Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | Apartment Investment and Management Company | |
Entity Central Index Key | 0000922864 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Trading Symbol | AIV | |
Entity File Number | 1-13232 | |
Entity Tax Identification Number | 84-1259577 | |
Entity Address, State or Province | MD | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1450 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 224-7900 | |
Entity Common Stock, Shares Outstanding | 152,683,298 | |
Title of 12(b) Security | Class A Common Stock (Apartment Investment and Management Company) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Aimco OP L.P. [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | Aimco OP L.P. | |
Entity Central Index Key | 0000926660 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity File Number | 0-56223 | |
Entity Tax Identification Number | 85-2460835 | |
Entity Address, State or Province | DE | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1450 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 224-7900 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Buildings and improvements | $ 1,323,647 | $ 1,257,214 |
Land | 574,434 | 534,285 |
Total real estate | 1,898,081 | 1,791,499 |
Accumulated depreciation | (576,243) | (561,115) |
Net real estate | 1,321,838 | 1,230,384 |
Cash and cash equivalents | 109,011 | 233,374 |
Restricted cash | 68,612 | 11,208 |
Mezzanine investment | 346,034 | 337,797 |
Right-of-use lease assets | 522,874 | 429,768 |
Other assets, net | 181,061 | 165,913 |
Total assets | 2,593,844 | 2,434,101 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt,net | 512,301 | 483,137 |
Construction loans, net | 180,562 | 163,570 |
Notes payable to AIR | 534,127 | 534,127 |
Total indebtedness | 1,226,990 | 1,180,834 |
Deferred tax liabilities | 123,641 | 124,747 |
Lease liabilities | 509,235 | 435,093 |
Accrued liabilities and other | 114,761 | 97,400 |
Total liabilities | 1,974,627 | 1,838,074 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 37,232 | 33,794 |
Commitments and contingencies (Note 4) | ||
Equity: | ||
Common Stock, $0.01 par value, 510,587,500 shares authorized at both March 31, 2022 and December 31, 2021, and 149,689,847 and 149,818,021 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 1,497 | 1,498 |
Additional paid-in capital | 523,455 | 521,842 |
Accumulated deficit | (14,571) | (22,775) |
Total Aimco equity | 510,381 | 500,565 |
Noncontrolling interests in consolidated real estate partnerships | 44,629 | 35,213 |
Common noncontrolling interests in Aimco Operating Partnership | 26,975 | 26,455 |
Total equity | 581,985 | 562,233 |
Total liabilities and equity | 2,593,844 | 2,434,101 |
Aimco OP L.P. [Member] | ||
ASSETS | ||
Buildings and improvements | 1,323,647 | 1,257,214 |
Land | 574,434 | 534,285 |
Total real estate | 1,898,081 | 1,791,499 |
Accumulated depreciation | (576,243) | (561,115) |
Net real estate | 1,321,838 | 1,230,384 |
Cash and cash equivalents | 109,011 | 233,374 |
Restricted cash | 68,612 | 11,208 |
Mezzanine investment | 346,034 | 337,797 |
Right-of-use lease assets | 522,874 | 429,768 |
Other assets, net | 181,061 | 165,913 |
Total assets | 2,593,844 | 2,434,101 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt,net | 512,301 | 483,137 |
Construction loans, net | 180,562 | 163,570 |
Notes payable to AIR | 534,127 | 534,127 |
Total indebtedness | 1,226,990 | 1,180,834 |
Deferred tax liabilities | 123,641 | 124,747 |
Lease liabilities | 509,235 | 435,093 |
Accrued liabilities and other | 114,761 | 97,400 |
Total liabilities | 1,974,627 | 1,838,074 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 37,232 | 33,794 |
Commitments and contingencies (Note 4) | ||
Equity: | ||
General Partner and Special Limited Partner | 510,381 | 500,565 |
Limited Partners | 26,975 | 26,455 |
Partners’ capital attributable to Aimco Operating Partnership | 537,356 | 527,020 |
Noncontrolling interests in consolidated real estate partnerships | 44,629 | 35,213 |
Total partners’ capital | 581,985 | 562,233 |
Total liabilities and equity | 2,593,844 | 2,434,101 |
Interest Rate Options | ||
ASSETS | ||
Interest rate options | 44,414 | 25,657 |
Interest Rate Options | Aimco OP L.P. [Member] | ||
ASSETS | ||
Interest rate options | $ 44,414 | $ 25,657 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 510,587,500 | 510,587,500 |
Common Stock, shares issued (in shares) | 149,689,847 | 149,818,021 |
Common Stock, shares outstanding (in shares) | 149,689,847 | 149,818,021 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Rental and other property revenues | $ 49,994 | $ 39,804 |
OPERATING EXPENSES | ||
Property operating expenses | 19,221 | 16,942 |
Depreciation and amortization | 23,118 | 20,717 |
General and administrative expenses | 9,472 | 6,311 |
Total operating expenses | 51,811 | 43,970 |
Interest expense | (14,601) | (12,677) |
Mezzanine / Unconsolidated partnerships investment income, net | 8,237 | 7,467 |
Unrealized gains on interest rate options | 18,778 | 25,347 |
Other (expense) income, net | (4,541) | 363 |
Income before income tax benefit | 6,056 | 16,334 |
Income tax benefit | 4,056 | 5,100 |
Net income | 10,112 | 21,434 |
Noncontrolling interests: | ||
Net (income) loss attributable to redeemable noncontrolling interest in consolidated real estate partnership | (1,470) | 152 |
Net loss(income) attributable to noncontrolling interests in consolidated real estate partnerships | 2 | (291) |
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | (435) | (1,081) |
Net income attributable to Aimco | $ 8,209 | $ 20,214 |
Net income attributable to Aimco per common share -basic (Note 6) | $ 0.05 | $ 0.14 |
Net income attributable to Aimco per common share - diluted (Note 6) | $ 0.05 | $ 0.14 |
Weighted average common shares/units outstanding - basic | 149,790 | 148,914 |
Weighted average common shares/units outstanding - diluted | 150,348 | 149,046 |
Aimco OP L.P. [Member] | ||
REVENUES | ||
Rental and other property revenues | $ 49,994 | $ 39,804 |
OPERATING EXPENSES | ||
Property operating expenses | 19,221 | 16,942 |
Depreciation and amortization | 23,118 | 20,717 |
General and administrative expenses | 9,472 | 6,311 |
Total operating expenses | 51,811 | 43,970 |
Interest expense | (14,601) | (12,677) |
Mezzanine / Unconsolidated partnerships investment income, net | 8,237 | 7,467 |
Unrealized gains on interest rate options | 18,778 | 25,347 |
Other (expense) income, net | (4,541) | 363 |
Income before income tax benefit | 6,056 | 16,334 |
Income tax benefit | 4,056 | 5,100 |
Net income | 10,112 | 21,434 |
Noncontrolling interests: | ||
Net (income) loss attributable to redeemable noncontrolling interest in consolidated real estate partnership | (1,470) | 152 |
Net loss(income) attributable to noncontrolling interests in consolidated real estate partnerships | 2 | (291) |
Net income attributable to Aimco | $ 8,644 | $ 21,295 |
Net income attributable to Aimco per common share -basic (Note 6) | $ 0.05 | $ 0.14 |
Net income attributable to Aimco per common share - diluted (Note 6) | $ 0.05 | $ 0.14 |
Weighted average common shares/units outstanding - basic | 157,718 | 156,882 |
Weighted average common shares/units outstanding - diluted | 158,485 | 157,014 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total Aimco Equity [Member] | Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] | Common Noncontrolling Interests in Aimco Operating Partnership [Member] |
Balances at Dec. 31, 2020 | $ 559,091 | $ 1,490 | $ 515,127 | $ (16,839) | $ 499,778 | $ 31,877 | $ 27,436 |
Balances (in shares) at Dec. 31, 2020 | 149,036 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Aimco Operating Partnership | 20,214 | 20,214 | 20,214 | ||||
Net loss attributable to noncontrolling interests in consolidated real estate partnerships | 291 | 291 | |||||
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | 1,081 | 1,081 | |||||
Redemption of OP Units | (36) | (36) | |||||
Share-based compensation expense | 229 | 171 | 171 | 58 | |||
Distribution to noncontrolling interest in consolidated real estate partnerships | (287) | (287) | |||||
Other Common Stock issuances | 1,071 | $ 2 | 1,069 | 1,071 | |||
Other Common Stock issuances (In share) | 232 | ||||||
Other, net | (302) | $ (1) | (316) | (317) | 3 | 12 | |
Other, net (in shares) | (60) | ||||||
Balances at Mar. 31, 2021 | 581,352 | $ 1,491 | 516,051 | 3,375 | 520,917 | 31,884 | 28,551 |
Balances (in shares) at Mar. 31, 2021 | 149,208 | ||||||
Balances at Dec. 31, 2021 | 562,233 | $ 1,498 | 521,842 | (22,775) | 500,565 | 35,213 | 26,455 |
Balances (in shares) at Dec. 31, 2021 | 149,818 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Aimco Operating Partnership | 8,209 | 8,209 | 8,209 | ||||
Net loss attributable to noncontrolling interests in consolidated real estate partnerships | (2) | (2) | |||||
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | 435 | 435 | |||||
Redemption of OP Units | (133) | 954 | 954 | (1,087) | |||
Redemption of OP Units, (In share) | 23 | ||||||
Share-based compensation expense | 2,429 | 1,363 | 1,363 | 1,066 | |||
Distribution to noncontrolling interest in consolidated real estate partnerships | (295) | (295) | |||||
Contributions from noncontrolling interests in consolidated real estate partnerships | 9,718 | 9,718 | |||||
Common stock repurchased | (1,317) | $ (2) | (1,315) | (1,317) | |||
Common stock repurchased (In shares) | (202) | ||||||
Other Common Stock issuances | 852 | $ 1 | 851 | 852 | |||
Other Common Stock issuances (In share) | 106 | ||||||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (183) | (183) | (183) | ||||
Other, net | 39 | (57) | (5) | (62) | (5) | 106 | |
Other, net (in shares) | (55) | ||||||
Balances at Mar. 31, 2022 | $ 581,985 | $ 1,497 | $ 523,455 | $ (14,571) | $ 510,381 | $ 44,629 | $ 26,975 |
Balances (in shares) at Mar. 31, 2022 | 149,690 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 10,112 | $ 21,434 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 23,118 | 20,717 | |
Income from unconsolidated real estate partnerships | (8,237) | (7,467) | |
Unrealized gains on interest rate options | (18,778) | (25,347) | |
Income tax benefit | (4,056) | (5,100) | |
Amortization of debt issuance costs and other | 814 | 238 | |
Mezzanine investment income, net | (8,237) | (7,467) | |
Share based compensation | 2,667 | 704 | |
Changes in operating assets and operating liabilities: | |||
Other assets | 6,752 | (19,231) | |
Accrued liabilities and other | (5,625) | 16,631 | |
Total adjustments | (3,601) | (19,110) | |
Net cash provided by operating activities | 6,511 | 2,324 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate | (47,492) | (6,230) | |
Capital expenditures | [1] | (49,656) | (31,658) |
Investment in IQHQ | (14,227) | ||
Other investing activities | (73) | (49) | |
Net cash used in investing activities | (111,448) | (37,937) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 40,000 | ||
Proceeds from construction loans | 15,625 | ||
Principal repayments on non-recourse property debt | (2,101) | (18,174) | |
