Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Document Information [Line Items] | ||
Entity Registrant Name | Apartment Investment and Management Company | |
Entity Central Index Key | 0000922864 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Trading Symbol | AIV | |
Entity File Number | 1-13232 | |
Entity Tax Identification Number | 84-1259577 | |
Entity Address, State or Province | MD | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1450 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 224-7900 | |
Entity Common Stock, Shares Outstanding | 144,827,125 | |
Title of 12(b) Security | Class A Common Stock (Apartment Investment and Management Company) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Aimco OP L.P. [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | Aimco OP L.P. | |
Entity Central Index Key | 0000926660 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity File Number | 0-56223 | |
Entity Tax Identification Number | 85-2460835 | |
Entity Address, State or Province | DE | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1450 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 224-7900 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Buildings and improvements | $ 1,638,190 | $ 1,593,802 |
Land | 620,488 | 620,821 |
Total real estate | 2,258,678 | 2,214,623 |
Accumulated depreciation | (597,380) | (580,802) |
Net real estate | 1,661,298 | 1,633,821 |
Cash and cash equivalents | 121,814 | 122,601 |
Restricted cash | 18,589 | 16,666 |
Unconsolidated real estate partnerships | 23,282 | 23,125 |
Notes receivable | $ 58,187 | $ 57,554 |
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 | $ 108,673 | $ 108,992 |
Other assets, net | 122,976 | 121,461 |
Total assets | 2,119,891 | 2,089,475 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 845,671 | 846,298 |
Non-recourse construction loans, net | 336,332 | 301,443 |
Total indebtedness | 1,182,003 | 1,147,741 |
Deferred tax liabilities | 108,487 | 110,284 |
Lease liabilities - finance leases | 119,269 | 118,697 |
Accrued liabilities and other | 131,554 | 121,143 |
Total liabilities | 1,541,313 | 1,497,865 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 173,158 | 171,632 |
Commitments and contingencies (Note 3) | ||
Equity (510,587,500 shares authorized at both March 31, 2024 and December 31, 2023): | ||
Common Stock, $0.01 par value, 140,210,798 and 140,576,102 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1,402 | 1,406 |
Additional paid-in capital | 460,907 | 464,538 |
Retained earnings (deficit) | (126,478) | (116,292) |
Total Aimco equity | 335,831 | 349,652 |
Noncontrolling interests in consolidated real estate partnerships | 51,333 | 51,265 |
Common noncontrolling interests in Aimco Operating Partnership | 18,256 | 19,061 |
Total equity | 405,420 | 419,978 |
Partners' capital: | ||
Total liabilities and equity | 2,119,891 | 2,089,475 |
Aimco OP L.P. [Member] | ||
ASSETS | ||
Buildings and improvements | 1,638,190 | 1,593,802 |
Land | 620,488 | 620,821 |
Total real estate | 2,258,678 | 2,214,623 |
Accumulated depreciation | (597,380) | (580,802) |
Net real estate | 1,661,298 | 1,633,821 |
Cash and cash equivalents | 121,814 | 122,601 |
Restricted cash | 18,589 | 16,666 |
Unconsolidated real estate partnerships | 23,282 | 23,125 |
Notes receivable | $ 58,187 | $ 57,554 |
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 | $ 108,673 | $ 108,992 |
Other assets, net | 122,976 | 121,461 |
Total assets | 2,119,891 | 2,089,475 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 845,671 | 846,298 |
Non-recourse construction loans, net | 336,332 | 301,443 |
Total indebtedness | 1,182,003 | 1,147,741 |
Deferred tax liabilities | 108,487 | 110,284 |
Lease liabilities - finance leases | 119,269 | 118,697 |
Accrued liabilities and other | 131,554 | 121,143 |
Total liabilities | 1,541,313 | 1,497,865 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 173,158 | 171,632 |
Commitments and contingencies (Note 3) | ||
Partners' capital: | ||
General Partner and Special Limited Partner | 335,831 | 349,652 |
Limited Partners | 18,256 | 19,061 |
Partners’ capital attributable to Aimco Operating Partnership | 354,087 | 368,713 |
Noncontrolling interests in consolidated real estate partnerships | 51,333 | 51,265 |
Total partners’ capital | 405,420 | 419,978 |
Total liabilities and equity | 2,119,891 | 2,089,475 |
Interest Rate Options | ||
ASSETS | ||
Interest rate options | 5,072 | 5,255 |
Interest Rate Options | Aimco OP L.P. [Member] | ||
ASSETS | ||
Interest rate options | $ 5,072 | $ 5,255 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 140,210,798 | 140,576,102 |
Common Stock, shares outstanding (in shares) | 140,210,798 | 140,576,102 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | ||
Rental and other property revenues | $ 50,203 | $ 44,268 |
OPERATING EXPENSES | ||
Property operating expenses | 21,199 | 17,504 |
Depreciation and amortization | 19,468 | 16,271 |
General and administrative expenses | 8,549 | 8,403 |
Total operating expenses | 49,216 | 42,178 |
Interest income | 2,648 | 2,058 |
Interest expense | (13,370) | (9,725) |
Realized and unrealized gains (losses) on interest rate options | 1,672 | (1,057) |
Realized and unrealized gains (losses) on equity investments | (271) | 137 |
Other income (expense), net | (1,904) | (3,626) |
Income (loss) before income tax | (9,926) | (9,949) |
Income tax benefit (expense) | 2,730 | 4,196 |
Net income (loss) | (7,196) | (5,753) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (3,560) | (3,274) |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | 16 | (264) |
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership | 554 | 474 |
Net income (loss) attributable to Aimco | $ (10,186) | $ (8,817) |
Net income (loss) attributable to Aimco per common share - basic (Note 4) | $ (0.07) | $ (0.06) |
Net income (loss) attributable to Aimco per common share - diluted (Note 4) | $ (0.07) | $ (0.06) |
Basic weighted-average OP Units outstanding | 140,594 | 145,827 |
Diluted weighted-average common stock outstanding | 140,594 | 145,827 |
Aimco OP L.P. [Member] | ||
REVENUES | ||
Rental and other property revenues | $ 50,203 | $ 44,268 |
OPERATING EXPENSES | ||
Property operating expenses | 21,199 | 17,504 |
Depreciation and amortization | 19,468 | 16,271 |
General and administrative expenses | 8,549 | 8,403 |
Total operating expenses | 49,216 | 42,178 |
Interest income | 2,648 | 2,058 |
Interest expense | (13,370) | (9,725) |
Realized and unrealized gains (losses) on interest rate options | 1,672 | (1,057) |
Realized and unrealized gains (losses) on equity investments | (271) | 137 |
Other income (expense), net | (1,904) | (3,626) |
Income (loss) before income tax | (9,926) | (9,949) |
Income tax benefit (expense) | 2,730 | 4,196 |
Net income (loss) | (7,196) | (5,753) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (3,560) | (3,274) |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | 16 | (264) |
Net income (loss) attributable to Aimco | $ (10,740) | $ (9,291) |
Net income (loss) attributable to Aimco per common share - basic (Note 4) | $ (0.07) | $ (0.06) |
Net income (loss) attributable to Aimco per common share - diluted (Note 4) | $ (0.07) | $ (0.06) |
Basic weighted-average OP Units outstanding | 148,257 | 153,631 |
Diluted weighted-average common stock outstanding | 148,257 | 153,631 |
Unconsolidated Real Estate Partnerships Member | ||
OPERATING EXPENSES | ||
Income from unconsolidated real estate partnerships | $ 312 | $ 174 |
