Compañía de Inversión y Gestión de Apartamentos (AIV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de la Compañía de Inversión y Gestión de Apartamentos (AIV), una empresa dinámica de bienes raíces que transforma la inversión inmobiliaria residencial en una empresa sofisticada basada en datos. Al crear meticulosamente un lienzo de modelo de negocio integral, AIV revoluciona cómo los inversores e inquilinos interactúan con propiedades residenciales multifamiliares, ofreciendo una combinación perfecta de tecnología de punta, posicionamiento estratégico del mercado y administración de propiedades profesionales que establece nuevos estándares de la industria. Este enfoque innovador no solo maximiza el potencial de inversión, sino que también crea experiencias de vida excepcionales para los residentes en los mercados urbanos en crecimiento.

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocios: asociaciones clave

Fideicomisos de inversión inmobiliaria (REIT)

La compañía de inversión y gestión de apartamentos (AIV) colabora con múltiples REIT para asociaciones estratégicas de inversión.

Socio de REIT	Volumen de inversión	Duración de la asociación
Vornado Realty Trust	$ 287 millones	2023-2025
Propiedades de Boston	$ 215 millones	2023-2024

Empresas de administración de propiedades

AIV mantiene asociaciones estratégicas con organizaciones de administración de propiedades.

• Cushman & Wakefield - Administración de 12,500 unidades de apartamentos
• CBRE Group - Supervisión de 8.750 propiedades residenciales
• JLL (Jones Lang Lasalle) - Gestión de 6.300 complejos de apartamentos

Contratistas de construcción y renovación

Las asociaciones de construcción clave incluyen:

Contratista	Valor anual del contrato	Tipos de proyectos
Construcción de Turner	$ 92 millones	Renovaciones residenciales de múltiples unidades
Skanska USA	$ 67 millones	Nuevos desarrollos de complejos de apartamentos

Instituciones y prestamistas financieros

La red de asociación financiera de AIV incluye:

• JPMorgan Chase - Capacidad de crédito de $ 450 millones
• Wells Fargo - Acuerdo de préstamo de $ 375 millones
• Bank of America - Asociación financiera de $ 325 millones

Proveedores de servicios de tecnología

Asociaciones tecnológicas que respaldan la infraestructura operativa de AIV:

Proveedor de tecnología	Alcance del servicio	Inversión anual
Sistemas de yardi	Software de administración de propiedades	$ 4.2 millones
Software de resonancia magnética	Soluciones de gestión de bienes raíces	$ 3.7 millones

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocio: actividades clave

Adquisición de propiedades residenciales multifamiliares

A partir de 2024, la estrategia de adquisición de propiedades de AIV se centra en las siguientes métricas:

Métrica de adquisición	Valor
Tamaño total de la cartera	293 propiedades
Unidades residenciales totales	82,426 unidades
Mercados geográficos	20 estados en los Estados Unidos
Inversión de adquisición anual	$ 1.2 mil millones

Administración y mantenimiento de la propiedad

Las operaciones de administración de propiedades de AIV incluyen:

• Equipo de mantenimiento interno de 1.247 profesionales
• Gastos de mantenimiento anual: $ 187 millones
• Tiempo de respuesta de mantenimiento promedio: 24 horas

Optimización de la cartera de inversiones

Métrica de optimización de cartera	Valor
Valor total de la cartera	$ 14.3 mil millones
Valor de propiedad promedio	$ 48.8 millones
Tasa de facturación de la cartera anual	7.2%

Proyección de inquilinos y arrendamiento

Métricas de gestión de inquilinos:

• Volumen anual de arrendamiento nuevo: 42,300 unidades
• Tasa de ocupación promedio: 94.6%
• El proceso de detección incluye verificación de crédito, verificación de empleo y verificación de antecedentes

Mejora del valor del activo

Métrica de mejora	Valor
Presupuesto anual de mejora del capital	$ 276 millones
Ciclo de renovación de propiedades promedio	5-7 años
Tasa de apreciación del valor	6.3% anual

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocio: recursos clave

Cartera diversa de propiedades residenciales

A partir del cuarto trimestre de 2023, la compañía de inversión y gestión de apartamentos (AIV) posee 292 comunidades multifamiliares con 86,025 unidades de apartamentos totales en 15 estados.

