments of principal and interest on our non-recourse property debt, our lenders could foreclose on the apartment communities and other collateral securing such debt, which would result in the loss to us of income and asset value.

Disruptions in the financial markets could affect our ability to obtain financing and the cost of available financing and could adversely affect our liquidity.

Our ability to obtain financing and the cost of such financing depends on the overall condition of the United States credit markets. During periods of economic uncertainty, the United States credit markets may experience significant liquidity disruptions, which may cause the spreads on debt financings to widen considerably and make obtaining financing, including, but not limited to non-recourse property debt secured by stabilized properties, construction loans, and corporate borrowings such as those under our credit facilities, more difficult. In particular, apartment borrowers have benefited from the historic willingness of the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), to make substantial amounts of loans secured by multifamily properties, even in times of economic distress. These two lenders are federally chartered and subject to federal regulation, which is subject to change, making uncertain their prospects and ability to provide liquidity in a future downturn.

If our ability to obtain financing is adversely affected, we may be unable to satisfy scheduled maturities on existing financings through other sources of liquidity, which could result in a lender foreclosure on the apartment communities securing such debt and loss of income and asset value, both of which would adversely affect our liquidity.

Increases in interest rates would increase our interest expense and reduce our profitability and could adversely affect our business, operating results, and financial condition.

Our revolving secured credit facility contains a variable interest rate, which may be based, in part, on the Secured Overnight Financing Rate ("SOFR"). We also have certain non-recourse property debt and construction loans that are based on variable interest rate indexes. An increase or decrease in these variable interest rate indexes would likely increase or decrease our interest expense. An increase in interest expense may affect our profitability.

Covenant restrictions may limit our operations and impact our ability to make payments to our investors.

Some of our existing and/or future debt and other securities may contain covenants that restrict our activities. These may include covenants that limit our operations or impact our ability to make distributions or other payments unless certain financial tests or other criteria are satisfied, as well as certain other customary affirmative and negative covenants.

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We may increase leverage in executing our development plan, which could further exacerbate the risks associated with our indebtedness.

We may decide to increase our leverage to execute our development plan. We will consider a number of factors when evaluating our level of indebtedness and when making decisions regarding the incurrence of new indebtedness, including the estimated market value of our assets and the ability of particular assets, and our company as a whole, to generate cash flow to cover the expected debt service. Although our credit facility may limit our ability to incur additional indebtedness, our governing documents do not limit the amount of debt we may incur, and we may change our target debt levels at any time without the approval of our stockholders. In addition, we may incur additional indebtedness from time to time in the future to finance working capital, capital expenditures, investments or acquisitions, or for other purposes. If we increase leverage, the risk related to our indebtedness could also increase.

RISKS RELATED TO TAX LAWS AND REGULATIONS

Aimco may fail to qualify as a REIT.

If Aimco fails to qualify as a REIT, Aimco will not be allowed a deduction for dividends paid to its stockholders in computing its taxable income and will be subject to United States federal income tax at regular corporate rates. This would substantially reduce our funds available for general corporate usage or for distribution to our investors. Unless entitled to relief under certain provisions of the Code, Aimco also would be disqualified from taxation as a REIT for the four taxable years following the year during which it ceased to qualify as a REIT. In addition, Aimco's failure to qualify as a REIT may place us in default under our credit facilities.

We believe Aimco operates, and has since its taxable year ended December 31, 1994, operated, in a manner that enables it to meet the requirements for qualification and taxation as a REIT. However, qualification as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist. Moreover, even a technical or inadvertent mistake could jeopardize Aimco's REIT status. Aimco's continued qualification as a REIT will depend on its satisfaction of certain asset, income, investment, organizational, distribution, stockholder ownership, and other requirements on a continuing basis. Aimco's ability to satisfy the asset tests depends upon the fair market values of our assets, some of which are not susceptible to a precise determination, and for which we do not obtain independent appraisals. Aimco's compliance with the REIT annual income and quarterly asset requirements also depends upon our ability to successfully manage the composition of our income and assets on an ongoing basis. Moreover, the proper classification of an instrument as debt or equity for United States federal income tax purposes may be uncertain in some circumstances, which could affect the application of the REIT qualification requirements. Accordingly, there can be no assurance that the Internal Revenue Service (the “IRS”), will not contend that Aimco's interests in subsidiaries or other issuers constitute a violation of the REIT requirements. Moreover, future economic, market, legal, tax, or other considerations may cause Aimco to fail to qualify as a REIT, or the Board may determine to revoke its REIT status.

REIT distribution requirements limit our available cash.

As a REIT, Aimco is subject to annual distribution requirements. Aimco pays distributions, including taxable stock dividends, intended to enable it to satisfy its distribution requirements. This limits the amount of cash available for other business purposes, including amounts to fund our growth. Aimco generally must distribute annually at least 90% of its “real estate investment trust taxable income,” which is generally equivalent to net taxable ordinary income, determined without regard to the dividends paid deduction and excluding any net capital gain, in order to qualify as a REIT. To the extent that Aimco does not distribute all of its net capital gain, or distributes at least 90% but less than 100%, of its "real estate investment trust taxable income," it will be required to pay United States federal corporate income tax on the undistributed amount. We intend to make distributions to Aimco's stockholders to comply with the requirements applicable to REITs under the Code (which may be all cash or combination of cash and stock satisfying the requirements of applicable law). However, differences in timing between the recognition of taxable income and the actual receipt of cash could require us to sell apartment communities or borrow funds on a short-term or long-term basis to meet the 90% distribution requirement of the Code.

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Aimco may be subject to federal, state, and local income taxes in certain circumstances.

Even as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on its undistributed income, as described above. Aimco could also be required to pay a 100% tax on any net income on non-arm’s-length transactions between us and a taxable REIT subsidiary (“TRS”) and on any net income from sales of apartment communities or other property treated as held primarily for sale to customers in the ordinary course of its business. State and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions in which Aimco transacts business. Any taxes imposed on Aimco would reduce our operating cash flow and net income and could negatively impact our ability to pay dividends and distributions.

Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.

REITs are entitled to a United States federal income tax deduction for dividends paid to their stockholders. Through this dividends paid deduction, a REIT may reduce or eliminate its entity-level United States federal income tax liability, which generally results in a lower combined tax liability of the REIT and its stockholders as compared to that of the combined tax liability of other taxable C-corporations and their stockholders. Notwithstanding this combined benefit, as discussed below, dividends payable by REITs may result in marginally higher taxes to the stockholder.

C-corporations are generally required to pay a corporate-level United States federal income tax on their income, which will reduce the amount available for distribution to stockholders. Dividends paid by a C-corporation may constitute "qualified dividends." The maximum United States federal tax rate applicable to income from “qualified dividends” payable to United States stockholders that are individuals, trusts, and estates is currently 20%, plus the 3.8% investment tax surcharge. While dividends payable by REITs are generally not eligible for the qualified dividend reduced rates, stockholders that are individuals, trusts, or estates, and meet certain requirements, may generally deduct 20% of the aggregate amount of ordinary dividends from REITs. This deduction is available for taxable years beginning after December 31, 2017, and before January 1, 2026, and will generally cause the maximum tax rate for ordinary dividends from REITs to be 29.6%, plus the 3.8% investment tax surcharge. The more favorable tax rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts, and estates to perceive investments in REITs to be relatively less attractive than investments in the shares of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including Aimco Common Stock.

Complying with the REIT requirements may cause Aimco to forgo otherwise attractive business opportunities.

To qualify as a REIT, Aimco must continually satisfy tests concerning, among other things, the sources of its income, the nature and diversification of its assets, the amounts distributed to its stockholders, and the ownership of its stock. As a result of these tests, Aimco may be required to make distributions to stockholders at disadvantageous times or when Aimco does not have funds readily available for distribution, forgo otherwise attractive investment opportunities, liquidate assets in adverse market conditions, or contribute assets to a TRS that is subject to regular corporate federal income tax.

Changes to United States federal income tax laws could materially and adversely affect Aimco and Aimco’s stockholders.

The present United States federal income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial, or administrative action at any time, which could affect the United States federal income tax treatment of an investment in Aimco's Common Stock. The United States federal income tax rules dealing with REITs are constantly under review by persons involved in the legislative process, the IRS, and the United States Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations. We cannot predict how changes in the tax laws might affect Aimco or its stockholders. Revisions in federal tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT and the tax considerations relevant to an investment in Aimco's Common Stock or could cause us to change our investments and commitments.

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If the Aimco Operating Partnership were to fail to qualify as a partnership for federal income tax purposes, Aimco would fail to qualify as a REIT and suffer other adverse consequences.

We believe that the Aimco Operating Partnership has been organized and operated in a manner that will allow it to be treated as a partnership, and not an association or publicly traded partnership taxable as a corporation, for federal income tax purposes. As a partnership, the Aimco Operating Partnership is not subject to federal income tax on its income. Instead, each of its partners, including Aimco, is allocated, and may be required to pay tax with respect to, that partner’s share of the Aimco Operating Partnership’s income. No assurance can be provided, however, that the IRS will not challenge the Aimco Operating Partnership’s status as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating the Aimco Operating Partnership as an association or publicly traded partnership taxable as a corporation for federal income tax purposes, Aimco would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, would cease to qualify as a REIT. Such REIT qualification failure could impair our ability to expand our business and raise capital, and could materially adversely affect the value of Aimco’s stock and the Aimco Operating Partnership’s units. Also, the failure of the Aimco Operating Partnership to qualify as a partnership would cause it to become subject to federal corporate income tax, which could reduce significantly the amount of its cash available for debt service and for distribution to its partners, including Aimco.

RISKS RELATED TO AIMCO OPERATING PARTNERSHIP UNITS

There are restrictions on the ability to transfer and redeem Aimco Operating Partnership Units, there is no public market for Aimco Operating Partnership Units and holders of Aimco Operating Partnership Units are subject to dilution.

The Aimco Operating Partnership agreement restricts the transferability of OP Units. Until the expiration of a one-year holding period, subject to certain exceptions, investors may not transfer OP Units without the consent of Aimco Operating Partnership’s general partner. Thereafter, investors may transfer such OP Units subject to the satisfaction of certain conditions, including the general partner’s right of first refusal. In addition, after the expiration of the one-year holding period, investors have the right, subject to the terms of Aimco Operating Partnership’s agreement, to require Aimco Operating Partnership to redeem all or a portion of such investor’s OP Units (in exchange for shares of our Common Stock or cash, at the Aimco Operating Partnership’s discretion) once per quarter on an exchange date set by Aimco Operating Partnership, provided such investor provides notice at least 45 days prior to the quarterly exchange date. There is no public market for the OP Units. Aimco Operating Partnership has no plans to list any OP Units on a securities exchange. It is unlikely that any person will make a market in the OP Units, or that an active market for the OP Units will develop. If a market for the OP Units develops and the OP Units are considered “readily tradable” on a “secondary market (or the substantial equivalent thereof),” Aimco Operating Partnership would be classified as a publicly traded partnership for U.S. federal income tax purposes, which could have a material adverse effect on Aimco Operating Partnership and its unitholders.

In addition, Aimco Operating Partnership may issue an unlimited number of additional OP Units or other securities for such consideration and on such terms as it may establish, without the approval of the holders of OP Units. Such securities could have priority over the OP Units as to cash flow, distributions, and liquidation proceeds. The effect of any such issuance may be to dilute the interests of holders of OP Units.

Cash distributions by Aimco Operating Partnership are not guaranteed and may fluctuate with partnership performance.

Aimco Operating Partnership does not intend to make regular distributions to holders of OP Units (other than what is required for Aimco to maintain its REIT status or return capital to stockholders). There can be no assurance regarding the amounts of available cash that Aimco Operating Partnership will generate or the portion that its general partner will choose to distribute. The actual amounts of available cash will depend upon numerous factors, including profitability of operations, required principal and interest payments on its debt, the cost of acquisitions (including related debt service payments), its issuance of debt and equity securities, fluctuations in working capital, capital expenditures, adjustments in reserves, prevailing economic conditions, and financial, business, and other factors, some of which may be beyond Aimco Operating Partnership’s control. Cash distributions depend primarily on cash flow, including from reserves, and not on profitability, which is affected by non-cash items. Therefore, cash distributions may be made during periods when our operating partnership records losses and may not be made during periods when it records profits. The Aimco Operating Partnership agreement gives the general partner discretion in establishing reserves for the proper conduct of the partnership’s business that will affect the amount of available cash. Aimco Operating Partnership may be required to make reserves for the future payment of principal and interest under its credit facilities and other indebtedness. In addition, Aimco Operating Partnership’s credit facilities may limit its ability to distribute cash to holders of OP Units. As a result of these and other factors, there can be no assurance regarding actual levels of cash distributions on OP Units, and Aimco Operating Partnership’s ability to distribute cash may be limited during the existence of any events of default under any of its debt instruments.

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Holders of OP Units have limited voting rights and are limited in their ability to effect a change of control.

Aimco Operating Partnership is managed and operated by its general partner, Aimco. Unlike the holders of common stock in a corporation, holders of OP Units have only limited voting rights on matters affecting Aimco Operating Partnership’s business. Such matters relate to certain amendments of the partnership agreement and certain transactions such as the institution of bankruptcy proceedings, an assignment for the benefit of creditors and certain transfers by the general partner of its interest in Aimco Operating Partnership or the admission of a successor general partner. Holders of OP Units have no right to elect the general partner on an annual or other continuing basis, or to remove the general partner. As a result, holders of OP Units have limited influence on matters affecting the operation of Aimco Operating Partnership, and third parties may find it difficult to attempt to gain control over, or influence the activities of, Aimco Operating Partnership.

The limited partners of Aimco Operating Partnership are unable to remove the general partner or to vote in the election of our directors unless they own shares of Aimco. In order to comply with specific REIT tax requirements, Aimco's charter has restrictions on the ownership of its equity securities. As a result, Aimco Operating Partnership limited partners and Aimco's stockholders are limited in their ability to effect a change of control of Aimco Operating Partnership and Aimco, respectively.

Holders of OP Units may not have limited liability in specific circumstances.

The limitations on the liability of limited partners for the obligations of a limited partnership have not been clearly established in some states. If it were determined that Aimco Operating Partnership had been conducting business in any state without compliance with the applicable limited partnership statute, or that the right or the exercise of the right by the holders of OP Units as a group to make specific amendments to the agreement of limited partnership or to take other action under the agreement of limited partnership constituted participation in the “control” of Aimco Operating Partnership’s business, then a holder of OP Units could be held liable under specific circumstances for our operating partnership’s obligations to the same extent as the general partner.

Aimco may have conflicts of interest with holders of OP Units.

Conflicts of interest could arise in the future as a result of the relationships between the general partner of Aimco Operating Partnership and its affiliates (including Aimco), on the one hand, and Aimco Operating Partnership or any partner thereof, on the other. The directors and officers of the general partner have fiduciary duties to manage the general partner in a manner beneficial to us, as the sole stockholder of the general partner. At the same time, as the general partner of our operating partnership, we have fiduciary duties to manage Aimco Operating Partnership in a manner beneficial to Aimco Operating Partnership and its limited partners. The duties of the general partner of Aimco Operating Partnership to Aimco Operating Partnership and its partners may therefore come into conflict with the duties of the directors and officers of the general partner to its sole stockholder, Aimco. Such conflicts of interest might arise in the following situations, among others:

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decisions of the general partner with respect to the amount and timing of cash expenditures, borrowings, issuances of additional interests and reserves in any quarter, will affect whether or the extent to which there is available cash to make distributions in a given quarter;
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whenever possible, the general partner seeks to limit Aimco Operating Partnership’s liability under contractual arrangements to all or particular assets of Aimco Operating Partnership, with the other party thereto having no recourse against the general partner or its assets;
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any agreements between Aimco Operating Partnership and the general partner and its affiliates will not grant to the holders of OP Units, separate and distinct from Aimco Operating Partnership, the right to enforce the obligations of the general partner and such affiliates in favor of our operating partnership. Therefore, the general partner, in its capacity as the general partner of Aimco Operating Partnership, will be primarily responsible for enforcing such obligations; and
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under the terms of the Aimco Operating Partnership agreement, the general partner is not restricted from causing Aimco Operating Partnership to pay the general partner or its affiliates for any services rendered on terms that are fair and reasonable to Aimco Operating Partnership or entering into additional contractual arrangements with any of such entities on behalf of our operating partnership. Neither the Aimco Operating Partnership agreement nor any of the other agreements, contracts, and arrangements between Aimco Operating Partnership, on the one hand, and the general partner of Aimco Operating Partnership and its affiliates, on the other, are or will be the result of arm’s-length negotiations.

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Provisions in the Aimco Operating Partnership agreement may limit the ability of a holder of OP Units to challenge actions taken by the general partner.

Delaware law provides that, except as provided in a partnership agreement, a general partner owes the fiduciary duties of loyalty and care to the partnership and its limited partners. The Aimco Operating Partnership agreement expressly authorizes the general partner to enter into, on behalf of Aimco Operating Partnership, a right of first opportunity arrangement and other conflict avoidance agreements with various affiliates of Aimco Operating Partnership and the general partner, on such terms as the general partner, in its sole and absolute discretion, believes are advisable. The latitude given in the Aimco Operating Partnership agreement to the general partner in resolving conflicts of interest may significantly limit the ability of a holder of OP Units to challenge what might otherwise be a breach of fiduciary duty. The general partner believes, however, that such latitude is necessary and appropriate to enable it to serve as the general partner of Aimco Operating Partnership without undue risk of liability.

The Aimco Operating Partnership agreement limits the liability of the general partner for actions taken in good faith. Aimco Operating Partnership’s partnership agreement expressly limits the liability of the general partner by providing that the general partner, and its officers and directors, will not be liable or accountable in damages to Aimco Operating Partnership, the limited partners, or assignees for errors in judgment or mistakes of fact or law or of any act or omission if the general partner or such director or officer acted in good faith. In addition, Aimco Operating Partnership is required to indemnify the general partner, its affiliates, and their respective officers, directors, employees, and agents to the fullest extent permitted by applicable law, against any and all losses, claims, damages, liabilities, joint or several, expenses, judgments, fines, and other actions incurred by the general partner or such other persons, provided that Aimco Operating Partnership will not indemnify for (i) willful misconduct or a knowing violation of the law or (ii) for any transaction for which such person received an improper personal benefit in violation or breach of any provision of the partnership agreement. The provisions of Delaware law that allow the common law fiduciary duties of a general partner to be modified by a partnership agreement have not been resolved in a court of law, and the general partner has not obtained an opinion of counsel covering the provisions set forth in the Aimco Operating Partnership agreement that purport to waive or restrict the fiduciary duties of the general partner that would be in effect under common law were it not for the partnership agreement.

RISKS RELATED TO OUR ORGANIZATIONAL STRUCTURE

Aimco Operating Partnership and its subsidiaries may be prohibited from making distributions and other payments.

All of Aimco Operating Partnership’s real estate assets are owned by subsidiaries of our operating partnership. As a result, Aimco Operating Partnership depends on distributions and payments from its subsidiaries in order to satisfy our financial obligations and make payments to our equity holders, as applicable. The ability of Aimco Operating Partnership and its subsidiaries to make such distributions and other payments depends on their earnings and cash flows and may be subject to statutory or contractual limitations, including covenants in some of our existing and/or future debt agreements. As an equity investor in our subsidiaries, our right to receive assets upon their liquidation or reorganization are effectively subordinated to the claims of their creditors and any holders of preferred equity senior to our equity investments. To the extent that we are recognized as a creditor of such subsidiaries, our claims may still be subordinate to any security interest in or other lien on their assets and to any of their debt or other obligations that are senior to our claims.

Limits on ownership of shares specified in Aimco’s charter may result in the loss of economic and voting rights by purchasers that violate those limits.

Aimco's charter limits ownership of Common Stock by any single stockholder (applying certain “beneficial ownership” rules under the federal tax and securities laws) to 8.7% (or up to 12.0% upon a waiver from Aimco’s Board) of outstanding shares of Common Stock, or 15% in the case of certain pension trusts, registered investment companies, and certain individuals (or up to 20.0% for such pension trusts or registered investment companies upon a waiver from Aimco’s Board). Aimco's charter also limits ownership of Aimco's Common Stock and preferred stock by any single stockholder to 8.7% of the value of the outstanding Common Stock and preferred stock, or 15% in the case of certain pension trusts, registered investment companies, and certain individuals. The charter also prohibits anyone from buying shares of Aimco's capital stock if the purchase would result in Aimco losing its REIT status. This could happen if a transaction results in fewer than 100 persons owning all of Aimco's shares of capital stock or results in five or fewer persons (applying certain attribution rules of the Code) owning more than 50% of the value of all of Aimco's shares of capital stock. If anyone acquires shares in excess of the ownership limit or in violation of the ownership requirements of the Code for REITs:

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the transfer will be considered null and void;
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we will not reflect the transaction on Aimco’s books;
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we may institute legal action to enjoin the transaction;

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•
we may demand repayment of any dividends received by the affected person on those shares;
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we may redeem the shares;
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the affected person will not have any voting rights for those shares; and
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the shares (and all voting and dividend rights of the shares) will be held in trust for the benefit of one or more charitable organizations designated by Aimco.

Aimco may purchase the shares of capital stock held in trust at a price equal to the lesser of the price paid by the transferee of the shares or the then current market price. If the trust transfers any of the shares of capital stock, the affected person will receive the lesser of the price paid for the shares or the then current market price. An individual who acquires shares of capital stock that violate the above rules bears the risk that the individual:

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may lose control over the power to dispose of such shares;
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may not recognize profit from the sale of such shares if the market price of the shares increases;
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may be required to recognize a loss from the sale of such shares if the market price decreases; and
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may be required to repay to us any dividends received from us as a result of his or her ownership of the shares.

Aimco’s charter may limit the ability of a third-party to acquire control of Aimco.

The 8.7% and other ownership limits discussed above may have the effect of delaying or precluding acquisition by a third-party of control of Aimco without the consent of Aimco's Board. Aimco's charter authorizes its Board to issue up to 510,587,500 shares of capital stock, which consists entirely of Common Stock as of December 31, 2024. Under Aimco's charter, Aimco's Board has the authority to classify and reclassify any of our unissued shares of capital stock into shares of capital stock with such preferences, conversion or other rights, voting power restrictions, limitations as to dividends, qualifications, or terms or conditions of redemptions as the Board may determine. The authorization and issuance of a new class of capital stock could have the effect of delaying or preventing someone from taking control of Aimco, where there is a difference of opinion between Aimco's Board and others as to what is in Aimco's stockholders’ best interests.

The Maryland General Corporation Law may limit the ability of a third-party to acquire control of Aimco.

As a Maryland corporation, Aimco is subject to various Maryland laws that may have the effect of discouraging offers to acquire us and increasing the difficulty of consummating any such offers, where there is a difference of opinion between our Board and others as to what is in our stockholders’ best interests or where our Board does not approve an offer. The Maryland General Corporation Law, specifically the Maryland Business Combination Act, restricts mergers and other business combination transactions between us and any person who acquires, directly or indirectly, beneficial ownership of shares of our stock representing 10% or more of the voting power without our Board's prior approval. Any such business combination transaction could not be completed until five years after the person acquired such voting power, and generally only with the approval of stockholders representing 80% of all votes entitled to be cast and 66-2/3% of the votes entitled to be cast, excluding the interested stockholder, or upon payment of a fair price. The Maryland General Corporation Law, specifically the Maryland Control Share Acquisition Act, provides generally that a person who acquires shares of our capital stock representing 10% or more of the voting power in electing directors will have no voting rights unless approved by a vote of two-thirds of the shares eligible to vote. Additionally, the Maryland General Corporation Law provides, among other things, that the Board has broad discretion in adopting stockholders’ rights plans and has the sole power to fix the record date, time, and place for special meetings of the stockholders. To date, we have not adopted a stockholders’ rights plan. In addition, the Maryland General Corporation Law provides that a corporation that:

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has at least three directors who are not officers or employees of the entity or related to an acquiring person; and
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has a class of equity securities registered under the Securities Exchange Act of 1934, as amended, may elect in its charter or bylaws or by resolution of the board of directors to be subject to all or part of a special subtitle (which we refer to as the “Maryland Unsolicited Takeovers Act” or “MUTA”) that provides that:
o
the corporation will have a classified board of directors;
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any director may be removed only for cause and by the vote of two-thirds of the votes entitled to be cast in the election of directors generally, even if a lesser proportion is provided in the charter or bylaws;
o
the number of directors may only be set by the board of directors, even if the procedure is contrary to the charter or bylaws;

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o
vacancies may only be filled by the remaining directors, even if the procedure is contrary to the charter or bylaws; and
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the secretary of the corporation may call a special meeting of stockholders at the request of stockholders only on the written request of the stockholders entitled to cast at least a majority of all the votes entitled to be cast at the meeting, even if the procedure is contrary to the charter or bylaws.

