Apartment Investment | 8-K: FY2025 Q3 Revenue: USD 35.13 M

Revenue: As of FY2025 Q3, the actual value is USD 35.13 M.

EPS: As of FY2025 Q3, the actual value is USD 2.04.

EBIT: As of FY2025 Q3, the actual value is USD -50.38 M.

Property Sale Agreement

Aimco amended the agreement to sell properties at 1001 and 1111 Brickell Bay Drive in Miami for $520 million. The buyer will finance $70 million of the purchase price with seller financing notes from Aimco, which have a term of 24 months and a compounding interest rate increasing from 12% to 22%.

Net Proceeds

Estimated net proceeds from the transaction, after accounting for property-level debt, seller financing note monetization, deferred tax liability, and transaction costs, are approximately $300 million. Aimco plans to return the majority of these proceeds to shareholders.

Net Income

Aimco’s net income attributable to common stockholders per share was $2.04 for the three months ended and $1.80 for the nine months ended September 30, 2025.

Property Net Operating Income (NOI)

Property NOI from Aimco’s Stabilized Operating Properties was $11.6 million in the third quarter 2025, down -3.4% year-over-year, and $35.3 million year-to-date, down -1.9% year-over-year.

Revenue and Expenses

Revenue in the third quarter 2025 was $18.2 million, up 1.2% year-over-year, with average monthly revenue per apartment home increasing to $2,531. Expenses in the third quarter 2025 were up 10.5% year-over-year, primarily due to real estate tax assessments and appeals.

Cash Flow

Aimco had $404.4 million of cash on hand as of September 30, 2025, with $327.3 million distributed as a special dividend on October 15, 2025.

Debt and Leverage

Total non-recourse fixed rate debt was $451.7 million with a weighted average maturity of 5.4 years. Total non-recourse construction loans and bridge financing amounted to $389.4 million with a weighted average maturity of 2.2 years.

Unique Metrics

Effective rents during the third quarter 2025 were 4.4% higher on average than the previous lease, with new leases up 3.1% and renewals up 5.6%.

Outlook / Guidance

Aimco’s Board approved a Plan of Sale and Liquidation, which involves the complete liquidation and dissolution of the company, subject to shareholder approval. Aimco anticipates returning capital to shareholders, eliminating certain near-term debt maturities, and engaging in new acquisitions or dispositions, although these plans are subject to risks and uncertainties. Aimco withdrew prior guidance for its Stabilized Operating Properties due to the substantial impact of the Boston transaction on the portfolio composition. Aimco’s forecast for net income per share for 2025 is between $4.75 and $4.95, revised down from the prior forecast of $5.20 to $5.40.