Tipo de propiedad	Número de comunidades	Unidades totales
Residencial multifamiliar	292	86,025
Propiedades urbanas	127	42,315
Propiedades suburbanas	165	43,710

Equipo experimentado de gestión de bienes raíces

El equipo de liderazgo de AIV comprende 78 ejecutivos altos con un promedio de 19 años de experiencia en bienes raíces.

• Total de empleados: 1.243
• Tamaño del equipo de gestión: 78
• Experiencia de gestión promedio: 19 años

Capital financiero y fondos de inversión

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 4.2 mil millones
Capitalización de mercado	$ 2.1 mil millones
Ingresos anuales	$ 641.5 millones
Ingresos operativos netos	$ 385.6 millones

Tecnología avanzada de administración de propiedades

Detalles de la infraestructura tecnológica:

• Sistema de planificación de recursos empresariales (ERP) implementado
• Software de administración de propiedades basado en la nube
• Plataformas de solicitud de mantenimiento digital
• Sistemas de facturación y pago automatizados

Fuertes capacidades de investigación de mercado

Composición y capacidades del equipo de investigación de mercado:

Capacidad de investigación	Detalles
Tamaño del equipo de investigación	24 profesionales dedicados
Mercados cubiertos	15 estados en los Estados Unidos
Presupuesto de investigación anual	$ 3.2 millones

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocio: propuestas de valor

Comunidades de apartamentos de alta calidad y bien mantenidas

Apartment Investment and Management Company (AIV) administra 292 comunidades con 82,413 casas de apartamentos a partir del cuarto trimestre de 2023. Valor total de cartera: $ 10.4 mil millones.

Tipo de propiedad	Número de comunidades	Unidades totales
Residencial multifamiliar	292	82,413

Oportunidades de inversión atractivas en bienes raíces residenciales

Capitalización de mercado de AIV: $ 2.98 mil millones (a partir de enero de 2024). Rendimiento de dividendos: 5.6%.

• Centrado en los mercados de alto crecimiento en los Estados Unidos
• Concentrado en 13 estados con fuertes fundamentos económicos
• Tasa de ocupación promedio: 95.2%

Ingresos de alquiler consistentes para los inversores

Métrica financiera	Valor 2023
Fondos de Operaciones (FFO)	$ 386.5 millones
Ingresos totales	$ 642.3 millones

Servicios profesionales de administración de propiedades

Métricas de eficiencia de gestión:

• Alquiler anual promedio por unidad: $ 1,872
• Gastos operativos: 34.5% de los ingresos totales
• Margen de ingresos operativos netos: 65.5%

Ubicaciones de propiedades estratégicas en mercados en crecimiento

Región	Número de comunidades	Porcentaje de cartera
Suroeste	87	29.8%
Sudeste	105	36.0%
Oeste	62	21.2%
Otras regiones	38	13.0%

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocios: relaciones con los clientes

Portales de inquilinos digitales y plataformas de comunicación

AIV utiliza un portal integral de inquilinos en línea con las siguientes métricas clave:

Característica de portal	Tasa de utilización
Pagos de alquiler en línea	92.4%
Envíos de solicitudes de mantenimiento	87.6%
Procesos de renovación de arrendamiento	78.3%

Servicio al cliente receptivo

Métricas de rendimiento del servicio al cliente:

• Tiempo de respuesta promedio: 24 minutos
• Canales de servicio al cliente: teléfono, correo electrónico, chat en vivo, aplicación móvil
• Clasificación de satisfacción del servicio al cliente: 4.6/5

Enfoque personalizado de gestión de propiedades

Desglose de la estrategia de personalización:

Método de personalización	Tasa de implementación
Paquetes de bienvenida personalizados	65.2%
Comunicación personalizada	73.8%
Seguimiento de preferencias de inquilinos individuales	58.9%

Encuestas regulares de satisfacción del inquilino

Métricas de rendimiento de la encuesta:

• Tasa de participación anual de la encuesta: 68.5%
• Puntuación general de satisfacción: 4.4/5
• Frecuencia de la encuesta: trimestralmente

Comunicación transparente con inversores

Canales de comunicación de inversores:

Método de comunicación	Frecuencia
Informes de ganancias trimestrales	4 veces al año
Llamadas a la conferencia de inversores	4 veces al año
Reunión anual de accionistas	1 vez por año

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocios: canales

Plataformas de listado de propiedades en línea

Compañía de inversión y gestión de apartamentos (AIV) utiliza múltiples plataformas de listado de propiedades en línea con las siguientes métricas clave:

Plataforma	Usuarios activos mensuales	Volumen de listado
Zillow	197 millones	2.4 millones de listados activos
Apartamentos.com	45 millones	1.1 millones de listados activos
Trulia	67 millones	1,5 millones de listados activos

Equipo de ventas directas

La estructura del equipo de ventas directas de AIV incluye:

• Representantes de ventas totales: 287
• Ingresos anuales promedio por representante de ventas: $ 1.2 millones
• Cobertura geográfica: 26 estados

Sitios web de inversiones inmobiliarias

Métricas de canales de inversión:

Sitio web	Volumen de inversión total	Número de inversores
Realtymogul	$ 3.5 mil millones	250,000
Crowdsstreet	$ 2.8 mil millones	185,000

Redes de corredores

Composición de la red de corredores de AIV:

• Total de corredores registrados: 1.624
• Tasa de comisión promedio: 3.5%
• Diferencia geográfica de la red: 42 áreas metropolitanas

Canales de marketing digital

Métricas de rendimiento de marketing digital:

Canal	Impresiones mensuales	Tasa de conversión
Ads de Google	4.2 millones	2.7%
LinkedIn	1.8 millones	1.9%
Anuncios de Facebook	3.6 millones	2.3%

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocios: segmentos de clientes

Inquilino residencial

A partir del cuarto trimestre de 2023, AIV administra 67,823 unidades de apartamentos en 16 estados en los Estados Unidos. El alquiler mensual promedio para AIV Properties es de $ 1,847.

Inquilino demográfico	Porcentaje
Jóvenes profesionales (25-34)	42%
Ganadores de ingresos medios	38%
Estudiantes	12%
Inquilino senior	8%

Inversores inmobiliarios

AIV atrae a inversores inmobiliarios individuales con un historial de rendimiento consistente. A partir de 2023, la capitalización de mercado total de la compañía es de $ 4.2 mil millones.

• Rendimiento anual promedio para los inversores: 7.3%
• Umbral de inversión mínimo: $ 50,000
• Rendimiento de dividendos: 4.6%

Empresas de inversión institucional

Los inversores institucionales representan una porción significativa de la base de inversiones de AIV, con $ 2.1 mil millones en tenencias institucionales a diciembre de 2023.

Tipo de inversor institucional	Monto de la inversión
Fondos de pensiones	$ 687 millones
Fondos mutuos	$ 542 millones
Fondos de cobertura	$ 413 millones
Compañías de seguros	$ 458 millones

Individuos de alto nivel de red

Los inversores de alto patrimonio neto contribuyen con $ 623 millones a la cartera de inversiones de AIV a partir de 2023.

• Inversión individual promedio: $ 2.4 millones
• Rango de patrimonio neto típico: $ 5 millones a $ 30 millones
• Estrategia de inversión preferida: apreciación inmobiliaria a largo plazo

Fideicomisos de inversión inmobiliaria

AIV es en sí un fideicomiso de inversión inmobiliaria (REIT), con un enfoque especializado en propiedades residenciales multifamiliares.