In connection with the Separation, the board of directors of Aimco Predecessor elected for Aimco to be subject to all of the provisions of MUTA until the 2024 annual meeting of stockholders. As of the 2023 annual meeting of stockholders, (i) Aimco is no longer subject to any of the provisions of MUTA, and (ii) Aimco is prohibited from electing to be subject to MUTA without the approval of its stockholders. Additionally, at the 2023 annual meeting of stockholders, Aimco’s Charter was amended to (i) lower the threshold for stockholders to remove directors to a simple majority of shares outstanding, eliminate the requirement that such removal be for “cause,” and enable stockholders to fill vacancies on the Board created by stockholder action, and (ii) reduce to a simple majority the stockholder vote required to amend the Charter and Amended and Restated Bylaws.

ITEM 1B. UNRESOL VED STAFF COMMENTS

None.

ITEM 1C. CYBER SECURITY

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

We use the NIST Cybersecurity Framework and CIS Critical Security Controls as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet any particular technical standards, specifications, or requirements.

Our cybersecurity risk management program is integrated with our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes the following key elements:

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risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment;
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a team comprised of IT personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents;
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the use of external cybersecurity service providers, where appropriate, to monitor, assess, test or otherwise assist with aspects of our security processes;
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cybersecurity awareness training of employees with access to our IT systems;
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a cybersecurity incident response plan and Security Operations Center (SOC) to respond to cybersecurity incidents; and
•
a third-party risk management process for service providers.

There can be no assurance that our cybersecurity risk management program, including our controls, procedures and processes, will be fully complied with or that our program will be fully effective in protecting the confidentiality, integrity and availability of our information systems, product and network.

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We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized and material, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. These and other risks related to cybersecurity matters are described in more detail in Item 1A. Risk Factors.

Cybersecurity Governance

Our Board considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. The Audit Committee oversees management’s design, implementation, and enforcement of our cybersecurity risk management program.

Our Chief Information Officer (CIO) reports to the Chief Administrative Officer & General Counsel and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CIO on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. Audit Committee members also receive periodic presentations on cybersecurity topics from our CIO, supported by our internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies.

Our CIO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment.

Our CIO is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO has primary responsibility for leading our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity service providers. Our CIO has been publicly recognized as a cybersecurity thought leader by leading industry analysts. Our CIO has over 25 years of technical leadership and industry experience, which is inclusive of global experience in managing and leading IT and cybersecurity teams. Our cybersecurity team holds industry standard certifications and participates in routine training.

ITEM 2. PR OPERTIES

We own a geographically diversified portfolio of operating properties that produce stable cash flow and serves to balance the risk and highly variable cash flows associated with our portfolio of development and redevelopments and value-add investments. Our entire portfolio of operating properties includes 24 apartment communities (20 consolidated properties and four unconsolidated properties) located in eight major U.S. markets and with average rents in line with local market averages (generally defined as B class). We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the "Brickell Assemblage"), in a land assemblage that is under contract to be sold. Our current development and redevelopment portfolio consists of 9 properties, including developable land, located primarily in Southeast Florida, the Washington, D.C. Metro Area and Colorado's Front Range.

Additional information about our consolidated real estate, including property debt, is contained in “Schedule III - Real Estate and Accumulated Depreciation” in this Annual Report on Form 10-K.

ITEM 3. LEGAL PR OCEEDINGS

From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or result of operations.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Aimco

Aimco's Common Stock is listed and traded on the NYSE under the symbol “AIV”.

On February 21, 2025, there were 141,967,654 shares of Common Stock outstanding, held by 898 stockholders of record. The number of holders does not include individuals or entities who beneficially own shares but whose shares are held of record by a broker or clearing agency but does include each such broker or clearing agency as one record holder.

Unregistered Sales of Equity Securities

From time to time, Aimco may issue shares of its Common Stock in exchange for OP Units, defined under the Aimco Operating Partnership heading below. Such shares are issued based on an exchange ratio of one share for each OP Unit. Aimco may also issue shares of its Common Stock in exchange for limited partnership interests in consolidated real estate partnerships.

During the year ended December 31, 2024, no shares of Common Stock were issued in exchange for OP Units in such transactions. Had any such shares been issued, the issuances would have been effected in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended.

Repurchases of Equity Securities

The following table summarizes Aimco's share repurchases, all of which were part of publicly announced programs:

Fiscal Period |  | Total Number of Shares Repurchased |  |  | Weighted Average Price Paid per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  |  | Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs (1) |
October 1 - 31, 2024 |  |  | 185,305 |  |  | $ | 8.61 |  |  |  | 185,305 |  |  |  | 16,642,618 |
November 1 - 30, 2024 |  |  | 154,516 |  |  |  | 8.55 |  |  |  | 154,516 |  |  |  | 16,488,102 |
December 1 - 31, 2024 |  |  | 222,600 |  |  |  | 8.40 |  |  |  | 222,600 |  |  |  | 16,265,502 |
Total |  |  | 562,421 |  |  | $ | 8.51 |  |  |  | 562,421 |  |  |  |

(1) On July 28, 2022, Aimco announced that the Board authorized Aimco to repurchase up to 15 million shares of its outstanding Common Stock. On November 6, 2023, Aimco announced that the Board authorized Aimco to repurchase up to an additional 15 million shares of its outstanding Common Stock, for a total of 30 million shares. Subject to certain blackout restrictions, these repurchases may be made from time to time in the open market or in privately negotiated transactions. These share repurchase authorizations have no expiration date.

Aimco Operating Partnership

There is no public market for OP Units, and Aimco Operating Partnership has no intention of listing OP Units on any securities exchange. In addition, Aimco Operating Partnership’s Partnership agreement restricts the transferability of OP Units.

On February 21, 2025, there were 153,654,197 OP Units and equivalents outstanding (of which 141,967,654 were held by Aimco), that were held by 1,894 unitholders of record.

Unregistered Sales of Equity Securities

Aimco Operating Partnership did not issue any unregistered OP Units during the twelve months ended December 31, 2024.

Repurchases of Equity Securities

Aimco Operating Partnership’s Partnership agreement generally provides that after holding OP Units for one-year, limited partners other than Aimco have the right to redeem their OP Units for cash or, at its election, shares of Aimco Common Stock on a one-for-one basis (subject to customary antidilution adjustments). During the three months ended December 31, 2024, no OP Units were redeemed in exchange for shares of Common Stock and 34,001 OP Units were redeemed in exchange for cash at an aggregate weighted average price per unit of $8.75.

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The following table summarizes repurchases, or redemptions in exchange for cash, of the Aimco Operating Partnership's equity securities for the three months ended December 31, 2024.

Fiscal Period |  | Total Number of Units Repurchased |  |  | Weighted Average Price Paid per Unit |  |  | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs |  | Maximum Number of Units That May Yet Be Purchased Under Plans or Programs (1)
October 1 - 31, 2024 |  |  | — |  |  | $ | — |  |  | N/A |  | N/A
November 1 - 30, 2024 |  |  | — |  |  |  | — |  |  | N/A |  | N/A
December 1 - 31, 2024 |  |  | 34,001 |  |  |  | 8.75 |  |  | N/A |  | N/A
Total |  |  | 34,001 |  |  | $ | 8.75 |  |  |  |  |

(1) The terms of the Aimco Operating Partnership’s Partnership Agreement do not provide for a maximum number of units that may be repurchased, and other than the express terms of its partnership agreement, the Aimco Operating Partnership has no publicly announced plans or programs of repurchase. However, for Aimco to repurchase shares of its Common Stock, the Aimco Operating Partnership must make a concurrent repurchase of its OP Units held by Aimco at a price per unit that is equal to the price per share Aimco pays for its Common Stock.

Dividend and Distribution Payments

As a REIT, Aimco is required to distribute annually to holders of its Common Stock at least 90.0% of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco's Board determines and declares Aimco's dividends. In making a dividend determination, Aimco's Board considers a variety of factors, including REIT distribution requirements; current market conditions; liquidity needs; and other uses of cash, such as deleveraging and accretive investment activities.

Stockholders receiving any dividend, whether payable in cash or cash and shares of Aimco Common Stock, will be required to include the full amount of such dividend as income to the extent of our current and accumulated earnings and profits, as determined for United States federal income tax purposes for the year of such dividend and may be required to pay income taxes with respect to such dividend in excess of the cash dividend received. With respect to certain non-United States stockholders, Aimco may be required to withhold United States tax with respect to such dividend, including in respect of all or a portion of such dividend that is payable in Common Stock.

The Board of Aimco Operating Partnership’s general partner determines and declares distributions on OP Units. Aimco, through a wholly-owned subsidiary, is the sole general partner of Aimco Operating Partnership. As of December 31, 2024, Aimco owned 92.3% of the legal interest in the OP Units of Aimco Operating Partnership and 94.8% of the economic interest of Aimco Operating Partnership. Aimco Operating Partnership holds all of our assets and manages the daily operations of our business. The distributions paid by Aimco Operating Partnership to Aimco are used to fund the dividends paid to Aimco's stockholders. Accordingly, the per share dividends Aimco pays to its stockholders generally equal the per unit distributions paid by Aimco Operating Partnership to holders of its OP Units.

Our revolving credit agreement includes customary covenants, including a restriction on dividends and other restricted payments, but permits dividends and distributions as may be necessary to maintain Aimco's REIT status.

Performance Graph

The following graph compares cumulative total returns for Aimco's Common Stock, the FTSE Nareit Equity Apartments Index, and the Russell 2000. The FTSE Nareit Equity Apartments Index is published by The National Association of Real Estate Investment Trusts (“Nareit”), a representative of multifamily real estate investment trusts and publicly traded real estate companies with interests in United States real estate and capital markets. The FTSE Nareit Equity Apartments Index serves as our sector comparison and the Russell 2000 serves as our broad-based market index.

The indices are weighted for all companies that fit the definitional criteria of the particular index and are calculated to exclude companies as they are acquired and to add companies to the index calculation as they become publicly traded companies. All companies that fit the definitional criteria and existed at the point in time presented are included in the index calculations. The graph assumes the investment of $100 in Aimco Common Stock and in each index on December 31, 2019, and that all dividends paid have been reinvested. The historical information set forth on the following page is not necessarily indicative of future performance.

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|  | For the years ended December 31, |
Index |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
Apartment Investment and Management Company |  |  | 100.00 |  |  |  | 87.92 |  |  |  | 128.55 |  |  |  | 118.81 |  |  |  | 130.64 |  |  |  | 151.65 |
FTSE Nareit Equity Apartment Index |  |  | 100.00 |  |  |  | 84.66 |  |  |  | 138.51 |  |  |  | 94.25 |  |  |  | 99.78 |  |  |  | 120.22 |
Russell 2000 |  |  | 100.00 |  |  |  | 119.96 |  |  |  | 137.74 |  |  |  | 109.59 |  |  |  | 128.14 |  |  |  | 142.93 |

Source: Zacks Investment Research, Inc.

The Performance Graph will not be deemed to be incorporated by reference into any filing by us under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that we specifically incorporate the same by reference.

Issuances Under Equity Compensation Plans

Our equity compensation plan information required by this item is incorporated by reference to the 2025 Proxy Statement to be filed within 120 days after the end of the year ended December 31, 2024.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of financial condition and results of operations for the year ended December 31, 2024, compared to 2023, should be read in conjunction with the accompanying consolidated financial statements in Part II, Item 8. For discussion of the year ended December 31, 2023, compared to 2022, please refer to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 on our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

Executive Overview

Our mission is to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate.

Please refer to “Item 1. Business” for additional discussion of our business organization and strategy and “Item 2. Properties” and “Schedule III – Real Estate and Accumulated Depreciation” for details regarding the size, location, and key characteristics of our various properties.

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Results for the Twelve Months Ended December 31, 2024

The results from the execution of our business plan during the twelve months ended December 31, 2024, are described below.

Financial Results and 2024 Highlights

•
For the year ended December 31, 2024, net loss attributable to common stockholders per share, on a fully dilutive basis, was a net loss per share of $0.75.
•
For the year ended December 31, 2024, NOI from our Operating segment was $99.0 million, up 4.5% year-over-year, with average monthly revenue per apartment home increase by 3.8% to $2,290.
•
For the year ended December 31, 2024, we substantially completed construction at Upton Place in Washington, D.C., Strathmore Square in Bethesda, Maryland, and Oak Shore in Corte Madera, California and advanced the lease-up of our recently completed developments.
•
During the fourth quarter, we increased our ownership in Upton Place as our development partner exercised the option to sell their 10% interest in the asset. Also, Aimco secured a bridge loan to replace the higher cost construction loan, and partially paydown a project-level preferred equity investor.
•
During the third quarter, we began construction on an ultra-luxury residential tower located at 640 NE 34th Street ("34th Street") in the Edgewater neighborhood of Miami, Florida. Total direct project costs for the 34th Street development are expected to be $240.0 million with initial occupancy scheduled in mid-2027.
•
During the fourth quarter, we sold, for a total price at Aimco's share of $203.8 million, our interests in two investments in Miami, Florida: The Hamilton, a recently completed redevelopment of a 276-unit apartment building, and a 2.8-acre development site at 3333 Biscayne Boulevard. On December 19, 2024, Aimco's Board of Directors declared a $0.60 per share special cash dividend to distribute the net proceeds from these transactions to stockholders of record on January 14, 2025.
•
During the fourth quarter, we reached an agreement to sell, in 2025, the Brickell Assemblage for $520.0 million, and the buyer's deposit of $38.0 million is non-refundable.

Operating Property Results

We own a diversified portfolio of stabilized apartment communities located in eight major U.S. markets with average rents in line with local market averages (generally defined as B class).

Highlights for the year ended December 31, 2024 include:

•
Revenue for our Operating segment was $140.1 million, up 4.5% year over year, resulting from an $85 increase in average monthly revenue per apartment home to $2,290 and an increase in Average Daily Occupancy of 60-basis points to 97.2%.
•
Expenses for our Operating segment were $41.1 million, up 4.4% year over year, due primarily to higher real estate taxes and insurance costs.
•
Net operating income for our Operating segment was $99.0 million, up 4.5% year over year.

Value Add and Opportunistic Investments

Development and Redevelopment

We generally seek development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and where we have a comparative advantage over others in the market. Our Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

As of December 31, 2024, we had one multifamily development project under construction and three multifamily communities that have been substantially completed and are now in lease-up. In addition to Aimco's core multifamily developments, The Benson Hotel was completed in 2023 and remains in the stabilization process.

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We have a pipeline of future value-add opportunities totaling approximately 7.7 million gross square feet of development in our target markets of Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range. During the year ended December 31, 2024, we invested $126.1 million in development and redevelopment activities compared to $274.9 million in the year ended December 31, 2023.

Highlights for the year ended December 31, 2024, include:

•
In Upper Northwest Washington, D.C., construction at Upton Place is substantially complete with all 689 apartment homes delivered. As of December 31, 2024, 314 homes were leased or pre-leased at rental rates greater than underwriting and 90% of the project's 105,000 square feet of retail space has been leased.
•
In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square have been delivered. As of December 31, 2024, 84 homes were leased or preleased with rents in line with our initial projections, and 75 homes were occupied.
•
In Corte Madera, CA, construction at Oak Shore is substantially complete with all 16 ultra-luxury single family rental homes and eight accessory dwelling units delivered. As of December 31, 2024, 16 homes were leased or pre-leased at rental rates greater than underwriting.
•
During the third quarter, construction began in Miami's Edgewater neighborhood on 34th Street, an ultra-luxury waterfront residential tower that will include 7,000 square feet of retail and rental homes averaging more than 2,500 square feet, with oversized private terraces, top-of-the-line finishes, and unobstructed views of Biscayne Bay. We expect to welcome the first residents at this $240.0 million project in 3Q 2027 and stabilize occupancy in 4Q 2028.
•
We invested $3.9 million into programming, design, documentation, and entitlement efforts primarily at our 901 North project in Fort Lauderdale, Florida. Consistent with our capital allocation strategy, we may choose to monetize certain pipeline assets prior to vertical construction in an effort to maximize value add and risk-adjusted returns.

Investment and Disposition Activity

We are focused on prudently allocating capital and delivering strong investment returns. Consistent with our capital allocation philosophy, we monetize the value within our assets when accretive uses of the proceeds are identified and invest when the risk-adjusted returns are superior to other uses of capital.

Highlights for the year ended December 31, 2024 include:

•
In the fourth quarter, Aimco increased its ownership interest in its Upton Place property by $19.1 million, as its development partner exercised the option to sell the entirety of their 10% interest in the asset.
•
In the fourth quarter, we sold, for $203.8 million, our interests in two real estate investments in the Edgewater neighborhood of Miami, Florida, retired $110.1 million of associated liabilities, and, in December, declared a divided to return approximately $90.0 million of capital to stockholders in January 2025.
o
The Hamilton, our recently completed major redevelopment was sold for $190.0 million.
o
Our interest in 3333 Biscayne Boulevard, a 2.8-acre development site, was purchased by our joint venture partner at a gross valuation of $66.5 million or $13.8 million at our share of the venture.
•
In the fourth quarter, we entered into an agreement to sell the Brickell Assemblage for a gross price of $520.0 million.
o
The buyer’s initial deposit of $38.0 million is now non-refundable, and due diligence has been completed.
o
The buyer can exercise an option to finance up to $115.0 million of the purchase price with a transferable seller financing note from Aimco for a period of 18 months at a rate of 12%. If exercised, the purchase price increases by $20.0 million, to $540.0 million.
o
The sale, which is subject to certain closing conditions and extension options, is scheduled to occur as early as March 2025 but may be extended at the buyer’s option to the fourth quarter of 2025, with such extensions requiring the buyer to increase its non-refundable deposit.

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o
Net proceeds from the transaction, accounting for the associated property-level debt and deferred tax liability, are estimated to range from $300.0 to $320.0 million depending on the buyer’s election regarding seller financing. We intend to return the majority of the net proceeds from the transaction upon receipt to stockholders.

Balance Sheet and Financing Activities

We are highly focused on maintaining a strong balance sheet, including ample liquidity. As of December 31, 2024, we had access to $321.0 million in liquidity, including $141.1 million of cash on hand, $31.4 million of restricted cash, and the capacity to borrow up to $148.5 million on our revolving credit facility.

In the fourth quarter, we refinanced our Upton Place asset with a $215.0 million bridge loan. The three year loan, which has a fixed interest rate of 6.39% and is prepayable at par after 18 months, replaced the construction loan and funded the partial paydown of a project-level preferred equity investor, which together had a weighted average interest rate of 9.22% at the time of payoff.

Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.

Financial Results of Operations

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

Our Development and Redevelopment segment includes properties that are under construction or have not achieved and maintained stabilization throughout the current year and comparable period, as well as land assemblages that are being held for future development. Our Operating segment includes 20 residential apartment communities that have achieved stabilized levels of operations as of January 1, 2023, and maintained it throughout the current year and comparable period. Our Other segment consists of properties that are not included in our Development and Redevelopment or Operating segments.

The following discussion and analysis of the results of our operations and financial condition should be read in conjunction with the accompanying consolidated financial statements in Item 8.

Results of Operations for the Year Ended December 31, 2024, Compared to the same period in 2023

Net income attributable to Aimco common stockholders increased by $63.7 million for the year ended December 31, 2024 compared to the same period in 2023, as described more fully below.

Property Results

As of December 31, 2024, our Development and Redevelopment segment included 9 rental communities, including one under construction and three substantially completed and in lease-up. Our Operating segment included 20 communities with 5,243 apartment homes, and our Other segment includes The Benson Hotel, our only hotel.

During the first quarter of 2024, we revised the information regularly reviewed by our President and Chief Executive Officer, the chief operating decision maker ("CODM"), to assess our operating performance. As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment. In addition, during the year ended December 31, 2024, we disposed of a majority of our partnership interest in St. George Villas, which was previously reported within the Other segment, and The Hamilton, which was previously reported within the Development and Redevelopment segment. We also reclassified as held for sale 1001 Brickell Bay Drive, which was previously reported within the Other segment, and Yacht Club Apartments, which was previously reported in our Operating segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business.

We use property net operating income ("PNOI") to assess the operating performance of our segments. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but excluding

•
the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and
•
property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

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Please refer to Note 14 to the consolidated financial statements in Item 8 for further discussion regarding our segments, including a reconciliation of these amounts to consolidated rental and other property revenues and property operating expenses.

Property Net Operating Income

The results of our segments for the years ended December 31, 2024 and 2023, as presented below, are based on segment classifications as of December 31, 2024.

| Year Ended December 31, |  |  |  |
(in thousands) | 2024 |  |  | 2023 |  |  | $ Change |  |  | % Change |
Rental and other property revenues, before utility reimbursements: |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment | $ | 9,852 |  |  | $ | 109 |  |  | $ | 9,743 |  |  | nm |
Operating |  | 140,099 |  |  |  | 134,078 |  |  |  | 6,021 |  |  |  | 4.5 | %
Other |  | 6,690 |  |  |  | 2,691 |  |  |  | 3,999 |  |  |  | 100.0 | %
Total |  | 156,641 |  |  |  | 136,878 |  |  |  | 19,763 |  |  |  | 14.4 | %
Property operating expenses, net of utility reimbursements: |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment |  | 9,468 |  |  |  | 927 |  |  |  | 8,541 |  |  | nm |
Operating |  | 41,089 |  |  |  | 39,356 |  |  |  | 1,733 |  |  |  | 4.4 | %
Other |  | 7,712 |  |  |  | 4,710 |  |  |  | 3,002 |  |  |  | 63.7 | %
Total |  | 58,269 |  |  |  | 44,993 |  |  |  | 13,276 |  |  |  | 29.5 | %
Property net operating income: |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment |  | 384 |  |  |  | (818 | ) |  |  | 1,202 |  |  | nm |
Operating |  | 99,010 |  |  |  | 94,722 |  |  |  | 4,288 |  |  |  | 4.5 | %
Other |  | (1,022 | ) |  |  | (2,019 | ) |  |  | 997 |  |  |  | 49.4 | %
Total | $ | 98,372 |  |  | $ | 91,885 |  |  | $ | 6,487 |  |  |  | 7.1 | %

For the year ended December 31, 2024, compared to the same period in 2023:

•
Development and Redevelopment property net operating income increased by $1.2 million primarily due to the lease up of apartment homes at Upton Place and Strathmore Square.
•
Operating property net operating income increased by $4.3 million, or 4.5%. The increase was attributable primarily to a $6.0 million, or 4.5% increase in rental and other property revenues due to higher average revenues of $85 per apartment home and 60-basis points increase in occupancy.
•
Other property net operating income increased by $1.0 million, or 49.4%, primarily due to a full year of The Benson Hotel operations in 2024 whereas operations commenced in the second quarter of 2023.

The results of our segments for the years ended December 31, 2023 and 2022, as presented below, are based on segment classifications as of December 31, 2024.

| Year Ended December 31, |  |  |  |
(in thousands) | 2023 |  |  | 2022 |  |  | $ Change |  |  | % Change |
Rental and other property revenues, before utility reimbursements: |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment | $ | 109 |  |  | $ | 24 |  |  | $ | 85 |  |  | nm |
Operating |  | 134,078 |  |  |  | 124,443 |  |  |  | 9,635 |  |  |  | 7.7 | %
Other |  | 2,691 |  |  |  | — |  |  |  | 2,691 |  |  | nm |
Total |  | 136,878 |  |  |  | 124,467 |  |  |  | 12,411 |  |  |  | 10.0 | %
Property operating expenses, net of utility reimbursements: |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment |  | 927 |  |  |  | 191 |  |  |  | 736 |  |  | nm |
Operating |  | 39,356 |  |  |  | 37,803 |  |  |  | 1,553 |  |  |  | 4.1 | %
Other |  | 4,710 |  |  |  | 457 |  |  |  | 4,253 |  |  | nm |
Total |  | 44,993 |  |  |  | 38,451 |  |  |  | 6,542 |  |  |  | 17 | %
Property net operating income: |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment |  | (818 | ) |  |  | (167 | ) |  |  | (651 | ) |  | nm |
Operating |  | 94,722 |  |  |  | 86,640 |  |  |  | 8,082 |  |  |  | 9.3 | %
Other |  | (2,019 | ) |  |  | (457 | ) |  |  | (1,562 | ) |  | nm |
Total | $ | 91,885 |  |  | $ | 86,016 |  |  | $ | 5,869 |  |  |  | 6.8 | %

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For the year ended December 31, 2023, compared to the same period in 2022:

•
Development and redevelopment property net operating income decreased by $0.7 million due to increases in property operating expenses due to the completion of Upton Place in the fourth quarter of 2023.
•
Operating property net operating income increased by $8.1 million, or 9.3% for the year ended December 31, 2023, compared to 2022. The increase was attributable to a $9.6 million, or 7.7% increase in rental and other property revenues, offset partially by a $1.6 million, or 4.1% increase in property operating expenses due primarily to higher real estate taxes and insurance.
•
Other property net operating income decreased by $1.6 million for the year ended December 31, 2023, compared to 2022, due primarily to the commencement of The Benson Hotel operations in the second quarter of 2023.

