Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today fourth quarter results for 2023, established 2024 guidance, and provided highlights on recent and planned activities.

Dear fellow and prospective stockholders,

I am pleased to report on our prior year results and provide you with our plans and goals for 2024.

While 2023 was a turbulent year on many fronts, the Aimco team delivered solid results and continued our efforts to increase stockholder value through effective investment management, prudent capital allocation, and continued simplification of the business.

Aimco’s portfolio of Stabilized Operating Properties produced $106 million of net operating income ("NOI") in 2023, an increase of 9.3% over 2022. Monthly revenue was up by nearly $200 per home and NOI margins expanded by 80 bps. During the fourth quarter, average daily occupancy increased to 97.5% and revenue per home was up 6.7% year-over-year.

In 2023, we invested $234 million, including $51 million of Aimco equity, into active development projects and another $19 million in planning across four markets and delivered over 350 new units. On average, rates for newly leased apartment homes exceeded our initial underwriting by more than $700 per month. Once fully stabilized, the projects underway during 2023 remain on pace to deliver an average yield on cost of approximately 7%.

Transaction activity was relatively muted during 2023 as capital and financial markets searched for solid footing. In our continued effort to simplify the business, and eliminate exposure to legacy investments, we sold a 20% stake in the Parkmerced mezzanine loan and monetized the associated interest rate swaption, resulting in proceeds of $91.5 million. In the fourth quarter, the purchaser of that position forfeited their option to acquire the remaining 80% which resulted in the subordination of their earlier investment. Also during the fourth quarter, we recognized a non-cash impairment to fully write off the remaining investment given the expiration of the buyer's purchase option, the loan's upcoming maturity date, and the financial position of the borrower. Aimco will continue to closely monitor the investment and engage with the borrower as we move closer to the loan’s initial maturity date in December 2024 which is concurrent with the maturity of the property's senior mortgage. In addition, during the fourth quarter we sold an entitled one-acre land parcel in Fort Lauderdale for $31 million ($16 million Aimco share), producing a levered IRR of more than 30% on the Aimco equity invested.

We view shares of Aimco common stock as an attractive investment opportunity given their pricing relative to the value of our assets and platform. As such, we allocated $45 million to the repurchase of 6.2 million shares during 2023, representing an average price per share of $7.33. Since the start of 2022, Aimco has repurchased 9.6 million shares at an average price of $7.29.

The Aimco balance sheet remains solid, with limited near-term maturities and our fixed rate property loans having an average duration of 7.2 years at favorable interest rates. During 2023 Aimco proactively retired $72 million of our highest cost debt. Since our late 2020 spin off of Apartment Income REIT Corp. ("AIRC") we have reduced total debt and leasehold liabilities by more than $525 million, increased our average time to maturity by 25%, and proactively managed the increase in our weighted average cost of debt, net of interest rate caps, to only 120 bps, during a period when the 10-year treasury rate increased by more than 400 bps.

I am grateful for our high-performing and dedicated team that has driven the growth of Aimco over these past several years. In 2023, we set an Aimco record with a team engagement score of 4.74 out of 5. In addition, we maintain a consistent focus on cost control, driving efficiency, and ‘right-sizing’ the organization to meet the needs of the business. In doing so we realized G&A savings of more than 17% compared with the prior year.

As we turn to 2024, I am optimistic about what lies ahead. Independent of those factors beyond our control and yet unknown, including Fed policy, interest rates, and the strength of the US economy, Aimco is well positioned and remains intently focused on maximizing and unlocking shareholder value.

As we have consistently outlined, a key component of Aimco’s business plan includes making targeted opportunistic investments, creating value through accretive sourcing and structuring of acquisitions, asset management, land entitlement, and development and redevelopment, and then realizing the value created through strategic dispositions or recapitalizations.

