Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 24, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Registrant Name | Apartment Investment and Management Company | ||
Entity Central Index Key | 0000922864 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Trading Symbol | AIV | ||
Entity File Number | 1-13232 | ||
Entity Tax Identification Number | 84-1259577 | ||
Entity Address, State or Province | MD | ||
Entity Address, Address Line One | 4582 South Ulster Street | ||
Entity Address, Address Line Two | Suite 1450 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80237 | ||
City Area Code | 303 | ||
Local Phone Number | 224-7900 | ||
Entity Common Stock, Shares Outstanding | 149,925,165 | ||
Title of 12(b) Security | Class A Common Stock (Apartment Investment and Management Company) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | Documents Incorporated by Reference | ||
Entity Public Float | $ 1 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Denver, Colorado | ||
Aimco OP L.P. [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | Aimco OP L.P. | ||
Entity Central Index Key | 0000926660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity File Number | 0-56223 | ||
Entity Tax Identification Number | 85-2460835 | ||
Entity Address, State or Province | DE | ||
Entity Address, Address Line One | 4582 South Ulster Street | ||
Entity Address, Address Line Two | Suite 1450 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80237 | ||
City Area Code | 303 | ||
Local Phone Number | 224-7900 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Denver, Colorado |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Buildings and improvements | $ 1,322,381 | $ 1,257,214 |
Land | 641,102 | 534,285 |
Total real estate | 1,963,483 | 1,791,499 |
Accumulated depreciation | (530,722) | (561,115) |
Net real estate | 1,432,761 | 1,230,384 |
Cash and cash equivalents | 206,460 | 233,374 |
Restricted cash | 23,306 | 11,208 |
Mezzanine investment | 158,558 | 337,797 |
Unconsolidated real estate partnerships | 15,789 | 13,025 |
Notes receivable | 39,014 | 38,029 |
Right-of-use lease assets- finance leases | 110,269 | 429,768 |
Other assets, net | 132,679 | 114,859 |
Total assets | 2,181,223 | 2,434,101 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 929,501 | 483,137 |
Construction loans, net | 118,698 | 163,570 |
Notes payable to AIR | 534,127 | |
Total indebtedness | 1,048,199 | 1,180,834 |
Deferred tax liabilities | 119,615 | 124,747 |
Lease liabilities - finance leases | 114,625 | 435,093 |
Accrued liabilities and other | 106,600 | 97,400 |
Total liabilities | 1,389,039 | 1,838,074 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 166,826 | 33,794 |
Commitments and contingencies (Note 14) | ||
Equity (510,587,500 shares authorized at both December 31, 2022 and 2021): | ||
Common Stock, $0.01 par value, 146,524,941 and 149,818,021 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 1,466 | 1,498 |
Additional paid-in capital | 496,482 | 521,842 |
Retained Earnings (accumulated deficit) | 49,904 | (22,775) |
Total Aimco equity | 547,852 | 500,565 |
Noncontrolling interests in consolidated real estate partnerships | 48,294 | 35,213 |
Common noncontrolling interests in Aimco Operating Partnership | 29,212 | 26,455 |
Total equity | 625,358 | 562,233 |
Total liabilities and equity | 2,181,223 | 2,434,101 |
Aimco OP L.P. [Member] | ||
ASSETS | ||
Buildings and improvements | 1,322,381 | 1,257,214 |
Land | 641,102 | 534,285 |
Total real estate | 1,963,483 | 1,791,499 |
Accumulated depreciation | (530,722) | (561,115) |
Net real estate | 1,432,761 | 1,230,384 |
Cash and cash equivalents | 206,460 | 233,374 |
Restricted cash | 23,306 | 11,208 |
Mezzanine investment | 158,558 | 337,797 |
Unconsolidated real estate partnerships | 15,789 | 13,025 |
Notes receivable | 39,014 | 38,029 |
Right-of-use lease assets- finance leases | 110,269 | 429,768 |
Other assets, net | 132,679 | 114,859 |
Total assets | 2,181,223 | 2,434,101 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 929,501 | 483,137 |
Construction loans, net | 118,698 | 163,570 |
Notes payable to AIR | 534,127 | |
Total indebtedness | 1,048,199 | 1,180,834 |
Deferred tax liabilities | 119,615 | 124,747 |
Lease liabilities - finance leases | 114,625 | 435,093 |
Accrued liabilities and other | 106,600 | 97,400 |
Total liabilities | 1,389,039 | 1,838,074 |
Redeemable noncontrolling interests in consolidated real estate partnerships | 166,826 | 33,794 |
Commitments and contingencies (Note 14) | ||
Equity (510,587,500 shares authorized at both December 31, 2022 and 2021): | ||
General Partner and Special Limited Partner | 547,852 | 500,565 |
Limited Partners | 29,212 | 26,455 |
Partners' capital attributable to Aimco Operating Partnership | 577,064 | 527,020 |
Noncontrolling interests in consolidated real estate partnerships | 48,294 | 35,213 |
Total partners' capital | 625,358 | 562,233 |
Total liabilities and equity | 2,181,223 | 2,434,101 |
Interest Rate Options | ||
ASSETS | ||
Interest rate options | 62,387 | 25,657 |
Interest Rate Options | Aimco OP L.P. [Member] | ||
ASSETS | ||
Interest rate options | $ 62,387 | $ 25,657 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 510,587,500 | 510,587,500 |
Common Stock, shares issued (in shares) | 146,524,941 | 149,818,021 |
Common Stock, shares outstanding (in shares) | 146,524,941 | 149,818,021 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Rental and other property revenues | $ 190,344 | $ 169,836 | $ 151,451 |
OPERATING EXPENSES: | |||
Property operating expenses | 71,792 | 67,613 | 61,514 |
Depreciation and amortization | 158,967 | 84,712 | 77,965 |
Impairment | 15,860 | ||
General and administrative expenses | 39,673 | 33,151 | 10,469 |
Total operating expenses | 270,432 | 185,476 | 165,808 |
Interest income | 4,052 | 2,277 | 110 |
Interest expense | (73,842) | (52,902) | (27,512) |
Realized and unrealized gains (losses) on interest rate options | 48,205 | 6,509 | 1,058 |
Realized and unrealized gains (losses) on equity investments | 20,302 | 6,585 | |
Gain on dispositions of real estate | 175,863 | ||
Lease modification income | 206,963 | ||
Other income (expenses), net | (13,373) | 3,212 | (3,603) |
Income (loss) before income tax | 109,422 | (18,550) | (15,920) |
Income tax benefit (expense) | (17,264) | 13,570 | 10,149 |
Net income (loss) | 92,158 | (4,980) | (5,771) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (8,829) | (91) | 457 |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (3,672) | (1,136) | 4 |
Net loss (income) attributable to common noncontrolling interests in Aimco Operating Partnership | (3,931) | 297 | 269 |
Net (loss) income attributable to Aimco | $ 75,726 | $ (5,910) | $ (5,041) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - basic (Note 6) | $ 0.50 | $ (0.04) | $ (0.03) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - diluted (Note 6) | $ 0.49 | $ (0.04) | $ (0.03) |
Weighted-average common shares/units outstanding - basic | 149,395 | 149,480 | 148,569 |
Weighted-average common shares/units outstanding - diluted | 150,834 | 149,480 | 148,569 |
Aimco OP L.P. [Member] | |||
REVENUES: | |||
Rental and other property revenues | $ 190,344 | $ 169,836 | $ 151,451 |
OPERATING EXPENSES: | |||
Property operating expenses | 71,792 | 67,613 | 61,514 |
Depreciation and amortization | 158,967 | 84,712 | 77,965 |
Impairment | 15,860 | ||
General and administrative expenses | 39,673 | 33,151 | 10,469 |
Total operating expenses | 270,432 | 185,476 | 165,808 |
Interest income | 4,052 | 2,277 | 110 |
Interest expense | (73,842) | (52,902) | (27,512) |
