Apartment Investment and Management Company (AIV) investor relations material

Executive summary

• The company adopted a Plan of Sale and Liquidation in February 2026, aiming to sell all assets, settle liabilities, and distribute net proceeds to shareholders within 24 months of approval.

• Liquidation basis accounting was adopted as of February 1, 2026, with assets adjusted to estimated net realizable value and liabilities to expected settlement amounts.

• Special liquidating distributions of $1.45 and $1.30 per share/unit were paid in March and June 2026, respectively.

• As of June 30, 2026, net assets in liquidation were $514.6 million.

Financial highlights

• Net assets in liquidation decreased by $406.6 million from February 1 to June 30, 2026, mainly due to $408.8 million in liquidating distributions.

• Estimated liquidation value of real estate increased by $72.9 million, offset by a $71.4 million increase in estimated costs in excess of receipts.

• As of June 30, 2026, total assets were $1.24 billion and total liabilities were $724.96 million.

• Cash and cash equivalents were $69.8 million, with $8.9 million in restricted cash.

Outlook and guidance

• The company expects to complete asset sales and liquidation within 24 months of February 2026, but timing and proceeds are subject to market conditions and other uncertainties.

• No further stockholder approval is required for asset sales or liquidation steps.