Earnings Per Share and Per Unit

9 Months Ended

Sep. 30, 2025

Note 4 — Earnings per Share 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 three and nine months ended September 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive. As of September 30, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.4 million and 8.5 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 three and nine months ended September 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive. As of September 30, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.6 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and nine months ended September 30, 2025 and 2024, are as follows (in thousands, except per share and per unit data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Earnings per share
Numerator:
Income (loss) from continuing operations	$	(79,314	)	$	(27,347	)	$	(123,110	)	$	(108,539	)
Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(3,582	)		(3,659	)		(9,411	)		(10,817	)
Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(105	)		572			(633	)		1,399
Less: Net (income) loss from continuing operations attributable to common noncontrolling interests in Aimco Operating Partnership		3,492			1,599			6,103			6,185
Less: Net (income) loss allocated to Aimco participating securities		(3,590	)		—			(3,590	)		—
Income (loss) from continuing operations attributable to Aimco common stockholders		(83,099	)		(28,835	)		(130,641	)		(111,772	)
Income (loss) from discontinued operations, net of taxes		382,306			7,282			397,415			20,175
Less: Net (income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership		(16,084	)		(383	)		(16,871	)		(1,051	)
Income (loss) from discontinued operations attributable to Aimco common stockholders		366,222			6,899			380,544			19,124
Net income (loss) attributable to Aimco common stockholders	$	283,123		$	(21,936	)	$	249,903		$	(92,648	)

Denominator - shares:
Basic weighted-average common stock outstanding		138,946			136,749			137,738			139,044
Diluted share equivalents outstanding		—			—			—			—
Diluted weighted-average common stock outstanding		138,946			136,749			137,738			139,044

Earnings (loss) per share - basic
Income (loss) from continuing operations attributable to Aimco per common share	$	(0.60	)	$	(0.21	)	$	(0.95	)	$	(0.80	)
Income (loss) from discontinued operations attributable to Aimco per common share		2.64			0.05			2.75			0.13
Net income (loss) attributable to Aimco per common share – basic	$	2.04		$	(0.16	)	$	1.80		$	(0.67	)

Earnings (loss) per share - diluted
Income (loss) from continuing operations attributable to Aimco per common share	$	(0.60	)	$	(0.21	)	$	(0.95	)	$	(0.80	)
Income (loss) from discontinued operations attributable to Aimco per common share		2.64			0.05			2.75			0.13
Net income (loss) attributable to Aimco per common share – diluted	$	2.04		$	(0.16	)	$	1.80		$	(0.67	)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Earnings per unit
Numerator:
Income (loss) from continuing operations	$	(79,314	)	$	(27,347	)	$	(123,110	)	$	(108,539	)
Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(3,582	)		(3,659	)		(9,411	)		(10,817	)
Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(105	)		572			(633	)		1,399
Less: Net (income) loss allocated to Aimco participating securities		(3,774	)		—			(3,774	)		—
Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders		(86,775	)		(30,434	)		(136,928	)		(117,957	)
Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders		382,306			7,282			397,415			20,175
Net income (loss) attributable to Aimco Operating Partnership's common unitholders	$	295,531		$	(23,152	)	$	260,487		$	(97,782	)

Denominator - units
Basic weighted-average OP Units outstanding		145,048			144,366			144,798			146,683
Diluted OP Unit equivalents outstanding		—			—			—			—
Diluted weighted-average OP Units outstanding		145,048			144,366			144,798			146,683

Earnings (loss) per unit - basic
Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit	$	(0.60	)	$	(0.21	)	$	(0.95	)	$	(0.80	)
Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit		2.64			0.05			2.75			0.13
Net income (loss) attributable to Aimco per unit – basic	$	2.04		$	(0.16	)	$	1.80		$	(0.67	)

Earnings (loss) per unit - diluted
Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit	$	(0.60	)	$	(0.21	)	$	(0.95	)	$	(0.80	)
Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit		2.64			0.05			2.75			0.13
Net income (loss) attributable to Aimco Operating Partnership per unit – diluted	$	2.04		$	(0.16	)	$	1.80		$	(0.67	)