Realized and unrealized gains (losses) on interest rate options | 48,205 | 6,509 | 1,058 |
Realized and unrealized gains (losses) on equity investments | 20,302 | 6,585 | |
Gain on dispositions of real estate | 175,863 | ||
Lease modification income | 206,963 | ||
Other income (expenses), net | (13,373) | 3,212 | (3,603) |
Income (loss) before income tax | 109,422 | (18,550) | (15,920) |
Income tax benefit (expense) | (17,264) | 13,570 | 10,149 |
Net income (loss) | 92,158 | (4,980) | (5,771) |
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (8,829) | (91) | 457 |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (3,672) | (1,136) | 4 |
Net (loss) income attributable to Aimco | $ 79,657 | $ (6,207) | $ (5,310) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - basic (Note 6) | $ 0.50 | $ (0.04) | $ (0.03) |
Net income (loss) attributable to Aimco Operating Partnership per common unit - diluted (Note 6) | $ 0.49 | $ (0.04) | $ (0.03) |
Weighted-average common shares/units outstanding - basic | 157,317 | 157,701 | 156,500 |
Weighted-average common shares/units outstanding - diluted | 158,774 | 157,701 | 156,500 |
Mezzanine Investment [Member] | |||
OPERATING EXPENSES: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | $ (179,239) | $ 30,436 | $ 27,576 |
Mezzanine Investment [Member] | Aimco OP L.P. [Member] | |||
OPERATING EXPENSES: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | (179,239) | 30,436 | 27,576 |
Unconsolidated Real Estate Partnerships [Member] | |||
OPERATING EXPENSES: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | 579 | 973 | 808 |
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member] | |||
OPERATING EXPENSES: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | $ 579 | $ 973 | $ 808 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Aimco Predecessor Equity [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, 2019 | $ 513,560 | $ 513,264 | $ 513,264 | $ 108 | $ 188 | |||
Net income (loss) | (5,314) | $ (16,839) | 11,798 | (5,041) | (4) | (269) | ||
Contributions from Aimco Predecessor, net | 18,249 | 18,249 | 18,249 | |||||
Issuance of equity in connection with Separation | $ 1,488 | $ 514,306 | $ (543,311) | (27,517) | 27,517 | |||
Issuance of equity in connection with Separation (In share) | 148,866 | |||||||
Contributions from noncontrolling interests | 31,773 | 31,773 | ||||||
Other common stock issuances | 823 | $ 2 | 821 | 823 | ||||
Other common stock issuances (In share) | 170 | |||||||
Balances at Dec. 31, 2020 | 559,091 | $ 1,490 | 515,127 | (16,839) | 499,778 | 31,877 | 27,436 | |
Balances (in shares) at Dec. 31, 2020 | 149,036 | |||||||
Net income (loss) | (5,071) | (5,910) | (5,910) | 1,136 | (297) | |||
Redemption of OP Units | (76) | $ 6 | 1,305 | 1,311 | (1,387) | |||
Redemption of OP Units, (In share) | 595 | |||||||
Share-based compensation expense | 3,717 | 2,972 | 2,972 | 745 | ||||
Contributions from noncontrolling interests | 3,370 | 3,370 | ||||||
Distribution to noncontrolling interests | (1,157) | (1,157) | ||||||
Other common stock issuances | 1,072 | $ 2 | 1,070 | 1,072 | ||||
Other common stock issuances (In share) | 246 | |||||||
Other, net | 1,287 | 1,368 | (26) | 1,342 | (13) | (42) | ||
Other, net (in shares) | (59) | |||||||
Balances at Dec. 31, 2021 | 562,233 | $ 1,498 | 521,842 | (22,775) | 500,565 | 35,213 | 26,455 | |
Balances (in shares) at Dec. 31, 2021 | 149,818 | |||||||
Net income (loss) | 83,329 | 75,726 | 75,726 | 3,672 | 3,931 | |||
Redemption of OP Units | (234) | $ 1 | 2,653 | 2,654 | (2,888) | |||
Redemption of OP Units, (In share) | 108 | |||||||
Share-based compensation expense | 7,457 | 5,687 | 5,687 | 1,770 | ||||
Contributions from noncontrolling interests | 10,616 | 10,616 | ||||||
Distribution to noncontrolling interests | (1,362) | (1,202) | (160) | |||||
Purchase of noncontrolling interests in consolidated real estate partnerships | (7,088) | (7,088) | (7,088) | |||||
Common stock repurchased | (24,992) | $ (35) | (24,957) | (24,992) | ||||
Common stock repurchased (In shares) | (3,459) | |||||||
Other common stock issuances | 852 | $ 1 | 851 | 852 | ||||
Other common stock issuances (In share) | 106 | |||||||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (183) | (183) | (183) | |||||
Cash Dividends | (3,043) | (3,043) | (3,043) | |||||
Other, net | (2,227) | $ 1 | (2,323) | (4) | (2,326) | (5) | 104 | |
Other, net (in shares) | (48) | |||||||
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 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands | Total | Aimco OP L.P. [Member] | General Partner and Special Limited Partner [Member] Aimco OP L.P. [Member] | Limited Partners [Member] Aimco OP L.P. [Member] | Partners Capital Attributable To The Partnership [Member] Aimco OP L.P. [Member] | Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] Aimco OP L.P. [Member] | Aimco Predecessor Capital [Member] Aimco OP L.P. [Member] |
Balances at Dec. 31, 2019 | $ 513,560 | $ 188 | $ 188 | $ 108 | $ 513,264 | ||
Net income (loss) | $ (5,314) | (5,314) | $ (16,839) | (269) | (17,108) | (4) | 11,798 |
Contributions from Aimco Predecessor, net | 18,249 | 18,249 | |||||
Issuance of partners' capital in connection with Separation | 515,794 | 27,517 | 543,311 | $ (543,311) | |||
Contributions from noncontrolling interests | 31,773 | 31,773 | 31,773 | ||||
Other OP Units Issuances | 823 | 823 | 823 | ||||
Balances at Dec. 31, 2020 | 559,091 | 499,778 | 27,436 | 527,214 | 31,877 | ||
Net income (loss) | (5,071) | (5,071) | (5,910) | (297) | (6,207) | 1,136 | |
Redemption of OP Units | (76) | 1,311 | (1,387) | (76) | |||
Share-based compensation expense | 3,717 | 2,972 | 745 | 3,717 | |||
Contributions from noncontrolling interests | 3,370 | 3,370 | 3,370 | ||||
Distribution to noncontrolling interests | (1,157) | (1,157) | (1,157) | ||||
Other OP Units Issuances | 1,072 | 1,072 | 1,072 | ||||
Other, net | 1,287 | 1,342 | (42) | 1,300 | (13) | ||
Balances at Dec. 31, 2021 | 562,233 | 500,565 | 26,455 | 527,020 | 35,213 | ||
Net income (loss) | 83,329 | 83,329 | 75,726 | 3,931 | 79,657 | 3,672 | |
Redemption of OP Units | (234) | 2,654 | (2,888) | (234) | |||
Share-based compensation expense | 7,457 | 5,687 | 1,770 | 7,457 | |||
Contributions from noncontrolling interests | 10,616 | 10,616 | 10,616 | ||||
Distribution to noncontrolling interests | (1,362) | (1,362) | (160) | (160) | (1,202) | ||
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships | (183) | (183) | (183) | (183) | |||
Purchase of noncontrolling interests in consolidated real estate partnerships | (7,088) | (7,088) | (7,088) | (7,088) | |||
Repurchases of OP Units held by Aimco | (24,992) | (24,992) | (24,992) | (24,992) | |||
Other OP Units Issuances | 852 | 852 | 852 | ||||
Cash Dividends | $ (3,043) | (3,043) | (3,043) | (3,043) | |||
Other, net | (2,227) | (2,326) | 104 | (2,222) | (5) | ||
Balances at Dec. 31, 2022 | $ 625,358 | $ 547,852 | $ 29,212 | $ 577,064 | $ 48,294 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 92,158 | $ (4,980) | $ (5,771) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 158,967 | 84,712 | 77,965 |
Realized and unrealized (gains) losses on interest rate options | (48,205) | (6,509) | (1,058) |
Income tax expense (benefit) | 17,264 | (13,570) | (10,149) |
Impairment | 15,860 | ||
Amortization of debt issuance costs and other | 2,787 | 1,384 | 368 |
Loss on extinguishment of debt, net | 28,986 | ||
Lease modification income | (206,963) | ||
Realized and unrealized (gains) losses on equity investments | (20,302) | (6,585) | |
Gain on disposition of real estate | (175,863) | ||
Share based compensation | 7,471 | 5,271 | |
