Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Registrant Name | Apartment Investment and Management Company | ||
Entity Central Index Key | 0000922864 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | 144,811,666 | ||
Title of 12(b) Security | Class A Common Stock (Apartment Investment and Management Company) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Documents Incorporated by Reference | ||
Document Financial Statement Error Correction | false | ||
Entity Public Float | $ 1.2 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Denver, Colorado | ||
Aimco OP L.P. [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | Aimco OP L.P. | ||
Entity Central Index Key | 0000926660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Ex Transition Period | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Denver, Colorado |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Buildings and improvements | $ 1,593,802 | $ 1,322,381 |
Land | 620,821 | 641,102 |
Total real estate | 2,214,623 | 1,963,483 |
Accumulated depreciation | (580,802) | (530,722) |
Net real estate | 1,633,821 | 1,432,761 |
Cash and cash equivalents | 122,601 | 206,460 |
Restricted cash | 16,666 | 23,306 |
Mezzanine investment | 0 | 158,558 |
Unconsolidated real estate partnerships | 23,125 | 15,789 |
Notes receivable | $ 57,554 | $ 39,014 |
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Right-of-use lease assets- finance leases | $ 108,992 | $ 110,269 |
Other assets, net | 121,461 | 132,679 |
Total assets | 2,089,475 | 2,181,223 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 846,298 | 929,501 |
Construction loans, net | 301,443 | 118,698 |
Non-recourse property debt and construction loans, net | 1,147,741 | 1,048,199 |
Deferred tax liabilities | 110,284 | 119,615 |
Lease liabilities - finance leases | 118,697 | 114,625 |
Mezzanine investment - participation sold | 31,018 | |
Accrued liabilities and other | 90,125 | 106,600 |
Total liabilities | 1,497,865 | 1,389,039 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 171,632 | 166,826 |
Commitments and contingencies (Note 13) | ||
Equity (510,587,500 shares authorized at both December 31, 2023 and December 31, 2022): | ||
Common Stock, $0.01 par value, 140,576,102 and 146,524,941 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 1,406 | 1,466 |
Additional paid-in capital | 464,538 | 496,482 |
Retained earnings | (116,292) | 49,904 |
Total Aimco equity | 349,652 | 547,852 |
Noncontrolling interests in consolidated real estate partnerships | 51,265 | 48,294 |
Common noncontrolling interests in Aimco Operating Partnership | 19,061 | 29,212 |
Total equity | 419,978 | 625,358 |
Total liabilities and equity | 2,089,475 | 2,181,223 |
Aimco OP L.P. [Member] | ||
ASSETS | ||
Buildings and improvements | 1,593,802 | 1,322,381 |
Land | 620,821 | 641,102 |
Total real estate | 2,214,623 | 1,963,483 |
Accumulated depreciation | (580,802) | (530,722) |
Net real estate | 1,633,821 | 1,432,761 |
Cash and cash equivalents | 122,601 | 206,460 |
Restricted cash | 16,666 | 23,306 |
Mezzanine investment | 158,558 | |
Unconsolidated real estate partnerships | 23,125 | 15,789 |
Notes receivable | $ 57,554 | $ 39,014 |
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Right-of-use lease assets- finance leases | $ 108,992 | $ 110,269 |
Other assets, net | 121,461 | 132,679 |
Total assets | 2,089,475 | 2,181,223 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 846,298 | 929,501 |
Construction loans, net | 301,443 | 118,698 |
Non-recourse property debt and construction loans, net | 1,147,741 | 1,048,199 |
Deferred tax liabilities | 110,284 | 119,615 |
Lease liabilities - finance leases | 118,697 | 114,625 |
Mezzanine investment - participation sold | 31,018 | |
Accrued liabilities and other | 90,125 | 106,600 |
Total liabilities | 1,497,865 | 1,389,039 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 171,632 | 166,826 |
Commitments and contingencies (Note 13) | ||
Equity (510,587,500 shares authorized at both December 31, 2023 and December 31, 2022): | ||
General Partner and Special Limited Partner | 349,652 | 547,852 |
Limited Partners | 19,061 | 29,212 |
Partners' capital attributable to Aimco Operating Partnership | 368,713 | 577,064 |
Noncontrolling interests in consolidated real estate partnerships | 51,265 | 48,294 |
Total partners' capital | 419,978 | 625,358 |
Total liabilities and equity | 2,089,475 | 2,181,223 |
Interest Rate Options | ||
ASSETS | ||
Interest rate options | 5,255 | 62,387 |
Interest Rate Options | Aimco OP L.P. [Member] | ||
ASSETS | ||
Interest rate options | $ 5,255 | $ 62,387 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 140,576,102 | 146,524,941 |
Common Stock, shares outstanding (in shares) | 140,576,102 | 146,524,941 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Rental and other property revenues | $ 186,995 | $ 190,344 | $ 169,836 |
OPERATING EXPENSES | |||
Property operating expenses | 73,712 | 71,792 | 67,613 |
Depreciation and amortization | 68,834 | 158,967 | 84,712 |
General and administrative expenses | 32,865 | 39,673 | 33,151 |
Total operating expenses | 175,411 | 270,432 | 185,476 |
Interest income | 9,731 | 4,052 | 2,277 |
Interest expense | (37,718) | (73,842) | (52,902) |
Realized and unrealized gains (losses) on interest rate options | 1,119 | 48,205 | 6,509 |
Realized and unrealized gains (losses) on equity investments | 700 | 20,302 | 6,585 |
Gain on dispositions of real estate | 7,984 | 175,863 | |
Lease modification income | 206,963 | ||
Other income (expense), net | (8,532) | (13,373) | 3,212 |
Income (loss) before income tax | (170,071) | 109,422 | (18,550) |
Income tax benefit (expense) | 12,752 | (17,264) | 13,570 |
Net income (loss) | (157,319) | 92,158 | (4,980) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (13,924) | (8,829) | (91) |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (3,991) | (3,672) | (1,136) |
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership | 9,038 | (3,931) | 297 |
Net income (loss) attributable to Aimco | $ (166,196) | $ 75,726 | $ (5,910) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - basic (Note 10) | $ (1.16) | $ 0.5 | $ (0.04) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - diluted (Note 10) | $ (1.16) | $ 0.49 | $ (0.04) |
Weighted-average common shares/units outstanding - basic | 143,618 | 149,395 | 149,480 |
Weighted-average common shares/units outstanding - diluted | 143,618 | 150,834 | 149,480 |
Aimco OP L.P. [Member] | |||
REVENUES | |||
Rental and other property revenues | $ 186,995 | $ 190,344 | $ 169,836 |
OPERATING EXPENSES | |||
Property operating expenses | 73,712 | 71,792 | 67,613 |
Depreciation and amortization | 68,834 | 158,967 | 84,712 |
General and administrative expenses | 32,865 | 39,673 | 33,151 |
Total operating expenses | 175,411 | 270,432 | 185,476 |
Interest income | 9,731 | 4,052 | 2,277 |
Interest expense | (37,718) | (73,842) | (52,902) |
Realized and unrealized gains (losses) on interest rate options | 1,119 | 48,205 | 6,509 |
Realized and unrealized gains (losses) on equity investments | 700 | 20,302 | 6,585 |
Gain on dispositions of real estate | 7,984 | 175,863 | |
Lease modification income | 206,963 | ||
Other income (expense), net | (8,532) | (13,373) | 3,212 |
Income (loss) before income tax | (170,071) | 109,422 | (18,550) |
Income tax benefit (expense) | 12,752 | (17,264) | 13,570 |
Net income (loss) | (157,319) | 92,158 | (4,980) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (13,924) | (8,829) | (91) |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (3,991) | (3,672) | (1,136) |
Net income (loss) attributable to Aimco | $ (175,234) | $ 79,657 | $ (6,207) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - basic (Note 10) | $ (1.16) | $ 0.5 | $ (0.04) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - diluted (Note 10) | $ (1.16) | $ 0.49 | $ (0.04) |
Weighted-average common shares/units outstanding - basic | 151,371 | 157,317 | 157,701 |
Weighted-average common shares/units outstanding - diluted | 151,371 | 158,774 | 157,701 |
Unconsolidated Real Estate Partnerships [Member] | |||
OPERATING EXPENSES | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | $ 875 | $ 579 | $ 973 |
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member] | |||
OPERATING EXPENSES | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | 875 | 579 | 973 |
Mezzanine Investment [Member] | |||
OPERATING EXPENSES | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | (155,814) | (179,239) | 30,436 |
Mezzanine Investment [Member] | Aimco OP L.P. [Member] | |||
OPERATING EXPENSES | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | $ (155,814) | $ (179,239) | $ 30,436 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (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 | 149,036,000 | ||||||
Net income (loss) | (5,071) | (5,910) | (5,910) | 1,136 | (297) | ||
Redemption of OP Units | (76) | $ 6 | 1,305 | 1,311 | (1,387) | ||
Redemption of OP Units, (In share) | 595,000 | ||||||
Share-based compensation expense | 3,717 | 2,972 | 2,972 | 745 | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 3,370 | 3,370 | |||||
Distributions to noncontrolling interests in consolidated real estate partnerships | $ (1,157) | (1,157) | |||||
Common stock repurchased (In shares) | 0 | ||||||
Other common stock issuances | $ 1,072 | $ 2 | 1,070 | 1,072 | |||
Other common stock issuances (In share) | 246,000 | ||||||
Other, net | 1,287 | 1,368 | (26) | 1,342 | (13) | (42) | |
Other, net (in shares) | (59,000) | ||||||
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 | 149,818,000 | ||||||
Net income (loss) | 83,329 | 75,726 | 75,726 | 3,672 | 3,931 | ||
Redemption of OP Units | (234) | $ 1 | 2,653 | 2,654 | (2,888) | ||
Redemption of OP Units, (In share) | 108,000 | ||||||
Share-based compensation expense | 7,457 | 5,687 | 5,687 | 1,770 | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 10,616 | 10,616 | |||||
Distributions to noncontrolling interests in consolidated real estate partnerships | (1,362) | (1,202) | (160) | ||||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (183) | (183) | (183) | ||||
Purchase of noncontrolling interests in consolidated real estate partnerships | (7,088) | (7,088) | (7,088) | ||||
Common stock repurchased | $ (24,992) | $ (35) | (24,957) | (24,992) | |||
Common stock repurchased (In shares) | (3,500,000) | (3,459,000) | |||||
Other common stock issuances | $ 961 | $ 1 | 851 | 852 | 109 | ||
Other common stock issuances (In share) | 106,000 | ||||||
Cash dividends | (3,043) | (3,043) | (3,043) | ||||
Other, net | (2,336) | $ 1 | (2,323) | (4) | (2,326) | (5) | (5) |
Other, net (in shares) | (48,000) | ||||||
Balances at Dec. 31, 2022 | 625,358 | $ 1,466 | 496,482 | 49,904 | 547,852 | 48,294 | 29,212 |
Balances (in shares) at Dec. 31, 2022 | 146,525,000 | ||||||
Net income (loss) | (171,243) | (166,196) | (166,196) | 3,991 | (9,038) | ||
Redemption of OP Units | (1,081) | 4,501 | 4,501 | (5,582) | |||
Share-based compensation expense | 10,495 | 7,299 | 7,299 | 3,196 | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 272 | 272 | |||||
Distributions to noncontrolling interests in consolidated real estate partnerships | (1,291) | (1,291) | |||||
Common stock repurchased | $ (45,338) | $ (61) | (45,277) | (45,338) | |||
Common stock repurchased (In shares) | (6,200,000) | (6,166,000) | |||||
Other common stock issuances | $ 2,812 | $ 2 | 1,538 | 1,540 | 1,272 | ||
Other common stock issuances (In share) | 252,000 | ||||||
Other, net | (6) | $ (1) | (5) | (6) | (1) | 1 | |
Other, net (in shares) | (35,000) | ||||||
Balances at Dec. 31, 2023 | $ 419,978 | $ 1,406 | $ 464,538 | $ (116,292) | $ 349,652 | $ 51,265 | $ 19,061 |
Balances (in shares) at Dec. 31, 2023 | 140,576,000 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - 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 (loss) | $ (5,071) | (5,071) | (5,910) | (297) | (6,207) | 1,136 |
Redemption of OP Units | (76) | 1,311 | (1,387) | (76) | ||
Share-based compensation expense | 3,717 | 2,972 | 745 | 3,717 | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 3,370 | 3,370 | 3,370 | |||
Distributions to noncontrolling interests in consolidated real estate partnerships | (1,157) | (1,157) | (1,157) | |||
Other OP Unit issuances | 1,072 | 1,072 | 1,072 | |||
Other, net | 1,287 | 1,342 | (42) | 1,300 | (13) | |
Balances at Dec. 31, 2021 | 562,233 | 500,565 | 26,455 | 527,020 | 35,213 | |
Net income (loss) | 83,329 | 83,329 | 75,726 | 3,931 | 79,657 | 3,672 |
Redemption of OP Units | (234) | 2,654 | (2,888) | (234) | ||
Share-based compensation expense | 7,457 | 5,687 | 1,770 | 7,457 | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 10,616 | 10,616 | 10,616 | |||
Distributions to noncontrolling interests in consolidated real estate partnerships | (1,362) | (1,362) | (160) | (160) | (1,202) | |
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (183) | (183) | (183) | (183) | ||
Purchase of noncontrolling interests in consolidated real estate partnerships | (7,088) | (7,088) | (7,088) | (7,088) | ||
Repurchases of OP Units held by Aimco | (24,992) | (24,992) | (24,992) | (24,992) | ||
Other OP Unit issuances | 961 | 852 | 109 | 961 | ||
Cash dividends | (3,043) | (3,043) | (3,043) | (3,043) | ||
Other, net | (2,336) | (2,326) | (5) | (2,331) | (5) | |
Balances at Dec. 31, 2022 | 625,358 | 547,852 | 29,212 | 577,064 | 48,294 | |
Net income (loss) | (171,243) | (171,243) | (166,196) | (9,038) | (175,234) | 3,991 |
Redemption of OP Units | (1,081) | 4,501 | (5,582) | (1,081) | ||
Share-based compensation expense | 10,495 | 7,299 | 3,196 | 10,495 | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 272 | 272 | 272 | |||
Distributions to noncontrolling interests in consolidated real estate partnerships | (1,291) | (1,291) | (1,291) | |||
Repurchases of OP Units held by Aimco | $ (45,338) | (45,338) | (45,338) | (45,338) | ||
Other OP Unit issuances | 2,812 | 1,540 | 1,272 | 2,812 | ||
Other, net | (6) | (6) | 1 | (5) | (1) | |
Balances at Dec. 31, 2023 | $ 419,978 | $ 349,652 | $ 19,061 | $ 368,713 | $ 51,265 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (157,319) | $ 92,158 | $ (4,980) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 68,834 | 158,967 | 84,712 |
Realized and unrealized (gains) losses on interest rate options | (1,119) | (48,205) | (6,509) |
Realized and unrealized (gains) losses on equity investments | (700) | (20,302) | (6,585) |
Income tax expense (benefit) | (12,752) | 17,264 | (13,570) |
Share-based compensation | 9,221 | 7,471 | 5,271 |
Loss on extinguishment of debt, net | 938 | 28,986 | |
Lease modification income | (206,963) | ||
Gain on dispositions of real estate | (7,984) | (175,863) | |
Amortization of debt issuance costs and other | 2,563 | 2,787 | 1,384 |
Changes in operating assets and operating liabilities: | |||
Other assets, net | 335 | 1,039 | (11,826) |
Net cash received from lease incentive | 195,789 | ||
Accrued liabilities and other | (6,489) | (27,556) | (3,902) |
Total adjustments | 207,786 | 112,074 | 17,566 |
Net cash provided by operating activities | 50,467 | 204,232 | 12,586 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate | (4,108) | (129,245) | (69,601) |
Capital expenditures | (272,497) | (237,523) | (177,809) |
Proceeds from disposition of real estate | 9,254 | 259,983 | |
Investment in IQHQ | (14,227) | (23,273) | |
Redemption of IQHQ investment | 16,473 | ||
Distributions received from unconsolidated real estate partnerships | 4,209 | ||
Investment in unconsolidated real estate partnerships | (3,786) | (15,668) | |
Purchase of treasury bill | (53,773) | ||
Proceeds from treasury bill | 54,727 | ||
Other investing activities | 5,578 | (547) | (727) |
Net cash used in investing activities | (260,396) | (120,754) | (271,410) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 756,220 | 59,757 | |
Proceeds from construction loans | 174,445 | 93,206 | 165,170 |
Proceeds from sale of participation in Mezzanine Investment | 37,500 | ||
Payments of deferred loan costs | (229) | (15,266) | (6,437) |
Principal repayments on non-recourse property debt | (85,974) | (302,428) | (24,383) |
Principal repayments on construction loans | (138,404) | ||
Principal repayments on Notes Payable to AIR | (534,127) | ||
Purchase of interest rate options | (712) | (5,620) | (5,905) |
Proceeds from interest rate options | 58,906 | 16,818 | |
Payments on finance leases | (2,694) | (26,213) | (10,855) |
Payments of prepayment premiums | (25,801) | ||
Common stock repurchased | (46,843) | (23,492) | |
Dividends paid on common stock | (3,043) | ||
Redemption of redeemable noncontrolling interests | (5,094) | ||
Distributions to redeemable noncontrolling interests | (9,243) | (9,365) | |
Contributions from noncontrolling interests | 272 | 10,616 | 212 |
Distributions to noncontrolling interests | (1,291) | (1,362) | (1,157) |
Contributions from redeemable noncontrolling interests | 125 | 122,571 | 29,440 |
Redemption of OP Units | (1,081) | (225) | (76) |
Redemption of noncontrolling interest in real estate partnership | (7,088) | ||
Other financing activities | (3,751) | (197) | (1,095) |
Net cash provided by (used in) financing activities | 119,430 | (98,294) | 204,671 |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (90,499) | (14,816) | (54,153) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 229,766 | 244,582 | 298,735 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | 139,267 | 229,766 | 244,582 |
Aimco OP L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | (157,319) | 92,158 | (4,980) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 68,834 | 158,967 | 84,712 |
Realized and unrealized (gains) losses on interest rate options | (1,119) | (48,205) | (6,509) |
Realized and unrealized (gains) losses on equity investments | (700) | (20,302) | (6,585) |
Income tax expense (benefit) | (12,752) | 17,264 | (13,570) |
Share-based compensation | 9,221 | 7,471 | 5,271 |
Loss on extinguishment of debt, net | 938 | 28,986 | |
Lease modification income | (206,963) | ||
Gain on dispositions of real estate | (7,984) | (175,863) | |
Amortization of debt issuance costs and other | 2,563 | 2,787 | 1,384 |
Changes in operating assets and operating liabilities: | |||
Other assets, net | 335 | 1,039 | (11,826) |
Net cash received from lease incentive | 195,789 | ||
Accrued liabilities and other | (6,489) | (27,556) | (3,902) |
Total adjustments | 207,786 | 112,074 | 17,566 |
Net cash provided by operating activities | 50,467 | 204,232 | 12,586 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate | (4,108) | (129,245) | (69,601) |
Capital expenditures | (272,497) | (237,523) | (177,809) |
Proceeds from disposition of real estate | 9,254 | 259,983 | |
Investment in IQHQ | (14,227) | (23,273) | |
Redemption of IQHQ investment | 16,473 | ||
Distributions received from unconsolidated real estate partnerships | 4,209 | ||
Investment in unconsolidated real estate partnerships | (3,786) | (15,668) | |
Purchase of treasury bill | (53,773) | ||
Proceeds from treasury bill | 54,727 | ||
Other investing activities | 5,578 | (547) | (727) |
Net cash used in investing activities | (260,396) | (120,754) | (271,410) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 756,220 | 59,757 | |
Proceeds from construction loans | 174,445 | 93,206 | 165,170 |
Payments of deferred loan costs | (229) | (15,266) | (6,437) |
Principal repayments on non-recourse property debt | (85,974) | (302,428) | (24,383) |
Principal repayments on construction loans | (138,404) | ||
Principal repayments on Notes Payable to AIR | (534,127) | ||
Purchase of interest rate options | (712) | (5,620) | (5,905) |
Proceeds from interest rate options | 58,906 | 16,818 | |
Payments on finance leases | (2,694) | (26,213) | (10,855) |
Payments of prepayment premiums | (25,801) | ||
Common stock repurchased | (46,843) | (23,492) | |
Dividends paid on common stock | (3,043) | ||
Redemption of redeemable noncontrolling interests | (5,094) | ||
Distributions to redeemable noncontrolling interests | (9,243) | (9,365) | |
Contributions from noncontrolling interests | 272 | 10,616 | 212 |
Distributions to noncontrolling interests | (1,291) | (1,362) | (1,157) |
Contributions from redeemable noncontrolling interests | 125 | 122,571 | 29,440 |
Redemption of OP Units | (1,081) | (225) | (76) |
Redemption of noncontrolling interest in real estate partnership | (7,088) | ||
Other financing activities | (3,751) | (197) | (1,095) |
Net cash provided by (used in) financing activities | 119,430 | (98,294) | 204,671 |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (90,499) | (14,816) | (54,153) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 229,766 | 244,582 | 298,735 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | 139,267 | 229,766 | 244,582 |
Unconsolidated Real Estate Partnerships [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | (875) | (579) | (973) |
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | (875) | (579) | (973) |
Mezzanine Investment [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | 155,814 | 179,239 | (30,436) |
Mezzanine Investment [Member] | Aimco OP L.P. [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | 155,814 | $ 179,239 | $ (30,436) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sale of participation in Mezzanine Investment | $ 37,500 |
Organization
Organization | 12 Months Ended |