Consistent with that philosophy, in November 2023, we announced plans to market for sale our 1001 Brickell Bay Drive office building and the adjacent Yacht Club apartment building located on Biscayne Bay in Miami, collectively also known as the "Brickell Assemblage", along with certain other assets. Plans for those sales are advancing with an expected broad marketing effort to be kicked off in the coming weeks and, if pricing and terms are acceptable, we expect to complete certain of these transactions by year end. We anticipate that these asset sales will further demonstrate the embedded value within our portfolio, lead to its further simplification and reward shareholders for their conviction in Aimco. The proceeds from the planned sales will be prudently allocated with a preference for returning capital to stockholders and retiring associated liabilities.

Aimco’s Stabilized Operating portfolio of 5,600 apartment homes, which are predominantly located in the Midwest and Northeast markets, are projected to realize revenue growth of 2.75%, at the mid-point of our guidance range for 2024. We expect expenses to be up 7.0% at the mid-point of our guidance range, primarily driven by elevated real estate taxes following favorable appeals in 2023. This results in projected full year NOI growth of between -0.75% to 2.75%.

While Development and Redevelopment remains a core competency and differentiator for Aimco, we expect to substantially reduce the amount of capital allocated to these activities in 2024 and beyond. This year our teams will deliver nearly 700 apartment homes and complete construction on all projects currently underway. We plan to continue investing in our pipeline and will commence vertical construction on a select number of pipeline projects over the next several years, provided the risk-adjusted returns are favorable and with the understanding that these investments will be funded with a greater percentage of third-party capital, such that Aimco's commitment is primarily limited to the dollars invested during the entitlement and planning process.

Finally, during the year ahead we will remain disciplined in the management of our balance sheet, continue to manage costs to most efficiently meet the needs of the business, and foster a culture of integrity, respect, and collaboration. Above all else, we remain committed to creating and unlocking value for Aimco stockholders.

Take care, and thank you for your interest in Aimco!

Wes Powell

President and Chief Executive Officer

Financial Results and Highlights

Fourth Quarter and Full Year 2023 Results

• Net loss attributable to common stockholders per share, on a fully dilutive basis, was $(1.07) and $(1.16) for the quarter and year ended December 31, 2023, respectively, due primarily to a non-cash impairment charge related to the Parkmerced mezzanine investment. This compares to net loss per share of $(1.35) and net income per share of $0.49, for the same periods in 2022.
• Fourth Quarter 2023 revenue, expenses, and NOI from Aimco’s Stabilized Operating Properties increased 6.8%, 5.6%, and 7.2%, respectively, year-over-year, with average monthly revenue per apartment home increasing by 6.7% to $2,343. Full year 2023 NOI from the same portfolio was $105.7 million, up 9.3% year-over-year.
• During 2023, Aimco delivered 350 apartment homes at The Hamilton in Miami, Florida and Upton Place in Washington, D.C., opened the 106-key Benson Hotel and Faculty Club in Aurora, Colorado, and completed five luxury rental homes at Oak Shore in Corte Madera, California. At these projects Aimco signed leases at rates, on average, 17% above underwritten levels.
• In 2023, Aimco monetized $122.7 million of assets including the sale of a development land parcel in Fort Lauderdale, Florida, the sale of a 20% stake of Aimco's Parkmerced mezzanine investment, and the associated swaption. In the fourth quarter of 2023, the purchaser of that position forfeited their option to acquire the remaining 80% of the Parkmerced mezzanine investment when they failed to make a required interest payment, resulting in the subordination of their earlier investment.
• Aimco acquired 1.4 million shares of its common stock during the fourth quarter 2023 at an average cost of $6.75 per share. For the full year 2023, Aimco acquired 6.2 million shares at an average price of $7.33 per share.

