APARTMENT INVESTMENT & MANAGEMENT CO SEC 10-Q Report

Apartment Investment & Management Co (Aimco), a leading real estate investment trust specializing in the ownership and management of apartment communities, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial performance and operational activities, showcasing a period of strategic shifts and significant financial improvements.

Financial Highlights

• Total Revenue: $103.8 million, reflecting a slight increase from the previous year, driven by stable rental and other property revenues.
• Operating Income: Total operating expenses were $176.9 million, indicating a significant increase due to impairment on real estate.
• Net Income: $274.3 million, a substantial improvement from the previous year's loss, primarily due to gains from discontinued operations.
• Net Income Per Share - Basic: $1.80, showing a positive turnaround from the previous year's loss per share, supported by income from discontinued operations.
• Net Income Per Share - Diluted: $1.80, consistent with basic earnings per share, indicating no significant dilution effects.

Business Highlights

• Development and Redevelopment Segment: This segment includes 9 properties, with one under construction, two completed and in lease-up, and one stabilizing operations. It focuses on rental communities that are under construction or have not yet achieved stabilization.
• Operating Segment: Consists of 15 residential apartment communities with 2,524 apartment homes that have achieved a stabilized level of operations. This segment aggregates all apartment communities that have reached stabilization.
• Other Segment: Includes The Benson Hotel, which is the company's only hotel. This segment captures properties not included in the Development and Redevelopment or Operating segments.
• Geographical Performance: The company completed the sale of four properties in its suburban Boston portfolio, which was a strategic shift impacting operations. The sale of the fifth property in this portfolio was completed after the quarter ended.
• Future Outlook: The company is focused on completing the sale of the Brickell Assemblage, scheduled for the fourth quarter of 2025. This transaction is part of the company's strategic initiatives to optimize its portfolio.
• Impairment Charges: During the reporting period, the company recognized a $57.4 million impairment charge related to properties in Colorado's Front Range due to a change in estimated hold period.
• Hotel Operations: The Benson Hotel generated revenues of $2.0 million for the three months ended September 30, 2025, reflecting its role in the company's diversified property portfolio.
• Lease Arrangements: The company has operating leases for apartment homes and commercial spaces, with apartment leases generally having terms of 24 months or less and commercial leases ranging from 5 to 15 years.
• Sublease Income: The company recognized sublease income from its corporate office space, contributing to its overall lease income.
• Commitments: As of September 30, 2025, the company had remaining commitments for construction-related contracts of $107.6 million, indicating ongoing development and redevelopment activities.

SEC Filing: APARTMENT INVESTMENT & MANAGEMENT CO [ AIV ] - 10-Q - Nov. 10, 2025