DEF 14A of Apartment Investment & Management Co, Apr 24, 2026

DEF 14A of Apartment Investment & Management Co

Filed Apr 24, 2026 · FY20250001193125-26-177149

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS Pursuant to Aimco’s Articles of Amendment and Restatement (the “Charter”) and Amended and Restated Bylaws (the “Bylaws”), directors are elected at each annual meeting of stockholders and hold office for one year, and until their successors are duly elected and qualify. Aimco’s Bylaws currently authorize a Board consisting of not fewer than three persons. The Board currently consists of nine directors. Upon the selection and recommendation of the Nominating, Environmental, Social and Governance Committee, the Board has unanimously nominated and recommended the following nominees for election to the Board at the Annual Meeting:

  2. ELECTION OF DIRECTORS

    | Wes Powell | Jay Paul Leupp | R. Dary Stone | | Quincy Allen | Sherry L. Rexroad | James Patrick Sullivan | | Patricia L. Gibson | Deborah Smith | Kirk A. Sykes |

  3. ELECTION OF DIRECTORS

    All of the nominees were elected to the Board at the last annual meeting of stockholders. Messrs. Allen, Leupp, Stone, Sullivan, and Sykes and Mses. Gibson, Rexroad, and Smith are not employed by, or affiliated with, Aimco, other than by serving as directors of Aimco. Unless authority to vote for the election of directors has been specifically withheld, the persons named in the accompanying proxy intend to vote for the election of Messrs. Powell, Allen, Leupp, Stone, Sullivan, and Sykes and Mses. Gibson, Rexroad, and Smith to hold office as directors for a term of one year until their successors are elected and qualify at the next annual meeting of stockholders. All nominees have advised the Board that they are able and willing to serve as directors. If any nominee becomes unavailable for any reason (which is not anticipated), the shares represented by proxies at the Annual Meeting may be voted for such other person or persons as may be determined by the holders of the proxies (unless a proxy contains instructions to the contrary). In no event will the proxy be voted for more than nine nominees. In an uncontested election at the meeting of stockholders, any nominee to serve as a director of the Company will be elected if the director receives a vote of the majority of votes cast, which means that the number of shares voted “for” a director exceeds the number of votes “against” that director. With respect to a contested election, a plurality of all the votes cast at the meeting of stockholders will be sufficient to elect a director. If a nominee who currently is serving as a director receives a greater number of “against” votes for his or her election than votes “for” such election (a “Majority Against Vote”) in an uncontested election, Maryland law provides that the director would continue to serve on the Board as a “holdover director.” However, under Aimco’s bylaws, any nominee for election as a director in an uncontested election who receives a Majority Against Vote is obligated to tender his or her resignation to the Board for consideration following certification of the vote. The Nominating, Environmental, Social, and Governance Committee will consider any resignation and recommend to the Board whether to accept it. The Board is required to take action with respect to the Nominating, Environmental, Social, and Governance Committee’s recommendation. For purposes of the election of directors, abstentions or broker non-votes as to the election of directors will not be counted as votes cast and will have no effect on the result of the vote. Unless instructed to the contrary in the proxy, the shares represented by the proxies will be voted FOR the election of the nine nominees named above as directors.

  4. THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” EACH OF THE NINE NOMINEES FOR A ONE-YEAR TERM

    THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” EACH OF THE NINE NOMINEES FOR A ONE-YEAR TERM

  5. BOARD OF DIRECTORS

    BOARD OF DIRECTORS The Aimco Board is composed of nine highly qualified directors who bring strong skills, industry experience, and track records of driving value. All nine directors have joined the Board within the past five and a half years, demonstrating a commitment to refreshment and providing fresh perspectives through their varied backgrounds. The directors of the Company, their ages, dates they were first elected a director, and their positions on the Board are set forth below.

  6. BOARD OF DIRECTORS

    | Director Nominee | Age | First Elected | Position | | Wes Powell | 46 | December 2020 | Director, President and Chief Executive Officer | | Quincy Allen | 56 | December 2020 | Director, Chair of the Nominating, Environmental, Social, and Governance Committee | | Patricia L. Gibson | 63 | December 2020 | Director, Chair of the Investment Committee | | Jay Paul Leupp | 62 | December 2020 | Director, Chair of the Audit Committee | | Sherry L. Rexroad | 61 | March 2023 | Director, Chair of the Compensation and Human Resources Committee | | Deborah Smith | 53 | January 2021 | Director | | R. Dary Stone | 72 | December 2020 | Chairman of the Board | | James Patrick Sullivan | 64 | December 2022 | Director | | Kirk A. Sykes | 67 | December 2020 | Director |

  7. BOARD OF DIRECTORS

    The following is a biographical summary of the director nominees.

  8. BOARD OF DIRECTORS

    | WES POWELL President and Chief Executive Officer, Aimco Age: 46 Director since 2020 | Experience • President and Chief Executive Officer, Aimco (2020 – present), Executive Vice President, Development and Acquisitions (2018 – 2020), Senior Vice President, Development with responsibility for the eastern region (2013 – 2018), held various positions, including Asset Manager, Director, and Vice President of Development (2004 – 2013), Aimco • Began career as a Staff Architect with Ai Architecture (now Perkins & Will) Qualifications • Real Estate, Business Operations, Property / Asset Management, Capital Markets, Development and Construction, Investment and Finance gained through his experience overseeing and implementing Aimco’s corporate and asset level strategy with special focus on capital allocation, transactions, and development • Previously, Mr. Powell led Aimco’s redevelopment and development activities nationally, acquisitions in the eastern U.S., and had prior responsibilities as an Asset Manager for the company • Mr. Powell also brings expertise in Corporate Finance, Marketing and Branding, and Talent Development and Management Education • B.EnvD, University of Colorado School of Architecture and Urban Planning • MBA, Northwestern’s Kellogg School of Management | Other Boards / Organizations • Urban Land Institute, Member • National Multi Housing Council, Member Committees • None |

  9. BOARD OF DIRECTORS

    | QUINCY ALLEN Co-Founder and Managing Partner, Arc Capital Partners Age: 56 Independent Director since 2020 | Experience • Co-Founder and Managing Partner, Arc Capital Partners, a Los Angeles-based real estate investment management firm focused on providing capital solutions and structured equity to local operating partners (2013 – present) • Managing Director and investment committee member of the Canyon-Johnson Urban Funds (partnership between Canyon Partners and Earvin “Magic” Johnson), Canyon Partners (2003 – 2013) • Executive focused on workouts and portfolio management, Lazard Frères (2000 – 2002) • Vice President, Archstone Communities, a leading national multifamily REIT focused on apartments in urban locations (1997 – 2000) • Began real estate investment career at Security Capital Group focused on the multifamily and industrial (Prologis) platforms (1996 – 1997) Qualifications • Real Estate, Development, Investment, Finance and Business Operations gained through his experience at Arc Capital, where Mr. Allen is responsible for overall firm strategy, investments, asset management, financing and dispositions, and during his time at Canyon Partners, Lazard and Archstone Communities • Mr. Allen also brings Financial Expertise and Literacy and Talent Development and Management experience Education • BS, Finance, Summa Cum Laude, Wayne State University • MBA, Harvard Business School | Other Boards / Organizations • Mike Ilitch School of Business at Wayne State University, Board member • Wayne State University Foundation, Investment Committee member • Think Together, Board member (2020 – 2024) • Urban Land Institute, Pension Real Estate Association, Member • National Multi Housing Council, Member Committees • Compensation and Human Resources • Nominating, Environmental, Social, and Governance, Chair |

  10. BOARD OF DIRECTORS

    | PATRICIA L. GIBSON Founding Principal and CEO, Banner Oak Capital Partners Age: 63 Independent Director since 2020 | Experience • Founding Principal and CEO, Banner Oak Capital Partners, a fully integrated, independent investment management platform and Registered Investment Advisor with $5 billion in assets under management (2016 – present) • President, Hunt Realty Investments, where she led the commercial real estate investment management activities for the Hunt family of companies (2010 – 2016); Senior Vice President (1997 – 2010) • Senior positions, Goldman Sachs’ real estate subsidiary (1994 – 1997) • Began real estate investment career at The Travelers Realty Investment Company on the debt and equity side of the business (1985 – 1994) Qualifications • Real Estate, Investment and Finance, Capital Markets, Asset Management and Financial Expertise and Literacy gained through her experience at Banner Oak, where Ms. Gibson oversees all investment activity and is responsible for establishing and implementing the firm’s strategic direction, as well as her time at Hunt Realty Investments where she was responsible for the growth of an extensive and diverse portfolio of direct-owned strategic assets totaling over $3 billion, including a strategic venture with a major pension fund dedicated to investments in real estate operating platforms, and her time at Goldman Sachs overseeing portfolio management and the capital market efforts for over $4 billion in commercial real estate assets • Ms. Gibson also brings expertise in Business Operations and Talent Development and Management Education • BS, Finance, Fairfield University • MBA, University of Connecticut • Chartered Financial Analyst | Other Boards / Organizations • RLJ Lodging Trust (2017 – present) • Pacolet Milliken Enterprises, a private investment company focused on energy and real estate • Urban Land Institute, Member • Industrial and Office Parks Red Council, formerly Vice Chair • Executive Council of the University of Texas Real Estate Finance Council, Member • National Association of Real Estate Investment Managers, Member & previous Chairman Committees • Compensation and Human Resources • Investment, Chair |

  11. BOARD OF DIRECTORS

    | JAY PAUL LEUPP Co-Founder, Managing Partner, and Senior Portfolio Manager, Terra Firma Asset Management Age: 62 Independent Director since 2020 | Experience • Co-Founder, Managing Partner, and Senior Portfolio Manager, Real Estate Securities, Terra Firma Asset Management (2020 – present) • Managing Director and Portfolio Manager/Analyst, Global Real Estate Securities, Lazard Asset Management (2011 – 2020) • Founder, President and Chief Executive Officer, also served as the Senior Portfolio Manager for real estate securities mutual funds, Grubb & Ellis Alesco Global Advisors (2007 – 2011 when sold to Lazard) • Managing Director, Real Estate Equity Research, RBC Capital Markets, an investment banking group of the Royal Bank of Canada (2002 – 2006) • Managing Director, Real Estate Equity Research, Robertson Stephens & Co. Inc., an investment banking firm (1994 – 2002) • Vice President, Staubach Company (1991 – 1994) • Development Manager, Trammell Crow Residential, one of the nation’s largest developers of multifamily housing (1989 – 1991) • Senior Accountant (CPA), KPMG Peat Marwick 1985-1987 Qualifications • Capital Markets, Investment and Finance, Real Estate, and Development gained through his over 28 years of experience as a Portfolio Manager and Managing Director focused on investments in real estate securities and leasing, acquisition and financing of commercial real estate; Mr. Leupp also brings Corporate Governance experience gained through his public and private board service • Mr. Leupp brings additional expertise in Accounting and Auditing for Large Business Organizations, Business Operations, Financial Expertise and Literacy, Property / Asset Management and Operations, and Talent Development and Management. Mr. Leupp is a Certified Public Accountant (Inactive Status) Education • BS, Business Administration, Santa Clara University • MBA, Harvard Business School | Other Boards / Organizations • Health Care Realty (2020 – present) • Marathon Digital Holdings (2021 – present) • G.W. Williams Company (private) • The Policy Board of the Fisher Center for Real Estate at the University of California, Berkeley, Member • Santa Clara University’s Trustee Finance Committee, Member • AICPA, Member Committees • Audit, Chair • Investment |