Purchase of interest rate options | (5,590) | ||
Payments on finance leases | (24,516) | (3,699) | |
Common stock repurchased | (1,317) | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 9,718 | ||
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships | 6,879 | ||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (5,094) | ||
Other financing activities | (1,216) | (354) | |
Net cash provided by (used in) financing activities | 37,978 | (27,817) | |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (66,959) | (63,430) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 244,582 | 298,735 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 177,623 | 235,305 | |
Aimco OP L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 10,112 | 21,434 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 23,118 | 20,717 | |
Income from unconsolidated real estate partnerships | (8,237) | (7,467) | |
Unrealized gains on interest rate options | (18,778) | (25,347) | |
Income tax benefit | (4,056) | (5,100) | |
Amortization of debt issuance costs and other | 814 | 238 | |
Mezzanine investment income, net | (8,237) | (7,467) | |
Share based compensation | 2,667 | 704 | |
Changes in operating assets and operating liabilities: | |||
Other assets | 6,752 | (19,231) | |
Accrued liabilities and other | (5,625) | 16,631 | |
Total adjustments | (3,601) | (19,110) | |
Net cash provided by operating activities | 6,511 | 2,324 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate | (47,492) | (6,230) | |
Capital expenditures | [2] | (49,656) | (31,658) |
Investment in IQHQ | (14,227) | ||
Other investing activities | (73) | (49) | |
Net cash used in investing activities | (111,448) | (37,937) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 40,000 | ||
Proceeds from construction loans | 15,625 | ||
Principal repayments on non-recourse property debt | (2,101) | (18,174) | |
Purchase of interest rate options | (5,590) | ||
Payments on finance leases | (24,516) | (3,699) | |
Common stock repurchased | (1,317) | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 9,718 | ||
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships | 6,879 | ||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (5,094) | ||
Other financing activities | (1,216) | (354) | |
Net cash provided by (used in) financing activities | 37,978 | (27,817) | |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (66,959) | (63,430) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 244,582 | 298,735 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 177,623 | 235,305 | |
Unconsolidated Real Estate Partnerships [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | (256) | (255) | |
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | $ (256) | $ (255) | |
[1] | Capital expenditures net of accrued capital costs of $ 40.4 million and $ 16.1 million for the three months ended March 31, 2022 and 2021 , respectively. | ||
[2] | Capital expenditures net of accrued capital costs of $ 40.4 million and $1 6.1 million for the three months ended March 31, 2022 and 2021 , respectively. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capital expenditures net of accrued capital costs | $ 40.4 | $ 16.1 |
Aimco OP L.P. [Member] | ||
Capital expenditures net of accrued capital costs | $ 40.4 | $ 6.1 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Thousands | Total | Aimco OP L.P. [Member] | General Partner and Special Limited Partner [Member]Aimco OP L.P. [Member] | Limited Partners [Member]Aimco OP L.P. [Member] | Partners Capital Attributable To The Partnership [Member]Aimco OP L.P. [Member] | Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]Aimco OP L.P. [Member] |
Balances at Dec. 31, 2020 | $ 559,091 | $ 499,778 | $ 27,436 | $ 527,214 | $ 31,877 | |
Net income attributable to Aimco Operating Partnership | $ 20,214 | 21,295 | 20,214 | 1,081 | 21,295 | |
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships | 291 | 291 | ||||
Redemption of OP Units | (36) | (36) | (36) | |||
Share-based compensation expense | 1,301 | 1,243 | 58 | 1,301 | ||
Distribution to noncontrolling interest in consolidated real estate partnerships | (287) | (287) | (287) | |||
Other, net | (303) | (318) | 12 | (306) | 3 | |
Balances at Mar. 31, 2021 | 581,352 | 520,917 | 28,551 | 549,468 | 31,884 | |
Balances at Dec. 31, 2021 | 562,233 | 500,565 | 26,455 | 527,020 | 35,213 | |
Net income attributable to Aimco Operating Partnership | 8,209 | 8,644 | 8,209 | 435 | 8,644 | |
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships | (2) | (2) | ||||
Redemption of OP Units | (133) | 954 | (1,087) | (133) | ||
Share-based compensation expense | 2,429 | 1,363 | 1,066 | 2,429 | ||
Distribution to noncontrolling interest in consolidated real estate partnerships | (295) | (295) | (295) | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 9,718 | 9,718 | 9,718 | |||
Common stock repurchased | (1,317) | (1,317) | (1,317) | (1,317) | ||
Other Common Stock issuances | 852 | 852 | 852 | |||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | $ (183) | (183) | (183) | (183) | ||
Other, net | 39 | (62) | 106 | 44 | (5) | |
Balances at Mar. 31, 2022 | $ 581,985 | $ 510,381 | $ 26,975 | $ 537,356 | $ 44,629 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 — Organization Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). Aimco, through a wholly owned subsidiary, is the general and special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively. On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Business As of March 31, 2022, Aimco owned 92.6 % of the legal interest in the common partnership units of Aimco Operating Partnership and 95.0 % of the economic interest in Aimco Operating Partnership. The remaining 7.4 % legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include: a portfolio of 29 operating apartment communities ( 25 consolidated properties with 6,125 apartment homes and four unconsolidated operating properties), diversified by both geography and price point, in ten major U.S. markets; one commercial office building that is part of a land assemblage; three residential apartment communities, with 1,331 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; land parcels held for development; and three residential apartment communities with 499 apartment homes for which we have completed the redevelopment, but have not achieved stabilization. Our real estate portfolio also includes one land parcel held for sale and an unconsolidated investment in land held for development. In addition, we hold other opportunistic and alternative investments, including our Mezzanine Investment (as defined and described in Note 2 below); our IQHQ investment (as defined and described in Note 3 below); and our investment in real estate technology funds. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheets of Aimco and Aimco Operating Partnership as of December 31, 2021 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2021 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common Aimco Operating Partnership Units (“OP Units”) and are reflected in Aimco’s accompanying condensed consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For all periods presented, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0 % . Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. During the first quarter of 2022, we acquired all the outstanding redeemable noncontrolling interests in two consolidated properties for $ 5.1 million. At the time of redemption, the carrying amount of the redeemable non-controlling interests was $ 4.9 million. Prior to our acquisition during the first quarter of 2022, we attributed to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses. Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2022, consists of our institutional partner’s equity interest in our Upton Joint Venture, which provides our partner with an accruing 9.7 % rate of return on their investment. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnerships’ creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table presents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to March 31, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 6,879 Redemptions ( 4,911 ) Net income 1,470 Balance at March 31, 2022 $ 37,232 Mezzanine Investment On November 26, 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the mezzanine loan was retained by AIR following the Separation. The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk through 2024 to Aimco once required third-party consents are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to Aimco. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts recognized by AIR on its equity investment that are due to be paid to us when collected to the extent the income is supported by the change in AIR's claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the lingering disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment. Income Tax Benefit Certain of our operations, including our Development and Redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in income tax benefit in our condensed consolidated statements of operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three months ended March 31, 2022 and 2021, we had consolidated net losses subject to tax of $ 14.8 million and $ 9.5 million, respectively. For the three months ended March 31, 2022 , we recognized income tax benefit of $ 4.1 million, compared to $ 5.1 million during the same period ended 2021. The change is primarily due to an income tax benefit in 2021 of $ 2.7 million associated with internal restructuring costs and changes to our effective state tax rate, partially offset by higher GAAP losses at our TRS entities in 2022 . Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. Other Assets, net Other assets were comprised of the following amounts (in thousands): March 31, 2022 December 31, 2021 Other investments $ 55,104 $ 45,386 Notes receivable 38,358 38,029 Prepaid expenses and real estate taxes 18,154 20,516 Unconsolidated real estate partnerships 15,145 13,025 Deferred costs, deposits, and other 16,194 22,136 Assets held for sale 10,131 — Deferred tax assets 9,660 6,388 Corporate fixed assets 9,411 9,855 Due from affiliates 3,654 4,840 Accounts receivable, net of allowances of $ 1,269 and $ 1,285 as of March 31, 2022 and December 31, 2021, respectively 3,136 2,469 Intangible assets, net 2,114 3,269 Total other assets, net $ 181,061 $ 165,913 Assets held for sale primarily includes a land parcel acquired in the first quarter of 2022 that is described further in Note 3. Accounting Pronouncements Adopted in the Current Year During the first quarter of 2022, we adopted ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments in conjunction with our ongoing operations. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss, which was effective for us on January 1, 2022. The adoption of this standard on January 1, 2022 , did not have a material impact on our condensed consolidated financial statements . Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the LIBOR or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued Accounting Standards Update 2021-01 , “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We plan to adopt ASU 2020-04 and ASU 2021-01 when LIBOR is discontinued. We are currently evaluating the potential impact of adopting this guidance, but do not expect it to have a material impact on our consolidated financial statements due to the fact that we hold one month LIBOR debt instruments which are not expected to be discontinued in 2022. |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Significant Transactions [Abstract] | |