Non-Segment Real Estate Operations

Operating income amounts not attributed to our segments include property management costs, casualty losses, and, if applicable, the results of apartment communities sold or held for sale, reported in consolidated amounts, which we do not allocate to our segments for purposes of evaluating segment performance.

Depreciation and Amortization

For the year ended December 31, 2024, compared to the same period in 2023, Depreciation and amortization expense increased by $17.5 million, or 25.5%, due primarily to the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024.

General and Administrative Expenses

For the year ended December 31, 2024, compared to the same period in 2023, General and administrative expenses were relatively flat.

Interest Income

For the year ended December 31, 2024, compared to the same period in 2023, Interest income decreased by $0.1 million, or 1%. The decrease is due primarily to higher rates of interest earned on excess cash invested in treasury bill investments and money market funds in 2023, partially offset by interest earned on seller financing provided in connection with the sale of a land parcel in December 2023.

Interest Expense

For the year ended December 31, 2024, compared to the same period in 2023, Interest expense increased by $32.3 million, or 85.7% due primarily to increased non-recourse construction loan draws and reduced capitalization as development projects are advanced and completed, partially offset by the repayment of certain nonrecourse property debt in 2023.

Mezzanine Investment Income (Loss), Net

For the years ended December 31, 2024, compared to the same period in 2023, Mezzanine Investment Income (Loss), Net decreased $153.4 million due primarily to a non-cash impairment charge of $158.0 million in the year ended December 31, 2023, partially offset by the recognition in income of the $4.0 million non-refundable option payment upon expiration of the option to acquire the remaining 80% in the Mezzanine Investment.

Realized and Unrealized Gains (Losses) on Interest Rate Contracts

We are required to adjust our interest rate contracts to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $4.2 million and $3.8 million during the years ended December 31, 2024, and 2023, respectively. In addition, we realized gains of $6.0 million and $4.9 million during the years ended December 31, 2024, and 2023, respectively.

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Realized and Unrealized Gains (Losses) on Equity Investments

We measure our investments in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. In addition, we measure our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. As a result of changes in the values of these investments, we recorded unrealized losses of $49.5 million during the year ended December 31, 2024, compared to unrealized gains of $0.7 million for the same period in 2023, due primarily to a $48.6 million non-cash impairment recognized on our investment in IQHQ. There were no impairments or observable price changes in 2023.

Gain on Dispositions of Real Estate

During the year ended December 31, 2024, we recognized gains on the disposition of real estate of $10.6 million due primarily due to the sale of The Hamilton compared to gains of $8.0 million recognized for the same period in 2023 that resulted from the sale of one land parcel and the contribution of real estate to an unconsolidated joint venture.

Other Income (Expense), Net

Other income (expense), 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. For the year ended December 31, 2024, compared to the same period in 2023, Other income (expense), net decreased by $2.1 million, or 27.1%, due primarily to the incremental expense associated with pre-existing long-term incentive partnership units recorded upon the resignation of one of our board members in the prior period.

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold our investment in 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our C onsolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2024, we had consolidated net losses subject to tax of $28.2 million, compared to consolidated net losses subject to tax of $15.2 million for the same period in 2023.

For the year ended December 31, 2024, we recognized income tax benefit of $11.1 million, compared to income tax benefit of $12.8 million for the same period in 2023. The year-over-year decrease is due primarily to changes in 2023 to the effective tax rate expected to apply to the reversal of our existing deferred items, partially offset by increased tax benefit from higher losses in 2024 at our TRS entities.

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Liquidity and Capital Resources

Liquidity

Liquidity is the ability to meet present and future financial obligations. Our primary sources of liquidity are cash flows from operations and borrowing capacity under our loan agreements.

As of December 31, 2024, our available liquidity was $321.0 million, which consisted of:

•
$141.1 million in cash and cash equivalents;
•
$31.4 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance; and
•
$148.5 million of available capacity to borrow under our revolving secured credit facility.

As of December 31, 2024, we had sufficient capacity on our construction loans to cover our remaining commitments on development and redevelopment projects of approximately $146.9 million. We also have unfunded commitments in the amount of $1.4 million related to our investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include normal operating activities, payments of principal and interest on outstanding debt, capital expenditures, and future investments. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.

We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.

In the event that our cash and cash equivalents, revolving secured credit facility, and cash provided by operating activities are not sufficient to cover our liquidity needs, we have the means to generate additional liquidity, such as from additional property financing activity and proceeds from apartment community sales. We expect to meet our long-term liquidity requirements, including debt maturities, development and redevelopment spending, and future investment activity, primarily through property financing activity, cash generated from operations, and the recycling of our equity. Our revolving secured credit facility matures in December 2025.

Leverage and Capital Resources

The availability and cost of credit and its related effect on the overall economy may affect our liquidity and future financing activities, both through changes in interest rates and access to financing. Any adverse changes in the lending environment could negatively affect our liquidity. We have taken steps to mitigate a portion of our short-term refunding risk. However, if property or development financing options become unavailable, we may consider alternative sources of liquidity, such as reductions in capital spending or apartment community dispositions.

As of December 31, 2024, all of our outstanding non-recourse property debt had a fixed interest rate. In addition, the weighted-average contractual rate on our non-recourse debt was 4.4%, and the average remaining term to maturity was 6.8 years. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates.

Our primary sources of leverage are property-level debt and non-recourse construction loans. We also have a secured $150.0 million credit facility with a syndicate of financial institutions with $148.5 million of available capacity at December 31, 2024. Our revolving secured credit facility requires that we maintain a fixed charge coverage ratio of 1.25x, minimum tangible net worth of $625.0 million, and maximum leverage of 60% as defined in the credit agreement. We are currently in compliance and expect to remain in compliance with these covenants during the next twelve months.

Changes in Cash, Cash Equivalents, and Restricted Cash

The following discussion relates to changes in consolidated cash, cash equivalents, and restricted cash due to operating, investing, and financing activities, which are presented in our Consolidated Statements of Cash Flows in Item 8 of this report.

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Operating Activities

For the year ended December 31, 2024, net cash provided by operating activities was $47.0 million. Our operating cash flow is primarily affected by rental rates, occupancy levels, operating expenses related to our portfolio of apartment communities and general and administrative costs. Cash provided by operating activities for the year ended December 31, 2024, decreased by $3.5 million compared to the same period in 2023, due primarily to the timing of balance sheet position changes, increased interest expense primarily driven by the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024, offset by increased net operating income driven by higher rents and occupancy.

Investing Activities

For the year ended December 31, 2024, net cash provided by investing activities of $30.6 million consisted primarily of $186.2 million of proceeds from dispositions of real estate and $5.8 million of proceeds from dispositions of unconsolidated real estate partnerships, offset by capital expenditures of $160.0 million. Net cash provided by investing activities for the year ended December 31, 2024, increased by $291.0 million compared to the same period in 2023, due primarily to greater proceeds from dispositions of real estate and unconsolidated real estate partnerships and decreased capital expenditures.

Financing Activities

For the year ended December 31, 2024, net cash used in financing activities of $43.9 million consisted primarily of principal repayments of non-recourse construction loans, the redemption and purchase of noncontrolling interests, and common stock repurchases, offset by proceeds from non-recourse construction loans and proceeds from interest rate contracts. Net cash used in financing activities for the year ended December 31, 2024, changed by $163.3 million compared to the same period ended in 2023, due primarily to current year repayments of non-recourse construction loans, the redemption and purchase of noncontrolling interests, and decreased proceeds from interest rate contracts, partially offset by increased proceeds from non-recourse construction loans and contributions from noncontrolling interests.

Non-GAAP Measures

We use EBITDAre and Adjusted EBITDAre in managing our business and in evaluating our financial condition and operating performance. These key financial indicators are non-GAAP measures and are defined and described below. We provide reconciliations of the non-GAAP financial measures to the most comparable financial measure computed in accordance with GAAP.

Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)

EBITDAre and Adjusted EBITDAre are non-GAAP measures, which we believe are useful to investors, creditors, and rating agencies as a supplemental measure of our ability to incur and service debt because they are recognized measures of performance by the real estate industry and allow for comparison of our credit strength to different companies. EBITDAre and Adjusted EBITDAre should not be considered alternatives to net income (loss) as determined in accordance with GAAP as indicators of liquidity. There can be no assurance that our method of calculating EBITDAre and Adjusted EBITDAre is comparable with that of other real estate investment trusts. Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation, and amortization expense, further adjusted for:

•
gains and losses on the dispositions of depreciated property;
•
impairment write-downs of depreciated property;
•
impairment write-downs of investments in unconsolidated partnerships caused by a decrease in the value of the depreciated property in such partnerships; and
•
adjustments to reflect our share of EBITDAre of investments in unconsolidated entities.

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EBITDAre is defined by Nareit and provides for an additional performance measure independent of capital structure for greater comparability between real estate investment trusts. We define Adjusted EBITDAre as EBITDAre adjusted to exclude the effect of the following items:

•
net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships and EBITDAre adjustments attributable to noncontrolling interests;
•
realized and unrealized (gains) losses on interest rate contracts, which we believe allow investors to compare a measure of our earnings before the effects of our capital structure and indebtedness with that of other companies in the real estate industry;
•
the non-cash (income) loss recognized on our Mezzanine Investment; and
•
the non-cash (income) loss recognized on a passive equity investment.

The reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the years ended December 31, 2024 and 2023 is as follows (in thousands):

|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Net income (loss) |  | $ | (96,000 | ) |  | $ | (157,319 | )
Adjustments: |  |  |  |  |  |
Interest expense |  |  | 70,057 |  |  |  | 37,718 |
Income tax (benefit) expense |  |  | (11,071 | ) |  |  | (12,752 | )
Gain on dispositions of real estate |  |  | (10,600 | ) |  |  | (7,984 | )
Unrealized (gains) losses from investment in unconsolidated partnerships |  |  | 2,597 |  |  |  | — |
Depreciation and amortization |  |  | 86,359 |  |  |  | 68,834 |
Adjustment related to EBITDAre of unconsolidated partnerships |  |  | 872 |  |  |  | 806 |
EBITDAre |  | $ | 42,214 |  |  | $ | (70,697 | )
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships |  |  | (13,958 | ) |  |  | (13,924 | )
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships |  |  | 1,849 |  |  |  | (3,991 | )
EBITDAre adjustments attributable to noncontrolling interests |  |  | (4,254 | ) |  |  | (272 | )
Mezzanine investment (income) loss, net |  |  | 2,432 |  |  |  | 155,814 |
Realized and unrealized (gains) losses on interest rate contracts |  |  | (1,752 | ) |  |  | (1,119 | )
Unrealized (gains) losses on a passive equity investment |  |  | 48,615 |  |  |  | — |
Adjusted EBITDAre |  | $ | 75,146 |  |  | $ | 65,811 |

Critical Accounting Estimates

We prepare our consolidated financial statements in accordance with GAAP, which requires us to make estimates and assumptions. We believe that the following critical accounting policies involve our more significant judgments and estimates used in the preparation of our consolidated financial statements for the year ended December 31, 2024. Refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, of Aimco's and Aimco Operating Partnership's combined Annual Report on Form 10-K for the years ended December 31, 2023 and 2022 for significant judgments and estimates related to comparative reporting period.

Impairment of investment in IQHQ

On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. We determined during the year ended December 31, 2024 that our investment in IQHQ was impaired after consideration of factors, including adverse capital market conditions, increased real estate development costs, and IQHQ's financial condition. As a result, we recognized a $48.6 million non-cash impairment to reduce the carrying value of the investment in IQHQ to $11.1 million as of December 31, 2024.

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The measurement of the impairment loss is based on the fair value of our investment in IQHQ. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of our investment in IQHQ incorporates various estimates, assumptions, and market data, the most significant being projected operational cash flow, capitalization rates, and discount rates. We determine capitalization rates and discount rates using third-party market research analytics. Property operational cash flows are based on historical, current and expected future operating results and take into consideration stated operational strategies. These projections are adjusted to reflect current economic conditions and require considerable management judgment.

Impairment of Real Estate and Other Long-Lived Assets

Quarterly, or when changes in circumstances warrant, we will assess our real estate properties and other long-lived assets for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, our intent and ability to hold the related asset, as well as any significant cost overruns on development projects.

If a real estate property or other long-lived asset has an indicator of impairment, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. There were no such impairments for the years ended December 31, 2024, 2023, and 2022.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our chief market risks are refunding risk, that is the availability of property debt or other cash sources to refund maturing property debt, and repricing risk, that is the possibility of increases in base interest rates and credit risk spreads. We primarily use long-dated, fixed-rate, non-recourse property debt on stabilized properties in order to manage the refunding and repricing risks of short-term borrowings.

We use working capital primarily to fund short-term uses. We use derivative financial instruments as a risk management tool and do not use them for trading or other speculative purposes.

Market Risk

As of December 31, 2024, on a consolidated basis, we had no variable-rate property-level debt and $132.0 million of variable-rate construction loans outstanding. The impact of rising interest rates is mitigated by our use of interest rate caps, which as of December 31, 2024, provided protection for our variable interest rate debt. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates. We estimate that an increase or decrease in our variable rate indices of 100 basis points with constant credit risk spreads, would have no material impact on interest expense on an annual basis.

As of December 31, 2024, we held interest rate caps with a maximum notional value of $370.3 million. These instruments were acquired for $3.5 million and at December 31, 2024, were valued at $0.9 million.

As of December 31, 2024, we had $172.4 million in cash and cash equivalents and restricted cash, a portion of which earns interest at variable rates.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The independent registered public accounting firms' reports, consolidated financial statements and schedule listed in the “Index to Financial Statements” on page F-1 of this Annual Report are filed as part of this report and incorporated herein by this reference.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROL S AND PROCEDURES

Aimco

Disclosure Controls and Procedures

Aimco's management, with the participation of Aimco's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, Aimco's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Aimco's disclosure controls and procedures are effective.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, Aimco's principal executive and principal financial officers and effected by Aimco's Board, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

•
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets;
•
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

40

•
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of Aimco's internal control over financial reporting as of December 31, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 Framework).

Based on their assessment, management concluded that, as of December 31, 2024, Aimco's internal control over financial reporting is effective.

Aimco's independent registered public accounting firm has issued an attestation report on Aimco's internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

There were no changes in the internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of Aimco.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Apartment Investment and Management Company

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2024, and our report dated February 24, 2025 expressed an unqualified opinion on those financial statements.

Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ GRANT THORNTON LLP

Denver, Colorado

February 24, 2025

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Aimco Operating Partnership

Disclosure Controls and Procedures

Aimco Operating Partnership’s management, with the participation of Aimco Operating Partnership’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, Aimco Operating Partnership’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Aimco Operating Partnership’s disclosure controls and procedures are effective.

Management’s Report on Internal Control Over Financial Reporting

Aimco Operating Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, Aimco Operating Partnership's principal executive and principal financial officers and effected by Aimco Operating Partnership's Board, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

•
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets;
•
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
•
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of Aimco Operating Partnership’s internal control over financial reporting as of December 31, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 Framework).

Based on their assessment, management concluded that, as of December 31, 2024, Aimco Operating Partnership’s internal control over financial reporting is effective.

Aimco Operating Partnership’s independent registered public accounting firm has issued an attestation report on Aimco Operating Partnership’s internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

There were no changes in the internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of Aimco Operating Partnership.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Partners

Aimco OP L.P.

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of Aimco OP L.P. (a Maryland corporation) and subsidiaries (the “Partnership”) as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Partnership as of and for the year ended December 31, 2024, and our report dated February 24, 2025 expressed an unqualified opinion on those financial statements.

Basis for opinion

The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ GRANT THORNTON LLP

Denver, Colorado

February 24, 2025

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ITEM 9B. OTH ER INFORMATION

During the three months ended December 31, 2024, no director or officer of Aimco or Aimco Operating Partnership adopted or terminated a "Rule 10b5-1 trading agreement" or "non-Rule 10b5-1 trading agreement" each term as defined in Item 408(a) of Regulation S-K.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PAR T III

ITEM 10. DIRECTORS, EXECU TIVE OFFICERS AND CORPORATE GOVERNANCE

Each member of the Board of Directors of Aimco is also a director of the general partner of the Aimco Operating Partnership. The officers of Aimco are also the officers of the general partner of the Aimco Operating Partnership and hold the same titles. The information required by this item for both Aimco and the Aimco Operating Partnership is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this item, for both Aimco and the Aimco Operating Partnership, and is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the 2025 Proxy Statement to be filed within 120 days after the year ended December 31, 2024.

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PART IV

ITEM 15. EXHIBITS AND FINAN CIAL STATEMENT SCHEDULES

(a)(1) The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference.

(a)(2) The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed as part of this report and incorporated herein by reference.

(a)(3) Exhibits.

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INDEX TO EXHIBITS (1) (2)

EXHIBIT NO. | DESCRIPTION
2.1 | Separation and Distribution Agreement, effective as of December 15, 2020, by and among Apartment Investment Management Company, Aimco OP L.P., Apartment Income REIT Corp. and Apartment Income REIT, L.P. (f/k/a AIMCO Properties, L.P.) (Exhibit 2.1 to Aimco’s Current Report on Form 8-K, filed December 15, 2020, is incorporated herein by this reference)
3.1 | Articles of Amendment and Restatement of Apartment Investment and Management Company (Exhibit 3.1 to Aimco’s Annual Report on Form 8-K dated October 3, 2023, is incorporated herein by this reference)
3.2 | Articles Supplementary of Apartment Investment Management Company (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)
3.3 | Amended and Restated Bylaws (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated April 28, 2023, is incorporated herein by this reference)
4.1 | Description of Aimco’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Exhibit 4.1 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2020, filed March 12, 2021, is incorporated herein by this reference)
10.1 | Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)
10.2 | Credit Agreement, dated as of December 16, 2020, by and among Apartment Investment and Management Company, AIMCO OP L.P., certain subsidiary loan parties party thereto, the lenders party thereto and PNC Bank, National Association, as administrative agent, swingline loan lender and letter of credit issuing lender. (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, filed December 16, 2020, is incorporated herein by reference)
10.3 | Amended Aimco Severance Policy, effective as of October 27, 2021 (Exhibit 10.3 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.4 | Powell Employment Agreement (Exhibit 10.4 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.5 | 2007 Stock Award and Incentive Plan (Exhibit A to Aimco’s Proxy Statement on Schedule 14A, filed March 20, 2007, is incorporated herein by this reference)*
10.6 | Form of Non-Qualified Stock Option Agreement (2007 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, filed April 30, 2007, is incorporated herein by this reference)*
10.7 | Aimco 2015 Stock Award and Incentive Plan (as amended and restated January 31, 2017) (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, filed January 31, 2017, is incorporated herein by this reference)*
10.8 | Form of Performance Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco's Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*
10.9 | Form of Performance Vesting LTIP II Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.15 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, filed May 8, 2018, is incorporated herein by this reference)*
10.10 | Aimco Second Amended and Restated 2015 Stock Award and Incentive Plan (as amended and restated effective February 22, 2018) (Exhibit A to Aimco’s Proxy Statement on Schedule 14A, filed March 8, 2018, is incorporated herein by reference)*
10.11 | Form of Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.25 to Aimco's Annual Form on 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*
10.12 | Form of Performance Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco's Annual Form on 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*

48

10.13 | Form of LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco's Current Report on Form 8-K, filed January 31, 2017, is incorporated herein by this reference)*
10.14 | Form of Performance Vesting LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.4 to Aimco's Current Report on Form 8-K, filed January 31, 2017, is incorporated herein by this reference)*
10.15 | Form of Performance Vesting LTIP II Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.15 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, is incorporated herein by this reference)*
10.16 | Form of Performance Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco's Annual Form on 10-K for the year ended December 31, 2016, is incorporated herein by this reference)*
10.17 | Form of Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.17 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.18 | Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.18 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.19 | Form of Performance Non-Qualified Stock Option Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.19 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.20 | Form of Performance Vesting LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.20 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.21 | Form of Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.21 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.22 | Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.22 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.23 | Form of Performance Vesting LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.23 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.24 | Form of Non-Qualified Stock Option Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.25 | Form of Non-Qualified Stock Option Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.25 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.26 | Form of LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.27 | Form of LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.27 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.28 | Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.28 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
10.29 | Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (filed herewith)*

49

10.30 | Employee Matters Agreement, effective as of December 15, 2020, by and among Apartment Investment Management Company, Aimco OP L.P., Apartment Income REIT Corp. and Apartment Income REIT, L.P. (f/k/a AIMCO Properties, L.P.) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, filed December 15, 2020, is incorporated herein by this reference)
10.3 1+ | Interests Purchase and Sale Agreement, effective as of December 30, 2024, by and among AHOTB Holding, LLC, Aimco OP L.P., and Brickell Bay Property Owner LLC (filed herewith)

19.1 | Policy on Insider Information and Insider Trading
21.1 | List of Subsidiaries
23.1 | Consent of Independent Registered Public Accounting Firms - Aimco
31.1 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and Securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco
31.2 | Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and Securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco
31.3 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and Securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
31.4 | Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco
32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco
32.3 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
32.4 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
97.1 | Amended Aimco Clawback Policy, effective as of July 26, 2023 (Exhibit 97.1 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)*
101 | The following materials from Aimco’s and Aimco Operating Partnership’s consolidated Annual Report on Form 10-K for the year ended December 31, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) consolidated balance sheets; (ii) consolidated statements of operations; (iii) consolidated statements of comprehensive income; (iv) consolidated statements of equity and consolidated statements of partners’ capital; (v) consolidated statements of cash flows; (vi) notes to the consolidated financial statements; and (vii) financial statement schedule (3)
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).

(1)
Schedule and similar exhibits to the exhibits have been omitted but will be provided to the Securities and Exchange Commission or its staff upon request.
(2)
The Commission file numbers for exhibits is 001-13232 (Aimco) and 0-24497 (Aimco Operating Partnership).

* Management contract or compensatory plan or arrangement

+ Exhibits marked with a (+) exclude certain portions of the exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K. A copy of the omitted portions will be furnished to the SEC upon request.

ITEM 16. FORM 10-K SUMMARY

None.

50

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

INDEX TO FINANCIAL STATEMENTS

| Page
Financial Statements: Apartment Investment and Management Company: |
Report of Registered Independent Public Accounting Firm (PCAOB ID: 248) | F-4
Report of Registered Independent Public Accounting Firm (PCAOB ID: 42) | F-6
Consolidated Balance Sheets | F-7
Consolidated Statements of Operations | F-8
Consolidated Statements of Equity | F-9
Consolidated Statements of Cash Flows | F-10
Aimco OP L.P. |
Report of Registered Independent Public Accounting Firm (PCAOB ID: 248) | F-11
Report of Registered Independent Public Accounting Firm (PCAOB ID: 42) | F-13
Consolidated Balance Sheets | F-14
Consolidated Statements of Operations | F-15
Consolidated Statements of Partners’ Capital | F-16
Consolidated Statements of Cash Flows | F-17
Notes to Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. | F-18
Note 1 — Organization | F-18
Note 2 — Basis of Presentation and Summary of Significant Accounting Policies | F-18
Note 3 — Significant Transactions | F-28
Note 4 — Lease Arrangements | F-29
Note 5 — Variable Interest Entities | F-31
Note 6 — Debt | F-32
Note 7 — Income Taxes | F-34
Note 8 — Aimco Equity | F-36
Note 9 — Partners' capital | F-36
Note 10 — Earnings per Share and per Unit | F-37
Note 11 — Share-Based Compensation | F-38
Note 12 — Fair Value Measurements | F-40
Note 13 — Commitments and Contingencies | F-42
Note 14 — Business Segments | F-42
Financial Statement Schedule: |
Schedule III – Real Estate and Accumulated Depreciation | F-46

F-1

SIGNATURES

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

| APARTMENT INVESTMENT AND MANAGEMENT COMPANY
| By: | /s/ Wes Powell
|  | Wes Powell
|  | Director, President and Chief Executive Officer
| Date: | February 24, 2025

| AIMCO OP L.P.
| By: | Aimco OP GP, LLC, its General Partner
|  | /s/ Wes Powell
|  | Wes Powell Director, President and Chief Executive Officer
| Date: | February 24, 2025

F-2

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.

