Apartment Investment & Management (AIV) said late Monday it has concluded its strategic review and will seek shareholder approval to adopt a plan of sale and liquidation in early 2026.

"The board unanimously concluded that the voluntary and orderly liquidation of the company's remaining assets is most likely to result in the greatest value for shareholders as compared to other alternatives," said Pat Gibson, independent director and chair of investment committee.

The company said it expects net proceeds from the sale of its remaining assets to result in total per share distributions of between $5.75 and $7.10.

In early 2025, the firm launched a process to pursue value maximizing transactions, including the potential sale as a whole or sale of major components of the business, it said.

The company also reported Q3 net income of $2.04 per diluted share, swinging from loss of $0.16 a year earlier.

Revenue for the quarter ended Sept. 30 was $35.1 million, compared with $35.3 million a year earlier.

Shares were up over 10% in after-hours activity.