During the third and fourth quarters of 2025, we sold five properties located in the suburban Boston area in Massachusetts, New Hampshire, and Rhode Island (the “Boston Portfolio”) for $740.0 million. In connection with the sale of the Boston portfolio, $173.4 million of non-recourse property debt was assumed by the purchaser.

In January 2026, we received the remaining funding of a significant, non-refundable deposit for the sale of our portfolio of seven apartment properties located in the Chicago market (the “Chicago Portfolio”). We determined that the Chicago Portfolio met the held-for-sale criteria beginning on this date. In March 2026, we completed the sale of the Chicago Portfolio for $455.0 million. In connection with the sale of the Chicago Portfolio, $282.5 million of non-recourse property debt was assumed by the purchaser.

We determined that the Boston Portfolio and Chicago Portfolio were each disposal groups that met the criteria of discontinued operations as the sales of these properties represented strategic shifts that had significant effects on our operations and, as such,

the results, assets, and liabilities of these properties are classified as discontinued operations for all periods presented in accordance with ASC 205-20 “Presentation of Financial Statements: Discontinued Operations”.

The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the discontinued operations as of December 31, 2025 (in thousands):


	December 31, 2025
Buildings and improvements	$	269,961
Land		23,128
Total real estate		293,089
Accumulated depreciation		(175,700	)
Net real estate		117,389
Restricted cash		1,539
Other assets, net		372
Assets from discontinued operations, net	$	119,300

Non-recourse property debt, net	$	281,303
Accrued liabilities and other		10,903
Liabilities from discontinued operations, net	$	292,206

The following table summarizes income from discontinued operations for the month ended January 31, 2026, and three months ended March 31, 2025:


	Month Ended January 31,			Three Months Ended March 31,
	2026			2025
REVENUES
Rental and other property revenues	$	3,994		$	29,470

OPERATING EXPENSES
Property operating expenses		1,647			9,927
Depreciation and amortization		398			4,366
Total operating expenses		2,045			14,293

Interest income		—			7
Interest expense		(1,086	)		(5,743	)
Income (loss) from discontinued operations before income tax		863			9,441
Income tax benefit (expense)		—			—
Income (loss) from discontinued operations, net of taxes		863			9,441
(Income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership		(29	)		(494	)
Net income (loss) from discontinued operations attributable to Aimco	$	834		$	8,947

During the fourth quarter of 2025, we entered into an agreement to sell two properties located in Plantation, Florida, and Nashville, Tennessee and received a significant, non-refundable deposit in connection therewith. We determined the two properties represented a disposal group that met the criteria to be classified as held for sale as of January 31, 2026, and December 31, 2025. In February 2026, we completed the sale of these two properties for $155.0 million. The transaction does not meet the criteria for discontinued operations classification.

The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of December 31, 2025 (in thousands):


	December 31, 2025
Buildings and improvements	$	80,627
Land		6,645
Total real estate		87,272
Accumulated depreciation		(61,341	)
Net real estate		25,931
Restricted cash		635
Other assets, net		281
Assets held for sale, net	$	26,847

Non-recourse property debt, net	$	105,506
Accrued liabilities and other		2,241
Liabilities related to assets held for sale, net	$	107,747