Dec. 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”). 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. Aimco, through a wholly-owned subsidiary, is the general partner and directly is the 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. Business As of December 31, 2023, Aimco owned 92.4 % of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8 % of the economic interest in Aimco Operating Partnership. The remaining 7.6 % legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". 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. At December 31, 2023, o ur entire portfolio of operating properties includes 26 apartment communities ( 22 consolidated properties and four unconsolidated properties) . We also own one commercial office building that is part of an assemblage with an adjacent apartment building. Properties that are under construction or have not achieved stabilization include a 106 room hotel, three residential apartment communities, of which 510 apartment homes have been completed and an additional 675 are planned, a single family rental community with 16 planned homes and eight accessory dwelling units, and land parcels held for development. Our real estate portfolio also includes two unconsolidated investments in land held for development. In addit ion, we hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ, Inc. ("IQHQ"); and our investment in real estate technology funds. Any reference to the number of apartment communities, homes, accessory dwelling units, square footage, or occupancy percentage in these notes to our consolidated financial statements is unaudited. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances have been eliminated in consolidation. 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. C ertain reclassifications have been made to prior period amounts to conform to the current period consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Principles of 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. Refer to Note 5 for further information. Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2023, 2022, and 2021, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , 5.1 %, and 5.0 %, r espectively. 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 consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2023 , consists of the following: (i) a $ 102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2023. 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 partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2023 , and 2022 (in thousands): 2023 2022 Balance at Beginning of Period $ 166,826 $ 33,794 Capital contributions 125 138,479 Distributions ( 9,243 ) ( 9,365 ) Redemptions — ( 4,911 ) Net income 13,924 8,829 Balance at December 31, $ 171,632 $ 166,826 Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Income from unconsolidated real estate partnerships in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. We assess the recoverability of our equity method investments if there are indicators of potential impairment. We did not recognize any such impairments of our equity method investments during the years ended December 31, 2023, 2022, and 2021. Mezzanine Investment In November 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. Legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation. The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, and a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments . At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment 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. In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million. Pursuant to the terms of the agreement, we receive a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $ 134.0 million plus no less than a 19 % annualized return as well as 80 % of any residual payments after the purchaser receives a 10 % annualized return on its subordinate investment. Additionally, we are responsible for the servicing and administration of the Mezzanine Investment. Because we receive first priority and a higher return than the purchaser, the partial sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, we recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Consolidated Balance Sheets in accordance with GAAP. Although the cash received is accounted for as a liability in accordance with GAAP, no amount is due to the purchaser until after we receive $ 134.0 million plus our annualized return. Tr ansaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Consolidated Balance Sheets . The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Consolidated Statements of Cash Flows. In connection with the participation sold, the purchaser also made a $ 4.0 million non-refundable payment for the option to acquire the remaining 80 % for an additional $ 134 million plus our annualized return. The option expired unexercised in the quarter ended December 31, 2023. As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations. On a periodic basis, we assess the Mezzanine Investment for impairment. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. We determined our Mezzanine Investment was impaired on an other-than-temporary basis after considering various factors, including the purchaser's option expiration, the loan’s maturity date, and the decline in value of the real estate collateral due to an increased capitalization rate. As a result, we have recognized a $ 158.0 million non-cash impairment to reduce the carrying value of the Mezzanine Investment to zero as of December 31, 2023. This non-cash impairment is inclusive of the 20 % non-controlling participation sold in June 2023. Although we do not expect proceeds from the Mezzanine Investment to exceed our first priority return requiring repayment of the $ 33.5 million received, we are unable to derecognize the Mezzanine investment - participation sold in accordance with GAAP. Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. Th e income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment. Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar real estate. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; (c) the value associated with in-place leases during an estimated absorption period, which estimates rental revenue that would not have been earned had the leased space been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels; and (d) tax abatement contract related intangibles, to the extent the property has them in place. The above and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the years ended December 31, 2023, 2022, and 2021, we capitalized to buildings and improvements $ 39.7 million, $ 30.6 million, and $ 21.3 million of interest costs, respectively. For the years ended December 31, 2023, 2022, and 2021, we capitalized to buildings and improvements $ 14.3 m illion, $ 16.9 million, and $ 20.9 mi llion of indirect costs, respectively. Gain or Loss on Dispositions Gain or loss on dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. For the years ended December 31, 2023, 2022, and 2021, we recognized total Gains on dispositions of real estate of $ 8.0 million, $ 175.9 million, and $ 0.0 million, respectively. Impairment of Real Estate and Other Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community. There were no such impairments for the years ended December 31, 2023, 2022, and 2021 . 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. Supplemental cash flow information for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): Year Ended December 31, 2023 2022 2021 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 32,795 $ 45,171 $ 43,800 Cash paid for income taxes 1,711 22,930 2,941 Non-cash transactions associated with acquisitions: Buildings and improvements — 11,109 — Intangible assets, net — 13,377 — Mark to market adjustment on an assumed construction loan — 363 — Right-of-use lease assets - finance leases — 15,036 — Other assets, net — 5,629 — Accrued liabilities and other — ( 1,854 ) ( 310 ) Lease liabilities - finance leases — 15,151 — Contributions from redeemable noncontrolling interests in consolidated real estate partnerships — 13,756 — Contributions from noncontrolling interest in consolidated real estate partnerships — — 3,159 Other non-cash investing and financing transactions: Right-of-use lease assets - operating leases 718 2,336 143 Lease liabilities - operating leases 718 1,587 — Issuance of seller financing in connection with disposition of real estate 17,432 — — Contribution of real estate to unconsolidated real estate partnerships 5,700 — — Accrued capital expenditures (at end of year) 40,340 41,435 25,686 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 Other assets were comprised of the following amounts as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Other investments $ 65,066 $ 63,982 Deferred costs, deposits, and other 10,601 20,460 Prepaid expenses and real estate taxes 13,628 17,363 Intangible assets, net 13,494 14,160 Corporate fixed assets 10,669 8,371 Accounts receivable, net of allowances of $ 373 and $ 1,206 as of December 31, 2023 and December 31, 2022, respectively 4,804 4,079 Deferred tax assets 2,391 2,321 Due from third-party property manager 374 1,669 Due from affiliates 434 274 Total other assets, net $ 121,461 $ 132,679 Other investments Other investments consist of passive equity investments in stock, property technology funds and IQHQ, a privately held life sciences real estate development company. We measure our investment in stock at fair value. We also measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the year ended December 31, 2023, we recognized unrealized gains on our investment in stock of $ 0.7 million, compared to unrealized losses of $ 6.1 million in 2022 and unrealized gains of $ 0.0 million in 2021. During the years ended December 31, 2023, 2022 and 2021, we recognized unrealized gains on our investments in property technology funds of $ 0.0 million, $ 0.3 million and $ 6.6 million, respectively. See Note 12 for discussion of our fair value measurements for these investments. We measure our investment in IQHQ at cost, less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. The carrying amount of our investment in IQHQ as of December 31, 2023 and 2022 was $ 59.7 million. During the year ended December 31, 2022, we recognized realized and unrealized gains on our investment in IQHQ totaling $ 5.7 million and $ 20.5 million resulting from a partial redemption of our investment during June 2022. No realized or unrealized gains or losses were recognized during the years ended December 31, 2023 and 2021. Intangibles Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets . The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Intangible assets $ 25,950 $ 29,902 Less: accumulated amortization ( 12,456 ) ( 15,742 ) Intangible assets, net $ 13,494 $ 14,160 Below-market leases $ 4,175 $ 4,175 Less: accumulated amortization ( 4,146 ) ( 3,971 ) Intangible liabilities, net $ 29 $ 204 Based on the balance of intangible assets and liabilities as of December 31, 2023, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands): Intangible assets Intangible liabilities 2024 $ 711 $ 29 2025 892 — 2026 892 — 2027 892 — 2028 892 — Thereafter 9,215 — Total future amortization $ 13,494 $ 29 Accounts Receivable, net and Straight-line rent We present our accounts receivable and straight-line rent receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. Deferred Leasing Costs We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in Depreciation and amortization in our Consolidated Statements of Operations . Corporate Fixed Assets We capitalize qualified implementation costs incurred in a hosting arrangement that is a service contract for which we are the customer in accordance with the requirements for capitalizing costs incurred to develop internal-use software. These capitalized implementation costs are recorded within Other assets, net, and are amortized on a straight-line basis. We capitalized $ 4.7 million of implementation costs for the year ended December 31, 2023. Revenue from Leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. Debt Issuance Costs We defer, as debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our Consolidated Balance Sheets. For debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn we record the costs in Other assets, net in our Consolidated Balance Sheets and amortize the costs to Interest expense, on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our Consolidated Balance Sheets and subsequently amortized to Interest expense on a straight-line basis over the remaining term of the arrangement in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 y ears. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determi ning the estimated useful lives used in connection with our composite and group depreciation methods. Income Tax Benefit (Expense) Certain aspects 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 (expense) 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 (expense) in our C onsolidated Statements of Operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2023, we had consolidated net losses subject to tax of $ 15.2 million, compared to consolidated net income subject to tax of $ 88.8 million for the same period in 2022 , and consolidated net losses subject to tax of $ 31.4 million for the same period in 2021. For the year ended December 31, 2023, we recognized income tax benefit of $ 12.8 million, compared to income tax expense of $ 17.3 million for same period in 2022, and income tax benefit of $ 13.6 million for the same period in 2021. The year-over-year changes are due primarily to the GAAP income taxes associated with the net lease modification income recognized in 2022. Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 1994, and Aimco intends to continue to operate in such a manner. Aimco's current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. Aimco also will be required to pay a 100 % tax on any net income on non-arm’s length transactions between Aimco and a TRS and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per share and unit computations. Share-Based Compensation We measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , which requires disclosure of incremental segment information, including segment expense categories, on an annual and interim basis. The new guidance is effective for the annual period ended December 31, 2024 and interim periods beginning in 2025. The amendments in the ASU apply retrospectively to all periods presented in the financial statement. The segment expense categories and amounts disclosed in prior periods are based on the significant expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Significant Transactions [Abstract] | |
Significant Transactions | Note 3 — Significant Transactions Dispositions During the years ended December 31, 2023, 2022, and 2021, we sold properties as summarized below (dollars in thousands): Year ended December 31, 2023 2022 2021 Number of properties sold 1 4 — Gain on sale of real estate $ 6,138 $ 175,863 $ — In December 2023, we sold a land parcel in downtown Fort Lauderdale, for a gross sales price of $ 31.2 million and recognized a gain from the sale of $ 6.1 million. The land parcel was purchased in January 2022. In conjunction with this sale, we provided seller financing with a stated value of $ 21.2 mi llion. The financing matures at 18 months , with an option to extend for an additional six months . In addition, during the second quarter of 2023, we recognized a $ 1.9 million gain from the contribution of real estate to an unconsolidated joint venture. |
Lease Arrangements
Lease Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Arrangements | Note 4 — 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 years ended December 31, 2023, 2022, and 2021, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Year ended December 31, 2023 2022 2021 Fixed lease income $ 172,580 $ 176,080 $ 157,842 Variable lease income 13,892 13,654 11,487 Total lease income $ 186,472 $ 189,734 $ 169,329 In general, our commercial leases have options to extend for a certain period of time at the tenant's option. Future minimum annual rental payments we will receive under commercial leases, excluding such extension options, are as follows as of December 31, 2023 (in thousands): Future Minimum Annual Rental Payments 2024 $ 12,167 2025 7,382 2026 4,904 2027 3,035 2028 1,295 Thereafter 1,106 Total $ 29,889 Generally, our residential leases do not provide extension options, so the average remaining term is less than one year . Our commercial leases, as of December 31, 2023, have an average remaining term of 2.2 years. Aimco as Lessee We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oakshore. As of December 31, 2023 and 2022, our finance leases had weighted-average remaining terms of 93.4 years and 94.2 years, respectively, and weighted-average discount rates of 6.1 % and 6.1 %, respectively. For the year ended December 31, 2023, amortization related to finance leases was $ 0.0 million, net of amounts capitalized, compared to $ 6.7 million for the year ended December 31, 2022 and $ 8.3 million for the year ended December 31, 2021. In addition, for the year ended December 31, 2023, we capitalized $ 8.0 million of lease costs associated with active development and redevelopment projects on certain of the underlying pro perty and ground lease assets, compared to $ 8.5 million for the year ended December 31, 2022 and $ 22.7 million for the year ended December 31, 2021. For the year ended December 31, 2023, interest expense, net of amounts capitalized, related to our finance leases was $ 0.3 million compared to $ 7.5 million for the year ended December 31, 2022 , and $ 9.2 million for the year ended December 31, 2021. In June 2022, we, as lessee, and AIR, as lessor, entered into a lease termination agreement with respect to four leases entered into on January 1, 2021 that pertained to our North Tower of Flamingo Point, 707 Leahy, The Fremont, and Prism properties. This agreement terminated these four finance leases on September 1, 2022. Upon termination, both parties were released of any and all liabilities and obligations under each respective lease other than those liabilities and obligations, if any, that expressly survived termination. On September 1, 2022, we relinquished control of the leasehold improvements on these four properties as well as the underlying land. In exchange, AIR remitted a total of $ 200.0 million in consideration to us as termination payments. Because the termination agreement modified the expiration date of each lease to September 1, 2022, we accelerated depreciation on the associated leasehold improvements using lease terms that ended September 1, 2022. We recorded $ 85.7 million of total depreciation expense for the year ended December 31, 2022. In addition, we recognized Lease modification income of $ 207.0 million, which is included in our Consolidated Statements of Operations for the year ended December 31, 2022. Operating Lease Arrangements We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of December 31, 2023 and December 31, 2022, our operating leases had weighted-average remaining terms of 5.2 years and 6.3 years, respectively. As of December 31, 2023 and December 31, 2022, our operating leases had weighted-average discount rates of 3.3 % and 3.4 %, respectively. We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the years ended December 31, 2023, 2022, and 2021 was $ 1.5 million, $ 1.1 million and $ 1.0 million, respectively. As of December 31, 2023 and December 31, 2022, operating lease right-of-use assets of $ 6.2 million and $ 6.7 million, respectively, are included in Other assets, net in our Consolidated Balance Sheets. As of December 31, 2023 and December 31, 2022, operating lease liabilities of $ 11.5 million and $ 12.8 million, respectively, are included in Accrued liabilities and other in our 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 in our Consolidated Balance Sheets . Leases with initial terms greater than 12 months are recorded as operating or finance leases in our Consolidated Balance Sheets . 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 expires on May 31, 2029 . For each year ended December 31, 2023, 2022, and 2021, we recognized sublease income of $ 1.4 million. Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of December 31, 2023 (in thousands): Sublease Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments 2024 $ 1,413 $ 2,500 $ 3,921 2025 1,423 2,355 4,437 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 2028 1,453 2,181 5,596 Thereafter 630 805 1,427,620 Total $ 7,795 12,562 1,452,011 Less: Discount ( 1,079 ) ( 1,333,314 ) Total lease liabilities $ 11,483 $ 118,697 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 5 — Varia ble Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for 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 these 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. We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership. Aimco Operating Partnership is the primary beneficiary of, and therefore consolid ates, five VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership. In addition, we have eight unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The eight 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 two unconsolidated investments in land held for development in Miami, Florida and Bethesda, Maryland. Our maximum exposure to loss because of our involvement with the unconsolidated VIEs is limited to the carrying value of their assets. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2023 and 2022 (in thousands, except for VIE count): As of December 31, 2023 As of December 31, 2022 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Net real estate $ 466,719 $ — $ 258,529 $ — Cash and cash equivalents 3,940 — 5,075 — Restricted Cash — — 1,747 — Mezzanine investment — — — 158,558 Interest rate options 3,253 — 3,900 — Unconsolidated real estate partnerships — 23,125 — 15,789 Notes receivable 17,432 — — — Right-of-use lease assets - finance leases 108,992 — 110,269 — Other assets, net 16,140 59,823 25,623 59,823 Liabilities Non-recourse property debt, net — — 22,689 — Construction loans, net 201,103 — 40,013 — Lease liabilities - finance leases 118,697 — 114,625 — Mezzanine investment - participation sold — 31,018 — — Accrued liabilities and other 35,881 — 26,003 — |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 —D ebt Non-Recourse Property Debt We finance apartment communities in our portfolio primarily using property-level, non-recourse, long-dated, fixed-rate debt. The following table summarizes non-recourse property debt as of December 31, 2023 and 2022 (in thousands): December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate Weighted-Average Interest Rate with Rate Caps 2023 2022 Fixed-rate property debt May 15, 2026 to June 1, 2033 1.00 % to 4.68 % 4.25 % $ 771,202 $ 774,293 Variable-rate property debt October 9, 2025 9.86 % 9.86 % 8.00 % 81,300 164,183 Total non-recourse property debt $ 852,502 $ 938,476 Assumed debt fair value adjustment, 871 1,210 Debt issuance costs, net of ( 7,075 ) ( 10,185 ) Total non-recourse property debt, net $ 846,298 $ 929,501 Principal and interest on our non-recourse property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As of December 31, 2023, our property debt was secured by 19 properties. These non-recourse property debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2023, we believe we were in compliance with all such covenants. As of December 31, 2023, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands): Amortization Maturities Total 2024 $ 3,188 $ — $ 3,188 2025 3,303 81,300 84,603 2026 2,166 75,519 77,685 2027 1,596 — 1,596 2028 1,650 — 1,650 Thereafter 4,553 679,227 683,780 Total $ 16,456 $ 836,046 $ 852,502 Construction Loans Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2023 and 2022 (in thousands): As of December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate Weighted-Average Interest Rate with Rate Caps 2023 2022 Fixed-rate construction loans December 23, 2025 to December 23, 2052 3.25 % to 13.00 % 11.55 % $ 41,829 $ 12,900 Variable-rate construction loans July 1, 2024 to December 23, 2025 8.11 % to 9.92 % 9.19 % 7.78 % 267,692 113,417 Total construction loans $ 309,521 $ 126,317 Assumed debt fair value adjustment, ( 351 ) ( 363 ) Debt issuance costs, net of ( 7,727 ) ( 7,256 ) Total construction loans, net $ 301,443 $ 118,698 Interest-only payments on our construction loans are generally payable monthly with balloon payments due at maturity. As of December 31, 2023, our construction debt was secured by 4 properties. These debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2023, we believe we were in compliance with all such covenants. As of December 31, 2023, the scheduled principal maturity payments, prior to the consideration of extension options, for the construction debt were as follows (in thousands): Principal Maturity Payments 2024 $ 100,700 2025 202,321 2026 — 2027 — 2028 — Thereafter 6,500 Total $ 309,521 Revolving Credit Facility In December 2020, we entered into a credit agreement that provides for a $ 150.0 million secured credit facility, with a $ 20.0 million swingline loan sub-facility and a $ 30.0 million letter of credit sub-facility. We can request incremental commitments under the credit agreement up to an aggregate principal amount of $ 300.0 million. Our revolving secured credit facility matures in December 2024, prior to consideration of a one-year extension option. The revolving loans (other than the swingline) will bear interest, at our option, at a per annum rate equal to (a) SOFR plus a margin of 2.11448 % or (b) a base rate plus a margin of 1.00 %. Swingline loans made under the revolving credit facility will bear interest at a per annum rate equal to the base rate plus a margin of 1.00 %. The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5 %, (y) PNC Bank, National Association’s prime rate and (z) the daily SOFR Rate plus 1.00 %. If the SOFR Rate determined under any referenced method would be less than 0.25 %, such rate shall be deemed 0.25 % . We may terminate or, from time to time, reduce the aggregate amount of commitments. As of December 31, 2023 , we had no outstanding balance on our secured revolving credit facility, the swingline sub-facility or the letter of credit sub-facility. Under our secured revolving credit facility, we have agreed to maintain a fixed charge coverage ratio of 1.25 x, minimum adjusted tangible net worth of $ 625.0 million, and maximum leverage of 60.0 % as defined in the credit agreement, among other customary covenants. We are in compliance with these covenants as of December 31, 2023. Notes Payable to AIR In July 2022, we completed the prepayment of $ 534.1 million of Notes Payable to AIR, which was entered into on December 14, 2020. As a result, we incurred $ 17.4 million of spread maintenance costs, which are included in Interest expense in our Consolidated Statements of Operations . For the years ended December 31, 2022, and 2021, we recognized interest expense of $ 13.7 million, and $ 27.8 million, respectively, associated with the Notes Payable to AIR, which is included in Interest expense in our Consolidated Statements of Operations . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 — Inco me Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of our taxable entities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax liabilities and assets as of December 31, 2023 and 2022 are as follows (in thousands): As of December 31, 2023 2022 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 110,379 $ 119,621 Lease liability - finance lease 307 385 Other 245 120 Deferred tax assets: Right-of-use lease asset - finance lease 386 439 Other 3,363 3,703 Net operating, capital, and other loss carryforwards 3,953 1,109 Valuation allowance for deferred tax assets ( 4,664 ) ( 2,419 ) Net deferred tax liability $ 107,893 $ 117,294 Our policy is to include any interest and penalties related to income taxes within Income tax benefit (expense) in our Consolidated Statements of Operations . Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Current: Federal $ 463 $ 12,499 $ 905 State ( 3,813 ) 5,840 ( 250 ) Total current ( 3,350 ) 18,339 655 Deferred: Federal ( 7,182 ) ( 934 ) ( 7,400 ) State ( 2,220 ) ( 141 ) ( 6,825 ) Total deferred ( 9,402 ) ( 1,075 ) ( 14,225 ) Total income tax expense (benefit) $ ( 12,752 ) $ 17,264 $ ( 13,570 ) Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2023, we had consolidated net losses subject to tax of $ 15.2 million, compared to consolidated net income subject to tax of $ 88.8 million for the year ended December 31, 2022 and consolidated net loss subject to tax of $ 31.4 million for the year ended December 31, 2021. The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2023, 2022, and 2021, is shown below (in thousands): 2023 2022 2021 Amount Percent Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $( 3,189 ) 21.0 % $ 18,641 21.0 % $( 6,591 ) 21.0 % US branch profits tax on earnings of foreign subsidiary ( 3,101 ) 20.4 % ( 1,965 ) ( 2.2 %) ( 1,084 ) 3.5 % State income tax, net of federal (benefit) expense ( 8,320 ) 54.8 % 4,590 5.2 % ( 7,075 ) 22.5 % Effects of permanent differences 96 ( 0.6 %) 209 0.2 % 197 ( 0.6 %) Uncertain tax positions — 0.0 % ( 4,945 ) ( 5.6 %) — 0.0 % Valuation allowance 2,270 ( 14.9 %) 1,109 1.2 % 840 ( 2.7 %) Other ( 508 ) 3.3 % ( 375 ) ( 0.4 %) 143 ( 0.5 %) Change in Tax Rate — 0 % — 0 % — 0 % Total income tax benefit $( 12,752 ) 84.0 % $ 17,264 19.4 % $( 13,570 ) 43.2 % Income taxes paid totaled approximately $ 1.7 million, $ 22.9 million, and $ 2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023, we had federal and state net operating loss carry forwards ("NOLs"), for which the deferred tax asset was approximately $ 3.9 million, before a valuation allowance of $ 3.4 million. T he NOLs expire in the years ended 2032 to 2042 . Subject to certain separate return limitations, we may use these NOLs to offset a portion of state taxable income generated by our TRS entities. For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends, unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2023, 2022, and 2021, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited): 2023 2022 2021 Amount Percent Amount Percent Amount Percent Ordinary income $ — 0.0 % $ 0.01 53.5 % $ — 0.0 % Capital gains — 0.0 % 0.01 46.5 % — 0.0 % Qualified dividends — 0.0 % — 0.0 % — 0.0 % Unrecaptured § 1250 gain — 0.0 % — 0.0 % — 0.0 % Return of capital — 0.0 % — 0.0 % — 0.0 % Balance at December 31, $ — 0.0 % $ 0.02 100.0 % $ — 0.0 % A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands): Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2020, and subsequent years and certain of our state income tax returns for the year ended December 31, 2020, and subsequent years are currently subject to examination by the IRS or other taxing authorities. If recognized, the unrecognized tax benefits would affect our effective tax rate. 2023 2022 Balance at January 1, $ 2,135 $ 7,038 Additions based on tax positions in prior years 52 427 Lapse of applicable statute of limitations ( 95 ) ( 5,330 ) Balance at December 31, $ 2,092 $ 2,135 In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. We recognize the tax effects related to stock-based compensation through earnings in the period the compensation is recognized. |
Aimco Equity
Aimco Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Aimco Equity | Note 8 — Ai mco Equity Common Stock Aimco's Board is authorized to issue up to 510,587,500 shares of capital stock, which consists entirely of Common Stock as of December 31, 2023 . Aimco had 140,576,102 shares of C ommon Stock issued and outstanding at December 31, 2023. Stock Repurchases Aimco's Board has, from time to time, authorized Aimco to repurchase shares of its outstanding Common Stock. As of December 31, 2023, Aimco was authorized to repurchase up to 21.1 million shares of its outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions. This authorization has no expiration date. During the year ended December 31, 2023, Aimco repurchased approximately 6.2 million shares of its Common Stock at a weighted-average pric e of $ 7.33 per share. During the year ended December 31, 2022 , Aimco repurchased approximately 3.5 million shares of its Common Stock at a weighted-average price of $ 7.21 per share. No repurchases of Common Stock were made by Aimco during the year ended December 31, 2021. Cash Dividend As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0 % of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco's Board determines and declares Aimco's dividends. In making a dividend determination, Aimco's Board considers a variety of factors, including REIT distribution requirements, current market conditions, liquidity needs, and other uses of cash, such as deleveraging and accretive investment activities. No dividends were paid during the year ended December 31, 2023. On September 30, 2022, Aimco paid a special cash dividend of $ 0.02 per share to stockholders of record on September 14, 2022 . |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2023 | |
Partners' Capital [Abstract] | |
Partners' Capital | Note 9 — Part ners’ Capital In Aimco Operating Partnership’s Consolidated Balance Sheets , the OP Units held by Aimco are classified within Partners’ capital as General Partner and Special Limited Partner capital and the OP Units held by entities other than Aimco are classified within Limited Partners capital. In Aimco's Consolidated Balance Sheets , the OP Units held by entities other than Aimco are classified within permanent equity as Common noncontrolling interests in Aimco Operating Partnership . OP Units held by Aimco are not redeemable whereas OP Units held by interests in Aimco Operating Partnership other than Aimco are redeemable at the holders’ option, subject to certain restrictions, on the basis of one OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. Aimco has the option to deliver shares of Common Stock in exchange for all or any portion of such OP Units tendered for redemption. When a limited partner redeems an OP Unit for Common Stock, Limited Partners' capital is reduced, and the General Partner and Special Limited Partners’ capital is increased. Entities other than Aimco that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock. During the year ended December 31, 2023, there were no OP Units redeemed in exchange for shares of Common Stock and approximately 149,000 OP Units were redeemed in exchange for cash at an aggregate weighted average price per unit of $ 7.24 . |
Earnings per Share and per Unit
Earnings per Share and per Unit | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share and per Unit | Note 10 — Earnings per Sh are and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period. Aimco's Common Stock and OP 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 OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-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 OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2021 and December 31, 2023, because the effect of their inclusion would be antidilutive. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the year ended December 31, 2022, because the effect of their inclusion was dilutive. As of December 31, 2023 , the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.7 million and 8.0 million, respectively. Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units ("LTIP Units") receive non-forfeitable distributions based on specified percentages of the distributions paid to OP 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 were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2021 and December 31, 2023, because the effect of their inclusion would be antidilutive. Participating securities were included in the computation of diluted earnings per share and unit for the year ended December 31, 2022, because the effect of their inclusion was dilutive. As of December 31, 2023 , participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.5 million. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Year ended December 31, 2023 2022 2021 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 166,196 ) $ 75,726 $ ( 5,910 ) Net income (loss) allocated to Aimco participating securities — ( 1,087 ) — Net income (loss) attributable to Aimco common stockholders $ ( 166,196 ) $ 74,639 $ ( 5,910 ) Denominator - shares: Basic weighted-average common stock outstanding 143,618 149,395 149,480 Diluted share equivalents outstanding — 1,439 — Diluted weighted-average common stock outstanding 143,618 150,834 149,480 Earnings (loss) per share - basic $ ( 1.16 ) $ 0.50 $ ( 0.04 ) Earnings (loss) per share - diluted $ ( 1.16 ) $ 0.49 $ ( 0.04 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 175,234 ) $ 79,657 $ ( 6,207 ) Net income (loss) allocated to Aimco Operating Partnership participating securities — ( 1,131 ) — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 175,234 ) $ 78,526 $ ( 6,207 ) Denominator - units Basic weighted-average OP Units outstanding 151,371 157,317 157,701 Diluted OP Unit equivalents outstanding — 1,457 - Diluted weighted-average OP Units outstanding 151,371 158,774 157,701 Earnings (loss) per unit - basic $ ( 1.16 ) $ 0.50 $ ( 0.04 ) Earnings (loss) per unit - diluted $ ( 1.16 ) $ 0.49 $ ( 0.04 ) |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 11 — Share-Ba sed Compensation We have a stock award and incentive program to attract and retain employees and independent directors. As of December 31, 2023 , approximately 18.9 m illion shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”). The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan. Awards under the 2015 Plan may be in the form of stock options, stock, and LTIP Units as authorized under the 2015 Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board. In connection with the Separation, we entered into an agreement to modify all outstanding awards granted to the holders of such awards. Each outstanding time or performance based Aimco award was converted into one share of Aimco Common Stock and one share of AIR common stock. Generally, all such Aimco equity awards retain the same terms and vesting conditions as the original Aimco equity awards immediately before the Separation. Following the Separation, compensation expense related to these modified awards for the employees retained by us is incurred by Aimco. The compensation expense related to these modified awards for employees of AIR is incurred by AIR. For the years ended December 31, 2023, 2022, and 2021, total compensation cost recognized for share-based awards was (in thousands): 2023 2022 2021 Share-based compensation expense (1) $ 9,221 $ 6,441 $ 3,377 Capitalized share-based compensation (2) 1,274 1,016 340 Total share-based compensation (3) $ 10,495 $ 7,457 $ 3,717 (1) Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations. (2) Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets. (3) Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets. As of December 31, 2023, our share of total unvested compensation cost not yet recognized was $ 11.8 million. We expect to recognize this compensation cost over a weighted-average period of approximately 1.6 years. The aggregate fair value of the vested Restricted Stock Awards and LTIP I Units during each of the years ended December 31, 2023, 2022, and 2021 was $ 0.9 million, $ 0.6 million, and $ 0.6 million, respectively. For our employees, we grant restricted stock awards and two forms of LTIP Units that are subject to time-based vesting and require continuous employment, typically over a period of three to five years from the grant date, and we refer to these awards as Time-Based Restricted Stock, Time-Based LTIP I Units, and Time-Based LTIP II Units. We also grant stock options, restricted stock awards, and two forms of LTIP Units, that vest conditioned on our total shareholder return (“TSR”), relative to identified indices over a forward-looking performance period of three years . We refer to these awards as TSR Stock Options, TSR Restricted Stock, TSR LTIP I Units, and TSR LTIP II Units. Earned TSR-based awards, if any, will generally vest over a period of three to four years from the grant date, based on continued employment. Vested LTIP II Units may be converted at the holders’ option to LTIP Units for a conversion metric over a term of 10 years. Our TSR Stock Options generally expire 10 years from the date of grant. We recognize compensation cost associated with time-based awards ratably over the requisite service periods. We recognize compensation cost related to the TSR-based awards, over the requisite service period, commencing on the grant date. The value of the TSR-based awards takes into consideration the probability that the market condition will be achieved; therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest. We had Time-Based Restricted Stock, Time-Based LTIP I Units, Time-Based LTIP II Units, TSR Stock Options, TSR Restricted Stock, TSR LTIP I Units and TSR LTIP II Units outstanding as of December 31, 2023 . The following two tables summarize activity for equity compensation for the year ended December 31, 2023. Unvested TSR Stock Options Time-Based Restricted Stock Awards TSR Restricted Stock Awards Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 529,967 $ 6.78 2,154,138 $ 6.78 460,745 $ 8.45 Granted — — 442,162 7.52 525,704 7.51 Exercised — — N/A N/A N/A N/A Vested — — ( 87,587 ) 7.68 ( 4,995 ) 54.31 (1) Forfeited — — ( 33,533 ) 7.23 — — (1) Outstanding at end of year 529,967 $ 6.78 2,475,180 $ 6.87 981,454 $ 7.71 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. Unvested LTIP I Units Unvested TSR LTIP II Units Unvested Time LTIP II Units Convertible LTIP II Units Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 7,186 $ 53.33 905,440 $ 5.52 563,334 $ 6.96 743,861 $ 7.44 Granted — — — — — — — — Exercised N/A N/A — — — — — — Vested ( 4,188 ) 53.28 ( 3,429 ) 6.12 ( 563,334 ) 6.96 566,763 6.95 Forfeited ( 704 ) 53.44 ( 1,476 ) 6.12 — — — — Outstanding at end of year 2,294 $ 53.39 900,535 $ 5.51 — $ — 1,310,624 $ 7.23 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. The aggregate intrinsic values are calculated as the difference between the closing price of Aimco common stock on the last trading day of the year and the exercise price multiplied by the number of in-the-money TSR Stock Options and LTIP II Units had they all been exercised and converted, respectively, on December 31, 2023. The aggregate intrinsic values for those that were exercisable or convertible and unvested were $ 0.8 million and $ 2.6 million, respectively. The following table summarizes the unvested equity, exercisable stock options and convertible LTIP II units issued to our employees and employees of AIR that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2023 (in thousands, except shares): Awards Aimco AIR Unvested Compensation Not Yet Recognized (1) Time-Based Stock Options — 786,413 $ — TSR Stock Options (2) 529,967 21,035 371 Time-Based Restricted Stock Awards 2,475,180 3,457 7,812 TSR Restricted Stock Awards 981,454 9,773 3,574 TSR LTIP I Units 2,294 — — TSR LTIP II Units (2) 900,535 1,000,045 25 Total awards 4,889,430 1,820,723 $ 11,782 (1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR . (2) The weighted-average exercise price for stock options held by AIR employees is $ 4.59 per share. The weighted-average conversion metric for LTIP II Units held by AIR employees is $ 5.49 per unit. Determination of Grant-Date Fair Value Awards We estimated the fair value of TSR-based awards granted in 2023 and 2022 using a Monte Carlo simulation valuation method. Under this method, the prices of the indices and shares of our Common Stock were simulated through the end of the performance period. The correlation matrix between shares of our Common Stock and the indices, as well as the corresponding return volatilities, were developed based upon an analysis of historical data. The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2023 and 2022. TSR Award Assumptions 2023 2022 Grant date market value of a common share $ 7.59 $ 6.96 Risk-free interest rate 3.89 %- 4.73 % 0.19 %- 1.38 % Dividend yield 0 % 0 % Expected volatility 34.08 %- 36.19 % 32.09 %- 33.04 % Derived vesting period of TSR Restricted Stock 3.0 3.0 Weighted average expected term of TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units N/A 4.9 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12 — Fair Val ue Measurements Recurring Fair Value Measurements From time to time, we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. These instruments are presented as Interest rate options in our Consolidated Balance Sheets . As of December 31, 2023, we held interest rate caps with a $ 627.4 million notional value. These instruments were acquired for $ 5.8 million, and the fair value of these instruments is $ 5.2 million as noted in the table below. During the year ended December 31, 2023, we monetized t he $ 1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $ 54.2 million. On a recurring basis, we measure at fair value our interest rate options. 