Aimco OP 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 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	Jun. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		141,609,410
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	Jun. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Buildings and improvements	$ 1,657,258	$ 1,593,802
Land	620,246	620,821
Total real estate	2,277,504	2,214,623
Accumulated depreciation	(602,375)	(580,802)
Net real estate	1,675,129	1,633,821
Cash and cash equivalents	88,539	122,601
Restricted cash	20,859	16,666
Notes receivable	$ 57,660	$ 57,554
Financing Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 108,353	$ 108,992
Other assets, net	106,574	149,841
Total assets	2,057,114	2,089,475
LIABILITIES AND EQUITY
Non-recourse property debt, net	845,237	846,298
Non-recourse construction loans, net	366,078	301,443
Total indebtedness	1,211,315	1,147,741
Deferred tax liabilities	106,537	110,284
Lease liabilities - finance leases	120,353	118,697
Accrued liabilities and other	126,155	121,143
Total liabilities	1,564,360	1,497,865
Redeemable noncontrolling interests in consolidated real estate partnerships	174,849	171,632
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both June 30, 2024 and December 31, 2023):
Common Stock, $0.01 par value, 137,167,349 and 140,576,102 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1,372	1,406
Additional paid-in capital	439,168	464,538
Retained earnings (deficit)	(187,004)	(116,292)
Total Aimco equity	253,536	349,652
Noncontrolling interests in consolidated real estate partnerships	50,280	51,265
Common noncontrolling interests in Aimco Operating Partnership	14,089	19,061
Total equity	317,905	419,978
Partners' capital:
Total liabilities and equity	2,057,114	2,089,475
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,657,258	1,593,802
Land	620,246	620,821
Total real estate	2,277,504	2,214,623
Accumulated depreciation	(602,375)	(580,802)
Net real estate	1,675,129	1,633,821
Cash and cash equivalents	88,539	122,601
Restricted cash	20,859	16,666
Notes receivable	$ 57,660	$ 57,554
Financing Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 108,353	$ 108,992
Other assets, net	106,574	149,841
Total assets	2,057,114	2,089,475
LIABILITIES AND EQUITY
Non-recourse property debt, net	845,237	846,298
Non-recourse construction loans, net	366,078	301,443
Total indebtedness	1,211,315	1,147,741
Deferred tax liabilities	106,537	110,284
Lease liabilities - finance leases	120,353	118,697
Accrued liabilities and other	126,155	121,143
Total liabilities	1,564,360	1,497,865
Redeemable noncontrolling interests in consolidated real estate partnerships	174,849	171,632
Commitments and contingencies (Note 3)
Partners' capital:
General Partner and Special Limited Partner	253,536	349,652
Limited Partners	14,089	19,061
Partners’ capital attributable to Aimco Operating Partnership	267,625	368,713
Noncontrolling interests in consolidated real estate partnerships	50,280	51,265
Total partners’ capital	317,905	419,978
Total liabilities and equity	$ 2,057,114	$ 2,089,475

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 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)	137,167,349	140,576,102
Common Stock, shares outstanding (in shares)	137,167,349	140,576,102

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Rental and other property revenues	$ 51,148	$ 45,674	$ 101,350	$ 89,942
OPERATING EXPENSES
Property operating expenses	22,557	18,783	43,756	36,287
Depreciation and amortization	22,110	17,031	41,578	33,302
General and administrative expenses	7,577	7,890	16,126	16,293
Total operating expenses	52,244	43,704	101,460	85,882
Interest income	2,535	2,478	5,183	4,536
Interest expense	(16,820)	(9,656)	(30,190)	(19,381)
Realized and unrealized (gains) losses on interest rate contracts	640	3,383	2,312	2,326
Realized and unrealized gains (losses) on equity investments	(47,264)	1,094	(47,535)	1,231
Gain on dispositions of real estate		1,878		1,878
Other income (expense), net	(1,286)	(1,420)	(2,876)	(4,872)
Income (loss) before income tax	(63,291)	(273)	(73,216)	(10,222)
Income tax benefit (expense)	2,188	417	4,917	4,613
Net income (loss)	(61,103)	144	(68,299)	(5,609)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,598)	(3,576)	(7,158)	(6,849)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	811	(348)	827	(613)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership	3,364	178	3,918	652
Net income (loss) attributable to Aimco	$ (60,526)	$ (3,602)	$ (70,712)	$ (12,419)
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Basic weighted-average OP Units outstanding	139,816	144,195	140,205	145,007
Diluted weighted-average common stock outstanding	139,816	144,195	140,205	145,007
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 51,148	$ 45,674	$ 101,350	$ 89,942
OPERATING EXPENSES
Property operating expenses	22,557	18,783	43,756	36,287
Depreciation and amortization	22,110	17,031	41,578	33,302
General and administrative expenses	7,577	7,890	16,126	16,293
Total operating expenses	52,244	43,704	101,460	85,882
Interest income	2,535	2,478	5,183	4,536
Interest expense	(16,820)	(9,656)	(30,190)	(19,381)
Realized and unrealized (gains) losses on interest rate contracts	640	3,383	2,312	2,326
Realized and unrealized gains (losses) on equity investments	(47,264)	1,094	(47,535)	1,231
Gain on dispositions of real estate		1,878		1,878
Other income (expense), net	(1,286)	(1,420)	(2,876)	(4,872)
Income (loss) before income tax	(63,291)	(273)	(73,216)	(10,222)
Income tax benefit (expense)	2,188	417	4,917	4,613
Net income (loss)	(61,103)	144	(68,299)	(5,609)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,598)	(3,576)	(7,158)	(6,849)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	811	(348)	827	(613)
Net income (loss) attributable to Aimco	$ (63,890)	$ (3,780)	$ (74,630)	$ (13,071)
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Basic weighted-average OP Units outstanding	147,451	151,966	147,854	152,795
Diluted weighted-average common stock outstanding	147,451	151,966	147,854	152,795

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)	(12,458)			(12,419)	(12,419)	613	(652)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco OP	(620)		4,256		4,256		(4,876)
Share-based compensation expense	6,698		3,549		3,549		3,149
Contributions from noncontrolling interests in consolidated real estate partnerships	163					163
Distributions to noncontrolling interests in consolidated real estate partnerships	(597)					(597)
Common stock repurchased	(22,592)	$ (30)	(22,562)		(22,592)
Common stock repurchased (In shares)		(3,003)
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	(5)		(5)	1	(4)	(1)
Other, net (in shares)		(35)
Balances at Jun. 30, 2023	598,759	$ 1,438	483,258	37,486	522,182	48,472	28,105
Balances (in shares) at Jun. 30, 2023		143,734
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
Net income (loss)	(3,432)			(3,602)	(3,602)	348	(178)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco OP	(366)		(37)		(37)		(329)
Share-based compensation expense	1,876		1,853		1,853		23
Contributions from noncontrolling interests in consolidated real estate partnerships	113					113
Distributions to noncontrolling interests in consolidated real estate partnerships	(310)					(310)
Common stock repurchased	(7,870)	$ (10)	(7,860)		(7,870)
Common stock repurchased (In shares)		(984)
Other, net	(1)		(2)	1	(1)
Balances at Jun. 30, 2023	598,759	$ 1,438	483,258	37,486	522,182	48,472	28,105
Balances (in shares) at Jun. 30, 2023		143,734
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)	(75,457)			(70,712)	(70,712)	(827)	(3,918)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco OP	(400)		666		666		(1,066)
Share-based compensation expense	3,846		3,834		3,834		12
Contributions from noncontrolling interests in consolidated real estate partnerships	679					679
Distributions to noncontrolling interests in consolidated real estate partnerships	(837)					(837)
Common stock repurchased	(30,987)	$ (39)	(30,948)		(30,987)
Common stock repurchased (In shares)		(3,917)
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
Other, net	63		63		63
Balances at Jun. 30, 2024	317,905	$ 1,372	439,168	(187,004)	253,536	50,280	14,089
Balances (in shares) at Jun. 30, 2024		137,167
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
Net income (loss)	(64,701)			(60,526)	(60,526)	(811)	(3,364)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco OP	(115)		694		694		(809)
Share-based compensation expense	1,912		1,906		1,906		6
Contributions from noncontrolling interests in consolidated real estate partnerships	194					194
Distributions to noncontrolling interests in consolidated real estate partnerships	(436)					(436)
Common stock repurchased	(24,432)	$ (30)	(24,402)		(24,432)
Common stock repurchased (In shares)		(3,044)
Other, net	63		63		63
Balances at Jun. 30, 2024	$ 317,905	$ 1,372	$ 439,168	$ (187,004)	$ 253,536	$ 50,280	$ 14,089
Balances (in shares) at Jun. 30, 2024		137,167