2024 Outlook Highlights

• Aimco expects revenue growth in 2024 to be driven primarily from leases transacted in 2023 and expenses to be elevated due to increases in real estate taxes, including favorable appeals received in 2023 for prior periods. Full year 2024 guidance for Stabilized Property Operations is as follows:

• Aimco expects to invest $70 - $100 million to complete all development projects currently underway and potentially start one new project. Additionally, Aimco expects to invest $12 - $17 million to advance select projects in its pipeline. In total, between $12 and $22 million of incremental Aimco equity is expected to be allocated to development activities. By year end, the size of Aimco's portfolio of development projects under construction is forecast to be lower by more than 50% as compared to year end 2023.
• Aimco plans to market for sale its Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building, a 4.25-acre waterfront site in Miami also known as the "Brickell Assemblage" and certain other assets in 2024. While Aimco expects the sales to occur by the end of 2024, a transaction will occur only if pricing and terms are favorable. Aimco expects that the proceeds from any completed dispositions will be prudently allocated with a preference for returning capital to stockholders and retiring associated liabilities.

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.

Aimco’s Stabilized Operating Properties produced solid results for the quarter ended December 31, 2023.

• Revenue in the fourth quarter 2023 was $38.4 million, up 6.8% year-over-year, resulting from a 6.7% increase in average monthly revenue per apartment home to $2,343 and a 10-basis point increase in Average Daily Occupancy to 97.5%.
• Given our fourth quarter focus on increasing average daily occupancy, up 230 bps over the prior quarter, effective rents on all leases during the fourth quarter were 0.6% lower, on average, than the previous lease and 59.2% of residents whose leases were expiring signed renewals. Effective rents on all transacted leases in 2023 were 7.3% higher, on average, than the previous lease.
• The median annual household income of new residents was $115,000 in the fourth quarter 2023, representing a rent-to-income ratio of 20.8%, up 160 bps from the same period last year.
• Expenses in the fourth quarter 2023 were up 5.6% year-over-year, primarily from higher insurance costs.
• NOI in the fourth quarter 2023 was $27.7 million, up 7.2% year-over-year. Aimco's full year 2023 NOI was $105.7 million, up 9.3% year-over-year.
• Year to date, as of February 20, 2024, effective rents on all transacted leases were 3.0% higher, on average, than the previous lease.

Value Add, Opportunistic & Alternative 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 December 31, 2023, Aimco had four active development and redevelopment projects located in three U.S. markets, in varying phases of construction and lease-up. These projects remain on track, as measured by construction budget and lease-up metrics. Additionally, Aimco has a pipeline of future value add opportunities totaling approximately 13 million gross square feet of development in Aimco's target markets of Southeast Florida, the Washington D.C. Metro, and Colorado's Front Range. During the fourth quarter, Aimco invested $54.5 million in development and redevelopment activities. Updates on active development and redevelopment projects include:

• In Bethesda, Maryland, construction is progressing on plan at the first phase of Strathmore Square, which will contain 220 highly tailored apartment homes with initial delivery on track for the second half of 2024. This suburban infill project is located adjacent to the Grosvenor-Strathmore Metro station and the Strathmore Performing Arts Campus, and is 1.5 miles from The National Institutes of Health main campus. Funding for the project is fully secured with Aimco having already funded 100% of its equity commitment.
• In Upper Northwest Washington D.C., construction at Upton Place is nearing completion and remains on schedule and on budget. As of February 20, 2024, Aimco has delivered 450 apartment homes, with the first residents at Upton Place having moved into their new homes during the fourth quarter of 2023. Seventy units are now leased or pre-leased with 28 homes occupied, at rates ahead of our initial projections. Additionally, 80% of the project's 105K square feet of retail space has been leased, and Aimco is in final lease negotiations with retailers on an incremental 7%.
• In Corte Madera, California, construction is ongoing at Oak Shore where 16 luxury single-family rental homes and eight accessory dwelling units are being developed. Construction has been completed on five homes with two now occupied. As of February 20, 2024, Aimco had pre-leased another seven of the homes at rates ahead of our initial projections.
• In Aurora, Colorado, The Benson Hotel and Faculty Club, a 106-key boutique hotel and event center with 18K square feet of event space, is complete and open to guests. In January 2024, average daily rate achieved by the hotel was up more than 12% from December 2023.
• In the fourth quarter 2023, Aimco invested $3 million into programming, design, documentation, and entitlement efforts related to select pipeline projects located in Southeast Florida, the Washington D.C. Metro, and Colorado’s Front Range. Consistent with Aimco's capital allocation strategy, it may choose to monetize certain pipeline assets prior to vertical construction in an effort to maximize value add and risk-adjusted returns.