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 Realized and unrealized gains (losses) on interest rate options in our Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options , and any proceeds are reflected in Proceeds from interest rate options in our Consolidated Statements of Cash Flows . As of December 31, 2023 and 2022, we have investments in stock of $ 2.9 million and $ 1.2 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of December 31, 2023 and 2022, we have investments in property technology funds of $ 2.5 million and $ 3.1 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. See Note 13 for further information regarding unfunded commitments related to these investments. The following table summarizes the fair value of our interest rate options, investments in stock, and our investments in real estate technology funds as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 As of December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 5,237 $ — $ 5,237 $ — $ 62,259 $ — $ 62,259 $ — Investments in stock 2,868 2,868 — — 1,179 1,179 — — Investments in real estate technology funds (1) 2,508 — — — 3,117 — — — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Nonrecurring Fair Value Measurements During the years ended December 31, 2023 and 2022, we tested the Mezzanine Investment for impairment given triggering events that occurred and we recorded non-cash impairment charges to reduce the carrying value of the Mezzanine Investment to zero and $ 158.6 million, respectively . We used internally developed models to determine the fair value of the Mezzanine Investment. This incorporated the fair value of the underlying real estate collateral that incorporates various estimates and assumptions, the most significant being the capitalization rate of 5.25 % compared to 3.75 % as of December 31, 2023 and 2022, respectively. These assumptions are based on Level 3 inputs. See Note 2 for further details. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivables and payables approximated their fair value as of December 31, 2023 and 2022, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our debt 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 within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value. The following table summarizes carrying value and fair value of our non-recourse property debt and construction loans as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 852,502 $ 807,240 $ 938,476 $ 878,804 Construction loans 309,521 309,170 126,317 125,954 Total $ 1,162,023 $ 1,116,410 $ 1,064,793 $ 1,004,758 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 — Commitm ents and Contingencies Commitments In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of December 31, 2023, we had remaining commitments for construction-related contracts of $ 63.8 million, with $ 124.2 million undrawn on our construction loans. As of December 31, 2023, we have remaining commitments of $ 3.0 million related to our unconsolidated joint ventures, which we expect to fund over the next twelve months. In addition, we have remaining commitments of $ 2.0 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain. We also 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 result of operations. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Note 14 — Busi ness 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 held for development. As of December 31, 2023 , our Development and Redevelopment segment consists of 11 properties, three of which were under construction. Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved a stabilized level of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. During the first quarter of 2023, we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. During the fourth quarter of 2023, we sold one land parcel from the Development and Redevelopment segment, which resulted in its removal from the segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment classification as of December 31, 2023. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and St. George Villas. Our 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 utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but • excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; a nd • excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the years ended December 31, 2023, 2022, and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2023 Rental and other property revenues $ 15,744 $ 149,768 $ 14,482 $ 6,969 $ 32 $ 186,995 Property operating expenses 10,271 44,054 5,726 7,030 6,631 73,712 Other operating expenses not allocated (3) — — — — 101,699 101,699 Total operating expenses 10,271 44,054 5,726 7,030 108,330 175,411 Proportionate property net operating 5,473 105,714 8,756 ( 61 ) ( 108,298 ) 11,584 Other items included in income before (4) — — — — ( 181,655 ) ( 181,655 ) Income (loss) before income tax $ 5,473 $ 105,714 $ 8,756 $ ( 61 ) $ ( 289,953 ) $ ( 170,071 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2022 Rental and other property revenues $ 919 $ 138,137 $ 15,116 $ 6,097 $ 30,075 $ 190,344 Property operating expenses 2,194 41,410 4,993 6,074 17,121 71,792 Other operating expenses not allocated (3) — — — — 198,640 198,640 Total operating expenses 2,194 41,410 4,993 6,074 215,761 270,432 Proportionate property net operating ( 1,275 ) 96,727 10,123 23 ( 185,686 ) ( 80,088 ) Other items included in income before (4) — — — — 189,510 189,510 Income (loss) before income tax $ ( 1,275 ) $ 96,727 $ 10,123 $ 23 $ 3,824 $ 109,422 Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2021 Rental and other property revenues $ 2,036 $ 123,257 $ 13,605 $ 5,256 $ 25,682 $ 169,836 Property operating expenses 1,446 39,694 4,336 5,199 16,938 67,613 Other operating expenses not allocated (3) — — — — 117,863 117,863 Total operating expenses 1,446 39,694 4,336 5,199 134,801 185,476 Proportionate property net operating 590 83,563 9,269 57 ( 109,119 ) ( 15,640 ) Other items included in income before (4) — — — — ( 2,910 ) ( 2,910 ) Income (loss) before income tax $ 590 $ 83,563 $ 9,269 $ 57 $ ( 112,029 ) $ ( 18,550 ) (1) Represents adjustments for 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, which are included in Rental and other property revenues in our Consolidated Statements of Operations , in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consists of depreciation and amortization general and administrative expense. (4) Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition of real estate, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments. Net real estate and non-recourse property debt, net, of our segments as of December 31, 2023 and 2022, were as follows (in thousands): Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2023 Buildings and improvements $ 719,880 $ 709,051 $ 164,871 $ — $ 1,593,802 Land 208,323 262,409 150,089 — 620,821 Total real estate 928,203 971,460 314,960 — 2,214,623 Accumulated depreciation ( 15,793 ) ( 489,206 ) ( 75,803 ) — ( 580,802 ) Net real estate $ 912,410 $ 482,254 $ 239,157 $ — $ 1,633,821 Non-recourse property debt and construction loans, net $ 301,443 $ 765,372 $ 80,926 $ — $ 1,147,741 Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2022 Buildings and improvements $ 447,101 $ 708,665 $ 164,400 $ 2,215 $ 1,322,381 Land 211,817 262,409 150,125 16,751 641,102 Total real estate 658,918 971,074 314,525 18,966 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,428 ) ( 59,916 ) — ( 530,722 ) Net real estate $ 656,540 $ 502,646 $ 254,609 $ 18,966 $ 1,432,761 Non-recourse property debt and construction loans, net $ 190,133 $ 767,513 $ 80,550 $ 10,003 $ 1,048,199 (1) During the year ended December 31, 2022, certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end. There were no such sales or reclassifications of properties during the year ended December 31, 2023. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023 and 2022 , respectively. Capital additions within our segments for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Development and Redevelopment $ 272,127 $ 244,733 $ 136,139 Operating 13,333 24,689 10,005 Other 851 1,743 693 Corporate amounts not allocated to segments (1) 6,610 2,215 75,215 Total capital additions $ 292,921 $ 273,380 $ 222,052 (1) During the years ended December 31, 2023, 2022 and 2021, certain capital additions pertained to properties that were sold or reclassified as held for sale, and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate segment to the table above for presentation purposes to display these capital additions as of December 31, 2023, 2022 and 2021 , respectively. In addition to the amounts disclosed in the tables above, as of December 31, 2023, the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 109.0 million and $ 118.7 million, respectively, and as of December 31, 2022, aggregated to $ 110.3 million and $ 114.6 m illion, respectively. As of December 31, 2023, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore and Oak Shore. |
Schedule III_ Real Estate and
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AN D ACCUMULATED DEPRECIATION December 31, 2023 (In Thousands) (2) Gross Amount at Which Initial Costs Costs Capitalized Carried at Close of Period (3) (4) (5) (1) Buildings and Total Initial Subsequent to Buildings and Total Carrying Accumulated Date Location Encumbrances Land Improvements Acquisition Costs Acquisition Land Improvements Value Depreciation Acquired Operating: 118-122 West 23rd Street New York, NY 16,472 14,985 23,459 38,444 5,811 14,985 29,270 44,255 ( 12,768 ) Jun 2012 173 E. 90th Street New York, NY 12,138 12,066 4,535 16,601 9,021 12,067 13,555 25,622 ( 7,447 ) May 2004 237-239 Ninth Avenue New York, NY 6,148 8,495 1,866 10,361 2,160 8,494 4,027 12,521 ( 2,798 ) Mar 2005 1045 on the Park Apartments Homes Atlanta, GA 6,007 2,793 6,662 9,455 1,446 2,793 8,108 10,901 ( 2,998 ) Jul 2013 2200 Grace Lombard, IL 11,193 642 7,788 8,430 310 642 8,098 8,740 ( 5,830 ) Aug 2018 Bank Lofts Denver, CO 18,540 3,525 9,045 12,570 5,498 3,525 14,543 18,068 ( 9,506 ) Apr 2001 Bluffs at Pacifica, The Pacifica, CA — 8,108 4,132 12,240 17,924 8,108 22,056 30,164 ( 15,327 ) Oct 2006 Elm Creek Elmhurst, IL 78,095 5,910 30,830 36,740 31,386 5,910 62,216 68,126 ( 42,430 ) Dec 1997 Evanston Place Evanston, IL 46,670 3,232 25,546 28,778 18,291 3,232 43,837 47,069 ( 26,822 ) Dec 1997 Hillmeade Nashville, TN 46,026 2,872 16,070 18,942 22,704 2,872 38,774 41,646 ( 28,777 ) Nov 1994 Hyde Park Tower Chicago, IL 29,484 4,731 14,927 19,658 15,850 4,731 30,777 35,508 ( 18,054 ) Oct 2004 Plantation Gardens Plantation, FL 60,133 3,773 19,443 23,216 23,863 3,773 43,306 47,079 ( 32,870 ) Oct 1999 Royal Crest Estates Warwick, RI — 22,433 24,095 46,528 7,365 22,433 31,460 53,893 ( 26,018 ) Aug 2002 Royal Crest Estates Nashua, NH 173,435 68,230 45,562 113,792 18,536 68,231 64,097 132,328 ( 56,642 ) Aug 2002 Royal Crest Estates Marlborough, MA 69,918 25,178 28,786 53,964 13,920 25,178 42,706 67,884 ( 36,076 ) Aug 2002 Waterford Village Bridgewater, MA — 29,110 28,101 57,211 13,151 29,110 41,252 70,362 ( 35,370 ) Aug 2002 Eldridge Elmhurst, IL 26,691 3,483 35,706 39,189 68 3,483 35,774 39,257 ( 3,107 ) Aug 2021 Wexford Village Worcester, MA — 6,349 17,939 24,288 5,910 6,349 23,849 30,198 ( 18,364 ) Aug 2002 Willow Bend Rolling Meadows, IL 43,501 2,717 15,437 18,154 18,997 2,717 34,434 37,151 ( 29,115 ) May 1998 Yacht Club at Brickell Miami, FL 79,691 31,362 32,214 63,576 21,779 31,363 53,992 85,355 ( 32,845 ) Dec 2003 Yorktown Apartments Lombard, IL 46,857 2,414 10,374 12,788 52,546 2,413 62,921 65,334 ( 46,041 ) Dec 1999 Total Operating 770,999 262,408 402,517 664,925 306,536 262,409 709,052 971,461 ( 489,205 ) Development and redevelopment: Benson Hotel & faculty Club, The Aurora, CO — 1,815 4,414 6,229 70,999 1,503 75,725 77,228 ( 4,204 ) Jan 2021 Bioscience 4 Aurora, CO — — — — 4,173 — 4,173 4,173 — Feb 2023 Hamilton House Miami, FL — 11,467 — 11,467 11,325 11,467 11,325 22,792 — Jul 2021 One Edgewater Miami, FL — 20,045 — 20,045 4,633 19,847 4,831 24,678 — Jul 2021 Flying Horse Colorado Springs, CO — 4,257 — 4,257 3,818 4,269 3,806 8,075 — Jul 2021 Hamilton, The Miami, FL 100,323 45,239 34,891 80,130 114,338 43,307 151,161 194,468 ( 10,637 ) Aug 2020 Oak Shore Corte Madera, CA 5,148 — — — 42,050 — 42,050 42,050 ( 39 ) Jun 2021 Upton Place Washington, DC 121,298 — 21,280 21,280 258,881 — 280,161 280,161 ( 910 ) Dec 2020 Strathmore Phase I Washington, DC 74,673 — — — 110,646 — 110,646 110,646 — Feb 2022 300 W. Broward Blvd. Ft. Lauderdale, FL — 21,355 — 21,355 14,814 21,024 15,145 36,169 — Jan 2022 Fitzsimons Phase Four Aurora, CO — 2,016 — 2,016 1,187 2,040 1,163 3,203 — Dec 2022 Sears Parcel 1 Ft. Lauderdale, FL — 68,485 — 68,485 14,932 68,484 14,933 83,417 — Jun 2022 Sears Parcel 2 Ft. Lauderdale, FL — 20,737 — 20,737 2,519 20,573 2,683 23,256 — Jul 2022 Sears Parcel 3 Ft. Lauderdale, FL — 16,402 — 16,402 1,485 15,809 2,078 17,887 — Jun 2022 Total Development and redevelopment 301,442 211,818 60,585 272,403 655,800 208,323 719,880 928,203 ( 15,790 ) Other: St. George Villas St. George, SC 203 108 1,024 1,132 446 71 1,507 1,578 ( 1,398 ) Jan 2006 1001 Brickell Bay Drive Miami, FL 81,300 150,018 152,791 302,809 10,572 150,018 163,363 313,381 ( 74,409 ) Jul 2019 Total Portfolio 1,153,944 624,352 616,917 1,241,269 973,354 620,821 1,593,802 2,214,623 ( 580,802 ) (1) Encumbrances are presented before reduction for debt issuance costs. (2) Includes costs capitalized since acquisition or date of initial acquisition of the community. (3) The aggregate cost of land and depreciable property for federal income tax purposes was a pproximately $ 1.7 billion as of December 31, 2023. (unaudited) (4) Depreciable life for buildings and improvements ranges from five to 30 years and is calculated on a straight-line basis. (5) Date we acquired the apartment community or first acquired the partnership that owns the community. APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2023, 2022, and 2021 (In Thousands) 2023 2022 2021 Total real estate balance at beginning of year $ 1,963,483 $ 1,791,499 $ 1,500,269 Additions during the year: Acquisitions 1,893 146,236 69,178 Capital additions 292,921 273,380 222,052 Dispositions ( 30,347 ) ( 233,308 ) — Write-offs of fully depreciated assets and other ( 13,327 ) ( 14,324 ) — Total real estate balance at end of year $ 2,214,623 $ 1,963,483 $ 1,791,499 Accumulated depreciation balance at beginning of year $ 530,722 $ 561,115 $ 495,010 Depreciation 63,407 143,983 66,105 Dispositions — ( 160,052 ) — Write-offs of fully depreciated assets and other ( 13,327 ) ( 14,324 ) — Accumulated depreciation balance at end of year $ 580,802 $ 530,722 $ 561,115 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances have been eliminated in consolidation. 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. C ertain reclassifications have been made to prior period amounts to conform to the current period consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. |
Principles of Consolidation | Principles of 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. Refer to Note 5 for further information. |
Common Noncontrolling Interests in Aimco Operating Partnership | Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2023, 2022, and 2021, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , 5.1 %, and 5.0 %, r espectively. 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 consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2023 , consists of the following: (i) a $ 102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2023. 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 partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2023 , and 2022 (in thousands): 2023 2022 Balance at Beginning of Period $ 166,826 $ 33,794 Capital contributions 125 138,479 Distributions ( 9,243 ) ( 9,365 ) Redemptions — ( 4,911 ) Net income 13,924 8,829 Balance at December 31, $ 171,632 $ 166,826 |
Investments in Unconsolidated Real Estate Partnerships | Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Income from unconsolidated real estate partnerships in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. We assess the recoverability of our equity method investments if there are indicators of potential impairment. We did not recognize any such impairments of our equity method investments during the years ended December 31, 2023, 2022, and 2021. Mezzanine Investment In November 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. Legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation. The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, and a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments . At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment 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. In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million. Pursuant to the terms of the agreement, we receive a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $ 134.0 million plus no less than a 19 % annualized return as well as 80 % of any residual payments after the purchaser receives a 10 % annualized return on its subordinate investment. Additionally, we are responsible for the servicing and administration of the Mezzanine Investment. Because we receive first priority and a higher return than the purchaser, the partial sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, we recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Consolidated Balance Sheets in accordance with GAAP. Although the cash received is accounted for as a liability in accordance with GAAP, no amount is due to the purchaser until after we receive $ 134.0 million plus our annualized return. Tr ansaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Consolidated Balance Sheets . The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Consolidated Statements of Cash Flows. In connection with the participation sold, the purchaser also made a $ 4.0 million non-refundable payment for the option to acquire the remaining 80 % for an additional $ 134 million plus our annualized return. The option expired unexercised in the quarter ended December 31, 2023. As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations. On a periodic basis, we assess the Mezzanine Investment for impairment. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. We determined our Mezzanine Investment was impaired on an other-than-temporary basis after considering various factors, including the purchaser's option expiration, the loan’s maturity date, and the decline in value of the real estate collateral due to an increased capitalization rate. As a result, we have recognized a $ 158.0 million non-cash impairment to reduce the carrying value of the Mezzanine Investment to zero as of December 31, 2023. This non-cash impairment is inclusive of the 20 % non-controlling participation sold in June 2023. Although we do not expect proceeds from the Mezzanine Investment to exceed our first priority return requiring repayment of the $ 33.5 million received, we are unable to derecognize the Mezzanine investment - participation sold in accordance with GAAP. Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. Th e income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment. |
Real Estate | Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar real estate. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; (c) the value associated with in-place leases during an estimated absorption period, which estimates rental revenue that would not have been earned had the leased space been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels; and (d) tax abatement contract related intangibles, to the extent the property has them in place. The above and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the years ended December 31, 2023, 2022, and 2021, we capitalized to buildings and improvements $ 39.7 million, $ 30.6 million, and $ 21.3 million of interest costs, respectively. For the years ended December 31, 2023, 2022, and 2021, we capitalized to buildings and improvements $ 14.3 m illion, $ 16.9 million, and $ 20.9 mi llion of indirect costs, respectively. Gain or Loss on Dispositions Gain or loss on dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. For the years ended December 31, 2023, 2022, and 2021, we recognized total Gains on dispositions of real estate of $ 8.0 million, $ 175.9 million, and $ 0.0 million, respectively. |
Impairment of Real Estate and Other Long-Lived Assets | Impairment of Real Estate and Other Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community. There were no such impairments for the years ended December 31, 2023, 2022, and 2021 . |
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. Supplemental cash flow information for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): Year Ended December 31, 2023 2022 2021 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 32,795 $ 45,171 $ 43,800 Cash paid for income taxes 1,711 22,930 2,941 Non-cash transactions associated with acquisitions: Buildings and improvements — 11,109 — Intangible assets, net — 13,377 — Mark to market adjustment on an assumed construction loan — 363 — Right-of-use lease assets - finance leases — 15,036 — Other assets, net — 5,629 — Accrued liabilities and other — ( 1,854 ) ( 310 ) Lease liabilities - finance leases — 15,151 — Contributions from redeemable noncontrolling interests in consolidated real estate partnerships — 13,756 — Contributions from noncontrolling interest in consolidated real estate partnerships — — 3,159 Other non-cash investing and financing transactions: Right-of-use lease assets - operating leases 718 2,336 143 Lease liabilities - operating leases 718 1,587 — Issuance of seller financing in connection with disposition of real estate 17,432 — — Contribution of real estate to unconsolidated real estate partnerships 5,700 — — Accrued capital expenditures (at end of year) 40,340 41,435 25,686 |
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 | Other Assets Other assets were comprised of the following amounts as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Other investments $ 65,066 $ 63,982 Deferred costs, deposits, and other 10,601 20,460 Prepaid expenses and real estate taxes 13,628 17,363 Intangible assets, net 13,494 14,160 Corporate fixed assets 10,669 8,371 Accounts receivable, net of allowances of $ 373 and $ 1,206 as of December 31, 2023 and December 31, 2022, respectively 4,804 4,079 Deferred tax assets 2,391 2,321 Due from third-party property manager 374 1,669 Due from affiliates 434 274 Total other assets, net $ 121,461 $ 132,679 |
Other Investments | Other investments Other investments consist of passive equity investments in stock, property technology funds and IQHQ, a privately held life sciences real estate development company. We measure our investment in stock at fair value. We also measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the year ended December 31, 2023, we recognized unrealized gains on our investment in stock of $ 0.7 million, compared to unrealized losses of $ 6.1 million in 2022 and unrealized gains of $ 0.0 million in 2021. During the years ended December 31, 2023, 2022 and 2021, we recognized unrealized gains on our investments in property technology funds of $ 0.0 million, $ 0.3 million and $ 6.6 million, respectively. See Note 12 for discussion of our fair value measurements for these investments. We measure our investment in IQHQ at cost, less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. The carrying amount of our investment in IQHQ as of December 31, 2023 and 2022 was $ 59.7 million. During the year ended December 31, 2022, we recognized realized and unrealized gains on our investment in IQHQ totaling $ 5.7 million and $ 20.5 million resulting from a partial redemption of our investment during June 2022. No realized or unrealized gains or losses were recognized during the years ended December 31, 2023 and 2021. |