Significant Transactions | Note 3 —Significant Transactions Acquisitions and Investments During the first quarter of 2022: • Aimco’s Fort Lauderdale consolidated joint venture closed on the previously announced acquisition of three undeveloped land parcels located in downtown Fort Lauderdale for $ 49.0 million ($ 25.0 million at Aimco's 51 % share), funded primarily by a $ 40.0 million land loan ($ 20.4 million at Aimco's share). The $ 49.0 million purchase price was allocated among the parcels based on third party appraisals. At the time of the acquisition, one land parcel was subject to a sales agreement for disposition and closing on or before October 9, 2022. Based on the facts and circumstances related to the sale, Aimco determined the land parcel meets the criteria for assets held for sale as of March 31, 2022. Assets held for sale are reported at the carrying value of $ 10.1 million and included within Other assets, net in our condensed consolidated balance sheets. Liabilities related to assets held for sale of $ 8.0 million are included in Accrued liabilities and other in our condensed consolidated balance sheets. • Aimco entered into a purchase agreement to acquire, for $ 100.0 million, a 9 -acre development site in Fort Lauderdale. The site is located in the Flagler Village neighborhood with the ability to develop approximately three million square feet of mixed-use development, over time. Due to certain transaction stipulations predefined in the purchase agreement, we reserved funds for the transaction by placing $ 70.0 million of cash , of which $ 20.0 million is held in escrow in the seller’s name, while $ 50.0 million is held in escrow in our name and included within restricted cash on the balance sheet at March 31, 2022. Additionally, $ 30.0 million in letters of credit is held in escrow. See Note 4 for information regarding commitments related to this pending acquisition. Timing of the transaction closing is uncertain but the purchase agreement provides that it shall occur not later than February 24, 2025. Concurrent with entering into the purchase agreement, Aimco entered into a short-term cancelable lease with the seller to obtain development rights of the 9-acre development site. Together, the two contracts are treated as one financing lease as title transfers at the end of the lease arrangement. Refer to Note 9 for details regarding the finance lease. • During the first quarter of 2022, Aimco funded the remaining $ 14.2 million of a total commitment of a $ 50.0 million passive equity investment in IQHQ Inc., a privately held life sciences real estate development company. Joint Venture Transaction During the first quarter of 2022, Aimco formed a joint venture for the construction of approximately one million square feet of mixed-use development in the Edgewater neighborhood of Miami, Florida. Aimco has a 20 % share of the joint venture, which includes the initial contribution of an eighth of an acre of land that we purchased for $ 1.7 million in January 2022. Aimco's total capital commitment to the venture is $ 8.0 million. Aimco will serve as the development manager for the venture and expects to begin construction in 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4 — Commitments and Contingencies Commitments In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts and we have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of March 31, 2022 , our commitments related to these capital activities totaled approximately $ 217.9 million, most of which we expect to incur during the next 24 months. As described in Note 3, Aimco is under contract to acquire, for $ 100.0 million, a nine -acre development site in Fort Lauderdale. Aimco reserved funds for the transaction by placing $ 70.0 million of cash, of which $ 20.0 million is held in escrow in the seller's name and $ 50.0 million is held in escrow in Aimco's name. Timing of the closing and the funding of the remaining $ 30.0 million commitment is uncertain, but the purchase agreement provides that the transaction closing shall occur not later than February 24, 2025. Also as described in Note 3, we have a commitment to fund a total of $ 8.0 million associated with our Edgewater joint venture formed in the first quarter of 2022. As of March 31, 2022 , our remaining commitment is $ 6.0 million, all of which we expect to incur over the next twelve months. As of March 31, 2022 , we also have unfunded commitments in the amount of $ 3.2 million related to four investments in privately held entities that develop technology related to the real estate industry, the timing of which is uncertain. We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations. |
Agreements and Transactions Wit
Agreements and Transactions With AIR | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Agreements and Transactions With AIR | Note 5 — Agreements and Transactions With AIR In conjunction with the Separation in December 2020, we entered into the following agreements with AIR that have significant operational and financial impacts to us. Master Services Agreement We and AIR entered into a Master Services Agreement in which AIR will provide us with customary administrative and support services. We are obligated to pay AIR the fully burdened costs in performing the services. We may terminate any or all services on 60 days’ prior written notice, and AIR may terminate individual services at any time after December 31, 2023. During the three months ended March 31, 2022 and 2021 we incurred administrative and support fees o f $ 0.4 million, for both periods, which are included in general and administrative expenses in our condensed consolidated statements of operations. Property Management Agreements We entered into several Property Management Agreements with AIR, pursuant to which AIR provides us with certain property management, property accounting and related services for the majority of our operating properties, and we pay AIR a property management fee equal to 3 % of each respective property’s revenue collected and such other fees as may be mutually agreed upon for various other services. The initial term of each Property Management Agreement is one year, with automatic one-year renewal periods, unless either party elects to terminate upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. During the three months ended March 31, 2022 and 2021, we recognized property management and property accounting fe es of $ 1.4 mill ion and $ 1.3 million, respectively, which we included in property operating expenses in our condensed consolidated statements of operations. Master Leasing Agreement The Master Leasing Agreement governs the current and any future leasing arrangements between us, as lessee and AIR, as lessor. The initial term of the Master Leasing Agreement is 18 months (expiring on or about June 14, 2022), with automatic annual extensions (subject to each party’s right to terminate upon notice prior to the end of any such extension term). The Master Leasing Agreement provides that each time the parties thereto wish to execute a lease for a particular property, such parties will cause their applicable affiliates to execute a stand-alone lease. The initial annual rent for any leased property is based on the then-current fair market value of the subject property and market NOI cap rates, subject to certain adjustments, and is further subject to periodic escalation as set forth in the applicable lease, and the other terms thereof, including the initial term and extensions. We have the right to terminate any such lease prior to the end of its term once the leased property is stabilized. In connection with such an early termination, AIR will generally have an option (and not an obligation) to pay us an amount equal to the difference between the property’s fair value at stabilization and the initial value of the leasehold interest, at a five percent discount thereto; if AIR does not exercise such option, we will have the right to cause such property to be sold to a third party, with AIR guaranteed to receive an amount equal to the difference between the property’s fair market value at stabilization and the initial value of the leasehold interest and we will retain any excess proceeds. In the event of such sale of the property, we may also elect to purchase the property at a purchase price equal to the fair market value as agreed upon at the time of lease inception (and may subsequently sell the property to a third party, subject to AIR’s right of first refusal during the first year following our acquisition). If AIR elects not to pay the fee for the development or redevelopment-related improvements, and we decline to purchase the property or cause its sale to a third party, we may elect to rescind our termination of the applicable lease and instead continue such lease in effect in accordance with its terms. Refer to Note 9 for additional information on leases in place as of March 31, 2022. Notes Payable to AIR On December 14, 2020, we entered into $ 534.1 million of Notes Payable to AIR that are secured by a pledge of the equity interest in the entity that holds a portfolio of assets. In addition, the assets secure certain existing senior loans of $ 241.8 million as of March 31, 2022 . The notes mature on January 31, 2024 and bear interest at 5.2 %, with accrued interest payable on the first calendar day of each quarter. For the three months ended March 31, 2022 and 2021, we recognized interest expense related to the Notes Payable to AIR of $ 6.9 mil lion for both periods. Due to and from AIR As of March 31, 2022, we have amounts due to and from AIR of $ 11.1 million and $ 3.7 million , respectively. As of December 31, 2021 we had amounts due to and from AIR of $ 15.7 million and $ 4.8 million, respectively. The amounts due to AIR primarily consist of invoices paid on our behalf and accrued interest on the Notes Payable to AIR. The amounts due from AIR primarily consist of net cash flows generated by our operating properties. Terry Considine Service Agreement/AIR Reimbursement As contemplated by the Separation and by Aimco and AIR, Terry Considine, an Aimco board member and our former Chief Executive Officer, has specific responsibilities to Aimco as a non-executive employee during 2022 to support the establishment and growth of the Aimco business, reporting directly to the board. These responsibilities, separate from Mr. Considine’s services as a board member, include: (i) short and long term strategic direction and advice; (ii) transition and executive support to officers; and (iii) advice and consultation with respect to strategic growth and acquisition activities. The Independent Directors set Mr. Considine’s 2022 target total compensation (including base compensation, short-term incentive, and long-term incentive) for these responsibilities at $ 1.8 million, to be paid in equity. Mr. Considine does not receive any additional compensation for serving on the board. Additionally, Aimco is obligated for all base salary, short-term incentive amounts and long-term incentive amounts payable to Mr. Considine for the calendar year 2022 under the terms of his employment agreement with AIR that are in excess of $ 1.0 million, collectively. We estimate the total 2022 reimbursement to AIR, pursuant to this arrangement, will be $ 4.0 million. We estimate compensation associated with these arrangements to total $ 5.8 million for 2022. For the three months ended March 31, 2022 and 2021, we recognized $ 1.4 million and $ 1.5 million of expense related to the arrangements, respectively, which amounts are included in general and administrative expense in our condensed consolidated statements of operations. |
