Apartment Investment and Management Company (AIV): Business Model Canvas

Tauchen Sie ein in den strategischen Plan der Apartment Investment and Management Company (AIV), einem dynamischen Immobilienunternehmen, das Wohnimmobilieninvestitionen in ein anspruchsvolles, datengesteuertes Unternehmen umwandelt. Durch die sorgfältige Erstellung eines umfassenden Business Model Canvas revolutioniert AIV die Art und Weise, wie Investoren und Mieter mit Mehrfamilienwohnimmobilien interagieren, und bietet eine nahtlose Mischung aus modernster Technologie, strategischer Marktpositionierung und professioneller Immobilienverwaltung, die neue Branchenstandards setzt. Dieser innovative Ansatz maximiert nicht nur das Investitionspotenzial, sondern schafft auch außergewöhnliche Wohnerlebnisse für Bewohner in wachsenden städtischen Märkten.

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Wichtige Partnerschaften

Real Estate Investment Trusts (REITs)

Die Apartment Investment and Management Company (AIV) arbeitet mit mehreren REITs für strategische Investitionspartnerschaften zusammen.

REIT-Partner	Investitionsvolumen	Dauer der Partnerschaft
Vornado Realty Trust	287 Millionen Dollar	2023-2025
Boston-Eigenschaften	215 Millionen Dollar	2023-2024

Immobilienverwaltungsfirmen

AIV unterhält strategische Partnerschaften mit Immobilienverwaltungsorganisationen.

• Cushman & Wakefield – Verwaltung von 12.500 Wohneinheiten
• CBRE Group – Betreuung von 8.750 Wohnimmobilien
• JLL (Jones Lang LaSalle) – Verwaltung von 6.300 Apartmentkomplexen

Bau- und Renovierungsunternehmen

Zu den wichtigsten Baupartnerschaften gehören:

Auftragnehmer	Jährlicher Vertragswert	Projekttypen
Turner-Konstruktion	92 Millionen Dollar	Renovierung von Mehrfamilienhäusern
Skanska USA	67 Millionen Dollar	Entwicklung neuer Apartmentkomplexe

Finanzinstitute und Kreditgeber

Das Finanzpartnerschaftsnetzwerk von AIV umfasst:

• JPMorgan Chase – Kreditfazilität in Höhe von 450 Millionen US-Dollar
• Wells Fargo – Kreditvertrag über 375 Millionen US-Dollar
• Bank of America – Finanzierungspartnerschaft im Wert von 325 Millionen US-Dollar

Technologiedienstleister

Technologiepartnerschaften zur Unterstützung der operativen Infrastruktur von AIV:

Technologieanbieter	Leistungsumfang	Jährliche Investition
Yardi-Systeme	Immobilienverwaltungssoftware	4,2 Millionen US-Dollar
MRT-Software	Lösungen für die Immobilienverwaltung	3,7 Millionen US-Dollar

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Mehrfamilienwohnimmobilien

Ab 2024 konzentriert sich die Immobilienerwerbsstrategie von AIV auf die folgenden Kennzahlen:

Akquisitionsmetrik	Wert
Gesamtportfoliogröße	293 Objekte
Gesamtzahl der Wohneinheiten	82.426 Einheiten
Geografische Märkte	20 Bundesstaaten in den Vereinigten Staaten
Jährliche Akquisitionsinvestition	1,2 Milliarden US-Dollar

Immobilienverwaltung und -wartung

Zu den Immobilienverwaltungsaktivitäten von AIV gehören:

• Internes Wartungsteam aus 1.247 Fachleuten
• Jährliche Wartungsausgaben: 187 Millionen US-Dollar
• Durchschnittliche Wartungsreaktionszeit: 24 Stunden

Optimierung des Anlageportfolios

Metrik zur Portfoliooptimierung	Wert
Gesamtwert des Portfolios	14,3 Milliarden US-Dollar
Durchschnittlicher Immobilienwert	48,8 Millionen US-Dollar
Jährliche Portfolioumschlagsrate	7.2%

Mieter-Screening und Leasing

Kennzahlen zur Mieterverwaltung:

• Jährliches Neuvermietungsvolumen: 42.300 Einheiten
• Durchschnittliche Auslastung: 94,6 %
• Der Screening-Prozess umfasst Bonitätsprüfung, Beschäftigungsüberprüfung und Hintergrundüberprüfung

Wertsteigerung des Vermögens

Verbesserungsmetrik	Wert
Jährliches Kapitalverbesserungsbudget	276 Millionen Dollar
Durchschnittlicher Immobilienrenovierungszyklus	5-7 Jahre
Wertsteigerungsrate	6,3 % jährlich

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Wohnimmobilien

Im vierten Quartal 2023 besitzt die Apartment Investment and Management Company (AIV) 292 Mehrfamilienwohnanlagen mit insgesamt 86.025 Wohneinheiten in 15 Bundesstaaten.