Unconsolidated Real Estate Partnerships Member | Aimco OP L.P. [Member] | ||
OPERATING EXPENSES | ||
Income from unconsolidated real estate partnerships | $ 312 | $ 174 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 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, 2022 | $ 625,358 | $ 1,466 | $ 496,482 | $ 49,904 | $ 547,852 | $ 48,294 | $ 29,212 |
Balances (in shares) at Dec. 31, 2022 | 146,525 | ||||||
Net income (loss) | (9,027) | (8,817) | (8,817) | 264 | (474) | ||
Redemption of OP Units held by third parties | (254) | 4,293 | 4,293 | (4,547) | |||
Share-based compensation expense | 4,822 | 1,696 | 1,696 | 3,126 | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 50 | 50 | |||||
Distributions to noncontrolling interests in consolidated real estate partnerships | (287) | (287) | |||||
Common stock repurchased | (14,721) | $ (20) | (14,701) | (14,721) | |||
Common stock repurchased (In shares) | (2,019) | ||||||
Other common stock issuances, net of withholding taxes | 2,812 | $ 2 | 1,538 | 1,540 | 1,272 | ||
Other common stock issuances, net of withholding taxes (In shares) | 247 | ||||||
Other, net | (4) | (4) | (4) | ||||
Other, net (in shares) | (35) | ||||||
Balances at Mar. 31, 2023 | 608,749 | $ 1,448 | 489,304 | 41,087 | 531,839 | 48,321 | 28,589 |
Balances (in shares) at Mar. 31, 2023 | 144,718 | ||||||
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 | ||||||
Net income (loss) | (10,756) | (10,186) | (10,186) | (16) | (554) | ||
Redemption of OP Units held by third parties | (285) | (28) | (28) | (257) | |||
Share-based compensation expense | 1,934 | 1,928 | 1,928 | 6 | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 485 | 485 | |||||
Distributions to noncontrolling interests in consolidated real estate partnerships | (401) | (401) | |||||
Common stock repurchased | (6,555) | $ (9) | (6,546) | (6,555) | |||
Common stock repurchased (In shares) | (873) | ||||||
Other common stock issuances, net of withholding taxes | 1,020 | $ 5 | 1,015 | 1,020 | |||
Other common stock issuances, net of withholding taxes (In shares) | 508 | ||||||
Balances at Mar. 31, 2024 | $ 405,420 | $ 1,402 | $ 460,907 | $ (126,478) | $ 335,831 | $ 51,333 | $ 18,256 |
Balances (in shares) at Mar. 31, 2024 | 140,211 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (7,196) | $ (5,753) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 19,468 | 16,271 | |
Realized and unrealized (gains) losses on interest rate options | (1,672) | 1,057 | |
Realized and unrealized (gains) losses on equity investments | 271 | (137) | |
Income tax expense (benefit) | (2,730) | (4,196) | |
Share-based compensation | 1,666 | 4,519 | |
Amortization of debt issuance costs and other | 3,339 | 936 | |
Changes in operating assets and operating liabilities: | |||
Operating assets, net | (3,568) | 2,238 | |
Operating liabilities, net | 12,446 | (9,162) | |
Total adjustments | 28,908 | 11,352 | |
Net cash provided by operating activities | 21,712 | 5,599 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | [1] | (40,936) | (64,814) |
Other investing activities | (153) | 1,580 | |
Net cash used in investing activities | (41,089) | (63,234) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse construction loans | 28,982 | 35,491 | |
Principal repayments on non-recourse property debt | (784) | (779) | |
Proceeds from interest rate options | 1,847 | 803 | |
Payments on finance leases | (175) | (796) | |
Common stock repurchased | (6,555) | (14,522) | |
Payments related to withholding taxes for share-based compensation | (567) | ||
Distributions to redeemable noncontrolling interests | (2,034) | (3,095) | |
Contributions from noncontrolling interests | 485 | 50 | |
Distributions to noncontrolling interests | (401) | (287) | |
Contributions from redeemable noncontrolling interests | 124 | ||
Redemption of OP Units held by third parties | (285) | (254) | |
Other financing activities | (232) | ||
Net cash provided by financing activities | 20,513 | 16,503 | |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 1,136 | (41,132) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 139,267 | 229,766 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 140,403 | 188,634 | |
Aimco OP L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | (7,196) | (5,753) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 19,468 | 16,271 | |
Realized and unrealized (gains) losses on interest rate options | (1,672) | 1,057 | |
Realized and unrealized (gains) losses on equity investments | 271 | (137) | |
Income tax expense (benefit) | (2,730) | (4,196) | |
Share-based compensation | 1,666 | 4,519 | |
Amortization of debt issuance costs and other | 3,339 | 936 | |
Changes in operating assets and operating liabilities: | |||
Operating assets, net | (3,568) | 2,238 | |
Operating liabilities, net | 12,446 | (9,162) | |
Total adjustments | 28,908 | 11,352 | |
Net cash provided by operating activities | 21,712 | 5,599 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | [2] | (40,936) | (64,814) |
Other investing activities | (153) | 1,580 | |
Net cash used in investing activities | (41,089) | (63,234) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse construction loans | 28,982 | 35,491 | |
Principal repayments on non-recourse property debt | (784) | (779) | |
Proceeds from interest rate options | 1,847 | 803 | |
Payments on finance leases | (175) | (796) | |
Common stock repurchased | (6,555) | (14,522) | |
Payments related to withholding taxes for share-based compensation | (567) | ||
Distributions to redeemable noncontrolling interests | (2,034) | (3,095) | |
Contributions from noncontrolling interests | 485 | 50 | |
Distributions to noncontrolling interests | (401) | (287) | |
Contributions from redeemable noncontrolling interests | 124 | ||
Redemption of OP Units held by third parties | (285) | (254) | |
Other financing activities | (232) | ||
Net cash provided by financing activities | 20,513 | 16,503 | |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 1,136 | (41,132) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 139,267 | 229,766 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 140,403 | 188,634 | |
Unconsolidated Real Estate Partnerships [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from unconsolidated real estate partnerships | (312) | (174) | |
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 | $ (312) | $ (174) | |
[1] Accrued capital expenditures wer e $ 39.8 mil lion and $ 43.8 m illion as of March 31, 2024 and 2023, respectively. Accrued capital expenditures w ere $ 39.8 mill ion and $ 43.8 million as of March 31, 2024 and 2023, respectively. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued capital expenditures | $ 39.8 | $ 43.8 |
Aimco OP L.P. [Member] | ||
Accrued capital expenditures | $ 39.8 | $ 43.8 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Thousands | Total | Aimco OP L.P. [Member] | General Partner and Special Limited Partner [Member] Aimco OP L.P. [Member] | Limited Partners [Member] Aimco OP L.P. [Member] | Partners Capital Attributable To The Partnership [Member] Aimco OP L.P. [Member] | Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] Aimco OP L.P. [Member] |
Balances at Dec. 31, 2022 | $ 625,358 | $ 547,852 | $ 29,212 | $ 577,064 | $ 48,294 | |
Net income (loss) | $ (9,027) | (9,027) | (8,817) | (474) | (9,291) | 264 |
Redemption of OP Units held by third parties | (254) | 4,293 | (4,547) | (254) | ||
Share-based compensation expense | 4,822 | 1,696 | 3,126 | 4,822 | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 50 | 50 | 50 | |||
