Apartment Investment and Management Company (AIV): Business Model Canvas [Dec-2025 Updated]

You're looking at a real estate giant, Apartment Investment and Management Company (AIV), that's not building for the future right now; it's expertly dismantling its past to pay you out. Forget the usual REIT playbook; this is a focused liquidation, aiming to maximize shareholder return by selling off major assets, like the $740 million Boston portfolio sale, while still managing 15 stabilized properties. Honestly, watching this strategic unwinding is fascinating, especially as they plan to return capital via dividends totaling $2.83 per share in 2025. Dive in below to see the exact structure-the Key Partnerships, the Channels, and the Costs-that makes this massive asset sale machine actually work.

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

You're looking at the critical relationships Apartment Investment and Management Company (AIV), or Aimco, relies on to execute its strategy, especially as it moves toward a Plan of Sale and Liquidation. These partnerships are key to monetizing assets and managing ongoing operations, so let's look at the hard numbers from late 2025.

Financial institutions providing recourse debt of approximately $430 million

While I can't confirm a specific $430 million recourse debt figure right now, here's what the balance sheet activity shows as of Q3 2025. Aimco has been actively de-leveraging through asset sales. As of September 30, 2025, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Furthermore, Aimco used proceeds from the September sale of four suburban Boston properties to pay down in full the borrowings on its revolving credit facility. The company has no debt maturing prior to June 2027, considering investments under contract to sell and including contractual extensions.

Development and construction contractors for active projects like Strathmore Square

Development partners are crucial for realizing value in pipeline assets. For the Strathmore Square project in Bethesda, Maryland, the first phase, comprising 220 highly tailored apartment homes, was delivered in 2024. As of October 31, 2025, 85% of those units had been leased or pre-leased, with the property expected to reach occupancy stabilization in the first quarter of 2026. This development was spearheaded with Fivesquares Development.

Real estate brokers and investment banks for major asset dispositions (e.g., Boston portfolio sale)

The strategic review process heavily involved investment banks like Morgan Stanley & Co. LLC, serving as a financial advisor. This partnership focus led to significant sales activity. Aimco completed the sale of four suburban Boston properties in September 2025 for $490 million. The fifth and final Boston asset sold in October for $250 million. Net proceeds of approximately $335 million from the Boston sales were allocated to leverage reduction. The Brickell Assemblage sale, targeted to close in December 2025 for $520 million, is also part of this disposition effort.

Joint venture partners for development and value-add investment projects

Joint venture partners help fund vertical construction and share risk. At Strathmore Square, the partnership included Amazon Housing Equity Fund, which pledged to provide $24 million in long-term financing for over 20% of Phase I & II units as affordable homes. For other development projects, Aimco expects to fund vertical construction with construction loans, Co-GP and/or LP equity, and limited additional Aimco equity. Aimco funded its equity commitment to the Strathmore Square joint venture through the contribution of land plus an incremental $5 million in 3Q 2024.

You see these key relationships driving the monetization of the portfolio. Here's a quick look at the scale of the recent disposition and development activity involving these partners:

Third-party property management and maintenance vendors

Apartment Investment and Management Company (AIV) uses its own property management platform to deliver integrated services. This platform handles core functions like leasing, resident relations, capital improvements, and routine maintenance. The company's stabilized operating properties produced Property Net Operating Income (NOI) of $11.6 million in the third quarter 2025.

The platform's performance is tied to resident satisfaction, with effective rents during Q3 2025 being 4.4% higher, on average, than the previous lease. For residents whose leases were expiring, 59.2% signed renewals.

• Median annual household income of new residents (Q3 2025): $160,000.
• Rent-to-income ratio for new residents (Q3 2025): 18%.
• Average Daily Occupancy (Q3 2025): 94.8%.
• New lease effective rents increase over previous lease: 3.1%.
• Renewal effective rents increase over previous lease: 5.6%.

Finance: draft 13-week cash view by Friday.

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

Executing the Plan of Sale and Liquidation of remaining assets is a primary focus, following the Board of Directors' determination in November 2025 after a strategic review process launched in early 2025. The targeted marketing and orderly sale of Apartment Investment and Management Company (AIV) remaining assets in a series of transactions is intended to deliver superior value to shareholders. The Plan of Sale and Liquidation is conditioned on shareholder approval, which will be sought in early 2026.

Apartment Investment and Management Company (AIV) has been actively monetizing assets, with total expected 2025 dispositions reaching $1.26 billion. These dispositions include the sale of the five-property suburban Boston portfolio for $740 million and the pending sale of the Brickell Assemblage in Miami for $520 million, with closing targeted for December 2025. These sales are expected to generate approximately $785 million in net proceeds, equivalent to $5.21 per share.

The key activities involve managing the remaining core portfolio while executing these sales. Apartment Investment and Management Company (AIV) is managing the remaining 15 Stabilized Operating Properties containing 2,524 apartment homes. Property Net Operating Income (NOI) from these stabilized properties was $24.2 million in the second quarter 2025. The annualized Property NOI from this remaining stabilized portfolio was reported as $46 million as of July 2025.