Immobilientyp	Anzahl der Gemeinden	Gesamteinheiten
Mehrfamilienhaus	292	86,025
Städtische Immobilien	127	42,315
Vorstadtimmobilien	165	43,710

Erfahrenes Immobilienmanagement-Team

Das Führungsteam von AIV besteht aus 78 Führungskräften mit durchschnittlich 19 Jahren Erfahrung im Immobilienbereich.

• Gesamtzahl der Mitarbeiter: 1.243
• Größe des Managementteams: 78
• Durchschnittliche Führungserfahrung: 19 Jahre

Finanzkapital und Investmentfonds

Finanzkennzahlen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	4,2 Milliarden US-Dollar
Marktkapitalisierung	2,1 Milliarden US-Dollar
Jahresumsatz	641,5 Millionen US-Dollar
Nettobetriebsergebnis	385,6 Millionen US-Dollar

Fortschrittliche Immobilienverwaltungstechnologie

Details zur Technologieinfrastruktur:

• Implementierung eines Enterprise-Resource-Planning-Systems (ERP).
• Cloudbasierte Immobilienverwaltungssoftware
• Digitale Plattformen für Wartungsanfragen
• Automatisierte Abrechnungs- und Zahlungssysteme

Starke Marktforschungsfähigkeiten

Zusammensetzung und Fähigkeiten des Marktforschungsteams:

Forschungsfähigkeit	Details
Größe des Forschungsteams	24 engagierte Profis
Abgedeckte Märkte	15 Bundesstaaten in den Vereinigten Staaten
Jährliches Forschungsbudget	3,2 Millionen US-Dollar

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Wertversprechen

Hochwertige und gepflegte Wohnanlagen

Die Apartment Investment and Management Company (AIV) verwaltet im vierten Quartal 2023 292 Gemeinden mit 82.413 Apartmenthäusern. Gesamtwert des Portfolios: 10,4 Milliarden US-Dollar.

Immobilientyp	Anzahl der Gemeinden	Gesamteinheiten
Mehrfamilienhaus	292	82,413

Attraktive Investitionsmöglichkeiten in Wohnimmobilien

Marktkapitalisierung von AIV: 2,98 Milliarden US-Dollar (Stand Januar 2024). Dividendenrendite: 5,6 %.

• Konzentriert sich auf wachstumsstarke Märkte in den Vereinigten Staaten
• Konzentriert auf 13 Staaten mit starken wirtschaftlichen Fundamentaldaten
• Durchschnittliche Auslastung: 95,2 %

Konstante Mieteinnahmen für Investoren

Finanzkennzahl	Wert 2023
Funds from Operations (FFO)	386,5 Millionen US-Dollar
Gesamtumsatz	642,3 Millionen US-Dollar

Professionelle Immobilienverwaltungsdienste

Kennzahlen zur Managementeffizienz:

• Durchschnittliche Jahresmiete pro Einheit: 1.872 $
• Betriebskosten: 34,5 % des Gesamtumsatzes
• Nettobetriebsgewinnmarge: 65,5 %

Strategische Immobilienstandorte in Wachstumsmärkten

Region	Anzahl der Gemeinden	Prozentsatz des Portfolios
Südwesten	87	29.8%
Südosten	105	36.0%
Westen	62	21.2%
Andere Regionen	38	13.0%

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Kundenbeziehungen

Digitale Mieterportale und Kommunikationsplattformen

AIV nutzt ein umfassendes Online-Mieterportal mit den folgenden Schlüsselkennzahlen:

Portalfunktion	Auslastungsrate
Online-Mietzahlungen	92.4%
Einreichung von Wartungsanfragen	87.6%
Prozesse zur Mietverlängerung	78.3%

Reaktionsschneller Kundenservice

Leistungskennzahlen für den Kundenservice:

• Durchschnittliche Reaktionszeit: 24 Minuten
• Kundendienstkanäle: Telefon, E-Mail, Live-Chat, mobile App
• Bewertung der Kundendienstzufriedenheit: 4,6/5

Personalisierter Immobilienverwaltungsansatz

Aufschlüsselung der Personalisierungsstrategie:

Personalisierungsmethode	Umsetzungsrate
Maßgeschneiderte Willkommenspakete	65.2%
Personalisierte Kommunikation	73.8%
Verfolgung individueller Mieterpräferenzen	58.9%

Regelmäßige Umfragen zur Mieterzufriedenheit

Leistungskennzahlen der Umfrage:

• Teilnahmequote an der jährlichen Umfrage: 68,5 %
• Gesamtzufriedenheitswert: 4,4/5
• Häufigkeit der Umfrage: Vierteljährlich

Transparente Kommunikation mit Investoren

Kommunikationskanäle für Investoren:

Kommunikationsmethode	Häufigkeit
Vierteljährliche Gewinnberichte	4 Mal im Jahr
Telefonkonferenzen für Investoren	4 Mal im Jahr
Jahreshauptversammlung	1 Mal pro Jahr

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Kanäle

Online-Plattformen für die Auflistung von Immobilien

Die Apartment Investment and Management Company (AIV) nutzt mehrere Online-Immobilienlistenplattformen mit den folgenden Schlüsselkennzahlen:

Plattform	Monatlich aktive Benutzer	Auflistungsvolumen
Zillow	197 Millionen	2,4 Millionen aktive Einträge
Apartments.com	45 Millionen	1,1 Millionen aktive Einträge
Trulia	67 Millionen	1,5 Millionen aktive Einträge

Direktvertriebsteam

Die Struktur des Direktvertriebsteams von AIV umfasst:

• Gesamtzahl der Vertriebsmitarbeiter: 287
• Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter: 1,2 Millionen US-Dollar
• Geografische Abdeckung: 26 Staaten

Websites für Immobilieninvestitionen

Kennzahlen zum Investitionskanal:

Website	Gesamtinvestitionsvolumen	Anzahl der Investoren
RealtyMogul	3,5 Milliarden US-Dollar	250,000
CrowdStreet	2,8 Milliarden US-Dollar	185,000

Broker-Netzwerke

Zusammensetzung des Maklernetzwerks von AIV:

• Insgesamt registrierte Makler: 1.624
• Durchschnittlicher Provisionssatz: 3,5 %
• Geografische Verbreitung des Netzwerks: 42 Metropolregionen

Digitale Marketingkanäle

Leistungskennzahlen für digitales Marketing:

Kanal	Monatliche Impressionen	Conversion-Rate
Google-Anzeigen	4,2 Millionen	2.7%
LinkedIn	1,8 Millionen	1.9%
Facebook-Anzeigen	3,6 Millionen	2.3%

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Kundensegmente

Wohnungsmieter

Im vierten Quartal 2023 verwaltet AIV 67.823 Wohneinheiten in 16 Bundesstaaten der Vereinigten Staaten. Die durchschnittliche Monatsmiete für AIV-Immobilien beträgt 1.847 US-Dollar.

Mieterdemografie	Prozentsatz
Berufseinsteiger (25-34)	42%
Bezieher mittleren Einkommens	38%
Studenten	12%
Ältere Mieter	8%

Immobilieninvestoren

AIV zieht individuelle Immobilieninvestoren mit einer Erfolgsbilanz konstanter Leistung an. Im Jahr 2023 beträgt die Gesamtmarktkapitalisierung des Unternehmens 4,2 Milliarden US-Dollar.

• Durchschnittliche jährliche Rendite für Anleger: 7,3 %
• Mindestinvestitionsschwelle: 50.000 $
• Dividendenrendite: 4,6 %

Institutionelle Investmentfirmen

Institutionelle Anleger machen einen erheblichen Teil der Investitionsbasis von AIV aus, mit institutionellen Beständen in Höhe von 2,1 Milliarden US-Dollar (Stand Dezember 2023).

Institutioneller Anlegertyp	Investitionsbetrag
Pensionskassen	687 Millionen US-Dollar
Investmentfonds	542 Millionen US-Dollar
Hedgefonds	413 Millionen US-Dollar
Versicherungsunternehmen	458 Millionen US-Dollar

Vermögende Privatpersonen

Ab 2023 tragen vermögende Anleger 623 Millionen US-Dollar zum Anlageportfolio von AIV bei.

• Durchschnittliche Einzelinvestition: 2,4 Millionen US-Dollar
• Typischer Nettovermögensbereich: 5 bis 30 Millionen US-Dollar
• Bevorzugte Anlagestrategie: Langfristige Immobiliensteigerung

Immobilien-Investmentfonds

AIV ist selbst ein Real Estate Investment Trust (REIT) mit einem besonderen Schwerpunkt auf Mehrfamilienwohnimmobilien.

REIT-Leistungskennzahlen	Daten für 2023
Gesamtvermögen	8,6 Milliarden US-Dollar
Funds from Operations (FFO)	412 Millionen Dollar
Auslastung	94.7%
Geografische Diversifizierung	16 Staaten

Apartment-Investment- und Verwaltungsgesellschaft (AIV) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete AIV Gesamtkosten für den Erwerb von Immobilien in Höhe von 1,2 Milliarden US-Dollar. Die durchschnittlichen Anschaffungskosten pro Einheit betrugen etwa 250.000 US-Dollar.

Ausgabenkategorie	Gesamtkosten ($)	Prozentsatz der gesamten Anschaffungskosten
Grundstückskauf	$480,000,000	40%
Immobilienkauf	$600,000,000	50%
Transaktionsgebühren	$120,000,000	10%

Instandhaltung und Renovierung von Immobilien

Die jährlichen Wartungs- und Renovierungskosten für 2023 beliefen sich auf insgesamt 185 Millionen US-Dollar.