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (68,299)	$ (5,609)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		41,578	33,302
Realized and unrealized (gains) losses on interest rate contracts		(2,312)	(2,326)
Realized and unrealized (gains) losses on equity investments		47,535	(1,231)
Income tax expense (benefit)		(4,917)	(4,613)
Share-based compensation		3,270	5,965
Loss on extinguishment of debt, net			929
Gain on dispositions of real estate			(1,878)
Amortization of debt issuance costs and other		8,415	1,371
Changes in operating assets and operating liabilities:
Operating assets, net		(8,065)	(1,244)
Operating liabilities, net		13,083	(6,686)
Total adjustments		98,017	23,294
Net cash provided by operating activities		29,718	17,685
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate			(4,108)
Capital expenditures	[1]	(77,860)	(129,919)
Distributions received from unconsolidated real estate partnerships			4,209
Other investing activities		419	3,183
Net cash used in investing activities		(77,441)	(126,635)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans		52,340	73,152
Principal repayments on non-recourse property debt		(1,569)	(61,541)
Proceeds from sale of participation in Mezzanine Investment			37,500
Proceeds from interest rate contracts		3,783	55,687
Common stock repurchased		(30,987)	(22,391)
Distributions to redeemable noncontrolling interests		(4,091)	(5,152)
Contributions from noncontrolling interests		679	163
Distributions to noncontrolling interests		(837)	(597)
Contributions from redeemable noncontrolling interests		150	125
Redemption of OP Units held by third parties		(400)	(621)
Other financing activities		(1,214)	(4,776)
Net cash provided by financing activities		17,854	71,549
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(29,869)	(37,401)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		139,267	229,766
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		109,398	192,365
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(68,299)	(5,609)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		41,578	33,302
Realized and unrealized (gains) losses on interest rate contracts		(2,312)	(2,326)
Realized and unrealized (gains) losses on equity investments		47,535	(1,231)
Income tax expense (benefit)		(4,917)	(4,613)
Share-based compensation		3,270	5,965
Loss on extinguishment of debt, net			929
Gain on dispositions of real estate			(1,878)
Amortization of debt issuance costs and other		8,415	1,371
Changes in operating assets and operating liabilities:
Operating assets, net		(8,065)	(1,244)
Operating liabilities, net		13,083	(6,686)
Total adjustments		98,017	23,294
Net cash provided by operating activities		29,718	17,685
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate			(4,108)
Capital expenditures	[2]	(77,860)	(129,919)
Distributions received from unconsolidated real estate partnerships			4,209
Other investing activities		419	3,183
Net cash used in investing activities		(77,441)	(126,635)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans		52,340	73,152
Principal repayments on non-recourse property debt		(1,569)	(61,541)
Proceeds from sale of participation in Mezzanine Investment			37,500
Proceeds from interest rate contracts		3,783	55,687
Common stock repurchased		(30,987)	(22,391)
Distributions to redeemable noncontrolling interests		(4,091)	(5,152)
Contributions from noncontrolling interests		679	163
Distributions to noncontrolling interests		(837)	(597)
Contributions from redeemable noncontrolling interests		150	125
Redemption of OP Units held by third parties		(400)	(621)
Other financing activities		(1,214)	(4,776)
Net cash provided by financing activities		17,854	71,549
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(29,869)	(37,401)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		139,267	229,766
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		109,398	192,365
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(570)	(295)
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		$ (570)	$ (295)
[1] Accrued capital expenditures wer e $ 34.5 mil lion and $ 62.8 million as of June 30, 2024 and 2023 , respectively. Accrued capital expenditures were $ 34.5 mill ion and $ 62.8 million as of June 30, 2024 and 2023 , respectively.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accrued capital expenditures	$ 34.5	$ 62.8
Aimco OP L.P. [Member]
Accrued capital expenditures	$ 34.5	$ 62.8

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)	$ (12,458)	(12,458)	(12,419)	(652)	(13,071)	613
Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco OP		(620)	4,256	(4,876)	(620)
Share-based compensation expense		6,698	3,549	3,149	6,698
Contributions from noncontrolling interests in consolidated real estate partnerships	163	163				163
Distributions to noncontrolling interests in consolidated real estate partnerships	(597)	(597)				(597)
Redemption of OP Units held by Aimco		(22,592)	(22,592)		(22,592)
Other OP Unit issuances, net of withholding taxes		2,812	1,540	1,272	2,812
Other, net		(5)	(4)		(4)	(1)
Balances at Jun. 30, 2023		598,759	522,182	28,105	550,287	48,472
Balances at Mar. 31, 2023		608,749	531,839	28,589	560,428	48,321
Net income (loss)	(3,432)	(3,432)	(3,602)	(178)	(3,780)	348
Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco OP		(366)	(37)	(329)	(366)
Share-based compensation expense		1,876	1,853	23	1,876
Contributions from noncontrolling interests in consolidated real estate partnerships	113	113				113
Distributions to noncontrolling interests in consolidated real estate partnerships	(310)	(310)				(310)
Redemption of OP Units held by Aimco		(7,870)	(7,870)		(7,870)
Other, net		(1)	(1)		(1)
Balances at Jun. 30, 2023		598,759	522,182	28,105	550,287	48,472
Balances at Dec. 31, 2023		419,978	349,652	19,061	368,713	51,265
Net income (loss)	(75,457)	(75,457)	(70,712)	(3,918)	(74,630)	(827)
Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco OP		(400)	666	(1,066)	(400)
Share-based compensation expense		3,846	3,834	12	3,846
Contributions from noncontrolling interests in consolidated real estate partnerships	679	679				679
Distributions to noncontrolling interests in consolidated real estate partnerships	(837)	(837)				(837)
Redemption of OP Units held by Aimco		(30,987)	(30,987)		(30,987)
Other OP Unit issuances, net of withholding taxes		1,020	1,020		1,020
Other, net		63	63		63
Balances at Jun. 30, 2024		317,905	253,536	14,089	267,625	50,280
Balances at Mar. 31, 2024		405,420	335,831	18,256	354,087	51,333
Net income (loss)	(64,701)	(64,701)	(60,526)	(3,364)	(63,890)	(811)
Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco OP		(115)	694	(809)	(115)
Share-based compensation expense		1,912	1,906	6	1,912
Contributions from noncontrolling interests in consolidated real estate partnerships	194	194				194
Distributions to noncontrolling interests in consolidated real estate partnerships	$ (436)	(436)				(436)
Redemption of OP Units held by Aimco		(24,432)	(24,432)		(24,432)
Other, net		63	63		63
Balances at Jun. 30, 2024		$ 317,905	$ 253,536	$ 14,089	$ 267,625	$ 50,280