Signature |  | Title |  | Date
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
AIMCO OP L.P. |  |  |  |
By: Aimco OP GP, LLC, its General Partner |  |  |  |
/s/ WES POWELL |  | Director, President and Chief Executive Officer |  | February 24, 2025
Wes Powell |  | (principal executive officer) |  |
/s/ H. LYNN C. STANFIELD |  | Executive Vice President and |  | February 24, 2025
H. Lynn C. Stanfield |  | Chief Financial Officer (principal financial officer) |  |
/s/ KELLIE E. DREYER |  | Senior Vice President and Chief |  | February 24, 2025
Kellie E. Dreyer |  | Accounting Officer (principal accounting officer) |  |
/s/ R. DARY STONE |  | Chairman of the Board of Directors |  | February 24, 2025
R. Dary Stone |  |  |  |
/s/ QUINCY L. ALLEN |  | Director |  | February 24, 2025
Quincy L. Allen |  |  |  |
/s/ PATRICIA L. GIBSON |  | Director |  | February 24, 2025
Patricia L. Gibson |  |  |  |
/s/ JAY PAUL LEUPP |  | Director |  | February 24, 2025
Jay Paul Leupp |  |  |  |
/s/ SHERRY L. REXROAD |  | Director |  | February 24, 2025
Sherry L. Rexroad |  |  |  |
/s/ DEBORAH SMITH |  | Director |  | February 24, 2025
Deborah Smith |  |  |  |
/s/ JAMES P. SULLIVAN |  | Director |  | February 24, 2025
James P. Sullivan |  |  |  |
/s/ KIRK A. SYKES |  | Director |  | February 24, 2025
Kirk A. Sykes |  |  |  |

F-3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Apartment Investment and Management Company

Opinion on the financial statements

We have audited the accompanying consolidated balance sheet of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of operations, equity, and cash flows for the year ended December 31, 2024, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 24, 2025 expressed an unqualified opinion.

Basis for opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Impairment of investment in IQHQ

As described further in Note 2 to the financial statements, the Company accounts for their investment in IQHQ, a privately held life sciences real estate development company, using the measurement alternative. During the year ended December 31, 2024, the Company recorded a non-cash impairment charge of $48.6 million, reducing the carrying value of the investment in IQHQ to $11.1 million as a result of the identification of a triggering event. The fair value of IQHQ was determined using various estimates, assumptions, and market data, the most significant being projected operational cash flows, capitalization rates, and discount rates. We identified the fair value measurements utilized in valuing IQHQ’s underlying investment properties as a critical audit matter.

The principal considerations for our determination that the fair value measurements utilized in valuing IQHQ’s underlying investment properties are a critical audit matter are the projected operational cash flows, capitalization rates, and discount rates used in determining the fair value, which involved a higher degree of judgment due to the subjective nature of these inputs.

Our audit procedures related to the fair value measurements utilized in valuing IQHQ’s underlying investment properties included the following, among others:

F-4

I.
We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to estimate the fair value of IQHQ’s underlying investment properties.
II.
For certain underlying investment properties valued under the income approach, with the assistance of those with specialized skill and knowledge, we evaluated the reasonableness of the fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2024.

Denver, Colorado

February 24, 2025

F-5

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

Apartment Investment and Management Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Apartment Investment and Management Company (the Company) as of December 31, 2023, the related consolidated statements of operations, equity and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Company's auditor from 2020 to 2024.

Denver, Colorado

February 26, 2024,

except for Note 14, as to which the date is

February 24, 2025

F-6

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONSOLIDATED B ALANCE SHEETS

(In thousands, except share data)

|  | December 31, 2024 |  |  | December 31, 2023 |
ASSETS |  |  |  |  |  |
Buildings and improvements |  | $ | 1,348,925 |  |  | $ | 1,593,802 |
Land |  |  | 398,182 |  |  |  | 620,821 |
Total real estate |  |  | 1,747,107 |  |  |  | 2,214,623 |
Accumulated depreciation |  |  | (499,274 | ) |  |  | (580,802 | )
Net real estate |  |  | 1,247,833 |  |  |  | 1,633,821 |
Cash and cash equivalents |  |  | 141,072 |  |  |  | 122,601 |
Restricted cash |  |  | 31,367 |  |  |  | 16,666 |
Notes receivable |  |  | 58,794 |  |  |  | 57,554 |
Right-of-use lease assets - finance leases |  |  | 107,714 |  |  |  | 108,992 |
Other assets, net |  |  | 94,051 |  |  |  | 149,841 |
Assets held for sale, net |  |  | 276,079 |  |  |  | — |
Total assets |  | $ | 1,956,910 |  |  | $ | 2,089,475 |
LIABILITIES AND EQUITY |  |  |  |  |  |
Non-recourse property debt, net |  | $ | 685,420 |  |  | $ | 846,298 |
Non-recourse construction loans, net |  |  | 385,240 |  |  |  | 301,443 |
Total indebtedness |  |  | 1,070,660 |  |  |  | 1,147,741 |
Deferred tax liabilities |  |  | 101,457 |  |  |  | 110,284 |
Lease liabilities - finance leases |  |  | 121,845 |  |  |  | 118,697 |
Dividends payable |  |  | 89,182 |  |  |  | — |
Accrued liabilities and other |  |  | 100,849 |  |  |  | 121,143 |
Liabilities related to assets held for sale, net |  |  | 160,620 |  |  |  | — |
Total liabilities |  |  | 1,644,613 |  |  |  | 1,497,865 |
Redeemable noncontrolling interests in consolidated real estate partnerships |  |  | 142,931 |  |  |  | 171,632 |
Commitments and contingencies (Note 13) |  |  |  |  |  |
Equity (510,587,500 shares authorized at December 31, 2024 and December 31, 2023): |  |  |  |  |  |
Common Stock, $0.01 par value, 136,351,966 and 140,576,102 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively |  |  | 1,364 |  |  |  | 1,406 |
Additional paid-in capital |  |  | 425,002 |  |  |  | 464,538 |
Retained earnings |  |  | (303,409 | ) |  |  | (116,292 | )
Total Aimco equity |  |  | 122,957 |  |  |  | 349,652 |
Noncontrolling interests in consolidated real estate partnerships |  |  | 39,560 |  |  |  | 51,265 |
Common noncontrolling interests in Aimco Operating Partnership |  |  | 6,849 |  |  |  | 19,061 |
Total equity |  |  | 169,366 |  |  |  | 419,978 |
Total liabilities and equity |  | $ | 1,956,910 |  |  | $ | 2,089,475 |

See accompanying notes to the consolidated financial statements.

F-7

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONSOLIDATED STATEM ENTS OF OPERATIONS

(In thousands, except per share data)

|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
REVENUES |  |  |  |  |  |  |  |  |
Rental and other property revenues |  | $ | 208,679 |  |  | $ | 186,995 |  |  | $ | 190,344 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 90,984 |  |  |  | 73,712 |  |  |  | 71,792 |
Depreciation and amortization |  |  | 86,359 |  |  |  | 68,834 |  |  |  | 158,967 |
General and administrative expenses |  |  | 32,837 |  |  |  | 32,865 |  |  |  | 39,673 |
Total operating expenses |  |  | 210,180 |  |  |  | 175,411 |  |  |  | 270,432 |
Interest income |  |  | 9,652 |  |  |  | 9,731 |  |  |  | 4,052 |
Interest expense |  |  | (70,057 | ) |  |  | (37,718 | ) |  |  | (73,842 | )
Mezzanine investment income (loss), net |  |  | (2,432 | ) |  |  | (155,814 | ) |  |  | (179,239 | )
Realized and unrealized gains (losses) on interest rate contracts |  |  | 1,752 |  |  |  | 1,119 |  |  |  | 48,205 |
Realized and unrealized gains (losses) on equity investments |  |  | (49,504 | ) |  |  | 700 |  |  |  | 20,302 |
Gain on dispositions of real estate |  |  | 10,600 |  |  |  | 7,984 |  |  |  | 175,863 |
Lease modification income |  |  | — |  |  |  | — |  |  |  | 206,963 |
Other income (expense), net |  |  | (5,581 | ) |  |  | (7,657 | ) |  |  | (12,794 | )
Income (loss) before income tax |  |  | (107,071 | ) |  |  | (170,071 | ) |  |  | 109,422 |
Income tax benefit (expense) |  |  | 11,071 |  |  |  | 12,752 |  |  |  | (17,264 | )
Net income (loss) |  |  | (96,000 | ) |  |  | (157,319 | ) |  |  | 92,158 |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships |  |  | (13,958 | ) |  |  | (13,924 | ) |  |  | (8,829 | )
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships |  |  | 1,849 |  |  |  | (3,991 | ) |  |  | (3,672 | )
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership |  |  | 5,641 |  |  |  | 9,038 |  |  |  | (3,931 | )
Net income (loss) attributable to Aimco |  | $ | (102,468 | ) |  | $ | (166,196 | ) |  | $ | 75,726 |
Net income (loss) attributable to Aimco per common share – basic (Note 10) |  | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.50 |
Net income (loss) attributable to Aimco per common share – diluted (Note 10) |  | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.49 |
Weighted-average common shares outstanding – basic |  |  | 138,496 |  |  |  | 143,618 |  |  |  | 149,395 |
Weighted-average common shares outstanding – diluted |  |  | 138,496 |  |  |  | 143,618 |  |  |  | 150,834 |

See accompanying notes to the consolidated financial statements.

F-8

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONSOLIDATED STAT EMENTS OF EQUITY

(In thousands, except share data)

| Common Stock |  |  |  |  |  |  |  | Noncontrolling Interests in |  | Common Noncontrolling Interests in |  |
| Shares Issued |  | Amount |  | Additional Paid- in Capital |  | Retained Earnings (Accumulated Deficit) |  | Total Aimco Equity |  | Consolidated Real Estate Partnerships |  | Aimco Operating Partnership |  | Total Equity
Balances at December 31, 2021 | 149,818 |  | $1,498 |  | $521,842 |  | $(22,775) |  | $500,565 |  | $35,213 |  | $26,455 |  | $562,233
Net income (loss) | — |  | — |  | — |  | 75,726 |  | 75,726 |  | 3,672 |  | 3,931 |  | 83,329
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership | 108 |  | 1 |  | 2,653 |  | — |  | 2,654 |  | — |  | (2,888) |  | (234)
Share-based compensation expense | — |  | — |  | 5,687 |  | — |  | 5,687 |  | — |  | 1,770 |  | 7,457
Contributions from noncontrolling interests in consolidated real estate partnerships | — |  | — |  | — |  | — |  | — |  | 10,616 |  | — |  | 10,616
Distributions to noncontrolling interests in consolidated real estate partnerships | — |  | — |  | — |  | — |  | — |  | (1,202) |  | (160) |  | (1,362)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | — |  | — |  | (183) |  | — |  | (183) |  | — |  | — |  | (183)
Purchase of noncontrolling interests in consolidated real estate partnerships | — |  | — |  | (7,088) |  | — |  | (7,088) |  | — |  | — |  | (7,088)
Common stock repurchased | (3,459) |  | (35) |  | (24,957) |  | — |  | (24,992) |  | — |  | — |  | (24,992)
Other common stock issuances | 106 |  | 1 |  | 851 |  | — |  | 852 |  | — |  | 109 |  | 961
Cash dividends | — |  | — |  | — |  | (3,043) |  | (3,043) |  | — |  | — |  | (3,043)
Other, net | (48) |  | 1 |  | (2,323) |  | (4) |  | (2,326) |  | (5) |  | (5) |  | (2,336)
Balances at December 31, 2022 | 146,525 |  | 1,466 |  | 496,482 |  | 49,904 |  | 547,852 |  | 48,294 |  | 29,212 |  | 625,358
Net income (loss) | — |  | — |  | — |  | (166,196) |  | (166,196) |  | 3,991 |  | (9,038) |  | (171,243)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership | — |  | — |  | 4,501 |  | — |  | 4,501 |  | — |  | (5,582) |  | (1,081)
Share-based compensation expense | — |  | — |  | 7,299 |  | — |  | 7,299 |  | — |  | 3,196 |  | 10,495
Contributions from noncontrolling interests in consolidated real estate partnerships | — |  | — |  | — |  | — |  | — |  | 272 |  | — |  | 272
Distributions to noncontrolling interests in consolidated real estate partnerships | — |  | — |  | — |  | — |  | — |  | (1,291) |  | — |  | (1,291)
Common stock repurchased | (6,166) |  | (61) |  | (45,277) |  | — |  | (45,338) |  | — |  | — |  | (45,338)
Other common stock issuances | 252 |  | 2 |  | 1,538 |  | — |  | 1,540 |  | — |  | 1,272 |  | 2,812
Other, net | (35) |  | (1) |  | (5) |  | — |  | (6) |  | (1) |  | 1 |  | (6)
Balances at December 31, 2023 | 140,576 |  | 1,406 |  | 464,538 |  | (116,292) |  | 349,652 |  | 51,265 |  | 19,061 |  | 419,978
Net income (loss) | — |  | — |  | — |  | (102,468) |  | (102,468) |  | (1,849) |  | (5,641) |  | (109,958)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership | — |  | — |  | 1,078 |  | — |  | 1,078 |  | — |  | (2,061) |  | (983)
Share-based compensation expense | — |  | — |  | 7,490 |  | — |  | 7,490 |  | — |  | 23 |  | 7,513
Contributions from noncontrolling interests in consolidated real estate partnerships | — |  | — |  | — |  | — |  | — |  | 1,056 |  | — |  | 1,056
Distributions to noncontrolling interests in consolidated real estate partnerships | — |  | — |  | — |  | — |  | — |  | (1,614) |  | — |  | (1,614)
Purchase of noncontrolling interests in consolidated real estate partnerships | — |  | — |  | (9,913) |  | — |  | (9,913) |  | (9,268) |  | — |  | (19,181)
Common stock repurchased | (4,852) |  | (49) |  | (38,896) |  | — |  | (38,945) |  | — |  | — |  | (38,945)
Other common stock issuances, net of withholding taxes | 628 |  | 6 |  | 640 |  | — |  | 646 |  | — |  | — |  | 646
Dividends declared | — |  | — |  | — |  | (84,649) |  | (84,649) |  | — |  | (4,533) |  | (89,182)
Other, net | — |  | 1 |  | 65 |  | — |  | 66 |  | (30) |  | — |  | 36
Balances at December 31, 2024 | 136,352 |  | $1,364 |  | $425,002 |  | $(303,409) |  | $122,957 |  | $39,560 |  | $6,849 |  | $169,366

See accompanying notes to the consolidated financial statements.

F-9

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONSOLIDATED STATEM ENTS OF CASH FLOWS

(In thousands)

| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Net income (loss) | $ | (96,000 | ) |  | $ | (157,319 | ) |  | $ | 92,158 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 86,359 |  |  |  | 68,834 |  |  |  | 158,967 |
Mezzanine investment (income) loss, net |  | 2,432 |  |  |  | 155,814 |  |  |  | 179,239 |
Realized and unrealized (gains) losses on interest rate contracts |  | (1,752 | ) |  |  | (1,119 | ) |  |  | (48,205 | )
Realized and unrealized (gains) losses on equity investments |  | 49,504 |  |  |  | (700 | ) |  |  | (20,302 | )
Income tax expense (benefit) |  | (11,071 | ) |  |  | (12,752 | ) |  |  | 17,264 |
Share-based compensation |  | 6,494 |  |  |  | 9,221 |  |  |  | 7,471 |
Loss on extinguishment of debt, net |  | 947 |  |  |  | 938 |  |  |  | 28,986 |
Lease modification income |  | — |  |  |  | — |  |  |  | (206,963 | )
Gain on dispositions of real estate |  | (10,600 | ) |  |  | (7,984 | ) |  |  | (175,863 | )
Loss (income) from unconsolidated real estate partnerships |  | 1,358 |  |  |  | (875 | ) |  |  | (579 | )
Other, including amortization of debt issuance costs |  | 20,186 |  |  |  | 2,563 |  |  |  | 2,787 |
Changes in operating assets and operating liabilities: |  |  |  |  |  |  |  |
Operating assets, net |  | (13,355 | ) |  |  | 335 |  |  |  | 1,039 |
Net cash received from lease incentive |  | — |  |  |  | — |  |  |  | 195,789 |
Operating liabilities, net |  | 12,482 |  |  |  | (6,489 | ) |  |  | (27,556 | )
Total adjustments |  | 142,984 |  |  |  | 207,786 |  |  |  | 112,074 |
Net cash provided by operating activities |  | 46,984 |  |  |  | 50,467 |  |  |  | 204,232 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |
Purchases of real estate |  | — |  |  |  | (4,108 | ) |  |  | (129,245 | )
Capital expenditures |  | (160,027 | ) |  |  | (272,497 | ) |  |  | (237,523 | )
Proceeds from dispositions of real estate |  | 186,203 |  |  |  | 9,254 |  |  |  | 259,983 |
Investment in IQHQ |  | — |  |  |  | — |  |  |  | (14,227 | )
Redemption of IQHQ investment |  | — |  |  |  | — |  |  |  | 16,473 |
Distributions received from unconsolidated real estate partnerships |  | — |  |  |  | 4,209 |  |  |  | — |
Investment in unconsolidated real estate partnerships |  | (383 | ) |  |  | (3,786 | ) |  |  | (15,668 | )
Proceeds from dispositions of unconsolidated real estate partnerships |  | 5,766 |  |  |  | — |  |  |  | — |
Purchase of treasury bill |  | — |  |  |  | (53,773 | ) |  |  | — |
Proceeds from treasury bill |  | — |  |  |  | 54,727 |  |  |  | — |
Other investing activities |  | (958 | ) |  |  | 5,578 |  |  |  | (547 | )
Net cash provided by (used in) investing activities |  | 30,601 |  |  |  | (260,396 | ) |  |  | (120,754 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |
Proceeds from non-recourse property debt |  | — |  |  |  | — |  |  |  | 756,220 |
Proceeds from non-recourse construction loans |  | 330,542 |  |  |  | 174,445 |  |  |  | 93,206 |
Proceeds from sale of participation in Mezzanine Investment |  | — |  |  |  | 37,500 |  |  |  | — |
Payments of deferred loan costs |  | (6,340 | ) |  |  | (229 | ) |  |  | (15,266 | )
Principal repayments on non-recourse property debt |  | (3,166 | ) |  |  | (85,974 | ) |  |  | (302,428 | )
Principal repayments on non-recourse construction loans |  | (267,032 | ) |  |  | — |  |  |  | (138,404 | )
Principal repayments on Notes Payable to AIR |  | — |  |  |  | — |  |  |  | (534,127 | )
Purchase of interest rate contracts |  | (710 | ) |  |  | (712 | ) |  |  | (5,620 | )
Proceeds from interest rate contracts |  | 6,526 |  |  |  | 58,906 |  |  |  | 16,818 |
Payments on finance leases |  | (514 | ) |  |  | (2,694 | ) |  |  | (26,213 | )
Payments of prepayment premiums |  | — |  |  |  | — |  |  |  | (25,801 | )
Common stock repurchased |  | (38,945 | ) |  |  | (46,843 | ) |  |  | (23,492 | )
Dividends paid on common stock |  | — |  |  |  | — |  |  |  | (3,043 | )
Redemption of redeemable noncontrolling interests |  | (38,473 | ) |  |  | — |  |  |  | (5,094 | )
Distributions to redeemable noncontrolling interests |  | (8,318 | ) |  |  | (9,243 | ) |  |  | (9,365 | )
Contributions from noncontrolling interests |  | 1,056 |  |  |  | 272 |  |  |  | 10,616 |
Distributions to noncontrolling interests |  | (1,614 | ) |  |  | (1,291 | ) |  |  | (1,362 | )
Contributions from redeemable noncontrolling interests |  | 6,409 |  |  |  | 125 |  |  |  | 122,571 |
Redemption of OP Units held by third parties |  | (983 | ) |  |  | (1,081 | ) |  |  | (225 | )
Redemption of noncontrolling interest in real estate partnership |  | — |  |  |  | — |  |  |  | (7,088 | )
Purchase of noncontrolling interests in consolidated real estate partnerships |  | (19,181 | ) |  |  | — |  |  |  | — |
Other financing activities |  | (3,153 | ) |  |  | (3,751 | ) |  |  | (197 | )
Net cash provided by (used in) financing activities |  | (43,896 | ) |  |  | 119,430 |  |  |  | (98,294 | )
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |  | 33,689 |  |  |  | (90,499 | ) |  |  | (14,816 | )
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR |  | 139,267 |  |  |  | 229,766 |  |  |  | 244,582 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ | 172,956 |  |  | $ | 139,267 |  |  | $ | 229,766 |

See accompanying notes to the consolidated financial statements

F-10

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Partners

Aimco OP L.P.

Opinion on the financial statements

We have audited the accompanying consolidated balance sheet of Aimco OP L.P. (a Maryland corporation) and subsidiaries (the “Partnership”) as of December 31, 2024, the related consolidated statements of operations, partners’ capital, and cash flows for the year ended December 31, 2024, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 24, 2025 expressed an unqualified opinion.

Basis for opinion

These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Impairment of investment in IQHQ

As described further in Note 2 to the financial statements, the Partnership accounts for their investment in IQHQ, a privately held life sciences real estate development company, using the measurement alternative. During the year ended December 31, 2024, the Partnership recorded a non-cash impairment charge of $48.6 million, reducing the carrying value of the investment in IQHQ to $11.1 million as a result of the identification of a triggering event. The fair value of IQHQ was determined using various estimates, assumptions, and market data, the most significant being projected operational cash flows, capitalization rates, and discount rates. We identified the fair value measurements utilized in valuing IQHQ’s underlying investment properties as a critical audit matter.

The principal considerations for our determination that the fair value measurements utilized in valuing IQHQ’s underlying investment properties are a critical audit matter are the projected operational cash flows, capitalization rates, and discount rates used in determining the fair value, which involved a higher degree of judgment due to the subjective nature of these inputs.

Our audit procedures related to the fair value measurements utilized in valuing IQHQ’s underlying investment properties included the following, among others:

F-11

I.
We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to estimate the fair value of IQHQ’s underlying investment properties.
II.
For certain underlying investment properties valued under the income approach, with the assistance of those with specialized skill and knowledge, we evaluated the reasonableness of the fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports.

/s/ GRANT THORNTON LLP

We have served as the Partnership's auditor since 2024.

Denver, Colorado

February 24, 2025

F-12

Report of Independent Registered Public Accounting Firm

To the Partners and the Board of Directors of

Aimco OP L.P.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Aimco OP L.P. (the Partnership) as of December 31, 2023, the related consolidated statements of operations, partners’ capital, and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Partnership's auditor from 2020 to 2024.

Denver, Colorado

February 26, 2024,

except for Note 14, as to which the date is

February 24, 2025

F-13

AIMCO OP L.P.

