8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)  February 10, 2022

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

(Exact name of registrant as specified in its charter)

Maryland (Apartment Investment and Management Company)	1-13232	84-1259577
Delaware (Aimco OP L.P.)	0-56223	85-2460835
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation or organization)	File Number)	Identification No.)

4582 SOUTH ULSTER STREET

SUITE 1450, DENVER, CO 80237

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (303) 224-7900

NOT APPLICABLE

(Former name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Apartment Investment and Management Company Class A Common Stock	AIV	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act.  ☐

ITEM 2.02.Results of Operations and Financial Condition.

On February 10, 2022, Apartment Investment and Management Company and Aimco OP L.P.  (the “Company”) issued a press release announcing its plan to report financial results for its fourth quarter ended December 31, 2021 recent highlights, and 2022 plans and goals. A copy of the press release is attached as exhibit 99.1 to this report.

The information under this Item 2.02 and Exhibit 99.1 is furnished by the Company in accordance with the rules of the Securities and Exchange Commission. This information shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01. Financial Statements and Exhibits.

       (d) The following exhibits are filed with this report:

99.1	Press release dated February, 10 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: February 10, 2022
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY
		/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer
	AIMCO OP L.P.
	By: Aimco OP GP, LLC, its general partner By: Apartment Investment and Management Company, its managing member
		/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Aimco Announces Fourth Quarter Earnings Date, Recent Highlights, and 2022PlansandGoals

Denver, Colorado, February 10, 2022 – Apartment Investment and Management Company (“Aimco”) (NYSE:AIV) announced today that it plans to report fourth quarter results for 2021 on March 1, 2022, after marketclose.

Inadvanceofreportingfullyearandfourthquarterresults,weareprovidingthefollowingsummaryofAimco’srecentaccomplishments alongwith plans andgoalsfor2022.

WesPowell,AimcoPresidentandChiefExecutiveOfficer,comments:“Aimcoexperiencedasuccessfulandhighlyproductive2021andthenewyearisofftoastrongstart.TheAimcoteamadvanceditsactivedevelopmentandredevelopment projects, which are producing favorable results; added meaningfully to its investment pipelinebysourcingopportunitiesforfuturevaluecreation;andeffectivelymanageditsstabilizedoperatingproperties.I remain grateful to our highly talented team for the results that have been delivered and look forward to themanyopportunities thatlieahead.”

2021andRecentHighlights:

OpportunisticandValueAddInvestments

In 2021, Aimco advanced eight distinctive development, redevelopment, and lease-up projects where weinvestedmorethan$200millionofcapital.Projectsremainontime,onbudgetandonplantocreatesubstantialvalue for shareholders. This is evidenced by demand, as the Aimco teams executed more than 630 leases onnewly constructed and delivered apartment homes, almost 200 more leases than were planned at the start oftheyearandatrentalrates averagingapproximately115%oftarget.

Additionally, Aimco’s team added to its pipeline of opportunities, by sourcing and securing new investmentsthatprovidetheopportunityforover4.5millionSFandmorethan$1billionofhighlyaccretivedevelopmentindynamic, high-growth markets. In early 2022, Aimco purchased a strategic land parcel for $1.7 million, furtherexpanding its assemblage of developable land in the Edgewater neighborhood of Miami, FL and closed thepreviously announced land acquisition in Fort Lauderdale, FL with its joint venture partner, the KushnerCompanies.To facilitate the $49 million ($25 million Aimco share) land purchase, the venture secured a $40millionloan($20.4millionAimcoshare).

AlternativeInvestments

In2021,operationsatParkmercedhavebeenstressedduetoreducedin-personlearningattheneighboringSanFrancisco State University and lower demand as the region navigates the pandemic and related restrictions.Through this, the borrower on Aimco’s $338 million mezzanine loan has performed, including by advancingcapitaltoservice its firstmortgage debtandhas reportedthat itexpects to dothesame in2022.

StabilizedOperatingPortfolio

In 2021, Aimco’s stabilized operating portfolio had solid results. We expect to report year-over-year revenueand Net Operating Income (“NOI”) growth of about 4% and 4%, respectively, and fourth quarter occupancy of98.7%.

FinancingActivity

In 2021, Aimco closed over $360 million in new financings, including, just prior to year-end, a $52 millionpreferredequitycommitmentfromaninstitutionalequitypartnertopartiallyfundtheUptonPlace

developmentinWashington,D.C.,freeingupAimcocapitalforotheraccretiveusesandimprovingtheexpectedreturnonAimco equity.