Organization

Organization	6 Months Ended
	Jun. 30, 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 June 30, 2024, Aimco owned 92.3 % of the legal interest in the common partnership units of Aimco Operating Partnership and 94.7 % of the economic interest in Aimco Operating Partnership. The remaining 7.7 % legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 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 June 30, 2024, our entire portfolio of operating residential apartment communit ies includes 5,600 apartment homes within 21 consolidated stabilized operating properties, a fully renovated waterfront property with 276 units, a substantially complete 689 -unit community with 105,000 square feet of retail space, and four unconsolidated properties. Additionally, we have a residential community under construction with 146 of 220 planned apartment homes constructed and 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 b uilding 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; our investment in IQHQ Holdings, LP ("IQHQ"); and our investment in real estate technology funds. See Note 2 for further information over our Mezzanine Investment and our investment in IQHQ.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Prese ntation 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 and six months ended June 30, 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 entities. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. 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 account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity 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. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. 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 June 30, 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 the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. 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 June 30, 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 with residential apartment communities under construction and in lease-up. 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 June 30, 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 June 30, 2024 ( in thousands ): 2024 Balance at Beginning of Period $ 171,632 Contributions 150 Distributions ( 4,091 ) Net income 7,158 Balance at June 30, 2024 $ 174,849 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 June 30, 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 did 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 . 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. Investment in IQHQ In 2020, Aimco Predecessor made a $ 50.0 million commitment to IQHQ, a privately held life sciences real estate development company. In 2022, after fully funding our commitment, 22 % of our original investment in IQHQ was redeemed for $ 16.5 million. Our remaining investment in IQHQ, with a cost basis of $ 39.2 million, was adjusted upward to $ 59.7 million at the same per share value as the cash redemption per share. We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. During the three months ended June 30, 2024, we determined that our investment in IQHQ was impaired after consideration of factors, including adverse capital market conditions, increased real estate development costs, and IQHQ's financial condition. As a result, we recorded a non-cash impairment charge of $ 47.0 million to reduce the carrying value of the investment in IQHQ to $ 12.7 million as of June 30, 2024. The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Condensed Consolidated Statements of Operations for the periods ended June 30, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Condensed Consolidated Balance Sheets as of June 30, 2024. No impairment losses were recognized during the periods ended June 30, 2023. As of June 30, 2024 As of December 31, 2023 Equity ownership in IQHQ under measurement alternative: Initial cost 39,185 39,185 Cumulative upward adjustments 20,501 20,501 Cumulative impairment ( 46,972 ) — Total carrying value $ 12,714 $ 59,686 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, if applicable, gains retained by the REIT. For the three and six months ended June 30, 2024, we had consolidated net losses subject to tax of $ 5.3 million and $ 11.9 million, respectively. For the three and six months ended June 30, 2023, we had consolidated net losses subject to income tax of $ 2.5 million and $ 7.4 million, respectively. For the three months ended June 30, 2024, we recognized an income tax benefit of $ 2.2 million, compared to income tax benefit of $ 0.4 million during the same period in 2023. The increase is due primarily to the tax effect of fewer gains, increased depreciation, and interest expense associated with properties owned by, and activities of, our TRS entities. For the six months ended June 30, 2024, we recognized an income tax benefit of $ 4.9 million, compared to income tax benefit of $ 4.6 million during the same period in 2023. The increase is due primarily to the tax effect of fewer gains, increased depreciation, and interest expense associated with properties owned by, and activities of, our TRS entities. This increase was partially offset by 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 and 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 June 30, 2024 and December 31, 2023 ( in thousands ): June 30, 2024 December 31, 2023 Other investments $ 17,824 $ 65,066 Deferred costs, deposits, and other 11,692 9,374 Prepaid expenses and real estate taxes 12,847 14,855 Interest rate contracts (1) 3,699 5,255 Unconsolidated real estate partnerships 23,532 23,125 Intangible assets, net 13,400 13,494 Corporate fixed assets 11,364 10,669 Accounts receivable, net of allowances of $ 215 and $ 373 as of June 30, 2024 and December 31, 2023, respectively 7,750 5,178 Deferred tax assets 4,102 2,391 Due from affiliates 364 434 Total other assets, net $ 106,574 $ 149,841 (1) We account for our Interest rate contracts as non-designated hedges. Revenue from contracts with customers We apply ASC 606, Revenue from Contracts with Customers , in recognizing revenue from our operations at The Benson Hotel. The Benso n Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. 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 ASU 2023-07 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	6 Months Ended
	Jun. 30, 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 June 30, 2024, we had remaining commitments for construction-related contracts of $ 17.4 million, with $ 64.2 million undrawn on our non-recourse construction loans. As of June 30, 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 $ 1.7 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023, because the effect of their inclusion would have been antidilutive. As of June 30, 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 and six months ended June 30, 2024 and 2023, because the effect of their inclusion would have been antidilutive. As of June 30, 2024, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.4 million. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2024 and 2023, are as follows ( in thousands, except per share and per unit data ): Three Months Ended Six Months Ended 2024 2023 2024 2023 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 60,526 ) $ ( 3,602 ) $ ( 70,712 ) $ ( 12,419 ) Net income (loss) allocated to Aimco participating securities — — — — Net income (loss) attributable to Aimco common stockholders $ ( 60,526 ) $ ( 3,602 ) $ ( 70,712 ) $ ( 12,419 ) Denominator - shares: Basic weighted-average common stock outstanding 139,816 144,195 140,205 145,007 Diluted share equivalents outstanding — — — — Diluted weighted-average common stock outstanding 139,816 144,195 140,205 145,007 Earnings (loss) per share - basic $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 ) Earnings (loss) per share - diluted $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 63,890 ) $ ( 3,780 ) $ ( 74,630 ) $ ( 13,071 ) Net income (loss) allocated to Aimco Operating Partnership participating securities — — — — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 63,890 ) $ ( 3,780 ) $ ( 74,630 ) $ ( 13,071 ) Denominator - units Basic weighted-average OP Units outstanding 147,451 151,966 147,854 152,795 Diluted OP Unit equivalents outstanding — — — — Diluted weighted-average OP Units outstanding 147,451 151,966 147,854 152,795 Earnings (loss) per unit - basic $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 ) Earnings (loss) per unit - diluted $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 )

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	6 Months Ended
	Jun. 30, 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 contracts in Other assets, net in our Condensed Consolidated Balance Sheets . As of June 30, 2024, we held interest rate caps with a $ 627.4 million notional value. These instruments were acquired for $ 5.7 million, and the fair value of these instruments as of June 30, 2024 and December 31, 2023 is $ 3.7 million and $ 5.2 million, respectively. On a recurring basis, we measure at fair value our interest rate contracts. Our interest rate contracts 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 contracts 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 contracts , and any proceeds are reflected in Proceeds from interest rate contracts in our Condensed Consolidated Statements of Cash Flows . As of June 30, 2024 and December 31, 2023, we had investments in stock of $ 2.1 million and $ 2.9 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of June 30, 2024 and December 31, 2023, we have investments in property technology funds of $ 3.0 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 contracts, investments in stock, and our investments in real estate technology funds as of June 30, 2024 and December 31, 2023 ( in thousands ): As of June 30, 2024 As of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate contracts $ 3,684 $ — $ 3,684 $ — $ 5,237 $ — $ 5,237 $ — Investments in stock 2,149 2,149 — — 2,868 2,868 — — Investments in real estate technology funds (1) 2,959 — — — 2,508 — — — Total assets 8,792 2,149 3,684 — 10,613 2,868 5,237 — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. Nonrecurring Fair Value Measurements During the three and six months ended June 30, 2024, we recorded a non-cash impairment charge of $ 47.0 million related to our passive equity investment in IQHQ. This impairment charge was derived using a third-party valuation of IQHQ, which incorporated fair value estimates of properties owned by IQHQ. The fair value estimates of the properties owned by IQHQ were determined by discounted cash flow analyses and references to market comparable data. The cash flows utilized in such discounted cash flow analyses are comprised of projected operating results, which are based upon market conditions and future expectations. The most significant unobservable inputs utilized in determining the fair value of these assets are capitalization rates and discount rates, which ranged from 6.00 % to 7.00 % and 7.25 % to 10.25 %, respectively. Because of these inputs, we have determined that the fair value of these properties are classified within Level 3 of the fair value hierarchy. Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties. Because these inputs are derived from observable market data, we have determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of June 30, 2024, and December 31, 2023 and are categorized within Level 1 of the GAAP fair value hierarchy. 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 June 30, 2024 and December 31, 2023 ( in thousands ): As of June 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Description: Non-recourse property debt $ 850,730 $ 793,068 $ 852,502 $ 807,240 Non-recourse construction loans 371,929 371,584 309,521 309,170 Total $ 1,222,659 $ 1,164,652 $ 1,162,023 $ 1,116,410