CONSOLIDATED BALANCE SHEETS

(In thousands)

|  | December 31, 2024 |  |  | December 31, 2023 |
ASSETS |  |  |  |  |  |
Buildings and improvements |  | $ | 1,348,925 |  |  | $ | 1,593,802 |
Land |  |  | 398,182 |  |  |  | 620,821 |
Total real estate |  |  | 1,747,107 |  |  |  | 2,214,623 |
Accumulated depreciation |  |  | (499,274 | ) |  |  | (580,802 | )
Net real estate |  |  | 1,247,833 |  |  |  | 1,633,821 |
Cash and cash equivalents |  |  | 141,072 |  |  |  | 122,601 |
Restricted cash |  |  | 31,367 |  |  |  | 16,666 |
Notes receivable |  |  | 58,794 |  |  |  | 57,554 |
Right-of-use lease assets - finance leases |  |  | 107,714 |  |  |  | 108,992 |
Other assets, net |  |  | 94,051 |  |  |  | 149,841 |
Assets held for sale, net |  |  | 276,079 |  |  |  | — |
Total assets |  | $ | 1,956,910 |  |  | $ | 2,089,475 |
LIABILITIES AND EQUITY |  |  |  |  |  |
Non-recourse property debt, net |  | $ | 685,420 |  |  | $ | 846,298 |
Non-recourse construction loans, net |  |  | 385,240 |  |  |  | 301,443 |
Total indebtedness |  |  | 1,070,660 |  |  |  | 1,147,741 |
Deferred tax liabilities |  |  | 101,457 |  |  |  | 110,284 |
Lease liabilities - finance leases |  |  | 121,845 |  |  |  | 118,697 |
Dividends payable |  |  | 89,182 |  |  |  | — |
Accrued liabilities and other |  |  | 100,849 |  |  |  | 121,143 |
Liabilities related to assets held for sale, net |  |  | 160,620 |  |  |  | — |
Total liabilities |  |  | 1,644,613 |  |  |  | 1,497,865 |
Redeemable noncontrolling interests in consolidated real estate partnerships |  |  | 142,931 |  |  |  | 171,632 |
Commitments and contingencies (Note 13) |  |  |  |  |  |
Partners’ capital: |  |  |  |  |  |
General Partner and Special Limited Partner (136,351,966 and 140,576,102 OP Units issued and outstanding at December 31, 2024 and December 31, 2023, respectively) |  |  | 122,957 |  |  |  | 349,652 |
Limited Partners (7,555,109 and 7,663,618 OP Units issued and outstanding at December 31, 2024 and December 31, 2023, respectively) |  |  | 6,849 |  |  |  | 19,061 |
Partners’ capital attributable to Aimco Operating Partnership |  |  | 129,806 |  |  |  | 368,713 |
Noncontrolling interests in consolidated real estate partnerships |  |  | 39,560 |  |  |  | 51,265 |
Total partners’ capital |  |  | 169,366 |  |  |  | 419,978 |
Total liabilities and partners’ capital |  | $ | 1,956,910 |  |  | $ | 2,089,475 |

See accompanying notes to the consolidated financial statements.

F-14

AIMCO OP L.P.

CO NSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per common unit data)

|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
REVENUES |  |  |  |  |  |  |  |  |
Rental and other property revenues |  | $ | 208,679 |  |  | $ | 186,995 |  |  | $ | 190,344 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 90,984 |  |  |  | 73,712 |  |  |  | 71,792 |
Depreciation and amortization |  |  | 86,359 |  |  |  | 68,834 |  |  |  | 158,967 |
General and administrative expenses |  |  | 32,837 |  |  |  | 32,865 |  |  |  | 39,673 |
Total operating expenses |  |  | 210,180 |  |  |  | 175,411 |  |  |  | 270,432 |
Interest income |  |  | 9,652 |  |  |  | 9,731 |  |  |  | 4,052 |
Interest expense |  |  | (70,057 | ) |  |  | (37,718 | ) |  |  | (73,842 | )
Mezzanine investment income (loss), net |  |  | (2,432 | ) |  |  | (155,814 | ) |  |  | (179,239 | )
Realized and unrealized gains (losses) on interest rate contracts |  |  | 1,752 |  |  |  | 1,119 |  |  |  | 48,205 |
Realized and unrealized gains (losses) on equity investments |  |  | (49,504 | ) |  |  | 700 |  |  |  | 20,302 |
Gain on dispositions of real estate |  |  | 10,600 |  |  |  | 7,984 |  |  |  | 175,863 |
Lease modification income |  |  | — |  |  |  | — |  |  |  | 206,963 |
Other income (expense), net |  |  | (5,581 | ) |  |  | (7,657 | ) |  |  | (12,794 | )
Income (loss) before income tax |  |  | (107,071 | ) |  |  | (170,071 | ) |  |  | 109,422 |
Income tax benefit (expense) |  |  | 11,071 |  |  |  | 12,752 |  |  |  | (17,264 | )
Net income (loss) |  |  | (96,000 | ) |  |  | (157,319 | ) |  |  | 92,158 |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships |  |  | (13,958 | ) |  |  | (13,924 | ) |  |  | (8,829 | )
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships |  |  | 1,849 |  |  |  | (3,991 | ) |  |  | (3,672 | )
Net income (loss) attributable to Aimco Operating Partnership |  | $ | (108,109 | ) |  | $ | (175,234 | ) |  | $ | 79,657 |
Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 10) |  | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.50 |
Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 10) |  | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.49 |
Weighted-average common units outstanding – basic |  |  | 146,120 |  |  |  | 151,371 |  |  |  | 157,317 |
Weighted-average common units outstanding – diluted |  |  | 146,120 |  |  |  | 151,371 |  |  |  | 158,774 |

See accompanying notes to the consolidated financial statements.

F-15

AIMCO OP L.P.

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(In thousands)

|  | General Partner and Special Limited Partner |  | Limited Partners |  | Partners’ Capital Attributable to Aimco Operating Partnership |  | Noncontrolling Interests in Consolidated Real Estate Partnerships |  | Total Partners’ Capital
Balances at December 31, 2021 |  | $500,565 |  | $26,455 |  | $527,020 |  | $35,213 |  | $562,233
Net income (loss) |  | 75,726 |  | 3,931 |  | 79,657 |  | 3,672 |  | 83,329
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership |  | 2,654 |  | (2,888) |  | (234) |  | — |  | (234)
Share-based compensation expense |  | 5,687 |  | 1,770 |  | 7,457 |  | — |  | 7,457
Contributions from noncontrolling interests in consolidated real estate partnerships |  | — |  | — |  | — |  | 10,616 |  | 10,616
Distributions to noncontrolling interests in consolidated real estate partnerships |  | — |  | (160) |  | (160) |  | (1,202) |  | (1,362)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships |  | (183) |  | — |  | (183) |  | — |  | (183)
Purchase of noncontrolling interests in consolidated real estate partnerships |  | (7,088) |  | — |  | (7,088) |  | — |  | (7,088)
Common stock repurchased |  | (24,992) |  | — |  | (24,992) |  | — |  | (24,992)
Other common stock issuances |  | 852 |  | 109 |  | 961 |  | — |  | 961
Cash dividends |  | (3,043) |  | — |  | (3,043) |  | — |  | (3,043)
Other, net |  | (2,326) |  | (5) |  | (2,331) |  | (5) |  | (2,336)
Balances at December 31, 2022 |  | 547,852 |  | 29,212 |  | 577,064 |  | 48,294 |  | 625,358
Net income (loss) |  | (166,196) |  | (9,038) |  | (175,234) |  | 3,991 |  | (171,243)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership |  | 4,501 |  | (5,582) |  | (1,081) |  | — |  | (1,081)
Share-based compensation expense |  | 7,299 |  | 3,196 |  | 10,495 |  | — |  | 10,495
Contributions from noncontrolling interests in consolidated real estate partnerships |  | — |  | — |  | — |  | 272 |  | 272
Distributions to noncontrolling interests in consolidated real estate partnerships |  | — |  | — |  | — |  | (1,291) |  | (1,291)
Common stock repurchased |  | (45,338) |  | — |  | (45,338) |  | — |  | (45,338)
Other common stock issuances |  | 1,540 |  | 1,272 |  | 2,812 |  | — |  | 2,812
Other, net |  | (6) |  | 1 |  | (5) |  | (1) |  | (6)
Balances at December 31, 2023 |  | 349,652 |  | 19,061 |  | 368,713 |  | 51,265 |  | 419,978
Net income (loss) |  | (102,468) |  | (5,641) |  | (108,109) |  | (1,849) |  | (109,958)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership |  | 1,078 |  | (2,061) |  | (983) |  | — |  | (983)
Share-based compensation expense |  | 7,490 |  | 23 |  | 7,513 |  | — |  | 7,513
Contributions from noncontrolling interests in consolidated real estate partnerships |  | — |  | — |  | — |  | 1,056 |  | 1,056
Distributions to noncontrolling interests in consolidated real estate partnerships |  | — |  | — |  | — |  | (1,614) |  | (1,614)
Purchase of noncontrolling interests in consolidated real estate partnerships |  | (9,913) |  | — |  | (9,913) |  | (9,268) |  | (19,181)
Common stock repurchased |  | (38,945) |  | — |  | (38,945) |  | — |  | (38,945)
Other common stock issuances, net of withholding taxes |  | 646 |  | — |  | 646 |  | — |  | 646
Dividends declared |  | (84,649) |  | (4,533) |  | (89,182) |  | — |  | (89,182)
Other, net |  | 66 |  | — |  | 66 |  | (30) |  | 36
Balances at December 31, 2024 |  | $122,957 |  | $6,849 |  | $129,806 |  | $39,560 |  | $169,366

See accompanying notes to the consolidated financial statements

F-16

AIMCO OP L.P.

CO NSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Net income (loss) | $ | (96,000 | ) |  | $ | (157,319 | ) |  | $ | 92,158 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 86,359 |  |  |  | 68,834 |  |  |  | 158,967 |
Mezzanine investment (income) loss, net |  | 2,432 |  |  |  | 155,814 |  |  |  | 179,239 |
Realized and unrealized (gains) losses on interest rate contracts |  | (1,752 | ) |  |  | (1,119 | ) |  |  | (48,205 | )
Realized and unrealized (gains) losses on equity investments |  | 49,504 |  |  |  | (700 | ) |  |  | (20,302 | )
Income tax expense (benefit) |  | (11,071 | ) |  |  | (12,752 | ) |  |  | 17,264 |
Share-based compensation |  | 6,494 |  |  |  | 9,221 |  |  |  | 7,471 |
Loss on extinguishment of debt, net |  | 947 |  |  |  | 938 |  |  |  | 28,986 |
Lease modification income |  | — |  |  |  | — |  |  |  | (206,963 | )
Gain on dispositions of real estate |  | (10,600 | ) |  |  | (7,984 | ) |  |  | (175,863 | )
Loss (income) from unconsolidated real estate partnerships |  | 1,358 |  |  |  | (875 | ) |  |  | (579 | )
Other, including amortization of debt issuance costs |  | 20,186 |  |  |  | 2,563 |  |  |  | 2,787 |
Changes in operating assets and operating liabilities: |  |  |  |  |  |  |  |
Operating assets, net |  | (13,355 | ) |  |  | 335 |  |  |  | 1,039 |
Net cash received from lease incentive |  | — |  |  |  | — |  |  |  | 195,789 |
Operating liabilities, net |  | 12,482 |  |  |  | (6,489 | ) |  |  | (27,556 | )
Total adjustments |  | 142,984 |  |  |  | 207,786 |  |  |  | 112,074 |
Net cash provided by operating activities |  | 46,984 |  |  |  | 50,467 |  |  |  | 204,232 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |
Purchases of real estate |  | — |  |  |  | (4,108 | ) |  |  | (129,245 | )
Capital expenditures |  | (160,027 | ) |  |  | (272,497 | ) |  |  | (237,523 | )
Proceeds from dispositions of real estate |  | 186,203 |  |  |  | 9,254 |  |  |  | 259,983 |
Investment in IQHQ |  | — |  |  |  | — |  |  |  | (14,227 | )
Redemption of IQHQ investment |  | — |  |  |  | — |  |  |  | 16,473 |
Distributions received from unconsolidated real estate partnerships |  | — |  |  |  | 4,209 |  |  |  | — |
Investment in unconsolidated real estate partnerships |  | (383 | ) |  |  | (3,786 | ) |  |  | (15,668 | )
Proceeds from dispositions of unconsolidated real estate partnerships |  | 5,766 |  |  |  | — |  |  |  | — |
Purchase of treasury bill |  | — |  |  |  | (53,773 | ) |  |  | — |
Proceeds from treasury bill |  | — |  |  |  | 54,727 |  |  |  | — |
Other investing activities |  | (958 | ) |  |  | 5,578 |  |  |  | (547 | )
Net cash provided by (used in) investing activities |  | 30,601 |  |  |  | (260,396 | ) |  |  | (120,754 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |
Proceeds from non-recourse property debt |  | — |  |  |  | — |  |  |  | 756,220 |
Proceeds from non-recourse construction loans |  | 330,542 |  |  |  | 174,445 |  |  |  | 93,206 |
Proceeds from sale of participation in Mezzanine Investment |  | — |  |  |  | 37,500 |  |  |  | — |
Payments of deferred loan costs |  | (6,340 | ) |  |  | (229 | ) |  |  | (15,266 | )
Principal repayments on non-recourse property debt |  | (3,166 | ) |  |  | (85,974 | ) |  |  | (302,428 | )
Principal repayments on non-recourse construction loans |  | (267,032 | ) |  |  | — |  |  |  | (138,404 | )
Principal repayments on Notes Payable to AIR |  | — |  |  |  | — |  |  |  | (534,127 | )
Purchase of interest rate contracts |  | (710 | ) |  |  | (712 | ) |  |  | (5,620 | )
Proceeds from interest rate contracts |  | 6,526 |  |  |  | 58,906 |  |  |  | 16,818 |
Payments on finance leases |  | (514 | ) |  |  | (2,694 | ) |  |  | (26,213 | )
Payments of prepayment premiums |  | — |  |  |  | — |  |  |  | (25,801 | )
Common stock repurchased |  | (38,945 | ) |  |  | (46,843 | ) |  |  | (23,492 | )
Dividends paid on common stock |  | — |  |  |  | — |  |  |  | (3,043 | )
Redemption of redeemable noncontrolling interests |  | (38,473 | ) |  |  | — |  |  |  | (5,094 | )
Distributions to redeemable noncontrolling interests |  | (8,318 | ) |  |  | (9,243 | ) |  |  | (9,365 | )
Contributions from noncontrolling interests |  | 1,056 |  |  |  | 272 |  |  |  | 10,616 |
Distributions to noncontrolling interests |  | (1,614 | ) |  |  | (1,291 | ) |  |  | (1,362 | )
Contributions from redeemable noncontrolling interests |  | 6,409 |  |  |  | 125 |  |  |  | 122,571 |
Redemption of OP Units held by third parties |  | (983 | ) |  |  | (1,081 | ) |  |  | (225 | )
Redemption of noncontrolling interest in real estate partnership |  | — |  |  |  | — |  |  |  | (7,088 | )
Purchase of noncontrolling interests in consolidated real estate partnerships |  | (19,181 | ) |  |  | — |  |  |  | — |
Other financing activities |  | (3,153 | ) |  |  | (3,751 | ) |  |  | (197 | )
Net cash provided by (used in) financing activities |  | (43,896 | ) |  |  | 119,430 |  |  |  | (98,294 | )
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |  | 33,689 |  |  |  | (90,499 | ) |  |  | (14,816 | )
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR |  | 139,267 |  |  |  | 229,766 |  |  |  | 244,582 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ | 172,956 |  |  | $ | 139,267 |  |  | $ | 229,766 |

See accompanying notes to the consolidated financial statements

F-17

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

NOTES TO THE CONSOLIDATE D FINANCIAL STATEMENTS

December 31, 2024

Note 1 — Organization

Apartment Investment and Management Company (“Aimco” or "the Company"), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly-owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. ("Aimco Operating Partnership"). As of December 31, 2024, Aimco owned 92.3% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8% of the economic interest in Aimco Operating Partnership. The remaining 7.7% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

This filing combines the Annual Reports on Form 10-K for the fiscal year ended December 31, 2024, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, each is referred to specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At December 31, 2024, o ur entire portfolio of operating residential apartment communities includes 5,243 apartment homes within 20 consolidated stabilized operating properties, a substantially complete 689-unit community with 105,000 square feet of retail space, a substantially complete 220-unit community, and four unconsolidated properties. Additionally, we have a substantially complete single family rental community with 16 homes and eight accessory dwelling units, a waterfront ground-up development under construction with 114 planned units, a 106-key luxury hotel with event space, one commercial office building that is part of an assemblage with an adjacent apartment building that is currently held for sale, and land parcels held for development. We also h old other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ Holdings, LP ("IQHQ"); and our investment in real estate technology funds.

Note 2 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances have been eliminated in consolidation.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

C ertain reclassifications have been made to prior period amounts to conform to the current period consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

Principles of Consolidation

We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. Refer to Note 5 for further information.

F-18

Common noncontrolling interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets as Common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2024, 2023, and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2%, 5.1%, and 5.1%, r espectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable noncontrolling interests in consolidated real estate partnerships

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement, generally after a specified hold period. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2024, consists of the following: (i) a preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) equity interest in two separate consolidated joint ventures with residential apartment com munities in lease-up, including a preferred equity interest in one of the joint ventures accruing 9.7% preferred return per annum, and (iii) a preferred equity interest accruing 14.5% preferred return per annum in an entity that owns a waterfront ground-up development. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2024.

The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2024 , 2023, and 2022 (in thousands):

|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at Beginning of Period |  | $ | 171,632 |  |  | $ | 166,826 |  |  | $ | 33,794 |
Capital contributions |  |  | 6,409 |  |  |  | 125 |  |  |  | 138,479 |
Distributions |  |  | (8,318 | ) |  |  | (9,243 | ) |  |  | (9,365 | )
Redemptions |  |  | (38,473 | ) |  |  | — |  |  |  | (4,911 | )
Net income |  |  | 13,958 |  |  |  | 13,924 |  |  |  | 8,829 |
Other (1) |  |  | (2,277 | ) |  |  | — |  |  |  | — |
Balance at December 31, |  | $ | 142,931 |  |  | $ | 171,632 |  |  | $ | 166,826 |

(1) In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida, as further discussed in Note 5. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships in accordance with GAAP.

F-19

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. While legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment.

Throughout the term of the Mezzanine Investment, we have performed an assessment to determine whether the fair value of the Mezzanine Investment is less than its net carrying value on an other-than-temporary basis. In 2022, we determined our Mezzanine Investment was impaired on an other-than-temporary basis after considering various factors, including a sustained decrease in rents at the Parkmerced Apartments due to changes in the macroeconomic environment and a decline in value of the real estate collateral. As a result, we recognized a non-cash impairment charge of $212.6 million.

Prior to the non-cash impairment in 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment.

In 2023, we determined our Mezzanine Investment was incrementally impaired after considering additional factors, including the mezzanine loan’s nearing maturity date and further decline in value of the real estate collateral. As a result, we recognized a non-cash impairment charge of $158.0 million.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Consolidated Balance Sheets. Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $134.0 million plus an annualized return. While the Mezzanine Investment had not been repaid and was in maturity default as of December 31, 2024, we are precluded from derecognizing the liability until it has been extinguished.

In connection with the participation sold, the purchaser also made a $4.0 million non-refundable payment for the option to acquire the remaining 80% in the Mezzanine Investment. The option expired unexercised in the quarter ended December 31, 2023. As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations.

Real Estate

Acquisitions

Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions.

We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar real estate.

The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; (c) the value associated with in-place leases during an estimated absorption period, which estimates rental revenue that would not have been earned had the leased space been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels; and (d) tax abatement contract related intangibles, to the extent the property has them in place. The above and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably certain renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases.

F-20

Capital additions

We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred.

For the years ended December 31, 2024, 2023, and 2022, we capitalized to buildings and improvements $21.5 million, $39.7 million, and $30.6 million of interest costs, respectively. For the years ended December 31, 2024, 2023, and 2022, we capitalized to buildings and improvements $8.0 million, $14.3 million, and $16.9 mi llion of indirect costs, respectively.

Impairment of real estate and other long-lived assets

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community. There were no such impairments for the years ended December 31, 2024, 2023, and 2022.

Assets held for sale, net

We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations.

On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage. The transaction is scheduled to occur as early as March 2025 but may be extended at the buyer's option to the fourth quarter of 2025. We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of December 31, 2024. The transaction does not meet the criteria for discontinued operations classification. The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2024 (in thousands):

F-21

|  | As of December 31, 2024 |
Buildings and improvements |  | $ | 218,388 |
Land |  |  | 181,381 |
Total real estate |  |  | 399,769 |
Accumulated depreciation |  |  | (126,840 | )
Net real estate |  |  | 272,929 |
Restricted cash |  |  | 517 |
Other assets, net |  |  | 2,633 |
Assets held for sale, net |  | $ | 276,079 |
Non-recourse property debt, net |  | $ | 158,888 |
Accrued liabilities and other |  |  | 1,732 |
Liabilities related to assets held for sale, net |  | $ | 160,620 |

Restricted cash

Restricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements. The reconciliation of cash flow information is as follows (in thousands):

| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Cash and cash equivalents | $ | 141,072 |  |  | $ | 122,601 |  |  | $ | 206,460 |
Restricted cash |  | 31,367 |  |  |  | 16,666 |  |  |  | 23,306 |
Restricted cash held for sale |  | 517 |  |  |  | — |  |  |  | — |
Cash, cash equivalents, and restricted cash, including restricted cash held for sale | $ | 172,956 |  |  | $ | 139,267 |  |  | $ | 229,766 |

Cash equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash and cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 is as follows (in thousands):

| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |  |  |  |  |
Interest paid, net of amounts capitalized | $ | 47,554 |  |  | $ | 32,795 |  |  | $ | 45,171 |
Cash paid for income taxes |  | 931 |  |  |  | 1,711 |  |  |  | 22,930 |
Non-cash transactions associated with acquisitions: |  |  |  |  |  |  |  |
Buildings and improvements |  | — |  |  |  | — |  |  |  | 11,109 |
Intangible assets, net |  | — |  |  |  | — |  |  |  | 13,377 |
Mark to market adjustment on an assumed construction loan |  | — |  |  |  | — |  |  |  | 363 |
Right-of-use lease assets - finance leases |  | — |  |  |  | — |  |  |  | 15,036 |
Other assets, net |  | — |  |  |  | — |  |  |  | 5,629 |
Accrued liabilities and other |  | — |  |  |  | — |  |  |  | (1,854 | )
Lease liabilities - finance leases |  | — |  |  |  | — |  |  |  | 15,151 |
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships |  | — |  |  |  | — |  |  |  | 13,756 |
Other non-cash investing and financing transactions: |  |  |  |  |  |  |  |
Right-of-use lease assets - operating leases |  | — |  |  |  | 718 |  |  |  | 2,336 |
Lease liabilities - operating leases |  | — |  |  |  | 718 |  |  |  | 1,587 |
Issuance of seller financing in connection with disposition of real estate |  | — |  |  |  | 17,432 |  |  |  | — |
Contribution of real estate to unconsolidated real estate partnerships |  | — |  |  |  | 5,700 |  |  |  | — |
Accrued capital expenditures (at end of year) |  | 11,962 |  |  |  | 40,340 |  |  |  | 41,435 |

F-22

Notes receivable

We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Consolidated Statements of Operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used.

We have a seller financing note with a principal balance of $43.2 million and an effective interest rate of 6.0%. As of December 31, 2024 and 2023, the remaining unamortized discount was $2.7 million and $3.8 million, respectively. For the years ended December 31, 2024, 2023, and 2022, the amortization of the discount was $1.1 million, $1.1 million, and $1.0 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations.

Other assets, net

Other assets, net were comprised of the following amounts as of December 31, 2024 and 2023 (in thousands):

| As of December 31, |
| 2024 |  |  | 2023 |
Other investments | $ | 16,115 |  |  | $ | 65,066 |
Deferred costs, deposits, and other |  | 11,227 |  |  |  | 9,374 |
Prepaid expenses and real estate taxes |  | 14,208 |  |  |  | 14,855 |
Interest rate contracts (1) |  | 891 |  |  |  | 5,255 |
Unconsolidated real estate partnerships |  | 15,155 |  |  |  | 23,125 |
Intangible assets, net |  | 13,154 |  |  |  | 13,494 |
Corporate fixed assets, net of accumulated depreciation of $9,591 and $6,903 as of December 31, 2024 and December 31, 2023, respectively |  | 9,844 |  |  |  | 10,669 |
Accounts receivable, net of allowances of $352 and $373 as of December 31, 2024 and December 31, 2023, respectively |  | 8,276 |  |  |  | 5,178 |
Deferred tax assets |  | 5,175 |  |  |  | 2,391 |
Due from affiliates |  | 6 |  |  |  | 434 |
Total other assets, net | $ | 94,051 |  |  | $ | 149,841 |

(1) We account for our interest rate contracts as non-designated hedges. See Note 12 for discussion of our fair value measurements for these instruments.