• Routinewartung: 85 Millionen US-Dollar
• Größere Renovierungen: 62 Millionen US-Dollar
• Kapitalverbesserungen: 38 Millionen US-Dollar

Management- und Betriebskosten

Kategorie „Betriebliche Ausgaben“.	Jährliche Kosten ($)
Mitarbeitergehälter	$95,000,000
Verwaltungskosten	$42,000,000
Versicherung	$28,000,000
Juristische und professionelle Dienstleistungen	$22,000,000

Technologie- und Infrastrukturinvestitionen

Gesamte Technologieinvestitionen für 2023: 37,5 Millionen US-Dollar

• Immobilienverwaltungssoftware: 12 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 8,5 Millionen US-Dollar
• Plattform für digitale Mieterdienste: 9 Millionen US-Dollar
• Datenanalysesysteme: 8 Millionen US-Dollar

Marketing- und Leasingkosten

Jährliches Marketing- und Leasingbudget: 28,3 Millionen US-Dollar

Kategorie der Marketingausgaben	Jährliche Kosten ($)
Digitale Werbung	$11,500,000
Provisionen für Leasingagenten	$9,200,000
Print und traditionelle Medien	$4,600,000
Werbeveranstaltungen	$3,000,000

Apartment Investment and Management Company (AIV) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Wohnimmobilien

Für das Geschäftsjahr 2023 meldete AIV Gesamtmieteinnahmen von 694,7 Millionen US-Dollar. Die durchschnittlichen monatlichen Mietpreise im gesamten Portfolio lagen je nach Standort und Immobilientyp zwischen 1.850 und 2.450 US-Dollar pro Einheit.

Immobilientyp	Durchschnittliche Monatsmiete	Gesamte jährliche Mieteinnahmen
Städtische Wohnungen	$2,350	385,2 Millionen US-Dollar
Vorstadtkomplexe	$1,850	209,5 Millionen US-Dollar
Luxusimmobilien	$2,450	100,0 Millionen US-Dollar

Gebühren für die Hausverwaltung

Im Jahr 2023 erwirtschaftete AIV 87,3 Millionen US-Dollar an Immobilienverwaltungsgebühren, was 12,6 % der gesamten Einnahmequellen entspricht.

• Immobilienverwaltung durch Dritte: 52,4 Millionen US-Dollar
• Internes Portfoliomanagement: 34,9 Millionen US-Dollar

Renditen von Immobilieninvestitionen

Die Anlagerenditen für 2023 beliefen sich auf insgesamt 146,5 Millionen US-Dollar, mit a 5,8 % durchschnittliche Rendite auf das investierte Kapital.

Anlagekategorie	Gesamtrenditen	Prozentsatz der Gesamtsumme
REIT-Investitionen	78,2 Millionen US-Dollar	53.4%
Immobilienfonds	46,3 Millionen US-Dollar	31.6%
Direkte Immobilieninvestitionen	22,0 Millionen US-Dollar	15.0%

Wertschätzung von Immobilien

Das Immobilienportfolio wurde im Jahr 2023 um 215,6 Millionen US-Dollar aufgewertet, was einer Steigerung des Gesamtvermögenswerts um 7,2 % gegenüber dem Vorjahr entspricht.

Einnahmen aus Nebendienstleistungen

Nebendienstleistungen generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 43,2 Millionen US-Dollar.

• Parkgebühren: 18,5 Millionen US-Dollar
• Lagermieten: 9,7 Millionen US-Dollar
• Erstattungen von Versorgungsunternehmen: 8,3 Millionen US-Dollar
• Haustiergebühren: 4,2 Millionen US-Dollar
• Andere sonstige Dienstleistungen: 2,5 Millionen US-Dollar

Apartment Investment and Management Company (AIV) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Apartment Investment and Management Company (AIV) right as they pivot toward a full asset monetization. Honestly, the value proposition is now heavily weighted toward returning capital to you, the shareholder, rather than ongoing property operations.

Maximizing shareholder return through the targeted sale and liquidation process is the paramount value proposition as of late 2025. The Board unanimously approved a 'Plan of Sale and Liquidation,' which they believe will deliver superior value compared to other strategic alternatives or maintaining the status quo. This plan is subject to shareholder approval sought in early 2026. Apartment Investment and Management Company estimates that net proceeds from the sale of all remaining assets could result in total per-share distributions of between $5.75 and $7.10 per share.

This focus on capital return is concrete:

• Providing capital return to shareholders, including 2025 dividends totaling $2.83 per share.
• The $2.83 per share return for the calendar year 2025 includes a $0.60 per share dividend paid in the first quarter of 2025 and a special dividend paid in October 2025.
• The sale of the Boston portfolio alone directed approximately $330 million to shareholders in a special dividend.
• The Brickell Assemblage sale, targeted for December 2025, is for $520 million.

