Empresa de Investimento e Gestão de Apartamentos (AIV): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da empresa de investimentos e gerenciamento de apartamentos (AIV), uma empresa imobiliária dinâmica que transforma o investimento residencial imobiliário em um empreendimento sofisticado e orientado a dados. Ao criar meticulosamente uma tela abrangente do modelo de negócios, a AIV revoluciona como investidores e inquilinos interagem com propriedades residenciais multifamiliares, oferecendo uma mistura perfeita de tecnologia de ponta, posicionamento estratégico de mercado e gerenciamento de propriedades profissionais que estabelece novos padrões da indústria. Essa abordagem inovadora não apenas maximiza o potencial de investimento, mas também cria experiências de vida excepcionais para os residentes nos mercados urbanos crescentes.

Empresa de Investimento e Gestão de Apartamentos (AIV) - Modelo de Negócios: Principais Parcerias

Funcionários de investimento imobiliário (REITs)

A empresa de investimentos e gerenciamento de apartamentos (AIV) colabora com vários REITs para parcerias estratégicas de investimento.

REIT Partner	Volume de investimento	Duração da parceria
Vornado Realty Trust	US $ 287 milhões	2023-2025
Propriedades de Boston	US $ 215 milhões	2023-2024

Empresas de gerenciamento de propriedades

O AIV mantém parcerias estratégicas com organizações de gerenciamento de propriedades.

• Cushman & Wakefield - Gerenciando 12.500 unidades de apartamentos
• Grupo CBRE - Supervisionando 8.750 propriedades residenciais
• JLL (Jones Lang Lasalle) - Gerenciando 6.300 complexos de apartamentos

Contratados de construção e renovação

As principais parcerias de construção incluem:

Contratante	Valor anual do contrato	Tipos de projeto
Turner Construction	US $ 92 milhões	Reformas residenciais de várias unidades
Skanska EUA	US $ 67 milhões	Novos desenvolvimentos complexos de apartamentos

Instituições financeiras e credores

A rede de parceria financeira da AIV inclui:

• JPMorgan Chase - Linha de crédito de US $ 450 milhões
• Wells Fargo - Contrato de empréstimos de US $ 375 milhões
• Bank of America - Parceria de financiamento de US $ 325 milhões

Provedores de serviços de tecnologia

Parcerias de tecnologia que apoiam a infraestrutura operacional da AIV:

Provedor de tecnologia	Escopo de serviço	Investimento anual
Sistemas Yardi	Software de gerenciamento de propriedades	US $ 4,2 milhões
Software de ressonância magnética	Soluções de gerenciamento imobiliário	US $ 3,7 milhões

Empresa de Investimento e Gestão de Apartamentos (AIV) - Modelo de Negócios: Atividades -chave

Aquisição de propriedades residenciais multifamiliares

A partir de 2024, a estratégia de aquisição de propriedades da AIV se concentra nas seguintes métricas:

Métrica de aquisição	Valor
Tamanho total do portfólio	293 propriedades
Unidades residenciais totais	82.426 unidades
Mercados geográficos	20 estados nos Estados Unidos
Investimento anual de aquisição	US $ 1,2 bilhão

Gerenciamento e manutenção de propriedades

As operações de gerenciamento de propriedades da AIV incluem:

• Equipe de manutenção interna de 1.247 profissionais
• Despesas com manutenção anual: US $ 187 milhões
• Tempo médio de resposta de manutenção: 24 horas

Otimização do portfólio de investimentos

Métrica de otimização de portfólio	Valor
Valor total do portfólio	US $ 14,3 bilhões
Valor médio da propriedade	US $ 48,8 milhões
Taxa anual de rotatividade de portfólio	7.2%

Triagem e leasing inquilinos

Métricas de gerenciamento de inquilinos:

• Volume anual de novo contrato: 42.300 unidades
• Taxa média de ocupação: 94,6%
• O processo de triagem inclui verificação de crédito, verificação de emprego e verificação de antecedentes

Aprimoramento do valor do ativo

Métrica de aprimoramento	Valor
Orçamento anual de melhoria de capital	US $ 276 milhões
Ciclo médio de renovação de propriedades	5-7 anos
Taxa de valorização do valor	6,3% anualmente

Empresa de investimento e gerenciamento de apartamentos (AIV) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades residenciais

A partir do quarto trimestre 2023, a empresa de investimento e gerenciamento de apartamentos (AIV) possui 292 comunidades multifamiliares com 86.025 unidades totais de apartamentos em 15 estados.

