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Aimco Reports Third Quarter Results, Updates 2023 Guidance, and Provides Highlights on Recent and Planned Activities

Denver, Colorado, November 6, 2023 – Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today third quarter results for 2023, updated guidance, and provided highlights on recent and planned activities.

Wes Powell, Aimco President and Chief Executive Officer, comments:

“Thank you for your interest in Aimco. The apartment business remains on sound footing and Aimco is well positioned given the composition of our assets and the quality of our investment platform. Our diversified portfolio of apartment communities located within neighborhoods that have largely avoided the pressure of competitive new supply, has continued to generate strong performance and has experienced NOI growth of nearly 20% over the past 18 months. During the third quarter, average monthly revenues per apartment home increased by 7.2% on a year-over-year basis and we have increased our full year NOI guidance by more than 100 basis points at the midpoint.

"Aimco's regional investment teams are successfully advancing our active development projects and are on track to deliver more than 600 of those new units by the end of 2023 and another 700 in 2024. It is projected that this current class of projects will produce more than $55 million of NOI annually when fully stabilized, an amount equal to more than half of the NOI currently produced by Aimco's portfolio of stabilized apartment communities and representing an accretive yield on direct capital investment of 6.8%. While we are advancing plans for a select number of new projects, which offer the prospect of strong risk adjusted returns, we anticipate reducing the amount of Aimco capital that is allocated to development activity over the year ahead given market conditions and the relative attractiveness of other capital allocation opportunities.

“We continue to view the repurchase of Aimco common stock as being very attractive. Over the past 22 months, we have opportunistically repurchased 8.8 million shares at an average price of $7.33 per share. The Aimco Board of Directors recently increased our share repurchase authorization to 30 million shares, doubling the size of our previous authorization.

"Aimco’s balance sheet remains rock solid. Our near-term debt maturities are extremely limited with less than 2% of the total coming due over the next 30 months inclusive of extension options. Fixed-rate loans tied to our stabilized portfolio, representing 70% of our total leverage, carry an interest rate of 4.25%, are fully assumable and have a weighted average time to maturity of 7.4 years.

"Consistent with our capital allocation strategy, at times we may choose to monetize certain pipeline assets prior to vertical construction in order to maximize value and risk adjusted returns. As such, we are preparing to market for sale our Brickell Assemblage located in Miami, as well as certain recently completed development projects and select land holdings. In addition, we remain under agreement to sell our 80% stake in the Parkmerced mezzanine loan. We expect these sales to take place during the course of 2024, provided pricing and terms are favorable. The proceeds will be prudently allocated to return capital to stockholders, reduce leverage, and/or accretive new investments.

"Above all else, the Aimco management team and Board remain intently focused on creating and unlocking value for Aimco stockholders.”

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Financial Results and Recent Highlights

Value Add, Opportunistic & Alternative Investments

Development and Redevelopment

Aimco generally seeks development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and Aimco has a comparative advantage over others in the market. Aimco’s value add and opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

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As of September 30, 2023, Aimco had five active development and redevelopment projects located in four U.S. markets, in varying phases of construction and lease-up. These projects remain on track, as measured by construction budget and lease-up metrics. Additionally, Aimco has a pipeline of future value-add opportunities totaling approximately 14 million gross square feet of development in Aimco's target markets of Southeast Florida, the Washington D.C. Metro, and Colorado's Front Range. During the third quarter, Aimco invested $74.4 million in development and redevelopment activities. Updates include:

Investment & Disposition Activity

Aimco is focused on delivering strong investment returns, through the ownership of apartment properties as well as development and redevelopment activities, funded primarily through third-party capital.

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Operating Property Results

Aimco owns a diversified portfolio of operating apartment communities located in eight major U.S. markets with average rents in line with local market averages.

Aimco’s Stabilized Operating Properties produced solid results for the quarter ended September 30, 2023.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity at all times. As of September 30, 2023, Aimco had access to $320.2 million, including $95.7 million of cash on hand, $20.2 million of restricted cash, $54.3 million in a short-term treasury investment, and the capacity to borrow up to $150.0 million on its revolving credit facility.

Aimco’s net leverage as of September 30, 2023, was as follows:

[1] Weighted average maturities presented exclude contractual extension rights.

[2] On September 30, 2023, Aimco had $54.3 million invested in a four-month treasury bill that was excluded from cash in accordance with U.S. GAAP.

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As of September 30, 2023, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection and, including contractual extensions, Aimco has only $19.9 million, or less than 2% of its total debt, maturing over the next 30 months.

Aimco Credit Facility

Public Market Equity

Common Stock Repurchases

Commitment to Enhance Stockholder Value

Aimco believes it is well positioned for long term growth given its high-quality development pipeline and investment platform, diversified portfolio of core and opportunistic multifamily assets, and long-duration, low-cost balance sheet. As such, the timing of any broad strategic action to unlock stockholder value will take into consideration a host of factors, including the health and stability of both the financial and capital markets.