The strategy is built on monetizing assets that were previously part of a broader portfolio. You can see the scale of the divestiture:

Asset Group/Metric	Value/Amount	Status/Detail
Boston Portfolio Sale (Gross)	$740 million	Comprised of five properties with 2,719 units; closings in Q3-Q4 2025.
Brickell Assemblage Sale (Contract)	$520 million	Closing targeted for December 2025.
Combined Net Proceeds (Estimated)	Approximately $785 million	Estimated after accounting for property-level debt and deferred tax liabilities.
Net Proceeds Per Share (Estimated)	Approximately $5.21 per common share	From the Boston and Brickell sales combined.

Offering high-quality, amenity-rich apartment living environments was a core value driver for the assets being sold. For the properties Apartment Investment and Management Company is retaining temporarily, the quality is evident in the metrics compared to the divested assets. The retained portfolio commands average monthly rents of $2,574, which is $465 greater than the average of the Boston portfolio sold. Also, the retained assets are, on average, 17 years newer than the Boston portfolio.

The Value-add and opportunistic investment strategy for enhanced real estate outcomes is the historical context for the current liquidation. The company's mission centers on making real estate investments where outcomes are enhanced through human capital. This strategy is now culminating in the liquidation to realize that value. For instance, three recently completed Class A development projects containing 933 apartment homes are expected to reach occupancy stabilization by early 2026.

Regarding Geographic diversity across Sun Belt, Northeast, California, and Rocky Mountain regions, the late 2025 reality reflects a significant concentration shift due to the sales. Following the divestitures, the remaining portfolio is primarily concentrated in suburban Chicago and the Washington, D.C. Metro Area, consisting of 18 apartment communities with 3,457 units. These retained assets are projected to generate approximately $90 million in annual Net Operating Income (NOI) by year-end 2026.

Finance: draft 13-week cash view by Friday.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Customer Relationships

You're managing customer relationships in a company undergoing a full strategic wind-down, so the focus shifts from long-term retention to transparent, transactional execution for both investors and residents.

Transactional relationship with institutional buyers for asset sales

The relationship with institutional buyers is purely transactional, centered on the orderly sale of the remaining portfolio assets under the approved Plan of Sale and Liquidation. This involves definitive agreements for large-scale property dispositions.

• Apartment Investment and Management Company entered an agreement in August 2025 to sell its portfolio of five apartment properties in suburban Boston for a gross price of $740 million.
• Four of those asset sales closed in September 2025 for $490 million.
• The final Boston property sale closed post-quarter end in October 2025 for $250 million.
• The Brickell Assemblage remains under contract to be sold for $520 million, with closing targeted for December 2025.

The execution of these sales directly impacts capital returns to shareholders, which is a key part of the relationship management during this phase.

Transaction/Metric	Value/Amount	Date/Period
Boston Portfolio Gross Sale Price	$740 million	August 2025 Agreement
Brickell Assemblage Contract Price	$520 million	Targeted Closing December 2025
Seller Financing on Brickell Sale	$70 million	As of November 2025 Amendment
Total Expected Asset Sales in 2025	$1.26 billion	Including Boston and Brickell

Dedicated investor relations for transparent communication on the liquidation process

Investor relations is focused on providing clear, timely updates regarding the liquidation timeline and expected cash distributions, which is critical since the Board approved the 'Plan of Sale and Liquidation' on November 10, 2025. This communication is designed to manage expectations for the final payout.

• Estimated total liquidating distributions per share are between $5.75 and $7.10.
• Shareholder approval for the Plan of Sale and Liquidation is sought in early 2026.
• Apartment Investment and Management Company returned $2.83 per share to shareholders during the 2025 calendar year as of the Q3 announcement.
• A special cash dividend of $2.23 per share was paid on October 15, 2025.
• Net proceeds of approximately $330 million from the Boston portfolio sale were returned to shareholders via that special dividend.
• Net proceeds of $335 million from the Boston portfolio sale were allocated to leverage reduction.
• Net income attributable to common stockholders per share for the three months ended September 30, 2025, was $2.04.

Digital self-service portals for resident leasing and maintenance requests

While the company is liquidating, the operational relationship with residents continues, relying on digital tools for efficiency, especially for lease renewals, which is a key metric for the remaining portfolio.

• Average Daily Occupancy for the operating portfolio was 94.8% in the third quarter of 2025.
• For residents whose leases expired in the second quarter of 2025, the renewal rate was 66.7%.
• For residents whose leases expired in the third quarter of 2025, the renewal rate was 59.2%.
• Average monthly revenue per apartment home in Q3 2025 reached $2,531.

This digital interaction supports the core business of leasing apartments and handling requests for the remaining assets.

On-site property management teams for direct resident support

Direct support remains essential for the current residents across the remaining assets, managed by on-site teams who handle leasing, amenities, and maintenance.