  12. BOARD OF DIRECTORS

    | SHERRY L. REXROAD Chief Financial Officer and Executive Vice President, Piedmont Office Realty Trust, Inc. Age: 61 Independent Director since 2023 | Experience • Chief Financial Officer and Executive Vice President, Piedmont Office Realty Trust, Inc. (2024 – present) • Chief Financial Officer, Executive Vice President and Treasurer, STORE Capital (2021 – 2022) • Managing Director & Global Head of Business Development (2017 – 2021), Managing Director, Co-Global Chief Investment Officer and Chair of the Investment Committee (2012 – 2017), BlackRock Global Real Asset Securities • Senior Portfolio Manager REITs, Aviva Investors (2010 – 2012) • Independent Real Estate Consultant (2006 – 2010) • Managing Director and Portfolio Manager, ING Clarion Real Estate Securities (1997 – 2006) • Vice President and Assistant Portfolio Manager, AEW Capital Management (1994 – 1997) • Region III Facilities Manager, U.S. Environmental Protection Agency (1989 – 1994) • Realty Specialist, General Services Administration (1987 – 1989) Qualifications • Investment and Finance, Capital Markets, Corporate Transactions, Business Strategy & Operations, Real Estate, Corporate Governance, and Investor Relations gained through her over 30 years of experience as a REIT CFO and Institutional Investor / Global Head of Business Development focused on real estate securities. Ms. Rexroad served on the BlackRock Advisory Board for Investment Stewardship where she gained significant exposure to how the world’s largest asset manager approaches corporate governance. She was also a member of BlackRock’s Fundamental Commission Oversight Committee and BlackRock’s Real Assets Sustainability Task Force. She has expertise in sustainability and ESG and how investors incorporate ESG insights to improve long-term investment outcomes. She is a frequent speaker at industry events as well as at colleges and universities • Ms. Rexroad brings additional expertise in Accounting and Auditing for Large Business Organizations, Business Operations, Financial Expertise and Literacy, and Talent Development and Management Education • BA, Growth & Structure of Cities, Haverford College • MBA, The Wharton School of the University of Pennsylvania • CFA charterholder | Other Boards / Organizations • Previously served on BlackRock’s: • Advisory Board for Investment Stewardship • Fundamental Commission Oversight Committee • Real Assets Sustainability Task Force • Previously served on Nareit’s: • Advisory Board of Governors • Nomination Committee of the Advisory Board of Governors • Dividends Through Diversity Steering Committee, Co-Chair • Wharton Women in Leadership Committees • Audit • Compensation and Human Resources, Chair |

  13. BOARD OF DIRECTORS

    | DEBORAH SMITH Co-Founder and CEO, The CenterCap Group Age: 53 Independent Director since 2021 | Experience • Co-Founder and CEO, The CenterCap Group, a boutique investment bank providing strategic M&A advisory, capital-raising and consulting related services to private and public sector companies and fund managers across the real assets industry (2009 – present); also serves as Chief Executive Officer of the firm’s two wholly owned subsidiaries, CC Securities (2011 – present) and CenterCap Advisors (2019 – present) • Co-Head of Mergers and Acquisitions and Senior Managing Director, CB Richard Ellis Investors, where she also served on the Global Leadership Team, which oversaw execution of strategies and best practices (2007 – 2009) • Served as an investment banker with Lehman Brothers, Wachovia Securities, and Morgan Stanley • Ms. Smith is a frequent speaker at industry conferences and author of numerous industry articles for real estate focused publications Qualifications • Investment and Finance, Capital Markets, Corporate Transactions, Business Strategy & Operations, Real Estate, and Marketing gained through her experience as a Co-Founder and CEO at The CenterCap Group where Ms. Smith heads the firm’s Strategic Capital, Mergers & Acquisitions and Execution efforts, as well as her role as an investment banker at various firms; Ms. Smith has been involved in more than $100 billion of mergers, acquisitions and restructuring transactions and over $500 million of private capital raising assignments to support GP and LP positions for middle-market restructuring, acquisition and development projects across the retail, multifamily, office, hotel and industrial sectors • Ms. Smith also brings expertise in Financial Expertise and Literacy, Legal, and Talent Development and Management. Education • Bachelor of Economics, with honors, University of Sydney • Bachelor of Law, with honors, University of Sydney | Other Boards • None Committees • Nominating, Environmental, Social, and Governance • Investment |

  14. BOARD OF DIRECTORS

    | R. DARY STONE Chairman of the Board President and CEO, R. D. Stone Interests Age: 72 Independent Director since 2020 | Experience • President and Chief Executive Officer, R. D. Stone Interests (1990 – present) • Served as President of multiple real estate development companies (1988 – 2011), including President and COO, Cousins Properties, an NYSE listed REIT Qualifications • Investment and Finance, Real Estate, Development, Property / Asset Management and Operations, Capital Markets gained through his over 30-year career investing and developing a variety of projects and joint ventures including the operation and management of one of the country’s largest master planned developments and other large commercial real estate projects and success in getting zoning changes that allowed for multifamily and other non-office uses where prior zoning was commercial • Mr. Stone also brings expertise in Business Operations, Corporate Governance, Financial Expertise and Literacy, and Talent Development and Management Education • Tulane University and Baylor University • JD, Baylor University Law School | Other Boards / Organizations • Cousins Properties (2011 – 2016 and 2018 – present) • Tolleson Wealth Management, a privately held wealth management firm, and Tolleson Private Bank (2003 – 2024; Audit Chairman) • Former Regent, Baylor University; Chairman (2009 – 2011) • Hunt Companies, Inc. (2015 – 2016) • Parkway, Inc (2016 – 2017) • Lone Star Bank (former) • Former Chairman, Banking Commission of Texas (previously known as the Texas State Finance Commission) |

  15. BOARD OF DIRECTORS

    | JAMES PATRICK SULLIVAN Age: 64 Independent Director since 2022 | Experience • Senior Advisor – Research, Green Street Advisors (2020) • President, Green Street Advisory Group (2014 – 2019) • Head of North American REIT Research, Green Street Advisors (2010 – 2014) • Managing Director/Senior REIT Analyst, Green Street Advisors (1994 – 2009) • Prior to Green Street, served as a real estate investment banker and construction lender at Bank of America and Manufacturers Hanover Trust Company Qualifications • Real Estate, Capital Markets, Investment and Finance, gained through his 26-year career at Green Street Advisors, the preeminent independent research and advisory firm concentrating on the commercial real estate industry. During his first 20 years at Green Street, Mr. Sullivan was a REIT analyst, and he managed the firm’s REIT research team for five years. He then served for five years as President of Green Street’s Advisory Group, providing strategic advice to commercial real estate owners and investors around the world. In his final year at Green Street, Mr. Sullivan was a Senior Advisor to Green Street’s research team, helping to foster best practices across the firm’s public and private market research groups. • Mr. Sullivan brings additional expertise in Accounting and Auditing for Large Business Organizations, Business Operations, Corporate Governance, Financial Expertise and Literacy, and Operations, and Talent Development and Management Education • BA, Economics, Duke University • MBA, Finance and Real Estate, Columbia University | Other Boards / Organizations • The James Campbell Company (2022 –present; Audit Committee Chairman, Compensation Committee Member) • Bixby Land Company (2016 – present; Compensation Committee Chairman, Audit Committee Member) Committees • Audit • Investment |

  16. BOARD OF DIRECTORS

    | KIRK A. SYKES Co-Managing Partner, Accordia Partners Age: 67 Independent Director since 2020 | Experience • Co-Managing Partner, Accordia Partners, LLC, a real estate development company (2014 – present) • President, Primary Corporation, a real estate company that owns commercial real estate (1993 – present) • President and Managing Director, Urban Strategy America Fund, LLP, a New Boston real estate investment fund (2005 – 2014) Qualifications • Real Estate, Investment and Finance, Development, Capital Markets, Marketing and Branding, Property / Asset Management and Operations, Financial Expertise and Literacy, gained through his experience at real estate development and commercial real estate companies, as well as his time at a real estate focused investment fund, and perspective gained during his tenure as Chairman of the Federal Reserve Bank of Boston and other roles including service on Fleet Bank and BankBoston’s Community Bank Advisory Boards • Mr. Sykes also brings expertise in Corporate Governance and Talent Development Education • B. Arch., Cornell University • Graduate, The Harvard Business School Owner and President Management Program | Other Boards / Organizations • Ares Commercial Real Estate Corporation (2017 – 2019) • Natixis Loomis Sayles Funds, Board of Trustees. Trustee, Audit & Governance Committee Member (2019 – Present) • Federal Reserve Bank of Boston External Diversity Advisory Board, Member (2010 – Present) • Real Estate Executive Council Emeritus Board, Former-Chairman • NAIOP Massachusetts Board Management Committee, Member • The Federal Reserve Bank of Boston, Former Member (2008 – 2014) and Chairman (2012 – 2014) Committees • Compensation and Human Resources • Nominating, Environmental, Social, and Governance |

  17. Summary of Director Qualifications and Expertise

    Summary of Director Qualifications and Expertise Below is a summary of the qualifications and expertise of the directors, including expertise relevant to Aimco’s business.

  18. Summary of Director Qualifications and Expertise

    | Summary of Director Qualifications and Expertise | Mr. Powell | Mr. Allen | Ms. Gibson | Mr. Leupp | Ms. Rexroad | Ms. Smith | Mr. Stone | Mr. Sullivan | Mr. Sykes | | Accounting and Auditing for Large Business Organizations Enables an in-depth understanding of our financial reporting and internal controls | | | | ● | ● | | | ● | | | Business Operations Provides a practical understanding of developing, implementing, and evaluating operating strategies and plans | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Capital Markets Informs board oversight of capital market activities | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Corporate Governance Enhances transparency and aligns the interests of stockholders, directors, management, and employees | ● | ● | | ● | ● | | ● | ● | ● | | Development Assists in providing management with additional perspectives related to its development, redevelopment, and construction activities | ● | ● | | ● | | | ● | | ● | | Executive Adds high level operational expertise | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Financial Expertise and Literacy Experience preparing, auditing, analyzing, or evaluating financial statements, an essential function of the Board’s oversight responsibilities | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Investment and Finance Relevant investment, strategic, and deal structuring experience that brings additional perspectives to the Company’s investment activities | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Legal Holds a law degree with relevant legal experience | | | | | | ● | | | | | Marketing and Branding Assists in providing additional viewpoints in building a unique identity with partners and customers | ● | | | | | ● | | | ● | | Property / Asset Management and Operations Assists in providing management with additional perspectives related to its stabilized portfolio of properties | ● | | ● | ● | | | ● | | ● | | Real Estate Industry experience that provides valuable perspectives on matters specific to the real estate sector | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Talent Development and Management Expertise in managing and developing human capital, including succession planning, to maintain a stable workforce of top talent | ● | ● | ● | ● | ● | ● | ● | ● | ● |

  19. Summary of Director Qualifications and Expertise

    | Demographic | Mr. Powell | Mr. Allen | Ms. Gibson | Mr. Leupp | Ms. Rexroad | Ms. Smith | Mr. Stone | Mr. Sullivan | Mr. Sykes | | Race/Ethnicity | | | | | | | | | | | African American | | ● | | | | | | | ● | | Asian/Pacific Islander | | | | | | | | | | | White/Caucasian | ● | | ● | ● | ● | ● | ● | ● | | | Hispanic/Latino | | | | | | | | | | | Native American | | | | | | | | | | | Gender | | | | | | | | | | | Male | ● | ● | | ● | | | ● | ● | ● | | Female | | | ● | | ● | ● | | | |

  20. BOARD SELECTION AND ELECTION

    BOARD SELECTION AND ELECTION

  21. Board Composition, Board Refreshment, and Director Tenure

    Board Composition, Board Refreshment, and Director Tenure Aimco is focused on having a well-constructed and high performing board. To that end, the Nominating, Environmental, Social, and Governance Committee selects nominees for director based on, among other things, breadth and depth of experience, knowledge, skills, expertise, integrity, ability to make independent analytical inquiries, understanding of Aimco’s business environment, and willingness to devote adequate time and effort to Board responsibilities. In considering nominees for director, the Nominating, Environmental, Social, and Governance Committee seeks to have a broad range of experience and expertise relevant to Aimco’s business. The Nominating, Environmental, Social, and Governance Committee places a premium on directors who work well in the collegial and collaborative nature of the Board (which is also consistent with the Aimco culture) and also requires directors who think and act independently and can clearly and effectively communicate their convictions. The Nominating, Environmental, Social, and Governance Committee assesses the appropriate balance of criteria required of directors and makes recommendations to the Board. The Nominating, Environmental, Social, and Governance Committee has structured the Board such that there are directors of varying tenures, with new directors and perspectives joining the Board every few years while retaining the institutional memory of longer-tenured directors. Longer-tenured directors, balanced with less-tenured directors, enhance the Board’s oversight capabilities. Aimco’s directors work effectively together, coordinate closely with senior management, comprehend Aimco’s challenges and opportunities, and frame Aimco’s business strategy. When formulating its Board membership recommendations, the Nominating, Environmental, Social, and Governance Committee also considers advice and recommendations from others, including stockholders, as it deems appropriate. Such recommendations are evaluated based on the same criteria noted above. Recommendations for nominations should be sent to: Apartment Investment and Management Company, 4582 South Ulster Street, Suite 1450, Denver, CO 80237, Attn: Corporate Secretary, Office of the General Counsel, indicating the candidate’s qualifications and other relevant biographical information and providing confirmation of the candidate’s consent to serve as a director, if elected. Stockholders may also nominate qualified individuals for election to our Board by complying with the advance notice and other requirements of our current bylaws regarding director nominations. These requirements are also described under “Stockholders’ Proposals.” The Board is responsible for nominating members for election to the Board and for filling vacancies on the Board that may occur between annual meetings of stockholders. Based on recommendations from the Nominating, Environmental, Social, and Governance Committee, the Board determined to nominate Messrs. Allen, Leupp, Powell, Stone, Sullivan, and Sykes and Mses. Gibson, Rexroad, and Smith for election to serve a one-year term expiring at the 2027 annual meeting.

