Aimco (AIV) Stock: $2.75 Paid in Liquidation, $3.00 to $4.35 Left

Which Aimco is this? Not AIR Communities

Two names get mixed up in search results. On December 15, 2020 Aimco completed a separation that created two public companies: Aimco (this page) and Apartment Income REIT Corp., known as AIR Communities. They have separate filings. AIR's own 8-K of July 1, 2024 says the merger with affiliates of Blackstone Real Estate Partners X closed on June 28, 2024. Aimco is the one that is liquidating.

Two other things are easy to confuse. Aimco OP L.P. is the operating partnership; its units are not listed, and it files the same 10-Q as Aimco in a combined document. Per-share numbers on this page apply to AIV shares and to OP units one for one, as the distributions did.

Every payment since the start of 2025

The 10-Q calls the 2026 payments “special liquidating distributions.” They are not a recurring dividend, so a “dividend yield” for AIV built from them annualizes one-off payments.

The company's estimate, line by line

On March 2, 2026 Aimco published a schedule that splits the $5.75 to $7.10 into five parts. We added the low and high columns: they sum to $5.75 and $7.10 (our arithmetic).

Three cautions come from the company's own wording. The proxy says the estimate was “as of October 29, 2025” and “does not take into account changes in economic conditions that have occurred since that time.” The March 2 schedule assumed 151.4 million shares, units and maximum dilutive equivalents. And the Q2 10-Q does not restate the range: it gives net assets in liquidation instead, which is the next section.

Net assets in liquidation: the number the 10-Q actually reports

From February 1, 2026 Aimco stopped reporting income and uses liquidation-basis accounting. The headline figure is net assets in liquidation. Dividing by OP units outstanding gives a per-unit figure; the company does not print one, so these are our arithmetic.

Net assets fell $406.6 million from February 1 to June 30: $408.8 million of distributions, partly offset by $1.5 million from remeasurement. Real estate was carried at $1,055.5 million at liquidation value, against $430.1 million of property debt, construction loans and bridge financing, and $145.2 million of “estimated costs in excess of estimated receipts” (carrying costs, interest, G&A, construction spending and deal costs until everything is sold). On February 1 that accrual was $145.7 million, of which $51.6 million was liquidation transaction costs and $72.8 million was capital spending on the 34th Street tower.

Why the per-unit number is a floor, not a forecast. The 10-Q says the figure “included $33.5 million of excess liabilities which we do not believe are represented at their estimated fair value but cannot be derecognized under GAAP at this time.” That is $0.23 a unit (our arithmetic). It is the cash received in 2023 for a 20% participation in the Parkmerced mezzanine loan, which is owed back only after the company collects $134.0 million plus a return. The loan itself, originally $275.0 million, “had not been repaid and was in maturity default as of June 30, 2026.” How much of it is worth collecting is a judgment call in the asset side too. Also note the 10-Q reports that 2,196 OP units were redeemed for cash in June 2026 at a weighted average of $4.15 a unit. That is a tiny redemption, not a market quote, but it is a figure in the filing above the $3.47.

What has been sold, and for how much

Aimco says it sold $1.26 billion of real estate in 2025. By February 9, 2026 it had contracts on 12 properties with four buyers at about $680 million gross and about $30 million of non-refundable deposits. The Brickell seller notes are the unusual piece: 24-month terms, interest compounding at 12% rising to 16% after twelve months, a 3% exit fee, and two one-year renewals at the buyer's option. “Notes receivable and other investments” totaled $91.4 million at June 30.

What is left to sell

Cash was $69.8 million plus $8.9 million restricted. All debt was fixed or hedged, and with extensions the 10-Q says there is no maturity before December 2027.

Tax: what the company says

The proxy statement for the vote, not an adviser, is where Aimco spelled out the tax mechanics. This is the company's description, not tax advice.

The year-end tax form is the other piece: ask your broker how it reports liquidating distributions on Form 1099-DIV. For the mechanics of reporting, see Form 8949 and Schedule D for REIT and BDC sales and the 1099-DIV due date for non-traded REIT and BDC investors. For how return of capital works at an ordinary REIT, see REIT distributions and return of capital.

What happens next, with dates

The proxy says the board may transfer unsold assets to a liquidating trust and, “at a future date to be determined by the Board,” expects to delist the shares from the NYSE to cut costs. It also says interests in a liquidating trust generally cannot be transferred, so holders who want to sell on an exchange face a deadline that the company has not announced. The 10-Q says “the Company has no present plans or intentions to modify, amend or abandon” the plan. Aimco has bought back no shares since January 9, 2025.

What a holder or interested reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check:

• Compare the dollars you have already received with your cost basis. Each liquidating payment first reduces basis. Your broker's cost-basis report, not the company, tells you where you stand.
• Read the next 10-Q for three numbers: net assets in liquidation, OP units outstanding, and the “costs in excess of estimated receipts” liability. If the first falls by less than a distribution, remeasurement is helping. If it falls by more, costs are rising.
• Treat $3.00 to $4.35 as the company's range, not a promise. The proxy warns that “we may not be able to make any distributions, even if we sell all the Remaining Company Assets.” The land and lease-up bucket is the swing factor.
• Do not read the 2025 and 2026 payments as income. The filings call them special dividends and liquidating distributions, and the proxy says no regular quarterly distribution is planned.
• If you also hold a non-traded REIT, the difference between a listed REIT and a non-traded one matters at exit: see non-traded vs publicly traded REITs. Another liquidation we track is USQ Core Real Estate Fund.

For what an adviser costs on a position like this, see what a financial advisor costs for real estate investing.

FAQ

All figures are from SEC filings read on EDGAR on October 16, 2026. Apartment Investment and Management Company (CIK 922864): Form 10-K for 2025 (accession 0001193125-26-085547); Forms 10-Q for March 31, 2026 (0001193125-26-216904) and June 30, 2026 (0001193125-26-338545); the definitive proxy statement DEFM14A of January 2, 2026 (0001193125-26-001074); Forms 8-K of September 15, 2025 (0001193125-25-203790), November 10, 2025 (0001193125-25-274493), December 15 and 23, 2025 (0001193125-25-319258, 0001193125-25-330971), February 2 and 9, March 2 and March 30, 2026 (0001193125-26-033763, 0001193125-26-042847, 0001193125-26-085511, 0001193125-26-132051) and October 2, 2026 (0001193125-26-412428); and Apartment Income REIT Corp. (CIK 1820877) Form 8-K of July 1, 2024 (0001140361-24-032015). Per-unit figures, remaining amounts, sums and deadlines are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.