There can be no assurance that the ongoing review will result in any particular transaction or transactions or other strategic changes or outcomes and the timing of any such event is similarly uncertain. The Company does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.

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2023 Outlook

[1] Includes land or leasehold value, calculated as the quarterly average and is reduced from prior guidance due to the accelerated stabilization of The Hamilton in 3Q 2023 and its corresponding removal from projects underway in 4Q 2023.

[2] Direct project costs and construction loan draws increased due primarily to timing and an acceleration of investment to optimize construction activities ahead of winter.

[3] AIV equity funding at the end of the third quarter 2023 was ahead of the full year target due to the timing of partnership reimbursements.

[4] Includes pipeline projects as presented on Supplemental Schedule 5b, calculated as the quarterly average.

[5] Dispositions include the gross proceeds from the partial sale of the Parkmerced mezzanine investment and the monetization of the related swaption. Full year guidance includes the additional $7 million payment expected by the end of the year. Aimco may receive additional proceeds if the buyer chooses to exercise its option to purchase the remaining Aimco interest in 2023.

[6] Full year operating expense guidance decreased by 225 basis points at the midpoint from prior guidance due to favorable tax bills in Chicago, Illinois and a successful real estate tax appeal in Miami, Florida.

[7] Includes contractual interest expense, exclusive of the amortization of deferred financing costs, and reduced by interest rate option payments which are included in the Realized and unrealized gains (losses) on interest rate options line on Aimco's income statement.

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Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at investors.aimco.com.

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are measures not defined under accounting principles generally accepted in the United States, or GAAP. Certain Aimco terms and Non-GAAP measures are defined in the Glossary in the Supplemental Information and Non-GAAP measures reconciled to the most comparable GAAP measures.

About Aimco

Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

Team and Culture

Aimco has a national presence with corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced professionals based in three regions, where it will focus its new investment activity: Southeast Florida, the Washington D.C. Metro Area and Colorado's Front Range. By regionalizing this platform, Aimco can leverage the in-depth local market knowledge of each regional leader, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.

Above all else, Aimco is committed to a culture of integrity, respect, and collaboration.

Contact

Matt Foster, Sr. Director, Capital Markets and Investor Relations

Investor Relations 303-793-4661, investor@aimco.com

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Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to, the statements in this document regarding our future plans and goals, including our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding lease growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, and changes to our corporate governance. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Aimco that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statement. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the risk that the 2023 and 2024 plans and goals may not be completed, as expected, in a timely manner or at all, (ii) the inability to recognize the anticipated benefits of the pipeline investments and projects, and (iii) changes in general economic conditions, including increases in interest rates and other force-majeure events. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent Quarterly Reports on Form 10-Q and other documents Aimco files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment and expectations as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

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Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

[1] General and administrative expenses decreased in the three and nine months ended September 30, 2023 from the same periods ending September 30, 2022, due primarily to a decrease in expenses for consulting services paid to AIR Communities; this service agreement concluded on December 31, 2022.

[2] Interest income increased in the three and nine months ended September 30, 2023 from the same periods ending September 30, 2022, due primarily to increased interest earned on greater amounts of invested cash at higher rates in the current year versus the prior year.

[3] Interest expense decreased in the three and nine months ended September 30, 2023 from the same periods ending September 30, 2022, due primarily to the prepayment of debt during 2022.

See Item 2 of Aimco's Third Quarter 2023 SEC Form 10-Q, filed November 6, 2023, for additional discussion and analysis of Aimco's operations.

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Consolidated Balance Sheets

(in thousands) (unaudited)

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Supplemental Schedule 1

EBITDAre and Adjusted EBITDAre

(in thousands) (unaudited)

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Supplemental Schedule 2

Aimco Leverage and Maturities

(dollars in thousands) (unaudited)

Aimco Share Non-Recourse Debt

[1] Aimco’s construction loan debt consists primarily of non-recourse, floating rate loans.

[2] Consolidated total non-recourse debt excludes $15.3 million of deferred financing costs.

[3] On September 30, 2023, Aimco had $54.3 million invested in a four-month treasury bill that was excluded from cash in accordance with U.S. GAAP.

[4] Debt maturities are presented with the earliest maturity date and do not include contractual extension options. Including extensions, the weighted average maturity is 6.3 years and Aimco has only $19.9 million of loans, at Aimco share, maturing over the next 30 months.

Common Stock, Partnership Units, and Equivalents

(in thousands) (unaudited)

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Supplemental Schedule 3

Aimco Portfolio

(square feet in thousands) (land in acres) (unaudited)