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 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 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 June 30, 2024 and December 31, 2023 ( in thousands, except for VIE count ): As of June 30, 2024 As of December 31, 2023 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Net real estate $ 523,424 $ — $ 466,719 $ — Cash and cash equivalents 1,612 — 3,940 — Notes receivable 18,016 — 17,432 — Right-of-use lease assets - finance leases 108,353 — 108,992 — Other assets, net 21,223 36,246 19,393 82,948 Liabilities Non-recourse construction loans, net 265,630 — 201,103 — Lease liabilities - finance leases 120,353 — 118,697 — Accrued liabilities and other 35,117 32,270 35,881 31,018

Lease Arrangements

Lease Arrangements	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Lease Arrangements	Note 7 — Lease Arrangements Aimco as Lessor Our apartment homes and commercial spaces are leased to tenants under operating leases. As of June 30, 2024 , our apartment home leases generally have initial terms of 24 months or less. As of June 30, 2024, our commercial space leases have initial terms betwee n 5 and 15 y ears and represent approximately 8 % to 9 % of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions. We have a sublease arrangement providing space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029 . For the three and six months ended June 30, 2024 , we recognized sublease income of $ 0.4 million and $ 0.7 million, respectively, compared to $ 0.4 million and $ 0.7 million, respectively, for the three months and six months ended June 30, 2023. 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 and six months ended June 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease income $ 45,772 $ 42,208 $ 91,705 $ 83,213 Variable lease income 3,381 3,244 7,580 6,406 Total lease income $ 49,153 $ 45,452 $ 99,285 $ 89,619 Future minimum lease payments that are contractually due us from our office space sublease and commercial space leases, excluding extension options, as of June 30, 2024, are as follows (in thousands) : Corporate Office Sublease Commercial Leases Remainder of 2024 $ 709 $ 6,379 2025 1,423 10,033 2026 1,433 7,562 2027 1,443 5,603 2028 1,453 3,703 Thereafter 629 18,782 Total $ 7,090 $ 52,062 Aimco as Lessee Lease Arrangements We are lessee to finance leases for the land underlying our development sites at Upton Place, Strathmore Square, and Oak Shore. We have operating leases primarily for corporate office space. Substantially all of our office lease payments are fixed. See the table below for lease costs, net of capitalized finance lease costs, for the three and six months ended June 30, 2024 and 2023 ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease costs $ 383 $ 388 $ 762 $ 754 Finance lease costs: Amortization of right-of-use assets, net of capitalized amounts 250 — 431 — Interest on lease liabilities, net of capitalized amounts 1,611 — 2,673 — Total lease costs, net of capitalized amounts $ 2,244 $ 388 $ 3,866 $ 754 The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of June 30, 2024, and December 31, 2023: June 30, 2024 December 31, 2023 Weighted average remaining lease term (years): Operating leases 4.7 5.2 Finance leases 92.9 93.4 Weighted-average discount rate: Operating leases 3.4 % 3.3 % Finance leases 6.1 % 6.1 % As of June 30, 2024 and December 31, 2023, operating lease right-of-use lease assets of $ 5.5 million and $ 6.2 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets . As of June 30, 2024 and December 31, 2023, operating lease liabilities of $ 10.4 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 an initial term greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets . Annual Future Minimum Lease Payments Combined annual future minimum lease payments under our operating and finance leases are as follows as of June 30, 2024 ( in thousands ): Operating Leases Finance Leases Remainder of 2024 $ 1,179 $ 1,961 2025 2,355 4,437 2026 2,341 4,954 2027 2,380 5,483 2028 2,181 5,596 Thereafter 805 1,427,620 Total 11,241 1,450,051 Less: Discount ( 887 ) ( 1,329,698 ) Total lease liabilities $ 10,354 $ 120,353

