Table of Contents

Aimco Reports Second Quarter Results, Updates Guidance, and

Provides Highlights on Recent Activities

Denver, Colorado, August 7, 2024 – Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today second quarter results for 2024, updated guidance, and provided highlights on recent and planned activities.

Financial Results and Highlights

CEO Commentary

Wes Powell, Aimco President and Chief Executive Officer, comments: "In the second quarter, Aimco continued to produce solid results and made steady progress toward our 2024 plans and objectives.

“Aimco’s diversified portfolio of apartment communities continued to perform well during the second quarter with NOI up 4.1% year-over-year. Nearly 66% of residents whose leases were expiring signed renewals during the quarter and average monthly revenue per apartment home grew by 4.4% to $2,392. With the majority of 2024’s leasing transactions now complete, and considering the strong performance to date, we have revised our full year guidance and now expect revenue to grow between 3.25% and 3.75% and expenses to increase between 6.00% and 7.50%, resulting in NOI growth of between 1.50% to 2.75%, an increase of more than 100 basis points at the mid-point.

"Our active development projects are progressing on schedule and on budget. Year-to-date, through July, the Aimco team has brought more than 600 new apartment homes online and executed more than 250 new leases across those projects. Our current class of development projects are expected to be fully delivered by year end with NOI stabilization projected to occur during 2026. We continue to advance planning efforts in anticipation of select new project starts. Consistent with our stated guidance, total Aimco equity allocated to development and related activities is projected to be substantially reduced when compared to prior years.

“Together with our brokerage teams we continue to advance efforts related to the marketing and sale of our two-property assemblage in Miami’s Brickell neighborhood and The Hamilton, our recently completed redevelopment in Miami’s Edgewater neighborhood. While we do not plan to comment on specific pricing, terms or timelines until definitive agreements have been executed and deposits have become nonrefundable,

we remain committed to unlocking the value embedded within these assets and prudently allocating the net proceeds, with a preference for returning capital to stockholders.

“We continue to believe that Aimco shares represent an accretive use of excess capital and, as of July 31, 2024, had repurchased 4.2 million shares year-to-date at an average price of $7.93 per share.

“Aimco's strong performance is the result of the good work produced by a talented and engaged team, whom I am thankful to work alongside, and from the diligent oversight provided by an experienced Board of Directors. Above all else, we are committed to creating and unlocking value for Aimco stockholders.”

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.

Results at Aimco’s Stabilized Operating Properties were as follows:

Value Add and Opportunistic 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.

As of June 30, 2024, Aimco had two multifamily development projects under construction, a multifamily community that has been substantially completed and is now in lease-up, and a hotel that was completed in 2023 and is being stabilized. 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 13 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 second quarter, $29.8 million of capital was invested in Aimco's development and redevelopment activities, primarily funded through construction loan draws. Updates on active development projects and Aimco's pipeline include:

Investment & Disposition Activity

Aimco is focused on prudently allocating capital and delivering strong investment returns. Consistent with Aimco's capital allocation philosophy, it monetizes the value within its assets when accretive uses of the proceeds are identified and invests when the risk-adjusted returns are superior to other uses of capital.

Aimco is currently marketing three assets for sale in the Miami market: 1001 and 1111 Brickell Bay Drive (The Brickell Assemblage) and The Hamilton. Our respective brokerage teams remain in active discussions with interested parties and continue to solicit offers. Aimco does not intend to comment on specific pricing, terms or timelines until definitive agreements have been executed and buyers' deposits have become nonrefundable.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of June 30, 2024, Aimco had access to $259.4 million, including $88.5 million of cash on hand, $20.9 million of restricted cash, and the capacity to borrow up to $150.0 million on its revolving credit facility.

Aimco’s net leverage as of June 30, 2024, was as follows:

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

As of June 30, 2024, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection and, including contractual extensions, Aimco has only $9.4 million, or less than 1% of its total debt, maturing prior to May 2026.

Public Market Equity

Common Stock Repurchases

Commitment to Enhance Stockholder Value

The Aimco Board of Directors, in coordination with management, remains intently focused on maximizing and unlocking value for Aimco stockholders and continues to engage regularly with several leading advisory firms, including Morgan Stanley & Co. LLC.

Aimco’s announced plans to reduce exposure to development activity and monetize certain assets represent a commitment to simplify the portfolio and unlock embedded value when there are opportunities to do so. These efforts will further improve Aimco’s positioning in the market and provide increased flexibility as the Board of Directors continues its review and consideration of broader strategic actions to maximize stockholder value. In addition, in conjunction with our contemplated asset sales, we will prioritize return of capital to our stockholders as a key component of our capital allocation philosophy.

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.

2024 Outlook

[1] Net income (loss) per share - diluted does not include any gains associated with potential transactions in 2024.

[2] Includes land or leasehold value.

[3] Construction loan draws at Aimco share in first half of 2024 were $53.8 million.

[4] Full year AIV equity funding is expected to be between $0 and $5 million. Quarter-end balances may fluctuate depending on timing of construction loan draws.

[5] Includes pipeline projects as presented on Supplemental Schedule 5b.

[6] While Aimco does not provide specific guidance related to future transactions, in the first half of 2024, Aimco brought to market its Brickell Assemblage, a two-property waterfront assemblage located in Miami, Florida, and The Hamilton, its recently completed waterfront redevelopment in Miami’s Edgewater neighborhood.

[7] Includes GAAP 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.

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

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. 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. The forward-looking statements in this document include, without limitation, statements 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 revenue and expense growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios. We caution investors not to place undue reliance on any such forward-looking statements.

These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2024 plans and goals may not be completed, as expected, in a timely manner or at all; geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us.

In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.

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, 2023, 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 undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Consolidated Statements of Operations

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

[1] Interest expense increased in the three and six months ended June 30, 2024 from the same periods ending June 30, 2023, due primarily to increased construction loan draws and reduced capitalization as development projects are advanced and completed.

[2] In the second quarter 2024, realized and unrealized losses on equity investments were $47.3 million primarily due to a non-cash impairment charge related to its passive equity investment in IQHQ.

Consolidated Balance Sheets

(in thousands) (unaudited)

Supplemental Schedule 1

EBITDAre and Adjusted EBITDAre

(in thousands) (unaudited)

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 $11.7 million of deferred financing costs.

[3] Debt maturities are presented with the earliest maturity date and do not include contractual extension options. Including extensions, the weighted average maturity is 5.4 years and Aimco has only $9.4 million of loans, at Aimco share, maturing prior to May 2026.

[4] In the second quarter, Aimco and its joint venture partner refinanced the project's land loan, Aimco's share of the new loan is $9.4 million and has an initial maturity date in the second quarter 2025.

[5] In the second quarter, Aimco exercised a 1-year contractual extension on the construction loan at The Hamilton.

Common Stock, Partnership Units, and Equivalents

(in thousands) (unaudited)

Supplemental Schedule 3

Aimco Portfolio

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