• The remaining portfolio for orderly sale includes 15 fully stabilized multifamily communities totaling 2,524 apartment homes.
• There are three recently completed Class A development projects containing 933 apartment homes, expected to reach occupancy stabilization by early 2026.
• At the Upton Place development in Washington D.C. (689 units), 499 units (72%) were occupied as of October 31, 2025.

The property management platform delivers integrated services like leasing and routine maintenance.

Proactive communication regarding property changes and capital returns

Proactive communication is heavily weighted toward the capital return plan, detailing how asset sales translate into shareholder distributions. This is the primary focus for investor-facing communication now.

• The company estimates total liquidation distributions to shareholders will be between $5.75 and $7.10 per share.
• Total shareholder returns in 2025, including the Q1 dividend and the October 15 special dividend, amounted to $2.83 per share.
• The special dividend paid on October 15, 2025, was $2.23 per share.

The Board's determination to pursue the Plan of Sale and Liquidation on November 10, 2025, itself serves as the most significant proactive communication regarding property changes.

Finance: draft 13-week cash view by Friday.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Channels

Direct sales to institutional real estate investors for asset dispositions

• Boston portfolio of 5 apartment properties (2,719 units) sold for $740 million to an affiliate of Harbor Group International, LLC.
• Four of the five Boston asset sales closed during the third quarter of 2025, with the final one closing in the fourth quarter of 2025.
• Four suburban Boston properties sold in September 2025 for $490 million.
• Net proceeds from the Boston portfolio sale allocated to leverage reduction: $335 million.
• Brickell Assemblage under contract to be sold for $520 million, with closing targeted for December 2025.
• Combined gross proceeds from Boston and Brickell transactions: $1.26 billion.
• Combined expected net proceeds from these sales: approximately $785 million, or $5.21 per share.
• Estimated total per-share distributions from the Plan of Sale and Liquidation: between $5.75 and $7.10.
• An undisclosed buyer completed the acquisition of 3333 Biscayne Boulevard on December 20, 2025.

Investor Relations website and SEC filings for shareholder communication

Metric	Q3 2025 Value	Comparison/Context
Revenue	$18.2 million	Up 1.2% year-over-year.
Average Daily Occupancy	94.8%	Down 180 basis points year-over-year.
Average Monthly Revenue per Apartment Home	$2,531	Up 3.0% year-over-year.
Net Income Attributable to Common Stockholders per Share (Fully Diluted)	$2.04	For the three months ended September 30, 2025.
Property NOI (Stabilized Operating Properties)	$11.6 million	Down (3.4%) year-over-year.

Online apartment listing services (e.g., Zillow, Apartments.com) for leasing

Leasing at the remaining properties has been in line with expectations thus far through 2025. The following data reflects leasing performance from earlier in 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Average Daily Occupancy	97.9%	95.8%	94.8%
Average Monthly Revenue per Apartment Home	$2,309	$2,349	$2,531
Effective Rent Growth (vs. Previous Lease)	5.2%	6.2%	4.4%
Lease Renewals Percentage	62.7%	N/A	59.2%

On-site leasing offices and property tours

• Median annual household income of new residents in Q1 2025 was $120,600.
• Rent-to-income ratio for new residents in Q1 2025 was 21%.
• For the Upton Place development in Washington D.C., as of October 31, 2025, 76% (523 units) were leased or pre-leased.
• For the same property, 72% (499 units) were occupied as of October 31, 2025.

Corporate website for company and portfolio information

• Apartment Investment and Management Company (AIV) market capitalization as of August 2025 was $1.33 billion.
• Current stock price as of November 11, 2025 data was $5.69.
• The retained portfolio following major sales is expected to produce approximately $90 million of annual property Net Operating Income (NOI) by year-end 2026.
• The retained portfolio consists of 15 fully stabilized multifamily communities containing 2,524 apartment homes.
• The retained portfolio includes three recently completed Class A development projects containing 933 apartment homes, expected to stabilize occupancy by early 2026.
• Total shareholder distributions returned in the calendar year 2025 through Q3: $2.83 per share (including a $0.60 per share dividend in Q1 2025 and a special dividend of $2.23 per share on October 15, 2025).

Apartment Investment and Management Company (AIV) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Apartment Investment and Management Company (AIV) as of late 2025, which is a unique picture given their strategic pivot toward liquidation. This isn't about long-term asset management anymore; it's about maximizing cash-out value for specific groups.

Institutional real estate investors seeking large-scale multifamily assets

This segment is currently defined by buyers interested in acquiring the remaining portfolio pieces as Apartment Investment and Management Company (AIV) executes its Plan of Sale and Liquidation, which requires shareholder approval sought in early 2026. These are the entities stepping in to purchase the assets that AIV is actively marketing.