  22. Majority Voting for the Election of Directors

    Majority Voting for the Election of Directors In an uncontested election at the meeting of stockholders, any nominee to serve as a director of the Company will be elected if the director receives a majority of votes cast, which means that the number of shares voted “for” a director exceeds the number of shares voted “against” that director. With respect to a contested election, a plurality of all the votes cast at the meeting of stockholders will be sufficient to elect a director, meaning that the nine director nominees with the highest number of votes cast for their election will be elected to the Board of Directors (with abstentions and broker non-votes not counted as votes cast). The following is not considered votes cast “for” or “against” a director nominee: (a) a share otherwise present at the meeting but for which there is an abstention; and (b) a share otherwise present at the meeting as to which a stockholder gives no direction. If a nominee who currently is serving as a director receives a Majority Against Vote in an uncontested election, Maryland law provides that the director would continue to serve on the Board as a “holdover director.” However, under Aimco’s bylaws, any nominee for election as a director in an uncontested election who receives a Majority Against Vote is obligated to tender his or her resignation to the Board for consideration following certification of the vote. The Nominating, Environmental, Social, and Governance Committee will consider any resignation and recommend to the Board whether to accept it. The Board is required to take action with respect to the Nominating, Environmental, Social, and Governance Committee’s recommendation within 90 days following certification of the stockholder vote. Additional details are set out in Article II, Section 2.03 (Election and Tenure of Directors; Resignations) of Aimco’s bylaws.

  23. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION In formulating its recommendation for director compensation, the Nominating, Environmental, Social, and Governance Committee reviews director compensation for independent directors of companies in the real estate industry and companies of comparable market capitalization, revenue, and assets and considers compensation trends for other NYSE-listed companies. The Nominating, Environmental, Social, and Governance Committee also considers the size of the Board as compared to other boards, the participation of each independent director on committees, and the resulting workload on the directors. In addition, the Nominating, Environmental, Social, and Governance Committee considers the overall cost of the Board to the Company and the cost per director.

  24. 2025 COMPENSATION

    | Name | Fees Earned or Paid in Cash ($)(1) | Stock Awards ($)(2) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation ($) | Total ($) | | Quincy Allen | 80,000 | 154,693 | — | — | — | — | 234,693 | | Patricia L. Gibson | 20,000 | 220,981 | — | — | — | — | 240,981 | | Jay Paul Leupp | 25,000 | 220,981 | — | — | — | — | 245,981 | | Wes Powell(3) | — | — | — | — | — | — | — | | Sherry L. Rexroad | 15,000 | 220,981 | — | — | — | — | 235,981 | | Deborah Smith(4) | — | 220,981 | — | — | — | — | 220,981 | | R. Dary Stone | 65,000 | 220,981 | — | — | — | — | 285,981 | | James Patrick Sullivan | — | 220,981 | — | — | — | — | 220,981 | | Kirk A. Sykes | 73,333 | 147,324 | — | — | — | — | 220,657 |

  25. COMPENSATION DISCUSSION & ANALYSIS (CD&A)

    COMPENSATION DISCUSSION & ANALYSIS (CD&A) This CD&A addresses the following: • Stockholder Engagement; • Overview of Aimco’s Pay-for-Performance Philosophy • Overview of Aimco’s 2025 Performance Results; • Summary of Executive Compensation Program and Governance Practices; • What We Pay and Why: Components of Executive Compensation; • Total Compensation for 2025; • Adjustment of Stock Options in Connection with Special Dividends; • Powell Letter Agreement; • Post-Employment Compensation and Employment and Severance Arrangements; • Other Benefits; Perquisite Philosophy; • Stock Ownership Guidelines and Required Holding Periods After Vesting; • Role of Outside Consultants; • Base Salary, Incentive Compensation, and Equity Grant Practices; • 2026 Compensation Targets; and • Accounting Treatment and Tax Deductibility of Executive Compensation.

  26. Summary of Executive Compensation Program and Governance Practices

    | What Aimco Does | | Pays for performance. A significant portion of executive pay is not guaranteed, but rather is at risk and tied to key financial and value creation metrics that are set in advance and disclosed to stockholders. For the NEOs, all STI compensation and two-thirds of target LTI compensation is subject to the achievement of various performance objectives. | | Balances short-term and long-term incentives. The incentive programs provide a balance of annual and longer-term incentives, with LTI compensation vesting over multiple years comprising a substantial percentage of target total compensation. | | Uses multiple performance metrics. These mitigate the risk of the undue influence of a single metric by utilizing multiple performance measures. Such measures differ for STI and LTI. | | Caps award payouts. Amounts or shares that can be earned under the STI plan and LTI plan are capped. | | Uses market-based approach for determining NEO target pay. Target total compensation for NEOs is generally set near the median for peer comparators. The Committee reviews the peer comparator group annually. | | Maintains stock ownership guidelines and holding periods after vesting until ownership guidelines are met. Aimco has the following minimum equity ownership requirements: CEO – five times base salary; and other executive officers – three times base salary. | | Includes double-trigger change in control provisions. Equity awards include “double trigger” provisions requiring both a change in control and a subsequent termination of employment (other than for cause) for accelerated vesting to occur. | | Uses an independent compensation consulting firm. The Committee engages an independent compensation consulting firm that specializes in the real estate industry. | | Maintains a claw back policy. In the event of an accounting restatement due to material noncompliance with financial reporting requirements, the claw back policy provides for the recovery of incentive compensation paid to executives based on the misstated financial information. The policy covers all forms of bonus, incentive, and equity compensation. | | Conducts a risk assessment. The Committee annually conducts a compensation risk assessment to determine whether the compensation policies and practices, or components thereof, create risks that are reasonably likely to have a material adverse effect on the Company. | | Acts through an independent Compensation Committee. The Committee consists entirely of independent directors. |

  27. Summary of Executive Compensation Program and Governance Practices

    | What Aimco Does Not Do | | Guarantee salary increases, bonuses or equity grants. The Company does not guarantee annual salary increases or bonuses. The Company makes no guaranteed commitments to grant equity-based awards. | | Provide excise tax gross-up payments. The Company does not have, and will not enter into any contractual arrangements that include excise tax gross-up payments. | | Reprice options. The Company has never repriced the per-share exercise price of any outstanding stock options. Repricing of stock options is not permitted under the Company’s Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”) without first obtaining approval from the stockholders of the Company. | | Pay dividends or dividend equivalents on unearned performance shares. Performance share award agreements provide for the payment of dividends only if and after the shares are earned. Dividends, if any, accrue during the performance period and are paid once shares are earned. | | Provide more than minimal personal benefits. The Company does not provide executives with more than minimal perquisites, such as reserved parking spaces. |

  28. What We Pay and Why: Components of Executive Compensation

    | Compensation Component | Form | Purpose | | Base Salary | Cash | Provide a salary that is competitive with market. | | STI | Cash | Reward executive for achieving short-term business objectives. | | LTI | Restricted stock, stock options, and/or long-term incentive units in our operating partnership (“LTIP Units”), subject to performance and/or time vesting, typically over three to four years. | Align executive’s compensation with stockholder objectives, and provide an incentive to take a longer-term view of Aimco’s performance. |

  29. What We Pay and Why: Components of Executive Compensation

    CEO Pay Overview The Committee determines the compensation for the CEO. In setting Mr. Powell’s target total compensation for 2025, the Committee considered, among other things, the Company’s peer group compensation data as discussed below and Mr. Powell’s relevant expertise and experience. For 2025, the Committee set Mr. Powell’s target total compensation near the median for the peer group. The Committee devised a compensation plan for Mr. Powell that resulted in approximately 18% base salary, 26% STI (based entirely on Aimco’s performance against its 2025 corporate goals), and 56% LTI. Mr. Powell’s target compensation mix is illustrated as follows:

  30. What We Pay and Why: Components of Executive Compensation

    How the Committee determines the amount of target total compensation for the other executive officers In addition to reviewing the performance of, and determining the compensation for, the CEO, the Committee also reviews and approves the decisions made by the CEO as to the compensation of Aimco’s other executive officers. Base salary, target STI, and target LTI are generally set near the median base salary, target STI, and target LTI for peer comparators. How peer comparators are identified The Committee, with the advice of its independent executive compensation consultant, developed a peer group for purposes of benchmarking NEO compensation based primarily on company size as defined by total capitalization. The peer group ranged from 0.4x to 2.4x Aimco’s total capitalization, with Aimco at the 54th percentile. As compared to the 2024 peer group, the Committee determined to eliminate Clipper Realty, Inc., Five Point Holdings, LLC, Forestar Group Inc., Howard Hughes Corp., Stratus Properties, Inc., The St. Joe Company, and Tejon Ranch Co. as "peers" and add Brandywine Realty Trust, CTO Realty Growth, Inc., Easterly Government Properties, Inc., LTC Properties, Inc., Sunstone Hotel Investors, Inc., and UMH Properties, Inc. as "peers" primarily to narrow the range of total capitalization of the peer group, as the 2024 peer group had ranged from 0.17x to 3.25x Aimco's total capitalization. Based on this analysis, Aimco included as “peers” for 2025 target compensation the following 12 real estate companies:

  31. What We Pay and Why: Components of Executive Compensation

    | Peer Group | | | Armada Hoffler Properties, Inc. | Independence Realty Trust, Inc. | | Brandywine Realty Trust | JBG SMITH Properties | | Centerspace | LTC Properties, Inc. | | CTO Realty Growth, Inc. | Sunstone Hotel Investors, Inc. | | Easterly Government Properties, Inc. | UMH Properties, Inc. | | Elme Communities | Veris Residential, Inc. |

  32. What We Pay and Why: Components of Executive Compensation

    | Aimco’s Compensation Program Discourages Excessive Risk-Taking | | Limits on STI. The compensation of executive officers and other teammates is not overly weighted toward STI. Moreover, STI is capped. | | Use of LTI. LTI is included in target total compensation and typically vests over a period of three years. The vesting period encourages officers to focus on sustaining Aimco’s long-term performance. Executive officers with more responsibility for strategic and operating decisions have a greater percentage of their target total compensation allocated to LTI. LTI is capped at 1.67 times target, or 167%, for the NEOs. | | Stock ownership guidelines and required holding periods after vesting. Aimco’s stock ownership guidelines require all executive officers to hold a specified amount of Aimco equity. Any executive officer who has not yet satisfied the stock ownership requirements for his or her position must retain LTI after its vesting until stock ownership requirements are met. These policies ensure each executive officer has a substantial amount of personal wealth tied to long-term holdings in Aimco stock. | | Shared performance metrics across the organization. A portion of STI for the NEOs is based upon Aimco’s performance against its corporate goals, which are reviewed and approved by the Committee. One hundred percent of Mr. Powell’s STI, and 50% of the STI for the other NEOs, is based upon Aimco’s performance against its corporate goals. In addition, having shared performance metrics across the organization reinforces Aimco’s focus on a collegial and collaborative team environment. | | LTI based on TSR. Two-thirds of the LTI for the NEOs is based on relative TSR. | | Multiple performance metrics. Aimco had four corporate goals for 2025. In addition, through Aimco’s performance management program, Managing Aimco Performance, or MAP, which sets and monitors performance objectives for every teammate, each teammate had several different individual performance goals that are set at the beginning of the year and approved by management. Mses. Stanfield and Johnson had an average of six individual goals for 2025. Having multiple performance metrics inherently reduces excessive or unnecessary risk-taking, as incentive compensation is spread among a number of metrics rather than concentrated in a few. |