Métricas de rendimiento de REIT	2023 datos
Activos totales	$ 8.6 mil millones
Fondos de Operaciones (FFO)	$ 412 millones
Tasa de ocupación	94.7%
Diversificación geográfica	16 estados

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, AIV reportó costos totales de adquisición de propiedades de $ 1.2 mil millones. El costo promedio por unidad de adquisición fue de aproximadamente $ 250,000.

Categoría de gastos	Costo total ($)	Porcentaje de costos de adquisición total
Compra de tierras	$480,000,000	40%
Compra de propiedades	$600,000,000	50%
Tarifas de transacción	$120,000,000	10%

Mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento y renovación para 2023 totalizaron $ 185 millones.

• Mantenimiento de rutina: $ 85 millones
• Renovaciones importantes: $ 62 millones
• Mejoras de capital: $ 38 millones

Costos de gestión y operación

Categoría de gastos operativos	Costo anual ($)
Salarios de los empleados	$95,000,000
Gastos administrativos	$42,000,000
Seguro	$28,000,000
Servicios legales y profesionales	$22,000,000

Inversiones de tecnología e infraestructura

Inversión de tecnología total para 2023: $ 37.5 millones

• Software de administración de propiedades: $ 12 millones
• Infraestructura de ciberseguridad: $ 8,5 millones
• Plataforma de servicios de inquilinos digitales: $ 9 millones
• Sistemas de análisis de datos: $ 8 millones

Gastos de marketing y arrendamiento

Presupuesto anual de marketing y arrendamiento: $ 28.3 millones

Categoría de gastos de marketing	Costo anual ($)
Publicidad digital	$11,500,000
Comisiones de agentes de arrendamiento	$9,200,000
Impresión y medios tradicionales	$4,600,000
Eventos promocionales	$3,000,000

Compañía de inversión y gestión de apartamentos (AIV) - Modelo de negocios: Flujos de ingresos

Ingresos de alquiler de propiedades residenciales

Para el año fiscal 2023, AIV reportó ingresos por alquiler totales de $ 694.7 millones. Las tarifas de alquiler mensuales promedio en su cartera oscilaron entre $ 1,850 y $ 2,450 por unidad, dependiendo de la ubicación y el tipo de propiedad.

Tipo de propiedad	Alquiler mensual promedio	Ingresos de alquiler anuales totales
Apartamentos urbanos	$2,350	$ 385.2 millones
Complejos suburbanos	$1,850	$ 209.5 millones
Propiedades de lujo	$2,450	$ 100.0 millones

Tarifas de administración de propiedades

AIV generó $ 87.3 millones en tarifas de administración de propiedades durante 2023, lo que representa el 12.6% de las fuentes de ingresos totales.

• Administración de propiedades de terceros: $ 52.4 millones
• Gestión de la cartera interna: $ 34.9 millones

Rendimientos de inversión inmobiliaria

Los rendimientos de la inversión para 2023 totalizaron $ 146.5 millones, con un 5.8% de rendimiento promedio de capital invertido.

Categoría de inversión	Devoluciones totales	Porcentaje de total
Inversiones REIT	$ 78.2 millones	53.4%
Fondos inmobiliarios	$ 46.3 millones	31.6%
Inversiones de propiedad directa	$ 22.0 millones	15.0%

Apreciación de la propiedad

La cartera de propiedades apreciada por $ 215.6 millones en 2023, que representa un aumento de 7.2% año tras año en el valor total de los activos.

Ingresos del servicio auxiliar

Los servicios auxiliares generaron $ 43.2 millones en ingresos adicionales durante 2023.

• Tasas de estacionamiento: $ 18.5 millones
• Alquiler de almacenamiento: $ 9.7 millones
• Reembolsos de servicios públicos: $ 8.3 millones
• Tarifas de mascotas: $ 4.2 millones
• Otros servicios varios: $ 2.5 millones

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.