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 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 June 30, 2024 , our Development and Redevelopment segment consists of 10 rental communities, two 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 in the prior year. We aggregate all our apartment communities that have reached stabilization into our Operating segment. During the first quarter of 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, 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 June 30, 2024 and 2023 ( in thousands ): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2024 Rental and other property revenues $ 5,497 $ 38,701 $ 5,019 $ 1,931 $ — $ 51,148 Property operating expenses 3,152 12,152 3,275 1,986 1,992 22,557 Other operating expenses not allocated (3) — — — — 29,687 29,687 Total operating expenses 3,152 12,152 3,275 1,986 31,679 52,244 Proportionate property net operating 2,345 26,549 1,744 ( 55 ) ( 31,679 ) ( 1,096 ) Other items included in income before (4) — — — — ( 62,195 ) ( 62,195 ) Income (loss) before income tax $ 2,345 $ 26,549 $ 1,744 $ ( 55 ) $ ( 93,874 ) $ ( 63,291 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2023 Rental and other property revenues $ 3,241 $ 37,011 $ 3,815 $ 1,588 $ 19 $ 45,674 Property operating expenses 1,077 11,496 3,103 1,629 1,478 18,783 Other operating expenses not allocated (3) — — — — 24,921 24,921 Total operating expenses 1,077 11,496 3,103 1,629 26,399 43,704 Proportionate property net operating 2,164 25,515 712 ( 41 ) ( 26,380 ) 1,970 Other items included in income before (4) — — — — ( 2,243 ) ( 2,243 ) Income (loss) before income tax $ 2,164 $ 25,515 $ 712 $ ( 41 ) $ ( 28,623 ) $ ( 273 ) The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2024 and 2023 ( in thousands ): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2024 Rental and other property revenues $ 10,168 $ 77,341 $ 9,783 $ 4,047 $ 11 $ 101,350 Property operating expenses 5,749 23,655 6,258 4,140 3,954 43,756 Other operating expenses not allocated (3) — — — — 57,704 57,704 Total operating expenses 5,749 23,655 6,258 4,140 61,658 101,460 Proportionate property net operating 4,419 53,686 3,525 ( 93 ) ( 61,647 ) ( 110 ) Other items included in income before (4) — — — — ( 73,106 ) ( 73,106 ) Income (loss) before income tax $ 4,419 $ 53,686 $ 3,525 $ ( 93 ) $ ( 134,753 ) $ ( 73,216 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2023 Rental and other property revenues $ 5,442 $ 73,683 $ 7,486 $ 3,237 $ 94 $ 89,942 Property operating expenses 2,753 22,683 4,631 3,306 2,914 36,287 Other operating expenses not allocated (3) — — — — 49,595 49,595 Total operating expenses 2,753 22,683 4,631 3,306 52,509 85,882 Proportionate property net operating 2,689 51,000 2,855 ( 69 ) ( 52,415 ) 4,060 Other items included in income before (4) — — — — ( 14,282 ) ( 14,282 ) Income (loss) before income tax $ 2,689 $ 51,000 $ 2,855 $ ( 69 ) $ ( 66,697 ) $ ( 10,222 ) (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 income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, and gain on dispositions of real estate. Net real estate and non-recourse property debt, net, of our segments as of June 30, 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 June 30, 2024 Buildings and improvements $ 717,458 $ 699,964 $ 239,836 $ — $ 1,657,258 Land 206,316 262,409 151,521 — 620,246 Total real estate 923,774 962,373 391,357 — 2,277,504 Accumulated depreciation ( 22,795 ) ( 489,624 ) ( 89,956 ) — ( 602,375 ) Net real estate $ 900,979 $ 472,749 $ 301,401 $ — $ 1,675,129 Non-recourse property debt and construction loans, net $ 366,078 $ 764,289 $ 80,948 $ — $ 1,211,315 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 $ 301,426 $ 765,372 $ 80,739 $ 204 $ 1,147,741 (1) During the first quarter of 2024, we disposed of St. George Villas, and therefore it is not included in our segment balance sheets at June 30, 2024. We added a column to the tables above for presentation purposes to display these assets and the associated debt as of June 30, 2024 and December 31, 2023 , respectively. In addition to the amounts disclosed in the tables above, as of June 30, 2024 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 108.4 million and $ 120.4 million, respectively, and as of December 31, 2023 , aggregated to $ 109.0 million and $ 118.7 million, respectively. As of June 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 entities. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. 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 account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity 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. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. 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 June 30, 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 the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. 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 June 30, 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 with residential apartment communities under construction and in lease-up. 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 June 30, 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 June 30, 2024 ( in thousands ): 2024 Balance at Beginning of Period $ 171,632 Contributions 150 Distributions ( 4,091 ) Net income 7,158 Balance at June 30, 2024 $ 174,849
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 June 30, 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 did 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 . 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.
Investment in IQHQ	Investment in IQHQ In 2020, Aimco Predecessor made a $ 50.0 million commitment to IQHQ, a privately held life sciences real estate development company. In 2022, after fully funding our commitment, 22 % of our original investment in IQHQ was redeemed for $ 16.5 million. Our remaining investment in IQHQ, with a cost basis of $ 39.2 million, was adjusted upward to $ 59.7 million at the same per share value as the cash redemption per share. We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. During the three months ended June 30, 2024, we determined that our investment in IQHQ was impaired after consideration of factors, including adverse capital market conditions, increased real estate development costs, and IQHQ's financial condition. As a result, we recorded a non-cash impairment charge of $ 47.0 million to reduce the carrying value of the investment in IQHQ to $ 12.7 million as of June 30, 2024. The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Condensed Consolidated Statements of Operations for the periods ended June 30, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Condensed Consolidated Balance Sheets as of June 30, 2024. No impairment losses were recognized during the periods ended June 30, 2023. As of June 30, 2024 As of December 31, 2023 Equity ownership in IQHQ under measurement alternative: Initial cost 39,185 39,185 Cumulative upward adjustments 20,501 20,501 Cumulative impairment ( 46,972 ) — Total carrying value $ 12,714 $ 59,686
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, if applicable, gains retained by the REIT. For the three and six months ended June 30, 2024, we had consolidated net losses subject to tax of $ 5.3 million and $ 11.9 million, respectively. For the three and six months ended June 30, 2023, we had consolidated net losses subject to income tax of $ 2.5 million and $ 7.4 million, respectively. For the three months ended June 30, 2024, we recognized an income tax benefit of $ 2.2 million, compared to income tax benefit of $ 0.4 million during the same period in 2023. The increase is due primarily to the tax effect of fewer gains, increased depreciation, and interest expense associated with properties owned by, and activities of, our TRS entities. For the six months ended June 30, 2024, we recognized an income tax benefit of $ 4.9 million, compared to income tax benefit of $ 4.6 million during the same period in 2023. The increase is due primarily to the tax effect of fewer gains, increased depreciation, and interest expense associated with properties owned by, and activities of, our TRS entities. This increase was partially offset by 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 and 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 June 30, 2024 and December 31, 2023 ( in thousands ): June 30, 2024 December 31, 2023 Other investments $ 17,824 $ 65,066 Deferred costs, deposits, and other 11,692 9,374 Prepaid expenses and real estate taxes 12,847 14,855 Interest rate contracts (1) 3,699 5,255 Unconsolidated real estate partnerships 23,532 23,125 Intangible assets, net 13,400 13,494 Corporate fixed assets 11,364 10,669 Accounts receivable, net of allowances of $ 215 and $ 373 as of June 30, 2024 and December 31, 2023, respectively 7,750 5,178 Deferred tax assets 4,102 2,391 Due from affiliates 364 434 Total other assets, net $ 106,574 $ 149,841 (1) We account for our Interest rate contracts as non-designated hedges. Revenue from contracts with customers We apply ASC 606, Revenue from Contracts with Customers , in recognizing revenue from our operations at The Benson Hotel. The Benso n Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs.
Revenue From Contract with Customers	Revenue from contracts with customers We apply ASC 606, Revenue from Contracts with Customers , in recognizing revenue from our operations at The Benson Hotel. The Benso n Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs.
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 ASU 2023-07 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 contracts. Our interest rate contracts 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 contracts 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 contracts , and any proceeds are reflected in Proceeds from interest rate contracts in our Condensed Consolidated Statements of Cash Flows .

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 ( in thousands ): 2024 Balance at Beginning of Period $ 171,632 Contributions 150 Distributions ( 4,091 ) Net income 7,158 Balance at June 30, 2024 $ 174,849
Summary of Other Assets	Other assets were comprised of the following amounts as of June 30, 2024 and December 31, 2023 ( in thousands ): June 30, 2024 December 31, 2023 Other investments $ 17,824 $ 65,066 Deferred costs, deposits, and other 11,692 9,374 Prepaid expenses and real estate taxes 12,847 14,855 Interest rate contracts (1) 3,699 5,255 Unconsolidated real estate partnerships 23,532 23,125 Intangible assets, net 13,400 13,494 Corporate fixed assets 11,364 10,669 Accounts receivable, net of allowances of $ 215 and $ 373 as of June 30, 2024 and December 31, 2023, respectively 7,750 5,178 Deferred tax assets 4,102 2,391 Due from affiliates 364 434 Total other assets, net $ 106,574 $ 149,841 (1) We account for our Interest rate contracts as non-designated hedges. Revenue from contracts with customers We apply ASC 606, Revenue from Contracts with Customers , in recognizing revenue from our operations at The Benson Hotel. The Benso n Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs.
Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets	The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Condensed Consolidated Statements of Operations for the periods ended June 30, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Condensed Consolidated Balance Sheets as of June 30, 2024. As of June 30, 2024 As of December 31, 2023 Equity ownership in IQHQ under measurement alternative: Initial cost 39,185 39,185 Cumulative upward adjustments 20,501 20,501 Cumulative impairment ( 46,972 ) — Total carrying value $ 12,714 $ 59,686

Earnings per Share and per Un_2

Earnings per Share and per Unit (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023, are as follows ( in thousands, except per share and per unit data ): Three Months Ended Six Months Ended 2024 2023 2024 2023 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 60,526 ) $ ( 3,602 ) $ ( 70,712 ) $ ( 12,419 ) Net income (loss) allocated to Aimco participating securities — — — — Net income (loss) attributable to Aimco common stockholders $ ( 60,526 ) $ ( 3,602 ) $ ( 70,712 ) $ ( 12,419 ) Denominator - shares: Basic weighted-average common stock outstanding 139,816 144,195 140,205 145,007 Diluted share equivalents outstanding — — — — Diluted weighted-average common stock outstanding 139,816 144,195 140,205 145,007 Earnings (loss) per share - basic $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 ) Earnings (loss) per share - diluted $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 63,890 ) $ ( 3,780 ) $ ( 74,630 ) $ ( 13,071 ) Net income (loss) allocated to Aimco Operating Partnership participating securities — — — — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 63,890 ) $ ( 3,780 ) $ ( 74,630 ) $ ( 13,071 ) Denominator - units Basic weighted-average OP Units outstanding 147,451 151,966 147,854 152,795 Diluted OP Unit equivalents outstanding — — — — Diluted weighted-average OP Units outstanding 147,451 151,966 147,854 152,795 Earnings (loss) per unit - basic $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 ) Earnings (loss) per unit - diluted $ ( 0.43 ) $ ( 0.02 ) $ ( 0.50 ) $ ( 0.09 )