  33. Total Compensation for 2025

    These goals aligned executive officers with the long-term goals of the Company without encouraging them to take unnecessary and excessive risks. Threshold performance generally paid out at 50%; target performance paid out at 100%; and maximum performance paid out at 200%. For some goals, where performance was between threshold and target or between target and maximum, the amount of the payout was interpolated. One goal was determined to be above the maximum level of performance in 2025. The following is a tabular presentation of the performance criteria and results for 2025, explained in detail in the paragraphs that follow:

  34. Total Compensation for 2025

    | Performance Measures | Goal Weighting | Threshold 50% | Target 100% | Maximum 200% | Actual | Payout | | Capital Allocation | | | | | | | | $520M in capital sourced from the sale of the Brickell Assemblage, allocated pursuant to publicly stated commitment to return majority of net proceeds to shareholders through dividends and share repurchases, with any additional discretionary capital allocated to debt reduction or return of additional capital to shareholders | 25% | — | $520 million | — | Closed $1.26 billion of strategic asset sales (including the Brickell Assemblage for $520 million), retiring more than $435 million of debt and distributing approximately $420 million, or $2.83 per share, to stockholders in the form of special cash dividends. Additionally, entered into a binding contract to sell our portfolio of seven apartment communities in the Chicago area for $455 million, which portfolio sale closed in the first quarter of 2026, and entered into binding contracts for the sale of Plantation Gardens in Plantation, Florida and Hillmeade in Nashville, Tennessee, and a letter of intent for the sale of the Benson Hotel and Faculty Club in Aurora, Colorado, for a combined $177.5 million. The sales of these three properties also closed in the first quarter of 2026. Finally, Aimco completed a transfer of ownership interests with our joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. We exchanged our joint venture ownership in the non-performing seller financing note secured by 200 Broward Avenue along with $7.5 million of cash, for full ownership of 300 Broward Avenue. | 75.00% | | Portfolio and Financial Management | | | | | | | | 2025 NOI for the stabilized multifamily portfolio and Adjusted EBITDA as compared to budget | 35% | Threshold performance equated to 5% less than budgeted NOI and 10% less than budgeted Adjusted EBITDA | Target performance equated to budgeted NOI and Adjusted EBITDA | Maximum performance equated to 5% more than budgeted NOI and 10% more than budgeted Adjusted EBITDA | Stabilized multifamily property NOI and Adjusted EBITDA were approximately 2.92% below budget and 10.22% above budget, respectively. | 47.39% | | Active Construction and Lease-Up Assets | | | | | | | | Achieve budgeted/forecasted expectations on timing and costs for active construction project and rents compared to underwriting for lease-up assets. | 25% | — | Based on active construction project on time and on budget, and achievement of year-end occupancy and rental rates consistent with the 2025 budget and plan | — | Construction remained on schedule and on budget at 34th Street in Miami, Florida. The lease-up of Oak Shore in Corte Madera, California, was completed, and the lease-ups of Upton Place in Washington, D.C. and Strathmore Square in Bethesda, Maryland, continued, with both expected to be completed in the second quarter of 2026. | 23.00% | | Human Capital | | | | | | | | Progress Against Human Capital Objectives | | — | Based on team retention and team engagement scores | — | Retained 100% of officer team and held overall voluntary turnover to 6%. Team engagement was 4.5 out of 5, based on a response rate of 100% | 30.00% | | Total | | | | | | 175.39% |

  35. Total Compensation for 2025

    An explanation of the objective of each goal and performance levels and payouts for each goal is set forth below. Capital Allocation (25% of KPI). The primary objective of this goal was to return capital to stockholders. For 2025, the target for gross proceeds from the sale of the Brickell Assemblage was $520 million, consistent with the 2025 budget and plan. In 2025, Aimco closed $1.26 billion of strategic asset sales (including the Brickell Assemblage for $520 million), retiring more than $435 million of debt and distributing approximately $420 million, or $2.83 per share, to stockholders in the form of special cash dividends. Additionally, Aimco entered into a binding contract to sell our portfolio of seven apartment communities in the Chicago area for $455 million, which portfolio sale closed in the first quarter of 2026, and entered into binding contracts for the sale of Plantation Gardens in Plantation, Florida and Hillmeade in Nashville, Tennessee, and a letter of intent for the sale of the Benson Hotel and Faculty Club in Aurora, Colorado, for a combined $177.5 million. The sales of these three properties also closed in the first quarter of 2026. Finally, Aimco completed a transfer of ownership interests with our joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. We exchanged our joint venture ownership in the non-performing seller financing note secured by 200 Broward Avenue along with $7.5 million of cash, for full ownership of 300 Broward Avenue. The substantial outperformance on the Capital Allocation goal in 2025 resulted in a payout on this goal of 75.00% for each of the NEOs. Portfolio and Financial Management (35% of KPI). The primary objective of this goal was to fulfill the Company’s strategic objectives to achieve rent growth for its stabilized multifamily portfolio based on high levels of resident retention, through superior customer selection and satisfaction, coupled with disciplined innovation resulting in sustained cost control, to maximize NOI margins, and to maintain effective financial management. For 2025, the range for stabilized multifamily portfolio NOI was as follows: “Threshold” equated to achievement of five percent unfavorable to 2025 budgeted NOI; “Target” equated to achievement of 2025 budgeted NOI; and “Maximum” equated to five percent favorable to 2025 budgeted NOI. The range for Adjusted EBITDA was as follows: “Threshold” equated to achievement of ten percent unfavorable to 2025 budgeted Adjusted EBITDA; “Target” equated to achievement of 2025 budgeted Adjusted EBITDA; and “Maximum” equated to ten percent favorable to 2025 budgeted Adjusted EBITDA. Stabilized multifamily portfolio NOI and Adjusted EBITDA were approximately 2.92% below budget and 10.22% above budget, respectively. This resulted in a payout on the Portfolio and Financial Management goal of 47.39% for each of the NEOs. Active Construction and Lease-up Assets (25% of KPI). The primary objective of this goal was to fulfill the Company’s strategic objective of executing construction and lease-up projects pursuant to the Company’s 2025 budget and plan. Large and/or complex projects provided increased weighting toward the total goal weighting of 25%, while smaller scale projects provided lower weighting toward the total goal weighting. Achievement for each project was determined with reference to the 2025 budget and plan for the project, and, with regard to the one active construction project, was based on the extent to which the project work was completed on time and within budget, and with regard to the lease-up assets, the extent to which year-end occupancy and rental rates were consistent with the 2025 budget and plan. In 2025, construction remained on schedule and on budget at 34th Street in Miami, Florida. The lease-up of Oak Shore in Corte Madera, California, was completed, and the lease-ups of Upton Place in Washington, D.C. and Strathmore Square in Bethesda, Maryland, continued, with both expected to be completed in the second quarter of 2026. This resulted in a payout on the Active Construction and Lease-Up Assets goal of 23.00% for each of the NEOs. Human Capital (15% of KPI). The primary objective of this goal was to fulfill Aimco’s strategic objective of fostering a healthy environment of respect and innovation, empowering our human capital to create value. In 2025, Aimco retained 100% of its officer team and held overall voluntary turnover to 6%. Every teammate is surveyed via a third-party, confidential survey performed on an annual basis. The team engagement score consists of the average of the responses to the questions that comprise the engagement index, on a scale of 1 to 5, for all teammates who complete the survey during the year. Team engagement for 2025 was 4.5, based on a response rate of 100%. This resulted in a payout on the Human Capital goal of 30.00% for each of the NEOs. Due to Aimco’s overall achievement on each of its 2025 goals, Aimco’s overall KPI performance was 175.39%. Accordingly, each NEO was awarded 175.39% of the portion of his or her target STI attributable to KPI. Various of the key financial indicators we use in managing our business and in evaluating our financial condition and operating performance are non-GAAP measures. A reconciliation of non-GAAP financial measures used in this Proxy Statement to their most directly comparable GAAP financial measures is included in Appendix A to this Proxy Statement, entitled “Glossary and Reconciliations of Non-GAAP Financial and Operating Measures.” Long-Term Incentive Compensation Awards for 2025. Under the 2025 LTI program for executive officers, two forms of LTI awards were granted to each of the NEOs on January 28, 2025, as follows: (1) performance-based restricted stock, representing approximately two thirds of each NEO's 2025 LTI awards, vesting as set forth below; and (2) time-based restricted stock, representing one-third of each NEO's 2025 LTI awards, with one-third of the awards vesting on each anniversary of the grant date subject to continued employment on the applicable vesting date. Aimco refers to the performance-based restricted stock as “performance-based LTI awards” because the amount of restricted stock that vests, if any, is determined based on Aimco’s relative TSR performance during a forward looking, three-year performance period, as described in detail below. The Committee typically grants LTI awards at the time of its final compensation determination, generally in late January or early February

  36. Total Compensation for 2025

    | 2025 NEO LTI EQUITY MIX | | |

  37. Total Compensation for 2025

    (1) The relative metrics above reflect the metrics used for the awards made in 2025 for the three-year forward looking performance period ending on December 31, 2027. If absolute TSR for the three-year forward looking performance period is negative, any portion of the LTI award achieved above target will not vest until absolute TSR is once again positive. Such metrics apply to the performance-based restricted stock granted to Mr. Powell and Mses. Stanfield and Johnson. The Committee set threshold performance to be earned at 50% of target; target performance to be earned at 100% of target; and maximum performance to be earned at 200% of target. Performance below threshold will result in no amount earned. If performance is between threshold and target or between target and maximum, the amount earned will be interpolated. Performance-based LTI awards vest 100% following the end of the three-year performance period (based on attainment of TSR targets), for a three-year plan from start to finish, illustrated below, subject to the grantee’s continued service to Aimco, and subject to a delay if absolute TSR for the three-year forward looking performance period is negative. For the purpose of calculating the number of shares of performance-based restricted stock to be granted to Mr. Powell and Mses. Stanfield and Johnson, the dollar amount allocated to restricted stock was divided by $8.98, which was the average of the closing trading prices of Aimco’s Common Stock on the NYSE on the five trading days up to and including the grant date. The share award agreements to which the performance-based restricted shares were granted do not provide for the payment of dividends, if any, until the shares are earned. Dividends, if any, accrue during the performance period. For the purpose of calculating the number of shares of time-based restricted stock to be granted to Mr. Powell and Mses. Stanfield and Johnson, the dollar amount allocated to restricted stock was divided by $8.98, which the average closing trading price of Aimco’s Common Stock for the five-day trading period up to and including the date of the grant. NEO Compensation for 2025 CEO Compensation. The Committee determined Mr. Powell’s STI for 2025 would be based entirely on Aimco’s performance against corporate goals, described above. The Committee calculated Mr. Powell’s STI by multiplying his STI target of $1,050,000 by 175.39%, which was the Committee’s payout determination having reviewed Aimco’s overall performance against corporate goals, as described in detail above. The Committee granted Mr. Powell’s LTI on January 28, 2025, in the form of restricted stock. One-third of the LTI target vests ratably over three years and is for the purpose of attracting and retaining key talent integral to the success of Aimco. Two-thirds of the LTI target is at risk, based on relative total stockholder returns for the three-year performance period from January 1, 2025, through December 31, 2027. Mr. Powell’s 2025 target compensation and incentive compensation is summarized as follows:

  38. Total Compensation for 2025

    | | | Target Total Incentive | | 2025 Incentive Compensation | | | | | | Compensation | | STI | LTI | | | Target Total Compensation ($) | Paid Base ($) | STI ($) | LTI ($) | ($)(1) | Time-Based Restricted Stock ($)(2) | Performance- Based Equity- Restricted Stock ($)(3) | | 3,975,000 | 700,000 | 1,050,000 | 2,225,000 | 1,841,595 | 741,667 | 1,483,333 |