Earnings and Dividends per Shar
Earnings and Dividends per Share and Unit | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends per Share and Unit | Note 6 — Earnings and Dividends per Share and Unit Aimco and Aimco Operating Partnership calculate basic earnings per share of common stock and basic earnings per common unit based on the weighted-average number of shares of common stock and common partnership units outstanding. We calculate diluted earnings per share of common stock and diluted earnings per unit taking into consideration dilutive shares of common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Each of our executives and AIR’s executives received one share of Aimco stock and one share of AIR stock at the Separation date for unvested shares. We include AIR’s executives’ rights to receive Aimco shares upon vesting in our dilutive calculations. Our common stock and common partnership unit equivalents include options to purchase shares of common stock, which, if exercised, would result in Aimco’s issuance of additional shares of common stock and Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares of common stock purchased under the options. These equivalents also include unvested Performance-Based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of common stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of common stock and common partnership units prior to vesting, and our Performance-Based LTIP I units and Performance-Based LTIP II units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities are included in the computation of diluted earnings per share for the three months ended March 31, 2022 and 2021, because their effects are dilutive. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2022 2021 Earnings per share Numerator: Net income attributable to Aimco $ 8,209 $ 20,214 Net income allocated to Aimco participating securities ( 114 ) — Net income attributable to Aimco common stockholders $ 8,095 $ 20,214 Denominator - shares: Basic weighted-average common stock outstanding 149,790 148,914 Diluted share equivalents outstanding 558 132 Diluted weighted-average common stock outstanding 150,348 149,046 Earnings per share - basic $ 0.05 $ 0.14 Earnings per share - diluted $ 0.05 $ 0.14 Earnings per unit Numerator: Net income attributable to Aimco Operating Partnership $ 8,644 $ 21,295 Net income allocated to Aimco Operating Partnership participating securities ( 118 ) — Net income attributable to Aimco Operating Partnership's common unitholders $ 8,526 $ 21,295 Denominator - units Basic weighted-average common partnership units outstanding 157,718 156,882 Diluted partnership unit equivalents outstanding 767 132 Diluted weighted-average common partnership units outstanding 158,485 157,014 Earnings per unit - basic $ 0.05 $ 0.14 Earnings per unit - diluted $ 0.05 $ 0.14 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 — Fair Value Measurements Recurring Fair Value Measurements In 2020, we paid an upfront premium of $ 12.1 million for the option to enter into a $ 1.5 billion notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against exposure to rising interest rates between now and October 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68 % five-year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78 %. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. During the year ended December 31, 2021, we paid upfront a premium of $ 5.6 million (including transaction costs) for the option to enter into a $ 500.0 million notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against our refinancing interest rate risk relative to our Notes Payable to AIR and is intended to mitigate interest rate increases between now and January 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 3 % strike price on the five-year swap rate. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our floating rate debt. The fair value of these instruments are included in the fair value table below. We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our condensed consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Unrealized gains on interest rate options in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our condensed consolidated statements of cash flows. We have investments of $ 5.1 million in property technology funds consisting of privately held entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. Refer to Note 4 for further details of unfunded commitments. The following table summarizes fair value for our interest rate options and our investments in real estate technology funds as of March 31, 2022, and December 31, 2021, (in thousands): As of March 31, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 44,227 $ — $ 44,227 $ — $ 25,449 $ — $ 25,449 $ — Investment in real estate technology funds (1) $ 5,104 $ — $ — $ — $ 9,613 — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of March 31, 2022, and December 31, 2021, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans debt within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. The carrying amount of the Notes Payable to AIR approximated their fair value at both March 31, 2022 and December 31, 2021. The following table summarizes the carrying value and fair value of our non-recourse property debt and construction loans (in thousands): As of March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 516,142 $ 507,416 $ 484,883 $ 498,960 Construction loans $ 184,788 $ 184,788 $ 168,376 $ 168,376 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 8 — Variable Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with the consolidation guidance to determine whether each such entity is a VIE. The accounting standards related to the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to the determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Aimco consolidates Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through Aimco Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of Aimco are that of Aimco Operating Partnership. The VIEs that Aimco Operating Partnership consolidates own interests in real estate. We are the primary beneficiary of the VIEs because we have the power to direct the activities that most significantly impact the entities’ economic performance and have a substantial economic interest. We have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not the decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our investment in the Edgewater joint venture, formed in the first quarter of 2022 to develop a 2.8 -acre site in Miami's Edgewater neighborhood . The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below (in thousands, except for VIE count): March 31, 2022 December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 8 7 9 6 Assets Real estate, net $ 211,702 $ — $ 564,909 $ — Mezzanine investment — 346,034 — 337,797 Right-of-use lease assets 425,788 — 429,768 — Unconsolidated real estate partnerships — 15,145 — 13,005 Other assets, net 23,271 50,000 43,715 35,773 Liabilities — — Deferred tax liabilities — — 124,747 — Accrued liabilities and other 56,077 — 30,519 — Construction loans, net 129,625 — 163,570 — Lease liabilities 433,171 — 435,093 — During the three months ended March 31, 2022, Aimco acquired all of the outstanding redeemable non-controlling interests in an entity classified as a consolidated VIE as of December 31, 2021. The changes in consolidated VIE assets and liabilities from December 31, 2021 to March 31, 2022 in the table above are primarily due to the impact of declassification of the entity as a VIE. As of March 31, 2022, one of our consolidated VIEs had an outstanding construction loan. In conjunction with this loan, we made customary guarantees. In certain situations, the lenders may have recourse to our general credit. As of March 31, 2022, we estimate the maximum exposure equals the $ 129.6 million outstanding loan balance. Other consolidated VIEs' creditors do not have recourse to our general credit. Unconsolidated Real Estate Partnerships We own an interest in four apartment communities in San Diego, California of which we are not the primary beneficiary. We also own a joint venture interest in a 2.8-acre development site in Miami’s Edgewater neighborhood. Our investment balance of $ 15.1 million and $ 13.0 million as of March 31, 2022 and December 31, 2021, respectively, represents our maximum exposure to loss in these VIEs. Mezzanine Investment AIR owns an interest in a partnership that owns Parkmerced Apartments, of which it is not the primary beneficiary, and under the terms of the Separation Agreement, AIR is obligated to transfer ownership of the subsidiaries that hold this interest to us upon receipt of required third-party consents. Our investment balance of $ 346.0 million and $ 337.8 million as of March 31, 2022 and December 31, 2021 , respectively, represents our indirect interest in notes receivable through our agreement with AIR and our maximum exposure to loss in this VIE. |
Lease Arrangements