OtherItems

Aimcorecentlyretireditsobligationtofund$17.5millionofcertainlegalandenvironmentalliabilitiesthatpre-date the separation from Apartment Income REIT Corp. (“AIRC”), reducing ongoing transactions between thetwocompanies,simplifyingaccounting,andbetteraligningadministrativeresources.

During 2021, Aimco earned $8 million of fee income related to a specific acquisition and redevelopmentservices.

Finally,inearly2022,Aimcorepurchased202,400sharesofAimcoClassACommonStockataweightedaveragepriceof $6.49,inaccordancewithitsshare repurchase program.

2022PlansandGoals:

Aimco’s 2022 plan is an extension of its work in 2021 and supportive of its long-term growth strategy.Aimcointends to continue to focus on actively managing its development, redevelopment, and lease-up projects;growing its pipeline of accretive real estate investments; and maintaining a sizeable allocation to stabilizedoperatingpropertiesasneededtobalanceAimco’sriskprofileandprovidestablecashflow.

OpportunisticandValueAddInvestments

In2022,Aimcoplansto:

• Completethe construction ofFlamingoPoint’s North Tower in MiamiBeachand reach stabilizedoccupancy six months ahead of plan. The building is currently 91% leased with average monthly rentalratesmorethan$900aheadoftarget;

• Reach stabilized occupancy at The Fremont on the Anschutz Medical Campus in Aurora, CO (currently82% leased) and monetize its investments in 707 Leahy in Redwood City, CA and Prism in Cambridge,MAunderthetermsoftheMasterLeasingAgreementwith AIRC;

• Begin the phased delivery of fully renovated waterfront apartment homes and commence the lease-upof Hamilton on the Bay in Miami, FL.Average rental rates in the submarket have increased more than20%sinceAimcoacquiredthepropertyinQ3of2020;and

• ProgressthedevelopmentofUptonPlaceinWashington,DC,TheBensonHotelandFacultyClubontheAnschutzMedicalCampusinColorado,andOakShoreinCorteMadera,CA,whicharecurrentlyontimeandonbudget.

Aimco will also focus on expanding the opportunities in its pipeline by advancing entitlement and planning forpreviously identified projects located in Fort Lauderdale, FL, Miami, FL, Colorado Springs, CO, and Aurora, COthathavethepotentialtoincludemorethan1,700apartmenthomesatfullbuild-out.

Additionally, Aimco plans to grow its investment pipeline by sourcing value-add opportunities from within itsexistingportfolio,throughstrategicpartnerships,andlocalcontacts.Aimcoteamsareinactivediscussionsandnegotiationsonprospectiveopportunitiesacrossthecountry,including:

• A9-acredevelopmentsitelocatedinahigh-growthSouthFloridasubmarketthatcouldaccommodatenearly1,500units(or3millionGSF)atfullbuildout,forapriceofapproximately$100million;

• JointventuredevelopmentopportunitiesinSouthFlorida,SanDiego,andWashington,DCsubmarketsthattogethercouldaccommodateasmanyas 2,700units(or3millionGSF)atfullbuildout;

• Theleaseofaproperty locatedin Manhattan’s UpperEastSideneighborhoodfromAIRCtodevelop41luxuryapartmenthomes;and

• The acquisition of just over two acres of land contiguous to an existing Aimco property located inChicago’swesternsuburbs.

StabilizedOperatingPortfolio

Aimco forecasts to build upon solid 2021 operating results and maintain sufficient cash flow to cover all coreoverhead.

FinancingActivity

In 2022, Aimco plans to remain pre-funded for all investment commitments by utilizing its broad range ofavailablefinancingoptionsandeliminatingtheneedtoissueadditionalpublicmarketequity.Aimcohasnodebtmaturingin2022andwillstartpreparations for2023and2024debtmaturities.

TeamandCommunity

Aimco will continue to foster a healthy environment of respect and innovation, empowering Aimco humancapital to create value and maintain its commitment to the communities in which we work, live, and invest bybuildingapartmentcommunitieswithconservationandsustainabilityinmindandgivingbackbywayofAimcoCares,both inmonetarysupportandthrough volunteerism.

