Apartment Investment and Management

Revenue, earnings, and free cash flow predictability is no longer the point; asset sales and liquidating distributions are. The company has adopted liquidation‑basis accounting, and results are not comparable to prior periods.

Timing and amounts of proceeds depend on transaction markets, cap rates, construction completion, and costs reserved for wind‑down. While management has provided a distribution range, they caution outcomes may differ materially. This reduces forward predictability relative to recurring‑revenue businesses we prefer.