Lease Arrangements | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease Arrangements | Note 9 — Lease Arrangements Aimco as Lessor The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three months ended March 31, 2022 and 2021 , our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 46,333 $ 36,849 Variable lease income 3,661 2,955 Total lease income $ 49,994 $ 39,804 Aimco as Lessee Lease Arrangements with AIR We, as lessee, and AIR, as lessor, have entered into leases on five properties currently under construction or in lease-up. The lease arrangements are governed by the Master Leasing Agreement described in Note 5 and are classified as financing leases. We have provided AIR with residual value guarantees aggregating to $ 250.8 million, which provide that if the residual value of the leased assets is less than the specified residual value guarantees at the earlier of lease expiration or termination, we are required to pay the difference. Ground Leases During the year ended December 31, 2020, we entered into two 99-year ground leases for the land underlying the development site at Upton Place, a mixed-use development project which will create 689 apartment homes and approximately 100,000 square feet of commercial space in upper-northwest Washington, D.C. These ground leases are classified as financing leases. Other Finance Lease Arrangements As described in Note 3, during the quarter ended March 31, 2022 , we entered into certain financing lease arrangements concurrent with a contract to acquire a development site in Fort Lauderdale. At lease inception, $ 20.0 million in deposits were placed in the seller’s name, which subsequently reduced the financing lease right-of-use liability. The related interest is capitalized as part of the financing right-of-use asset. As of March 31, 2022 , the associated financing right-of-use assets and liabilities totaled $ 97.3 million and $ 75.1 million, respectively. Together, as of March 31, 2022 and December 31, 2021, these financing leases had weighted-average remaining terms of 33.2 years and 38.5 years, respectively, and weighted-average discount rates of 5.0 % and 5.4 %, respectively. As of March 31, 2022 , financing r ight-of-use assets and liabilities totaled $ 522.9 and $ 509.2 , respectively. As of December 31, 2021 , financing lease right-of-use assets and liabilitie s totaled $ 429.8 and $ 435.1 , r espectively. For the three months ended March 31, 2022, amortization related to finance leases was $ 3.2 million, net of amounts capitalized and, for the three months ended March 31, 2021, was $ 2.1 million, also net of amounts capitalized. For the three months ended March 31, 2022 and 2021, we capitalized $ 2.8 million and $ 6.9 million of lease costs, respectively, associated with active development and redevelopment projects on certain of the underlying property and ground lease assets. Operating Lease Arrangements Aimco has operating leases primarily for corporate office space. As of March 31, 2022 and December 31, 2021, Aimco's operating leases had weighted-average remaining terms of 7.1 years and 7.4 years, respectively. As of both March 31, 2022 and December 31, 2021,the leases had weighted-average discount rates of 3.1 % . We record operating lease expense on a straight-line basis over the lease term. Total operating lease cost for three months ended March 31, 2022 and 2021 w as $ 0.4 m illion and $ 0.3 million, respectively. As of March 31, 2022 and December 31, 2021, operating lease right-of-use assets of $ 4.9 million and $ 5.1 m illion, respectively, are included in other assets in the consolidated balance sheets. As of March 31, 2022 and December 31, 2021, operating lease liabilities of $ 12.3 million and $ 12.7 m illion, respectively, are included in accrued liabilities othe r in the consolidated balance sheets. For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Office Space Sublease We have a sublease arrangement to provide space within our corporate office for fixed rents which commenced on January 1, 2021 and expire on May 31, 2029 . Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and financing leases, a nd sublease income that offsets Aimco's operating lease rent, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2022 $ 1,046 $ 1,423 $ 19,924 2023 1,403 1,922 28,017 2024 1,413 1,935 29,017 2025 1,423 1,930 109,278 2026 1,433 1,960 30,300 Thereafter 3,526 4,844 1,614,644 Total $ 10,244 14,014 1,831,180 Less: Discount ( 1,684 ) ( 1,321,945 ) Total lease liabilities $ 12,330 $ 509,235 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 10 — Business Segments We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land assemblages that are being held for development adjacent to The Hamilton community and other land purchases. Our Operating segment includes 24 residential apartment communities that have achieved stabilized level of operations as of January 1, 2021 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties that are not included in our Development and Redevelopment or Operating segments. Our chief operating decision maker (“CODM”) uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. As of March 31, 2022, our Development and Redevelopment segment consists of 13 properties: three residential apartment communities with 1,331 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; three residential apartment communities with 499 apartment homes for which we have completed the redevelopment, but have not achieved stabilization; and, land parcels held for development. Our Operating segment includes 24 consolidated apartment communities with 6,067 apartment homes. Our Other segment includes our recent Eldridge Townhomes acquisition, stabilized but not owned for the comparable reporting period, and 1001 Brickell Bay Drive, our only office building. The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2022: Rental and other property revenues $ 6,932 $ 35,776 $ 5,045 $ 2,165 $ 76 $ 49,994 Property operating expenses 2,519 11,188 1,404 2,288 1,822 19,221 Other operating expenses not allocated — — — — 32,590 32,590 Total operating expenses 2,519 11,188 1,404 2,288 34,412 51,811 Proportionate property net operating 4,413 24,588 3,641 ( 123 ) ( 34,336 ) ( 1,817 ) Other items included in income before — — — — 7,873 7,873 Income (loss) before income tax benefit $ 4,413 $ 24,588 $ 3,641 $ ( 123 ) $ ( 26,463 ) $ 6,056 Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2021: Rental and other property revenues $ 2,257 $ 32,690 $ 3,186 $ 1,671 $ — $ 39,804 Property operating expenses 1,871 11,170 1,037 1,655 1,209 16,942 Other operating expenses not allocated — — — — 27,028 27,028 Total operating expenses 1,871 11,170 1,037 1,655 28,237 43,970 Proportionate property net operating 386 21,520 2,149 16 ( 28,237 ) ( 4,166 ) Other items included in income before — — — — 20,500 20,500 Income (loss) before income tax benefit $ 386 $ 21,520 $ 2,149 $ 16 $ ( 7,737 ) $ 16,334 (1) Represents adjustments for redeemable noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net. Net real estate and non-recourse property debt, net, of our segments were as follows (in thousands): Development and Redevelopment Operating Other Total As of March 31, 2022: Buildings and improvements $ 342,962 $ 783,538 $ 197,147 $ 1,323,647 Land 122,474 298,459 153,501 574,434 Total real estate 465,436 1,081,997 350,648 1,898,081 Accumulated depreciation ( 3,123 ) ( 526,547 ) ( 46,573 ) ( 576,243 ) Net real estate $ 462,313 $ 555,450 $ 304,075 $ 1,321,838 Non-recourse property debt and construction loans, net $ 211,729 $ 481,134 $ — $ 692,863 Development and Redevelopment Operating Other Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 783,320 $ 196,853 $ 1,257,214 Land 82,325 298,459 153,501 534,285 Total real estate 359,366 1,081,779 350,354 1,791,499 Accumulated depreciation ( 2,252 ) ( 517,022 ) ( 41,841 ) ( 561,115 ) Net real estate $ 357,114 $ 564,757 $ 308,513 $ 1,230,384 Non-recourse property debt, net $ 163,570 $ 483,137 $ — $ 646,707 In addition to the amounts disclosed in the tables above, the Development and Redevelopment segment right-of-use assets and lease liabilities as of March 31, 2022 aggregated to $ 522.9 million and $ 509.2 million, respectively, and as of December 31, 2021, aggregated to $ 429.8 million and $ 435.1 million, respectively. As of March 31, 2022 , right-of-use assets and lease liabilities primarily relate to our investments in Upton Place, North Tower of Flamingo Point, 707 Leahy, The Fremont, Prism, Oak Shore, and Flagler Village. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events On May 3, 2022, we closed on the sale of our Pathfinder Village property located in Fremont, California, for $ 127.0 million. Pathfinder Village was a stabilized property and included within our Operating segment. Proceeds were used to repay existing debt obligations. Subsequent to quarter-end, we monetized the $ 500.0 million notional amount swaption described in Note 7 for $ 13.7 million and recognized a gain of $ 7.1 million. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheets of Aimco and Aimco Operating Partnership as of December 31, 2021 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2021 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. |
Common Noncontrolling Interests in Aimco Operating Partnership | Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common Aimco Operating Partnership Units (“OP Units”) and are reflected in Aimco’s accompanying condensed consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For all periods presented, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0 % . Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. During the first quarter of 2022, we acquired all the outstanding redeemable noncontrolling interests in two consolidated properties for $ 5.1 million. At the time of redemption, the carrying amount of the redeemable non-controlling interests was $ 4.9 million. Prior to our acquisition during the first quarter of 2022, we attributed to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses. Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2022, consists of our institutional partner’s equity interest in our Upton Joint Venture, which provides our partner with an accruing 9.7 % rate of return on their investment. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnerships’ creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table presents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to March 31, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 6,879 Redemptions ( 4,911 ) Net income 1,470 Balance at March 31, 2022 $ 37,232 |
Mezzanine Investment | Mezzanine Investment On November 26, 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the mezzanine loan was retained by AIR following the Separation. The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk through 2024 to Aimco once required third-party consents are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to Aimco. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts recognized by AIR on its equity investment that are due to be paid to us when collected to the extent the income is supported by the change in AIR's claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the lingering disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment. |
Income Tax Benefit | Income Tax Benefit Certain of our operations, including our Development and Redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in income tax benefit in our condensed consolidated statements of operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three months ended March 31, 2022 and 2021, we had consolidated net losses subject to tax of $ 14.8 million and $ 9.5 million, respectively. For the three months ended March 31, 2022 , we recognized income tax benefit of $ 4.1 million, compared to $ 5.1 million during the same period ended 2021. The change is primarily due to an income tax benefit in 2021 of $ 2.7 million associated with internal restructuring costs and changes to our effective state tax rate, partially offset by higher GAAP losses at our TRS entities in 2022 . |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. |