Other investments

Other investments consist of passive equity investments in stock, property technology funds, and IQHQ, a privately held life sciences real estate development company. We measure our investment in stock at fair value. We also measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the year ended December 31, 2024, we recognized unrealized losses on our investment in stock of $1.3 million, compared to unrealized gains of $0.7 million in 2023 and unrealized losses of $6.1 million in 2022. During the years ended December 31, 2024, 2023 and 2022, we recognized unrealized gains on our investments in property technology funds of $0.4 million, $0.0 million, and $0.3 million, respectively. See Note 12 for discussion of our fair value measurements for these investments.

Investment in IQHQ

In 2020, Aimco Predecessor made a $50.0 million commitment to IQHQ, a privately held life sciences real estate development company. In 2022, after fully funding our commitment, 22% of our original investment in IQHQ was redeemed for $16.5 million. Our remaining investment in IQHQ, with a cost basis of $39.2 million, was adjusted upward to $59.7 million at the same per share value as the cash redemption per share.

We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value.

F-23

On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. During the year ended December 31, 2024, we determined that our investment in IQHQ was impaired after consideration of factors, including adverse capital market conditions, increased real estate development costs, and IQHQ's financial condition. As a result, we recorded a non-cash impairment charge of $48.6 million to reduce the carrying value of the investment in IQHQ to $11.1 million as of December 31, 2024. The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the year ended December 31, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2024. No realized or unrealized gains or losses were recognized during the year ended December 31, 2023. During the year ended December 31, 2022, we recognized realized and unrealized gains on our investment in IQHQ totaling $5.7 million and $20.5 million resulting from the partial redemption of our investment.

|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Equity ownership in IQHQ under measurement alternative: |  |  |  |  |  |
Initial cost of remaining balance |  | $ | 39,185 |  |  | $ | 39,185 |
Cumulative upward adjustments |  |  | 20,501 |  |  |  | 20,501 |
Cumulative impairment |  |  | (48,615 | ) |  |  | — |
Total carrying value |  | $ | 11,071 |  |  | $ | 59,686 |

Deferred costs, deposits, and other

We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in Depreciation and amortization in our Consolidated Statements of Operations.

We also defer, debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our Consolidated Balance Sheets. We record debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn in Other assets, net in our Consolidated Balance Sheets. We amortize the costs associated with our revolving credit facilities to Interest expense on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our Consolidated Balance Sheets and subsequently amortized to Interest expense under either the effective interest method or on a straight-line basis, which approximates the effective interest method when used, over the remaining term of the arrangement in our Consolidated Statements of Operations.

When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations.

Unconsolidated real estate partnerships

We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate using the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Other income (expense), net in our Consolidated Statements of Operations.

The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships.

On a periodic basis, we assess our investments in unconsolidated real estate partnerships for impairment. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis.

F-24

In March 2022, we acquired an ownership interest in an unconsolidated investment in land held for development in the Edgewater neighborhood of Miami, Florida, in exchange for land that we had purchased for $1.8 million in January 2022 and cash of $0.3 million. Subsequently, we had additional non-cash contributions of $5.7 million for unused transferable density rights and cash contributions of $0.9 million. During the year ended December 31, 2024, we exercised our rights under the existing joint venture agreement, whereby our joint venture partner agreed to purchase our ownership interest in this unconsolidated investment. As a result of the transaction, we recognized a non-cash other-than-temporary-impairment ("OTTI") of $2.6 million, within Other income (expense), net in our Condensed Consolidated Statements of Operations. We did no t recognize any such impairments of our investments in unconsolidated real estate partnerships during the years ended December 31, 2023, and 2022.

Intangible assets, net

Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets. The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2024 and 2023 (in thousands):

|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Intangible assets |  | $ | 25,950 |  |  | $ | 25,950 |
Less: accumulated amortization |  |  | (12,796 | ) |  |  | (12,456 | )
Intangible assets, net |  | $ | 13,154 |  |  | $ | 13,494 |
Below-market leases |  | $ | 4,175 |  |  | $ | 4,175 |
Less: accumulated amortization |  |  | (4,175 | ) |  |  | (4,146 | )
Intangible liabilities, net |  | $ | — |  |  | $ | 29 |

Based on the balance of intangible assets and liabilities as of December 31, 2024, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands):

|  | Intangible assets |
2025 |  | $ | 892 |
2026 |  |  | 892 |
2027 |  |  | 892 |
2028 |  |  | 892 |
2029 |  |  | 892 |
Thereafter |  |  | 8,694 |
Total future amortization |  | $ | 13,154 |

Corporate fixed assets, net

We capitalize qualified implementation costs incurred in a hosting arrangement that is a service contract for which we are the customer in accordance with the requirements for capitalizing costs incurred to develop internal-use software. These capitalized implementation costs are amortized on a straight-line basis. As of December 31, 2024 and 2023, net capitalized implementation costs of $5.8 million and $4.7 million, respectively, net of $0.8 million and $0.1 million of accumulated depreciation, respectively are included in Other assets, net in our Consolidated Balance Sheets.

Accounts receivable, net

We present our accounts receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis.

F-25

Revenue from leases

We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We have elected the practical expedient in accordance with ASC 842, Leases, to not separate non-lease components from associated lease components for all classes of underlying assets. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease.

Revenue from contracts with customers

We apply ASC 606, Revenue from Contracts with Customers, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement. Payment terms generally align with when the goods and services are provided. Our contracts generally have a single performance obligation, recognized at a point in time.

During the years ended December 31, 2024, 2023, and 2022, the Benson Hotel generated revenues of $6.7 million, $2.7 million, and $0.0 million, respectively.

Advertising costs

Advertising costs are expensed as incurred and are included within Property operating expenses in our Consolidated Statements of Operations. For the years ended December 31, 2024, 2023, and 2022, we recognized total advertising costs of $2.3 million, $1.3 million, and $1.7 million, respectively.

Gain or (loss) on dispositions of real estate

Gains or losses on dispositions are recognized when the criteria for the derecognition of a nonfinancial asset are met, including when control of the real estate has transferred. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. For the years ended December 31, 2024, 2023, and 2022, we recognized total Gain on dispositions of real estate of $10.6 million, $8.0 million, and $175.9 million, respectively.

Depreciation and amortization

Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years.

We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 y ears. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions.

Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease.

Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determi ning the estimated useful lives used in connection with our composite and group depreciation methods.

F-26

Income tax benefit (expense)

Aimco

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold our investment in 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our C onsolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2024, we had consolidated net losses subject to tax of $28.2 million, compared to consolidated net losses subject to tax of $15.2 million for the same period in 2023, and consolidated net income subject to tax of $88.8 million for the same period in 2022.

For the year ended December 31, 2024, we recognized income tax benefit of $11.1 million, compared to income tax benefit of $12.8 million for same period in 2023. The year-over-year decrease is due primarily to changes in 2023 to the effective tax rate expected to apply to the reversal of our existing deferred items, partially offset by increased tax benefit from higher losses in 2024 at our TRS entities.

We recognized income tax expense of $17.3 million for the year ended December 31, 2022. The prior year-over-year decrease is due primarily to GAAP income taxes associated with the net lease modification income recognized in 2022.

Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 1994, and Aimco intends to continue to operate in such a manner. Aimco's current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation.

Even if Aimco qualifies as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. Aimco also will be required to pay a 100% tax on any net income on non-arm’s length transactions between Aimco and a TRS and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income.

Aimco Operating Partnership

Aimco Operating Partnership is treated as a “pass-through” entity for United States federal income tax purposes and is not subject to United States federal income taxation. Partners in Aimco Operating Partnership, however, are subject to tax on their allocable share of partnership income, gains, losses, deductions, and credits, regardless of whether the partners receive any actual distributions of cash or other property from Aimco Operating Partnership during the taxable year. Generally, the characterization of any particular item is determined by Aimco Operating Partnership rather than at the partner level, and the amount of a partner’s allocable share of such item is governed by the terms of Aimco Operating Partnership’s Partnership agreement. Aimco Operating Partnership is subject to tax in certain states.

Earnings per share and per unit

Aimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per share and unit computations.

F-27

Share-based compensation

We measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11.

Use of estimates

The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Accounting pronouncements adopted in the current year

We adopted Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which requires disclosure of incremental segment information, including segment expense categories, on an annual and interim basis. The segment expense categories and amounts disclosed in prior periods within Note 14 are based on the significant expense categories identified and disclosed in the period of adoption. The adoption of this standard did no t have a material impact on our consolidated financial statements.

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds. (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses", which requires disaggregated disclosure of income statement expenses. The ASU does not change the expense captions an entity presents on the face of the income statement. Rather, it requires disclosure in a tabular format of the disaggregation of any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Note 3 — Significant Transactions

Real estate dispositions

During the years ended December 31, 2024, 2023, and 2022, we sold properties as summarized below (dollars in thousands):

|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Number of properties sold |  | 2 |  |  | 1 |  |  | 4 |
Gain on sale of real estate |  | $ | 10,600 |  |  | $ | 6,138 |  |  | $ | 175,863 |

During the year ended December 31, 2024, we sold a fully renovated waterfront property with 276 units in the Edgewater neighborhood of Miami, Florida, for a gross sales price of $190.0 million and recognized a gain from the sale of $10.6 million. The property was acquired in August 2020. We also sold a majority of our partnership interest in St. George Villas, a small, 40-unit, income-restricted property in South Carolina. As a result, we derecognized the assets and liabilities associated with the property in February 2024.

F-28

During the year ended December 31, 2023, we sold a land parcel in downtown Fort Lauderdale, for a gross sales price of $31.2 million and recognized a gain from the sale of $6.1 million. The land parcel was purchased in January 2022. In conjunction with this sale, we provided seller financing with a stated value of $21.2 million that was recorded net of $3.8 million of variable consideration. The financing matures at 18 months, with an option to extend for an additional six months. In addition, we recognized a $1.9 million gain from the contribution of real estate to an unconsolidated joint venture.

During the year ended December 31, 2022, we sold three operating properties and one land parcel for an aggregate gross sales price of $267.3 million and recognized an aggregate gain from the sales of $175.9 million.

Redemptions and purchases of noncontrolling interests

In December 2024, we purchased all of the outstanding common noncontrolling interest and redeemed the promoted interest from our development partner in the Upton Place property for a cash purchase price of $20.9 million. We also partially redeemed a preferred equity interest in the Upton Place property for a cash redemption amount of $38.5 million. Aimco continues to consolidate the Upton Place property as of December 31, 2024; therefore, the changes in ownership interest were accounted for as equity transactions. The transactions resulted in reductions of Noncontrolling interests in consolidated real estate partnerships of $9.2 million, Redeemable noncontrolling interests in consolidated real estate partnerships of $38.5 million, Accrued liabilities and other of $1.8 million, and Additional paid-in capital of $9.9 million.

Note 4 — Lease Arrangements

Aimco as Lessor

Our apartment homes and commercial spaces are leased to tenants under operating leases. As of December 31, 2024, our apartment home leases generally have initial terms of 24 months or less. As of December 31, 2024, our commercial space leases have initial terms betwee n 5 and 15 y ears and represent approximately 7% to 8% of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions.

Our apartment home and commercial lease agreements do not contain residual value guarantees. As we are the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, we are insured for a portion of our real estate assets’ exposure to casualty losses resulting from fire, earthquake, hurricane, tornado, flood, and other perils.

We have a sublease arrangement providing space within our corporate office for fixed rents, commencing on January 1, 2021, and expiring on May 31, 2029. For the years ended December 31, 2024, 2023, and 2022, we recognized sublease income of $1.4 million, $1.4 million, and $1.4 million, respecti vely.

The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842. For the years ended December 31, 2024, 2023, and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):

|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Fixed lease income |  | $ | 186,869 |  |  | $ | 172,580 |  |  | $ | 176,080 |
Variable lease income |  |  | 15,121 |  |  |  | 13,892 |  |  |  | 13,654 |
Total lease income |  | $ | 201,990 |  |  | $ | 186,472 |  |  | $ | 189,734 |

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of December 31, 2024, are as follows (in thousands):

| Corporate Office Sublease |  |  | Commercial Leases |
2025 | $ | 1,423 |  |  | $ | 2,435 |
2026 |  | 1,433 |  |  |  | 2,298 |
2027 |  | 1,443 |  |  |  | 2,112 |
2028 |  | 1,453 |  |  |  | 2,023 |
2029 |  | 630 |  |  |  | 2,074 |
Thereafter |  | — |  |  |  | 15,898 |
Total | $ | 6,382 |  |  | $ | 26,840 |

F-29

Aimco as Lessee

Lease Arrangements

We are lessee to finance leases for the land underlying our development sites at Upton Place, Strathmore Square, and Oak Shore. We have operating leases primarily for corporate office space. Substantially all of our office lease payments are fixed. See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2024, 2023, and 2022.

|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 1,504 |  |  | $ | 1,514 |  |  | $ | 1,084 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets, net of capitalized amounts |  |  | 1,092 |  |  |  | — |  |  |  | 6,731 |
Interest on lease liabilities, net of capitalized amounts |  |  | 6,300 |  |  |  | 282 |  |  |  | 7,465 |
Total lease costs, net of capitalized amounts |  | $ | 8,896 |  |  | $ | 1,796 |  |  | $ | 15,280 |

Our finance lease for the land at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of December 31, 2024 and 2023.

| 2024 |  |  | 2023 |
Weighted average remaining lease term (years): |  |  |  |  |
Operating leases |  | 4.3 |  |  |  | 5.2 |
Finance leases |  | 92.5 |  |  |  | 93.4 |
Weighted-average discount rate: |  |  |  |  |
Operating leases |  | 3.5 | % |  |  | 3.3 | %
Finance leases |  | 6.1 | % |  |  | 6.1 | %

As of December 31, 2024 and 2023, operating lease right-of-use lease assets of $4.7 million and $6.2 million, respectively, are included in Other assets, net in our Consolidated Balance Sheets. As of December 31, 2024 and 2023, operating lease liabilities of $9.2 million and $11.5 million, respectively, are included in Accrued liabilities and other in our Consolidated Balance Sheets.

For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Consolidated Balance Sheets. Leases with an initial term greater than 12 months are recorded as operating or finance leases in our Consolidated Balance Sheets.

We have provided a lessor with a residual value guarantee of $6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference.

F-30

Lease Termination Agreement

In June 2022, we, as lessee, and AIR, as lessor, entered into a lease termination agreement with respect to four leases entered into on January 1, 2021 that pertained to our North Tower of Flamingo Point, 707 Leahy, The Fremont, and Prism properties. This agreement terminated these four finance leases on September 1, 2022. Upon termination, both parties were released of any and all liabilities and obligations under each respective lease other than those liabilities and obligations, if any, that expressly survived termination. On September 1, 2022, we relinquished control of the leasehold improvements on these four properties as well as the underlying land. In exchange, AIR remitted a total of $200.0 million in consideration to us as termination payments.

Because the termination agreement modified the expiration date of each lease to September 1, 2022, we accelerated depreciation on the associated leasehold improvements using lease terms that ended September 1, 2022. We recorded $85.7 million of total depreciation expense for the year ended December 31, 2022. In addition, we recognized Lease modification income of $207.0 million, which is included in our Consolidated Statements of Operations for the year ended December 31, 2022.

Annual Future Minimum Lease Payments

Combined minimum annual lease payments under operating and finance leases are as follows as of December 31, 2024 (in thousands):

| Operating Leases |  |  | Finance Leases |
2025 | $ | 2,195 |  |  | $ | 4,146 |
2026 |  | 2,341 |  |  |  | 4,954 |
2027 |  | 2,380 |  |  |  | 5,483 |
2028 |  | 2,181 |  |  |  | 5,596 |
2029 |  | 800 |  |  |  | 5,708 |
Thereafter |  | — |  |  |  | 1,421,989 |
Total |  | 9,897 |  |  |  | 1,447,876 |
Less: Discount |  | (719 | ) |  |  | (1,326,031 | )
Total lease liabilities | $ | 9,178 |  |  | $ | 121,845 |

Note 5 — Varia ble Interest Entities

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, six VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland. Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets.

F-31

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2024 and 2023 (in thousands, except for Count of VIEs):

|  | As of December 31, 2024 |  |  | As of December 31, 2023 |
|  | Consolidated |  |  | Unconsolidated |  |  | Consolidated |  |  | Unconsolidated |
Count of VIEs |  | 6 |  |  | 7 |  |  | 5 |  |  | 8 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Net real estate |  | $ | 593,837 |  |  | $ | — |  |  | $ | 466,719 |  |  | $ | — |
Cash and cash equivalents |  |  | 4,625 |  |  |  | — |  |  |  | 3,940 |  |  |  | — |
Restricted cash |  |  | 14,913 |  |  |  | — |  |  |  | — |  |  |  | — |
Notes receivable |  |  | 18,571 |  |  |  | — |  |  |  | 17,432 |  |  |  | — |
Right-of-use lease assets - finance leases |  |  | 107,714 |  |  |  | — |  |  |  | 108,992 |  |  |  | — |
Other assets, net |  |  | 26,028 |  |  |  | 26,226 |  |  |  | 19,393 |  |  |  | 82,948 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse construction loans, net |  |  | 385,240 |  |  |  | — |  |  |  | 201,103 |  |  |  | — |
Lease liabilities - finance leases |  |  | 121,845 |  |  |  | — |  |  |  | 118,697 |  |  |  | — |
Accrued liabilities and other |  |  | 14,518 |  |  |  | 33,500 |  |  |  | 35,881 |  |  |  | 31,018 |

In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development, located at 640 NE 34th Street in Miami, Florida. In addition, we secured a non-recourse construction loan commitment for up to $172.0 million that has a maturity date of October 1, 2028, prior to the consideration of a one year extension option. As a result, we performed a reassessment of the entity that owns the property located at 640 NE 34th Street, concluding that it became a VIE and that we are the primary beneficiary. While the consolidation status did not change as it was already consolidated prior to the VIE assessment, its assets and liabilities as of December 31, 2024 are incorporated in the table above.

In December 2024, we closed on the sale of our ownership interest in an unconsolidated investment in land held for development in the Edgewater neighborhood of Miami, Florida. Refer to Note 2 for additional discussion of the OTTI recognized in connection with this transaction.

Note 6 —D ebt

Non-recourse property debt

We finance apartment communities in our portfolio primarily using property-level, non-recourse, long-dated, fixed-rate debt. The following table summarizes non-recourse property debt as of December 31, 2024 and 2023 (in thousands):

|  |  |  |  |  |  | As of December 31, |
| Maturity Date |  | Contractual Interest Rate Range |  | Weighted-Average Interest Rate |  | 2024 |  |  | 2023 |
Fixed-rate property debt | June 1, 2029 to June 1, 2033 |  | 2.78% to 4.68% |  | 4.39% |  | $ | 689,885 |  |  | $ | 771,202 |
Variable-rate property debt |  |  |  |  |  |  |  | — |  |  |  | 81,300 |
Total non-recourse property debt |  |  |  |  |  |  | $ | 689,885 |  |  | $ | 852,502 |
Assumed debt fair value adjustment, net of accumulated amortization |  |  |  |  |  |  |  | — |  |  |  | 871 |
Debt issuance costs, net of accumulated amortization |  |  |  |  |  |  |  | (4,465 | ) |  |  | (7,075 | )
Total non-recourse property debt, net |  |  |  |  |  |  | $ | 685,420 |  |  | $ | 846,298 |

Principal and interest on our non-recourse property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As of December 31, 2024, our property debt was secured by 16 properties with an aggregate net book value of $329.3 million. These non-recourse property debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2024, we were in compliance with all such covenants.

F-32

As of December 31, 2024, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands):

| Amortization |  |  | Maturities |  |  | Total |
2025 | $ | 1,472 |  |  | $ | — |  |  | $ | 1,472 |
2026 |  | 1,522 |  |  |  | — |  |  |  | 1,522 |
2027 |  | 1,573 |  |  |  | — |  |  |  | 1,573 |
2028 |  | 1,627 |  |  |  | — |  |  |  | 1,627 |
2029 |  | 1,682 |  |  |  | 179,646 |  |  |  | 181,328 |
Thereafter |  | 2,781 |  |  |  | 499,582 |  |  |  | 502,363 |
Total | $ | 10,657 |  |  | $ | 679,228 |  |  | $ | 689,885 |

Non-recourse construction loans

Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2024 and 2023 (in thousands):

|  |  |  |  |  |  | As of December 31, |
| Maturity Date |  | Contractual Interest Rate Range |  | Weighted-Average Interest Rate |  | 2024 |  |  | 2023 |
Fixed-rate construction loans | December 23, 2025 to December 23, 2052 |  | 3.25% to 13.00% |  | 7.34% |  | $ | 261,792 |  |  | $ | 41,829 |
Variable-rate construction loans | June 3, 2025 to October 1, 2028 |  | 7.09% to 8.86% |  | 7.56% |  |  | 131,958 |  |  |  | 267,692 |
Total non-recourse construction loans |  |  |  |  |  |  | $ | 393,750 |  |  | $ | 309,521 |
Assumed debt fair value adjustment, net of accumulated amortization |  |  |  |  |  |  |  | (339 | ) |  |  | (351 | )
Debt issuance costs, net of accumulated amortization |  |  |  |  |  |  |  | (8,171 | ) |  |  | (7,727 | )
Total non-recourse construction loans, net |  |  |  |  |  |  | $ | 385,240 |  |  | $ | 301,443 |

Interest-only payments on our construction loans are generally payable monthly with balloon payments due at maturity. As of December 31, 2024, our construction debt was secured by 4 properties with an aggregate net book value of $554.6 million.

As of December 31, 2024, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows (in thousands):

|  | Principal Maturity Payments |
2025 |  | $ | 153,843 |
2026 |  |  | — |
2027 |  |  | — |
2028 |  |  | 233,407 |
2029 |  |  | — |
Thereafter |  |  | 6,500 |
Total |  | $ | 393,750 |

F-33

Revolving Credit Facility

In December 2020, we entered into a credit agreement that provides for a $150.0 million secured credit facility, with a $20.0 million swingline loan sub-facility and a $30.0 million letter of credit sub-facility. We can request incremental commitments under the credit agreement up to an aggregate principal amount of $300.0 million. Our revolving secured credit facility matures in December 2025. The revolving loans (other than the swingline) will bear interest, at our option, at a per annum rate equal to (a) SOFR plus a margin of 2.11448% or (b) a base rate plus a margin of 1.00%. Swingline loans made under the revolving credit facility will bear interest at a per annum rate equal to the base rate plus a margin of 1.00%. The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5%, (y) PNC Bank, National Association’s prime rate and (z) the daily SOFR Rate plus 1.00%. If the SOFR Rate determined under any referenced method would be less than 0.25%, such rate shall be deemed 0.25%. We may terminate or, from time to time, reduce the aggregate amount of commitments.

As of December 31, 2024, we had capacity to borrow $148.5 million on our secured revolving credit facility. Under our secured revolving credit facility, we have agreed to maintain a fixed charge coverage ratio of 1.25 x, minimum adjusted tangible net worth of $625.0 million, and maximum leverage of 60.0% as defined in the credit agreement, among other customary covenants. We are in compliance with these covenants as of December 31, 2024.

Notes Payable to AIR

In July 2022, we completed the prepayment of $534.1 million of Notes Payable to AIR, which was entered into on December 14, 2020. As a result, we incurred $17.4 million of spread maintenance costs, which are included in Interest expense in our Consolidated Statements of Operations. For the year ended December 31, 2022, we recognized interest expense of $13.7 million associated with the Notes Payable to AIR, which is included in Interest expense in our Consolidated Statements of Operations.

Note 7 — Inco me Taxes

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of our taxable entities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax liabilities and assets as of December 31, 2024 and 2023 are as follows (in thousands):

|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax liabilities: |  |  |  |  |  |
Real estate and real estate partnership basis differences |  | $ | 101,833 |  |  | $ | 110,379 |
Lease liability - finance lease |  |  | 331 |  |  |  | 307 |
Other |  |  | — |  |  |  | 245 |
Deferred tax assets: |  |  |  |  |  |
Right-of-use lease asset - finance lease |  |  | 338 |  |  |  | 386 |
Other |  |  | 3,059 |  |  |  | 3,363 |
Net operating, capital, and other loss carryforwards |  |  | 10,251 |  |  |  | 3,953 |
Valuation allowance for deferred tax assets |  |  | (7,766 | ) |  |  | (4,664 | )
Net deferred tax liability |  | $ | 96,282 |  |  | $ | 107,893 |

Our policy is to include any interest and penalties related to income taxes within Income tax benefit (expense) in our Consolidated Statements of Operations.