  39. Total Compensation for 2025

    (1) Amount shown reflects the amount of 2025 STI paid to Mr. Powell. (2) Comprises one-third of the LTI target, vesting ratably over three years, and is for the purpose of attracting and retaining key talent integral to the success of Aimco. (3) Amount shown reflects the value at grant, or “target” performance. The actual amount earned may range from 0% to 200% of this amount depending on performance results over the forward looking, three-year performance period ending December 31, 2027. The number of shares that are earned, if any, will vest 100% following the end of the three-year performance period, for a three-year vesting period. Other NEO Compensation. For Mses. Stanfield and Johnson, an allocation of the target STI was made as follows: 50% of the target STI was calculated based on Aimco’s performance against KPI and 50% of the target STI was calculated based on each executive’s achievement of her individual MAP goals. As described above, Aimco’s KPI performance was 175.39%. Accordingly, each was awarded 175.39% of the portion of her STI attributable to KPI. In determining the MAP achievement component of 2025 STI, Mr. Powell made the following recommendations to the Committee: Ms. Stanfield’s MAP objectives were achieved at 200% of target for her significant contributions to Aimco's capital allocation and property dispositions as well as to finance and Aimco's balance sheet; and Ms. Johnson’s MAP objectives were achieved at 200% of target for her significant contributions to Aimco's capital allocation and property dispositions as well as her leadership over legal matters, human capital, and risk management. The Committee reviewed and approved Mr. Powell’s recommendations with respect to Mses. Stanfield and Johnson. As described above, LTI for Mses. Stanfield and Johnson was granted on January 28, 2025, in the form of restricted stock. One-third of the LTI target vests ratably over three years and is for the purpose of attracting and retaining key talent integral to the success of Aimco. Two-thirds of the LTI target is at risk, based on relative total stockholder returns for the three-year performance period from January 1, 2025, through December 31, 2027. Target compensation and incentive compensation for 2025 for Mses. Stanfield and Johnson is summarized as follows:

  40. Total Compensation for 2025

    | | | | Target Total | | 2025 Incentive Compensation | | | | | | | Incentive Compensation | | STI | LTI | | | | Target Total Compensation ($) | Paid Base ($) | STI ($) | LTI ($) | ($)(1) | Time-Based Restricted Stock ($)(2) | Performance- Based Restricted Stock ($)(3) | | Ms. Stanfield | 1,988,000 | 494,000 | 494,000 | 1,000,000 | 927,213 | 333,333 | 666,667 | | Ms. Johnson | 1,425,000 | 470,000 | 420,000 | 535,000 | 788,319 | 178,333 | 356,667 |

  41. Total Compensation for 2025

    (1) Amounts shown reflect the 2025 STI paid to each of Mses. Stanfield and Johnson. (2) Comprises one-third of the LTI target, vesting ratably over three years, and is for the purpose of attracting and retaining key talent integral to the success of Aimco. Amounts shown reflect the value at grant, or “target” performance. Actual amounts earned will be in a range of 0% to 200% of these amounts, depending on performance results for the three-year performance period from January 1, 2025, through December 31, 2027. Determination Regarding 2023 Performance Share Awards. As part of the 2023 LTI program, the Company granted performance-share awards that were eligible to be earned based on relative TSR as compared to the Russell 2000 Value Index (one-third weighting), FTSE Nareit Equity Apartments Index (one-third weighting), and Aimco’s identified peer group (one-third weighting) over a three-year performance period ending on December 31, 2025, with earned awards vesting 100% following the end of the three-year performance period (based on attainment of TSR targets), subject to continued employment on the applicable vesting date, for a three-year program from start to finish. For the portion of the awards based on relative TSR as compared to the Russell 2000 Value Index and to the FTSE Nareit Equity Apartments Index, the threshold, target, and maximum performance levels were set at -350 basis points, + 50 basis points, and +500 basis points, respectively. For the portion of the awards based on relative TSR as compared to Aimco's identified peer group, the threshold, target, and maximum performance levels were set at the 30th, 55th, and 80th percentiles, respectively. On January 28, 2026, the Committee determined that Aimco’s three-year TSR was approximately 2,832 basis points lower than the Russell 2000 Value Index, approximately 53 basis points lower than the FTSE Nareit Equity Apartments Index, and at the 58th percentile of the identified peer group for the three-year performance period ending on December 31, 2025, resulting in the number of shares for the performance-vesting awards being earned between the threshold and target level of performance, or 66.78% of target, for each of the NEOs. The chart below summarizes the results for the 2023 performance share awards, and provides performance as of December 31, 2025, for the “in progress” 2025 and 2024 performance share awards.

  42. Total Compensation for 2025

    | Long Term Incentive Plan Award Status as of December 31, 2025 | | | | | | | | Three-Year Performance Period | 2023 | 2024 | 2025 | 2026 | 2027 | Status | | 2025 – 2027 | | | 33% Completed | | | Tracking at 179%, between Target and Maximum | | 2024 – 2026 | | | 67% Completed | | | Tracking at 94%, between Threshold and Target | | 2023 – 2025 | | 100% Completed | | | | Payout Achieved at 67%, between Threshold and Target |

  43. ADJUSTMENT OF STOCK OPTIONS IN CONNECTION WITH SPECIAL DIVIDENDS

    ADJUSTMENT OF STOCK OPTIONS IN CONNECTION WITH SPECIAL DIVIDENDS In connection with the special dividends paid by Aimco in January 2025 and October 2025, the number of shares subject to then-outstanding stock options, including stock options held by our NEOs, and the exercise price of such stock options were equitably adjusted pursuant to the 2015 Plan in order to preserve the intrinsic value of the options following each special dividend. The specific methodology of such adjustments is described in the footnotes to the Outstanding Equity Awards at Fiscal Year-End 2025 table below.

  44. POWELL LETTER AGREEMENT

    POWELL LETTER AGREEMENT On December 26, 2025, Aimco entered into a letter agreement with Mr. Powell (the “Powell Letter Agreement”) in order to incentivize Mr. Powell to continue to lead the successful execution of Aimco’s strategic plans, including the Plan of Sale and Liquidation, and in order to help mitigate the anticipated adverse impact on Mr. Powell of Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, in connection with the execution of the Plan of Sale and Liquidation. The Powell Letter Agreement is more fully described below under "Post-Employment Compensation and Employment and Severance Arrangements — Executive Employment Arrangements".

  45. Post-Employment Compensation and Employment and Severance Arrangements

    Post-Employment Compensation and Employment and Severance Arrangements 401(k) Plan Aimco provides a 401(k) plan that is offered to all Aimco teammates. Aimco matches 100% of participant contributions to the extent of the first 3% of the participant’s eligible compensation and 50% of participant contributions to the extent of the next 2% of the participant’s eligible compensation. For 2025, the maximum match by Aimco was $14,000, which was the amount that Aimco matched for each of Mr. Powell and Mses. Stanfield and Johnson’s 2025 401(k) contributions. Other than the 401(k) plan, Aimco does not provide post-employment benefits. Aimco does not maintain a defined benefit pension plan, a supplemental executive retirement plan, or any other similar arrangements. Executive Employment Arrangements 2021 Powell Employment Agreement. On October 27, 2021, Aimco Development Company, LLC, an affiliate of the Company and the employer entity for Aimco’s employees, entered into an employment agreement with Mr. Powell (the “2021 Employment Agreement”). The Committee evaluated the terms of the 2021 Employment Agreement in comparison to those of the CEOs of Aimco’s peers. The 2021 Employment Agreement is for an initial term expiring on December 31, 2022. The 2021 Employment Agreement provides that on December 31, 2022, and on each subsequent one-year anniversary thereafter, the agreement shall be renewed for an additional one-year term unless either party gives written notice of intent not to renew to the other party at least 60 days before the end of the then calendar year. On each of December 31, 2022, December 31, 2023, December 31, 2024, and December 31, 2025, the 2021 Employment Agreement, as amended by the Powell Letter Agreement, discussed further below, was renewed for an additional one-year term. The 2021 Employment Agreement provides that the Committee shall review and set Mr. Powell’s target total compensation on an annual basis in comparison to compensation paid to the Company’s peers, taking into consideration experience, performance, and other relevant factors. Pursuant to the Powell Letter Agreement, Mr. Powell received (i) accelerated payment of his estimated 2025 annual cash bonus in the amount of $1,470,000 (the “Bonus Prepayment”) and (ii) a retention award in the amount of $5,250,000 (the "Retention Award") in lieu of any right to receive cash severance benefits on a future termination of employment (other than any unpaid prior year bonus or current year pro rata bonus as described below), each of which was payable in a lump sum in cash no later than December 31, 2025. Pursuant to the terms of the Powell Letter Agreement, when the Committee determined in 2026 the actual amount of Mr. Powell’s annual cash bonus for 2025, Mr. Powell was paid an amount equal to the excess of such actual bonus amount over the estimated bonus amount. The Bonus Prepayment is subject to repayment by Mr. Powell on an after-tax basis if Mr. Powell resigns from employment with Aimco for any reason, or Aimco terminates his employment for cause, in each case, on or before the date in 2026 upon which his 2025 annual bonus would otherwise be paid. In addition, the Retention Award is subject to repayment by Mr. Powell on an after-tax basis if (i) he resigns from employment with Aimco for any reason prior to a change in control or (ii) Aimco terminates his employment for cause, in each case, prior to either (1) if the Plan of Sale and Liquidation is approved by Aimco’s stockholders, the date of the final distribution to Aimco’s stockholders pursuant to the Plan of Sale and Liquidation or (2) if the Plan of Sale and Liquidation is not approved by Aimco’s stockholders, December 31, 2027. For purposes of the Powell Letter Agreement, “change in control” has the meaning ascribed to such term in the 2021 Employment Agreement, except that prong (iii)(B) of such definition will only be triggered upon a complete liquidation or dissolution of Aimco and will not be triggered upon an agreement for the sale or disposition of all or substantially all of the assets of Aimco to any person. In the event that Mr. Powell does not fulfill any repayment obligation pursuant to the Powell Letter Agreement, Aimco will have the right to offset any such unpaid repayment obligation through the surrender and cancellation of vested shares of Aimco common stock held by Mr. Powell with a value (as determined by Aimco) equal to the amount of such unpaid repayment obligation. Pursuant to the 2021 Employment Agreement, as amended by the Powell Letter Agreement, upon termination of Mr. Powell’s employment by Aimco Development Company, LLC without “Cause,” or by Mr. Powell for “Good Reason” (each as defined in the 2021 Employment Agreement), Mr. Powell is generally entitled to: (a) any short-term incentive bonus earned but unpaid for a prior fiscal year (the “Prior Year STI”); (b) a pro-rata portion of the short-term incentive bonus he would have earned for the year in which the termination occurs, based on the actual achievement of the applicable performance targets (the “Pro Rata STI”); and (c) an amount equal to the monthly COBRA premium for health and welfare plan coverage for Mr. Powell and his coverage dependents in effect on the date of termination (the “monthly COBRA reimbursement”) multiplied by 24 months. The vesting and exercisability of any equity awards held by Mr. Powell on the date of termination would be determined in accordance with the applicable incentive plan and award agreement. Pursuant to the 2021 Employment Agreement, as amended by the Powell Letter Agreement, in the event of a termination of Mr. Powell’s employment by Aimco without “Cause,” or by Mr. Powell for “Good Reason,” in either case, within the period commencing six months prior to and ending 24 months following a “Change in Control” (as defined in the 2021 Employment Agreement), then in lieu of the benefits described above, Mr. Powell will be entitled to: (a) the Prior Year STI; (c) the Pro Rata STI; (d) the monthly COBRA reimbursement multiplied by 36 months; and (e) 100% accelerated vesting of any unvested equity awards then held by Mr. Powell. The 2021 Employment Agreement provides that if Mr. Powell’s employment is terminated by reason of his death or disability, then Mr. Powell will be eligible to receive the Prior Year STI and the Pro Rata STI. The vesting and exercisability of any equity awards held by Mr. Powell at the time of his death or disability would be determined in accordance with the applicable incentive plan and award agreement. In the event that any payment or benefit payable to Mr. Powell under the 2021 Employment Agreement would result in the imposition of excise taxes under the “golden parachute” provisions of Section 280G of the Internal Revenue Code, then such payments and benefits will either be made and/or provided in full or will be reduced such that the excise tax under Section 280G is not applicable, whichever is least economically disadvantageous to Mr. Powell. The 2021 Employment Agreement does not provide for any excise tax or other tax “gross-up” payment. All severance payments and benefits under the 2021 Employment Agreement are subject to applicable withholding obligations, Mr. Powell’s execution and non-revocation of a release of claims, and compliance with certain non-competition, non-disclosure, and non-solicitation covenants. Neither Ms. Stanfield nor Ms. Johnson has an employment agreement with the Company. Executive Severance Arrangements