Distributions to noncontrolling interests in consolidated real estate partnerships | (287) | (287) | (287) | |||
Redemption of OP Units held by Aimco | (14,721) | (14,721) | (14,721) | (14,721) | ||
Other OP Unit issuances, net of withholding taxes | 2,812 | 1,540 | 1,272 | 2,812 | ||
Other, net | (4) | (4) | (4) | |||
Balances at Mar. 31, 2023 | 608,749 | 531,839 | 28,589 | 560,428 | 48,321 | |
Balances at Dec. 31, 2023 | 419,978 | 349,652 | 19,061 | 368,713 | 51,265 | |
Net income (loss) | (10,756) | (10,756) | (10,186) | (554) | (10,740) | (16) |
Redemption of OP Units held by third parties | (285) | (28) | (257) | (285) | ||
Share-based compensation expense | 1,934 | 1,928 | 6 | 1,934 | ||
Contributions from noncontrolling interests in consolidated real estate partnerships | 485 | 485 | 485 | |||
Distributions to noncontrolling interests in consolidated real estate partnerships | (401) | (401) | (401) | |||
Redemption of OP Units held by Aimco | $ (6,555) | (6,555) | (6,555) | (6,555) | ||
Other OP Unit issuances, net of withholding taxes | 1,020 | 1,020 | 1,020 | |||
Balances at Mar. 31, 2024 | $ 405,420 | $ 335,831 | $ 18,256 | $ 354,087 | $ 51,333 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 — Organization Apartment Investment and Management Company (“Aimco” or "the Company"), a Maryland corporation, 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 is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2024, 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. This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2024, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At March 31, 2024, our entire portfolio of operating residential apartment communities includes 5,600 apartment homes within 21 consolidated stabilized operating properties, a fully renovated waterfront property with 276 units, and four unconsolidated properties. We also own two multifamily properties that are under construction with 624 of the 909 planned apartment homes delivered, a single family rental community that is under construction with 16 planned homes and eight accessory dwelling units, a 106 -key luxury hotel with event space, one commercial office building that is part of an assemblage with an adjacent apartment building, and land parcels held for development. In addition, 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2023 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. 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 6 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 Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the periods ended March 31, 2024 and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2 % , and 5.1 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai mco 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 March 31, 2024, consists of the following: (i) a 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 expect to complete the development of residential apartment communities in 2024. 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 Condensed Consolidated Balance Sheets as of March 31, 2024. 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 from December 31, 2023 to March 31, 2024 ( in thousands ): 2024 Balance at Beginning of Period $ 171,632 Distributions ( 2,034 ) Net income 3,560 Balance at March 31, 2024 $ 173,158 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. The carrying value of the Mezzanine Investment was zero as of March 31, 2024. 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 Accrued liabilities and other in our Condensed 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 are presented as a direct reduction from the related liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets . The cash flows associated with this partial Mezzanine Investment sale have been included in Cash Flows from Financing Activities in our Condensed Consolidated Statements of Cash Flows. 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 Condensed Consolidated 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 three months ended March 31, 2024, we had consolidated net losses subject to tax of $ 6.6 million, compared to consolidated net losses of $ 4.9 million for the same period in 2023. For the three months ended March 31, 2024, we recognized an income tax benefit of $ 2.7 million, compared to income tax benefit of $ 4.2 million during the same period in 2023 . The decrease is due primarily to a reduction to the effective state tax rate expected to apply to the reversal of our existing deferred items recognized during the three months ended March 31, 2023. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. Other Assets, net Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 ( in thousands ): March 31, 2024 December 31, 2023 Other investments $ 64,943 $ 65,066 Deferred costs, deposits, and other 10,455 10,601 Prepaid expenses and real estate taxes 8,238 13,628 Intangible assets, net 13,438 13,494 Corporate fixed assets 11,311 10,669 Accounts receivable, net of allowances of $ 164 and $ 373 as of March 31, 2024 and December 31, 2023, respectively 10,428 5,178 Deferred tax assets 3,650 2,391 Due from affiliates 513 434 Total other assets, net $ 122,976 $ 121,461 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 statements. 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 condensed 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 condensed consolidated financial statements and related disclosures. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 3 — Commitments 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 March 31, 2024, we had remaining commitments for construction-related contracts of $ 42.4 million, with $ 91.7 million undrawn on our non-recourse construction loans. As of March 31, 2024, 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 $ 1.9 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 results of operations. |
Earnings per Share and per Unit
Earnings per Share and per Unit | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share and per Unit | Note 4 — Earnings per Share 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 three months ended March 31, 2024 and 2023, because the effect of their inclusion would have been antidilutive. As of March 31, 2024, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.2 million and 8.4 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. When applicable, 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 three months ended March 31, 2024 and 2023, because the effect of their inclusion would have been antidilutive. As of March 31, 2024, 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 three months ended March 31, 2024 and 2023, are as follows ( in thousands, except per share and per unit data ): Three Months Ended 2024 2023 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 10,186 ) $ ( 8,817 ) Net income (loss) allocated to Aimco participating securities — — Net income (loss) attributable to Aimco common stockholders $ ( 10,186 ) $ ( 8,817 ) Denominator - shares: Basic weighted-average common stock outstanding 140,594 145,827 Diluted share equivalents outstanding — — Diluted weighted-average common stock outstanding 140,594 145,827 Earnings (loss) per share - basic $ ( 0.07 ) $ ( 0.06 ) Earnings (loss) per share - diluted $ ( 0.07 ) $ ( 0.06 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 10,740 ) $ ( 9,291 ) Net income (loss) allocated to Aimco Operating Partnership participating securities — — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 10,740 ) $ ( 9,291 ) Denominator - units Basic weighted-average OP Units outstanding 148,257 153,631 Diluted OP Unit equivalents outstanding — — Diluted weighted-average OP Units outstanding 148,257 153,631 Earnings (loss) per unit - basic $ ( 0.07 ) $ ( 0.06 ) Earnings (loss) per unit - diluted $ ( 0.07 ) $ ( 0.06 ) |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | Note 5 — Fair Value Measure ments and Disclosures 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 Condensed Consolidated Balance Sheets . As of March 31, 2024, 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 $ 5.1 million as noted in the table below. 