Changes in operating assets and operating liabilities: | |||
Other assets, net | 1,039 | (11,826) | (1,873) |
Net cash received from development property lease terminations | 195,789 | ||
Accrued liabilities and other | (27,556) | (3,902) | (1,228) |
Total adjustments | 112,074 | 17,566 | 53,617 |
Net cash provided by operating activities | 204,232 | 12,586 | 47,846 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate | (129,245) | (69,601) | (107,908) |
Capital expenditures | (237,523) | (177,809) | (23,889) |
Proceeds from disposition of real estate | 259,983 | ||
Investment in IQHQ | (14,227) | (23,273) | |
Redemption of IQHQ investment | 16,473 | ||
Investment in unconsolidated real estate partnerships | (15,668) | ||
Other investing activities | (547) | (727) | 2,472 |
Net cash used in investing activities | (120,754) | (271,410) | (129,325) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 756,220 | 59,757 | 40,000 |
Proceeds from construction loans | 93,206 | 165,170 | |
Payments of deferred loan costs | (15,266) | (6,437) | (10,234) |
Principal repayments on non-recourse property debt | (302,428) | (24,383) | (84,193) |
Principal repayments on construction loans | (138,404) | ||
Principal repayments on notes payable to AIR | (534,127) | ||
Purchase of interest rate options | (5,620) | (5,905) | (12,245) |
Proceeds from interest rate option | 16,818 | ||
Payments on finance leases | (26,213) | (10,855) | |
Change in Aimco Predecessor investment, net | 420,929 | ||
Payments of prepayment premiums | (25,801) | (4,269) | |
Common stock repurchased | (23,492) | ||
Dividend paid on common stock | (3,043) | ||
Distributions to noncontrolling interests | (1,362) | (1,158) | |
Distributions to redeemable noncontrolling interests | (9,365) | ||
Contributions from noncontrolling interests | 10,616 | 212 | 20,106 |
Contributions from redeemable noncontrolling interests | 122,571 | 29,440 | |
Redemption of OP Units | (225) | ||
Redemption of noncontrolling interests | (7,088) | ||
Redemption of redeemable noncontrolling interests | (5,094) | ||
Other financing activities | (197) | (1,171) | |
Net cash provided by (used in) financing activities | (98,294) | 204,671 | 370,094 |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (14,816) | (54,153) | 288,615 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 244,582 | 298,735 | 10,120 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 229,766 | 244,582 | 298,735 |
Aimco OP L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 92,158 | (4,980) | (5,771) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 158,967 | 84,712 | 77,965 |
Realized and unrealized (gains) losses on interest rate options | (48,205) | (6,509) | (1,058) |
Income tax expense (benefit) | 17,264 | (13,570) | (10,149) |
Impairment | 15,860 | ||
Amortization of debt issuance costs and other | 2,787 | 1,384 | 368 |
Loss on extinguishment of debt, net | 28,986 | ||
Lease modification income | (206,963) | ||
Realized and unrealized (gains) losses on equity investments | (20,302) | (6,585) | |
Gain on disposition of real estate | (175,863) | ||
Share based compensation | 7,471 | 5,271 | |
Changes in operating assets and operating liabilities: | |||
Other assets, net | 1,039 | (11,826) | (1,873) |
Net cash received from development property lease terminations | 195,789 | ||
Accrued liabilities and other | (27,556) | (3,902) | (1,228) |
Total adjustments | 112,074 | 17,566 | 53,617 |
Net cash provided by operating activities | 204,232 | 12,586 | 47,846 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate | (129,245) | (69,601) | (107,908) |
Capital expenditures | (237,523) | (177,809) | (23,889) |
Proceeds from disposition of real estate | 259,983 | ||
Investment in IQHQ | (14,227) | (23,273) | |
Redemption of IQHQ investment | 16,473 | ||
Investment in unconsolidated real estate partnerships | (15,668) | ||
Other investing activities | (547) | (727) | 2,472 |
Net cash used in investing activities | (120,754) | (271,410) | (129,325) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 756,220 | 59,757 | 40,000 |
Proceeds from construction loans | 93,206 | 165,170 | |
Payments of deferred loan costs | (15,266) | (6,437) | (10,234) |
Principal repayments on non-recourse property debt | (302,428) | (24,383) | (84,193) |
Principal repayments on construction loans | (138,404) | ||
Principal repayments on notes payable to AIR | (534,127) | ||
Purchase of interest rate options | (5,620) | (5,905) | (12,245) |
Proceeds from interest rate option | 16,818 | ||
Payments on finance leases | (26,213) | (10,855) | |
Change in Aimco Predecessor investment, net | 420,929 | ||
Payments of prepayment premiums | (25,801) | (4,269) | |
Common stock repurchased | (23,492) | ||
Dividend paid on common stock | (3,043) | ||
Distributions to noncontrolling interests | (1,362) | (1,158) | |
Distributions to redeemable noncontrolling interests | (9,365) | ||
Contributions from noncontrolling interests | 10,616 | 212 | 20,106 |
Contributions from redeemable noncontrolling interests | 122,571 | 29,440 | |
Redemption of OP Units | (225) | ||
Redemption of noncontrolling interests | (7,088) | ||
Redemption of redeemable noncontrolling interests | (5,094) | ||
Other financing activities | (197) | (1,171) | |
Net cash provided by (used in) financing activities | (98,294) | 204,671 | 370,094 |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (14,816) | (54,153) | 288,615 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 244,582 | 298,735 | 10,120 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 229,766 | 244,582 | 298,735 |
Mezzanine Investment [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | 179,239 | (30,436) | (27,576) |
Mezzanine Investment [Member] | Aimco OP L.P. [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | 179,239 | (30,436) | (27,576) |
Unconsolidated Real Estate Partnerships [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 158,967 | 84,712 | 77,965 |
Mezzanine / Unconsolidated partnerships investment income (loss), net | (579) | (973) | (808) |
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Mezzanine / Unconsolidated partnerships investment income (loss), net | $ (579) | $ (973) | $ (808) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 — Organization Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco OP L.P. ("Aimco Operating Partnership"). Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively. The Separation On December 15, 2020, we completed the separation of our 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. Prior to the Separation, the consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The consolidated financial statements reflect our historical consolidated financial position, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States (“GAAP”). The historical financial statements of Aimco do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control that have been “carved out” from Aimco Predecessor’s financial statements. All significant intercompany balances have been eliminated in consolidation. All Separation-related transactions between Aimco and Aimco Predecessor have been considered effectively settled through partners’ capital in our consolidated financial statements, other than the Notes Payable to AIR as discussed in Note 7 . The settlement of these transactions has been reflected as Contributions from Aimco Predecessor, net in our Consolidated Statements of Equity and Partners’ Capital and Change in Aimco Predecessor investment, net in financing activity in our Consolidated Statements of Cash Flows . Business As of December 31, 2022, Aimco owned 92.6 % of the legal interest in the common partnership units of Aimco Operating Partnership and 94.9 % of the economic interest in Aimco Operating Partnership. The remaining 7.4 % legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include a portfolio of 26 operating apartment communities ( 22 consolidated properties with 5,640 apartment homes and four unconsolidated properties), diversified by both geography and price point; one commercial office building that is part of a land assemblage; three residential apartment communities, with 1,185 planned apartment homes, a single family rental community, with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; land parcels held for development. Our Other real estate portfolio also includes two unconsolidated investments in land held for development. In addition, we hold other alternative investments, including our Mezzanine investment (see Note 2 for further information); our IQHQ investment (see Note 3 for further information); and our investment in real estate technology funds. Any reference to the number of apartment communities and homes, square footage, or occupancy percentage in these notes to our consolidated financial statements are unaudited. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. C ertain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Principles of Consolidation We consolidate a variable interest entity (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Refer to Note 6 for further information. Allocations The 2020 Consolidated Statement of Operations includes allocations of general and administrative expenses from Aimco Predecessor, as discussed in Note 5 . We consider the basis on which expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. However, the allocations may not include all of the actual expenses that we would have incurred and may not reflect our consolidated results of operations, financial position, and cash flows had it been a stand-alone company during the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced, and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Separation, AIR, through its subsidiaries, provides us with certain property management and other services, and we perform certain functions using our own resources or purchase services from third parties. Common Noncontrolling Interests in Aimco Operating Partnership Individuals and entities that hold an interest in Aimco Operating Partnership other than Aimco are reflected in our accompanying Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2022, 2021, and 2020, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , 5.0 %, and 5.0 %, respectively. Please refer to Note 10 for further information regarding the items comprising common noncontrolling interests in Aimco Operating Partnership. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity accounts. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. If the redemption right is not currently redeemable, but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. 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. In December 2022, we were admitted to Strathmore Joint Venture 1 as sole limited partner. In addition, in the same period $ 12.9 million of loans were funded to the Strathmore Joint Venture 1 and $ 6.4 million in funds were remitted to our co-GP as a partial return of their capital contributions to the joint venture. This remittance reduced their ownership percentage in the joint venture and increased our combined GP and LP ownership percentage. As a result of these transactions, we consolidated Strathmore Joint Venture 1 in the fourth quarter of 2022 and recognized $ 7.3 million of redeemable noncontrolling interests. In July 2022, we closed a $ 102.0 million preferred equity financing with an institutional investor, providing for a fixed 8 % annual rate of return payable monthly. We recognized this financing as a capital contribution to redeemable noncontrolling interests. In February 2022, we acquired all of the outstanding redeemable non-controlling interests in an entity reported as a consolidated VIE as of December 31, 2021. At the time of redemption, the carrying amount of the redeemable noncontrolling interests was $ 4.9 million. Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2022 c onsist of the $ 102.0 million preferred equity noted above, our partner's equity interest in the Upton Joint Venture, which provides for an accruing 9.7 % rate of return on their investment and the $ 7.3 million net interest held by the other general partner of Strathmore Joint Venture 1. These investment interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2022. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2022 , and 2021 (in thousands): 2022 2021 Balance at Beginning of Period $ 33,794 $ 4,263 Capital contributions 138,479 29,440 Distributions ( 9,365 ) — Redemptions ( 4,911 ) — Net income 8,829 91 Balance at December 31, $ 166,826 $ 33,794 Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Income from unconsolidated real estate partnerships in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. We assess the recoverability of our equity method investments if there are indicators of potential impairment. We did not recognize any such impairments of our equity method investments during the years ended December 31, 2022, 2021, and 2020. 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. Ownership of the subsidiaries that originated and hold the mezzanine loan was retained by AIR following the Separation. The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk to us through 2024 once required third-party consents are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. The loan is subject to certain risks, including, but not limited to, changes in the macroeconomic environment that can lead to increases in capitalization rates and discount rates, and factors that can have negative effects on occupancy and market rental rates such as lower demand for urban living in San Francisco resulting from the post pandemic virtual working environment adopted by big tech, and an increase in virtual participation as compared to pre-pandemic in class learning at local colleges. These trends have impacted the demand at the Parkmerced Apartments, resulting in a sustained decrease in rents and a negative impact on the resulting occupancy rates. Further, recent transactions in the market and a supporting appraisal, indicate that that the collateral from the note has declined in value. This decline was deemed to be other-than-temporary and the Company recorded a non-cash impairment charge of $ 212.6 million to reduce the carrying value of the Mezzanine Investment to $ 158.6 million as of December 31, 2022. The non-cash impairment is reflected in Mezzanine investment income (loss), net , in our Consolidated Statements of Operations for the year ended December 31, 2022, and as a reduction in the carrying value of the Mezzanine investment in our Consolidated Balance Sheets as of December 31, 2022 . No impairment losses were recognized during the years ended December 31, 2021 and 2020. Prior to recording the impairment charge, we recognized as income the net amounts earned on the mezzanine loan by AIR on its equity investment that are due to be paid to us when collected to the extent the income was supported by the change in AIR’s claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar real estate. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; (c) the value associated with in-place leases during an estimated absorption period, which estimates rental revenue that would not have been earned had the leased space been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels; and (d) tax abatement contract related intangibles, to the extent the property has them in place. The above and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For each of the years ended December 31, 2022, 2021, and 2020, we capitalized to buildings and improvements $ 30.6 million, $ 21.3 million, and $ 1.0 million of interest costs, respectively. For the years ended December 31, 2022, 2021, and 2020, we capitalized to buildings and improvements $ 16.9 million, $ 20.9 million, and $ 2.7 million of indirect costs, respectively. Gain or Loss on Dispositions Gain or loss on dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Total Gains on dispositions of real estate of $ 175.9 million were recognized during the year ended December 31, 2022 . There were no dispositions in the years ended December 31, 2021 and 2020 . Impairment Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community. In connection with the Separation, we entered into a sublease of office space within our corporate offices to AIR at then-current market rents. Based on an analysis of the estimated undiscounted cash flows relative to the sublease arrangement, we evaluated the recoverability of the assets associated with the subleased space, including, the right-of-use asset, tenant improvements and furniture, fixtures and equipment and concluded the subleased assets were impaired. We recorded an impairment charge of $ 11.0 million in our Consolidated Statements of Operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2022, and 2021. In connection with the Separation, we entered into a software license agreement with AIR to provide for the use of certain internally developed software at then-current market rates. Based on an analysis of the estimated undiscounted cash flows relative to the carrying value of the internally developed software, we concluded the assets were impaired. Additionally, following an evaluation of the future service potential of certain other internal software that was under development, we ceased development and impaired the associated carrying value. We recorded an aggregate impairment charge of $ 4.9 million in our Consolidated Statements of Operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2022, and 2021. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Supplemental cash flow information for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands): Years Ended December 31, 2022 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 45,171 $ 43,800 $ 22,152 Cash paid for income taxes 22,930 2,941 9,216 Non-cash transactions associated with acquisitions: Buildings and improvements 11,109 — — Intangible assets, net 13,377 — — Mark to market adjustment on an assumed construction loan 363 — — Right-of-use lease assets 15,036 — — Other assets, net 5,629 — — Accrued liabilities and other ( 1,854 ) ( 310 ) — Lease liabilities ( 15,151 ) — — Contributions to noncontrolling interests ( 13,756 ) — — Contributions from Aimco Predecessor — — 955 Contribution from noncontrolling interest in consolidated real estate partnerships — 3,159 11,667 Other non-cash transactions: Operating leases 2,336 143 5,559 Accrued capital expenditures (at end of period) 41,435 25,686 1,040 Issuance of notes payable to AIR in connection with Separation — — 534,127 Contribution from Aimco Predecessor, net — — 131,447 Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. O ther Assets As of December 31, 2022, and 2021, other assets were comprised of the following amounts (in thousands): 2022 2021 Other investments $ 63,982 $ 45,386 Deferred costs, deposits, and other 20,460 22,136 Prepaid expenses and real estate taxes 17,363 20,516 Intangible assets, net 14,160 3,269 Corporate fixed assets 8,371 9,855 Accounts receivable, net of allowances of $ 1,206 and $ 1,285 as of December 31, 2022 and 2021, respectively 4,079 2,469 Deferred tax assets 2,321 6,388 Due from affiliates 1,943 4,840 Total other assets, net $ 132,679 $ 114,859 Other investments Other investments consist of passive equity investments in IQHQ Inc. (IQHQ), a privately held life sciences real estate development company, and property technology funds. See Note 13 for discussion of our fair value measurements for these investments. Intangibles Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets . The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2022, and 2021 (in thousands). 2022 2021 Intangible assets (1) $ 29,902 $ 16,744 Less: accumulated amortization ( 15,742 ) ( 13,475 ) Intangible assets, net $ 14,160 $ 3,269 Below-market leases $ 4,175 $ 4,175 Less: accumulated amortization ( 3,971 ) ( 3,093 ) Intangible liabilities, net $ 204 $ 1,082 (1) Amount includes $ 13.4 million of intangible tax abatement. Based on the balance of intangible assets and liabilities as of December 31, 2022, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands). Intangible assets Intangible liabilities 2023 $ 657 $ 174 2024 735 30 2025 892 — 2026 892 — 2027 892 — Thereafter 10,092 — Total future amortization $ 14,160 $ 204 Accounts Receivable, net and Straight-line rent We present our accounts receivable and straight-line rent receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. Deferred Leasing Costs In accordance with the adoption of Accounting Standard Codification (“ASC”) 842, we defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in Depreciation and amortization in our Consolidated Statements of Operations . Revenue from Leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. Debt Issuance Costs We defer, as debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our Consolidated Balance Sheets. For debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn we record the costs in Other assets, net in our Consolidated Balance Sheets and amortize the costs to Interest expense, on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our Consolidated Balance Sheets and subsequently amortized to Interest expense on a straight-line basis over the remaining term of the arrangement in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 y ears. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determi ning the estimated useful lives used in connection with our composite and group depreciation methods. Income Tax Benefit (Expense) Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our C onsolidated Statements of Operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the year ended December 31, 2022, we had net income subject to tax of $ 88.8 million, compared to net loss subject to tax of $ 31.4 million for the same period in 2021. For the year ended December 31, 2022, we recognized income tax expense of $ 17.3 million, compared to income tax benefit of $ 13.6 million for the same period in 2021. The year-to-year change is due primarily to the GAAP income taxes associated with the net lease modification income recognized in 2022. Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 1994, and Aimco intends to continue to operate in such a manner. Aimco's current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. Aimco also will be required to pay a 100 % tax on any net income on non-arm’s length transactions between Aimco and a TRS and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 11 for further information regarding earnings per share and unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Accounting Pronouncements Adopted in the Current Year During the first quarter of 2022, we adopted ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments in conjunction with our ongoing operations. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend o |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Significant Transactions [Abstract] | |
