Table of Contents

Aimco Reports Third Quarter Results, Updates 2024 Guidance, and

Provides Highlights on Recent Activities

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

Financial Results and Highlights

CEO Commentary

Wes Powell, Aimco President and Chief Executive Officer, comments: "Aimco continues its efforts to add value through effective management of the Aimco portfolio and thoughtful capital allocation.

“Continued consumer strength, and limited competitive new supply, across the majority of Aimco's markets have led to revenue per home reaching more than $2,400 per month, increasing by 2.4% year-over-year, while at the same time average daily occupancy reached 96.8%, an increase of 160 basis points, year-over-year. For the full year, we now expect revenue to grow between 3.75% and 4.25% with NOI growth of between 2.50% to 3.75%, an increase of more than 200 basis points at the mid-point when compared to our initial expectations.

"During the third quarter, Aimco began construction on a waterfront development project in Miami's Edgewater neighborhood. Upon completion, 34th Street will be Miami's premier ultra-luxury rental apartment building fronting Biscayne Bay. The 38-story tower will contain 114 highly-appointed apartment homes, each with unobstructed water views and averaging over 2,500 square feet in size. The project will also contain highly tailored amenity offerings plus 7,000 square feet of waterfront restaurant space. We are pleased to be

partnering with a leading global investment firm on this exciting project, such that Aimco's equity commitment has been fully funded through the contribution of our land and pre-development efforts along with an incremental $5 million.

"Aimco's additional projects in active development and lease-up are progressing on plan and are expected to be fully delivered by year end, with occupancy stabilization projected to occur during 2025. We now expect direct costs at Upton Place and Strathmore Square to be $6 million less than our prior estimate. Together these two projects contain more than 900 apartment homes and will add considerable value to the Aimco portfolio as they complete lease-up and stabilize over the next 12-24 months.

"Aimco continues its focus on prudently allocating capital, which includes taking advantage of the disconnect between public and private valuations when those opportunities arise.

“In October, we announced agreements to sell our recently completed redevelopment, The Hamilton, along with our interest in a nearby development site at 3333 Biscayne Boulevard for more than $200 million. Upon closing these sales will crystallize accretive investments and provide Aimco with approximately $90 million, after associated liabilities are retired, to return to stockholders during the first quarter of 2025.

"Additionally, we are advancing efforts related to the sale of our two-property assemblage in Miami’s Brickell neighborhood and remain committed to unlocking the value embedded within those exceptional assets.

“We continue to believe that Aimco shares represent an accretive use of excess capital and, as of October 31, 2024, had repurchased 4.5 million shares year-to-date bringing total repurchases since the start of 2022 to 14.1 million shares at an average cost per share of $7.51.

“I thank the Aimco team for their continued dedication and the Aimco Board of Directors who remain steadfast in their commitment 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 September 30, 2024, Aimco had two multifamily development projects under construction and two multifamily communities that have been substantially completed and are now in lease-up. These projects remain on track, as measured by construction budget and lease-up metrics. In addition to Aimco's core multifamily developments, The Benson Hotel and Faculty Club was completed in 2023 and remains in stabilization.

Aimco also has a pipeline of future value add opportunities in Aimco's target markets of Southeast Florida, the Washington D.C. Metro, and Colorado's Front Range.

During the third quarter, $29.6 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.

Subsequent to quarter end, Aimco agreed to sell, for $203.8 million, its interests in two real estate investments in the Edgewater neighborhood of Miami, Florida. The all-cash transactions, described below, are expected to close by year-end 2024. Upon closing, Aimco plans to retire $110.1 million of associated liabilities, currently carrying an average rate of 8.6%, and expects to return approximately $90 million of capital to stockholders during the first quarter of 2025.

Aimco continues to advance the sales process related to its Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in Miami, Florida. Aimco does not intend to comment or provide further information until a definitive agreement has been executed and buyer deposits have become nonrefundable.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity. As of September 30, 2024, Aimco had access to $260.4 million, including $82.6 million of cash on hand, $27.8 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 September 30, 2024, was as follows:

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

As of September 30, 2024, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection. Considering investments under contract to sell and including contractual extensions, Aimco has no 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 in any given period may be impacted by the timing of project costs, the funding or release of retainage, and other factors. At Aimco share, in the first nine months of 2024, construction loan draws were $89.3 million.