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 Condensed Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options , and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows . As of March 31, 2024 and December 31, 2023, we had investments in stock of $ 2.4 million and $ 2.9 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of March 31, 2024 and December 31, 2023, we have investments in property technology funds of $ 2.8 million and $ 2.5 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 3 for further information regarding unfunded commitments related to these investments. The following table summarizes the fair value for our interest rate options, investments in stock, and our investments in real estate technology funds as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 As of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 5,053 $ — $ 5,053 $ — $ 5,237 $ — $ 5,237 $ — Investments in stock 2,409 2,409 — — 2,868 2,868 — — Investments in real estate technology funds (1) 2,845 — — — 2,508 — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of March 31, 2024, and December 31, 2023, 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 non-recourse 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 the carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 851,515 $ 800,635 $ 852,502 $ 807,240 Non-recourse construction loans 343,165 342,817 309,521 309,170 Total $ 1,194,680 $ 1,143,452 $ 1,162,023 $ 1,116,410 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 6 — Variable 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 consolidates, 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 March 31, 2024 and December 31, 2023 ( in thousands, except for VIE count ): As of March 31, 2024 As of December 31, 2023 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Net real estate $ 505,287 $ — $ 466,719 $ — Cash and cash equivalents 1,771 — 3,940 — Interest rate options 3,734 — 3,253 — Unconsolidated real estate partnerships — 23,282 — 23,125 Notes receivable 17,747 — 17,432 — Right-of-use lease assets - finance leases 108,673 — 108,992 — Other assets, net 17,423 59,823 16,140 59,823 Liabilities Non-recourse construction loans, net 235,820 — 201,103 — Lease liabilities - finance leases 119,269 — 118,697 — Accrued liabilities and other 39,109 31,642 35,881 31,018 |
Lease Arrangements
Lease Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Arrangements | Note 7 — Lease Arrangements Aimco as Lessor The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three months ended March 31, 2024 and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ): Three Months Ended March 31, 2024 2023 Fixed lease income $ 45,933 $ 41,005 Variable lease income 4,199 3,161 Total lease income $ 50,132 $ 44,166 Aimco as Lessee Finance Lease Arrangements We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oak Shore. As of March 31, 2024 and December 31, 2023, our finance leases had weighted-average remaining terms of 93.1 years and 93.4 years, respectively, and weighted-average discount rates of 6.1 % and 6.1 %, respectively. For the three months ended March 31, 2024, amortization related to finance leases was $ 0.2 million, net of amounts capitalized, compared to zero , net of amounts capitalized, for the three months ended March 31, 2023. In addition, for the three months ended March 31, 2024, we capitalized $ 0.9 million of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $ 2.1 million for the same period in 2023. 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 March 31, 2024 and December 31, 2023, our operating leases had weighted-average remaining terms of 4.9 years and 5.2 years, respectively, and weighted-average discount rates of 3.4 % , and 3.3 %, respectively. We record operating lease expense on a straight-line basis over the lease term. For each of the three month periods ended March 31, 2024 and 2023, we recognized total operating lease expense of $ 0.4 million. As of March 31, 2024 and December 31, 2023, operating lease right-of-use lease assets of $ 5.8 million and $ 6.2 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets . As of March 31, 2024 and December 31, 2023, operating lease liabilities of $ 10.9 million and $ 11.5 million, respectively, are included in Accrued liabilities and other in our Condensed 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 Condensed Consolidated Balance Sheets . Leases with initial terms greater than 12 months are recorded as operating or finance leases in our Condensed 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 of the three month periods ended March 31, 2024 and 2023, we recognized sublease income of $ 0.4 million. Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows as of March 31, 2024 ( in thousands ): Sublease Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments Remainder of 2024 $ 1,061 $ 1,846 $ 2,691 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 $ 7,443 11,908 1,450,781 Less: Discount ( 980 ) ( 1,331,512 ) Total lease liabilities $ 10,928 $ 119,269 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | Note 8 — Business Segments We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other. Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of March 31, 2024 , our Development and Redevelopment segment consists of 10 rental communities, 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, 2023 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 three months ended March 31, 2024, we revised the information regularly reviewed by our chief operating decision maker ("CODM") to assess our operating performance. As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment. In addition, during the first quarter of 2024, we disposed of St. George Villas, which was previously reported within our Other segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business. 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 The Benson Hotel, our only hotel. 