Alternative Investments

Aimco's alternative investments primarily originated prior to the spin-off of AIRC. Over time, we plan to significantly reduce capital allocated to these investments. Updates include:

• In 2023, Aimco monetized $91.5 million of its Parkmerced mezzanine investments through the sale of a 20% interest in the loan, pre-paid interest, and the monetization of the associated interest rate swaption. The buyer of the partial interest in the loan received an option to purchase Aimco’s remaining 80%, however, the option expired when the buyer did not make its contractual payment in the fourth quarter 2023 required to maintain its purchase option.
• In accordance with GAAP and because Aimco receives first priority and a higher annualized return than the buyer of the partial interest in the loan, Aimco was required to record the $33.5 million of cash received from the buyer as a balance sheet liability. No amount is due to repay the liability until after Aimco receives cash payments in a subsequent transaction or recapitalization that total $134 million (Aimco's 80% remaining ownership of the loan) plus its annualized return.
• Additionally, considering various quantitative and qualitative factors including the buyer’s option expiration, the loan's maturity date, which is concurrent with the property's senior mortgage, and the financial condition of the borrower, Aimco recorded a $158.0 million non-cash impairment to fully write off the remaining investment.
• Aimco continues to monitor the mezzanine investment and will seek to recover maximum value but expects to do so without a significant capital investment or allocation of resources.

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.

• In the fourth quarter 2023, Aimco's joint venture in Fort Lauderdale, Florida monetized an additional portion of its investment by closing on the sale of the second of three land parcels along Broward Avenue. The 1.1-acre land parcel was sold for $31.2 million ($15.9 million at Aimco share), more than double the original purchase price per acre and resulting in a levered internal rate of return of more than 30%.

Balance Sheet and Financing Activity

Aimco is highly focused on maintaining a strong balance sheet, including ample liquidity at all times. As of December 31, 2023, Aimco had access to $289.3 million, including $122.6 million of cash on hand, $16.7 million of restricted cash, and the capacity to borrow up to $150.0 million on its revolving credit facility.

• In 2023, Aimco retired $71.7 million of property loans that, upon retirement, had a weighted average cost of 11.2%, net of interest rate caps, and drew $162.9 million on construction loans with a weighted average effective rate of 7.8%, on December 31, 2023, net of interest rate caps.
• In the fourth quarter 2023, Aimco exercised an option to extend the duration of its revolving credit facility for 12 months. Aimco will now retain the capacity to borrow up to $150.0 million through December 2024 and has one remaining 12-month extension option.

Aimco’s net leverage as of December 31, 2023, was as follows:

As of December 31, 2023, 100% of Aimco's total debt was either fixed rate or hedged with interest rate cap protection and, including contractual extensions, Aimco has only $8.5 million, or less than 1% of its total debt, maturing prior to May 2026.

Public Market Equity

Common Stock Repurchases

• In the fourth quarter, Aimco repurchased 1.4 million shares of its common stock at a weighted average price of $6.75 per share. In 2023, Aimco repurchased 6.2 million shares of its common stock at a weighted average price of approximately $7.33 per share. As of December 31, 2023, Aimco had 21 million shares remaining under this authorization.
• In the fourth quarter, approximately 57,000 units of the Aimco Operating Partnership's equity securities were redeemed in exchange for cash at a weighted average price per unit of $6.51. In 2023, approximately 149,000 units were redeemed in exchange for cash at a weighted average price per unit of $7.25.
• Subsequent to year end, Aimco repurchased 0.2 million shares of its common stock at a weighted average price of $7.44 per share.

2024 Outlook

Operating Properties

Aimco's Stabilized Operating Portfolio includes properties with rents, on average, in line with local market rents, generally considered class B apartment communities. These properties are primarily located in suburban residential areas of Boston and Chicago with other select assets in Manhattan and Southeast Florida, and single assets in Denver, Nashville, Atlanta, and San Francisco.

