Why $AIV Aimco's 20% NAV discount isn't that Boring

Aimco is a multifamily REIT (public since 1994). Spun off stabilized assets in 2020, retained development portfolio. Began aggressive asset sales late 2024; board approved orderly liquidation plan in November 2025. Trades \~$5.9, a 20% discount to conservative $7.3/share NAV. 20% discount might seem unappealing (or typical) for REITs, but it has a few overlooked kicks. 1. expect $3/share div 1H26, after which **48% upside to NAV.** 2. rapid asset liquidation to unlock value, **15%-22% annualized IRR in 2-3Y** wind-down. 3. **Narrowing Risk Profile**: \~60% of assets at fixed/near-fixed value, remaining assets are based on conservative estimates, leaving potential for upside. **Why the Opportunity Exists:** Rapid asset sales have created a dynamic balance sheet with significant QoQ changes: multiple properties held for sale, cash earmarked for dividends, etc. This complexity requires reviewing multiple 10-Q/Ks to reconstruct an accurate NAV picture, deterring investors from being interested. Its November news release stated, very conservatively, *“Estimates Liquidating Distributions of Between $5.75 and $7.10 Per Share*,*”* making the current price only 10% below the midpoint of the estimated range, further dampening investors' interest.