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, net of 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, and investments in real estate technology funds; and • 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 three months ended March 31, 2024 and 2023 ( in thousands ): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2024 Rental and other property revenues $ 4,672 $ 38,639 $ 4,764 $ 2,088 $ 40 $ 50,203 Property operating expenses 2,597 11,503 2,983 2,152 1,964 21,199 Other operating expenses not allocated (3) — — — — 28,017 28,017 Total operating expenses 2,597 11,503 2,983 2,152 29,981 49,216 Proportionate property net operating 2,075 27,136 1,781 ( 64 ) ( 29,941 ) 987 Other items included in income before (4) — — — — ( 10,913 ) ( 10,913 ) Income (loss) before income tax $ 2,075 $ 27,136 $ 1,781 $ ( 64 ) $ ( 40,854 ) $ ( 9,926 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2023 Rental and other property revenues $ 2,201 $ 36,672 $ 3,671 $ 1,656 $ 68 $ 44,268 Property operating expenses 1,676 11,186 1,529 1,657 1,456 17,504 Other operating expenses not allocated (3) — — — — 24,674 24,674 Total operating expenses 1,676 11,186 1,529 1,657 26,130 42,178 Proportionate property net operating 525 25,486 2,142 ( 1 ) ( 26,062 ) 2,090 Other items included in income before (4) — — — — ( 12,039 ) ( 12,039 ) Income (loss) before income tax $ 525 $ 25,486 $ 2,142 $ ( 1 ) $ ( 38,101 ) $ ( 9,949 ) (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 Condensed 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 consist of depreciation and amortization and general and administrative expenses. (4) Other items included in Income before income tax benefit (expense) consist primarily of 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 March 31, 2024 and December 31, 2023, were as follows ( in thousands ): Development and Redevelopment Operating Other Corporate and Amounts Not Allocated to Segments (1) Total As of March 31, 2024 Buildings and improvements $ 687,151 $ 711,541 $ 239,498 $ — $ 1,638,190 Land 206,558 262,409 151,521 — 620,488 Total real estate 893,709 973,950 391,019 — 2,258,678 Accumulated depreciation ( 15,820 ) ( 497,297 ) ( 84,263 ) — ( 597,380 ) Net real estate $ 877,889 $ 476,653 $ 306,756 $ — $ 1,661,298 Non-recourse property debt and construction loans, net $ 336,330 $ 764,826 $ 80,847 $ — $ 1,182,003 Development and Redevelopment Operating Other Corporate and Amounts Not Allocated to Segments (1) Total As of December 31, 2023 Buildings and improvements $ 644,154 $ 709,051 $ 239,089 $ 1,508 $ 1,593,802 Land 206,820 262,409 151,521 71 620,821 Total real estate 850,974 971,460 390,610 1,579 2,214,623 Accumulated depreciation ( 11,589 ) ( 489,206 ) ( 78,612 ) ( 1,395 ) ( 580,802 ) Net real estate $ 839,385 $ 482,254 $ 311,998 $ 184 $ 1,633,821 Non-recourse property debt and construction loans, net $ 301,424 $ 765,372 $ 80,739 $ 206 $ 1,147,741 (1) During the quarter ended March 31, 2024, we disposed of St. George Villas, and therefore it is not included in our segment balance sheets at March 31, 2024. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of March 31, 2024 and December 31, 2023 , respectively. In addition to the amounts disclosed in the tables above, as of March 31, 2024 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 108.7 million and $ 119.3 million, respectively, and as of December 31, 2023 , aggregated to $ 109.0 million and $ 118.7 million, respectively. As of March 31, 2024 , right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2023 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. |
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 6 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 Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the periods ended March 31, 2024 and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2 % , and 5.1 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai mco 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 March 31, 2024, consists of the following: (i) a 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 expect to complete the development of residential apartment communities in 2024. 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 Condensed Consolidated Balance Sheets as of March 31, 2024. 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 from December 31, 2023 to March 31, 2024 ( in thousands ): 2024 Balance at Beginning of Period $ 171,632 Distributions ( 2,034 ) Net income 3,560 Balance at March 31, 2024 $ 173,158 |
Mezzanine Investment | 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. The carrying value of the Mezzanine Investment was zero as of March 31, 2024. 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 Accrued liabilities and other in our Condensed 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 are presented as a direct reduction from the related liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets . The cash flows associated with this partial Mezzanine Investment sale have been included in Cash Flows from Financing Activities in our Condensed Consolidated Statements of Cash Flows. |
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 Condensed Consolidated 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 three months ended March 31, 2024, we had consolidated net losses subject to tax of $ 6.6 million, compared to consolidated net losses of $ 4.9 million for the same period in 2023. For the three months ended March 31, 2024, we recognized an income tax benefit of $ 2.7 million, compared to income tax benefit of $ 4.2 million during the same period in 2023 . The decrease is due primarily to a reduction to the effective state tax rate expected to apply to the reversal of our existing deferred items recognized during the three months ended March 31, 2023. |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. |
Other Assets, net | Other Assets, net Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 ( in thousands ): March 31, 2024 December 31, 2023 Other investments $ 64,943 $ 65,066 Deferred costs, deposits, and other 10,455 10,601 Prepaid expenses and real estate taxes 8,238 13,628 Intangible assets, net 13,438 13,494 Corporate fixed assets 11,311 10,669 Accounts receivable, net of allowances of $ 164 and $ 373 as of March 31, 2024 and December 31, 2023, respectively 10,428 5,178 Deferred tax assets 3,650 2,391 Due from affiliates 513 434 Total other assets, net $ 122,976 $ 121,461 |
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 statements. 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 condensed 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 condensed 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 Condensed Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options , and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows . |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships | The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to March 31, 2024 ( in thousands ): 2024 Balance at Beginning of Period $ 171,632 Distributions ( 2,034 ) Net income 3,560 Balance at March 31, 2024 $ 173,158 |
Summary of Other Assets | Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 ( in thousands ): March 31, 2024 December 31, 2023 Other investments $ 64,943 $ 65,066 Deferred costs, deposits, and other 10,455 10,601 Prepaid expenses and real estate taxes 8,238 13,628 Intangible assets, net 13,438 13,494 Corporate fixed assets 11,311 10,669 Accounts receivable, net of allowances of $ 164 and $ 373 as of March 31, 2024 and December 31, 2023, respectively 10,428 5,178 Deferred tax assets 3,650 2,391 Due from affiliates 513 434 Total other assets, net $ 122,976 $ 121,461 |
Earnings per Share and per Un_2