The company has already completed major dispositions:

• Sale of suburban Boston properties, with the fifth and final asset selling in October 2025 for $250 million.
• The total Boston portfolio sale generated $740 million in gross proceeds.

The next major target for this segment is the Brickell Assemblage in Miami, which remains under contract to be sold for $520 million, with closing targeted for December 2025. The combined proceeds from all scheduled dispositions are expected to total $1.26 billion, yielding approximately $785 million in net proceeds after debt retirement. These buyers are engaging with a company that has already allocated $335 million of net proceeds from the Boston sale to leverage reduction and returned approximately $330 million to shareholders via a special dividend earlier in the quarter. This signals a market of buyers for de-leveraged, quality assets being sold off in a structured wind-down.

Common and preferred stockholders focused on capital return and liquidation value

For stockholders, the focus has shifted entirely to the expected cash return from asset sales, as Apartment Investment and Management Company (AIV) pursues alternatives to maintain the status quo. Management has committed to returning between $4.00 and $4.20 per share to stockholders from the total net proceeds.

Here's the quick math on capital returned:

Metric	Value
Special Dividend Paid in Q1 2025	$0.60 per share
Special Dividend Paid in Q4 2025 (from Boston sale)	$2.23 per share
Total Special Dividends Year-to-Date (as of Nov 10, 2025)	$2.83 per share
Estimated Total Liquidating Distribution (Range)	$5.75 and $7.10 per share

What this estimate hides is the implied value of the remaining equity. If the stock price before distributions was $7.85/share and the midpoint expected return is $4.10/share, the implied price of the remaining equity is estimated at $3.75/share, suggesting a potential upside of 57% on that residual value if asset sales meet expectations.

Multifamily renters in high-growth metropolitan markets

Renters are the core operational customer for the remaining stabilized portfolio, which, after the Boston sale, consists of 15 fully stabilized multifamily communities containing 2,524 apartment homes. Apartment Investment and Management Company (AIV) is seeing strong pricing power, though occupancy dipped in Q3 2025.

Key renter statistics from the third quarter of 2025:

• Average monthly revenue per apartment home: $2,531.
• Average Daily Occupancy: 94.8% (down 180 basis points year-over-year).
• Effective rents were 4.4% higher on average than the previous lease.
• New lease rent growth: up 3.1%.
• Renewal rent growth: up 5.6%.
• Median annual household income of new residents: $160,000.
• Resulting rent-to-income ratio for new residents: 18%.

For comparison, in the second quarter of 2025, the average monthly revenue per apartment home was $2,349, and the median annual household income for new residents was $124,000, yielding a rent-to-income ratio of 20%.

Commercial tenants in mixed-use properties (e.g., New York City commercial space)

This segment is smaller, tied to the retail components within their development projects. The impact of these tenants is visible in the operating results, even if minor compared to the residential base.

Apartment Investment and Management Company (AIV)'s second quarter 2025 revenue was negatively impacted by approximately 35 bps due to a commercial tenant vacancy in New York City. However, leasing progress in development projects shows activity:

• The Upton Place project in Washington D.C. had approximately 92% of its 105K square feet of retail space leased as of July 31, 2025.
• The 34th Street ultra-luxury tower in Miami includes 114,000 square feet of retail space, with initial occupancy scheduled for Q3 2027.

Development partners and lenders

This group provides the necessary capital and expertise to move the development pipeline forward, even as the company focuses on sales. The funding structure for active projects relies heavily on external capital sources.

For the active development at 34th Street in Miami, funding is structured as follows:

• Efforts are funded entirely through draws from its committed construction loan and preferred equity partner.
• The project has more than 97% of the project bought out and pricing protected via a guaranteed maximum price construction contract.

In May 2025, Apartment Investment and Management Company (AIV) also purchased its development partner's interests in the first phase of development at Strathmore Square, indicating a consolidation of partner interests rather than new partnerships for that specific asset.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Cost Structure

You're looking at the cost side of Apartment Investment and Management Company (AIV) as they move toward a Plan of Sale and Liquidation, so the cost structure is heavily influenced by ongoing operations versus wind-down activities. Honestly, the numbers we have are heavily skewed toward Q3 2025 operational results and the immediate impact of asset sales.

Property operating expenses are a major component, covering the day-to-day running of the stabilized portfolio. For the third quarter of 2025, these expenses saw a year-over-year increase of 10.5%, which the company attributed primarily to the net impact of real estate tax assessments and appeals. This sharp rise in operating costs directly impacted the Stabilized Operating Property Net Operating Income (NOI), which fell (3.4%) year-over-year for the quarter.

The balance sheet carries significant debt obligations. While the specific interest expense for Q3 2025 isn't itemized here, the underlying debt load is a key cost driver. We know from estimates related to the remaining portfolio valuation that there is approximately $430 million of recourse debt outstanding.