Tipo de propriedade	Número de comunidades	Unidades totais
Residencial multifamiliar	292	86,025
Propriedades urbanas	127	42,315
Propriedades suburbanas	165	43,710

Equipe de gestão imobiliária experiente

A equipe de liderança da AIV compreende 78 executivos seniores com uma média de 19 anos de experiência imobiliária.

• Total de funcionários: 1.243
• Tamanho da equipe de gerenciamento: 78
• Experiência de gerenciamento médio: 19 anos

Capital financeiro e fundos de investimento

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 4,2 bilhões
Capitalização de mercado	US $ 2,1 bilhões
Receita anual	US $ 641,5 milhões
Receita operacional líquida	US $ 385,6 milhões

Tecnologia avançada de gerenciamento de propriedades

Detalhes da infraestrutura de tecnologia:

• Sistema de Planejamento de Recursos da Enterprise (ERP) Implementado
• Software de gerenciamento de propriedades baseado em nuvem
• Plataformas de solicitação de manutenção digital
• Sistemas de cobrança e pagamento automatizados

Fortes capacidades de pesquisa de mercado

Composição e capacidades da equipe de pesquisa de pesquisa:

Capacidade de pesquisa	Detalhes
Tamanho da equipe de pesquisa	24 profissionais dedicados
Mercados cobertos	15 estados nos Estados Unidos
Orçamento de pesquisa anual	US $ 3,2 milhões

Empresa de investimento e gerenciamento de apartamentos (AIV) - Modelo de negócios: proposições de valor

Comunidades de apartamentos bem conservadas e bem conservadas

A empresa de investimento e gerenciamento de apartamentos (AIV) gerencia 292 comunidades com 82.413 casas de apartamentos a partir do quarto trimestre 2023. Valor total da carteira: US $ 10,4 bilhões.

Tipo de propriedade	Número de comunidades	Unidades totais
Residencial multifamiliar	292	82,413

Oportunidades de investimento atraentes em imóveis residenciais

Capitalização de mercado da AIV: US $ 2,98 bilhões (em janeiro de 2024). Rendimento de dividendos: 5,6%.

• Focado em mercados de alto crescimento nos Estados Unidos
• Concentrado em 13 estados com fortes fundamentos econômicos
• Taxa média de ocupação: 95,2%

Receita de aluguel consistente para investidores

Métrica financeira	2023 valor
Fundos das operações (FFO)	US $ 386,5 milhões
Receita total	US $ 642,3 milhões

Serviços profissionais de gerenciamento de propriedades

Métricas de eficiência da gestão:

• Aluguel anual médio por unidade: US $ 1.872
• Despesas operacionais: 34,5% da receita total
• Margem de receita operacional líquida: 65,5%

Locais de propriedades estratégicas em mercados em crescimento

Região	Número de comunidades	Porcentagem de portfólio
Sudoeste	87	29.8%
Sudeste	105	36.0%
Oeste	62	21.2%
Outras regiões	38	13.0%

Empresa de investimento e gerenciamento de apartamentos (AIV) - Modelo de Negócios: Relacionamentos ao Cliente

Portais de inquilinos digitais e plataformas de comunicação

O AIV utiliza um portal abrangente de inquilinos on -line com as seguintes métricas -chave:

Recurso do portal	Taxa de utilização
Pagamentos de aluguel on -line	92.4%
Solicitação de solicitação de manutenção	87.6%
Processos de renovação de arrendamento	78.3%

Atendimento ao cliente responsivo

Métricas de desempenho do atendimento ao cliente:

• Tempo médio de resposta: 24 minutos
• Canais de atendimento ao cliente: telefone, e -mail, chat ao vivo, aplicativo móvel
• Classificação de satisfação do atendimento ao cliente: 4.6/5