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

[5] Includes pipeline projects as presented on Supplemental Schedule 5b. In the third quarter 2024, Aimco removed one project from its pipeline with the change of 34th Street to active construction.

[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, in October, agreed to sell The Hamilton, its recently completed waterfront redevelopment in Miami’s Edgewater neighborhood, and its interest in a 2.8-acre development site at 3333 Biscayne Boulevard.

[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, Vice President, Investor Relations and Capital Markets

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 the timing and amount of capital expected to be returned to stockholders, 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 nine months ended September 30, 2024 from the same periods ending September 30, 2023, due primarily to increased construction loan draws and reduced capitalization as development projects are advanced and completed.

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 $10.2 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 5.1 years.

[4] Debt maturing in 2Q 2025 either has contractual extensions or is scheduled to be repaid upon completion of the sale of Aimco's interest in 3333 Biscayne Boulevard during the fourth quarter 2024.

[5] Aimco plans to retire the $100.7 million of debt on The Hamilton upon closing the sale of the property in the fourth quarter 2024.

Common Stock, Partnership Units, and Equivalents

(in thousands) (unaudited)

Supplemental Schedule 3

Aimco Portfolio

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

[1] Other Real Estate includes:

[2] Development and Redevelopment - Owned includes:

[3] Development and Redevelopment – Land includes:

[4] Number of apartment homes includes all current apartments and those authorized for development.

[5] Development land includes the number of acres of land held by Aimco for future development, land with projects in active development is not included in this presentation.

Supplemental Schedule 4

Aimco Capital Additions

(consolidated amounts in thousands) (unaudited)

[1] Third quarter 2024 total capital additions include $25.8 million of Direct Capital Investment ($25.3 million on active projects and $0.4 million on projects in planning) and certain other costs capitalized in accordance with GAAP.

Supplemental Schedule 5(a)

Aimco Active Development Project Summaries

(dollars in millions) (unaudited)

[1] The ground lease for Upton Place is presented at its initial GAAP value recorded at the formation of the joint venture.

[2] Includes the total of the land cost and the planned Direct Capital Investment for 34th Street.

[3] Includes the total of the land cost or leasehold valuation and the planned Direct Capital Investment for Upton Place, Strathmore Square, and Oak Shore.

[4] Includes the land cost and Direct Capital Investment for The Benson Hotel and Faculty Club, a 106-key hotel and event space on the Anschutz Medical Campus in Aurora, Colorado.

[5] Aimco equity ownership presented as estimated upon construction completion, net of debt and ground lease financing.

[6] Aimco's investment, representing 44% of the equity capital at project inception, has been fully funded, primarily through the contribution of land and pre-development efforts. The remaining investment will be funded through construction loan and preferred equity draws.

[7] Occupancy timing and stabilization are estimates subject to change.

Supplemental Schedule 5(b)

Aimco Development and Redevelopment Pipeline Projects

(unaudited)

Aimco controls a robust pipeline with opportunity for significant value creation. Aimco expects, on average across the development portfolio, to fund pipeline development projects with 50% to 60% loan-to-cost construction loans, Aimco equity of 10% to 15% of the total development cost, and the remaining costs funded with Co-GP and/or LP equity. In the aggregate, Aimco's equity currently embedded in these pipeline assets exceeds the Aimco equity required to fund construction of the pipeline in full. In addition, annual pipeline carry costs (exclusive of incremental investment) are fully covered by the cash flow from operating properties on the Brickell Assemblage. As previously announced, Aimco is marketing the Brickell Assemblage for sale.

[1] Project metrics are estimated and could deviate substantially from what is currently planned.

[2] Acreage includes land owned and land controlled through options for future development, for the Bioscience project, acreage is presented proportionate based on the buildable gross square feet.

[3] Owned in a joint venture structure.

[4] Subsequent to quarter end, Aimco's joint venture partner agreed to purchase Aimco's interest in 3333 Biscayne, the transaction is expected to close in the fourth quarter 2024.

Supplemental Schedule 6

Stabilized Operating Results

(amounts in thousands, except community, home and per home data) (unaudited)