The move to liquidate involves specific, non-recurring costs and the allocation of proceeds from sales, which effectively offsets future operating costs. The strategic review process itself engaged high-cost external advisors, namely Morgan Stanley & Co. LLC as the financial advisor and Wachtell, Lipton, Rosen & Katz as the legal advisor. Furthermore, the company has already allocated net proceeds from the Boston portfolio sale, with $335 million directed to leverage reduction.

The development pipeline represents future capital expenditure costs that are now being managed under the liquidation plan. The remaining portfolio includes three recently completed Class A development projects totaling 933 apartment homes, plus one fully-funded active development project currently in the construction phase. These projects will need to be completed or sold as part of the asset monetization strategy.

General and administrative (G&A) costs for corporate overhead remain a necessary expenditure to manage the company through the shareholder vote and subsequent asset sales, though these costs are expected to decrease as the platform winds down.

Here's a look at the key financial figures related to the cost structure and strategic actions as of late 2025:

Cost Component	Financial Metric/Value	Period/Context
Property Operating Expenses Change	10.5% Year-over-Year Increase	Q3 2025
Recourse Debt Level	Approximately $430 million	Estimated Base for Remaining Assets
Leverage Reduction from Boston Sale	$335 million of net proceeds allocated	Prior to Q3 2025 Announcement
Estimated Corporate Reserve from Asset Sales	Approximately $150 million	Withheld from total expected net proceeds
Active Development Units	One fully-funded project in construction	As of Q3 2025
Completed Development Units	933 apartment homes (3 projects)	Recently completed, pending stabilization

The costs associated with the strategic review and liquidation process are multifaceted, involving both professional fees and the establishment of reserves for the wind-down. The company estimates that the net proceeds from the sale of remaining assets, after accounting for liabilities and obligations, will result in estimated liquidating distributions to shareholders between $5.75 and $7.10 per share.

You should review the expected costs associated with the final sale of the Brickell Assemblage, which remains under contract to be sold for $520 million, with closing targeted for December 2025. This sale will directly influence the final amount set aside for corporate overhead and liquidation expenses.

• Stabilized Operating Property NOI: $11.6 million (Q3 2025)
• Stabilized Operating Revenue Increase: 1.2% (Q3 2025 YoY)
• New Lease Effective Rents Increase: 3.1% (Q3 2025)
• Renewal Effective Rents Increase: 5.6% (Q3 2025)
• Total Shares Repurchased Since 2022 Start: 14.5 million shares

Finance: draft 13-week cash view by Friday.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Revenue Streams

Apartment Investment and Management Company (AIV) generates revenue primarily through ongoing property operations and significant, strategic asset dispositions as part of its value-unlocking process.

The core operational revenue stream is derived from its stabilized apartment portfolio.

• Rental income from Stabilized Operating Properties generated $35.4 million in revenue for the second quarter of 2025.
• Average monthly revenue per apartment home for these stabilized properties was $2,349 in Q2 2025.
• Average Daily Occupancy for the stabilized portfolio stood at 95.8% in Q2 2025.

A significant portion of recent financial activity relates to asset sales, which provide large, non-recurring cash inflows intended for shareholder distribution and leverage reduction.

The Trailing Twelve Months (TTM) Revenue as of late 2025 is reported at $0.19 Billion USD.

The company has been actively monetizing assets, including a major disposition in the Northeast market.

• Proceeds from asset sales include the $740 million agreement for the Boston apartment portfolio sale.
• Four properties from the Boston portfolio sold in September 2025 for $490 million.
• The final property in the Boston portfolio sold in October 2025 for $250 million.
• The company also remains under contract to sell its Brickell Assemblage in Miami for $520 million, with closing scheduled for the fourth quarter of 2025.
• Combined gross proceeds from the Boston and Brickell transactions are expected to total $1.26 billion.

Revenue from development projects entering stabilization also contributes to the overall stream, though these are often measured by projected Property Net Operating Income (NOI) until fully stabilized.

• Lease-up revenue potential is represented by three newly completed residential communities (933 homes) projected to deliver approximately $40 million of Property NOI when fully stabilized.
• These development projects also include 114,000 square feet of commercial space.

The following table summarizes key components of Apartment Investment and Management Company (AIV)'s revenue-related activities near the end of 2025.

Revenue Component	Metric/Amount	Period/Context
Stabilized Operating Revenue	$35.4 million	Q2 2025
TTM Revenue	$0.19 Billion USD	As of November 2025
Boston Portfolio Sale Value	$740 million	Agreement amount
Brickell Assemblage Sale Value	$520 million	Under contract amount
Projected NOI from Lease-Up Assets	$40 million	Upon stabilization
Commercial Space in New Developments	114,000 square feet	Part of development pipeline

The company's remaining stabilized portfolio post-sales is expected to generate approximately $90 million in annual Property NOI when three properties currently in lease-up are fully stabilized at year-end 2026.