In the fourth quarter 2023, more than 80% of Aimco's Stabilized Operating NOI was earned by apartment communities located in markets that are expected to have below average new supply pressure in 2024. On average, the markets where Aimco has stabilized apartment communities are forecast to have deliveries of new apartment homes equal to 2.1% of existing supply.^[1]

In 2024, Aimco forecasts revenues to grow between 1.75% and 3.75%, and operating expenses to increase between 6.00% and 8.00%, resulting in NOI growth between -0.75% and 2.75%.

2024 revenue growth is expected primarily from leasing transactions in 2023. Aimco expects expenses to be elevated in 2024 primarily from increases in real estate taxes in part due to favorable appeals in 2023 for prior periods.

Active Developments and Redevelopments

Planned incremental direct capital investment in development and redevelopment projects during 2024 is expected to be between $70 - $100 million down from $197 million in 2023. Aimco's incremental equity investment in these activities is expected to be $0 - $5 million with the remainder funded through third party debt and equity, compared to $51 million of Aimco equity in 2023.

In 2024, Aimco plans to:

• Complete the construction and continue to lease up Oak Shore with NOI stabilization projected to occur in 2025;
• Complete construction and continue to lease up Upton Place with NOI stabilization projected to occur in 2026;
• Complete construction and commence lease-up of Strathmore Square with NOI stabilization projected to occur in 2026; and
• Begin construction activities on up to one new project, assuming market conditions, construction costs, and pricing and terms for third party financing are acceptable and with limited additional Aimco equity.

Pipeline Projects

Aimco's future pipeline is located in Southeast Florida, the Washington D.C. Metro Area, and Colorado's Front Range. The pipeline is comprised of land assemblages that provide the opportunity for phased multifamily and mixed-use development, real estate where the development opportunity is worth more than the capitalized value of the current income producing assets, and Aimco-controlled options that provide opportunity to access future development rights. Aimco's current pipeline offers the opportunity to construct approximately 13 million square feet over the next decade or so.

Aimco is advancing planning efforts prudently such that incremental time and cost add value independent of a decision to commence construction. During 2024, Aimco expects to invest between $12 and $17 million to advance planning and entitlement of certain of its future development pipeline projects and to start up to one project, provided the risk-adjusted returns are favorable and with the understanding that Aimco equity invested will primarily be limited to the equity currently embedded in the asset.

Real Estate Transactions

In the first quarter 2024, Aimco plans to fully market its Brickell Assemblage for sale and, while Aimco does not provide specific guidance related to future transactions, if pricing and terms are acceptable, Aimco expects to complete the transaction by year end. Aimco also plans to market certain other assets for sale and plans to provide updates on any transaction when outcomes are certain. Any proceeds generated from these transactions are expected to be prudently allocated to return capital to stockholders, reduce leverage, and/or accretive new investments.

General and Administrative

Aimco expects G&A expense, measured in accordance with GAAP, in 2024 to be $33 to $35 million, or an increase of 3% at the midpoint, roughly in line with inflation expectations, following a decrease of 17% in 2023.

Leverage

Aimco uses leverage to capitalize its real estate portfolio and construction activities so that Aimco preserves liquidity and so that Aimco equity is invested in diverse projects and markets, mitigating concentration risk. Aimco prefers non-recourse property-level financing with fixed, or rate-capped floating interest rates. In addition, Aimco has a secured revolving credit facility providing additional liquidity.

In 2024, before any potential dispositions, Aimco expects fixed rate and floating rate property loan balances to be in line with ending balances for 2023, with only a single loan maturing in 2024 with refunding requirements limited to $8.5 million, and Aimco does not anticipate needing to draw on its $150 million revolving credit facility. Aimco does plan to draw between $85 and $90 million on fully committed construction loans for planned costs related to development projects. In accordance with GAAP, interest expense, net of capitalization, is expected to increase in 2024 due to a $19.5 million reduction in capitalized interest as development projects are completed.

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.

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.

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 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, 2022, 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.

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