Earnings per Share and per Unit (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2024 and 2023, are as follows ( in thousands, except per share and per unit data ): Three Months Ended 2024 2023 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 10,186 ) $ ( 8,817 ) Net income (loss) allocated to Aimco participating securities — — Net income (loss) attributable to Aimco common stockholders $ ( 10,186 ) $ ( 8,817 ) Denominator - shares: Basic weighted-average common stock outstanding 140,594 145,827 Diluted share equivalents outstanding — — Diluted weighted-average common stock outstanding 140,594 145,827 Earnings (loss) per share - basic $ ( 0.07 ) $ ( 0.06 ) Earnings (loss) per share - diluted $ ( 0.07 ) $ ( 0.06 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 10,740 ) $ ( 9,291 ) Net income (loss) allocated to Aimco Operating Partnership participating securities — — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 10,740 ) $ ( 9,291 ) Denominator - units Basic weighted-average OP Units outstanding 148,257 153,631 Diluted OP Unit equivalents outstanding — — Diluted weighted-average OP Units outstanding 148,257 153,631 Earnings (loss) per unit - basic $ ( 0.07 ) $ ( 0.06 ) Earnings (loss) per unit - diluted $ ( 0.07 ) $ ( 0.06 ) |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds and Treasury Bill | The following table summarizes the fair value for our interest rate options, investments in stock, and our investments in real estate technology funds as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 As of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 5,053 $ — $ 5,053 $ — $ 5,237 $ — $ 5,237 $ — Investments in stock 2,409 2,409 — — 2,868 2,868 — — Investments in real estate technology funds (1) 2,845 — — — 2,508 — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. |
Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Non-recourse Construction Loans | The following table summarizes the carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 851,515 $ 800,635 $ 852,502 $ 807,240 Non-recourse construction loans 343,165 342,817 309,521 309,170 Total $ 1,194,680 $ 1,143,452 $ 1,162,023 $ 1,116,410 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 ( in thousands, except for VIE count ): As of March 31, 2024 As of December 31, 2023 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Net real estate $ 505,287 $ — $ 466,719 $ — Cash and cash equivalents 1,771 — 3,940 — Interest rate options 3,734 — 3,253 — Unconsolidated real estate partnerships — 23,282 — 23,125 Notes receivable 17,747 — 17,432 — Right-of-use lease assets - finance leases 108,673 — 108,992 — Other assets, net 17,423 59,823 16,140 59,823 Liabilities Non-recourse construction loans, net 235,820 — 201,103 — Lease liabilities - finance leases 119,269 — 118,697 — Accrued liabilities and other 39,109 31,642 35,881 31,018 |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Income for Residential and Commercial Property Leases | For the three months ended March 31, 2024 and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ): Three Months Ended March 31, 2024 2023 Fixed lease income $ 45,933 $ 41,005 Variable lease income 4,199 3,161 Total lease income $ 50,132 $ 44,166 |
Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income | Combined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows as of March 31, 2024 ( in thousands ): Sublease Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments Remainder of 2024 $ 1,061 $ 1,846 $ 2,691 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 $ 7,443 11,908 1,450,781 Less: Discount ( 980 ) ( 1,331,512 ) Total lease liabilities $ 10,928 $ 119,269 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Information for Reportable Segments | The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2024 and 2023 ( in thousands ): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2024 Rental and other property revenues $ 4,672 $ 38,639 $ 4,764 $ 2,088 $ 40 $ 50,203 Property operating expenses 2,597 11,503 2,983 2,152 1,964 21,199 Other operating expenses not allocated (3) — — — — 28,017 28,017 Total operating expenses 2,597 11,503 2,983 2,152 29,981 49,216 Proportionate property net operating 2,075 27,136 1,781 ( 64 ) ( 29,941 ) 987 Other items included in income before (4) — — — — ( 10,913 ) ( 10,913 ) Income (loss) before income tax $ 2,075 $ 27,136 $ 1,781 $ ( 64 ) $ ( 40,854 ) $ ( 9,926 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2023 Rental and other property revenues $ 2,201 $ 36,672 $ 3,671 $ 1,656 $ 68 $ 44,268 Property operating expenses 1,676 11,186 1,529 1,657 1,456 17,504 Other operating expenses not allocated (3) — — — — 24,674 24,674 Total operating expenses 1,676 11,186 1,529 1,657 26,130 42,178 Proportionate property net operating 525 25,486 2,142 ( 1 ) ( 26,062 ) 2,090 Other items included in income before (4) — — — — ( 12,039 ) ( 12,039 ) Income (loss) before income tax $ 525 $ 25,486 $ 2,142 $ ( 1 ) $ ( 38,101 ) $ ( 9,949 ) (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 Condensed 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 consist of depreciation and amortization and general and administrative expenses. (4) Other items included in Income before income tax benefit (expense) consist primarily of 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. |
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 March 31, 2024 and December 31, 2023, were as follows ( in thousands ): Development and Redevelopment Operating Other Corporate and Amounts Not Allocated to Segments (1) Total As of March 31, 2024 Buildings and improvements $ 687,151 $ 711,541 $ 239,498 $ — $ 1,638,190 Land 206,558 262,409 151,521 — 620,488 Total real estate 893,709 973,950 391,019 — 2,258,678 Accumulated depreciation ( 15,820 ) ( 497,297 ) ( 84,263 ) — ( 597,380 ) Net real estate $ 877,889 $ 476,653 $ 306,756 $ — $ 1,661,298 Non-recourse property debt and construction loans, net $ 336,330 $ 764,826 $ 80,847 $ — $ 1,182,003 Development and Redevelopment Operating Other Corporate and Amounts Not Allocated to Segments (1) Total As of December 31, 2023 Buildings and improvements $ 644,154 $ 709,051 $ 239,089 $ 1,508 $ 1,593,802 Land 206,820 262,409 151,521 71 620,821 Total real estate 850,974 971,460 390,610 1,579 2,214,623 Accumulated depreciation ( 11,589 ) ( 489,206 ) ( 78,612 ) ( 1,395 ) ( 580,802 ) Net real estate $ 839,385 $ 482,254 $ 311,998 $ 184 $ 1,633,821 Non-recourse property debt and construction loans, net $ 301,424 $ 765,372 $ 80,739 $ 206 $ 1,147,741 (1) During the quarter ended March 31, 2024, we disposed of St. George Villas, and therefore it is not included in our segment balance sheets at March 31, 2024. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of March 31, 2024 and December 31, 2023 , respectively. |
Organization (Details Textual)
Organization (Details Textual) | 3 Months Ended |
Mar. 31, 2024 Property Dwelling Unit Key OfficeBuilding ApartmentHome | |
Continuing Operations [Member] | |
Organization [Line Items] | |
Number of real estate properties | ApartmentHome | 5,600 |
Continuing Operations [Member] | Commercial Office Building [Member] | |
Organization [Line Items] | |
Number of real estate properties | OfficeBuilding | 1 |
Continuing Operations [Member] | Residential Apartment Communities In Waterfront Property [Member] | |
Organization [Line Items] | |
Number of units in real estate property | Unit | 276 |
Continuing Operations [Member] | Multifamily Property [Member] | |
Organization [Line Items] | |
Number of real estate properties | 2 |
Continuing Operations [Member] | Multifamily Properties Under Construction [Member] | |
Organization [Line Items] | |
Number of units in real estate property | 624 |
Continuing Operations [Member] | Planned Apartment Homes [Member] | |
Organization [Line Items] | |
Number of real estate properties | 909 |
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] | Luxury Hotel With Event Space [Member] | |
Organization [Line Items] | |
Number of real estate properties | Key | 106 |
Continuing Operations [Member] | Consolidated Properties [Member] | |
Organization [Line Items] | |
Number of real estate properties | OfficeBuilding | 21 |
Continuing Operations [Member] | Unconsolidated Properties[ Member] | |