Intangibles | Intangibles Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets . The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Intangible assets $ 25,950 $ 29,902 Less: accumulated amortization ( 12,456 ) ( 15,742 ) Intangible assets, net $ 13,494 $ 14,160 Below-market leases $ 4,175 $ 4,175 Less: accumulated amortization ( 4,146 ) ( 3,971 ) Intangible liabilities, net $ 29 $ 204 Based on the balance of intangible assets and liabilities as of December 31, 2023, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands): Intangible assets Intangible liabilities 2024 $ 711 $ 29 2025 892 — 2026 892 — 2027 892 — 2028 892 — Thereafter 9,215 — Total future amortization $ 13,494 $ 29 |
Accounts Receivable, net and Straight-line rent | Accounts Receivable, net and Straight-line rent We present our accounts receivable and straight-line rent receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. |
Deferred Leasing Costs | Deferred Leasing Costs We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in Depreciation and amortization in our Consolidated Statements of Operations . |
Corporate Fixed Assets | Corporate Fixed Assets We capitalize qualified implementation costs incurred in a hosting arrangement that is a service contract for which we are the customer in accordance with the requirements for capitalizing costs incurred to develop internal-use software. These capitalized implementation costs are recorded within Other assets, net, and are amortized on a straight-line basis. We capitalized $ 4.7 million of implementation costs for the year ended December 31, 2023. |
Revenue from Leases | Revenue from Leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. |
Debt Issuance Costs | Debt Issuance Costs We defer, as debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our Consolidated Balance Sheets. For debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn we record the costs in Other assets, net in our Consolidated Balance Sheets and amortize the costs to Interest expense, on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our Consolidated Balance Sheets and subsequently amortized to Interest expense on a straight-line basis over the remaining term of the arrangement in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. |
Depreciation and Amortization | Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 y ears. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determi ning the estimated useful lives used in connection with our composite and group depreciation methods. |
Income Tax Benefit (Expense) | Income Tax Benefit (Expense) Certain aspects 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 (expense) 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 (expense) in our C onsolidated Statements of Operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2023, we had consolidated net losses subject to tax of $ 15.2 million, compared to consolidated net income subject to tax of $ 88.8 million for the same period in 2022 , and consolidated net losses subject to tax of $ 31.4 million for the same period in 2021. For the year ended December 31, 2023, we recognized income tax benefit of $ 12.8 million, compared to income tax expense of $ 17.3 million for same period in 2022, and income tax benefit of $ 13.6 million for the same period in 2021. The year-over-year changes are due primarily to the GAAP income taxes associated with the net lease modification income recognized in 2022. Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 1994, and Aimco intends to continue to operate in such a manner. Aimco's current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. Aimco also will be required to pay a 100 % tax on any net income on non-arm’s length transactions between Aimco and a TRS and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. |
Earnings per Share and per Unit | Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per share and unit computations. Share-Based Compensation We measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11. |
Share-Based Compensation | Share-Based Compensation We measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , which requires disclosure of incremental segment information, including segment expense categories, on an annual and interim basis. The new guidance is effective for the annual period ended December 31, 2024 and interim periods beginning in 2025. The amendments in the ASU apply retrospectively to all periods presented in the financial statement. The segment expense categories and amounts disclosed in prior periods are based on the significant expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds. (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. |
Fair Value of Financial Instruments | On a recurring basis, we measure at fair value our interest rate options. 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 Realized and unrealized gains (losses) on interest rate options in our Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options , and any proceeds are reflected in Proceeds from interest rate options in our Consolidated Statements of Cash Flows . |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnership | The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2023 , and 2022 (in thousands): 2023 2022 Balance at Beginning of Period $ 166,826 $ 33,794 Capital contributions 125 138,479 Distributions ( 9,243 ) ( 9,365 ) Redemptions — ( 4,911 ) Net income 13,924 8,829 Balance at December 31, $ 171,632 $ 166,826 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): Year Ended December 31, 2023 2022 2021 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 32,795 $ 45,171 $ 43,800 Cash paid for income taxes 1,711 22,930 2,941 Non-cash transactions associated with acquisitions: Buildings and improvements — 11,109 — Intangible assets, net — 13,377 — Mark to market adjustment on an assumed construction loan — 363 — Right-of-use lease assets - finance leases — 15,036 — Other assets, net — 5,629 — Accrued liabilities and other — ( 1,854 ) ( 310 ) Lease liabilities - finance leases — 15,151 — Contributions from redeemable noncontrolling interests in consolidated real estate partnerships — 13,756 — Contributions from noncontrolling interest in consolidated real estate partnerships — — 3,159 Other non-cash investing and financing transactions: Right-of-use lease assets - operating leases 718 2,336 143 Lease liabilities - operating leases 718 1,587 — Issuance of seller financing in connection with disposition of real estate 17,432 — — Contribution of real estate to unconsolidated real estate partnerships 5,700 — — Accrued capital expenditures (at end of year) 40,340 41,435 25,686 |
Summary of Other Assets | Other assets were comprised of the following amounts as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Other investments $ 65,066 $ 63,982 Deferred costs, deposits, and other 10,601 20,460 Prepaid expenses and real estate taxes 13,628 17,363 Intangible assets, net 13,494 14,160 Corporate fixed assets 10,669 8,371 Accounts receivable, net of allowances of $ 373 and $ 1,206 as of December 31, 2023 and December 31, 2022, respectively 4,804 4,079 Deferred tax assets 2,391 2,321 Due from third-party property manager 374 1,669 Due from affiliates 434 274 Total other assets, net $ 121,461 $ 132,679 |
Summary of Intangible Assets and Liabilities Net of Accumulated Amortization | Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets . The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Intangible assets $ 25,950 $ 29,902 Less: accumulated amortization ( 12,456 ) ( 15,742 ) Intangible assets, net $ 13,494 $ 14,160 Below-market leases $ 4,175 $ 4,175 Less: accumulated amortization ( 4,146 ) ( 3,971 ) Intangible liabilities, net $ 29 $ 204 |
Schedule of Estimated Aggregate Annual Amortization Expense | Based on the balance of intangible assets and liabilities as of December 31, 2023, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands): Intangible assets Intangible liabilities 2024 $ 711 $ 29 2025 892 — 2026 892 — 2027 892 — 2028 892 — Thereafter 9,215 — Total future amortization $ 13,494 $ 29 |
Significant Transactions (Table
Significant Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Transactions [Abstract] | |
Summary of Properties Sold | During the years ended December 31, 2023, 2022, and 2021, we sold properties as summarized below (dollars in thousands): Year ended December 31, 2023 2022 2021 Number of properties sold 1 4 — Gain on sale of real estate $ 6,138 $ 175,863 $ — |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Income for Residential and Commercial Property Leases | For the years ended December 31, 2023, 2022, and 2021, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Year ended December 31, 2023 2022 2021 Fixed lease income $ 172,580 $ 176,080 $ 157,842 Variable lease income 13,892 13,654 11,487 Total lease income $ 186,472 $ 189,734 $ 169,329 |
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | Future minimum annual rental payments we will receive under commercial leases, excluding such extension options, are as follows as of December 31, 2023 (in thousands): Future Minimum Annual Rental Payments 2024 $ 12,167 2025 7,382 2026 4,904 2027 3,035 2028 1,295 Thereafter 1,106 Total $ 29,889 |
Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income | Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of December 31, 2023 (in thousands): Sublease Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments 2024 $ 1,413 $ 2,500 $ 3,921 2025 1,423 2,355 4,437 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 2028 1,453 2,181 5,596 Thereafter 630 805 1,427,620 Total $ 7,795 12,562 1,452,011 Less: Discount ( 1,079 ) ( 1,333,314 ) Total lease liabilities $ 11,483 $ 118,697 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 as of December 31, 2023 and 2022 (in thousands, except for VIE count): As of December 31, 2023 As of December 31, 2022 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Net real estate $ 466,719 $ — $ 258,529 $ — Cash and cash equivalents 3,940 — 5,075 — Restricted Cash — — 1,747 — Mezzanine investment — — — 158,558 Interest rate options 3,253 — 3,900 — Unconsolidated real estate partnerships — 23,125 — 15,789 Notes receivable 17,432 — — — Right-of-use lease assets - finance leases 108,992 — 110,269 — Other assets, net 16,140 59,823 25,623 59,823 Liabilities Non-recourse property debt, net — — 22,689 — Construction loans, net 201,103 — 40,013 — Lease liabilities - finance leases 118,697 — 114,625 — Mezzanine investment - participation sold — 31,018 — — Accrued liabilities and other 35,881 — 26,003 — |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Non-Recourse Property Debt and Construction Loans | The following table summarizes non-recourse property debt as of December 31, 2023 and 2022 (in thousands): December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate Weighted-Average Interest Rate with Rate Caps 2023 2022 Fixed-rate property debt May 15, 2026 to June 1, 2033 1.00 % to 4.68 % 4.25 % $ 771,202 $ 774,293 Variable-rate property debt October 9, 2025 9.86 % 9.86 % 8.00 % 81,300 164,183 Total non-recourse property debt $ 852,502 $ 938,476 Assumed debt fair value adjustment, 871 1,210 Debt issuance costs, net of ( 7,075 ) ( 10,185 ) Total non-recourse property debt, net $ 846,298 $ 929,501 Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2023 and 2022 (in thousands): As of December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate Weighted-Average Interest Rate with Rate Caps 2023 2022 Fixed-rate construction loans December 23, 2025 to December 23, 2052 3.25 % to 13.00 % 11.55 % $ 41,829 $ 12,900 Variable-rate construction loans July 1, 2024 to December 23, 2025 8.11 % to 9.92 % 9.19 % 7.78 % 267,692 113,417 Total construction loans $ 309,521 $ 126,317 Assumed debt fair value adjustment, ( 351 ) ( 363 ) Debt issuance costs, net of ( 7,727 ) ( 7,256 ) Total construction loans, net $ 301,443 $ 118,698 |
Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt and Construction Loans | As of December 31, 2023, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands): Amortization Maturities Total 2024 $ 3,188 $ — $ 3,188 2025 3,303 81,300 84,603 2026 2,166 75,519 77,685 2027 1,596 — 1,596 2028 1,650 — 1,650 Thereafter 4,553 679,227 683,780 Total $ 16,456 $ 836,046 $ 852,502 As of December 31, 2023, the scheduled principal maturity payments, prior to the consideration of extension options, for the construction debt were as follows (in thousands): Principal Maturity Payments 2024 $ 100,700 2025 202,321 2026 — 2027 — 2028 — Thereafter 6,500 Total $ 309,521 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred tax Liabilities and Assets | Significant components of our deferred tax liabilities and assets as of December 31, 2023 and 2022 are as follows (in thousands): As of December 31, 2023 2022 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 110,379 $ 119,621 Lease liability - finance lease 307 385 Other 245 120 Deferred tax assets: Right-of-use lease asset - finance lease 386 439 Other 3,363 3,703 Net operating, capital, and other loss carryforwards 3,953 1,109 Valuation allowance for deferred tax assets ( 4,664 ) ( 2,419 ) Net deferred tax liability $ 107,893 $ 117,294 |
Components of Income Tax Benefit or Expense | Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Current: Federal $ 463 $ 12,499 $ 905 State ( 3,813 ) 5,840 ( 250 ) Total current ( 3,350 ) 18,339 655 Deferred: Federal ( 7,182 ) ( 934 ) ( 7,400 ) State ( 2,220 ) ( 141 ) ( 6,825 ) Total deferred ( 9,402 ) ( 1,075 ) ( 14,225 ) Total income tax expense (benefit) $ ( 12,752 ) $ 17,264 $ ( 13,570 ) |
Reconciliation of Income Tax Attributable to Operations | The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2023, 2022, and 2021, is shown below (in thousands): 2023 2022 2021 Amount Percent Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $( 3,189 ) 21.0 % $ 18,641 21.0 % $( 6,591 ) 21.0 % US branch profits tax on earnings of foreign subsidiary ( 3,101 ) 20.4 % ( 1,965 ) ( 2.2 %) ( 1,084 ) 3.5 % State income tax, net of federal (benefit) expense ( 8,320 ) 54.8 % 4,590 5.2 % ( 7,075 ) 22.5 % Effects of permanent differences 96 ( 0.6 %) 209 0.2 % 197 ( 0.6 %) Uncertain tax positions — 0.0 % ( 4,945 ) ( 5.6 %) — 0.0 % Valuation allowance 2,270 ( 14.9 %) 1,109 1.2 % 840 ( 2.7 %) Other ( 508 ) 3.3 % ( 375 ) ( 0.4 %) 143 ( 0.5 %) Change in Tax Rate — 0 % — 0 % — 0 % Total income tax benefit $( 12,752 ) 84.0 % $ 17,264 19.4 % $( 13,570 ) 43.2 % |
Schedule of Dividends Per Share Held | For the years ended December 31, 2023, 2022, and 2021, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited): 2023 2022 2021 Amount Percent Amount Percent Amount Percent Ordinary income $ — 0.0 % $ 0.01 53.5 % $ — 0.0 % Capital gains — 0.0 % 0.01 46.5 % — 0.0 % Qualified dividends — 0.0 % — 0.0 % — 0.0 % Unrecaptured § 1250 gain — 0.0 % — 0.0 % — 0.0 % Return of capital — 0.0 % — 0.0 % — 0.0 % Balance at December 31, $ — 0.0 % $ 0.02 100.0 % $ — 0.0 % |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands): 2023 2022 Balance at January 1, $ 2,135 $ 7,038 Additions based on tax positions in prior years 52 427 Lapse of applicable statute of limitations ( 95 ) ( 5,330 ) Balance at December 31, $ 2,092 $ 2,135 |
Earnings per Share and per Un_2
Earnings per Share and per Unit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Year ended December 31, 2023 2022 2021 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 166,196 ) $ 75,726 $ ( 5,910 ) Net income (loss) allocated to Aimco participating securities — ( 1,087 ) — Net income (loss) attributable to Aimco common stockholders $ ( 166,196 ) $ 74,639 $ ( 5,910 ) Denominator - shares: Basic weighted-average common stock outstanding 143,618 149,395 149,480 Diluted share equivalents outstanding — 1,439 — Diluted weighted-average common stock outstanding 143,618 150,834 149,480 Earnings (loss) per share - basic $ ( 1.16 ) $ 0.50 $ ( 0.04 ) Earnings (loss) per share - diluted $ ( 1.16 ) $ 0.49 $ ( 0.04 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 175,234 ) $ 79,657 $ ( 6,207 ) Net income (loss) allocated to Aimco Operating Partnership participating securities — ( 1,131 ) — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 175,234 ) $ 78,526 $ ( 6,207 ) Denominator - units Basic weighted-average OP Units outstanding 151,371 157,317 157,701 Diluted OP Unit equivalents outstanding — 1,457 - Diluted weighted-average OP Units outstanding 151,371 158,774 157,701 Earnings (loss) per unit - basic $ ( 1.16 ) $ 0.50 $ ( 0.04 ) Earnings (loss) per unit - diluted $ ( 1.16 ) $ 0.49 $ ( 0.04 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Total Compensation Cost Recognized for Share-Based Awards | For the years ended December 31, 2023, 2022, and 2021, total compensation cost recognized for share-based awards was (in thousands): 2023 2022 2021 Share-based compensation expense (1) $ 9,221 $ 6,441 $ 3,377 Capitalized share-based compensation (2) 1,274 1,016 340 Total share-based compensation (3) $ 10,495 $ 7,457 $ 3,717 (1) Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations. (2) Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets. (3) Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets. |
Summary Activity for Equity Compensation | The following two tables summarize activity for equity compensation for the year ended December 31, 2023. Unvested TSR Stock Options Time-Based Restricted Stock Awards TSR Restricted Stock Awards Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 529,967 $ 6.78 2,154,138 $ 6.78 460,745 $ 8.45 Granted — — 442,162 7.52 525,704 7.51 Exercised — — N/A N/A N/A N/A Vested — — ( 87,587 ) 7.68 ( 4,995 ) 54.31 (1) Forfeited — — ( 33,533 ) 7.23 — — (1) Outstanding at end of year 529,967 $ 6.78 2,475,180 $ 6.87 981,454 $ 7.71 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. Unvested LTIP I Units Unvested TSR LTIP II Units Unvested Time LTIP II Units Convertible LTIP II Units Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 7,186 $ 53.33 905,440 $ 5.52 563,334 $ 6.96 743,861 $ 7.44 Granted — — — — — — — — Exercised N/A N/A — — — — — — Vested ( 4,188 ) 53.28 ( 3,429 ) 6.12 ( 563,334 ) 6.96 566,763 6.95 Forfeited ( 704 ) 53.44 ( 1,476 ) 6.12 — — — — Outstanding at end of year 2,294 $ 53.39 900,535 $ 5.51 — $ — 1,310,624 $ 7.23 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. |
Summary of Compensation Cost Not Yet Recognized for Share-Based Awards | issued to our employees and employees of AIR that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2023 (in thousands, except shares): Awards Aimco AIR Unvested Compensation Not Yet Recognized (1) Time-Based Stock Options — 786,413 $ — TSR Stock Options (2) 529,967 21,035 371 Time-Based Restricted Stock Awards 2,475,180 3,457 7,812 TSR Restricted Stock Awards 981,454 9,773 3,574 TSR LTIP I Units 2,294 — — TSR LTIP II Units (2) 900,535 1,000,045 25 Total awards 4,889,430 1,820,723 $ 11,782 (1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR . (2) The weighted-average exercise price for stock options held by AIR employees is $ 4.59 per share. The weighted-average conversion metric for LTIP II Units held by AIR employees is $ 5.49 per unit. |
Summary of Assumptions Used for Valuation of TSR-Based Awards Granted | The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2023 and 2022. TSR Award Assumptions 2023 2022 Grant date market value of a common share $ 7.59 $ 6.96 Risk-free interest rate 3.89 %- 4.73 % 0.19 %- 1.38 % Dividend yield 0 % 0 % Expected volatility 34.08 %- 36.19 % 32.09 %- 33.04 % Derived vesting period of TSR Restricted Stock 3.0 3.0 Weighted average expected term of TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units N/A 4.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value for Interest Rate Options and Investments in Stock and Real Estate Technology Funds | The following table summarizes the fair value of our interest rate options, investments in stock, and our investments in real estate technology funds as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 As of December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 5,237 $ — $ 5,237 $ — $ 62,259 $ — $ 62,259 $ — Investments in stock 2,868 2,868 — — 1,179 1,179 — — Investments in real estate technology funds (1) 2,508 — — — 3,117 — — — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans | The following table summarizes carrying value and fair value of our non-recourse property debt and construction loans as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 852,502 $ 807,240 $ 938,476 $ 878,804 Construction loans 309,521 309,170 126,317 125,954 Total $ 1,162,023 $ 1,116,410 $ 1,064,793 $ 1,004,758 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023, 2022, and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2023 Rental and other property revenues $ 15,744 $ 149,768 $ 14,482 $ 6,969 $ 32 $ 186,995 Property operating expenses 10,271 44,054 5,726 7,030 6,631 73,712 Other operating expenses not allocated (3) — — — — 101,699 101,699 Total operating expenses 10,271 44,054 5,726 7,030 108,330 175,411 Proportionate property net operating 5,473 105,714 8,756 ( 61 ) ( 108,298 ) 11,584 Other items included in income before (4) — — — — ( 181,655 ) ( 181,655 ) Income (loss) before income tax $ 5,473 $ 105,714 $ 8,756 $ ( 61 ) $ ( 289,953 ) $ ( 170,071 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2022 Rental and other property revenues $ 919 $ 138,137 $ 15,116 $ 6,097 $ 30,075 $ 190,344 Property operating expenses 2,194 41,410 4,993 6,074 17,121 71,792 Other operating expenses not allocated (3) — — — — 198,640 198,640 Total operating expenses 2,194 41,410 4,993 6,074 215,761 270,432 Proportionate property net operating ( 1,275 ) 96,727 10,123 23 ( 185,686 ) ( 80,088 ) Other items included in income before (4) — — — — 189,510 189,510 Income (loss) before income tax $ ( 1,275 ) $ 96,727 $ 10,123 $ 23 $ 3,824 $ 109,422 Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2021 Rental and other property revenues $ 2,036 $ 123,257 $ 13,605 $ 5,256 $ 25,682 $ 169,836 Property operating expenses 1,446 39,694 4,336 5,199 16,938 67,613 Other operating expenses not allocated (3) — — — — 117,863 117,863 Total operating expenses 1,446 39,694 4,336 5,199 134,801 185,476 Proportionate property net operating 590 83,563 9,269 57 ( 109,119 ) ( 15,640 ) Other items included in income before (4) — — — — ( 2,910 ) ( 2,910 ) Income (loss) before income tax $ 590 $ 83,563 $ 9,269 $ 57 $ ( 112,029 ) $ ( 18,550 ) (1) Represents adjustments for 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, which are included in Rental and other property revenues in our Consolidated Statements of Operations , in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consists of depreciation and amortization general and administrative expense. (4) Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition of real estate, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments. Capital additions within our segments for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Development and Redevelopment $ 272,127 $ 244,733 $ 136,139 Operating 13,333 24,689 10,005 Other 851 1,743 693 Corporate amounts not allocated to segments (1) 6,610 2,215 75,215 Total capital additions $ 292,921 $ 273,380 $ 222,052 (1) During the years ended December 31, 2023, 2022 and 2021, certain capital additions pertained to properties that were sold or reclassified as held for sale, and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate segment to the table above for presentation purposes to display these capital additions as of December 31, 2023, 2022 and 2021 , respectively. |