  46. Post-Employment Compensation and Employment and Severance Arrangements

    Aimco has an executive severance policy that provides that Aimco shall seek stockholder approval or ratification of any future severance agreement for any senior executive officer that provides for benefits, such as lump-sum or future periodic cash payments or new equity awards, in an amount in excess of 2.99 times such executive officer’s base salary and bonus. Compensation and benefits earned through the termination date, the value of vesting or payment of any equity awards outstanding prior to the termination date, pro rata vesting of any other long-term awards, or benefits provided under plans, programs or arrangements that are applicable to one or more groups of employees in addition to senior executives are not subject to the policy. It has been Aimco’s longstanding practice not to provide excessive severance arrangements. Executive Severance Policy. On February 22, 2018, the Committee adopted the Apartment Investment and Management Company Executive Severance Policy (the “Executive Severance Policy”). The Executive Severance Policy superseded and replaced any employment agreement or other plan, policy or practice involving the payment of severance benefits to participants under the Executive Severance Policy. On April 28, 2021, the Committee amended the Executive Severance Policy in accordance with recommendations provided by the Committee’s compensation consultant to bring the policy in line with market. On October 27, 2021, the Committee amended the Executive Severance Policy to remove severance provisions for the Chief Executive Officer in connection with the Committee’s approval of an employment agreement for Mr. Powell that included severance provisions. The Company’s Executive Vice Presidents, as determined on the records of the Company and any other entities through which the operations of the Company are conducted, are eligible to participate in the Executive Severance Policy. Each of Mses. Stanfield and Johnson are participants under the Executive Severance Policy. The Executive Severance Policy provides that if the Company terminates a participant’s employment without “Cause,” or if the participant terminates his or her employment for “Good Reason” (each as defined in the Executive Severance Policy), then the participant will be eligible to receive the following benefits: • a lump sum payment equal to the sum of (i) the annual base salary for the calendar year of the date of termination, and (ii) the target annual bonus for the calendar year of the date of termination; • a pro-rata portion of the short-term incentive bonus the participant would have earned for the year in which the termination occurs, based on the actual achievement of the applicable performance targets; and • with respect to each participant, an amount equal to their monthly COBRA premium reimbursement, multiplied by 18 months. The vesting and exercise of any equity awards held by a participant on the date of termination will be determined in accordance with the applicable incentive plan and award agreement. Pursuant to the terms of the Executive Severance Policy, if the Company terminates a participant’s employment without Cause, or if the participant terminates his or her employment for Good Reason, in either case, within the period commencing six months prior to and ending 24 months following a “Change in Control” (as defined in the Executive Severance Policy), then in lieu of the severance benefits described above the participant will be eligible to receive the following benefits: • a lump sum payment equal to two times the sum of (i) the annual base salary for the calendar year of the date of termination, and (ii) the target annual bonus for the calendar year of the date of termination; • a pro-rata portion of the short-term incentive bonus the participant would have earned for the year in which the termination occurs, based on the actual achievement of the applicable performance targets; • with respect to each participant, the monthly COBRA premium reimbursement multiplied by 24 months; and • 100% accelerated vesting of any unvested equity awards then-held by the participant. The Executive Severance Policy provides that if the employment of the participant is terminated by reason of the participant’s death or disability, then the participant will be eligible to receive a pro-rated bonus for the year of termination. In addition, the vesting and exercise of any equity awards held by the participant at the time of his or her death or disability will be determined in accordance with the applicable incentive plan and award agreement. In the event that any payment or benefit payable to a participant under the Executive Severance Policy would result in the imposition of excise taxes under the “golden parachute” provisions of Section 280G of the Internal Revenue Code, then such payments and benefits will either be made and/or provided in full or will be reduced such that the excise tax under Section 280G is not applicable, whichever is least economically disadvantageous to the participant. The Executive Severance Policy does not provide for any excise tax or other tax “gross-up” payment. All severance payments and benefits under the Executive Severance Policy are subject to applicable withholding obligations, the participant’s execution and non-revocation of a release of claims, and compliance with certain non-competition, non-disclosure and non-solicitation covenants set forth in a restrictive covenant agreement that is appropriate for the participant’s position. The Executive Severance Policy will remain in effect, subject to amendment, until terminated by the Board. The Board may terminate or amend the Executive Severance Policy at any time, so long as at least 90 days’ prior notice is provided to any participant if the termination or amendment of the Executive Severance Policy would materially or adversely affect the rights of the participant. Non-Competition and Non-Solicitation Agreements

  47. Post-Employment Compensation and Employment and Severance Arrangements

    Effective in connection with their promotions by Aimco for Mr. Powell and Mses. Stanfield and Johnson, Aimco entered into certain non-competition and non-solicitation agreements with each executive. Mr. Powell’s non-competition and non-solicitation agreement was replaced by his 2021 Employment Agreement. Pursuant to these agreements, each of these NEOs agreed that during the term of his or her employment with the Company and for a period of two years following the termination of his or her employment without “Cause” (as defined in the non-competition and non-solicitation agreement), except in circumstances where there was a change in control of the Company, he or she would not (i) be employed by a competitor of the Company described on a schedule to the agreement, (ii) solicit other employees to leave the Company’s employment, or (iii) solicit customers of Aimco to terminate their relationship with the Company. The agreements further require that the NEOs protect Aimco’s trade secrets and confidential information. For Mr. Powell, the non-solicitation requirement survives a change in control of the Company. For Mses. Stanfield and Johnson, the agreements provide that in order to enforce the above-noted non-competition condition following the executive’s termination of employment by the Company without cause, the executive will receive, for a period not to extend beyond the earlier of 24 months following such termination or the date of acceptance of employment with a non-competitor, (i) non-compete payments in an amount, if any, to be determined by the Company in its sole discretion and (ii) a monthly payment equal to two-thirds of such executive’s monthly base salary at the time of termination. For purposes of these agreements, “cause” is defined to mean, among other things, the executive’s (i) breach of the agreement, (ii) failure to perform required employment services, (iii) misappropriation of Company funds or property, (iv) conviction, plea of guilty, or plea of no contest to a crime involving fraud or moral turpitude, or (v) negligence, fraud, breach of fiduciary duty, misconduct or violation of law. Equity Award Agreements Double Trigger Vesting Upon Change in Control. The award agreements pursuant to which restricted stock, stock option, and/or LTIP Unit awards have been granted to Mr. Powell and Mses. Stanfield and Johnson, as applicable, provide that if (i) a change in control occurs and (ii) the executive’s employment with the Company is terminated either by the Company without “Cause” or by the executive for “Good Reason” (each as defined in the equity award agreement), in either case, within the period commencing six months prior to and ending 24 months following a change in control, then (a) for time-based restricted stock and/or LTIP Unit awards, all outstanding shares of restricted stock and LTIP Units shall become immediately and fully vested, and (b) for performance-based restricted stock, stock options, and/or LTIP Unit awards, all outstanding shares of restricted stock, stock options, and/or LTIP Units shall become immediately and fully vested based on the higher of actual or target performance through the truncated performance period ending on the date of the change in control, except with regard to 2024 performance-based awards, which shall become immediately and fully vested based on target performance, and all vested stock options will remain exercisable for the remainder of the term of the option. Accelerated Vesting Upon Termination of Employment Due to Death or Disability. The award agreements pursuant to which restricted stock, stock option, and/or LTIP Unit awards have been granted to Mr. Powell and Mses. Stanfield and Johnson, as applicable, provide that upon a termination of employment due to death or disability, then (a) for time-based restricted stock and/or LTIP Unit awards, all outstanding shares of restricted stock and LTIP Units shall become immediately and fully vested, and (b) for performance-based restricted stock, stock option, and/or LTIP Unit awards, all outstanding shares of restricted stock, stock options, and/or LTIP Units shall become immediately and fully vested based on the higher of actual or target performance through the truncated performance period ending on the date of termination, and all vested stock options will remain exercisable for the remainder of the term of the option.

  48. Role of Outside Consultants

    Role of Outside Consultants The Committee has the authority under its charter to engage the services of outside advisors, experts and others to assist the Committee. The Committee engaged Ferguson Partners to advise the Committee regarding Aimco’s 2025 executive compensation plan. Ferguson Partners did not provide other services to Aimco. The Committee assessed the independence of Ferguson Partners pursuant to SEC rules and concluded that Ferguson Partners is independent. In connection with the 2025 executive compensation plan, the Committee directed Ferguson Partners to: (i) perform studies of competitive compensation practices; (ii) develop conclusions and recommendations regarding Aimco’s executive compensation plans for consideration by the Committee; (iii) identify an executive compensation peer group; (iv) perform a benchmarking analysis of the base salary, STI, and LTI of the NEOs relative to competitive practices; (v) advise the Committee regarding stock ownership guidelines for the NEOs; and (vi) perform an assessment of the risks contained in Aimco’s incentive compensation plans.

  49. Base Salary, Incentive Compensation, And Equity Grant Practices

    Base Salary, Incentive Compensation, And Equity Grant Practices Base salary adjustments typically take effect on January 1. The Committee determines incentive compensation in late January or early February. STI is typically paid in February or March. LTI is granted on a date determined by the Committee, typically in late January or early February. Aimco grants equity in three scenarios: in connection with its annual incentive compensation program as discussed above; in connection with certain new-hire or promotion packages; and for purposes of retention. With respect to LTI, the Committee sets the grant date for the restricted stock, stock option, and LTIP Unit grants. The Committee typically sets grant dates at the time of its final compensation determination, generally in late January or early February. The date of determination and date of award are not selected based on share price. In the case of new-hire packages that include equity awards, grants are made on the executive’s start date or on a date designated in advance based on the passage of a specific number of days after the executive’s start date. For non-executive officers, as provided for in the 2015 Plan, the Committee has delegated the authority to make equity awards, up to certain limits, to the Chief Financial Officer (Ms. Stanfield) and/or Corporate Secretary (Ms. Johnson). The Committee and Mses. Stanfield and Johnson time grants without regard to the share price or the timing of the release of material non-public information and do not time grants for the purpose of affecting the value of executive compensation. In the event that material nonpublic information becomes known to the Committee or Mses. Stanfield and Johnson before granting an equity award, the Committee or Mses. Stanfield and Johnson will consider such information and use its business judgment to determine whether to delay the grant of equity to avoid any appearance of impropriety. During fiscal year 2025, we did not grant stock options, stock appreciation rights, or similar option-like instruments to our NEOs during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form 8-K that discloses material nonpublic information.

  50. Summary Compensation Table

    Summary Compensation Table The table below summarizes the compensation for the years 2025, 2024 and 2023 attributable to each of the NEOs.