Other Assets, net | Other Assets, net Other assets were comprised of the following amounts (in thousands): March 31, 2022 December 31, 2021 Other investments $ 55,104 $ 45,386 Notes receivable 38,358 38,029 Prepaid expenses and real estate taxes 18,154 20,516 Unconsolidated real estate partnerships 15,145 13,025 Deferred costs, deposits, and other 16,194 22,136 Assets held for sale 10,131 — Deferred tax assets 9,660 6,388 Corporate fixed assets 9,411 9,855 Due from affiliates 3,654 4,840 Accounts receivable, net of allowances of $ 1,269 and $ 1,285 as of March 31, 2022 and December 31, 2021, respectively 3,136 2,469 Intangible assets, net 2,114 3,269 Total other assets, net $ 181,061 $ 165,913 Assets held for sale primarily includes a land parcel acquired in the first quarter of 2022 that is described further in Note 3. |
Accounting Pronouncements Adopted in the Current Year | Accounting Pronouncements Adopted in the Current Year During the first quarter of 2022, we adopted ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments in conjunction with our ongoing operations. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss, which was effective for us on January 1, 2022. The adoption of this standard on January 1, 2022 , did not have a material impact on our condensed consolidated financial statements . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the LIBOR or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued Accounting Standards Update 2021-01 , “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We plan to adopt ASU 2020-04 and ASU 2021-01 when LIBOR is discontinued. We are currently evaluating the potential impact of adopting this guidance, but do not expect it to have a material impact on our consolidated financial statements due to the fact that we hold one month LIBOR debt instruments which are not expected to be discontinued in 2022. |
Fair Value of Financial Instruments | We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our condensed consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Unrealized gains on interest rate options in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our condensed consolidated statements of cash flows. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships | The following table presents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to March 31, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 6,879 Redemptions ( 4,911 ) Net income 1,470 Balance at March 31, 2022 $ 37,232 |
Summary of Other Assets | Other assets were comprised of the following amounts (in thousands): March 31, 2022 December 31, 2021 Other investments $ 55,104 $ 45,386 Notes receivable 38,358 38,029 Prepaid expenses and real estate taxes 18,154 20,516 Unconsolidated real estate partnerships 15,145 13,025 Deferred costs, deposits, and other 16,194 22,136 Assets held for sale 10,131 — Deferred tax assets 9,660 6,388 Corporate fixed assets 9,411 9,855 Due from affiliates 3,654 4,840 Accounts receivable, net of allowances of $ 1,269 and $ 1,285 as of March 31, 2022 and December 31, 2021, respectively 3,136 2,469 Intangible assets, net 2,114 3,269 Total other assets, net $ 181,061 $ 165,913 |
Earnings and Dividends per Sh_2
Earnings and Dividends per Share and Unit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2022 2021 Earnings per share Numerator: Net income attributable to Aimco $ 8,209 $ 20,214 Net income allocated to Aimco participating securities ( 114 ) — Net income attributable to Aimco common stockholders $ 8,095 $ 20,214 Denominator - shares: Basic weighted-average common stock outstanding 149,790 148,914 Diluted share equivalents outstanding 558 132 Diluted weighted-average common stock outstanding 150,348 149,046 Earnings per share - basic $ 0.05 $ 0.14 Earnings per share - diluted $ 0.05 $ 0.14 Earnings per unit Numerator: Net income attributable to Aimco Operating Partnership $ 8,644 $ 21,295 Net income allocated to Aimco Operating Partnership participating securities ( 118 ) — Net income attributable to Aimco Operating Partnership's common unitholders $ 8,526 $ 21,295 Denominator - units Basic weighted-average common partnership units outstanding 157,718 156,882 Diluted partnership unit equivalents outstanding 767 132 Diluted weighted-average common partnership units outstanding 158,485 157,014 Earnings per unit - basic $ 0.05 $ 0.14 Earnings per unit - diluted $ 0.05 $ 0.14 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds | The following table summarizes fair value for our interest rate options and our investments in real estate technology funds as of March 31, 2022, and December 31, 2021, (in thousands): As of March 31, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 44,227 $ — $ 44,227 $ — $ 25,449 $ — $ 25,449 $ — Investment in real estate technology funds (1) $ 5,104 $ — $ — $ — $ 9,613 — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. |
Summary of Carrying Value and Fair Value of Non-recourse Property Debt | The following table summarizes the carrying value and fair value of our non-recourse property debt and construction loans (in thousands): As of March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 516,142 $ 507,416 $ 484,883 $ 498,960 Construction loans $ 184,788 $ 184,788 $ 168,376 $ 168,376 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below (in thousands, except for VIE count): March 31, 2022 December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 8 7 9 6 Assets Real estate, net $ 211,702 $ — $ 564,909 $ — Mezzanine investment — 346,034 — 337,797 Right-of-use lease assets 425,788 — 429,768 — Unconsolidated real estate partnerships — 15,145 — 13,005 Other assets, net 23,271 50,000 43,715 35,773 Liabilities — — Deferred tax liabilities — — 124,747 — Accrued liabilities and other 56,077 — 30,519 — Construction loans, net 129,625 — 163,570 — Lease liabilities 433,171 — 435,093 — |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease Income for Residential and Commercial Property Leases | our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 46,333 $ 36,849 Variable lease income 3,661 2,955 Total lease income $ 49,994 $ 39,804 |
Minimum Annual Rental Payments Under Operating , Financing Leases and Sublease Income | Combined minimum annual lease payments under operating and financing leases, a nd sublease income that offsets Aimco's operating lease rent, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2022 $ 1,046 $ 1,423 $ 19,924 2023 1,403 1,922 28,017 2024 1,413 1,935 29,017 2025 1,423 1,930 109,278 2026 1,433 1,960 30,300 Thereafter 3,526 4,844 1,614,644 Total $ 10,244 14,014 1,831,180 Less: Discount ( 1,684 ) ( 1,321,945 ) Total lease liabilities $ 12,330 $ 509,235 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Information for Reportable Segments | The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2022: Rental and other property revenues $ 6,932 $ 35,776 $ 5,045 $ 2,165 $ 76 $ 49,994 Property operating expenses 2,519 11,188 1,404 2,288 1,822 19,221 Other operating expenses not allocated — — — — 32,590 32,590 Total operating expenses 2,519 11,188 1,404 2,288 34,412 51,811 Proportionate property net operating 4,413 24,588 3,641 ( 123 ) ( 34,336 ) ( 1,817 ) Other items included in income before — — — — 7,873 7,873 Income (loss) before income tax benefit $ 4,413 $ 24,588 $ 3,641 $ ( 123 ) $ ( 26,463 ) $ 6,056 Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2021: Rental and other property revenues $ 2,257 $ 32,690 $ 3,186 $ 1,671 $ — $ 39,804 Property operating expenses 1,871 11,170 1,037 1,655 1,209 16,942 Other operating expenses not allocated — — — — 27,028 27,028 Total operating expenses 1,871 11,170 1,037 1,655 28,237 43,970 Proportionate property net operating 386 21,520 2,149 16 ( 28,237 ) ( 4,166 ) Other items included in income before — — — — 20,500 20,500 Income (loss) before income tax benefit $ 386 $ 21,520 $ 2,149 $ 16 $ ( 7,737 ) $ 16,334 (1) Represents adjustments for redeemable noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net. |
Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment | Net real estate and non-recourse property debt, net, of our segments were as follows (in thousands): Development and Redevelopment Operating Other Total As of March 31, 2022: Buildings and improvements $ 342,962 $ 783,538 $ 197,147 $ 1,323,647 Land 122,474 298,459 153,501 574,434 Total real estate 465,436 1,081,997 350,648 1,898,081 Accumulated depreciation ( 3,123 ) ( 526,547 ) ( 46,573 ) ( 576,243 ) Net real estate $ 462,313 $ 555,450 $ 304,075 $ 1,321,838 Non-recourse property debt and construction loans, net $ 211,729 $ 481,134 $ — $ 692,863 Development and Redevelopment Operating Other Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 783,320 $ 196,853 $ 1,257,214 Land 82,325 298,459 153,501 534,285 Total real estate 359,366 1,081,779 350,354 1,791,499 Accumulated depreciation ( 2,252 ) ( 517,022 ) ( 41,841 ) ( 561,115 ) Net real estate $ 357,114 $ 564,757 $ 308,513 $ 1,230,384 Non-recourse property debt, net $ 163,570 $ 483,137 $ — $ 646,707 |
Organization (Details Textual)
Organization (Details Textual) | 3 Months Ended |
Mar. 31, 2022PropertyOfficeBuildingApartmentHomeHomeDwellingHotelRoomCommunity | |
Continuing Operations [Member] | |
Organization [Line Items] | |
Number of real estate properties | Property | 29 |
Continuing Operations [Member] | Commercial Office Building [Member] | |
Organization [Line Items] | |
Number of real estate properties | OfficeBuilding | 1 |
Continuing Operations [Member] | Residential Apartment Communities in Redevelopment [Member] | |
Organization [Line Items] | |
Number of real estate properties | Community | 3 |
Continuing Operations [Member] | Hotel [Member] | |
Organization [Line Items] | |
Number of real estate properties | Hotel | 1 |
Continuing Operations [Member] | Planned Apartment Homes [Member] | |
Organization [Line Items] | |
Number of units in real estate property | 1,331 |
Continuing Operations [Member] | Planned Rooms [Member] | |
Organization [Line Items] | |
Number of units in real estate property | Room | 106 |
Continuing Operations [Member] | Apartment Homes Redevelopment Completed [Member] | |
Organization [Line Items] | |
Number of units in real estate property | 499 |
Continuing Operations [Member] | Planned Homes [Member] | |
Organization [Line Items] | |
Number of real estate properties | Home | 16 |
Continuing Operations [Member] | Accessory Dwelling Units [Member] | |
Organization [Line Items] | |
Number of units in real estate property | Dwelling | 8 |
Continuing Operations [Member] | Consolidated Properties [Member] | |
Organization [Line Items] | |
Number of real estate properties | Property | 25 |
Number of units in real estate property | 6,125 |
Continuing Operations [Member] | Unconsolidated Properties[ Member] | |
Organization [Line Items] | |
Number of real estate properties | OfficeBuilding | 4 |