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 as of December 31, 2023 and 2022, were as follows (in thousands): Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2023 Buildings and improvements $ 719,880 $ 709,051 $ 164,871 $ — $ 1,593,802 Land 208,323 262,409 150,089 — 620,821 Total real estate 928,203 971,460 314,960 — 2,214,623 Accumulated depreciation ( 15,793 ) ( 489,206 ) ( 75,803 ) — ( 580,802 ) Net real estate $ 912,410 $ 482,254 $ 239,157 $ — $ 1,633,821 Non-recourse property debt and construction loans, net $ 301,443 $ 765,372 $ 80,926 $ — $ 1,147,741 Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2022 Buildings and improvements $ 447,101 $ 708,665 $ 164,400 $ 2,215 $ 1,322,381 Land 211,817 262,409 150,125 16,751 641,102 Total real estate 658,918 971,074 314,525 18,966 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,428 ) ( 59,916 ) — ( 530,722 ) Net real estate $ 656,540 $ 502,646 $ 254,609 $ 18,966 $ 1,432,761 Non-recourse property debt and construction loans, net $ 190,133 $ 767,513 $ 80,550 $ 10,003 $ 1,048,199 (1) During the year ended December 31, 2022, certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end. There were no such sales or reclassifications of properties during the year ended December 31, 2023. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023 and 2022 , respectively. |
Organization (Details Textual)
Organization (Details Textual) | 12 Months Ended |
Dec. 31, 2023 Property OfficeBuilding Dwelling | |
Continuing Operations [Member] | |
Organization [Line Items] | |
Number of real estate properties | 26 |
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 | 3 |
Continuing Operations [Member] | Rooms [Member] | |
Organization [Line Items] | |
Number of real estate properties | 106 |
Continuing Operations [Member] | Planned Apartment Homes [Member] | |
Organization [Line Items] | |
Number of real estate properties | 675 |
Continuing Operations [Member] | Planned Homes [Member] | |
Organization [Line Items] | |
Number of real estate properties | 16 |
Continuing Operations [Member] | Accessory Dwelling Units [Member] | |
Organization [Line Items] | |
Number of units in real estate property | Dwelling | 8 |
Continuing Operations [Member] | Apartment Homes Redevelopment Completed [Member] | |
Organization [Line Items] | |
Number of real estate properties | 510 |
Continuing Operations [Member] | Consolidated Properties | |
Organization [Line Items] | |
Number of real estate properties | 22 |
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 | 92.40% |
Percentage of economic interest in Aimco Operating Partnership owned by Aimco | 94.80% |
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners | 7.60% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Nov. 30, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Weighted average ownership interest | 5.10% | 5.10% | 5% | ||
Preferred equity, investment amount | $ 102,000,000 | ||||
Percentage of noncontrolling position sold | 20% | ||||
Proceeds from sale of noncontrolling position | $ 33,500,000 | ||||
Percentage of noncontrolling position remaining | 80% | ||||
Non-refundable payment | $ 4,000,000 | ||||
Additional proceeds from sale of noncontrolling position | 134,000,000 | ||||
Mezzanine Investment Due | 134,000,000 | ||||
Repayment of Mezzanine Investment | 33,500,000 | ||||
Capitalized Cost | $ 4,700,000 | ||||
Equity method investment aggregate cost | $ 275,000,000 | ||||
Equity method investment term | 5 years | ||||
Equity method investment interest rate | 10% | ||||
Option to acquire equity interest in partnership, percentage | 30% | ||||
Investment, Type [Extensible Enumeration] | Parkmerced Investment [Member] | Parkmerced Investment [Member] | |||
Interest costs capitalized | $ 39,700,000 | $ 30,600,000 | $ 21,300,000 | ||
Other direct and indirect costs capitalized | 14,300,000 | 16,900,000 | 20,900,000 | ||
Non-cash impairment charge | 158,000,000 | ||||
Mezzanine investment | 0 | 158,558,000 | |||
Gain (loss) on disposition of real estate | 8,000,000 | 175,900,000 | 0 | ||
Impairment | $ 0 | 0 | 0 | ||
Estimated useful life | 15 years | ||||
Consolidated income (loss) subject to tax | $ (15,200,000) | 88,800,000 | (31,400,000) | ||
Income tax expense (benefit) | $ (12,752,000) | 17,264,000 | (13,570,000) | ||
Percentage of income tax on income from non-arms length transactions | 100% | ||||
Aimco OP L.P. [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Payment made to Mezzaine Investment | $ 134,000,000 | ||||
Minimum annualized returns percentage | 19% | ||||
Percentage of residual payments | 80% | ||||
Percentage of annualized return on subordinate investment | 10% | ||||
Mezzanine investment | 158,558,000 | ||||
Income tax expense (benefit) | $ (12,752,000) | $ 17,264,000 | $ (13,570,000) | ||
Minimum [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years | ||||
Maximum [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 30 years | ||||
Furniture, Fixtures and Equipment [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years | ||||
Equipment [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment | $ 0 | $ 158,558,000 | |
Realized and unrealized gains (losses) on equity investments | 700,000 | 20,302,000 | $ 6,585,000 |
Common Stock [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Unrealized gains (losses) on investment | 700,000 | (6,100,000) | 0 |
Property Technology Funds [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Unrealized gains (losses) on investment | 0 | 300,000 | 6,600,000 |
IQHQ [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment | 59,700,000 | 59,700,000 | |
Realized gain on investment | 5,700,000 | ||
Unrealized gains (losses) on investment | $ 20,500,000 | ||
Realized and unrealized gains (losses) on equity investments | $ 0 | $ 0 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Balance at Begining of Period | $ 166,826 | |
Balance at December 31, | 171,632 | $ 166,826 |
Real Estate Partnership [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance at Begining of Period | 166,826 | 33,794 |
Capital contributions | 125 | 138,479 |
Distributions | (9,243) | (9,365) |
Redemptions | (4,911) | |
Net income | 13,924 | 8,829 |
Balance at December 31, | $ 171,632 | $ 166,826 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of amounts capitalized | $ 32,795 | $ 45,171 | $ 43,800 |
Cash paid for income taxes | 1,711 | 22,930 | 2,941 |
Non-cash transactions associated with the acquisitions | |||
Buildings and improvements | 0 | 11,109 | |
Intangible assets, net | 0 | 13,377 | |
Mark to market adjustment on an assumed construction loan | 0 | 363 | |
Right-of-use lease assets - finance leases | 0 | 15,036 | |
Other assets, net | 0 | 5,629 | |
Accrued liabilities and other | 0 | 1,854 | 310 |
Lease liabilities - finance leases | 0 | 15,151 | |
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships | 0 | 13,756 | |
Contribution from noncontrolling interest in consolidated real estate partnerships | 3,159 | ||
Other non-cash investing and financing transactions: | |||
Right-of-use lease assets - operating leases | 718 | 2,336 | 143 |
Lease liabilities - operating leases | 718 | 1,587 | |
Issuance of seller financing in connection with disposition of real estate | 17,432 | ||
Contribution of real estate to unconsolidated real estate partnerships | 5,700 | ||
Accrued capital expenditures (at end of year) | $ 40,340 | $ 41,435 | $ 25,686 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Other investments | $ 65,066 | $ 63,982 |
Deferred costs, deposits, and other | 10,601 | 20,460 |
Prepaid expenses and real estate taxes | 13,628 | 17,363 |
Intangible assets, net | 13,494 | 14,160 |
Corporate fixed assets | 10,669 | 8,371 |
Accounts receivable, net of allowances of $373 and $1,206 as of December 31, 2023 and December 31, 2022, respectively | 4,804 | 4,079 |
Deferred tax assets | 2,391 | 2,321 |
Due from third-party property manager | 374 | 1,669 |
Total other assets, net | 121,461 | 132,679 |
Related Party [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Due from affiliates | $ 434 | $ 274 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, net of allowances | $ 373 | $ 1,206 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 25,950 | $ 29,902 |
Less: accumulated amortization | (12,456) | (15,742) |
Intangible assets, net | 13,494 | 14,160 |
Below-market leases | 4,175 | 4,175 |
Less: accumulated amortization | (4,146) | (3,971) |
Intangible liabilities, net | $ 29 | $ 204 |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Net Aggregate Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, 2024 | $ 711 | |
Intangible assets, 2025 | 892 | |
Intangible assets, 2026 | 892 | |
Intangible assets, 2027 | 892 | |
Intangible assets, 2028 | 892 | |
Intangible assets, Thereafter | 9,215 | |
Intangible assets, Total future amortization | 13,494 | |
Intangible liabilities, 2024 | 29 | |
Intangible liabilities, net | $ 29 | $ 204 |
Significant Transactions - Summ
Significant Transactions - Summary of Properties Sold (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) Property | |
Significant Transactions [Abstract] | ||
Number of properties sold | Property | 1 | 4 |
Gain on sale of real estate | $ | $ 6,138 | $ 175,863 |
Significant Transactions (Detai
Significant Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on sale of property held for sale | $ 6,138 | $ 175,863 | |
Gain from redemption of equity investment | $ 1,900 | ||
Fort Lauderdale Consolidated Joint Venture [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of property | $ 31,200 | ||
Seller financing | $ 21,200 | ||
Maturity of seller financing | 18 months | ||
Additional maturity of seller financing | 6 months |
Lease Arrangements - Lease Inco
Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed lease income | $ 172,580 | $ 176,080 | $ 157,842 |
Variable lease income | 13,892 | 13,654 | 11,487 |
Total lease income | $ 186,472 | $ 189,734 | $ 169,329 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Finance lease, liability | Finance lease, liability | Finance lease, liability |
Lease Arrangements - Future Min
Lease Arrangements - Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Lessee Lease Description [Line Items] | |
2024 | $ 12,167 |
2025 | 7,382 |
2026 | 4,904 |
2027 | 3,035 |
2028 | 1,295 |
Thereafter | 1,106 |
Total | $ 29,889 |
Lease Arrangements (Details Tex
Lease Arrangements (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 01, 2022 USD ($) Lease | Dec. 15, 2020 Lease | |
Lessee Lease Description [Line Items] | |||||
Operating leases weighted average remaining term | 5 years 2 months 12 days | 6 years 3 months 18 days | |||
Lease modification income | $ 206,963 | ||||
Operating lease expenses | $ 1,500 | 1,100 | $ 1,000 | ||
Operating right-of-use lease assets | $ 6,200 | $ 6,700 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | |||
Operating lease liability | $ 11,483 | $ 12,800 | |||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |||
Financing right-of-use lease assets | $ 108,992 | $ 110,269 | |||
Sub lease commencement date | Jan. 01, 2021 | ||||
Sublease expiration date | May 31, 2029 | ||||
Sublease income | $ 1,400 | 1,400 | 1,400 | ||
Finance lease, amortization | 0 | 6,700 | 8,300 | ||
Finance lease, interest expense | $ 300 | $ 7,500 | 9,200 | ||
Financing leases weighted average remaining term | 93 years 4 months 24 days | 94 years 2 months 12 days | |||
Operating leases, weighted average discount rate, percent | 3.30% | 3.40% | |||
Financing leases, weighted average discount rate, percent | 6.10% | 6.10% | |||
Lease liabilities - finance leases | $ 118,697 | $ 114,625 | |||
Lease cost capitalized | $ 8,000 | 8,500 | $ 22,700 | ||
AIR [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of master lease agreements | Lease | 4 | ||||
Number of finance leases to be terminated | Lease | 4 | ||||
Consideration as termination payments | $ 200,000 | ||||
Depreciation | 85,700 | ||||
Lease modification income | $ 207,000 | ||||
Commercial lease [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Operating leases weighted average remaining term | 2 years 2 months 12 days | ||||
Residential Lease [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Operating leases weighted average remaining term | 1 year | ||||
Lease, option to extend | Generally, our residential leases do not provide extension options, |
Lease Arrangements - Minimum An
Lease Arrangements - Minimum Annual Rental Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Sublease Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 1,413 | |
2025 | 1,423 | |
2026 | 1,433 | |
2027 | 1,443 | |
2028 | 1,453 | |
Thereafter | 630 | |
Total | 7,795 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | 2,500 | |
2025 | 2,355 | |
2026 | 2,341 | |
2027 | 2,380 | |
2028 | 2,181 | |
Thereafter | 805 | |
Total | 12,562 | |
Less: Discount | (1,079) | |
Total lease liabilities | $ 11,483 | $ 12,800 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 3,921 | |
2025 | 4,437 | |
2026 | 4,954 | |
2027 | 5,483 | |
2028 | 5,596 | |
Thereafter | 1,427,620 | |
Total | 1,452,011 | |
Less: Discount | (1,333,314) | |
Total lease liabilities | $ 118,697 | $ 114,625 |
Variable Interest Entities (Det
Variable Interest Entities (Details Textual) | Dec. 31, 2023 Entity ApartmentHome | Dec. 31, 2022 Entity | Nov. 30, 2019 |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Investment, Type [Extensible Enumeration] | Parkmerced Investment [Member] | Parkmerced Investment [Member] | |
Consolidated Entities [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Number Of Variable Interest Entities | 5 | 5 | |
Unconsolidated Entities [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Number Of Variable Interest Entities | 8 | 8 | |
San Diego Communities [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Number of apartment communities | ApartmentHome | 4 |
Variable Interest Entities (D_2
Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2023 USD ($) Entity | Dec. 31, 2022 USD ($) Entity |
Real estate, net | $ 1,633,821 | $ 1,432,761 |
Cash and cash equivalents | 122,601 | 206,460 |
Mezzanine investment | 0 | 158,558 |
Right-of-use lease assets | 6,200 | 6,700 |
Unconsolidated real estate partnerships | 23,125 | 15,789 |
Notes receivable | 57,554 | 39,014 |
Right-of-use lease assets- finance leases | 108,992 | 110,269 |
Deferred tax liabilities | 107,893 | 117,294 |
Non-recourse property debt, net | 846,298 | 929,501 |
Construction loans, net | 301,443 | 118,698 |
Lease liabilities - finance leases | 118,697 | 114,625 |
Accrued liabilities and other | 90,125 | 106,600 |
Total lease liabilities | 118,697 | 114,625 |
Interest Rate Options | ||
Interest rate options | $ 5,255 | $ 62,387 |
Consolidated Entities [Member] | ||
Count of VIEs | Entity | 5 | 5 |
Real estate, net | $ 466,719 | $ 258,529 |
Cash and cash equivalents | 3,940 | 5,075 |
Restricted Cash | 0 | 1,747 |
Mezzanine investment | 0 | 0 |
Unconsolidated real estate partnerships | 0 | 0 |
Notes receivable | 17,432 | 0 |
Right-of-use lease assets- finance leases | 108,992 | 110,269 |
Other assets, net | 16,140 | 25,623 |
Non-recourse property debt, net | 0 | 22,689 |
Construction loans, net | 201,103 | 40,013 |
Lease liabilities - finance leases | 118,697 | 114,625 |
Mezzanine investment - participation sold | 0 | 0 |
Accrued liabilities and other | 35,881 | 26,003 |
Total lease liabilities | 118,697 | 114,625 |
Consolidated Entities [Member] | Interest Rate Options | ||
Interest rate options | $ 3,253 | $ 3,900 |
Unconsolidated Entities [Member] | ||
Count of VIEs | Entity | 8 | 8 |
Real estate, net | $ 0 | $ 0 |
Cash and cash equivalents | 0 | 0 |
Restricted Cash | 0 | 0 |
Mezzanine investment | 0 | 158,558 |
Unconsolidated real estate partnerships | 23,125 | 15,789 |
Notes receivable | 0 | 0 |
Right-of-use lease assets- finance leases | 0 | 0 |
Other assets, net | 59,823 | 59,823 |
Non-recourse property debt, net | 0 | 0 |
Construction loans, net | 0 | 0 |
Lease liabilities - finance leases | 0 | 0 |
Mezzanine investment - participation sold | 31,018 | 0 |
Accrued liabilities and other | 0 | 0 |
Total lease liabilities | 0 | 0 |
Unconsolidated Entities [Member] | Interest Rate Options | ||
Interest rate options | $ 0 | $ 0 |
Debt (Details Textual)
Debt (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Debt instrument deemed rate | 0.25% | ||||
Interest expense | $ 37,718,000 | $ 73,842,000 | $ 52,902,000 | ||
AIR [Member] | |||||
Debt Instrument [Line Items] | |||||
Prepayments of Notes Payable | $ 534,100,000 | ||||
Spread Maintenance Costs | $ 17,400,000 | ||||
AIR [Member] | Related Party [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ 13,700,000 | $ 27,800,000 | |||
Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 0.25% | ||||
Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 0.50% | ||||
Description of variable rate basis | The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5%, (y) PNC Bank, National Association’s prime rate and (z) the daily SOFR Rate plus 1.00%. If the SOFR Rate determined under any referenced method would be less than 0.25%, such rate shall be deemed 0.25% | ||||
Additional spread on variable interest rate | 1 | ||||
Swingline Loan Sub-Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 0 | ||||
Non Recourse Property Debt [Member] | Fixed Rate Property Debt | Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Number of real estate properties securing non-recourse debt | Property | 19 | ||||
Construction Loans [Member] | Fixed Rate Property Debt | Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Number of real estate properties securing non-recourse debt | Property | 4 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 0 | ||||
Fixed charge coverage ratio | 1.25 | ||||
Minimum tangible net worth | $ 625,000,000 | ||||
Leverage maximum | 60% | ||||
Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Swingline loan sub-facility | $ 20,000,000 | ||||
Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 1% | ||||
Description of variable rate basis | base rate plus a margin of 1.00%. | ||||
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | ||||
Secured credit facility | $ 150,000,000 | ||||
Line of credit facility, interest rate description | Our revolving secured credit facility matures in December 2024, prior to consideration of a one-year extension option. | ||||
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 2.11448% | ||||
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 1% | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 0 | ||||
Letter of Credit [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 30,000,000 |
Debt - Summary of Non-Recourse
Debt - Summary of Non-Recourse Property Debt and Construction Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 846,298 | $ 929,501 |
Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | 846,298 | 929,501 |
Total non-recourse property debt and construction loans | 852,502 | 938,476 |
Assumed debt fair value adjustment, net of accumulated amortization | 871 | 1,210 |
Debt issuance costs, net of accumulated amortization | (7,075) | (10,185) |
Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | 301,443 | 118,698 |
Total non-recourse property debt and construction loans | 309,521 | 126,317 |
Assumed debt fair value adjustment, net of accumulated amortization | (351) | (363) |
Debt issuance costs, net of accumulated amortization | (7,727) | (7,256) |
Fixed-rate [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 771,202 | 774,293 |
Weighted-Average Interest Rate | 4.25% | |
Fixed-rate [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 41,829 | 12,900 |
Weighted-Average Interest Rate | 11.55% | |
Fixed-rate [Member] | Minimum [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | May 15, 2026 | |
Contractual Interest Rate Range | 1% | |
Fixed-rate [Member] | Minimum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Dec. 23, 2025 | |
Contractual Interest Rate Range | 3.25% | |
Fixed-rate [Member] | Maximum [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jun. 01, 2033 | |
Contractual Interest Rate Range | 4.68% | |
Fixed-rate [Member] | Maximum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Dec. 23, 2052 | |
Contractual Interest Rate Range | 13% | |
Variable rate [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 81,300 | 164,183 |
Debt instrument maturity date | Oct. 09, 2025 | |
Contractual Interest Rate Range | 9.86% | |
Weighted-Average Interest Rate | 9.86% | |
Weighted-Average Interest Rate with Rate Caps | 8% | |
Variable rate [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 267,692 | $ 113,417 |
Weighted-Average Interest Rate | 9.19% | |
Weighted-Average Interest Rate with Rate Caps | 7.78% | |
Variable rate [Member] | Minimum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jul. 01, 2024 | |
Contractual Interest Rate Range | 8.11% | |
Variable rate [Member] | Maximum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Dec. 23, 2025 | |
