Revenue: As of FY2025, the actual value is USD 138.49 M.EPS: As of FY2025, the actual value is USD 3.87.EBIT: As of FY2025, the actual value is USD -118.85 M.<h4>Segment Revenue</h4><ul><li>Development Segment: Rental and other property revenues were $27,518 million for the year ended December 31, 2025, an increase of $17,666 million compared to $9,852 million in 2024.</li><li>Operating Segment: Rental and other property revenues were $72,519 million for the year ended December 31, 2025, an increase of $830 million (1.2%) compared to $71,689 million in 2024.</li><li>Other Segment: Rental and other property revenues were $7,553 million for the year ended December 31, 2025, an increase of $863 million (12.9%) compared to $6,690 million in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Net Income Attributable to Apartment Investment and Management Company: Net income was $554,009 million for the year ended December 31, 2025, compared to a net loss of - $102,468 million in 2024.</li><li>Property Net Operating Income (PNOI):<ul><li>Development Segment: PNOI was $14,242 million for the year ended December 31, 2025, an increase of $13,858 million compared to $384 million in 2024.</li><li>Operating Segment: PNOI was $47,649 million for the year ended December 31, 2025, a decrease of - $992 million (-2.0%) compared to $48,641 million in 2024, primarily due to a 7.9% increase in property operating expenses, partially offset by a 1.2% increase in rental and other property revenues.</li><li>Other Segment: PNOI was - $1,033 million for the year ended December 31, 2025, a slight decrease of - $11 million (1.1%) compared to - $1,022 million in 2024.</li></ul></li><li>Property Operating Expenses (net of utility reimbursements):<ul><li>Development Segment: Expenses were $13,276 million for the year ended December 31, 2025, an increase of $3,808 million compared to $9,468 million in 2024.</li><li>Operating Segment: Expenses were $24,870 million for the year ended December 31, 2025, an increase of $1,822 million (7.9%) compared to $23,048 million in 2024, mainly due to higher real estate taxes.</li><li>Other Segment: Expenses were $8,586 million for the year ended December 31, 2025, an increase of $874 million (11.3%) compared to $7,712 million in 2024, primarily due to increased food and beverage operating expenses.</li></ul></li><li>General and Administrative Expenses: Expenses increased by $1.2 million to $34,026 million in 2025 compared to $32,837 million in 2024, mainly due to increased short-term incentive compensation and reduced capitalization payroll costs.</li><li>Impairment on Real Estate: Apartment Investment and Management Company recognized $147.5 million in impairment losses in 2025, with no impairment losses in 2024.</li><li>Impairment on IQHQ Investment: Non-cash impairment charges of $6.6 million were recognized in 2025, reducing the carrying value to $4.5 million, compared to $48.6 million in 2024.</li><li>Gain on Dispositions of Real Estate: Gains of $237.1 million were recognized in 2025, primarily from the sale of the Brickell Assemblage, compared to $10.6 million in 2024.</li><li>Income from Discontinued Operations, Net: Income from discontinued operations was $551.2 million in 2025, primarily due to a $545.9 million gain on disposal from the sale of five properties in the suburban Boston portfolio, compared to $28.2 million in 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: $8.1 million for the year ended December 31, 2025, a decrease of - $38.9 million compared to 2024.</li><li>Net Cash Provided by Investing Activities: $875.0 million for the year ended December 31, 2025, compared to $30.6 million in 2024, primarily due to higher proceeds from real estate dispositions and decreased capital expenditures.</li><li>Net Cash Used in Financing Activities: - $648.8 million for the year ended December 31, 2025, compared to - $43.9 million in 2024, driven by dividend payments, principal repayments on non-recourse property debt, and decreased proceeds from construction loans.</li></ul><h4>Unique Metrics</h4><ul><li>Asset Sales: Apartment Investment and Management Company sold $1.26 billion of real estate assets in 2025, including a suburban Boston property for $250 million and the Brickell Assemblage for $520 million.</li><li>Development Investment: $93.6 million was invested in development activities in 2025, down from $126.1 million in 2024.</li><li>Liquidity: As of December 31, 2025, Apartment Investment and Management Company had $394.9 million in cash and cash equivalents and $11.7 million in restricted cash, totaling $406.6 million in available liquidity.</li><li>Debt Structure: As of December 31, 2025, 100% of Apartment Investment and Management Company’s debt was fixed rate or hedged, with a weighted-average contractual rate of 4.4% and an average remaining term of 4.7 years, and no debt maturing before June 2027.</li><li>Dividends: Total dividends for 2025 were $2.83 per share, including a special cash dividend of $2.23 per share paid in October 2025.</li></ul><h4>Outlook / Guidance</h4>Following the adoption of a Plan of Sale and Liquidation, Apartment Investment and Management Company plans to sell its assets and return net proceeds to stockholders, subject to liabilities. The company will continue managing properties until sold and has announced an initial liquidating distribution of $1.45 per share, totaling approximately $220 million, to be paid on March 13, 2026. Apartment Investment and Management Company anticipates sufficient liquidity from current cash, operations, and planned dispositions to meet operational needs and debt maturities through the liquidation process.

Apartment Investment | 10-K: FY2025 Revenue: USD 138.49 M