F-34

Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):

|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 314 |  |  | $ | 463 |  |  | $ | 12,499 |
State |  |  | 226 |  |  |  | (3,813 | ) |  |  | 5,840 |
Total current |  |  | 540 |  |  |  | (3,350 | ) |  |  | 18,339 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (9,845 | ) |  |  | (7,182 | ) |  |  | (934 | )
State |  |  | (1,766 | ) |  |  | (2,220 | ) |  |  | (141 | )
Total deferred |  |  | (11,611 | ) |  |  | (9,402 | ) |  |  | (1,075 | )
Total income tax (benefit) expense |  | $ | (11,071 | ) |  | $ | (12,752 | ) |  | $ | 17,264 |

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2024, we had consolidated net losses subject to tax of $28.2 million, compared to consolidated net losses subject to tax of $15.2 million for the year ended December 31, 2023 and consolidated net income subject to tax of $88.8 million for the year ended December 31, 2022.

The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024, 2023, and 2022, is shown below (in thousands):

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax |  | $ | (5,929 | ) |  |  | 21.0 | % |  | $ | (3,189 | ) |  |  | 21.0 | % |  | $ | 18,641 |  |  |  | 21.0 | %
US branch profits tax on earnings of foreign subsidiary |  |  | (4,171 | ) |  |  | 14.8 | % |  |  | (3,101 | ) |  |  | 20.4 | % |  |  | (1,965 | ) |  |  | (2.2 | %)
State income tax, net of federal (benefit) expense |  |  | (1,580 | ) |  |  | 5.6 | % |  |  | (8,320 | ) |  |  | 54.8 | % |  |  | 4,590 |  |  |  | 5.2 | %
Effects of permanent differences |  |  | (2,781 | ) |  |  | 9.9 | % |  |  | 96 |  |  |  | (0.6 | %) |  |  | 209 |  |  |  | 0.2 | %
Uncertain tax positions |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 0 | % |  |  | (4,945 | ) |  |  | (5.6 | %)
Valuation allowance |  |  | 3,472 |  |  |  | (12.3 | %) |  |  | 2,270 |  |  |  | (14.9 | %) |  |  | 1,109 |  |  |  | 1.2 | %
Other |  |  | (82 | ) |  |  | 0.2 | % |  |  | (508 | ) |  |  | 3.3 | % |  |  | (375 | ) |  |  | (0.4 | %)
Change in Tax Rate |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 0 | %
Total income tax (benefit) expense |  | $ | (11,071 | ) |  |  | 39.2 | % |  | $ | (12,752 | ) |  |  | 84.0 | % |  | $ | 17,264 |  |  |  | 19.4 | %

Income taxes paid totaled approximately $0.9 million, $1.7 million, and $22.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

At December 31, 2024, we had federal and state net operating loss carry forwards ("NOLs"), for which the deferred tax asset was approximately $10.3 million, before a valuation allowance of $6.9 million. The NOLs expire in the years ended 2033 to 2043. Subject to certain separate return limitations, we may use these NOLs to offset a portion of taxable income generated by our TRS entities.

For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends, unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2024, 2023, and 2022, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited):

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Ordinary income |  | $ | — |  |  |  | 0.0 | % |  | $ | — |  |  |  | 0.0 | % |  | $ | 0.01 |  |  |  | 53.5 | %
Capital gains |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | 0.01 |  |  |  | 46.5 | %
Qualified dividends |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Unrecaptured § 1250 gain |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Return of capital |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Balance at December 31, |  | $ | — |  |  |  | 0.0 | % |  | $ | — |  |  |  | 0.0 | % |  | $ | 0.02 |  |  |  | 100.0 | %

F-35

A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands):

Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2021, and subsequent years and certain of our state income tax returns for the year ended December 31, 2021, and subsequent years are currently subject to examination by the IRS or other taxing authorities. If recognized, the unrecognized tax benefits would affect our effective tax rate.

|  | 2024 |  |  | 2023 |
Balance at January 1, |  | $ | 2,092 |  |  | $ | 2,135 |
Additions based on tax positions in prior years |  |  | 47 |  |  |  | 52 |
Lapse of applicable statute of limitations |  |  | (165 | ) |  |  | (95 | )
Balance at December 31, |  | $ | 1,974 |  |  | $ | 2,092 |

In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. We recognize the tax effects related to stock-based compensation through earnings in the period the compensation is recognized.

Note 8 — Ai mco Equity

Common Stock

Aimco's Board is authorized to issue up to 510,587,500 shares of capital stock, which consists entirely of Common Stock as of December 31, 2024. Aimco had 136,351,966 and 140,576,102 shares of C ommon Stock issued and outstanding at December 31, 2024 and 2023, respectively.

Stock Repurchases

Aimco's Board has, from time to time, authorized Aimco to repurchase shares of its outstanding Common Stock. The total remaining authorization for future share repurchases is 16.3 mil lion shares of its outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions. This remaining authorization has no expiration date. During the years ended December 31, 2024, 2023, and 2022, Aimco repurchased approximate ly 4.9 mill ion, 6.2 million, and 3.5 million shares of its Common Stock at weighted-average prices of $8.01, $7.33, and $7.21 per share, respectively.

Cash Dividends

As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0% of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco's Board determines and declares Aimco's dividends. In making a dividend determination, Aimco's Board considers a variety of factors, including REIT distribution requirements, current market conditions, liquidity needs, and other uses of cash, such as deleveraging and accretive investment activities.

A special cash dividend of $0.60 per share was declared on December 19, 2024, to stockholders of record on January 14, 2025. The cash dividend was paid on January 31, 2025. The declared dividends are classified within Dividends payable in Aimco's Consolidated Balance Sheets as of December 31, 2024. No dividends were declared or paid during the year ended December 31, 2023. On September 30, 2022, Aimco paid a special cash dividend of $0.02 per share to stockholders of record on September 14, 2022.

Note 9 — Part ners’ Capital

In Aimco Operating Partnership’s Consolidated Balance Sheets, the OP Units held by Aimco are classified within Partners’ capital as General Partner and Special Limited Partner capital and the OP Units held by entities other than Aimco are classified within Limited Partners capital. In Aimco's Consolidated Balance Sheets, the OP Units held by entities other than Aimco are classified within permanent equity as Common noncontrolling interests in Aimco Operating Partnership.

F-36

OP Units held by Aimco are not redeemable whereas OP Units held by interests in Aimco Operating Partnership other than Aimco are redeemable at the holders’ option, subject to certain restrictions, on the basis of one OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. Aimco has the option to deliver shares of Common Stock in exchange for all or any portion of such OP Units tendered for redemption. When a limited partner redeems an OP Unit for Common Stock, Limited Partners' capital is reduced, and the General Partner and Special Limited Partners’ capital is increased.

Entities other than Aimco that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock. During the years ended December 31, 2024 and 2022, the Aimco Operating Partnership declared distributions per common unit of $0.60 and $0.02, respectively. There were no dividends declared or paid during the year ended December 31, 2023.

During the years ended December 31, 2024 and 2023, there were no OP Units redeemed in exchange for shares of Common Stock. During the year ended December 31, 2022, approximately 108,000 OP Units were redeemed in exchange for shares of Common Stock. During the years ended December 31, 2024, 2023, and 2022, approximately 119,000, 149,000, and 33,000 OP Units were redeemed in exchange for cash at aggregate weighted average prices per unit of $8.28, $7.24, and $7.07, respectively.

Note 10 — Earnings per Sh are and per Unit

Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period.

Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco's issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024, and December 31, 2023, because the effect of their inclusion would be antidilutive. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the year ended December 31, 2022, because the effect of their inclusion was dilutive. As of December 31, 2024, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.9 million and 8.2 million, respectively.

Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units ("LTIP Units") receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and December 31, 2023, because the effect of their inclusion would be antidilutive. Participating securities were included in the computation of diluted earnings per share and unit for the year ended December 31, 2022, because the effect of their inclusion was dilutive. As of December 31, 2024, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.5 million.

F-37

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands, except per share and per unit data):

| Year ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Earnings per share |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income (loss) attributable to Aimco | $ | (102,468 | ) |  | $ | (166,196 | ) |  | $ | 75,726 |
Net income (loss) allocated to Aimco participating securities |  | (1,520 | ) |  |  | — |  |  |  | (1,087 | )
Net income (loss) attributable to Aimco common stockholders | $ | (103,988 | ) |  | $ | (166,196 | ) |  | $ | 74,639 |
Denominator - shares: |  |  |  |  |  |  |  |
Basic weighted-average common stock outstanding |  | 138,496 |  |  |  | 143,618 |  |  |  | 149,395 |
Diluted share equivalents outstanding |  | — |  |  |  | — |  |  |  | 1,439 |
Diluted weighted-average common stock outstanding |  | 138,496 |  |  |  | 143,618 |  |  |  | 150,834 |
Earnings (loss) per share - basic | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.50 |
Earnings (loss) per share - diluted | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.49 |
Earnings per unit |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income (loss) attributable to Aimco Operating Partnership | $ | (108,109 | ) |  | $ | (175,234 | ) |  | $ | 79,657 |
Net income (loss) allocated to Aimco Operating Partnership participating securities |  | (1,520 | ) |  |  | — |  |  |  | (1,131 | )
Net income (loss) attributable to Aimco Operating Partnership's common unit holders | $ | (109,629 | ) |  | $ | (175,234 | ) |  | $ | 78,526 |
Denominator - units |  |  |  |  |  |  |  |
Basic weighted-average OP Units outstanding |  | 146,120 |  |  |  | 151,371 |  |  |  | 157,317 |
Diluted OP Unit equivalents outstanding |  | — |  |  |  | - |  |  |  | 1,457 |
Diluted weighted-average OP Units outstanding |  | 146,120 |  |  |  | 151,371 |  |  |  | 158,774 |
Earnings (loss) per unit - basic | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.50 |
Earnings (loss) per unit - diluted | $ | (0.75 | ) |  | $ | (1.16 | ) |  | $ | 0.49 |

Note 11 — Share-Ba sed Compensation

We have a stock award and incentive program to attract and retain employees and independent directors. As of December 31, 2024, approximately 18.2 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”). The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan. Awards under the 2015 Plan may be in the form of stock options, stock, and LTIP Units as authorized under the 2015 Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board.

In connection with the Separation, we entered into an agreement to modify all outstanding awards granted to the holders of such awards. Each outstanding time or performance based Aimco award was converted into one share of Aimco Common Stock and one share of AIR common stock. Generally, all such Aimco equity awards retained the same terms and vesting conditions as the original Aimco equity awards immediately before the Separation.

Following the Separation, compensation expense related to these modified awards for the employees retained by us was incurred by Aimco. The compensation expense related to these modified awards for employees of AIR was incurred by AIR.

For the years ended December 31, 2024, 2023, and 2022, total compensation cost recognized for share-based awards was (in thousands):

|  | 2024 |  |  | 2023 |  |  | 2022 |
Share-based compensation expense (1) |  | $ | 6,494 |  |  | $ | 9,221 |  |  | $ | 6,441 |
Capitalized share-based compensation (2) |  |  | 1,019 |  |  |  | 1,274 |  |  |  | 1,016 |
Total share-based compensation (3) |  | $ | 7,513 |  |  | $ | 10,495 |  |  | $ | 7,457 |

(1)
Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations.
(2)
Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets.
(3)
Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets.

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As of December 31, 2024, our share of total unvested compensation cost not yet recognized was $8.0 million. We expect to recognize this compensation cost over a weighted-average period of approximately 1.4 years. The aggregate fair value of the vested Restricted Stock Awards and LTIP I Units during each of the years ended December 31, 2024, 2023, and 2022 was $2.1 million, $0.9 million, and $0.6 million, respectively.

For our employees, we grant restricted stock awards and two forms of LTIP Units that are subject to time-based vesting and require continuous employment, typically over a period of three to five years from the grant date, and we refer to these awards as Time-Based Restricted Stock, Time-Based LTIP I Units, and Time-Based LTIP II Units. We also grant stock options, restricted stock awards, and two forms of LTIP Units, that vest conditioned on our total shareholder return (“TSR”), relative to identified indices over a forward-looking performance period of three years. We refer to these awards as TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units. Earned TSR-based awards, if any, will generally vest over a period of three to four years from the grant date, based on continued employment. Vested LTIP II Units may be converted at the holders’ option to LTIP Units for a conversion metric over a term of 10 years. Our TSR Stock Options generally expire 10 years from the date of grant.

We recognize compensation cost associated with time-based awards ratably over the requisite service periods. We recognize compensation cost related to the TSR-based awards, over the requisite service period, commencing on the grant date. The value of the TSR-based awards takes into consideration the probability that the market condition will be achieved; therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest.

We had Time-Based Restricted Stock, Time-Based LTIP I Units, Time-Based LTIP II Units, TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units outstanding as of December 31, 2024. The following two tables summarize activity for equity compensation for the year ended December 31, 2024.

|  | Unvested TSR Stock Options |  |  | Time-Based Restricted Stock Awards |  |  | TSR Restricted Stock Awards |  |
|  | Number of Options |  |  | Weighted-Average Exercise Price |  |  | Number of Shares |  |  | Weighted-Average Fair Value |  |  | Number of Shares |  |  | Weighted-Average Fair Value |  |
Outstanding at beginning of year |  |  | 529,967 |  |  | $ | 6.78 |  |  |  | 2,475,180 |  |  | $ | 6.87 |  |  |  | 981,454 |  |  | $ | 7.71 |  |
Granted |  |  | 317,200 |  |  |  | 6.66 |  |  |  | 103,442 |  |  |  | 7.62 |  |  |  | 595,999 |  |  |  | 8.52 |  |
Exercised |  |  | — |  |  |  | — |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |
Vested |  |  | (317,200 | ) |  |  | 6.66 |  |  |  | (271,158 | ) |  |  | 7.15 |  |  |  | (254,037 | ) |  |  | 8.54 |  | (1)
Forfeited |  |  | — |  |  |  | — |  |  |  | (24,784 | ) |  |  | 7.36 |  |  |  | — |  |  |  | — |  | (1)
Outstanding at end of year |  |  | 529,967 |  |  | $ | 6.78 |  |  |  | 2,282,680 |  |  | $ | 6.87 |  |  |  | 1,323,416 |  |  | $ | 7.92 |  |

(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.

|  | Unvested LTIP I Units |  |  | Unvested TSR LTIP II Units |  |  | Unvested Time LTIP II Units |  |  | Convertible LTIP II Units |
|  | Number of Units |  |  | Weighted-Average Fair Value (1) |  |  | Number of Units |  |  | Weighted-Average Conversion Metric |  |  | Number of Units |  |  | Weighted-Average Conversion Metric |  |  | Number of Units |  |  | Weighted-Average Conversion Metric |
Outstanding at beginning of year |  |  | 2,294 |  |  | $ | 53.39 |  |  |  | 900,535 |  |  | $ | 5.51 |  |  |  | — |  |  | $ | — |  |  |  | 1,310,624 |  |  | $ | 7.23 |
Granted |  |  | — |  |  |  | — |  |  |  | 555,556 |  |  |  | 4.62 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | N/A |  |  | N/A |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (2,294 | ) |  |  | 53.39 |  |  |  | (558,985 | ) |  |  | 4.63 |  |  |  | — |  |  |  | — |  |  |  | 558,985 |  |  |  | 4.63 |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at end of year |  |  | — |  |  | $ | — |  |  |  | 897,106 |  |  | $ | 5.51 |  |  |  | — |  |  | $ | — |  |  |  | 1,869,609 |  |  | $ | 6.45 |

(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.

The aggregate intrinsic values are calculated as the difference between the closing price of Aimco common stock on the last trading day of the year and the exercise price multiplied by the number of in-the-money TSR Stock Options and LTIP II Units had they all been exercised and converted, respectively, on December 31, 2024. The aggregate intrinsic values for those that were exercisable or convertible and unvested were $5.7 million and $5.1 million, respectively.

F-39

The following table summarizes the unvested equity, exercisable stock options and convertible LTIP II units that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2024 (in thousands, except shares):

Awards | Aimco |  |  | Unvested Compensation Not Yet Recognized (1) |
TSR Stock Options |  | 529,967 |  |  | $ | — |
Time-Based Restricted Stock Awards |  | 2,282,680 |  |  |  | 4,324 |
TSR Restricted Stock Awards |  | 1,323,416 |  |  |  | 3,687 |
TSR LTIP II Units |  | 897,106 |  |  |  | — |
Total awards |  | 5,033,169 |  |  | $ | 8,011 |

(1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR.

In addition to the potentially dilutive awards held by Aimco employees, AIR employees and former AIR employees hold 0.8 million stock options and 1.0 million TSR LTIP II Units. The weighted average exercise price of stock-based options held by AIR and former AIR employees is $4.61 per share; the weighted average exercise price of LTIP II Units held by AIR and former AIR employees is $5.62 per unit.

Determination of Grant-Date Fair Value Awards

We estimated the fair value of TSR-based awards granted in 2024, 2023, and 2022 using a Monte Carlo simulation valuation method. Under this method, the prices of the indices and shares of our Common Stock were simulated through the end of the performance period. The correlation matrix between shares of our Common Stock and the indices, as well as the corresponding return volatilities, were developed based upon an analysis of historical data.

The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2024, 2023, and 2022.

TSR Award Assumptions |  | 2024 |  | 2023 |  | 2022
Grant date market value of a common share |  | $7.43 |  | $7.59 |  | $6.96
Risk-free interest rate |  | 4.11%-5.20% |  | 3.89%-4.73% |  | 0.19%-1.38%
Dividend yield |  | 0% |  | 0% |  | 0%
Expected volatility |  | 31.28%-33.16% |  | 34.08%-36.19% |  | 32.09%-33.04%
Derived vesting period of TSR Restricted Stock |  | 3 |  | 3 |  | 3
Weighted average expected term of TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units |  | N/A |  | N/A |  | 4.9

Note 12 — Fair Val ue Measurements and Disclosures

Recurring Fair Value Measurements

In determining the fair value of our financial instruments, we apply Accounting Standards Codification ("ASC") 820, “Fair Value Measurement and Disclosures”. Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.

From time to time, we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. These instruments are presented as Interest rate contracts in our Consolidated Balance Sheets. As of December 31, 2024, we held interest rate caps with a maximum notional value of $370.3 million. These instruments were acquired for $3.5 million, and the fair value of these instruments is $0.9 million as noted in the table below.

During the year ended December 31, 2023, we monetized the $1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $54.2 million.

On a recurring basis, we measure at fair value our interest rate contracts. Our interest rate contracts are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate contracts in our Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate contracts, and any proceeds are reflected in Proceeds from interest rate contracts in our Consolidated Statements of Cash Flows.

F-40

As of December 31, 2024 and 2023, we had investments in stock of $1.6 million and $2.9 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of December 31, 2024 and 2023, we had investments in property technology funds of $3.5 million and $2.5 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. The period of time over which the underlying assets in these investments are expected to be liquidated is unknown. See Note 13 for further information regarding unfunded commitments related to these investments.

The following table summarizes the fair value of our interest rate contracts, investments in stock, and our investments in real estate technology funds as of December 31, 2024 and 2023 (in thousands):

|  | As of December 31, 2024 |  |  | As of December 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate contracts |  | $ | 862 |  |  | $ | — |  |  | $ | 862 |  |  | $ | — |  |  | $ | 5,237 |  |  | $ | — |  |  | $ | 5,237 |  |  | $ | — |
Investments in stock |  |  | 1,573 |  |  |  | 1,573 |  |  |  | — |  |  |  | — |  |  |  | 2,868 |  |  |  | 2,868 |  |  |  | — |  |  |  | — |
Investments in real estate technology funds (1) |  |  | 3,468 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,508 |  |  |  | — |  |  |  | — |  |  |  | — |
Total assets |  | $ | 5,903 |  |  | $ | 1,573 |  |  | $ | 862 |  |  | $ | — |  |  | $ | 10,613 |  |  | $ | 2,868 |  |  | $ | 5,237 |  |  | $ | — |

(1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Disclosures

We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of December 31, 2024 and 2023, and are categorized within Level 1 of the GAAP fair value hierarchy. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and non-recourse construction loans within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the observable inputs used to estimate their fair value.

The following table summarizes carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of December 31, 2024 and 2023 (in thousands):

|  | As of December 31, 2024 |  |  | As of December 31, 2023 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Non-recourse property debt |  | $ | 689,885 |  |  | $ | 641,563 |  |  | $ | 852,502 |  |  | $ | 807,240 |
Non-recourse construction loans |  |  | 393,750 |  |  |  | 393,756 |  |  |  | 309,521 |  |  |  | 309,170 |
Total |  | $ | 1,083,635 |  |  | $ | 1,035,319 |  |  | $ | 1,162,023 |  |  | $ | 1,116,410 |

Nonrecurring Fair Value Measurements

Mezzanine Investment

During the years ended December 31, 2023 and 2022, we tested the Mezzanine Investment for impairment given triggering events that occurred and we recorded non-cash impairment charges to reduce the carrying value of the Mezzanine Investment to zero and $158.6 million, respectively. We used internally developed models to determine the fair value of the Mezzanine Investment. This incorporated the fair value of the underlying real estate collateral that incorporates various estimates and assumptions, the most significant being the capitalization rate of 5.25% compared to 3.75% as of December 31, 2023 and 2022, respectively. These assumptions are based on Level 3 inputs. See Note 2 for further details.

Investment in IQHQ

During the year ended December 31, 2024, we recorded a non-cash impairment charge of $48.6 million related to our passive equity investment in IQHQ. This impairment charge was derived using a third-party valuation of IQHQ, which incorporated fair value estimates of properties owned by IQHQ. The fair value estimates of the properties owned by IQHQ were determined by discounted cash flow analyses and references to market comparable data.

The cash flows utilized in such discounted cash flow analyses are comprised of projected operating results, which are based upon market conditions and future expectations. The most significant unobservable inputs utilized in determining the fair value of these assets are capitalization rates and discount rates, which ranged from 6.00% to 7.00% and 7.25% to 10.25%, respectively. Because of these inputs, we have determined that the fair value of these properties are classified within Level 3 of the fair value hierarchy.

F-41

Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties. Because these inputs are derived from observable market data, we have determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy.

Note 13 — Commitm ents and Contingencies

Commitments

In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of December 31, 2024, we had remaining commitments for non-recourse construction-related contracts of $146.9 million, with $157.0 million undrawn on our construction loans.

As of December 31, 2024, we have remaining unfunded commitments of $1.4 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain.

We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures.

Legal Matters

From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or result of operations.

Note 14 — Busi ness Segments

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of December 31, 2024, our Development and Redevelopment segment consists of 9 properties, including one under construction and three substantially completed and in lease-up.

Our Operating segment includes 20 residential apartment communities with 5,243 apartment homes that have achieved a stabilized level of operations as of January 1, 2023 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.

Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes The Benson Hotel, our only hotel.

During the first quarter of 2024, we revised the information regularly reviewed by our President and Chief Executive Officer, the chief operating decision maker ("CODM"), to assess our operating performance. As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment. In addition, during the year ended December 31, 2024, we disposed of a majority of our partnership interest in St. George Villas, which was previously reported within the Other segment, and The Hamilton, which was previously reported within the Development and Redevelopment segment. We also reclassified as held for sale 1001 Brickell Bay Drive, which was previously reported within the Other segment, and Yacht Club Apartments, which was previously reported in our Operating segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business.

Our CODM evaluates performance and allocates resources for all of our segments using property net operating income ("PNOI"), which is our measure of segment profit or loss. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but excluding

•
the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; a nd
•
property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

F-42

Our CODM uses historical and projected PNOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget process. PNOI is used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources. The corporate goals, which impact short term incentive compensation for employees, also include consideration of PNOI.

The accounting policies of segments are the same as those described in the summary of significant accounting policies described in Note 2.