Aimco Operating Partnership [Member] | |
Organization [Line Items] | |
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco | 92.60% |
Percentage of economic interest in Aimco Operating Partnership owned by Aimco | 95.00% |
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners | 7.40% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Nov. 26, 2019USD ($) | Mar. 31, 2022USD ($)Property | Mar. 31, 2021USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Weighted average ownership interest | 5.00% | 5.00% | |
Carrying amount of acquired redeemable non-controlling interest | $ 4,900 | ||
Business acquisition, redeemable non-controlling interest | $ 5,100 | ||
Number of consolidated properties | Property | 2 | ||
Consolidated income (loss) subject to tax | $ (14,800) | $ (9,500) | |
Investment interest rate | 9.70% | ||
Income tax benefit | $ 4,056 | 5,100 | |
ASU 2021-05 [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2022 | ||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||
Parkmerced Investment [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment aggregate cost | $ 275,000 | ||
Equity method investment term | 5 years | ||
Equity method investment interest rate | 10.00% | ||
Option to acquire equity interest in partnership, percentage | 30.00% | ||
Restructuring [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Income tax benefit | $ 2,700 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance at December 31, 2021 | $ 33,794 |
Balance at March 31, 2022 | 37,232 |
Real Estate Partnership [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance at December 31, 2021 | 33,794 |
Capital contributions | 6,879 |
Redemptions | (4,911) |
Net income | 1,470 |
Balance at March 31, 2022 | $ 37,232 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Other investments | $ 55,104 | $ 45,386 |
Notes receivable | 38,358 | 38,029 |
Prepaid expenses and real estate taxes | 18,154 | 20,516 |
Unconsolidated real estate partnerships | 15,145 | 13,025 |
Deferred costs, deposits, and other | 16,194 | 22,136 |
Assets held for sale | 10,131 | |
Deferred tax assets | 9,660 | 6,388 |
Corporate fixed assets | 9,411 | 9,855 |
Due from affiliates | 3,654 | 4,840 |
Accounts receivable, net of allowances of $1,269 and $1,285 respectively | 3,136 | 2,469 |
Intangible assets, net | 2,114 | 3,269 |
Total other assets, net | $ 181,061 | $ 165,913 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, net of allowances | $ 1,269 | $ 1,285 |
Significant Transactions (Detai
Significant Transactions (Details Textual) $ in Thousands, Number in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2022USD ($)Land | Jul. 31, 2021USD ($)Land | Mar. 31, 2022USD ($)NumberContract | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of land parcels subject to disposition | Land | 1 | ||
Assets held for sale | $ 10,131 | ||
Commitment purchase amount | 50,000 | ||
Edgewater Joint Venture [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Commitment purchase amount | 8,000 | ||
IQHQ [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Commitment purchase amount | $ 14,200 | ||
Aimco OP L.P. [Member] | Edgewater Joint Venture [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of square feet of mixed-use development | Number | 1 | ||
Percentage of share in joint venture | 20.00% | ||
Total contribution | $ 1,700 | ||
Other Assets [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Assets held for sale | 10,100 | ||
Accrued Liabilities | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Assets held for sale | 8,000 | ||
Fort Lauderdale Consolidated Joint Venture | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of land parcels acquired | Land | 3 | ||
Percentage Ownership in Joint Venture | 51.00% | ||
Number of acre development site | Land | 9 | ||
Cash held in escrow in seller's name | 20,000 | ||
Cash held in escrow | $ 50,000 | ||
Number of contracts | Contract | 2 | ||
Reserved funds for the transaction by placing of cash | $ 70,000 | ||
Letters of credit into escrow | 30,000 | ||
Fort Lauderdale Consolidated Joint Venture | Undeveloped Land Parcels Acquisition [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Asset acquisition, price of acquisition, expected | $ 100,000 | $ 49,000 | |
Land purchase | 40,000 | ||
Fort Lauderdale Consolidated Joint Venture | Aimco OP L.P. [Member] | Undeveloped Land Parcels Acquisition [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Asset acquisition, price of acquisition, expected | 25,000 | ||
Land purchase | $ 20,400 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2022USD ($)Land | Mar. 31, 2022USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Commitments related to capital spending activities | $ 50 | |
Fort Lauderdale Florida Joint Ventures [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments related to capital spending activities | 8 | |
Payments to acquire business in cash | $ 70 | |
Cash held in escrow in seller's name | 20 | |
Cash held in escrow | 50 | |
Expect to incur purchase commitment amount | 6 | |
Letters of credit into escrow | $ 30 | |
Number of acre development site | Land | 9 | |
Undeveloped Land Parcels Acquisition [Member] | Fort Lauderdale Florida Joint Ventures [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Asset acquisition, price of acquisition, expected | $ 100 | |
Commitments related to development, redevelopment and capital improvement activities [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments related to capital spending activities | $ 217.9 | |
Time Period of Long-term Purchase Commitment | 24 months | |
Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Unfunded commitments related to investment | $ 3.2 | |
Commitments related to operations [Member] | Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Time Period of Long-term Purchase Commitment | 1 year |
Agreements and Transactions W_2
Agreements and Transactions With AIR (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 14, 2020 | |
Related Party Transaction [Line Items] | ||||
Due from affiliates | $ 3,654 | $ 4,840 | ||
Target compensation expense | 1,800 | |||
Target compensation expense and reimbursement | 5,800 | |||
Associated Service Fees | $ 1,400 | $ 1,500 | ||
AIR [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management/Property accounting agreements | We entered into several Property Management Agreements with AIR, pursuant to which AIR provides us with certain property management, property accounting and related services for the majority of our operating properties, and we pay AIR a property management fee equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed upon for various other services. The initial term of each Property Management Agreement is one year, with automatic one-year renewal periods, unless either party elects to terminate upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. | |||
Property management/ Property accounting fee, percent | 3.00% | |||
Property management fee expenses | $ 1,400 | 1,300 | ||
Discount on payment for early termination | 5.00% | |||
Notes payable principle amount | $ 534,100 | |||
Collateralized by portfolio of assets | $ 241,800 | |||
Debt instrument maturity date | Jan. 31, 2024 | |||
Interest rate on related party note payable | 5.20% | |||
Interest expense related party | $ 6,900 | 6,900 | ||
Due to affiliates | 11,100 | 15,700 | ||
Due from affiliates | 3,700 | $ 4,800 | ||
Accounts Payable | 1,000 | |||
Reimbursement | 4,000 | |||
AIR [Member] | General and Administrative Expense [Member] | Master Services Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Administrative and support fees | $ 400 | $ 400 |
Earnings and Dividends per Sh_3
Earnings and Dividends per Share and Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||
Net income attributable to Aimco Operating Partnership | $ 8,209 | $ 20,214 |
Net income allocated to Aimco participating securities | (114) | |
Net income attributable to Aimco common stockholders | $ 8,095 | $ 20,214 |
Basic weighted-average common stock outstanding | 149,790 | 148,914 |
Diluted share equivalents outstanding | 558 | 132 |
Diluted weighted-average common stock outstanding | 150,348 | 149,046 |
Earnings per share - basic | $ 0.05 | $ 0.14 |
Earnings per share - diluted | $ 0.05 | $ 0.14 |
Aimco OP L.P. [Member] | ||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||
Net income attributable to Aimco Operating Partnership | $ 8,644 | $ 21,295 |
Net income allocated to Aimco participating securities | (118) | |
Net income attributable to Aimco common stockholders | $ 8,526 | $ 21,295 |
Basic weighted-average common stock outstanding | 157,718 | 156,882 |
Diluted share equivalents outstanding | 767 | 132 |
Diluted weighted-average common stock outstanding | 158,485 | 157,014 |
Earnings per share - basic | $ 0.05 | $ 0.14 |
Earnings per share - diluted | $ 0.05 | $ 0.14 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Derivative, description of terms | We receive a cash settlement in the future if the prevailing interest rate is higher than the 3% strike price on the five-year swap rate. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. | We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% five-year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. | |
Derivative swap rate period | 5 years | ||
Fair Value, Recurring | Property Technology Funds [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment | $ 5.1 | ||
Interest Rate Option [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Payments for purchase of swaption | $ 5.6 | $ 12.1 | |
Swaption, notional amount | $ 500 | $ 1,500 | |
Derivative strike rate | 3.00% | 1.68% | |
Derivative strike rate for limited settlement | 2.78% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | $ 44,227 | $ 25,449 | |
Level 1 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | 0 | 0 | |
Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | 44,227 | 25,449 | |
Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | 0 | 0 | |
Real Estate Technology Funds [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 5,104 | 9,613 |
Real Estate Technology Funds [Member] | Level 1 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Real Estate Technology Funds [Member] | Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Real Estate Technology Funds [Member] | Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | $ 0 | $ 0 |
[1] | Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Value [Member] | Non Recourse Property Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | $ 516,142 | $ 484,883 |
Carrying Value [Member] | Construction Loan Payable | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | 184,788 | 168,376 |
Fair Value [Member] | Non Recourse Property Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | 507,416 | 498,960 |
Fair Value [Member] | Construction Loan Payable | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | $ 184,788 | $ 168,376 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | Mar. 31, 2022USD ($)Entity | Dec. 31, 2021USD ($)Entity |