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Contracts, and Investments in Real Estate Technology Funds and Treasury Bill	The following table summarizes the fair value for our interest rate contracts, investments in stock, and our investments in real estate technology funds as of June 30, 2024 and December 31, 2023 ( in thousands ): As of June 30, 2024 As of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate contracts $ 3,684 $ — $ 3,684 $ — $ 5,237 $ — $ 5,237 $ — Investments in stock 2,149 2,149 — — 2,868 2,868 — — Investments in real estate technology funds (1) 2,959 — — — 2,508 — — — Total assets 8,792 2,149 3,684 — 10,613 2,868 5,237 — (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 Our Non-recourse Property Debt and 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 June 30, 2024 and December 31, 2023 ( in thousands ): As of June 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Description: Non-recourse property debt $ 850,730 $ 793,068 $ 852,502 $ 807,240 Non-recourse construction loans 371,929 371,584 309,521 309,170 Total $ 1,222,659 $ 1,164,652 $ 1,162,023 $ 1,116,410

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 ( in thousands, except for VIE count ): As of June 30, 2024 As of December 31, 2023 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Net real estate $ 523,424 $ — $ 466,719 $ — Cash and cash equivalents 1,612 — 3,940 — Notes receivable 18,016 — 17,432 — Right-of-use lease assets - finance leases 108,353 — 108,992 — Other assets, net 21,223 36,246 19,393 82,948 Liabilities Non-recourse construction loans, net 265,630 — 201,103 — Lease liabilities - finance leases 120,353 — 118,697 — Accrued liabilities and other 35,117 32,270 35,881 31,018

Lease Arrangements (Tables)

Lease Arrangements (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Lease Income for Residential and Commercial Property Leases	For the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease income $ 45,772 $ 42,208 $ 91,705 $ 83,213 Variable lease income 3,381 3,244 7,580 6,406 Total lease income $ 49,153 $ 45,452 $ 99,285 $ 89,619
Schedule of Minimum Lease Payments from our Office Space Sublease and Commercial Space Leases, Excluding Extension Options	Future minimum lease payments that are contractually due us from our office space sublease and commercial space leases, excluding extension options, as of June 30, 2024, are as follows (in thousands) : Corporate Office Sublease Commercial Leases Remainder of 2024 $ 709 $ 6,379 2025 1,423 10,033 2026 1,433 7,562 2027 1,443 5,603 2028 1,453 3,703 Thereafter 629 18,782 Total $ 7,090 $ 52,062
Schedule of Lease Costs, Net of Capitalized Lease Costs	See the table below for lease costs, net of capitalized finance lease costs, for the three and six months ended June 30, 2024 and 2023 ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease costs $ 383 $ 388 $ 762 $ 754 Finance lease costs: Amortization of right-of-use assets, net of capitalized amounts 250 — 431 — Interest on lease liabilities, net of capitalized amounts 1,611 — 2,673 — Total lease costs, net of capitalized amounts $ 2,244 $ 388 $ 3,866 $ 754
Schedule of Weighted Average Remaining Terms and Discount Rates	The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of June 30, 2024, and December 31, 2023: June 30, 2024 December 31, 2023 Weighted average remaining lease term (years): Operating leases 4.7 5.2 Finance leases 92.9 93.4 Weighted-average discount rate: Operating leases 3.4 % 3.3 % Finance leases 6.1 % 6.1 %
Minimum Annual Lease Payments Under Operating, Financing Leases	Combined annual future minimum lease payments under our operating and finance leases are as follows as of June 30, 2024 ( in thousands ): Operating Leases Finance Leases Remainder of 2024 $ 1,179 $ 1,961 2025 2,355 4,437 2026 2,341 4,954 2027 2,380 5,483 2028 2,181 5,596 Thereafter 805 1,427,620 Total 11,241 1,450,051 Less: Discount ( 887 ) ( 1,329,698 ) Total lease liabilities $ 10,354 $ 120,353

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and 2023 ( in thousands ): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2024 Rental and other property revenues $ 5,497 $ 38,701 $ 5,019 $ 1,931 $ — $ 51,148 Property operating expenses 3,152 12,152 3,275 1,986 1,992 22,557 Other operating expenses not allocated (3) — — — — 29,687 29,687 Total operating expenses 3,152 12,152 3,275 1,986 31,679 52,244 Proportionate property net operating 2,345 26,549 1,744 ( 55 ) ( 31,679 ) ( 1,096 ) Other items included in income before (4) — — — — ( 62,195 ) ( 62,195 ) Income (loss) before income tax $ 2,345 $ 26,549 $ 1,744 $ ( 55 ) $ ( 93,874 ) $ ( 63,291 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2023 Rental and other property revenues $ 3,241 $ 37,011 $ 3,815 $ 1,588 $ 19 $ 45,674 Property operating expenses 1,077 11,496 3,103 1,629 1,478 18,783 Other operating expenses not allocated (3) — — — — 24,921 24,921 Total operating expenses 1,077 11,496 3,103 1,629 26,399 43,704 Proportionate property net operating 2,164 25,515 712 ( 41 ) ( 26,380 ) 1,970 Other items included in income before (4) — — — — ( 2,243 ) ( 2,243 ) Income (loss) before income tax $ 2,164 $ 25,515 $ 712 $ ( 41 ) $ ( 28,623 ) $ ( 273 ) The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2024 and 2023 ( in thousands ): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2024 Rental and other property revenues $ 10,168 $ 77,341 $ 9,783 $ 4,047 $ 11 $ 101,350 Property operating expenses 5,749 23,655 6,258 4,140 3,954 43,756 Other operating expenses not allocated (3) — — — — 57,704 57,704 Total operating expenses 5,749 23,655 6,258 4,140 61,658 101,460 Proportionate property net operating 4,419 53,686 3,525 ( 93 ) ( 61,647 ) ( 110 ) Other items included in income before (4) — — — — ( 73,106 ) ( 73,106 ) Income (loss) before income tax $ 4,419 $ 53,686 $ 3,525 $ ( 93 ) $ ( 134,753 ) $ ( 73,216 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2023 Rental and other property revenues $ 5,442 $ 73,683 $ 7,486 $ 3,237 $ 94 $ 89,942 Property operating expenses 2,753 22,683 4,631 3,306 2,914 36,287 Other operating expenses not allocated (3) — — — — 49,595 49,595 Total operating expenses 2,753 22,683 4,631 3,306 52,509 85,882 Proportionate property net operating 2,689 51,000 2,855 ( 69 ) ( 52,415 ) 4,060 Other items included in income before (4) — — — — ( 14,282 ) ( 14,282 ) Income (loss) before income tax $ 2,689 $ 51,000 $ 2,855 $ ( 69 ) $ ( 66,697 ) $ ( 10,222 ) (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 income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, and gain on dispositions of real estate.
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 June 30, 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 June 30, 2024 Buildings and improvements $ 717,458 $ 699,964 $ 239,836 $ — $ 1,657,258 Land 206,316 262,409 151,521 — 620,246 Total real estate 923,774 962,373 391,357 — 2,277,504 Accumulated depreciation ( 22,795 ) ( 489,624 ) ( 89,956 ) — ( 602,375 ) Net real estate $ 900,979 $ 472,749 $ 301,401 $ — $ 1,675,129 Non-recourse property debt and construction loans, net $ 366,078 $ 764,289 $ 80,948 $ — $ 1,211,315 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 $ 301,426 $ 765,372 $ 80,739 $ 204 $ 1,147,741 (1) During the first quarter of 2024, we disposed of St. George Villas, and therefore it is not included in our segment balance sheets at June 30, 2024. We added a column to the tables above for presentation purposes to display these assets and the associated debt as of June 30, 2024 and December 31, 2023 , respectively.