Simultaneously, Apartment Investment and Management Company (AIV) is overseeing the completion and lease-up of three newly completed residential communities, which contain a total of 933 homes and 114,000 square feet of retail space. These three projects are on plan to reach occupancy stabilization by early 2026.

Strategic capital allocation is centered on returning capital to shareholders and reducing leverage. Proceeds from the Boston portfolio sale directed approximately $335 million to leverage reduction and about $330 million to shareholders as a special dividend earlier in the quarter. Apartment Investment and Management Company (AIV) declared a special cash dividend of $2.23 per share on September 15, 2025, which reduced the cash balance by $327.3 million upon payment on October 15, 2025. Combined with the $0.60 per share dividend paid in the first quarter of 2025, Apartment Investment and Management Company (AIV) has returned $2.83 per share to shareholders year-to-date as of November 10, 2025. Management intends to use net proceeds from pending sales to pay down about $100 million of incremental debt and return between $4.00 and $4.20 per share to stockholders. As of September 30, 2025, 100% of Apartment Investment and Management Company (AIV)'s total debt was either fixed rate or hedged.

Maintaining high operational performance in the stabilized portfolio is key, with the Average Daily Occupancy reported at 95.8% in Q2 2025. Average monthly revenue per apartment home in Q2 2025 increased by 2.5% to $2,349. Effective rents during Q2 2025 were 6.2% higher, on average, than the previous lease.

Here's a quick look at the portfolio composition following the announced sales, excluding the one active development project and land holdings:

The Q3 2025 Average Daily Occupancy for the portfolio was 94.8%.

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

You're looking at the core assets Apartment Investment and Management Company (AIV) relies on right now, especially after their big strategic moves this year.

Diversified portfolio of multifamily assets in key US markets

The portfolio Apartment Investment and Management Company (AIV) retains is now much more concentrated following major dispositions in 2025. As of the third quarter of 2025, the operating portfolio consists of:

• 15 fully stabilized multifamily communities.
• 2,524 apartment homes in the stabilized portfolio.

The retained properties command average monthly rents of $2,574. These stabilized assets produced Property Net Operating Income (NOI) of $11.6 million in the third quarter of 2025. The geographic concentration is primarily in suburban Chicago and the Washington, D.C. Metro Area. The Boston portfolio sold to Harbor Group International (HGI) included five properties totaling 2,719 units.

Significant capital from asset sales, including $1.26 billion expected from Boston/Brickell sales in 2025

The company executed significant capital recycling through asset sales in 2025. The gross proceeds from the Boston and Brickell transactions are expected to equal $1.26 billion. The Brickell Assemblage sale is targeted for closing in December 2025 for $520 million. The sale of four suburban Boston properties closed in September 2025 for $490 million. Net proceeds from these combined deals are estimated at approximately $785 million, or $5.21 per common share, after accounting for debt and taxes. Apartment Investment and Management Company (AIV) used proceeds from the Boston sale to pay down in full the borrowings on its revolving credit facility.

Here's a quick look at the capital events tied to these sales:

The Board is seeking shareholder approval for a Plan of Sale and Liquidation, estimating total liquidating distributions between $5.75 and $7.10 Per Share.

Experienced executive team focused on real estate investment and disposition

The executive team has extensive experience in real estate investment and property operations. The team actively pursued value-maximizing transactions, including the potential sale of Apartment Investment and Management Company (AIV) as a whole or major components, starting in early 2025. The company engaged Morgan Stanley & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal advisor during the strategic review process.

Land holdings and a deep pipeline for future development potential

The development pipeline represents future value creation potential for Apartment Investment and Management Company (AIV). The current pipeline includes:

• Three recently completed Class A development projects with 933 apartment homes, expected to stabilize occupancy by early 2026.
• One fully-funded active development project currently in the construction phase.
• Various land holdings, including investment of $1.7 million in Q3 2025 into the 901 North development site in Fort Lauderdale, Florida.
• The 34th Street project in Miami has initial occupancy scheduled for 3Q 2027.

Corporate balance sheet and access to capital markets for financing

Apartment Investment and Management Company (AIV) is highly focused on maintaining a strong balance sheet with ample liquidity. As of September 30, 2025, the company reported:

• Cash on hand of $404.4 million.
• Restricted cash of $20.7 million.
• The revolving credit facility was retired in September 2025.
• 100% of total debt was fixed rate or hedged with interest rate cap protection as of September 30, 2025.
• Apartment Investment and Management Company (AIV) has no debt maturing prior to June 2027, considering investments under contract to sell and contractual extensions.

For comparison, as of June 30, 2025, total access to capital was $173.5 million, comprising $41.4 million of cash on hand and capacity to borrow up to $105.7 million on the $150.0 million revolving credit facility.

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:

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.

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

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:

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:

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:

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.

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.