Here are 1-3 brief analogies for Apartment Investment & Management (AIV):

• Like a Marriott or Hilton, but for apartment complexes.
• A Public Storage, but for residential apartments instead of storage units.

• Property Development: Creating new multifamily residential properties.
• Property Redevelopment: Renovating and improving existing multifamily residential properties to enhance their value.
• Real Estate Investments: Engaging in various investment strategies within the U.S. multifamily market to create value.

Apartment Investment & Management (AIV), operating as Aimco, is a Real Estate Investment Trust focused on the U.S. multifamily market. As such, Aimco sells primarily to individuals who rent apartment units within their properties. The company's major customers can be categorized as follows:

• Working Professionals and Couples: This segment includes individuals and couples in various stages of their careers who seek convenient, modern living spaces, often prioritizing location, amenities, and community features in urban or suburban settings.
• Families: Households with children who require more living space and often look for apartment communities with family-friendly amenities, good school access, or proximity to parks and other family-oriented services.
• Downsizers and Empty Nesters: Older individuals or couples who are transitioning from larger homes to a more manageable, maintenance-free apartment lifestyle. They often value security, community, and accessible amenities without the burdens of homeownership.

Wes Powell, Director, President, and Chief Executive Officer

Wes Powell has served as President and Chief Executive Officer of Apartment Investment and Management Company ("Aimco") and as a member of the Company's Board of Directors since 2020. He is responsible for executing Aimco's overall business strategy with a special focus on capital allocation, transactions, and development. Mr. Powell joined Aimco in 2004 and has held various leadership roles, including positions within the company's asset management, development, and transactions divisions. During his tenure, he has directly overseen the development, redevelopment, and acquisition of multifamily assets valued at over $6 billion, encompassing more than 16,000 apartment homes across over a dozen U.S. markets. Prior to his time with Aimco, Mr. Powell worked as a Staff Architect in Washington, D.C. He is a graduate of the University of Colorado's School of Architecture and Urban Planning and holds an MBA from Northwestern's Kellogg School of Management.

Lynn Stanfield, EVP & Chief Financial Officer

Lynn Stanfield has over two decades of experience in the real estate industry, primarily with Aimco, and currently serves as EVP & Chief Financial Officer. She held the position of Executive Vice President, Financial Planning & Analysis and Capital Allocation from October 2018 to December 2020, during which she oversaw various finance functions, managed corporate and income tax strategy, and was a member of Aimco's Investment Committee. Before October 2018, Ms. Stanfield held various roles with responsibilities in affordable asset management, income tax, and investor relations. Her career also includes experience in public accounting at Ernst and Young, where she focused on partnership and real estate clients, and she served as an Assistant Professor of Accounting at Erskine College. Ms. Stanfield holds a Master of Professional Accountancy from Clemson University.

Jennifer Johnson, EVP, Chief Administrative Officer, & General Counsel

Jennifer Johnson was appointed Executive Vice President, Chief Administrative Officer, and General Counsel in December 2020, with responsibilities covering legal, human capital, and risk management. She previously served as Senior Vice President, Human Resources from August 2009 to December 2020. Ms. Johnson joined Aimco as Senior Counsel in August 2004. Before joining Aimco, she was in private practice with the law firm of Faegre & Benson LLP (now Faegre Drinker Biddle & Reath LLP), specializing in labor and employment law and commercial litigation. Ms. Johnson graduated first in her class from the University of Colorado Law School.

Kellie Dreyer, SVP, Chief Accounting Officer

Kellie Dreyer serves as Senior Vice President and Chief Accounting Officer. She brings over 13 years of experience in public accounting and finance. Prior to her current role, she was the Vice President of Finance for Aimco from April 2022 until March 2023. Before joining Aimco, Ms. Dreyer held several positions at Ernst & Young, most recently as an Assurance Senior Manager from 2016 to 2022, where she served clients in the real estate industry. She earned a B.S. in Accounting and a Master of Accountancy from the University of Denver and is a licensed CPA.

Kelley Babin, SVP, Chief Information Officer

Kelley Babin holds the title of Senior Vice President and Chief Information Officer.

The key risks to Aimco's business are:

• Uncertainty in Liquidation Value: There is a risk that the actual proceeds from asset sales, after accounting for transaction costs, ongoing operational expenses during the wind-down, and potential liabilities (such as those from development projects or litigation), may be lower than currently estimated. This could lead to a reduction in the final distributions to shareholders.
• Delays in the Liquidation Process: The timeline for selling all remaining assets and completely winding down the company's operations may extend beyond current expectations. Such delays could impact the timing of liquidating distributions to shareholders and potentially increase the overall costs of the liquidation.
• Adverse Real Estate Market Conditions and Interest Rate Fluctuations: The success of the asset sales is highly dependent on prevailing real estate market conditions. An increase in interest rates or unfavorable shifts in market capitalization rates could lead to lower property valuations, directly impacting the sale prices of Aimco's assets and thereby reducing the total liquidation proceeds.

Here are 3 expected drivers of future revenue growth for Apartment Investment & Management (AIV) over the next 2-3 years:

1. Rental Rate Growth on Stabilized Properties: Aimco continues to experience increases in average monthly revenue per apartment home on its stabilized operating properties. For instance, in the fourth quarter of 2025, there was a 2.8% year-over-year increase in average monthly revenue per apartment home to $2,678. This indicates an ongoing ability to capture higher rental rates from its existing portfolio.
2. Lease-up of Development and Redevelopment Projects: The company has a segment dedicated to development and redevelopment, which includes properties under construction, those recently completed and in lease-up, and others stabilizing operations. As these projects are completed and the units are leased, they will contribute to new rental revenue.
3. Potential Portfolio Expansion through Partnerships: Aimco is reportedly exploring potential partnerships to expand its portfolio. Should such partnerships materialize, they could lead to new acquisitions or development opportunities that would contribute to the company's revenue base.

Share Repurchases

• In July 2022, Aimco's Board of Directors updated the existing share repurchase authorization from 10 million shares to 15 million shares.
• During 2024, Aimco repurchased 4.9 million shares at an average price of $8.01 per share.
• Since the beginning of 2022, Aimco has repurchased 14.5 million shares at an average cost of $7.53 per share.

Share Issuance

• No significant share issuance events to the public were explicitly identified as major capital-raising activities over the last 3-5 years. The company's shares outstanding decreased to 140 million in Q4 2025, suggesting repurchases have been the dominant activity.

Inbound Investments

• No significant inbound investments made in the company by third-parties, such as strategic partners or private equity firms, were identified over the last 3-5 years.

Outbound Investments

• In 2025, Aimco sold $1.26 billion of real estate assets.
• Specific sales in 2025 included a suburban Boston property for $250 million and the Brickell Assemblage in Miami (The Yacht Club Apartments and an adjacent office building) for $520 million.
• As part of a Plan of Sale and Liquidation adopted in February 2026, Aimco closed on the sale of three properties for approximately $178 million in early 2026 and has ten properties under contract to sell for approximately $510 million.

Capital Expenditures

• Aimco's investment strategy is focused on property development, redevelopment, and other value-creating investments within the U.S. multifamily market.
• As of September 30, 2025, the company had remaining commitments for construction-related contracts totaling $107.6 million, reflecting ongoing development and redevelopment activities.
• In 2024, Aimco completed construction on three multifamily assets, adding 933 residential units and over 100,000 square feet of commercial space, with total direct costs approximately $10 million below original projections.