Apartment Investment and Management Company (AIV) filed a definitive proxy statement on January 5 2026, setting a special stockholder meeting for February 6 2026 to vote on its Plan of Sale and Liquidation. Shareholders of record as of December 31 2025 are eligible to vote, and the plan will wind down all remaining assets and distribute net proceeds to shareholders.
The proxy outlines a distribution range of $5.75 to $7.10 per share, depending on the final sale proceeds after debt obligations are satisfied. The range reflects the uncertainty in the timing and amount of proceeds from the remaining asset sales and the company’s high debt load, which will reduce the amount available for distribution.
AIV has been divesting assets throughout 2025, selling its Boston portfolio for $1.26 billion and the Brickell Assemblage for $520 million, among other properties. These sales have reduced the company’s debt and built cash reserves, enabling the board to conclude that liquidating the remaining portfolio is the most value‑maximizing strategy after the earlier sales.
Financially, AIV reported Q4 2025 assets of $2.08 billion and liabilities of $1.82 billion, with total debt of $960.7 million and a debt‑to‑equity ratio of 15.5. Revenue for the period was $210.89 million, and the company posted a net income of $238.56 million, translating to an EPS of $1.72. However, recent quarters have shown losses, largely due to the high debt burden and the impact of asset sales on operating income.
CEO Wes Powell emphasized that the company has always been committed to delivering returns to shareholders. “Over our long history, we have acquired, constructed, renovated, and actively managed a large portfolio of multifamily assets, and we remain dedicated to delivering exceptional returns for our partners and shareholders,” Powell said, underscoring that the liquidation plan continues that commitment.
Investors have responded positively to AIV’s asset sales and the liquidation plan, viewing it as a clear path to return capital. The plan signals a strategic shift from operating to liquidating, which is expected to provide shareholders with a tangible payout and reduce the company’s debt exposure.
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