Organization [Line Items] | |
Number of real estate properties | 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 ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2023 | Nov. 30, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Weighted average ownership interest | 5.20% | 5.10% | ||
Equity method investment aggregate cost | $ 275,000 | |||
Equity method investment term | 5 years | |||
Equity method investment interest rate | 10% | |||
Option to acquire equity interest in partnership, percentage | 30% | |||
Percentage of noncontrolling position sold | 20% | |||
Proceeds from sale of noncontrolling position | $ 33,500 | |||
Mezzanine Investment Due | $ 134,000 | |||
Consolidated income (loss) subject to tax | (6,600) | $ (4,900) | ||
Income tax benefit (expense) | 2,730 | 4,196 | ||
Aimco OP L.P. [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Payment made to mezzaine investment | $ 134,000 | |||
Minimum annualized returns percentage | 19% | |||
Percentage of residual payments | 80% | |||
Percentage of annualized return on subordinate investment | 10% | |||
Income tax benefit (expense) | $ 2,730 | $ 4,196 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance at Beginning of Period | $ 171,632 |
Balance at March 31, 2024 | 173,158 |
Real Estate Partnership [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance at Beginning of Period | 171,632 |
Distributions | (2,034) |
Net income | 3,560 |
Balance at March 31, 2024 | $ 173,158 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Other investments | $ 64,943 | $ 65,066 |
Deferred costs, deposits, and other | 10,455 | 10,601 |
Prepaid expenses and real estate taxes | 8,238 | 13,628 |
Intangible assets, net | 13,438 | 13,494 |
Corporate fixed assets | 11,311 | 10,669 |
Accounts receivable, net of allowances of $164 and $373 as of March 31, 2024 and December 31, 2023, respectively | 10,428 | 5,178 |
Deferred tax assets | 3,650 | 2,391 |
Total other assets, net | 122,976 | 121,461 |
Related Party [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Due from affiliates | $ 513 | $ 434 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, net of allowances | $ 164 | $ 373 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Construction related contracts, amount | $ 42.4 |
Undrawn non-resource construction loan | 91.7 |
Unconsolidated Joint Ventures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining commitments | 3 |
Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining commitments | $ 1.9 |
Commitments related to operations [Member] | Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Time Period of Long-term Purchase Commitment | 1 year |
Earnings per Share and per Un_3
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, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||
Net income (loss) attributable to Aimco | $ (10,186) | $ (8,817) |
Net income (loss) allocated to Aimco participating securities | 0 | 0 |
Net income (loss) attributable to Aimco common stockholders | $ (10,186) | $ (8,817) |
Basic weighted-average OP Units outstanding | 140,594,000 | 145,827,000 |
Diluted OP Unit equivalents outstanding | 0 | 0 |
Diluted weighted-average OP Units outstanding | 140,594,000 | 145,827,000 |
Earnings (loss) per share - basic | $ (0.07) | $ (0.06) |
Earnings (loss) per share - diluted | $ (0.07) | $ (0.06) |
Aimco OP L.P. [Member] | ||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||
Net income (loss) attributable to Aimco | $ (10,740) | $ (9,291) |
Net income (loss) allocated to Aimco participating securities | 0 | 0 |
Net income (loss) attributable to Aimco common stockholders | $ (10,740) | $ (9,291) |
Basic weighted-average OP Units outstanding | 148,257,000 | 153,631,000 |
Diluted OP Unit equivalents outstanding | 0 | 0 |
Diluted weighted-average OP Units outstanding | 148,257,000 | 153,631,000 |
Earnings (loss) per share - basic | $ (0.07) | $ (0.06) |
Earnings (loss) per share - diluted | $ (0.07) | $ (0.06) |
Earnings per Share and per Un_4
Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2024 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 | 4.2 |
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 | 8.4 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | $ 627,400 | |
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 | 5,053 | $ 5,237 |
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 |
Fair Value, Recurring [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment | 2,409 | 2,868 |
Fair Value, Recurring [Member] | Common Stock [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment | 2,409 | 2,868 |
Fair Value, Recurring [Member] | Property Technology Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment | $ 2,800 | $ 2,500 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds and Treasury Bill (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate options | $ 5,053 | $ 5,237 | |
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 | 5,053 | 5,237 | |
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 | 2,409 | 2,868 | |
Common Stock [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 2,409 | 2,868 | |
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] | 2,845 | 2,508 |
Real Estate Technology Funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Real Estate Technology Funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Real Estate Technology Funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | $ 0 | $ 0 |
[1] Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Non-recourse Construction Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 1,194,680 | $ 1,162,023 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 1,143,452 | 1,116,410 |
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 | 851,515 | 852,502 |
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 | 800,635 | 807,240 |
Non-recourse Construction Loans [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 343,165 | 309,521 |
Non-recourse Construction Loans [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 342,817 | $ 309,170 |
Variable Interest Entities (Det
Variable Interest Entities (Details Textual) | Mar. 31, 2024 ApartmentHome Entity | Dec. 31, 2023 Entity |
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 | Mar. 31, 2024 USD ($) Entity | Dec. 31, 2023 USD ($) Entity |
Net real estate | $ 1,661,298 | $ 1,633,821 |
Cash and cash equivalents | 121,814 | 122,601 |
Unconsolidated real estate partnerships | 23,282 | 23,125 |
Notes receivable | 58,187 | 57,554 |
Right-of-use lease assets- finance leases | 108,673 | 108,992 |
Non-recourse construction loans, net | 336,332 | 301,443 |
Lease liabilities - finance leases | 119,269 | 118,697 |
Accrued liabilities and other | 131,554 | 121,143 |
Interest Rate Options [Member] | ||
Interest rate options | $ 5,072 | $ 5,255 |
Consolidated Entities [Member] | ||
Count of VIEs | Entity | 5 | 5 |
Net real estate | $ 505,287 | $ 466,719 |
Cash and cash equivalents | 1,771 | 3,940 |
Notes receivable | 17,747 | 17,432 |
Right-of-use lease assets- finance leases | 108,673 | 108,992 |
Other assets, net | 17,423 | 16,140 |
Non-recourse construction loans, net | 235,820 | 201,103 |
Lease liabilities - finance leases | 119,269 | 118,697 |
Accrued liabilities and other | 39,109 | 35,881 |
Consolidated Entities [Member] | Interest Rate Options [Member] | ||
Interest rate options | $ 3,734 | $ 3,253 |
Unconsolidated Entities [Member] | ||
Count of VIEs | Entity | 8 | 8 |
Unconsolidated real estate partnerships | $ 23,282 | $ 23,125 |
Other assets, net | 59,823 | 59,823 |