Significant Transactions | Note 3 — Significant Transactions Acquisitions and Investments • In January 2022, our Fort Lauderdale consolidated joint venture closed on the acquisition of three undeveloped land parcels located in downtown Fort Lauderdale, Florida for $ 49.0 million ($ 25.0 million at our 51 % share), funded primarily by a $ 40.0 million loan ($ 20.4 million at our share). The cost was allocated among the parcels based on third-party appraisals. In the fourth quarter of 2022, this loan was paid down to $ 22.9 million ($ 11.7 million at our 51 % share) with disposition proceeds from one of the three undeveloped land parcels. At the time of acquisition, one land parcel was subject to a sales agreement, which closed in December 2022, f or a gross sales price of $ 18.3 million. This land parcel was classified as a held for sale asset prior to the sale. See below Dispositions section for further details. • In February 2022, we entered into a short-term cancellable lease of and a purchase agreement to acquire, for $ 100.0 million, a nine -acre development site in the Flagler Village neighborhood of Fort Lauderdale, Florida. The site has the potential for the development of approximately three million square feet of mixed-use property, which could contain up to 1,500 residential units at full build-out. During the third quarter of 2022, we completed the $ 100.0 million purchase and capitalized an additional $ 5.9 million of costs to Land in our Consolidated Balance Sheets. • In December 2022, we closed on the acquisition of an undeveloped land parcel located in Aurora, Colorado for $ 1.8 milli on. This land is intended for the development of a multifamily property on the Anschutz Medical Campus. Capitalized costs of $ 0.2 million were recorded as of December 31, 2022. • During 2022, we made an additional $ 14.2 million payment for our passive equity investment in IQHQ, which completed our total capital commitment of $ 50.0 million. Based on certain facts and circumstances related to the investment, IQHQ was initially reported at cost. In June 2022, 22 % of our original investment with a cost basis of $ 10.8 million was redeemed for $ 16.5 million and we recognized a $ 5.7 million gain. Concurrently, our remaining investment in IQHQ with a cost basis of $ 39.2 million was valued at an estimated fair market value of $ 59.7 million, and a $ 20.5 million unrealized gain was recognized. Joint Venture Transactions • In March 2022, we formed a joint venture for the construction of approximately one million square feet of mixed-use development in the Edgewater neighborhood of Miami, Florida. We hold a 20 % share of the joint venture ( the “Edgewater joint venture"), which includes our initial contribution of an eighth of an acre of land that we purchased for $ 1.7 million in January 2022 and a cash contribution of $ 0.3 million. Our total capital commitment for this venture i s $ 8.0 million. We will serve as the development manager for this venture. • In May 2022, we formed two joint ventures for a ground up project on the development of a phased multifamily community totaling 574 units at Strathmore Square in Bethesda, Maryland. We hold a 50 % share of the general partner interest in these joint ventures. In December 2022, we were admitted as the sole limited partner in one of the two joint ventures ("Strathmore Joint Venture 1") and our funding commitments for both joint ventures increased to $ 35.6 million with remaining unfunded commitments of $ 21.2 million as of December 31, 2022. We serve as co-development manager for these ventures. Dispositions • In May 2022, we sold our Pathfinder Village property located in Fremont, California, for a gross sales price of $ 127.0 million and recognized a gain from the sale of $ 94.6 million. Pathfinder Village was a stabilized property previously reported within our Operating segment. • In July and August 2022, we sold our Cedar Rim and 2900 on First properties located in Seattle, Washington, for a total gross sales price of $ 122.0 million and recognized a total gain from the sales of $ 75.6 million. • In December 2022, we sold a land parcel in downtown Fort Lauderdale, for a gross sales price of $ 18.3 million and recognized a gain from the sale of $ 5.9 million. The land parcel was purchased in January 2022 and reported as a held for sale asset prior to the sale. Lease Arrangements • In September 2022, we as lessee, received final payment from AIR, pursuant to the lease termination agreement entered into in June 2022. The leases with respect to four properties were terminated, and we relinquished control of these properties. See Note 4 for further information. • In December 2022, in conjunction with consolidation of the Strathmore Joint Venture 1, described in the Joint Venture Transactions section above, we recognized a 98-year ground lease for the land underlying the development site in Bethesda, Maryland. As a result, we recorded right-of-use lease assets and lease liabilities of $ 15.0 million and $ 15.2 million, respectively. See N ote 4 for further information. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 4 — Lease Arrangements Aimco as Lessor The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the years ended December 31, 2022, 2021, and 2020 , our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Year Ended December 31, 2022 2021 2020 Fixed lease income $ 176,080 $ 157,842 $ 140,140 Variable lease income 13,654 11,487 11,192 Total lease income $ 189,734 $ 169,329 $ 151,332 In general, our commercial leases have options to extend for a certain period of time at the tenant's option. Future minimum annual rental payments we will receive under commercial leases, excluding such extension options, are as follows as of December 31, 2022 (in thousands): 2023 $ 13,031 2024 9,212 2025 5,728 2026 3,430 2027 1,546 Thereafter 800 Total $ 33,747 Generally, our residential leases do not provide extension options, so the average remaining term is less than one year . Our commercial leases, as of December 31, 2022, have an average remaining term of 3.2 years. Aimco as Lessee Lease Arrangements with AIR We as lessee, and AIR, as lessor, have entered into leases on properties currently under construction or in lease-up. These lease arrangements are governed by separate Master Lease Agreements and the Master Leasing Agreement . As of December 31, 2022 , the Master Leasing Agreement governed one finance lease for a 15 -acre plot of land in the San Francisco Bay Area. This lease commenced on June 1, 2021 , has a term of 25 years, and is governed by both a separate Master Lease Arrangement and this Master Leasing Agreement. In June 2021, we commenced construction of 16 single family rental homes and 8 accessory dwelling units on this land. In June 2022, we as lessee and AIR as lessor, entered into a lease termination agreement with respect to four leases entered into on January 1, 2021 that pertained to our North Tower of Flamingo Point, 707 Leahy, The Fremont, and Prism properties. This agreement terminated these four finance leases on September 1, 2022. Upon termination, both parties were released of any and all liabilities and obligations under each respective lease other than those liabilities and obligations, if any, that expressly survived termination. On September 1, 2022, we relinquished control of the leasehold improvements on these four properties as well as the underlying land. In exchange, AIR remitted a total of $ 200.0 million