Aimco Plans Sale and Liquidation, Projects Up to $7.10 Per Share Distribution
After a comprehensive strategic review, Apartment Investment and Management Company (Aimco) is seeking shareholder approval for a full Plan of Sale and Liquidation, targeting distributions between $5.75 and $7.10 per share. With a strategy built around maximizing shareholder value, the board determined that a targeted sale of remaining assets outperforms other alternatives currently on the table.
Board Favors Orderly Liquidation for Maximum Value
The process, led with advice from Morgan Stanley and Wachtell, engaged over 100 potential buyers—including major public REITs and investment managers—before the board unanimously chose to recommend liquidation. Notably, recent asset sales in Boston netted $335 million for leverage reduction and returned $330 million to shareholders through special dividends.
Combined with earlier distributions, Aimco has returned $2.83 per share so far in 2025. The company projects, inclusive of anticipated wind-down costs, that distributions from all remaining sales will land between $5.75 and $7.10 per share. Add that to distributions since the 2020 spinoff, and total payout could reach $8.60–$9.95 per share—approximately 170% of Aimco’s share price post-2020 spinoff.
Major Asset Dispositions Set the Stage for Final Returns
The highlight of Aimco’s asset sales is the Brickell Assemblage in Miami, under contract to be sold for $520 million, with closing set for December 2025. Alongside 15 stabilized multifamily properties and three recently completed Class A projects, these deals represent the company’s final steps in the multifamily market. Other recent activity includes the completion of suburban Boston sales and developments in Washington D.C., Bethesda, and Miami.
| Asset / Project | Status | Net Proceeds / Value | Estimated Impact |
|---|---|---|---|
| Boston Portfolio | Sold | $740M (total), $335M for leverage reduction, $330M special dividend | Significant debt reduction, $2.23/share cash return in October 2025 |
| Brickell Assemblage (Miami) | Under contract | $520M | ~$300M expected net proceeds after all costs |
| Other Properties (active marketing) | In process | -- | To contribute to projected distribution range |
Financial Results: Focused Returns, Shrinking Core Portfolio
In the third quarter of 2025, Aimco reported net income attributable to common stockholders of $2.04 per share. Stabilized Operating Property NOI decreased by 3.4% year-over-year, mainly due to a rise in property expenses from tax assessments. Average daily occupancy dipped to 94.8%, but effective rents rose 4.4%—with lease renewals particularly strong, up 5.6% on average.
Sequentially, both revenue and NOI were up modestly, highlighting steady management during transition:
| Q3 2025 | Year-over-Year | Sequential (from Q2) |
|---|---|---|
| Average Daily Occupancy | 94.8% (-1.8 pts) | -0.3 pts |
| Revenue | $18.2M (+1.2%) | +1.2% |
| Property Expenses | $6.6M (+10.5%) | +1.1% |
| Property NOI | $11.6M (-3.4%) | +1.3% |
Liquidity and Balance Sheet Remain Healthy for Wind-Down
Following the Boston transactions, Aimco ended September 2025 with $404.4 million in cash, of which $327.3 million was distributed as a special dividend in October. The company’s debt is entirely fixed rate or hedged, and there are no debt maturities before June 2027—minimizing risk during liquidation.
Net leverage stood at $748.05 million as of quarter-end, but this will shrink with additional asset sales. Special dividends paid in 2025 now total $2.83 per share, adding up to $2.85 per share in specials since the 2020 spinoff.
Outlook: All Eyes on Shareholder Vote and Execution
With the plan of liquidation to be put before shareholders in early 2026, Aimco’s next steps will be closely watched. If approved, asset sales will accelerate, and cash returned to shareholders will be tax efficient. The actual outcome will depend on market conditions and costs of winding down the company, but management has a clear roadmap for distribution in the projected range.
For investors, the case is now straightforward: the value in Aimco comes down to execution on the sale process, prudent management of liabilities, and minimizing costs until final payout. If the plan moves ahead as envisioned, total shareholder return since the 2020 spinoff could approach $9.95 per share, a notable achievement in a sector marked by volatility and change.
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