Denver-based Apartment Investment and Management Company (Aimco) announced in a press release that it has completed its year-long strategic review and will pursue an orderly liquidation of its remaining assets, pending shareholder approval in early 2026.
The company began evaluating options in early 2025, including a full sale or divestiture of major business segments. As part of that process, Aimco sold its Boston portfolio, generating $335 million in net proceeds for debt reduction and returning approximately $330 million to shareholders through a special dividend this quarter. Including the $0.60 per-share dividend paid in Q1, Aimco has returned $2.83 per share to investors in 2025.
Following extensive market outreach with advisors Morgan Stanley and Wachtell, Lipton, Rosen & Katz, the board determined that selling assets individually is likely to yield higher value than a corporate sale or maintaining the current structure. The proposed Plan of Sale and Liquidation would accelerate asset sales and provide a tax-efficient framework for distributing proceeds to shareholders.
Aimco’s remaining portfolio includes 15 stabilized multifamily properties (2,524 units), three recently completed Class A developments (933 units), one active development project, and several land sites. The company’s Brickell Assemblage in Miami—1001 Brickell Bay Drive and the adjacent Yacht Club apartments—remains under contract for $520 million, with closing expected in December 2025. Additional assets are currently being marketed.
Based on current market conditions, Aimco estimates total liquidation distributions between $5.75 and $7.10 per share, including the Brickell sale and net of wind-down costs. Combined with $2.85 per share in special dividends paid since the 2020 spinoff of Apartment Income REIT Corp., total distributions are projected at $8.60 to $9.95 per share, roughly 170% of Aimco’s post-spinoff share price at the midpoint.
In a statement, Aimco CEO Wes Powell highlighted the company’s repositioning efforts since 2020, including completing $1.3 billion in development, selling $1.9 billion in assets, repurchasing 14.5 million shares, and delivering returns that outperformed the FTSE NAREIT Equity Apartments Index.
“Aimco has remained laser focused on our mission, which aims to create value for our shareholders, our teammates, and the communities in which we operate,” says Powell.
Pat Gibson, chair of Aimco’s Investment Committee, said the board engaged more than 100 potential counterparties during the review and concluded that liquidation provides the best outcome for shareholders.
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.