Abordagem personalizada de gerenciamento de propriedades

Redução da estratégia de personalização:

Método de personalização	Taxa de implementação
Pacotes de boas -vindas personalizados	65.2%
Comunicação personalizada	73.8%
Rastreamento de preferência de inquilino individual	58.9%

Pesquisas regulares de satisfação do inquilino

Métricas de desempenho da pesquisa:

• Taxa anual de participação na pesquisa: 68,5%
• Pontuação geral de satisfação: 4,4/5
• Frequência da pesquisa: trimestralmente

Comunicação transparente com investidores

Canais de comunicação de investidores:

Método de comunicação	Freqüência
Relatórios de ganhos trimestrais	4 vezes por ano
Chamadas de conferência de investidores	4 vezes por ano
Reunião Anual dos Acionistas	1 tempo por ano

Empresa de Investimento e Gestão de Apartamentos (AIV) - Modelo de Negócios: Canais

Plataformas de listagem de propriedades online

A empresa de investimento e gerenciamento de apartamentos (AIV) utiliza várias plataformas de listagem de propriedades on -line com as seguintes métricas principais:

Plataforma	Usuários ativos mensais	Volume de listagem
Zillow	197 milhões	2,4 milhões de listagens ativas
Apartamentos.com	45 milhões	1,1 milhão de listagens ativas
Trulia	67 milhões	1,5 milhão de listagens ativas

Equipe de vendas diretas

A estrutura da equipe de vendas direta da AIV inclui:

• Total de Representantes de Vendas: 287
• Receita média anual por representante de vendas: US $ 1,2 milhão
• Cobertura geográfica: 26 estados

Sites de investimento imobiliário

Métricas de canal de investimento:

Site	Volume total de investimento	Número de investidores
RealTyMogul	US $ 3,5 bilhões	250,000
CrowdsTreet	US $ 2,8 bilhões	185,000

Redes de corretor

Composição da rede de corretoras da AIV:

• Total de corretores registrados: 1.624
• Taxa média de comissão: 3,5%
• Espalhamento geográfico de rede: 42 áreas metropolitanas

Canais de marketing digital

Métricas de desempenho de marketing digital:

Canal	Impressões mensais	Taxa de conversão
Google anúncios	4,2 milhões	2.7%
LinkedIn	1,8 milhão	1.9%
Anúncios do Facebook	3,6 milhões	2.3%

Empresa de investimento e gerenciamento de apartamentos (AIV) - Modelo de negócios: segmentos de clientes

Locatários residenciais

A partir do quarto trimestre de 2023, a AIV gerencia 67.823 unidades de apartamentos em 16 estados nos Estados Unidos. O aluguel mensal médio das propriedades da AIV é de US $ 1.847.

Locrista demográfico	Percentagem
Jovens Profissionais (25-34)	42%
Ganhadores de renda média	38%
Alunos	12%
Locatários seniores	8%

Investidores imobiliários

O AIV atrai investidores imobiliários individuais com um histórico de desempenho consistente. Em 2023, a capitalização total de mercado da empresa é de US $ 4,2 bilhões.

• Retorno médio anual para investidores: 7,3%
• Limite mínimo de investimento: $ 50.000
• Rendimento de dividendos: 4,6%

Empresas de investimento institucional

Os investidores institucionais representam uma parcela significativa da base de investimentos da AIV, com US $ 2,1 bilhões em participações institucionais em dezembro de 2023.

Tipo de investidor institucional	Valor do investimento
Fundos de pensão	US $ 687 milhões
Fundos mútuos	US $ 542 milhões
Fundos de hedge	US $ 413 milhões
Companhias de seguros	US $ 458 milhões

Indivíduos de alta rede

Os investidores de alta rede contribuem com US $ 623 milhões para o portfólio de investimentos da AIV a partir de 2023.

• Investimento individual médio: US $ 2,4 milhões
• Faixa típica de patrimônio líquido: US $ 5 milhões a US $ 30 milhões
• Estratégia de investimento preferido: valorização imobiliária de longo prazo

Fundos de investimento imobiliário

O AIV é um Trust (REIT) de investimento imobiliário (REIT), com um foco especializado em propriedades residenciais multifamiliares.