  51. Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(3) | Total ($) | | Wes Powell — | 2025 | 700,000 | 5,250,000(4) | 2,956,757(5) | — | 1,841,595 | 14,000 | 10,762,352 | | President and Chief | 2024 | 700,000 | — | 1,875,003 | — | 1,340,745 | 13,800 | 3,929,548 | | Executive Officer | 2023 | 625,000 | — | 2,500,003 | — | 935,638 | 13,200 | 4,073,841 | | H. Lynn C. Stanfield — | 2025 | 494,000 | — | 1,328,896(6) | — | 927,213 | 14,000 | 2,764,109 | | Executive Vice President | 2024 | 494,000 | 75,000 | 632,214 | — | 772,344 | 13,800 | 1,987,358 | | and Chief Financial Officer | 2023 | 475,000 | — | 852,648 | — | 754,965 | 13,200 | 2,095,813 | | Jennifer Johnson — | 2025 | 470,000 | — | 710,953(7) | — | 861,067 | 14,000 | 2,056,020 | | Executive Vice President, | 2024 | 442,000 | — | 464,865 | — | 696,493 | 13,800 | 1,617,158 | | Chief Administrative Officer | 2023 | 425,000 | — | 626,944 | — | 686,666 | 13,200 | 1,751,810 | | and General Counsel | | | | | | | | |

  52. Summary Compensation Table

    (1) This column represents the aggregate grant date fair value of stock awards in the year granted computed in accordance with FASB ASC Topic 718. For additional information on the valuation assumptions with respect to the grants reflected in this column for 2025, refer to the Share-Based Compensation footnote to Aimco’s consolidated financial statements in the 2025 Annual Report. The amounts shown in this column for 2025 include the grant date fair value of the performance-based restricted stock awards granted in 2025 calculated by a third-party consultant using a Monte Carlo valuation model in accordance with FASB ASC Topic 718. Based on the foregoing, the grant date fair value is $13.37 per share for the performance-based restricted stock awards granted to each of Mr. Powell and Mses. Stanfield and Johnson, that are based on relative TSR performance. (2) For Mr. Powell and Ms. Stanfield, the amount shown represents the STI bonus for 2025. For Ms. Johnson, the amount shown equals the sum of $788,319, representing the STI bonus for 2025, and $72,748, representing a payout in 2025 pursuant to a long-term cash grant made in connection with the Company's 2020 compensation plan. (3) Includes non-discretionary matching contributions under Aimco’s 401(k) plan. (4) For 2025, consists of a cash retention award paid to Mr. Powell on December 26, 2025, in lieu of any right to receive cash severance benefits on a future termination of employment (other than any unpaid prior year bonus or current year pro rata bonus). See the discussion above under "CD&A — Post-Employment Compensation and Employment and Severance Arrangements — Executive Employment Arrangements." (5) Equity awards for Mr. Powell in 2025 include a 2025 LTI award consisting of the following: (i) 82,591 shares of time-based restricted stock, vesting one-third on each anniversary of the grant date; and (ii) 165,182 shares of performance-based restricted stock for the forward looking, three-year performance period from January 1, 2025, through December 31, 2027, with the number of shares earned, if any, vesting 100% following the end of the three-year performance period, in each case, subject to Mr. Powell’s continued employment on the applicable vesting date. (6) Equity awards for Ms. Stanfield in 2025 include a 2025 LTI award consisting of the following: (i) 37,120 shares of time-based restricted stock, vesting one-third on each anniversary of the grant date; and (ii) 74,240 shares of performance-based restricted stock for the forward looking, three-year performance period from January 1, 2025, through December 31, 2027, with the number of shares earned, if any, vesting 100% following the end of the three-year performance period, in each case, subject to Ms. Stanfield’s continued employment on the applicable vesting date. Equity awards for Ms. Johnson in 2025 include a 2025 LTI award consisting of the following: (i) 19,859 shares of time-based restricted stock, vesting one-third on each anniversary of the grant date; and (ii) 39,718 shares of performance-based restricted stock for the forward looking, three-year performance period from January 1, 2025, through December 31, 2027, with the number of shares earned, if any, vesting 100% following the end of the three-year performance period, in each case, subject to Ms. Johnson’s continued employment on the applicable vesting date.

  53. Grants of Plan-Based Awards in 2025

    Grants of Plan-Based Awards in 2025 The following table provides details regarding plan-based awards granted to the NEOs during the year ended December 31, 2025.

  54. Grants of Plan-Based Awards in 2025

    | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: | All other Option Awards Number of Securities Underlying Options | | | Exercise or | Grant Date | | Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Number of Shares of Stock or Units (#)(3) | Threshold (#) | Target (#) | Maximum (#) | Base Price of Option Awards ($/Sh) | Fair Value of Stock and Option Awards ($)(4) | | Wes | 1/28/2025 | 525,000 | 1,050,000 | 2,100,000 | | | | | | | | | | | Powell | 1/28/2025 | | | | | | | 82,591 | | | | | 748,274 | | | 1/28/2025 | | | | 82,591 | 165,182 | 330,364 | | | | | | 2,208,483 | | H. Lynn | 1/28/2025 | 247,000 | 494,000 | 988,000 | | | | | | | | | | | Stanfield | 1/28/2025 | | | | | | | 37,120 | | | | | 336,307 | | | 1/28/2025 | | | | 37,120 | 74,240 | 148,480 | | | | | | 992,589 | | Jennifer | 1/28/2025 | 210,000 | 420,000 | 840,000 | | | | | | | | | | | Johnson | 1/28/2025 | | | | | | | 19,859 | | | | | 179,923 | | | 1/28/2025 | | | | 19,859 | 39,718 | 79,436 | | | | | | 531,030 |

  55. Grants of Plan-Based Awards in 2025

    (1) On January 28, 2025, the Committee made determinations of target total incentive compensation for 2025 based on achievement of Aimco’s four corporate goals for 2025, and, with respect to Mses. Stanfield and Johnson, achievement of specific individual objectives. The awards in this column indicate the 2025 STI portion of these target total incentive amounts — at threshold, target, and maximum performance levels. The actual 2025 STI awards earned by each of Mr. Powell and Mses. Stanfield and Johnson are as disclosed in the Summary Compensation Table under “Non-Equity Incentive Plan Compensation.” See the discussion above under “CD&A — Total Compensation for 2025 — Short-Term Incentive Compensation for 2025.” (2) The amounts in this column include the number of shares underlying performance-based restricted stock granted on January 28, 2025, pursuant to the executive’s 2025 LTI award that may be earned – at threshold, target and maximum performance levels – based on relative TSR (one-third of each award is based on the Company’s TSR relative to the FTSE Nareit Equity REITs Index and two-thirds of each award is based on the Company’s TSR relative to the FTSE Nareit Equity Apartments Index) over a three-year period from January 1, 2025, to December 31, 2027, with the number of shares earned, if any, vesting 100% on the later of the third anniversary of the grant date or the date on which performance is determined (but no later than March 15, 2028), subject to the applicable executive’s continued employment on the applicable vesting date. (3) The amounts in this column reflect the number of shares of time-based restricted stock granted pursuant to the 2025 LTI award, vesting one-third on each anniversary of the grant date, subject to the applicable executive’s continued employment on the applicable vesting date. The number of shares of restricted stock was determined based on the average of the closing trading prices of Aimco’s Common Stock on the NYSE on the five trading days up to and including the grant date, or $8.98. (4) This column represents the aggregate grant date fair value of equity awards in the year granted computed in accordance with FASB ASC Topic 718. For additional information on the valuation assumptions with respect to the grants reflected in this column, refer to the Share-Based Compensation footnote to Aimco’s consolidated financial statements in the 2025 Annual Report. The amounts shown in this column include the grant date fair value of the performance-based restricted stock awards calculated by a third-party consultant using a Monte Carlo valuation model in accordance with FASB ASC Topic 718. Based on the foregoing, the grant date fair value is $13.37 per share for the performance-based restricted stock awards granted to each of Mr. Powell and Mses. Stanfield and Johnson that are based on relative TSR performance.

  56. Outstanding Equity Awards at Fiscal Year-End 2025

    Outstanding Equity Awards at Fiscal Year-End 2025 The following table shows outstanding stock option awards classified as exercisable and unexercisable as of December 31, 2025, for the NEOs. The table also shows unvested and unearned stock awards assuming a market value of $5.94 per share (the closing market price of the Company’s Common Stock on the New York Stock Exchange on December 31, 2025).

  57. Outstanding Equity Awards at Fiscal Year-End 2025

    | | Option Awards | | | | | Stock Awards | | | | | Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($)(1) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Wes Powell | 468,241(3) | | | 4.66 | 2/2/2032 | | | 330,364(4) | 1,962,362 | | | 949,422(5) | | | 4.46 | 4/28/2031 | | | 211,149(6) | 1,254,225 | | | | | | | | 215,420(7) | 1,279,595 | | | | | | | | | | 82,591(8) | 490,591 | | | | | | | | | | 185,951(9) | 1,104,549 | | | | H. Lynn C. Stanfield | | | | | | | | 148,480(4) | 881,971 | | | | | | | | | | 47,861(6) | 284,294 | | | | | | | | 48,829(7) | 290,044 | | | | | | | | | | 37,120(8) | 220,493 | | | | | | | | | | 18,592(10) | 110,436 | | | | | | | | | | 12,559(11) | 74,600 | | | | | | | | | | 123,967(9) | 736,364 | | | | Jennifer Johnson | 42,568(12) | | | 4.66 | 2/2/2032 | | | 79,436(4) | 471,850 | | | | | | | | | | 35,192(6) | 209,040 | | | | | | | | 35,904(7) | 213,270 | | | | | | | | | | 19,859(8) | 117,962 | | | | | | | | | | 13,670(10) | 81,200 | | | | | | | | | | 9,234(11) | 54,850 | | | | | | | | | | 87,992(9) | 522,672 | | |

  58. Outstanding Equity Awards at Fiscal Year-End 2025

    (1) The number of shares subject to the then-outstanding stock options and the exercise price of such options were adjusted pursuant to the 2015 Plan in order to reflect the special dividends paid in January 2025 and October 2025. The exercise price for outstanding stock options was adjusted by dividing the applicable exercise price by a ratio equal to the quotient obtained by dividing (i) the closing per share value of our common stock (the “Pre-Dividend Price”) immediately prior to January 14, 2025 or October 16, 2025, as applicable (in either case, the “Ex-Dividend Date”) by (ii) the per share price of our common stock immediately after the adjustment of the Pre-Dividend Price to reflect the special dividend (such ratio, the “Adjustment Ratio”), rounded up to the nearest whole cent. The number of shares subject to outstanding options was adjusted by multiplying the number of shares as of immediately prior to adjustment by the applicable Adjustment Ratio, rounded down to the nearest whole share. The footnotes to each option award provide the original number of shares earned subject to the option and the original exercise price on the grant date. (2) Amounts reflect the number of shares subject to the award that have not vested multiplied by the market value of $5.94 per share, which was the closing market price of Aimco’s Common Stock on December 31, 2025. (3) This option was granted on February 2, 2022. The amount shown in the table represents the portion of the award that was earned based on our relative TSR performance for the three-year performance period from January 1, 2022, through December 31, 2024, of which 100% vested on February 2, 2025. Prior to the special dividends, the option covered 312,877 shares and had an exercise price of $6.96 per share. This performance-based restricted stock award was granted on January 28, 2025, and, subject to relative TSR metrics set forth in the CD&A, vests 100% following the end of the three-year forward looking performance period, subject to the applicable executive's continued employment on the applicable vesting date. The amount shown in the table is the award at maximum. This option was granted on April 28, 2021. The amount shown in the table represents the portion of the award that was earned based on our relative TSR performance for the three-year performance period from January 1, 2021, through December 31, 2023, of which 50% vested on January 31, 2024, and the remaining 50% vested on January 27, 2025. Prior to the special dividends, the option covered 634,400 shares and had an exercise price of $6.66 per share. (6) This performance-based restricted stock award was granted on January 31, 2024, and, subject to relative TSR metrics set forth in the CD&A, vests 100% following the end of the three-year forward looking performance period, subject to three applicable executive's continued employment on the applicable vesting date. The amount shown in the table is the award at target. (7) This performance-based restricted stock award was granted on February 1, 2023. The amount shown in the table represents the portion of the award that was earned based on our relative TSR performance for the three-year performance period from January 1, 2023, through December 31, 2025, of which 100% vested on February 1, 2026. (8) This restricted stock award was granted on January 28, 2025, and vests ratably over three years (one-third on each anniversary of the grant date), subject to the applicable executive's continued employment on the applicable vesting date. (9) This restricted stock award was granted on April 15, 2021, and vests 50% at the end of four years from the date of grant and 50% at the end of five years from the date of grant, subject to the applicable executive's continued employment on the applicable vesting date. (10) This restricted stock award was granted on January 31, 2024, and vests ratably over three years (one-third on each anniversary of the grant date), subject to the applicable executive's continued employment on the applicable vesting date. (11) This restricted stock award was granted on February 1, 2023, and vests ratably over three years (one-third on each anniversary of the grant date), subject to the applicable executive's continued employment on the applicable vesting date. (12) This option was granted on February 2, 2022. The amount shown in the table represents the portion of the award that was earned based on our relative TSR performance for the three-year performance period from January 1, 2022, through December 31, 2024, of which 100% vested on February 2, 2025. Prior to the special dividends, the option covered 28,445 shares and had an exercise price of $6.96 per share.