ShareholderValue

At year end 2022, Aimco estimates its Net Asset Value (“NAV”) will be approximately $12 per share (assumingstable cap rates and before ascribing any value creation from its current portfolio of opportunistic and valueaddinvestments).AimcoisontracktoreachitspreviouslyannouncedNAVtargetof$15-$16persharebyyearend2025.

AboutAimco

Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternativeinvestments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments whereoutcomesareenhancedthroughitshumancapitalsothatsubstantialvalueiscreatedforinvestors,teammates,and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For moreinformationaboutAimco,pleasevisitits websitewww.aimco.com.

Forward-LookingandPreliminaryStatements

Thisdocumentcontainsforward-lookingstatementswithinthemeaningofthefederalsecuritieslaws.Forward-lookingstatementsincludeallstatementsthatarenothistoricalstatementsoffactandthoseregardingitsintent,belief,orexpectations,including,butnotlimitedto,thestatementsinthisdocumentregardingourpreliminary2021accomplishmentsandourpreliminary2022plansandgoals,includingour2022pipelineinvestmentsandprojects.OurclosingproceduresforourfourthquarterandyearendedDecember31,2021arenotyetcomplete.Theinformationinthisdocumentispreliminaryandisbasedsolelyoninformationavailabletomanagementasof the date of this document and is subject to change. Our actual results remain subject to the completion ofmanagement’sfinalreviewandourotherclosingprocedures,aswellasthecompletionoftheauditofourannualconsolidated financial statements.Further, we caution that until full fourth quarter results are provided in itsearnings release and SEC Form 10-K, the figures and other information in this press release are subject torevisions,andsuch revisions could bematerial.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,”“should,”“seek(s)”andsimilarexpressions,orthenegativeoftheseterms,areintendedtoidentifysuchforward-lookingstatements.Theseforward-lookingstatementsarenotguaranteesoffutureperformance,conditionsorresults, and involve a number of known and unknown risks, uncertainties, assumptions and other importantfactors, many of which are outside the control of Aimco that could cause actual results or outcomes to differmaterially from those discussed in the forward-looking statement. Important factors, among others, that mayaffectactualresultsoroutcomesinclude,butarenotlimitedto:(i)theriskthatthe2022preliminaryplansand

goalsmaynotbecompletedinatimelymanneroratall,(ii)theinabilitytorecognizetheanticipatedbenefitsofthepipelineinvestmentsandprojects,and(iii)changesingeneraleconomicconditions,includingasaresultoftheCOVID-19pandemic.Althoughwebelievethattheassumptionsunderlyingtheforward-lookingstatementsarereasonable,wecangivenoassurancethat itsexpectationswillbeattained.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the sectionentitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31,2020,andsubsequentQuarterlyReportsonForm10-QandotherdocumentsAimcofilesfromtimetotimewiththeSEC.Thesefilingsidentifyandaddressimportantrisksanduncertaintiesthatcouldcauseactualeventsandresultstodiffermateriallyfromthosecontainedintheforward-lookingstatements.

These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no (anddisclaimsany)obligationtoreviseorupdatethemtoreflectfutureeventsorcircumstances.

Inthisdocument,AimcoispresentingexpectedRevenueandNOIgrowthforaperiodthatitwillreportinfutureSECfilings.Aimcohasnotfinalizedconsolidatedprojectionsfornetincomeforanyperiodbeyondactualresultsreported in the third quarter of 2021. Therefore, Aimco has not presented a reconciliation of expected NOIgrowth to net income or any other GAAP financial measure. Such information is either not readily available orwouldrequire unreasonableeffort to produceinthe contextof thisrelease.

Contact

MattFoster,Sr,Director,CapitalMarketsandInvestorRelationsInvestorRelations303-793-4661,investor@aimco.com

XML

Document and Entity Information	Feb. 10, 2022
Document Information [Line Items]
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Document Period End Date	Feb. 10, 2022
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Entity Address, Address Line Two	SUITE 1450
Entity Address, City or Town	DENVER
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AIV
Security Exchange Name	NYSE
AIMCO OP L.P. [Member]
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 10, 2022
Entity Registrant Name	AIMCO OP L.P.
Entity Central Index Key	0001820878
Entity Emerging Growth Company	false
Entity File Number	0-56223
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2460835
Entity Address, Address Line One	4582 SOUTH ULSTER STREET
Entity Address, Address Line Two	SUITE 1450
Entity Address, City or Town	DENVER
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900