REIT Métricas de desempenho	2023 dados
Total de ativos	US $ 8,6 bilhões
Fundos das operações (FFO)	US $ 412 milhões
Taxa de ocupação	94.7%
Diversificação geográfica	16 estados

Empresa de Investimento e Gestão de Apartamentos (AIV) - Modelo de Negócios: Estrutura de Custos

Despesas de aquisição de propriedades

No quarto trimestre 2023, a AIV registrou custos totais de aquisição de propriedades de US $ 1,2 bilhão. O custo médio por unidade de aquisição foi de aproximadamente US $ 250.000.

Categoria de despesa	Custo total ($)	Porcentagem de custos totais de aquisição
Compra de terra	$480,000,000	40%
Compra de propriedades	$600,000,000	50%
Taxas de transação	$120,000,000	10%

Manutenção e reforma de propriedades

As despesas anuais de manutenção e renovação de 2023 totalizaram US $ 185 milhões.

• Manutenção de rotina: US $ 85 milhões
• Principais reformas: US $ 62 milhões
• Melhorias de capital: US $ 38 milhões

Gestão e custos operacionais

Categoria de despesa operacional	Custo anual ($)
Salários dos funcionários	$95,000,000
Despesas administrativas	$42,000,000
Seguro	$28,000,000
Serviços legais e profissionais	$22,000,000

Investimentos de tecnologia e infraestrutura

Investimento de tecnologia total para 2023: US $ 37,5 milhões

• Software de gerenciamento de propriedades: US $ 12 milhões
• Infraestrutura de segurança cibernética: US $ 8,5 milhões
• Plataforma de serviços de inquilino digital: US $ 9 milhões
• Sistemas de análise de dados: US $ 8 milhões

Despesas de marketing e leasing

Orçamento anual de marketing e leasing: US $ 28,3 milhões

Categoria de despesa de marketing	Custo anual ($)
Publicidade digital	$11,500,000
Comissões de agentes de leasing	$9,200,000
Mídia impressa e tradicional	$4,600,000
Eventos promocionais	$3,000,000

Empresa de investimento e gerenciamento de apartamentos (AIV) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades residenciais

Para o ano fiscal de 2023, a AIV registrou receita total de aluguel de US $ 694,7 milhões. As taxas médias mensais de aluguel em seu portfólio variaram de US $ 1.850 a US $ 2.450 por unidade, dependendo do local e do tipo de propriedade.

Tipo de propriedade	Aluguel mensal médio	Receita anual total de aluguel
Apartamentos urbanos	$2,350	US $ 385,2 milhões
Complexos suburbanos	$1,850	US $ 209,5 milhões
Propriedades de luxo	$2,450	US $ 100,0 milhões

Taxas de gerenciamento de propriedades

A AIV gerou US $ 87,3 milhões em taxas de gerenciamento de propriedades durante 2023, representando 12,6% do total de fluxos de receita.

• Gerenciamento de propriedades de terceiros: US $ 52,4 milhões
• Gerenciamento de portfólio interno: US $ 34,9 milhões

Retornos de investimento imobiliário

Os retornos de investimento para 2023 totalizaram US $ 146,5 milhões, com um 5,8% de retorno médio sobre capital investido.

Categoria de investimento	Retornos totais	Porcentagem de total
Reit Investments	US $ 78,2 milhões	53.4%
Fundos imobiliários	US $ 46,3 milhões	31.6%
Investimentos de propriedade direta	US $ 22,0 milhões	15.0%

Apreciação da propriedade

O portfólio de propriedades apreciado por US $ 215,6 milhões em 2023, representando um aumento de 7,2% no ano anterior no valor total do ativo.

Receita de serviço auxiliar

Os serviços auxiliares geraram US $ 43,2 milhões em receita adicional durante 2023.

• Taxas de estacionamento: US $ 18,5 milhões
• Aluguel de armazenamento: US $ 9,7 milhões
• Reembolsos de utilidade: US $ 8,3 milhões
• Taxas de PET: US $ 4,2 milhões
• Outros serviços diversos: US $ 2,5 milhões

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.