The following tables present the results of operations of consolidated properties with our segments for the years ended December 31, 2024, 2023, and 2022 (in thousands):

| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 9,852 |  |  | $ | 140,099 |  |  | $ | 6,690 |  |  | $ | 7,977 |  |  | $ | 44,061 |  |  | $ | 208,679 |
Controllable operating expenses(3) |  | 4,527 |  |  |  | 18,567 |  |  |  | 6,746 |  |  |  | — |  |  |  | 6,239 |  |  |  | 36,079 |
Real estate taxes, net of capitalized amounts |  | 1,963 |  |  |  | 16,653 |  |  |  | 593 |  |  |  | — |  |  |  | 7,312 |  |  |  | 26,521 |
Utilities expense, net of utility reimbursements |  | 1,959 |  |  |  | 3,096 |  |  |  | 255 |  |  |  | 7,977 |  |  |  | 1,410 |  |  |  | 14,697 |
Property insurance expense, net of capitalized amounts |  | 1,019 |  |  |  | 2,773 |  |  |  | 118 |  |  |  | — |  |  |  | 2,059 |  |  |  | 5,969 |
Other property operating expenses (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,718 |  |  |  | 7,718 |
Property operating expenses |  | 9,468 |  |  |  | 41,089 |  |  |  | 7,712 |  |  |  | 7,977 |  |  |  | 24,738 |  |  |  | 90,984 |
Property net operating income (loss) |  | 384 |  |  |  | 99,010 |  |  |  | (1,022 | ) |  |  | — |  |  |  | 19,323 |  |  |  | 117,695 |
Other operating expenses not allocated to segments (5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (119,196 | ) |  |  | (119,196 | )
Other items included in income before income tax (6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (105,570 | ) |  |  | (105,570 | )
Income (loss) before income tax | $ | 384 |  |  | $ | 99,010 |  |  | $ | (1,022 | ) |  | $ | — |  |  | $ | (205,443 | ) |  | $ | (107,071 | )

| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 109 |  |  | $ | 134,078 |  |  | $ | 2,691 |  |  | $ | 6,800 |  |  | $ | 43,317 |  |  | $ | 186,995 |
Controllable operating expenses(3) |  | 670 |  |  |  | 18,094 |  |  |  | 4,029 |  |  |  | — |  |  |  | 6,096 |  |  |  | 28,889 |
Real estate taxes, net of capitalized amounts |  | 84 |  |  |  | 15,513 |  |  |  | 475 |  |  |  | — |  |  |  | 5,634 |  |  |  | 21,706 |
Utilities expense, net of utility reimbursements |  | 114 |  |  |  | 3,144 |  |  |  | 179 |  |  |  | 6,800 |  |  |  | 1,432 |  |  |  | 11,669 |
Property insurance expense, net of capitalized amounts |  | 59 |  |  |  | 2,605 |  |  |  | 27 |  |  |  | — |  |  |  | 2,111 |  |  |  | 4,802 |
Other property operating expenses (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,646 |  |  |  | 6,646 |
Property operating expenses |  | 927 |  |  |  | 39,356 |  |  |  | 4,710 |  |  |  | 6,800 |  |  |  | 21,919 |  |  |  | 73,712 |
Property net operating income (loss) |  | (818 | ) |  |  | 94,722 |  |  |  | (2,019 | ) |  |  | — |  |  |  | 21,398 |  |  |  | 113,283 |
Other operating expenses not allocated to segments (5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (101,699 | ) |  |  | (101,699 | )
Other items included in income before income tax (6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (181,655 | ) |  |  | (181,655 | )
Income (loss) before income tax | $ | (818 | ) |  | $ | 94,722 |  |  | $ | (2,019 | ) |  | $ | — |  |  | $ | (261,956 | ) |  | $ | (170,071 | )

F-43

| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 24 |  |  | $ | 124,443 |  |  | $ | — |  |  | $ | 7,306 |  |  | $ | 58,571 |  |  | $ | 190,344 |
Controllable operating expenses(3) |  | 126 |  |  |  | 17,226 |  |  |  | 383 |  |  |  | — |  |  |  | 9,389 |  |  |  | 27,124 |
Real estate taxes, net of capitalized amounts |  | 64 |  |  |  | 15,674 |  |  |  | 74 |  |  |  | — |  |  |  | 6,955 |  |  |  | 22,767 |
Utilities expense, net of utility reimbursements |  | 1 |  |  |  | 3,082 |  |  |  | — |  |  |  | 7,306 |  |  |  | 1,397 |  |  |  | 11,786 |
Property insurance expense, net of capitalized amounts |  | — |  |  |  | 1,821 |  |  |  | — |  |  |  | — |  |  |  | 1,328 |  |  |  | 3,149 |
Other property operating expenses (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,966 |  |  |  | 6,966 |
Property operating expenses |  | 191 |  |  |  | 37,803 |  |  |  | 457 |  |  |  | 7,306 |  |  |  | 26,035 |  |  |  | 71,792 |
Property net operating income (loss) |  | (167 | ) |  |  | 86,640 |  |  |  | (457 | ) |  |  | — |  |  |  | 32,536 |  |  |  | 118,552 |
Other operating expenses not allocated to segments (5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (198,640 | ) |  |  | (198,640 | )
Other items included in income before income tax (6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189,510 |  |  |  | 189,510 |
Income (loss) before income tax | $ | (167 | ) |  | $ | 86,640 |  |  | $ | (457 | ) |  | $ | — |  |  | $ | 23,406 |  |  | $ | 109,422 |

(1)
Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.
(2)
Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.
(3)
Controllable operating expenses primarily consists of property personnel costs, marketing, repairs and maintenance, turnover, and contract services expense.
(4)
Other property operating expenses include property management costs and casualty gains or losses.
(5)
Other operating expenses not allocated to segments consists of depreciation and amortization and general and administrative expense.
(6)
Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition of real estate, interest income, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate contracts, and realized and unrealized gains (losses) on equity investments.

Net real estate and non-recourse property debt, net, of our segments as of December 31, 2024 and 2023, were as follows (in thousands):

| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate (1) |  |  | Total |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 620,000 |  |  | $ | 653,184 |  |  | $ | 75,741 |  |  | $ | — |  |  | $ | 1,348,925 |
Land |  | 165,633 |  |  |  | 231,046 |  |  |  | 1,503 |  |  |  | — |  |  |  | 398,182 |
Total real estate |  | 785,633 |  |  |  | 884,230 |  |  |  | 77,244 |  |  |  | — |  |  |  | 1,747,107 |
Accumulated depreciation |  | (20,872 | ) |  |  | (468,040 | ) |  |  | (10,362 | ) |  |  | — |  |  |  | (499,274 | )
Net real estate | $ | 764,761 |  |  | $ | 416,190 |  |  | $ | 66,882 |  |  | $ | — |  |  | $ | 1,247,833 |
Non-recourse property debt and construction loans, net | $ | 385,240 |  |  | $ | 685,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,070,660 |

F-44

| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate (1) |  |  | Total |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 492,993 |  |  | $ | 655,059 |  |  | $ | 75,725 |  |  | $ | 370,025 |  |  | $ | 1,593,802 |
Land |  | 163,513 |  |  |  | 231,047 |  |  |  | 1,503 |  |  |  | 224,758 |  |  |  | 620,821 |
Total real estate |  | 656,506 |  |  |  | 886,106 |  |  |  | 77,228 |  |  |  | 594,783 |  |  |  | 2,214,623 |
Accumulated depreciation |  | (952 | ) |  |  | (456,360 | ) |  |  | (4,204 | ) |  |  | (119,286 | ) |  |  | (580,802 | )
Net real estate | $ | 655,554 |  |  | $ | 429,746 |  |  | $ | 73,024 |  |  | $ | 475,497 |  |  | $ | 1,633,821 |
Non-recourse property debt and construction loans, net | $ | 201,103 |  |  | $ | 686,147 |  |  | $ | — |  |  | $ | 260,491 |  |  | $ | 1,147,741 |

(1)
During the years ended December 31, 2024 and 2023 certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end. We added a Corporate column to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023.

Capital additions within our segments for the years ended December 31, 2024, 2023 and 2022, were as follows (in thousands):

| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Development and Redevelopment | $ | 126,125 |  |  | $ | 258,888 |  |  | $ | 159,419 |
Operating |  | 12,772 |  |  |  | 11,788 |  |  |  | 23,997 |
Other |  | 26 |  |  |  | 8,782 |  |  |  | 33,201 |
Corporate amounts not allocated to segments (1) |  | 2,749 |  |  |  | 13,463 |  |  |  | 56,763 |
Total capital additions | $ | 141,672 |  |  | $ | 292,921 |  |  | $ | 273,380 |

(1)
During the years ended December 31, 2024, 2023 and 2022, certain capital additions pertained to properties that were sold or reclassified as held for sale, and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate row to the table above for presentation purposes to display these capital additions as of December 31, 2024, 2023 and 2022, respectively.

In addition to the amounts disclosed in the tables above, as of December 31, 2024, the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $107.7 million and $121.8 million, respectively, and as of December 31, 2023, aggregated to $109.0 million and $118.7 million, respectively. As of December 31, 2024, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore Square and Oak Shore.

F-45

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

SCHEDULE III: REAL ESTATE AN D ACCUMULATED DEPRECIATION

December 31, 2024

(In Thousands)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2) |  |  | Gross Amount at Which |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Initial Costs |  |  |  |  |  | Costs Capitalized |  |  | Carried at Close of Period |  |  | (3) |  |  | (4) |  |  | (5)
|  |  |  |  |  |  |  |  |  | Buildings and |  |  | Total Initial |  |  | Subsequent to |  |  |  |  |  | Buildings and |  |  | Total Carrying |  |  | Accumulated |  |  | Date
|  | Location |  | Encumbrances |  |  | Land |  |  | Improvements |  |  | Acquisition Costs |  |  | Acquisition |  |  | Land |  |  | Improvements |  |  | Value |  |  | Depreciation |  |  | Acquired
Operating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
118-122 West 23rd Street |  | New York, NY |  |  | (16,472 | ) |  |  | 14,985 |  |  |  | 23,459 |  |  |  | 38,444 |  |  |  | 6,220 |  |  |  | 14,985 |  |  |  | 29,679 |  |  |  | 44,664 |  |  |  | (13,623 | ) |  | Jun 2012
173 E. 90th Street |  | New York, NY |  |  | (12,138 | ) |  |  | 12,066 |  |  |  | 4,535 |  |  |  | 16,601 |  |  |  | 8,857 |  |  |  | 12,066 |  |  |  | 13,392 |  |  |  | 25,458 |  |  |  | (7,533 | ) |  | May 2004
237-239 Ninth Avenue |  | New York, NY |  |  | (6,148 | ) |  |  | 8,495 |  |  |  | 1,866 |  |  |  | 10,361 |  |  |  | 1,849 |  |  |  | 8,495 |  |  |  | 3,715 |  |  |  | 12,210 |  |  |  | (2,561 | ) |  | Mar 2005
1045 on the Park Apartments Homes |  | Atlanta, GA |  |  | (6,007 | ) |  |  | 2,793 |  |  |  | 6,662 |  |  |  | 9,455 |  |  |  | 1,548 |  |  |  | 2,793 |  |  |  | 8,210 |  |  |  | 11,003 |  |  |  | (3,322 | ) |  | Jul 2013
2200 Grace |  | Lombard, IL |  |  | (11,193 | ) |  |  | 642 |  |  |  | 7,788 |  |  |  | 8,430 |  |  |  | 531 |  |  |  | 642 |  |  |  | 8,319 |  |  |  | 8,961 |  |  |  | (6,108 | ) |  | Aug 2018
Bank Lofts |  | Denver, CO |  |  | (18,540 | ) |  |  | 3,525 |  |  |  | 9,045 |  |  |  | 12,570 |  |  |  | 5,546 |  |  |  | 3,525 |  |  |  | 14,591 |  |  |  | 18,116 |  |  |  | (9,382 | ) |  | Apr 2001
Bluffs at Pacifica, The |  | Pacifica, CA |  |  | — |  |  |  | 8,108 |  |  |  | 4,132 |  |  |  | 12,240 |  |  |  | 18,013 |  |  |  | 8,108 |  |  |  | 22,145 |  |  |  | 30,253 |  |  |  | (16,367 | ) |  | Oct 2006
Elm Creek |  | Elmhurst, IL |  |  | (78,095 | ) |  |  | 5,910 |  |  |  | 30,830 |  |  |  | 36,740 |  |  |  | 30,357 |  |  |  | 5,910 |  |  |  | 61,187 |  |  |  | 67,097 |  |  |  | (42,311 | ) |  | Dec 1997
Evanston Place |  | Evanston, IL |  |  | (46,670 | ) |  |  | 3,232 |  |  |  | 25,546 |  |  |  | 28,778 |  |  |  | 16,994 |  |  |  | 3,232 |  |  |  | 42,540 |  |  |  | 45,772 |  |  |  | (27,067 | ) |  | Dec 1997
Hillmeade |  | Nashville, TN |  |  | (46,026 | ) |  |  | 2,872 |  |  |  | 16,070 |  |  |  | 18,942 |  |  |  | 22,985 |  |  |  | 2,872 |  |  |  | 39,055 |  |  |  | 41,927 |  |  |  | (29,530 | ) |  | Nov 1994
Hyde Park Tower |  | Chicago, IL |  |  | (29,484 | ) |  |  | 4,731 |  |  |  | 14,927 |  |  |  | 19,658 |  |  |  | 14,818 |  |  |  | 4,731 |  |  |  | 29,745 |  |  |  | 34,476 |  |  |  | (17,877 | ) |  | Oct 2004
Plantation Gardens |  | Plantation, FL |  |  | (60,133 | ) |  |  | 3,773 |  |  |  | 19,443 |  |  |  | 23,216 |  |  |  | 24,796 |  |  |  | 3,773 |  |  |  | 44,239 |  |  |  | 48,012 |  |  |  | (34,354 | ) |  | Oct 1999
Royal Crest Estates (Warwick) |  | Warwick, RI |  |  | — |  |  |  | 22,433 |  |  |  | 24,095 |  |  |  | 46,528 |  |  |  | 7,909 |  |  |  | 22,433 |  |  |  | 32,004 |  |  |  | 54,437 |  |  |  | (27,539 | ) |  | Aug 2002
Royal Crest Estates (Nashua) |  | Nashua, NH |  |  | (173,435 | ) |  |  | 68,230 |  |  |  | 45,562 |  |  |  | 113,792 |  |  |  | 17,139 |  |  |  | 68,231 |  |  |  | 62,700 |  |  |  | 130,931 |  |  |  | (56,440 | ) |  | Aug 2002
Royal Crest Estates (Marlboro) |  | Marlborough, MA |  |  | (68,495 | ) |  |  | 25,178 |  |  |  | 28,786 |  |  |  | 53,964 |  |  |  | 14,240 |  |  |  | 25,178 |  |  |  | 43,026 |  |  |  | 68,204 |  |  |  | (37,379 | ) |  | Aug 2002
Waterford Village |  | Bridgewater, MA |  |  | — |  |  |  | 29,110 |  |  |  | 28,101 |  |  |  | 57,211 |  |  |  | 13,985 |  |  |  | 29,110 |  |  |  | 42,086 |  |  |  | 71,196 |  |  |  | (36,001 | ) |  | Aug 2002
Eldridge |  | Elmhurst, IL |  |  | (26,691 | ) |  |  | 3,483 |  |  |  | 35,706 |  |  |  | 39,189 |  |  |  | 163 |  |  |  | 3,483 |  |  |  | 35,869 |  |  |  | 39,352 |  |  |  | (4,432 | ) |  | Aug 2021
Wexford Village |  | Worcester, MA |  |  | — |  |  |  | 6,349 |  |  |  | 17,939 |  |  |  | 24,288 |  |  |  | 5,838 |  |  |  | 6,349 |  |  |  | 23,777 |  |  |  | 30,126 |  |  |  | (19,207 | ) |  | Aug 2002
Willow Bend |  | Rolling Meadows, IL |  |  | (43,501 | ) |  |  | 2,717 |  |  |  | 15,437 |  |  |  | 18,154 |  |  |  | 18,588 |  |  |  | 2,717 |  |  |  | 34,025 |  |  |  | 36,742 |  |  |  | (29,355 | ) |  | May 1998
Yorktown Apartments |  | Lombard, IL |  |  | (46,857 | ) |  |  | 2,413 |  |  |  | 10,374 |  |  |  | 12,787 |  |  |  | 52,506 |  |  |  | 2,413 |  |  |  | 62,880 |  |  |  | 65,293 |  |  |  | (47,652 | ) |  | Dec 1999
Total Operating |  |  |  |  | (689,885 | ) |  |  | 231,045 |  |  |  | 370,303 |  |  |  | 601,348 |  |  |  | 282,882 |  |  |  | 231,046 |  |  |  | 653,184 |  |  |  | 884,230 |  |  |  | (468,040 | ) |  |
Development and redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bioscience 4 |  | Aurora, CO |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,021 |  |  |  | — |  |  |  | 5,021 |  |  |  | 5,021 |  |  |  | — |  |  | Feb 2023
34th Street |  | Miami, FL |  |  | (18,407 | ) |  |  | 19,582 |  |  |  | — |  |  |  | 19,582 |  |  |  | 41,840 |  |  |  | 19,872 |  |  |  | 41,550 |  |  |  | 61,422 |  |  |  | — |  |  | Jul 2021
One Edgewater |  | Miami, FL |  |  | — |  |  |  | 12,377 |  |  |  | — |  |  |  | 12,377 |  |  |  | 5,767 |  |  |  | 14,560 |  |  |  | 3,584 |  |  |  | 18,144 |  |  |  | — |  |  | Jul 2021
Flying Horse |  | Colorado Springs, CO |  |  | — |  |  |  | 4,257 |  |  |  | — |  |  |  | 4,257 |  |  |  | 3,860 |  |  |  | 4,269 |  |  |  | 3,848 |  |  |  | 8,117 |  |  |  | — |  |  | Jul 2021
Oak Shore |  | Corte Madera, CA |  |  | (19,651 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,326 |  |  |  | — |  |  |  | 57,326 |  |  |  | 57,326 |  |  |  | (1,773 | ) |  | Jun 2021
Upton Place |  | Washington, DC |  |  | (215,000 | ) |  |  | — |  |  |  | 21,280 |  |  |  | 21,280 |  |  |  | 275,084 |  |  |  | — |  |  |  | 296,364 |  |  |  | 296,364 |  |  |  | (14,566 | ) |  | Dec 2020
Strathmore Square |  | Washington, DC |  |  | (140,692 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 160,391 |  |  |  | — |  |  |  | 160,391 |  |  |  | 160,391 |  |  |  | (4,533 | ) |  | Feb 2022
300 W. Broward Blvd. |  | Ft. Lauderdale, FL |  |  | — |  |  |  | 21,355 |  |  |  | — |  |  |  | 21,355 |  |  |  | 16,485 |  |  |  | 20,616 |  |  |  | 17,224 |  |  |  | 37,840 |  |  |  | — |  |  | Jan 2022
Fitzsimons Phase Four |  | Aurora, CO |  |  | — |  |  |  | 2,016 |  |  |  | — |  |  |  | 2,016 |  |  |  | 2,193 |  |  |  | 2,040 |  |  |  | 2,169 |  |  |  | 4,209 |  |  |  | — |  |  | Dec 2022
Sears Parcel 1 |  | Ft. Lauderdale, FL |  |  | — |  |  |  | 68,485 |  |  |  | — |  |  |  | 68,485 |  |  |  | 25,037 |  |  |  | 68,485 |  |  |  | 25,037 |  |  |  | 93,522 |  |  |  | — |  |  | Jun 2022
Sears Parcel 2 |  | Ft. Lauderdale, FL |  |  | — |  |  |  | 20,737 |  |  |  | — |  |  |  | 20,737 |  |  |  | 3,958 |  |  |  | 20,460 |  |  |  | 4,235 |  |  |  | 24,695 |  |  |  | — |  |  | Jul 2022
Sears Parcel 3 |  | Ft. Lauderdale, FL |  |  | — |  |  |  | 16,402 |  |  |  | — |  |  |  | 16,402 |  |  |  | 2,180 |  |  |  | 15,331 |  |  |  | 3,251 |  |  |  | 18,582 |  |  |  | — |  |  | Jun 2022
Total Development and redevelopment |  |  |  |  | (393,750 | ) |  |  | 165,211 |  |  |  | 21,280 |  |  |  | 186,491 |  |  |  | 599,142 |  |  |  | 165,633 |  |  |  | 620,000 |  |  |  | 785,633 |  |  |  | (20,872 | ) |  |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Benson Hotel |  | Aurora, CO |  |  | — |  |  |  | 1,503 |  |  |  | 4,414 |  |  |  | 5,917 |  |  |  | 71,327 |  |  |  | 1,503 |  |  |  | 75,741 |  |  |  | 77,244 |  |  |  | (10,362 | ) |  | Jan 2021
Total Other |  |  |  |  | — |  |  |  | 1,503 |  |  |  | 4,414 |  |  |  | 5,917 |  |  |  | 71,327 |  |  |  | 1,503 |  |  |  | 75,741 |  |  |  | 77,244 |  |  |  | (10,362 | ) |  |
Held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1001 Brickell Bay Drive |  | Miami, FL |  |  | (81,300 | ) |  |  | 150,018 |  |  |  | 152,791 |  |  |  | 302,809 |  |  |  | 11,552 |  |  |  | 150,018 |  |  |  | 164,343 |  |  |  | 314,361 |  |  |  | (90,897 | ) |  | Jul 2019
Yacht Club Apartments |  | Miami, FL |  |  | (77,949 | ) |  |  | 31,362 |  |  |  | 32,214 |  |  |  | 63,576 |  |  |  | 21,832 |  |  |  | 31,363 |  |  |  | 54,045 |  |  |  | 85,408 |  |  |  | (35,943 | ) |  | Dec 2003
Total Held for sale |  |  |  |  | (159,249 | ) |  |  | 181,380 |  |  |  | 185,005 |  |  |  | 366,385 |  |  |  | 33,384 |  |  |  | 181,381 |  |  |  | 218,388 |  |  |  | 399,769 |  |  |  | (126,840 | ) |  |
Debt issuance costs and other non-cash adjustments (1) |  |  |  |  | 13,336 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Portfolio |  |  |  | $ | (1,229,548 | ) |  | $ | 579,139 |  |  | $ | 581,002 |  |  | $ | 1,160,141 |  |  | $ | 986,735 |  |  | $ | 579,563 |  |  | $ | 1,567,313 |  |  | $ | 2,146,876 |  |  | $ | (626,114 | ) |  |

(1)
Includes unamortized fair market adjustments of debt assumed in the acquisition of properties.
(2)
Includes costs capitalized since acquisition or date of initial acquisition of the community.
(3)
The aggregate cost of land and depreciable property for federal income tax purposes was a pproximately $1.6 billion as of December 31, 2024. (unaudited)
(4)
Depreciable life for buildings and improvements ranges from five to 30 years and is calculated on a straight-line basis.
(5)
Date we acquired the apartment community or first acquired the partnership that owns the community.

F-46

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION

For the Years Ended December 31, 2024, 2023, and 2022

(In Thousands)

|  | 2024 |  |  | 2023 |  |  | 2022 |
Total real estate balance at beginning of year |  | $ | 2,214,623 |  |  | $ | 1,963,483 |  |  | $ | 1,791,499 |
Additions during the year: |  |  |  |  |  |  |  |  |
Acquisitions |  |  | — |  |  |  | 1,893 |  |  |  | 146,236 |
Capital additions |  |  | 141,672 |  |  |  | 292,921 |  |  |  | 273,380 |
Dispositions |  |  | (193,878 | ) |  |  | (30,347 | ) |  |  | (233,308 | )
Write-offs of fully depreciated assets and other |  |  | (15,541 | ) |  |  | (13,327 | ) |  |  | (14,324 | )
Amounts related to assets held for sale |  |  | (399,769 | ) |  |  | — |  |  |  | — |
Total real estate balance at end of year |  | $ | 1,747,107 |  |  | $ | 2,214,623 |  |  | $ | 1,963,483 |
Accumulated depreciation balance at beginning of year |  | $ | 580,802 |  |  | $ | 530,722 |  |  | $ | 561,115 |
Depreciation |  |  | 79,609 |  |  |  | 63,407 |  |  |  | 143,983 |
Dispositions |  |  | (18,756 | ) |  |  | — |  |  |  | (160,052 | )
Write-offs of fully depreciated assets and other |  |  | (15,541 | ) |  |  | (13,327 | ) |  |  | (14,324 | )
Amounts related to assets held for sale |  |  | (126,840 | ) |  |  | — |  |  |  | — |
Accumulated depreciation balance at end of year |  | $ | 499,274 |  |  | $ | 580,802 |  |  | $ | 530,722 |

F-47