  59. Option Exercises and Stock Vested in 2025

    Option Exercises and Stock Vested in 2025 The following table sets forth certain information regarding options and stock awards exercised and vested, respectively, during the year ended December 31, 2025, for the persons named in the Summary Compensation Table above.

  60. Option Exercises and Stock Vested in 2025

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | | Wes Powell | — | — | 396,414 | 3,333,693 | | H. Lynn Stanfield | — | — | 291,326 | 2,465,897 | | Jennifer Johnson | — | — | 196,728 | 1,660,160 |

  61. Option Exercises and Stock Vested in 2025

    (1) Amounts reflect the closing price of the stock on the day the shares of restricted stock vested.

  62. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control The NEOs are entitled to certain severance payments and benefits upon a qualifying termination of employment and, in the case of a change in control, double trigger accelerated vesting of equity awards in the event of a qualifying termination of employment that occurs within a period commencing six months prior to and ending 24 months following a change in control. The terms of these arrangements are described under “CD&A — Post-Employment Compensation and Employment and Severance Arrangements — Executive Employment Arrangements, Executive Severance Arrangements, and Equity Award Agreements” above. In the table that follows, potential payments and other benefits payable upon termination of employment and change in control situations are set out as if the conditions for payments had occurred and/or the terminations took place on December 31, 2025. In setting out such payments and benefits, amounts that had already been earned as of the termination date, including 2025 STI, which would have been earned as of the termination date but not yet paid, are not shown. Also, benefits that are available to all full-time regular employees when their employment terminates are not shown. The amounts set forth below are estimates of the amounts that could be paid out to the NEOs upon their termination. The actual amounts to be paid out can only be determined at the time of such NEOs’ separation from Aimco. The following table summarizes the potential payments under various scenarios if they had occurred on December 31, 2025.

  63. Potential Payments Upon Termination or Change in Control

    | | Value of Accelerated Stock and Stock Options ($)(1) | | | | | Severance ($) | | | | | | | Name | Change in Control Only | Double Trigger Change in Control | Death or Disability | Termination Without Cause | Termination For Good Reason | Death | Disability | Termination Without Cause | Termination For Good Reason | Termination Without Cause or For Good Reason in Connection with a Change in Control | Non- Compete Payments ($)(2) | | Wes Powell | — | 6,769,989 | 6,769,989 | — | — | — | — | 72,105(3) | 72,105(3) | 108,157(4) | — | | H. Lynn C. Stanfield | — | 1,947,938 | 1,947,938 | — | — | — | — | 1,029,014(5) | 1,029,014(5) | 2,030,685(6) | 658,667 | | Jennifer Johnson | — | 1,359,570 | 1,359,570 | — | — | — | — | 955,301(5) | 955,301(5) | 1,867,068(6) | 626,667 |

  64. Potential Payments Upon Termination or Change in Control

    (1) Amounts reflect value of accelerated restricted stock, stock options, and LTIP Units using the closing market price on December 31, 2025, of $5.94 per share, excluding accrued dividends, and in the case of performance-vesting awards, reflect acceleration as of December 31, 2025, in accordance with the applicable award agreements. (2) Amounts assume a termination without “Cause” (as defined in the non-competition agreement), the agreements were enforced by the Company, and that non-compete payments in an aggregate amount equal to two-thirds of the executive’s monthly base salary would be payable for 24 months following the executive’s termination of employment by the Company without cause. (3) Amount consists of the monthly COBRA premium for health and welfare coverage for the executive and his dependents multiplied by 24 months, as payable pursuant to the 2021 Employment Agreement, as amended by the 2025 Letter Agreement. See the discussion above under "CD&A — Post-Employment Compensation and Employment and Severance Arrangements — Executive Employment Arrangements." (4) Amount consists of the monthly COBRA premium for health and welfare coverage for the executive and his dependents multiplied by 36 months, as payable pursuant to the 2021 Employment Agreement, as amended by the 2025 Letter Agreement. See the discussion above under "CD&A — Post-Employment Compensation and Employment and Severance Arrangements — Executive Employment Arrangements." (5) Amount consists of (i) a lump sum cash payment equal to the sum of base salary and target STI, and (ii) the monthly COBRA premium for health and welfare coverage for the executive and her dependents multiplied by 18 months, as payable pursuant to the Executive Severance Policy. (6) Amount consists of (i) a lump sum cash payment equal to two times the sum of base salary and target STI, and (ii) the monthly COBRA premium for health and welfare coverage for the executive and her dependents multiplied by 24 months, as payable pursuant to the Executive Severance Policy.

  65. CEO PAY RATIO DISCLOSURE

    CEO PAY RATIO DISCLOSURE We believe that executive pay should be internally consistent and equitable to motivate our teammates to create stockholder value. In August 2015, pursuant to a mandate of the Dodd-Frank Act, the SEC adopted a rule requiring annual disclosure of the ratio of the median employee’s annual total compensation to the annual total compensation of the principal executive officer. The disclosure is required for fiscal years beginning on or after January 1, 2017. As required by Section 953(b) of the Dodd-Frank Act, and Item 402(u) of Regulation S-K, we are providing the following information regarding the ratio of the annual total compensation of Wes Powell, our Chief Executive Officer (our “CEO”) to the annual total compensation of our median employee. We consider the pay ratio specified below to be a reasonable estimate, calculated in a manner that is intended to be consistent with the requirements of Item 402(u) of Regulation S-K. The annual total compensation for 2025, our last completed fiscal year, for Mr. Powell, our CEO, was $10,762,352 as reported in the “Summary Compensation Table” included in this Proxy Statement. Our median employee’s total compensation for 2025 was $215,991. As a result, we estimate that Mr. Powell’s 2025 total compensation was approximately 50 times that of our median employee. Our CEO to median employee pay ratio was calculated in accordance with Item 402(u) of Regulation S-K. We identified the median employee by examining 2025 total compensation, consisting of base salary, annual bonus amounts, stock-based compensation (based on the grant date fair value of awards granted during 2025) and other incentive payments for all individuals who were employed by Aimco on December 31, 2025, other than our CEO. Our measuring date of December 31 remained the same as last year. We included all active employees and annualized the compensation for any employees who were not employed by Aimco for the full 2025 calendar year. As of such date, our employee population consisted of approximately 50 individuals. After identifying the median employee based on 2025 total compensation, we calculated annual total compensation for such employee using the same methodology we use for our NEOs as set forth in the “Total” column in the “Summary Compensation Table” included in this Proxy Statement.

  66. Pay Versus Performance

    Pay Versus Performance As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for the fiscal years listed below. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The term “compensation actually paid” in this Pay versus Performance section refers to Compensation Actually Paid calculated in accordance with Item 402(v) of Regulation S-K and does not reflect compensation actually earned, realized, or received by the NEOs. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the fiscal years listed below. Note that compensation for our NEOs other than our principal executive officer (“PEO”) is reported as an average.

  67. Pay Versus Performance

    | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | Year | Summary Compensation Table Total for PEO ($)(1)(2) | Compensation Actually Paid to PEO ($)(3)(4) | Average Summary Compensation Table Total for Non-PEO NEOs ($)(1)(2) | Average Compensation Actually Paid to Non-PEO NEOs ($)(3)(4) | Total Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(5) | Net Income ($M) | Net Operating Income Growth (%) | | 2025 | $10,762,352 | $7,288,086 | $2,410,065 | $1,388,755 | $169 | $130 | $593 | (0.3)% | | 2024 | $3,929,548 | $5,349,450 | $1,802,258 | $2,543,095 | $173 | $142 | $(96) | 4.5% | | 2023 | $4,073,841 | $4,504,198 | $1,923,812 | $2,332,191 | $149 | $118 | $(157) | 9.3% | | 2022 | $2,858,721 | $2,289,229 | $1,677,369 | $1,442,471 | $135 | $111 | $92 | 14.2% | | 2021 | $5,445,198 | $7,581,973 | $2,985,094 | $3,467,622 | $146 | $164 | $(5) | 4.1% |

  68. Pay Versus Performance

    (1) For each fiscal year, our PEO and non-PEO NEOs (“other NEOs”) consisted of the individuals indicated in the table below:

  69. Pay Versus Performance

    | | 2021 | 2022 | 2023 | 2024 | 2025 | | PEO | Wes Powell | Wes Powell | Wes Powell | Wes Powell | Wes Powell | | Other NEOs | Lynn Stanfield | Lynn Stanfield | Lynn Stanfield | Lynn Stanfield | Lynn Stanfield | | Other NEOs | Jennifer Johnson | Jennifer Johnson | Jennifer Johnson | Jennifer Johnson | Jennifer Johnson |

  70. Pay Versus Performance

    The values shown in this column reflect the “Total” compensation set forth in the Summary Compensation Table in this Proxy Statement or the applicable historical proxy statement. Please refer to the footnotes of the applicable Summary Compensation Table for further detail regarding the amounts set forth in this column. Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year (“FY”), as adjusted for the last completed fiscal year as follows:

  71. Pay Versus Performance

    | | 2025 | | | | Wes Powell | Average Other NEOs Other NEOs | | Summary Compensation Table Total | $10,762,352 | $2,410,065 | | Deduction for amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for applicable FY | $(2,956,757) | $(1,019,925) | | Change in fair value of awards granted during applicable FY that remain outstanding and unvested as of applicable FY end, determined as of applicable FY end | $1,886,643 | $650,791 | | Change in fair value of awards granted during any prior FY that were outstanding and unvested as of applicable FY end, determined based on change in fair value from prior FY end to applicable FY end | $(2,998,756) | $(1,008,733) | | Change in fair value of awards granted during any prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date | $(227,385) | $(166,336) | | Increase based on dividends or other earnings paid during applicable FY prior to vesting date | $821,989 | $522,893 | | Total Adjustments (a) | $(3,474,266) | $(1,021,310) | | Compensation Actually Paid Total | $7,288,086 | $1,388,755 |

  72. Pay Versus Performance

    (a) The NEOs have not been provided with opportunities to participate in defined benefit and actuarial pension plans sponsored by us in any applicable years. In addition, no applicable NEO awards that were granted in a given fiscal year vested in such fiscal year or were forfeited. Therefore, no adjustments were needed for such items. (4) Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted stock and LTIP Unit awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting date(s); and (ii) for market-based performance restricted stock, stock option, and LTIP Unit awards, the probable outcome of the performance condition to which such awards are subject calculated by a third-party consultant using a Monte Carlo valuation model in accordance with FASB ASC Topic 718 as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in the 2025 Annual Report and in the Annual Report on Form 10-K for prior fiscal years. For the relevant fiscal year, represents the cumulative TSR of Aimco and of the FTSE Nareit Equity Apartments Index (the “Peer Group TSR”) based on an initial fixed $100 invested as of December 31, 2020, through the end of the listed fiscal year in our Common Stock and in the FTSE Nareit Equity Apartments Index, respectively. The FTSE Nareit Equity Apartments Index is a published industry index that we also use in the stock performance graph required by Item 201(e) of Regulation S-K included in the 2025 Annual Report. Historical Common Stock performance is not necessarily indicative of future Common Stock performance. Relationship Between Financial Performance Measures The graphs below compare the compensation actually paid to our PEOs and the average of the compensation actually paid to our remaining NEOs, with (i) our cumulative TSR, (ii) our Peer Group TSR, (iii) our net income, and (iv) our NOI growth, in each case, for the fiscal years ended December 31, 2021, 2022, 2023, 2024, and 2025. TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested. Pay Versus Performance Tabular List We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended December 31, 2025: • Net Operating Income Growth; • Absolute TSR; and • Relative TSR. For additional details regarding our most important financial performance measures, please refer to the “Compensation Discussion and Analysis” in this Proxy Statement.