Contractual Interest Rate Range | 9.92% |
Debt - Scheduled Principal Amor
Debt - Scheduled Principal Amortization and Maturity Payments For Non-recourse Property Debt and Construction Loans (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Non Recourse Property Debt [Member] | |
Amortization | |
2024 | $ 3,188 |
2025 | 3,303 |
2026 | 2,166 |
2027 | 1,596 |
2028 | 1,650 |
Thereafter | 4,553 |
Total | 16,456 |
Maturities | |
2025 | 81,300 |
2026 | 75,519 |
Thereafter | 679,227 |
Total | 836,046 |
Long Term Debt Amortization and Maturities | |
2024 | 3,188 |
2025 | 84,603 |
2026 | 77,685 |
2027 | 1,596 |
2028 | 1,650 |
Thereafter | 683,780 |
Total | 852,502 |
Construction Loans [Member] | |
Maturities | |
2024 | 100,700 |
2025 | 202,321 |
Thereafter | 6,500 |
Total | $ 309,521 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax liabilities: | ||
Real estate and real estate partnership basis differences | $ 110,379 | $ 119,621 |
Lease liability - finance lease | 307 | 385 |
Other | 245 | 120 |
Deferred tax assets: | ||
Right-of-use lease asset - finance lease | 386 | 439 |
Other | 3,363 | 3,703 |
Net operating, capital, and other loss carryforwards | 3,953 | 1,109 |
Valuation allowance for deferred tax assets | (4,664) | (2,419) |
Net deferred tax liabilities | $ 107,893 | $ 117,294 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit or Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 463 | $ 12,499 | $ 905 |
State | (3,813) | 5,840 | (250) |
Total current | (3,350) | 18,339 | 655 |
Deferred: | |||
Federal | (7,182) | (934) | (7,400) |
State | (2,220) | (141) | (6,825) |
Total deferred | (9,402) | (1,075) | (14,225) |
Total income tax expense (benefit) | $ (12,752) | $ 17,264 | $ (13,570) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Consolidated income (loss) subject to tax | $ (15,200) | $ 88,800 | $ (31,400) |
Cash paid for income taxes | 1,711 | 22,930 | $ 2,941 |
Deferred tax Asset | $ 3,953 | $ 1,109 | |
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards expiration year | 2042 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards expiration year | 2032 | ||
Federal and State | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax Asset | $ 3,900 | ||
valuation allowance | $ 3,400 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Attributable to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax | $ (3,189) | $ 18,641 | $ (6,591) |
US branch profits tax on earnings of foreign subsidiary | (3,101) | (1,965) | (1,084) |
State income tax, net of federal (benefit) expense | (8,320) | 4,590 | (7,075) |
Effects of permanent differences | 96 | 209 | 197 |
Uncertain tax positions | (4,945) | ||
Valuation allowance | 2,270 | 1,109 | 840 |
Other | (508) | (375) | 143 |
Total income tax benefit | $ (12,752) | $ 17,264 | $ (13,570) |
Percent | |||
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax | 21% | 21% | 21% |
US branch profits tax on earnings of foreign subsidiary | 20.40% | (2.20%) | 3.50% |
State income tax, net of federal (benefit) expense | 54.80% | 5.20% | 22.50% |
Effects of permanent differences | (0.60%) | 0.20% | (0.60%) |
Uncertain tax positions | 0% | (5.60%) | 0% |
Valuation allowance | (14.90%) | 1.20% | (2.70%) |
Other | 3.30% | (0.40%) | (0.50%) |
Change in Tax Rate | 0% | 0% | 0% |
Total income tax benefit | 84% | 19.40% | 43.20% |
Income Taxes - Schedule of Divi
Income Taxes - Schedule of Dividends Per Share Held (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends, Common Stock [Abstract] | |||
Ordinary income | $ 0 | $ 0.01 | |
Capital gains | 0 | 0.01 | |
Qualified dividends | 0 | ||
Unrecaptured § 1250 gain | 0 | ||
Return of capital | 0 | ||
Total | $ 0 | $ 0.02 | |
Dividends Common Stock Percentage [Abstract] | |||
Ordinary income | 0% | 53.50% | 0% |
Capital gains | 0% | 46.50% | 0% |
Qualified dividends | 0% | 0% | 0% |
Unrecaptured § 1250 gain | 0% | 0% | 0% |
Return of capital | 0% | 0% | 0% |
Total | 0% | 100% | 0% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 2,135 | $ 7,038 |
Additions based on tax positions in prior years | 52 | 427 |
Lapse of applicable statute of limitations | (95) | (5,330) |
Balance at December 31 | $ 2,092 | $ 2,135 |
Aimco Equity (Details Textual)
Aimco Equity (Details Textual) - $ / shares | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Common Stock, shares authorized (in shares) | 510,587,500 | 510,587,500 | ||
Common Stock, shares outstanding (in shares) | 140,576,102 | 146,524,941 | ||
Common Stock, shares issued (in shares) | 140,576,102 | 146,524,941 | ||
Stock repurchased during period, shares | 6,200,000 | 3,500,000 | 0 | |
Share repurchase weighted average price | $ 7.33 | $ 7.21 | ||
Percentage of real estate investment trust taxable income | 90% | |||
Cash dividend paid per share | $ 0.02 | |||
Dividend payable date of record | Sep. 14, 2022 | |||
Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Authorzed to repurchase of shares | 21,100,000 |
Partners' Capital - Narrative (
Partners' Capital - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Related Party Transaction [Line Items] | |
Redemption of OP units in exchange for cash | 149,000 |
Redemption of OP units, weighted average price per unit | $ / shares | $ 7.24 |
AIMCO PROPERTIES, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Redemption of OP units in exchange for shares | 0 |
Earnings per Share and per Un_3
Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |
Participating securities that could potentially dilute basic earnings per share | $ | $ 2.5 |
Common Stock [Member] | |
Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |
Securities that could potentially dilute basic earnings per share or unit in future periods | 3.7 |
OP Unit Equivalents [Member] | |
Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |
Securities that could potentially dilute basic earnings per share or unit in future periods | 8 |
Earnings per Share and per Un_4
Earnings per Share and per 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | |||
Net income (loss) attributable to Aimco | $ (166,196) | $ 75,726 | $ (5,910) |
Net income (loss) allocated to Aimco participating securities | 0 | (1,087) | 0 |
Net income (loss) attributable to Aimco common stockholders | $ (166,196) | $ 74,639 | $ (5,910) |
Basic weighted-average OP Units outstanding | 143,618 | 149,395 | 149,480 |
Diluted OP Unit equivalents outstanding | 0 | 1,439 | 0 |
Diluted weighted-average OP Units outstanding | 143,618 | 150,834 | 149,480 |
Earnings (loss) per share - basic | $ (1.16) | $ 0.5 | $ (0.04) |
Earnings (loss) per share - diluted | $ (1.16) | $ 0.49 | $ (0.04) |
Aimco OP L.P. [Member] | |||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | |||
Net income (loss) attributable to Aimco | $ (175,234) | $ 79,657 | $ (6,207) |
Net income (loss) allocated to Aimco participating securities | 0 | (1,131) | 0 |
Net income (loss) attributable to Aimco common stockholders | $ (175,234) | $ 78,526 | $ (6,207) |
Basic weighted-average OP Units outstanding | 151,371 | 157,317 | 157,701 |
Diluted OP Unit equivalents outstanding | 0 | 1,457 | 0 |
Diluted weighted-average OP Units outstanding | 151,371 | 158,774 | 157,701 |
Earnings (loss) per share - basic | $ (1.16) | $ 0.5 | $ (0.04) |
Earnings (loss) per share - diluted | $ (1.16) | $ 0.49 | $ (0.04) |
Share-Based Compensation (Detai
Share-Based Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unvested compensation cost not yet recognized for options and restricted stock awards | $ 11.8 | ||
Weighted average period over which unvested compensation cost expected to be recognized | 1 year 7 months 6 days | ||
Exercisable | 0.8 | ||
Unvested | $ 2.6 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 5 years | ||
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Term of stock options | 10 years | ||
TSR Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
TSR restricted shares performance measurement period | 3 years | ||
Term of stock options | 10 years | ||
TSR Stock Awards [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 3 years | ||
TSR Stock Awards [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 4 years | ||
Restricted Stock Awards and LTIP I Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value of vested restricted stock awards and LTIP 1 units | $ 0.9 | $ 0.6 | $ 0.6 |
2020 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available to be granted under plan (in shares) | 18.9 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Compensation Cost Recognized for Share-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 9,221 | $ 6,441 | $ 3,377 |
Capitalized share-based compensation | 1,274 | 1,016 | 340 |
Total share-based compensation | $ 10,495 | $ 7,457 | $ 3,717 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary Activity for Equity Compensation (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ 7.59 | $ 6.96 |
Unvested TSR Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 529,967 | |
Number of Options, Shares and Units Outstanding at end of year | 529,967 | 529,967 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.78 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.78 | $ 6.78 |
TSR Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at end of year | 529,967 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 2,154,138 | |
Number of Options, Shares and Units Granted | 442,162 | |
Number of Options, Shares and Units Vested | (87,587) | |
Number of Options, Shares and Units Forfeited | (33,533) | |
Number of Options, Shares and Units Outstanding at end of year | 2,475,180 | 2,154,138 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.78 | |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | 7.52 | |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 7.68 | |
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 7.23 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.87 | $ 6.78 |
TSR Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 460,745 | |
Number of Options, Shares and Units Granted | 525,704 | |
Number of Options, Shares and Units Vested | (4,995) | |
Number of Options, Shares and Units Outstanding at end of year | 981,454 | 460,745 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 8.45 | |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | 7.51 | |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 54.31 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 7.71 | $ 8.45 |
TSR LTIP I Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 7,186 | |
Number of Options, Shares and Units Vested | (4,188) | |
Number of Options, Shares and Units Forfeited | (704) | |
Number of Options, Shares and Units Outstanding at end of year | 2,294 | 7,186 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 53.33 | |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 53.28 | |
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 53.44 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 53.39 | $ 53.33 |
Unvested TSR LTIP II Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 905,440 | |
Number of Options, Shares and Units Vested | (3,429) | |
Number of Options, Shares and Units Forfeited | (1,476) | |
Number of Options, Shares and Units Outstanding at end of year | 900,535 | 905,440 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 5.52 | |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 6.12 | |
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 6.12 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 5.51 | $ 5.52 |
Unvested Time LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 563,334 | |
Number of Options, Shares and Units Vested | (563,334) | |
Number of Options, Shares and Units Outstanding at end of year | 563,334 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.96 | |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | $ 6.96 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.96 | |
Convertible TSR LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at beginning of year | 743,861 | |
Number of Units, Exercisable, Shares and Units Vested | 566,763 | |
Number of Options, Shares and Units Outstanding at end of year | 1,310,624 | 743,861 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 7.44 | |
Exercisable, Weighted Average Exercise Price and Grant-Date Fair Value Vested | 6.95 | |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 7.23 | $ 7.44 |
TSR LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Shares and Units Outstanding at end of year | 900,535 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Cost Not Yet Recognized for Share-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total awards unvested shares | 4,889,430 | |
Total awards unvested compensation not yet recognized | $ 11,782 | |
AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total awards unvested shares | 1,820,723 | |
Employee Stock Option [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 786,413 | |
TSR Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 529,967 | |
Unvested compensation not yet recognized | $ 371 | |
TSR Stock Awards [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 21,035 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 2,475,180 | 2,154,138 |
Unvested compensation not yet recognized | $ 7,812 | |
Restricted Stock [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 3,457 | |
TSR Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 981,454 | 460,745 |
Unvested compensation not yet recognized | $ 3,574 | |
TSR Restricted Stock Awards [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 9,773 | |
TSR LTIP I Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 2,294 | 7,186 |
TSR LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 900,535 | |
Unvested compensation not yet recognized | $ 25 | |
TSR LTIP II Units [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 1,000,045 |
Share-Based Compensation - Co_2
Share-Based Compensation - Compensation Cost Not Yet Recognized for Share-based Awards (Parenthetical) (Details) - A I R [Member] | Dec. 31, 2023 $ / shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted-average exercise price for stock options | $ 4.59 |
TSR LTIP II Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted-average conversion metric | $ 5.49 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Assumptions Used for Valuation of TSR-Based Awards Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date market value of a common share | $ 7.59 | $ 6.96 |
Risk-free interest rate, Minimum | 3.89% | 0.19% |
Risk-free interest rate, Maximum | 4.73% | 1.38% |
Dividend yield | 0% | 0% |
Expected volatility, Minimum | 34.08% | 32.09% |
Expected volatility, Maximum | 36.19% | 33.04% |
TSR Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date market value of a common share | $ 7.51 | |
Derived vesting period of TSR Restricted Stock | 3 years | 3 years |
TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average expected term of TSR Stock Options and LTIP II units | 4 years 10 months 24 days |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mezzanine investment | $ 0 | $ 158,558 |
Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment, measurement input | 5.25 | 3.75 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments acquired | $ 5,800 | |
Fair value of instruments | 5,237 | $ 62,259 |
Fair Value, Recurring [Member] | Property Technology Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment | 2,500 | 3,100 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of instruments | 0 | 0 |
Interest Rate Swaption [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | 1,500,000 | |
Gross Proceeds from Investments | 54,200 | |
Interest Rate Swaps and Caps [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | 627,400 | |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment | 2,868 | 1,179 |
Common Stock [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment | $ 2,868 | $ 1,179 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value for Interest Rate Options and Investments in Stock and Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate options | $ 5,237 | $ 62,259 | |
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 | 5,237 | 62,259 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate options | 0 | 0 | |
Common Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 2,868 | 1,179 | |
Common Stock [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 2,868 | 1,179 | |
Common Stock [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 0 | 0 | |
Common Stock [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 0 | 0 | |
Real Estate Technology Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,508 | 3,117 |
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 the NAV 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, Construction Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 1,162,023 | $ 1,064,793 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 1,116,410 | 1,004,758 |
Non-recourse Property Debt [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 852,502 | 938,476 |
Non-recourse Property Debt [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 807,240 | 878,804 |
Construction Loans [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 309,521 | 126,317 |
Construction Loans [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 309,170 | $ 125,954 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Construction related contracts, amount | $ 63,800,000 |
Undrawn construction loans | 124,200,000 |
Unconsolidated Joint Ventures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining commitments | 3,000,000 |
Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining commitments | $ 2,000 |
Commitments related to operations [Member] | Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Time Period of Long-term Purchase Commitment | 1 year |
Business Segments (Details Text
Business Segments (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Community Property OfficeBuilding Dwelling Land ApartmentHome | Mar. 31, 2023 Community | Dec. 31, 2023 USD ($) Community Property OfficeBuilding Segment Dwelling ApartmentHome | Dec. 31, 2022 USD ($) | Jan. 01, 2022 Property ApartmentHome | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 3 | ||||
Development and Redevelopment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of parcel land sold | Land | 1 | ||||
Right-of-use lease assets | $ | $ 109 | $ 109 | $ 110.3 | ||
Lease liabilities | $ | $ 118.7 | $ 118.7 | $ 114.6 | ||
Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | 26 | 26 | |||
Planned Apartment Homes [Member] | Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | 675 | 675 | |||
Planned Homes [Member] | Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | 16 | 16 | |||
Accessory Dwelling Units [Member] | Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of units in real estate property | Dwelling | 8 | 8 | |||
Apartment Homes Redevelopment Completed [Member] | Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | 510 | 510 | |||
Commercial Office Building [Member] | Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | OfficeBuilding | 1 | 1 | |||
Rooms [Member] | Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | 106 | 106 | |||
Unconsolidated Investment In Iqhq And Mezzanine Investment Member | |||||
Segment Reporting Information [Line Items] | |||||
Number of apartment communities | Community | 4 | 4 | |||
Number of apartment homes | ApartmentHome | 142 | 142 | |||
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | 21 | ||||
Number of residential apartment community reclassified upon reaching stabilization | Community | 1 | ||||
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of units in real estate property | ApartmentHome | 5,600 | ||||
Real Estate Partnership [Member] | Development and Redevelopment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of real estate properties | Community | 11 | 11 |
Business Segments - Summary of
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary information for the reportable segments | |||
Rental and other property revenues | $ 186,995 | $ 190,344 | $ 169,836 |
Property operating expenses | 73,712 | 71,792 | 67,613 |
Other operating expenses not allocated to segments | 101,699 | 198,640 | 117,863 |
Total operating expenses | 175,411 | 270,432 | 185,476 |
Proportionate property net operating income (loss) | 11,584 | (80,088) | (15,640) |
Other items included in income before income tax | (181,655) | 189,510 | (2,910) |
Income (loss) before income tax | (170,071) | 109,422 | (18,550) |
Segment Reconciling Items [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 6,969 | 6,097 | 5,256 |
Property operating expenses | 7,030 | 6,074 | 5,199 |
Total operating expenses | 7,030 | 6,074 | 5,199 |
Proportionate property net operating income (loss) | (61) | 23 | 57 |
Income (loss) before income tax | (61) | 23 | 57 |
Corporate Non-Segment [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 32 | 30,075 | 25,682 |
Property operating expenses | 6,631 | 17,121 | 16,938 |
Other operating expenses not allocated to segments | 101,699 | 198,640 | 117,863 |
Total operating expenses | 108,330 | 215,761 | 134,801 |
Proportionate property net operating income (loss) | (108,298) | (185,686) | (109,119) |
Other items included in income before income tax | (181,655) | 189,510 | (2,910) |
Income (loss) before income tax | (289,953) | 3,824 | (112,029) |
Development and Redevelopment [Member] | Operating Segments [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 15,744 | 919 | 2,036 |
Property operating expenses | 10,271 | 2,194 | 1,446 |
Total operating expenses | 10,271 | 2,194 | 1,446 |
Proportionate property net operating income (loss) | 5,473 | (1,275) | 590 |
Income (loss) before income tax | 5,473 | (1,275) | 590 |
Operating Portfolio Segment [Member] | Operating Segments [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 149,768 | 138,137 | 123,257 |
Property operating expenses | 44,054 | 41,410 | 39,694 |
Total operating expenses | 44,054 | 41,410 | 39,694 |
Proportionate property net operating income (loss) | 105,714 | 96,727 | 83,563 |
Income (loss) before income tax | 105,714 | 96,727 | 83,563 |
Other [Member] | Operating Segments [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 14,482 | 15,116 | 13,605 |
Property operating expenses | 5,726 | 4,993 | 4,336 |
Total operating expenses | 5,726 | 4,993 | 4,336 |
Proportionate property net operating income (loss) | 8,756 | 10,123 | 9,269 |
Income (loss) before income tax | $ 8,756 | $ 10,123 | $ 9,269 |
Business Segments - Schedule of
Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Buildings and improvements | $ 1,593,802 | $ 1,322,381 |
Land | 620,821 | 641,102 |
Total real estate | 2,214,623 | 1,963,483 |
Accumulated depreciation | (580,802) | (530,722) |
Net real estate | 1,633,821 | 1,432,761 |
Non-recourse property debt and construction loans, net | 846,298 | 929,501 |
Non-recourse property debt and construction loans, net | 1,147,741 | 1,048,199 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 709,052 | |
Total real estate | 971,461 | |
Accumulated depreciation | (489,205) | |
Corporate Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 2,215 | |
Land | 16,751 | |
Total real estate | 18,966 | |
Net real estate | 18,966 | |
Non-recourse property debt and construction loans, net | 10,003 | |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 719,880 | 447,101 |
Land | 208,323 | 211,817 |
Total real estate | 928,203 | 658,918 |
Accumulated depreciation | (15,793) | (2,378) |
Net real estate | 912,410 | 656,540 |
Non-recourse property debt and construction loans, net | 301,443 | 190,133 |
Operating Portfolio Segment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 709,051 | 708,665 |
Land | 262,409 | 262,409 |
Total real estate | 971,460 | 971,074 |
Accumulated depreciation | (489,206) | (468,428) |
Net real estate | 482,254 | 502,646 |
Non-recourse property debt and construction loans, net | 765,372 | 767,513 |
Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 164,871 | 164,400 |
Land | 150,089 | 150,125 |
Total real estate | 314,960 | 314,525 |
Accumulated depreciation | (75,803) | (59,916) |
Net real estate | 239,157 | 254,609 |
Non-recourse property debt and construction loans, net | $ 80,926 | $ 80,550 |
Business Segments - Summary o_2
Business Segments - Summary of Segment Capital Additions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Capital additions | $ 292,921 | $ 273,380 | $ 222,052 |
Operating Segments [Member] | Redevelopmentand Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital additions | 272,127 | 244,733 | 136,139 |
Operating Segments [Member] | Operating Portfolio Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital additions | 13,333 | 24,689 | 10,005 |
Operating Segments [Member] | Other Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital additions | 851 | 1,743 | 693 |
Corporate Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital additions | $ 6,610 | $ 2,215 | $ 75,215 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||
Stock repurchased during period, shares | 6,200,000 | 3,500,000 | 0 |
Share repurchase weighted average price | $ 7.33 | $ 7.21 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings and improvements | $ 1,593,802 | $ 1,322,381 |
Total real estate | 2,214,623 | 1,963,483 |
Accumulated Depreciation | (580,802) | (530,722) |
Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrances | 1,153,944 | |
Initial Cost, Land | 624,352 | |
Initial Cost, Buildings and Improvements | 616,917 | |
Total Initial Acquisition Costs | 1,241,269 | |
Costs Capitalized Subsequent to Consolidation | 973,354 | |
Land | 620,821 | |
Buildings and improvements | 1,593,802 | |
Total real estate | 2,214,623 | |
Accumulated Depreciation | $ (580,802) | |
Royal Crest Estates [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Marlborough, MA | |
Encumbrances | $ 69,918 | |
Initial Cost, Land | 25,178 | |
Initial Cost, Buildings and Improvements | 28,786 | |
Total Initial Acquisition Costs | 53,964 | |
Costs Capitalized Subsequent to Consolidation | 13,920 | |
Land | 25,178 | |
Buildings and improvements | 42,706 | |
Total real estate | 67,884 | |
Accumulated Depreciation | $ (36,076) | |
Date Acquired | Aug. 31, 2002 | |
Operating Segments [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 770,999 | |
Initial Cost, Land | 262,408 | |
Initial Cost, Buildings and Improvements | 402,517 | |
Total Initial Acquisition Costs | 664,925 | |
Costs Capitalized Subsequent to Consolidation | 306,536 | |
Land | 262,409 | |
Buildings and improvements | 709,052 | |
Total real estate | 971,461 | |
Accumulated Depreciation | $ (489,205) | |
Stabilized [Member] | Royal Crest Estates [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Warwick, RI | |
Initial Cost, Land | $ 22,433 | |
Initial Cost, Buildings and Improvements | 24,095 | |
Total Initial Acquisition Costs | 46,528 | |
Costs Capitalized Subsequent to Consolidation | 7,365 | |
Land | 22,433 | |
Buildings and improvements | 31,460 | |
Total real estate | 53,893 | |
Accumulated Depreciation | $ (26,018) | |
Date Acquired | Aug. 31, 2002 | |
Stabilized [Member] | Waterford Village [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Bridgewater, MA | |
Initial Cost, Land | $ 29,110 | |
Initial Cost, Buildings and Improvements | 28,101 | |
Total Initial Acquisition Costs | 57,211 | |
Costs Capitalized Subsequent to Consolidation | 13,151 | |
Land | 29,110 | |
Buildings and improvements | 41,252 | |
Total real estate | 70,362 | |
Accumulated Depreciation | $ (35,370) | |
Date Acquired | Aug. 31, 2002 | |
Stabilized [Member] | Wexford Village [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Worcester, MA | |
Initial Cost, Land | $ 6,349 | |
Initial Cost, Buildings and Improvements | 17,939 | |
Total Initial Acquisition Costs | 24,288 | |
Costs Capitalized Subsequent to Consolidation | 5,910 | |
Land | 6,349 | |
Buildings and improvements | 23,849 | |
Total real estate | 30,198 | |
Accumulated Depreciation | $ (18,364) | |
Date Acquired | Aug. 31, 2002 | |
Stabilized [Member] | Yacht Club at Brickell [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Miami, FL | |
Encumbrances | $ 79,691 | |
Initial Cost, Land | 31,362 | |
Initial Cost, Buildings and Improvements | 32,214 | |
Total Initial Acquisition Costs | 63,576 | |
Costs Capitalized Subsequent to Consolidation | 21,779 | |
Land | 31,363 | |
Buildings and improvements | 53,992 | |
Total real estate | 85,355 | |
Accumulated Depreciation | $ (32,845) | |
Date Acquired | Dec. 31, 2003 | |
Stabilized [Member] | Bluffs at Pacifica, The [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Pacifica, CA | |
Initial Cost, Land | $ 8,108 | |
Initial Cost, Buildings and Improvements | 4,132 | |
Total Initial Acquisition Costs | 12,240 | |
Costs Capitalized Subsequent to Consolidation | 17,924 | |
Land | 8,108 | |
Buildings and improvements | 22,056 | |
Total real estate | 30,164 | |
Accumulated Depreciation | $ (15,327) | |
Date Acquired | Oct. 31, 2006 | |
Separate Portfolio [Member] | 118-122 West 23rd Street [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | New York, NY | |
Encumbrances | $ 16,472 | |
Initial Cost, Land | 14,985 | |
Initial Cost, Buildings and Improvements | 23,459 | |
Total Initial Acquisition Costs | 38,444 | |
Costs Capitalized Subsequent to Consolidation | 5,811 | |
Land | 14,985 | |
Buildings and improvements | 29,270 | |
Total real estate | 44,255 | |
Accumulated Depreciation | $ (12,768) | |
Date Acquired | Jun. 30, 2012 | |
Separate Portfolio [Member] | Royal Crest Estates [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Nashua, NH | |
Encumbrances | $ 173,435 | |
Initial Cost, Land | 68,230 | |
Initial Cost, Buildings and Improvements | 45,562 | |
Total Initial Acquisition Costs | 113,792 | |
Costs Capitalized Subsequent to Consolidation | 18,536 | |
Land | 68,231 | |
Buildings and improvements | 64,097 | |
Total real estate | 132,328 | |
Accumulated Depreciation | $ (56,642) | |
Date Acquired | Aug. 31, 2002 | |
Separate Portfolio [Member] | 1045 on the Park Apartments Homes [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Atlanta, GA | |
Encumbrances | $ 6,007 | |
Initial Cost, Land | 2,793 | |
Initial Cost, Buildings and Improvements | 6,662 | |
Total Initial Acquisition Costs | 9,455 | |
Costs Capitalized Subsequent to Consolidation | 1,446 | |
Land | 2,793 | |
Buildings and improvements | 8,108 | |
Total real estate | 10,901 | |
Accumulated Depreciation | $ (2,998) | |
Date Acquired | Jul. 31, 2013 | |
Separate Portfolio [Member] | 2200 Grace [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Lombard, IL | |
Encumbrances | $ 11,193 | |
Initial Cost, Land | 642 | |
Initial Cost, Buildings and Improvements | 7,788 | |
Total Initial Acquisition Costs | 8,430 | |
Costs Capitalized Subsequent to Consolidation | 310 | |
Land | 642 | |
Buildings and improvements | 8,098 | |
Total real estate | 8,740 | |
Accumulated Depreciation | $ (5,830) | |
Date Acquired | Aug. 31, 2018 | |
Separate Portfolio [Member] | 173 E. 90th Street [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | New York, NY | |
Encumbrances | $ 12,138 | |
Initial Cost, Land | 12,066 | |
Initial Cost, Buildings and Improvements | 4,535 | |
Total Initial Acquisition Costs | 16,601 | |
Costs Capitalized Subsequent to Consolidation | 9,021 | |
Land | 12,067 | |
Buildings and improvements | 13,555 | |
Total real estate | 25,622 | |
Accumulated Depreciation | $ (7,447) | |
Date Acquired | May 31, 2004 | |
Separate Portfolio [Member] | 237-239 Ninth Avenue [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | New York, NY | |
Encumbrances | $ 6,148 | |
Initial Cost, Land | 8,495 | |
Initial Cost, Buildings and Improvements | 1,866 | |
Total Initial Acquisition Costs | 10,361 | |
Costs Capitalized Subsequent to Consolidation | 2,160 | |
Land | 8,494 | |
Buildings and improvements | 4,027 | |
Total real estate | 12,521 | |
Accumulated Depreciation | $ (2,798) | |
Date Acquired | Mar. 31, 2005 | |
Separate Portfolio [Member] | Plantation Gardens [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Plantation, FL | |
Encumbrances | $ 60,133 | |
Initial Cost, Land | 3,773 | |
Initial Cost, Buildings and Improvements | 19,443 | |
Total Initial Acquisition Costs | 23,216 | |
Costs Capitalized Subsequent to Consolidation | 23,863 | |
Land | 3,773 | |
Buildings and improvements | 43,306 | |
Total real estate | 47,079 | |
Accumulated Depreciation | $ (32,870) | |
Date Acquired | Oct. 31, 1999 | |
Separate Portfolio [Member] | Willow Bend [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Rolling Meadows, IL | |
Encumbrances | $ 43,501 | |
Initial Cost, Land | 2,717 | |
Initial Cost, Buildings and Improvements | 15,437 | |
Total Initial Acquisition Costs | 18,154 | |
Costs Capitalized Subsequent to Consolidation | 18,997 | |
Land | 2,717 | |
Buildings and improvements | 34,434 | |
Total real estate | 37,151 | |
Accumulated Depreciation | $ (29,115) | |
Date Acquired | May 31, 1998 | |
Separate Portfolio [Member] | Yorktown Apartments [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Lombard, IL | |
Encumbrances | $ 46,857 | |
Initial Cost, Land | 2,414 | |
Initial Cost, Buildings and Improvements | 10,374 | |
Total Initial Acquisition Costs | 12,788 | |
Costs Capitalized Subsequent to Consolidation | 52,546 | |
Land | 2,413 | |
Buildings and improvements | 62,921 | |
Total real estate | 65,334 | |
Accumulated Depreciation | $ (46,041) | |
Date Acquired | Dec. 31, 1999 | |
Separate Portfolio [Member] | Bank Lofts [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Denver, CO | |
Encumbrances | $ 18,540 | |
Initial Cost, Land | 3,525 | |
Initial Cost, Buildings and Improvements | 9,045 | |
Total Initial Acquisition Costs | 12,570 | |
Costs Capitalized Subsequent to Consolidation | 5,498 | |
Land | 3,525 | |
Buildings and improvements | 14,543 | |
Total real estate | 18,068 | |
Accumulated Depreciation | $ (9,506) | |
Date Acquired | Apr. 30, 2001 | |
Separate Portfolio [Member] | Eldridge [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Elmhurst, IL | |
Encumbrances | $ 26,691 | |
Initial Cost, Land | 3,483 | |
Initial Cost, Buildings and Improvements | 35,706 | |
Total Initial Acquisition Costs | 39,189 | |
Costs Capitalized Subsequent to Consolidation | 68 | |
Land | 3,483 | |
Buildings and improvements | 35,774 | |
Total real estate | 39,257 | |
Accumulated Depreciation | $ (3,107) | |
Date Acquired | Aug. 31, 2021 | |
Separate Portfolio [Member] | Elm Creek [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Elmhurst, IL | |
Encumbrances | $ 78,095 | |
Initial Cost, Land | 5,910 | |
Initial Cost, Buildings and Improvements | 30,830 | |
Total Initial Acquisition Costs | 36,740 | |
Costs Capitalized Subsequent to Consolidation | 31,386 | |
Land | 5,910 | |
Buildings and improvements | 62,216 | |
Total real estate | 68,126 | |
Accumulated Depreciation | $ (42,430) | |
Date Acquired | Dec. 31, 1997 | |
Separate Portfolio [Member] | Evanston Place [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Evanston, IL | |
Encumbrances | $ 46,670 | |
Initial Cost, Land | 3,232 | |
Initial Cost, Buildings and Improvements | 25,546 | |
Total Initial Acquisition Costs | 28,778 | |
Costs Capitalized Subsequent to Consolidation | 18,291 | |
Land | 3,232 | |
Buildings and improvements | 43,837 | |
Total real estate | 47,069 | |
Accumulated Depreciation | $ (26,822) | |
Date Acquired | Dec. 31, 1997 | |
Separate Portfolio [Member] | Hillmeade [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Nashville, TN | |
Encumbrances | $ 46,026 | |
Initial Cost, Land | 2,872 | |
Initial Cost, Buildings and Improvements | 16,070 | |
Total Initial Acquisition Costs | 18,942 | |
Costs Capitalized Subsequent to Consolidation | 22,704 | |
Land | 2,872 | |
Buildings and improvements | 38,774 | |
Total real estate | 41,646 | |
Accumulated Depreciation | $ (28,777) | |
Date Acquired | Nov. 30, 1994 | |
Separate Portfolio [Member] | Hyde Park Tower [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Chicago, IL | |
Encumbrances | $ 29,484 | |
Initial Cost, Land | 4,731 | |
Initial Cost, Buildings and Improvements | 14,927 | |
Total Initial Acquisition Costs | 19,658 | |
Costs Capitalized Subsequent to Consolidation | 15,850 | |
Land | 4,731 | |
Buildings and improvements | 30,777 | |
Total real estate | 35,508 | |
Accumulated Depreciation | $ (18,054) | |
Date Acquired | Oct. 31, 2004 | |
Development and Redevelopment [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 301,442 | |
Initial Cost, Land | 211,818 | |
Initial Cost, Buildings and Improvements | 60,585 | |
Total Initial Acquisition Costs | 272,403 | |
Costs Capitalized Subsequent to Consolidation | 655,800 | |
Land | 208,323 | |
Buildings and improvements | 719,880 | |
Total real estate | 928,203 | |
Accumulated Depreciation | $ (15,790) | |
Development and Redevelopment [Member] | Benson Hotel & Faculty Club, The [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Aurora, CO | |
Initial Cost, Land | $ 1,815 | |
Initial Cost, Buildings and Improvements | 4,414 | |
Total Initial Acquisition Costs | 6,229 | |
Costs Capitalized Subsequent to Consolidation | 70,999 | |
Land | 1,503 | |
Buildings and improvements | 75,725 | |
Total real estate | 77,228 | |
Accumulated Depreciation | $ (4,204) | |
Date Acquired | Jan. 31, 2021 | |
Development and Redevelopment [Member] | One Edgewater [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Miami, FL | |
Initial Cost, Land | $ 20,045 | |
Total Initial Acquisition Costs | 20,045 | |
Costs Capitalized Subsequent to Consolidation | 4,633 | |
Land | 19,847 | |
Buildings and improvements | 4,831 | |
Total real estate | $ 24,678 | |
Date Acquired | Jul. 31, 2021 | |
Development and Redevelopment [Member] | Hamilton House [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Miami, FL | |
Initial Cost, Land | $ 11,467 | |
Total Initial Acquisition Costs | 11,467 | |
Costs Capitalized Subsequent to Consolidation | 11,325 | |
Land | 11,467 | |
Buildings and improvements | 11,325 | |
Total real estate | $ 22,792 | |
Date Acquired | Jul. 31, 2021 | |
Development and Redevelopment [Member] | Flying Horse [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Colorado Springs, CO | |
Initial Cost, Land | $ 4,257 | |
Total Initial Acquisition Costs | 4,257 | |
Costs Capitalized Subsequent to Consolidation | 3,818 | |
Land | 4,269 | |
Buildings and improvements | 3,806 | |
Total real estate | $ 8,075 | |
Date Acquired | Jul. 31, 2021 | |
Development and Redevelopment [Member] | Hamilton, The [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Miami, FL | |
Encumbrances | $ 100,323 | |
Initial Cost, Land | 45,239 | |
Initial Cost, Buildings and Improvements | 34,891 | |
Total Initial Acquisition Costs | 80,130 | |
Costs Capitalized Subsequent to Consolidation | 114,338 | |
Land | 43,307 | |
Buildings and improvements | 151,161 | |
Total real estate | 194,468 | |
Accumulated Depreciation | $ (10,637) | |
Date Acquired | Aug. 31, 2020 | |
Development and Redevelopment [Member] | Oak Shore [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Corte Madera, CA | |
Encumbrances | $ 5,148 | |
Costs Capitalized Subsequent to Consolidation | 42,050 | |
Buildings and improvements | 42,050 | |
Total real estate | 42,050 | |
Accumulated Depreciation | $ (39) | |
Date Acquired | Jun. 30, 2021 | |
Development and Redevelopment [Member] | Upton Place [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Washington, DC | |
Encumbrances | $ 121,298 | |
Initial Cost, Buildings and Improvements | 21,280 | |
Total Initial Acquisition Costs | 21,280 | |
Costs Capitalized Subsequent to Consolidation | 258,881 | |
Buildings and improvements | 280,161 | |
Total real estate | 280,161 | |
Accumulated Depreciation | $ (910) | |
Date Acquired | Dec. 31, 2020 | |
Development and Redevelopment [Member] | 300 W. Broward Blvd. [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Ft. Lauderdale, FL | |
Initial Cost, Land | $ 21,355 | |
Total Initial Acquisition Costs | 21,355 | |
Costs Capitalized Subsequent to Consolidation | 14,814 | |
Land | 21,024 | |
Buildings and improvements | 15,145 | |
Total real estate | $ 36,169 | |
Date Acquired | Jan. 31, 2022 | |
Development and Redevelopment [Member] | Fitzsimons Phase Four [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Aurora, CO | |
Initial Cost, Land | $ 2,016 | |
Total Initial Acquisition Costs | 2,016 | |
Costs Capitalized Subsequent to Consolidation | 1,187 | |
Land | 2,040 | |
Buildings and improvements | 1,163 | |
Total real estate | $ 3,203 | |
Date Acquired | Dec. 31, 2022 | |
Development and Redevelopment [Member] | Sears Parcel 1 [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Ft. Lauderdale, FL | |
Initial Cost, Land | $ 68,485 | |
Total Initial Acquisition Costs | 68,485 | |
Costs Capitalized Subsequent to Consolidation | 14,932 | |
Land | 68,484 | |
Buildings and improvements | 14,933 | |
Total real estate | $ 83,417 | |
Date Acquired | Jun. 30, 2022 | |
Development and Redevelopment [Member] | Sears Parcel 2 [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Ft. Lauderdale, FL | |
Initial Cost, Land | $ 20,737 | |
Total Initial Acquisition Costs | 20,737 | |
Costs Capitalized Subsequent to Consolidation | 2,519 | |
Land | 20,573 | |
Buildings and improvements | 2,683 | |
Total real estate | $ 23,256 | |
Date Acquired | Jul. 31, 2022 | |
Development and Redevelopment [Member] | Sears Parcel 3 [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Ft. Lauderdale, FL | |
Initial Cost, Land | $ 16,402 | |
Total Initial Acquisition Costs | 16,402 | |
Costs Capitalized Subsequent to Consolidation | 1,485 | |
Land | 15,809 | |
Buildings and improvements | 2,078 | |
Total real estate | $ 17,887 | |
Date Acquired | Jun. 30, 2022 | |
Development and Redevelopment [Member] | Bioscience 4 [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Aurora, CO | |
Costs Capitalized Subsequent to Consolidation | $ 4,173 | |
Buildings and improvements | 4,173 | |
Total real estate | $ 4,173 | |
Date Acquired | Feb. 28, 2023 | |
Development and Redevelopment [Member] | Strathmore Phase 1 [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Washington, DC | |
Encumbrances | $ 74,673 | |
Costs Capitalized Subsequent to Consolidation | 110,646 | |
Buildings and improvements | 110,646 | |
Total real estate | $ 110,646 | |
Date Acquired | Feb. 28, 2022 | |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings and improvements | $ 719,880 | 447,101 |
Total real estate | 928,203 | 658,918 |
Accumulated Depreciation | $ (15,793) | $ (2,378) |
Other [Member] | St. George Villas [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | St. George, SC | |
Encumbrances | $ 203 | |
Initial Cost, Land | 108 | |
Initial Cost, Buildings and Improvements | 1,024 | |
Total Initial Acquisition Costs | 1,132 | |
Costs Capitalized Subsequent to Consolidation | 446 | |
Land | 71 | |
Buildings and improvements | 1,507 | |
Total real estate | 1,578 | |
Accumulated Depreciation | $ (1,398) | |
Date Acquired | Jan. 31, 2006 | |
Other [Member] | 1001 Brickell Bay Drive [Member] | Continuing Operations [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Location | Miami, FL | |
Encumbrances | $ 81,300 | |
Initial Cost, Land | 150,018 | |
Initial Cost, Buildings and Improvements | 152,791 | |
Total Initial Acquisition Costs | 302,809 | |
Costs Capitalized Subsequent to Consolidation | 10,572 | |
Land | 150,018 | |
Buildings and improvements | 163,363 | |
Total real estate | 313,381 | |
Accumulated Depreciation | $ (74,409) | |
Date Acquired | Jul. 31, 2019 |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost of land and depreciable property for federal income tax purposes | $ 1.7 |
Minimum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life for buildings and improvements | 5 years |
Maximum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life for buildings and improvements | 30 years |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total portfolio | |||
Total real estate balance at beginning of year | $ 1,963,483 | ||
Additions during the year: | |||
Total real estate balance at end of year | 2,214,623 | $ 1,963,483 | |
Accumulated depreciation balance at beginning of year | 530,722 | ||
Accumulated depreciation balance at end of year | 580,802 | 530,722 | |
Aimco Real Estate | |||
Total portfolio | |||
Total real estate balance at beginning of year | 1,963,483 | 1,791,499 | $ 1,500,269 |
Additions during the year: | |||
Acquisitions | 1,893 | 146,236 | 69,178 |
Capital additions | 292,921 | 273,380 | 222,052 |
Dispositions | (30,347) | (233,308) | |
Write-offs of fully depreciated assets and other | (13,327) | (14,324) | |
Total real estate balance at end of year | 2,214,623 | 1,963,483 | 1,791,499 |
Accumulated depreciation balance at beginning of year | 530,722 | 561,115 | 495,010 |
Depreciation | 63,407 | 143,983 | 66,105 |
Dispositions | (160,052) | ||
Write-offs of fully depreciated assets and other | (13,327) | (14,324) | |
Accumulated depreciation balance at end of year | $ 580,802 | $ 530,722 | $ 561,115 |