Real estate, net | $ 1,321,838 | $ 1,230,384 |
Mezzanine investment | 346,034 | 337,797 |
Operating right-of-use lease assets | 4,900 | 5,100 |
Unconsolidated real estate partnerships | 15,145 | 13,025 |
Accrued liabilities and other | 114,761 | 97,400 |
Construction loans, net | 180,562 | 163,570 |
Total lease liabilities | $ 509,235 | $ 435,093 |
Consolidated Entities [Member] | ||
Count of VIEs | Entity | 8 | 9 |
Real estate, net | $ 211,702 | $ 564,909 |
Mezzanine investment | 0 | 0 |
Operating right-of-use lease assets | 425,788 | 429,768 |
Unconsolidated real estate partnerships | 0 | 0 |
Other assets, net | 23,271 | 43,715 |
Deferred tax liabilities | 0 | 124,747 |
Accrued liabilities and other | 56,077 | 30,519 |
Construction loans, net | 129,625 | 163,570 |
Total lease liabilities | $ 433,171 | $ 435,093 |
Unconsolidated Entities [Member] | ||
Count of VIEs | Entity | 7 | 6 |
Real estate, net | $ 0 | $ 0 |
Mezzanine investment | 346,034 | 337,797 |
Operating right-of-use lease assets | 0 | 0 |
Unconsolidated real estate partnerships | 15,145 | 13,005 |
Other assets, net | 50,000 | 35,773 |
Deferred tax liabilities | 0 | 0 |
Accrued liabilities and other | 0 | 0 |
Construction loans, net | 0 | 0 |
Total lease liabilities | $ 0 | $ 0 |
Variable Interest Entities (D_2
Variable Interest Entities (Details Textual) $ in Thousands | Mar. 31, 2022USD ($)aApartmentHome | Dec. 31, 2021USD ($) |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Mezzanine investment | $ 346,034 | $ 337,797 |
Number of acre development site | a | 2.8 | |
San Diego Communities [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Number of apartment communities | ApartmentHome | 4 | |
Mezzanine investment | $ 15,100 | $ 13,000 |
Financial Guarantee [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Customary guarantees | $ 129,600 |
Lease Arrangements - Lease Inco
Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Fixed lease income | $ 46,333 | $ 36,849 |
Variable lease income | 3,661 | 2,955 |
Total lease income | $ 49,994 | $ 39,804 |
Lease Arrangements (Details Tex
Lease Arrangements (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)ft²ApartmentHomeProperty | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Aggregate residual value of leased assets | $ 250,800 | ||
Financing leases weighted average remaining term | 33 years 2 months 12 days | 38 years 6 months | |
Financing leases, weighted average discount rate, percent | 5.00% | 5.40% | |
Financing right-of-use lease assets | $ 522,874 | $ 429,768 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Financing right-of-use lease assets | Financing right-of-use lease assets | |
Finance Lease, Liability | $ 509,235 | $ 435,093 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Finance Lease, Liability | Finance Lease, Liability | |
Finance lease, amortization | $ 3,200 | $ 2,100 | |
Operating leases weighted average remaining term | 7 years 1 month 6 days | 7 years 4 months 24 days | |
Operating leases, weighted average discount rate, percent | 3.10% | 3.10% | |
Operating lease cost | $ 400 | 300 | |
Operating right-of-use lease assets | $ 4,900 | $ 5,100 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Operating lease liability | $ 12,330 | $ 12,700 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |
Sub lease commencement date | Jan. 1, 2021 | ||
Sublease expiration date | May 31, 2029 | ||
Fort Lauderdale Florida Joint Venture [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Financing right-of-use lease assets | $ 97,300 | ||
Finance Lease, Liability | 75,100 | ||
Finance lease advance deposits | $ 20,000 | ||
Under Construction or Leased Up [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Number of apartment communities | Property | 5 | ||
Ground Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease cost capitalized | $ 2,800 | $ 6,900 | |
99 Year Ground Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Number of units in real estate property | ApartmentHome | 689 | ||
Area of real estate property | ft² | 100,000 |
Lease Arrangements - Minimum An
Lease Arrangements - Minimum Annual Rental Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Sublease Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2022 | $ 1,046 | |
2023 | 1,403 | |
2024 | 1,413 | |
2025 | 1,423 | |
2026 | 1,433 | |
Thereafter | 3,526 | |
Total | 10,244 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2022 | 1,423 | |
2023 | 1,922 | |
2024 | 1,935 | |
2025 | 1,930 | |
2026 | 1,960 | |
Thereafter | 4,844 | |
Total | 14,014 | |
Less: Discount | (1,684) | |
Total lease liabilities | $ 12,330 | $ 12,700 |
Operating Lease Liability Statement Of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2022 | $ 19,924 | |
2023 | 28,017 | |
2024 | 29,017 | |
2025 | 109,278 | |
2026 | 30,300 | |
Thereafter | 1,614,644 | |
Total | 1,831,180 | |
Less: Discount | (1,321,945) | |
Total lease liabilities | $ 509,235 | $ 435,093 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Total lease liabilities | Total lease liabilities |
Business Segments (Details Text
Business Segments (Details Textual) | 3 Months Ended | ||
Mar. 31, 2022USD ($)PropertyApartmentHomeHomeDwellingHotelRoomSegmentCommunity | Dec. 31, 2021USD ($) | Jan. 01, 2021Property | |
Business Segments (Textual) [Abstract] | |||
Number of reportable segments | Segment | 3 | ||
Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Right-of-use lease assets | $ | $ 522.9 | $ 429.8 | |
Lease liabilities | $ | $ 509.2 | $ 435.1 | |
Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 29 | ||
Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Community | 3 | ||
Planned Apartment Homes [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 1,331 | ||
Planned Homes [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Home | 16 | ||
Accessory Dwelling Units [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Dwelling | 8 | ||
Hotel [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Hotel | 1 | ||
Planned Rooms [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Room | 106 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 24 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 24 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 3 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 499 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 6,067 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Accessory Dwelling Units [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Dwelling | 8 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Hotel [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Hotel | 1 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Planned Rooms [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Room | 106 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Community | 13 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 1,331 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Homes [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Home | 16 |
Business Segments - Summary of
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summary information for the reportable segments | ||
Rental and other property revenues | $ 49,994 | $ 39,804 |
Property operating expenses | 19,221 | 16,942 |
Other operating expenses not allocated to segments | 32,590 | 27,028 |
Total operating expenses | 51,811 | 43,970 |
Proportionate property net operating income (loss) | (1,817) | (4,166) |
Other items included in income (loss) before income tax benefit | 7,873 | 20,500 |
Income before income tax benefit | 6,056 | 16,334 |
Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 35,776 | 32,690 |
Property operating expenses | 11,188 | 11,170 |
Total operating expenses | 11,188 | 11,170 |
Proportionate property net operating income (loss) | 24,588 | 21,520 |
Income before income tax benefit | 24,588 | 21,520 |
Segment Reconciling Items [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 2,165 | 1,671 |
Property operating expenses | 2,288 | 1,655 |
Total operating expenses | 2,288 | 1,655 |
Proportionate property net operating income (loss) | (123) | 16 |
Income before income tax benefit | (123) | 16 |
Corporate Non-Segment [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 76 | |
Property operating expenses | 1,822 | 1,209 |
Other operating expenses not allocated to segments | 32,590 | 27,028 |
Total operating expenses | 34,412 | 28,237 |
Proportionate property net operating income (loss) | (34,336) | (28,237) |
Other items included in income (loss) before income tax benefit | 7,873 | 20,500 |
Income before income tax benefit | (26,463) | (7,737) |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 6,932 | 2,257 |
Property operating expenses | 2,519 | 1,871 |
Total operating expenses | 2,519 | 1,871 |
Proportionate property net operating income (loss) | 4,413 | 386 |
Income before income tax benefit | 4,413 | 386 |
Other [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 5,045 | 3,186 |
Property operating expenses | 1,404 | 1,037 |
Total operating expenses | 1,404 | 1,037 |
Proportionate property net operating income (loss) | 3,641 | 2,149 |
Income before income tax benefit | $ 3,641 | $ 2,149 |
Business Segments - Schedule of
Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Land | $ 574,434 | $ 534,285 |
Net real estate | 1,321,838 | 1,230,384 |
Non-recourse property debt,net | 512,301 | 483,137 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 1,323,647 | 1,257,214 |
Land | 574,434 | 534,285 |
Total real estate | 1,898,081 | 1,791,499 |
Accumulated depreciation | (576,243) | (561,115) |
Net real estate | 1,321,838 | 1,230,384 |
Non-recourse property debt,net | 692,863 | 646,707 |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 342,962 | 277,041 |
Land | 122,474 | 82,325 |
Total real estate | 465,436 | 359,366 |
Accumulated depreciation | (3,123) | (2,252) |
Net real estate | 462,313 | 357,114 |
Non-recourse property debt,net | 211,729 | 163,570 |
Operating Portfolio Segment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 783,538 | 783,320 |
Land | 298,459 | 298,459 |
Total real estate | 1,081,997 | 1,081,779 |
Accumulated depreciation | (526,547) | (517,022) |
Net real estate | 555,450 | 564,757 |
Non-recourse property debt,net | 481,134 | 483,137 |
Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 197,147 | 196,853 |
Land | 153,501 | 153,501 |
Total real estate | 350,648 | 350,354 |
Accumulated depreciation | (46,573) | (41,841) |
Net real estate | $ 304,075 | $ 308,513 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ in Millions | May 09, 2022 | May 03, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Interest Rate Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Swaption, notional amount | $ 500 | $ 1,500 | ||
Subsequent Event [Member] | Interest Rate Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Swaption, notional amount | $ 500 | |||
Proceeds from swaption | 13.7 | |||
Derivative gain on swaption | $ 7.1 | |||
Subsequent Event [Member] | Pathfinder Village [Member] | Fremont, California [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sale of property | $ 127 |