in consideration to us as termination payments. Because the termination agreement modified the expiration date of each lease to September 1, 2022, we accelerated depreciation on the associated leasehold improvements using lease terms that ended September 1, 2022. We recorded $ 85.7 million of total depreciation expense for the year ended December 31, 2022. In addition, we recognized Lease modification income of $ 207.0 million, which is included in our Consolidated Statements of Operations for the year ended December 31, 2022. Ground Leases In December 2022, in conjunction with consolidating the Strathmore Joint Venture 1, which was described in the Note 3 , we recognized a 98-year ground lease for the land underlying the development site, a ground up project on the development of a phased multifamily community totaling 220 units in Bethesda, Maryland, initially recording right-of-use lease assets and lease liabilities of $ 15.0 million and $ 15.2 million, respectively. During the year ended December 31, 2020, we entered into two 99-year ground leases for the land underlying the development site at Upton Place, a mixed-use development project which will create 689 apartment homes and approximately 100,000 square feet of commercial space in upper-northwest Washington, D.C., initially recording right-of-use lease assets and lease liabilities of $ 92.8 million and $ 86.3 million, respectively. Substantially all of the payments under our ground leases are fixed. We exclude options to extend the leases from our minimum lease terms unless the options are reasonably certain to be exercised. Other Finance Lease Arrangements In February 2022, we, as lessee, entered into certain finance lease arrangements concurrent with a purchase agreement to acquire a development site in the Flagler Village neighborhood of Fort Lauderdale, Florida. During the third quarter of 2022, we completed the $ 100.0 million purchase and recognized an additional $ 5.9 million of capitalized costs as Land in our Consolidated Balance Sheets. See Note 3 for further information. As of December 31, 2022 and December 31, 2021, our finance leases had weighted-average remaining terms of 94.2 years and 38.5 years, respectively, and weighted-average discount rates of 6.1 % and 5.4 %, respectively. As of December 31, 2022 , finance lease right-of-use assets and liabilities totaled $ 110.3 million and $ 114.6 million, respectively. As of December 31, 2021 , finance right-of-use lease assets and liabilities totaled $ 429.8 million and $ 435.1 million, respectively. For the year ended December 31, 2022, amortization related to finance leases was $ 6.7 million, net of amounts capitalized, compared to $ 8.3 million for the year ended December 31, 2021 and $ 0.0 million for the year ended December 31, 2020. For the year ended December 31, 2022, we capitalized $ 8.5 million of lease costs associated with active development and redevelopment projects on certain of the underlying pro perty and ground lease assets, compared to $ 22.7 million for the year ended December 31, 2021 . No lease costs were capitalized on leased assets for the year ended December 31, 2020. For the year ended December 31, 2022, interest expense net of amounts capitalized related to our finance leases was $ 7.5 million compared to $ 9.2 million for the year ended December 31, 2021, and $ 0.0 million for the year ended December 31, 2020. Operating Lease Arrangements We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of December 31, 2022 and December 31, 2021, our operating leases had weighted-average remaining terms of 5.6 years and 7.4 years, respectively. As of December 31, 2022 and December 31, 2021, our operating leases had weighted-average discount rates of 3.4 % and 3.1 %, respectively. We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the years ended December 31, 2022, 2021, and 2020 was $ 1.1 million, $ 1.0 million and $ 1.3 million, respectively. As of December 31, 2022 and December 31, 2021, operating lease right-of-use assets of $ 6.7 million and $ 5.1 million, respectively, are included in Other assets, net in our Consolidated Balance Sheets. As of December 31, 2022 and December 31, 2021, operating lease liabilities of $ 12.8 million and $ 12.7 million, respectively, are included in Accrued liabilities and other in our Consolidated Balance Sheets. For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Consolidated Balance Sheets . Leases with initial terms greater than 12 months are recorded as operating or financing leases in our Consolidated Balance Sheets . Office Space Sublease We have a sublease arrangement to provide space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029 . We sublease office space within our corporate office to AIR which is reflected in the sublease income below. For the years ended December 31, 2022, 2021, and 2020, we recognized sublease income from AIR of $ 1.4 million, $ 1.4 million, and $ 0.1 million, respectively. Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of December 31, 2022 (in thousands): Sublease Income and Lease Modification Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments 2023 $ 1,403 $ 1,999 $ 2,905 2024 1,413 2,298 3,921 2025 1,423 2,302 4,437 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 Thereafter 2,083 3,024 1,433,295 Total $ 9,198 $ 14,344 $ 1,454,995 Less: Discount ( 1,502 ) ( 1,340,370 ) Total lease liabilities $ 12,842 $ 114,625 |
Agreements and Transactions Wit
Agreements and Transactions With AIR | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Agreements and Transactions With AIR | Note 5 — Agreements and Transactions with AIR In conjunction with the Separation, we entered into various separation and transition services agreements with AIR that have significant operational and financial impacts to us. Master Services Agreement Under the Master Services Agreement with AIR, AIR provides us with customary administrative and support services. We are obligated to pay AIR the fully burdened costs in performing the services. We may terminate any or all services on 60 days prior written notice, and AIR may terminate individual services, at any time after December 31, 2023. During the year ended December 31, 2022 and 2021, we incurred administrative and support fe es of $ 2.1 millio n and $ 2.4 million, respectively. We did no t incur any fees during the year ended December 31, 2020. These administrative support fees are included in General and administrative expenses in our Consolidated Statements of Operations. Property Management Agreements Under the Property Management Agreements with AIR, AIR provides us with certain property management, property accounting and related services for the majority of our operating properties. We pay AIR a property management fee for these services equal to 3 % of each respective property’s revenue collected and such other fees as may be mutually agreed for various other services. The initial term of each Property Management Agreement is one year, with automatic one-year renewal periods, unless either party elects to terminate at any time upon delivery of 60 days prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. During the years ended December 31, 2022 and 2021, we recognized property management and property accounting fees of $ 5.3 million a nd $ 5.2 mill ion, respectively. From Separation to December 31, 2020, we recorded property management and property accounting fees of $ 0.2 million. These property management and property accounting fees are included in Property operating expenses in our Consolidated Statements of Operations. Master Leasing Agreement The Master