Organization (Details Textual)

Organization (Details Textual)	6 Months Ended
	Jun. 30, 2024 ft² ApartmenthomeProperty OfficeBuilding Property Dwelling ApartmentHome Unit Key	Mar. 31, 2024 OfficeBuilding
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties | ApartmentHome	5,600
Retail space | ft²	105,000
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] | Community [Member]
Organization [Line Items]
Number of units in real estate property | Unit	689
Continuing Operations [Member] | Residential Community [Member]
Organization [Line Items]
Number of real estate properties | ApartmenthomeProperty	146
Continuing Operations [Member] | Planned Apartment Homes [Member]
Organization [Line Items]
Number of real estate properties | ApartmenthomeProperty	220
Continuing Operations [Member] | Planned Homes [Member]
Organization [Line Items]
Number of real estate properties | Property	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 | Property	4
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	92.30%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	94.70%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	7.70%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Nov. 30, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest					5.20%	5.10%
Equity method investment aggregate cost		$ 275,000,000
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	$ 33,500,000
Mezzanine Investment Due			$ 134,000,000		$ 134,000,000
Consolidated income (loss) subject to tax			(5,300,000)	$ (2,500,000)	(11,900,000)	$ (7,400,000)
Income tax benefit (expense)			2,188,000	417,000	4,917,000	4,613,000
Equity method investment cost basis		$ 275,000,000
IQHQ [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Equity method investment aggregate cost			39,185,000		39,185,000			$ 39,185,000	$ 39,200,000
Impairment losses						0
Commitment purchase amount							$ 50,000,000
Percentage of ownership of units									22%
Equity method investment redemption with step-up value to be paid in cash									$ 16,500,000
Equity method investment cost basis			39,185,000		39,185,000			39,185,000	39,200,000
Equity method investments fair value									$ 59,700,000
Non-cash impairment charge			47,000,000
Carrying value of the investment			12,714,000		12,714,000			$ 59,686,000
Aimco OP L.P. [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Payment made to mezzaine investment	$ 134,000,000
Minimum annualized returns percentage	19%
Percentage of residual payments	80%
Percentage of annualized return on subordinate investment	10%
Income tax benefit (expense)			$ 2,188,000	$ 417,000	$ 4,917,000	$ 4,613,000

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	6 Months Ended
	Jun. 30, 2024 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at Beginning of Period	$ 171,632
Balance at June 30, 2024	174,849
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at Beginning of Period	171,632
Contributions	150
Distributions	(4,091)
Net income	7,158
Balance at June 30, 2024	$ 174,849

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting - Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2019
Schedule of Equity Method Investments [Line Items]
Initial cost				$ 275,000
IQHQ [Member]
Schedule of Equity Method Investments [Line Items]
Initial cost	$ 39,185	$ 39,185	$ 39,200
Cumulative upward adjustments	20,501	20,501
Cumulative impairment	(46,972)	0
Carrying value of the investment	$ 12,714	$ 59,686

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Other investments		$ 17,824	$ 65,066
Deferred costs, deposits, and other		11,692	9,374
Prepaid expenses and real estate taxes		12,847	14,855
Interest rate contracts	[1]	3,699	5,255
Unconsolidated real estate partnerships		23,532	23,125
Intangible assets, net		13,400	13,494
Corporate fixed assets		11,364	10,669
Accounts receivable, net of allowances of $215 and $373 as of June 30, 2024 and December 31, 2023, respectively		7,750	5,178
Deferred tax assets		4,102	2,391
Total other assets, net		106,574	149,841
Related Party [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Due from affiliates		$ 364	$ 434
[1] (1) We account for our Interest rate contracts as non-designated hedges.

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 215	$ 373

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Construction related contracts, amount	$ 17.4
Undrawn non-resource construction loan	64.2
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	$ 1.7
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, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (60,526)	$ (3,602)	$ (70,712)	$ (12,419)
Net income (loss) allocated to Aimco participating securities	0	0	0	0
Net income (loss) attributable to Aimco common stockholders	$ (60,526)	$ (3,602)	$ (70,712)	$ (12,419)
Basic weighted-average OP Units outstanding	139,816	144,195	140,205	145,007
Diluted OP Unit equivalents outstanding	0	0	0	0
Diluted weighted-average OP Units outstanding	139,816	144,195	140,205	145,007
Earnings (loss) per share - basic	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Earnings (loss) per share - diluted	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (63,890)	$ (3,780)	$ (74,630)	$ (13,071)
Net income (loss) allocated to Aimco participating securities	0	0	0	0
Net income (loss) attributable to Aimco common stockholders	$ (63,890)	$ (3,780)	$ (74,630)	$ (13,071)
Basic weighted-average OP Units outstanding	147,451	151,966	147,854	152,795
Diluted OP Unit equivalents outstanding	0	0	0	0
Diluted weighted-average OP Units outstanding	147,451	151,966	147,854	152,795
Earnings (loss) per share - basic	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)
Earnings (loss) per share - diluted	$ (0.43)	$ (0.02)	$ (0.5)	$ (0.09)

Earnings per Share and per Un_4

Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Participating securities that could potentially dilute basic earnings per share | $	$ 2.4
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) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	$ 627,400	$ 627,400
IQHQ [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-cash impairment charge	47,000
Carrying value of the investment	$ 12,714	$ 12,714	$ 59,686
Measurement Input, Capitalization Rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	6	6
Measurement Input, Capitalization Rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	7	7
Measurement Input, Discount Rates [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	7.25	7.25
Measurement Input, Discount Rates [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	10.25	10.25
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments acquired		$ 5,700	5,700
Investment	$ 8,792	8,792	10,613
Fair value of instruments	3,684	3,684	5,237
Fair Value, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,149	2,149	2,868
Fair value of instruments	0	0	0
Fair Value, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,149	2,149	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	2,149	2,149	2,868
Fair Value, Recurring [Member] | Property Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	3,000	3,000	$ 2,500
Fair Value, Nonrecurring [Member] | IQHQ [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-cash impairment charge	$ 47,000	$ 47,000

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Contracts and Investments in Real Estate Technology Funds and Treasury Bill (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contracts		$ 3,684	$ 5,237
Total assets		8,792	10,613
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contracts		0	0
Total assets		2,149	2,868
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contracts		3,684	5,237
Total assets		3,684	5,237
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contracts		0	0
Total assets		0	0
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		2,149	2,868
Common Stock [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		2,149	2,868
Common Stock [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		0	0
Common Stock [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		0	0
Real Estate Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	[1]	2,959	2,508
Real Estate Technology Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	[1]	0	0
Real Estate Technology Funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	[1]	0	0
Real Estate Technology Funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	[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 Our Non-recourse Property Debt and Non-recourse Construction Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 1,222,659	$ 1,162,023
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,164,652	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	850,730	852,502
Non-recourse Property Debt [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	793,068	807,240
Non-recourse Construction Loans [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	371,929	309,521
Non-recourse Construction Loans [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 371,584	$ 309,170

Variable Interest Entities (Det

Variable Interest Entities (Details Textual)	Jun. 30, 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		Jun. 30, 2024 USD ($) Entity	Dec. 31, 2023 USD ($) Entity
Net real estate		$ 1,675,129	$ 1,633,821
Cash and cash equivalents		88,539	122,601
Interest rate contracts	[1]	3,699	5,255
Unconsolidated real estate partnerships		23,532	23,125
Notes receivable		57,660	57,554
Right-of-use lease assets- finance leases		108,353	108,992
Non-recourse construction loans, net		366,078	301,443
Lease liabilities - finance leases		120,353	118,697
Accrued liabilities and other		$ 126,155	$ 121,143
Consolidated Entities [Member]
Count of VIEs | Entity		5	5
Net real estate		$ 523,424	$ 466,719
Cash and cash equivalents		1,612	3,940
Notes receivable		18,016	17,432
Right-of-use lease assets- finance leases		108,353	108,992
Other assets, net		21,223	19,393
Non-recourse construction loans, net		265,630	201,103
Lease liabilities - finance leases		120,353	118,697
Accrued liabilities and other		$ 35,117	$ 35,881
Unconsolidated Entities [Member]
Count of VIEs | Entity		8	8
Other assets, net		$ 36,246	$ 82,948
Accrued liabilities and other		$ 32,270	$ 31,018
[1] (1) We account for our Interest rate contracts as non-designated hedges.