Accrued liabilities and other | $ 31,642 | $ 31,018 |
Lease Arrangements - Lease Inco
Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Fixed lease income | $ 45,933 | $ 41,005 |
Variable lease income | 4,199 | 3,161 |
Total lease income | $ 50,132 | $ 44,166 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total lease liabilities | Total lease liabilities |
Lease Arrangements (Details Tex
Lease Arrangements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |||
Financing leases weighted average remaining term | 93 years 1 month 6 days | 93 years 4 months 24 days | |
Financing leases, weighted average discount rate, percent | 6.10% | 6.10% | |
Finance lease, amortization | $ 200 | $ 0 | |
Operating leases weighted average remaining term | 4 years 10 months 24 days | 5 years 2 months 12 days | |
Operating leases, weighted average discount rate, percent | 3.40% | 3.30% | |
Operating lease expenses | $ 400 | 400 | |
Operating right-of-use lease assets | $ 5,800 | $ 6,200 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Operating lease liability | $ 10,928 | $ 11,500 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |
Sub lease commencement date | Jan. 01, 2021 | ||
Sublease expiration date | May 31, 2029 | ||
Sublease income | $ 400 | 400 | |
Ground Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease cost capitalized | $ 900 | $ 2,100 |
Lease Arrangements - Minimum An
Lease Arrangements - Minimum Annual Lease Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Sublease Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2024 | $ 1,061 | |
2025 | 1,423 | |
2026 | 1,433 | |
2027 | 1,443 | |
2028 | 1,453 | |
Thereafter | 630 | |
Total | 7,443 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2024 | 1,846 | |
2025 | 2,355 | |
2026 | 2,341 | |
2027 | 2,380 | |
2028 | 2,181 | |
Thereafter | 805 | |
Total | 11,908 | |
Less: Discount | (980) | |
Total lease liabilities | $ 10,928 | $ 11,500 |
Operating Lease Liability Statement Of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2024 | $ 2,691 | |
2025 | 4,437 | |
2026 | 4,954 | |
2027 | 5,483 | |
2028 | 5,596 | |
Thereafter | 1,427,620 | |
Total | 1,450,781 | |
Less: Discount | (1,331,512) | |
Total lease liabilities | $ 119,269 | $ 118,697 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Total lease liabilities |
Business Segments (Details Text
Business Segments (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Dwelling Segment Community Property ApartmentHome | Dec. 31, 2023 USD ($) | Jan. 01, 2023 Property ApartmentHome | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 3 | ||
Development and Redevelopment [Member] | |||
Segment Reporting Information [Line Items] | |||
Right-of-use lease assets | $ | $ 108.7 | $ 109 | |
Lease liabilities | $ | $ 119.3 | $ 118.7 | |
Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of real estate properties | ApartmentHome | 5,600 | ||
Planned Apartment Homes [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of real estate properties | Property | 909 | ||
Planned Homes [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of real estate properties | Property | 16 | ||
Accessory Dwelling Units [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of units in real estate property | Dwelling | 8 | ||
Real Estate Partnership [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of real estate properties | Community | 10 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of real estate properties | Property | 21 | ||
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 | ||
Unconsolidated Investment in IQHQ and Mezzanine Investment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of apartment communities | Community | 4 | ||
Number of apartment homes | ApartmentHome | 142 |
Business Segments - Summary of
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary information for the reportable segments | ||
Rental and other property revenues | $ 50,203 | $ 44,268 |
Property operating expenses | 21,199 | 17,504 |
Other operating expenses not allocated to segments | 28,017 | 24,674 |
Total operating expenses | 49,216 | 42,178 |
Proportionate property net operating income (loss) | 987 | 2,090 |
Other items included in income before income tax | (10,913) | (12,039) |
Income (loss) before income tax | (9,926) | (9,949) |
Segment Reconciling Items [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 2,088 | 1,656 |
Property operating expenses | 2,152 | 1,657 |
Total operating expenses | 2,152 | 1,657 |
Proportionate property net operating income (loss) | (64) | (1) |
Income (loss) before income tax | (64) | (1) |
Corporate Non-Segment [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 40 | 68 |
Property operating expenses | 1,964 | 1,456 |
Other operating expenses not allocated to segments | 28,017 | 24,674 |
Total operating expenses | 29,981 | 26,130 |
Proportionate property net operating income (loss) | (29,941) | (26,062) |
Other items included in income before income tax | (10,913) | (12,039) |
Income (loss) before income tax | (40,854) | (38,101) |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 4,672 | 2,201 |
Property operating expenses | 2,597 | 1,676 |
Total operating expenses | 2,597 | 1,676 |
Proportionate property net operating income (loss) | 2,075 | 525 |
Income (loss) before income tax | 2,075 | 525 |
Operating Portfolio Segment [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 38,639 | 36,672 |
Property operating expenses | 11,503 | 11,186 |
Total operating expenses | 11,503 | 11,186 |
Proportionate property net operating income (loss) | 27,136 | 25,486 |
Income (loss) before income tax | 27,136 | 25,486 |
Other [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Rental and other property revenues | 4,764 | 3,671 |
Property operating expenses | 2,983 | 1,529 |
Total operating expenses | 2,983 | 1,529 |
Proportionate property net operating income (loss) | 1,781 | 2,142 |
Income (loss) before income tax | $ 1,781 | $ 2,142 |
Business Segments - Schedule of
Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Buildings and improvements | $ 1,638,190 | $ 1,593,802 |
Land | 620,488 | 620,821 |
Total real estate | 2,258,678 | 2,214,623 |
Accumulated depreciation | (597,380) | (580,802) |
Net real estate | 1,661,298 | 1,633,821 |
Non-recourse property debt and construction loans, net | 1,182,003 | 1,147,741 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 1,508 | |
Land | 71 | |
Total real estate | 1,579 | |
Accumulated depreciation | (1,395) | |
Net real estate | 184 | |
Non-recourse property debt and construction loans, net | 206 | |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 687,151 | 644,154 |
Land | 206,558 | 206,820 |
Total real estate | 893,709 | 850,974 |
Accumulated depreciation | (15,820) | (11,589) |
Net real estate | 877,889 | 839,385 |
Non-recourse property debt and construction loans, net | 336,330 | 301,424 |
Operating Portfolio Segment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 711,541 | 709,051 |
Land | 262,409 | 262,409 |
Total real estate | 973,950 | 971,460 |
Accumulated depreciation | (497,297) | (489,206) |
Net real estate | 476,653 | 482,254 |
Non-recourse property debt and construction loans, net | 764,826 | 765,372 |
Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 239,498 | 239,089 |
Land | 151,521 | 151,521 |
Total real estate | 391,019 | 390,610 |
Accumulated depreciation | (84,263) | (78,612) |
Net real estate | 306,756 | 311,998 |
Non-recourse property debt and construction loans, net | $ 80,847 | $ 80,739 |