Lease Arrangements (Details Tex

Lease Arrangements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Lessee, operating lease, description			Our apartment homes and commercial spaces are leased to tenants under operating leases. As of June 30, 2024, our apartment home leases generally have initial terms of 24 months or less. As of June 30, 2024, our commercial space leases have initial terms between 5 and 15 years and represent approximately 8% to 9% of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions.
Operating right-of-use lease assets	$ 5,500		$ 5,500		$ 6,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Operating lease liability	$ 10,354		$ 10,354		$ 11,500
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Sub lease commencement date			Jan. 01, 2021
Sublease expiration date			May 31, 2029
Sublease income	$ 400	$ 400	$ 700	$ 700
Apartment Home Lease [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease terms	24 months		24 months
Commercial Space Lease [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease terms	5 years		5 years
Operating lease percentage of total revenue			8%
Commercial Space Lease [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease terms	15 years		15 years
Operating lease percentage of total revenue			9%

Lease Arrangements - Lease Inco

Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease income	$ 45,772	$ 42,208	$ 91,705	$ 83,213
Variable lease income	3,381	3,244	7,580	6,406
Total lease income	$ 49,153	$ 45,452	$ 99,285	$ 89,619
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total lease liabilities	Total lease liabilities	Total lease liabilities	Total lease liabilities

Lease Arrangements - Schedule o

Lease Arrangements - Schedule of Minimum Lease Payments from our Office Space Sublease and Commercial Space Leases, Excluding Extension Options (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Corporate Office Sublease [Member]
Lessor, Operating Lease, Payment to Be Received, Fiscal Year Maturity [Line Itam]
Remainder of 2024	$ 709
2025	1,423
2026	1,433
2027	1,443
2028	1,453
Thereafter	629
Total future minimum lease receipts	7,090
Commercial Leases [Member]
Lessor, Operating Lease, Payment to Be Received, Fiscal Year Maturity [Line Itam]
Remainder of 2024	6,379
2025	10,033
2026	7,562
2027	5,603
2028	3,703
Thereafter	18,782
Total future minimum lease receipts	$ 52,062

Lease Arrangements - Schedule_2

Lease Arrangements - Schedule of Lease Costs, Net of Capitalized Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease, Cost [Abstract]
Operating lease costs	$ 383	$ 388	$ 762	$ 754
Amortization of right-of-use assets, net of capitalized amounts	250		431
Interest on lease liabilities, net of capitalized amounts	1,611		2,673
Total lease costs, net of capitalized amounts	$ 2,244	$ 388	$ 3,866	$ 754

Lease Arrangements - Schedule_3

Lease Arrangements - Schedule of Weighted Average Remaining Terms and Discount Rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating leases, weighted average remaining lease term	4 years 8 months 12 days	5 years 2 months 12 days
Finance leases, weighted average remaining lease term	92 years 10 months 24 days	93 years 4 months 24 days
Operating leases, weighted-average discount rate	3.40%	3.30%
Finance leases, weighted-average discount rate	6.10%	6.10%

Lease Arrangements - Minimum An

Lease Arrangements - Minimum Annual Lease Payments Under Operating, Financing Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2024	$ 1,179
2025	2,355
2026	2,341
2027	2,380
2028	2,181
Thereafter	805
Total	11,241
Less: Discount	(887)
Total lease liabilities	$ 10,354	$ 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	$ 1,961
2025	4,437
2026	4,954
2027	5,483
2028	5,596
Thereafter	1,427,620
Total	1,450,051
Less: Discount	(1,329,698)
Total lease liabilities	$ 120,353	$ 118,697
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total lease liabilities

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) ApartmenthomeProperty Community Dwelling ApartmentHome Property Segment	Dec. 31, 2023 USD ($)	Jan. 01, 2023 ApartmentHome Property
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 | $	$ 108.4	$ 109
Lease liabilities | $	$ 120.4	$ 118.7
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties	5,600
Planned Apartment Homes [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | ApartmenthomeProperty	220
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			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	142

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary information for the reportable segments
Rental and other property revenues	$ 51,148	$ 45,674	$ 101,350	$ 89,942
Property operating expenses	22,557	18,783	43,756	36,287
Other operating expenses not allocated to segments	29,687	24,921	57,704	49,595
Total operating expenses	52,244	43,704	101,460	85,882
Proportionate property net operating income (loss)	(1,096)	1,970	(110)	4,060
Other items included in income before income tax	(62,195)	(2,243)	(73,106)	(14,282)
Income (loss) before income tax	(63,291)	(273)	(73,216)	(10,222)
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	1,931	1,588	4,047	3,237
Property operating expenses	1,986	1,629	4,140	3,306
Total operating expenses	1,986	1,629	4,140	3,306
Proportionate property net operating income (loss)	(55)	(41)	(93)	(69)
Income (loss) before income tax	(55)	(41)	(93)	(69)
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	0	19	11	94
Property operating expenses	1,992	1,478	3,954	2,914
Other operating expenses not allocated to segments	29,687	24,921	57,704	49,595
Total operating expenses	31,679	26,399	61,658	52,509
Proportionate property net operating income (loss)	(31,679)	(26,380)	(61,647)	(52,415)
Other items included in income before income tax	(62,195)	(2,243)	(73,106)	(14,282)
Income (loss) before income tax	(93,874)	(28,623)	(134,753)	(66,697)
Development and Redevelopment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	5,497	3,241	10,168	5,442
Property operating expenses	3,152	1,077	5,749	2,753
Total operating expenses	3,152	1,077	5,749	2,753
Proportionate property net operating income (loss)	2,345	2,164	4,419	2,689
Income (loss) before income tax	2,345	2,164	4,419	2,689
Operating Portfolio Segment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	38,701	37,011	77,341	73,683
Property operating expenses	12,152	11,496	23,655	22,683
Total operating expenses	12,152	11,496	23,655	22,683
Proportionate property net operating income (loss)	26,549	25,515	53,686	51,000
Income (loss) before income tax	26,549	25,515	53,686	51,000
Other [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	5,019	3,815	9,783	7,486
Property operating expenses	3,275	3,103	6,258	4,631
Total operating expenses	3,275	3,103	6,258	4,631
Proportionate property net operating income (loss)	1,744	712	3,525	2,855
Income (loss) before income tax	$ 1,744	$ 712	$ 3,525	$ 2,855

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Buildings and improvements	$ 1,657,258	$ 1,593,802
Land	620,246	620,821
Total real estate	2,277,504	2,214,623
Accumulated depreciation	(602,375)	(580,802)
Net real estate	1,675,129	1,633,821
Non-recourse property debt and construction loans, net	1,211,315	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		204
Development and Redevelopment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	717,458	644,154
Land	206,316	206,820
Total real estate	923,774	850,974
Accumulated depreciation	(22,795)	(11,589)
Net real estate	900,979	839,385
Non-recourse property debt and construction loans, net	366,078	301,426
Operating Portfolio Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	699,964	709,051
Land	262,409	262,409
Total real estate	962,373	971,460
Accumulated depreciation	(489,624)	(489,206)
Net real estate	472,749	482,254
Non-recourse property debt and construction loans, net	764,289	765,372
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	239,836	239,089
Land	151,521	151,521
Total real estate	391,357	390,610
Accumulated depreciation	(89,956)	(78,612)
Net real estate	301,401	311,998
Non-recourse property debt and construction loans, net	$ 80,948	$ 80,739