Leasing Agreement, as amended on June 14, 2022, governs the current and any future leasing arrangements between us, as lessee, and AIR, as lessor. Under the amendments to the Master Leasing Agreement, AIR's purchase option to acquire completed development and redevelopment properties was replaced with a right of first offer on development and redevelopment assets that have achieved stabilization and that we choose to bring to market within one year thereafter. Each time the parties wish to execute a new lease for a particular property, they will execute a stand-alone lease. Notes Payable to AIR In July 2022, we completed the early repayment of the $ 534.1 million of Notes Payable to AIR, which was entered into in December 2020. As a result of the early repayment, we incurred $ 17.4 mi llion of spread maintenance costs, which were included in Interest expense during the year ended December 31, 2022. For the years ended December 31, 2022 and 2021, we recognized interest expense on the Notes Payable to AIR of $ 13.7 million and $ 27.8 million, respectively. Other In June 2022, for $ 7.2 million, we acquired from AIR the common noncontrolling interest in the entity that indirectly holds a portfolio of assets that previously secured the Notes Payable to AIR. Due to and from AIR As of December 31, 2022, we have amounts due to and from AI R of $ 7.2 million and $ 1.7 million, which are included in Other assets and Accrued liabilities and other , respectively. As of December 31, 2021, we had amounts due to and from AIR of $ 15.7 million and $ 4.8 million, respectively. The amounts due to AIR primarily consist of invoices paid on our behalf and other reimbursements owed to AIR. The amounts due from AIR primarily consist of net cash flows generated by our operating properties. Terry Considine Service Agreement/AIR Reimbursement As contemplated by the Separation and by Aimco and AIR, Terry Considine, an Aimco board member and our former Chief Executive Officer, had specific responsibilities to us as a non-executive employee during 2021 and 2022 to support the establishment and growth of our business, reporting directly to the Board. These responsibilities, separate from Mr. Considine's services as a board member, which have also come to an end, included (i) short and long-term strategic direction and advice; (ii) transition and executive support to officers; and (iii) advice and consultation with respect to strategic growth and acquisition activities. Mr. Considine's transition services to Aimco have been completed. The independent directors of the Board set Mr. Considine's 2022 target total compensation (including base compensation, short-term incentive, and long-term incentive) for these responsibilities at $ 1.8 million, to be paid in equity. Mr. Considine did not receive any additional compensation for serving on the Board in 2022. Additionally, we are obligated for all base salary, short-term incentive amounts and long-term incentive amounts payable to Mr. Considine for the calendar year 2022 under the terms of his employment agreement with AIR that are in excess of $ 1.0 million, collectively. For the years ended December 31, 2022 and 2021, we recorded $ 6.5 million and $ 6.2 million, respectively, of expense in the aggregate pursuant to these arrangements. This expense is included in General and administrative expenses in our Consolidated Statements of Operations. As of December 31, 2022 and 2021, $ 4.5 million and $ 4.6 million, respectively, is included in the amounts due to AIR. These arrangements concluded as of December 31, 2022. Additionally, Mr. Considine resigned from serving as a member of the Board on February 13, 2023. Expense Allocation In preparing our consolidated financial statements for the periods prior to the Separation, certain expenses, including property operating expenses, depreciation and amortization, and general and administrative expenses, incurred at the corporate level that are attributable to us have been allocated on a carve-out basis. Expenses allocated for the years ended December 31, 2020 was $ 9.8 million. Depending on the nature of the expense, the allocation was based on our relative share of total gross potential revenue, and the relative gross asset value of our communities as compared to the total gross potential revenue and gross asset value of all communities held by Aimco Predecessor, which we believe to be reasonable methodologies. These allocated expenses are centralized corporate costs for management and other services, including, but not limited to, executive oversight, treasury, finance, human resources, tax, accounting, financial reporting, information technology, and investor relations. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
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 the determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. 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, and therefore consolidates its five VIEs that own interests in real estate. 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 investment in IQHQ, our investment in the Edgewater joint venture, and our investments in one of the Strathmore joint ventures. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2022 and 2021 (in thousands, except for VIE count). As of December 31, 2022 As of December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 9 6 Assets Real estate, net $ 258,529 $ — $ 564,909 $ — Mezzanine investment — 158,558 — 337,797 Right-of-use lease assets 110,269 — 429,768 — Unconsolidated real estate partnerships — 15,789 — 13,005 Other assets, net 36,345 59,823 43,715 35,773 Liabilities Deferred tax liabilities — — 124,747 — Accrued liabilities and other 26,003 — 30,519 — Non-recourse property debt, net 22,689 — — — Construction loans, net 40,013 — 163,570 — Lease liabilities 114,625 — 435,093 — Consolidated Real Estate Partnerships The changes in consolidated VIE assets and liabilities from December 31, 2021 to December 31, 2022 in the table above are primarily due to the impact of: (i) In December 2022, we were admitted as sole limited partner to Strathmore Joint Venture 1, and we remitted $ 6.4 million in funds to our co-GP as a partial return of their capital contributions to the joint venture. This remittance reduced their ownership percentage in the joint venture and increased our combined GP and LP ownership percentage to greater than 50 %. As a result of this change in ownership, we became the primary beneficiary and consequently consolidated the joint venture. As of December 31, 2022 , we had $ 51.4 million in assets and $ 28.5 million in liabilities in our Consolidated Balance Sheets . There was no gain or loss recognized upon consolidation. (ii) In September 2022, we as lessee received final payment from AIR as lessor, pursuant to the lease termination agreement entered into in June 2022. The leases with respect to four properties were terminated, and we relinquished control of the associated leasehold improvements and underlying land of these four properties. Consequently, we derecognized real estate assets of $ 86.6 million and paid off a $ 138.4 million construction loan, which was derecognized as well. In addition, we derecognized right-of-use lease assets and lease liabilities of $ 326.1 million and $ 337.3 million, respectively, due to the lease terminations described here and in Note 4. (iii) In February 2022, we acquired all of the outstanding redeemable non-controlling interests in an entity reported as a consolidated VIE as of December 31, 2021 . Consequently, the entity became wholly owned by us and is no longer a VIE. As a result, $ 416.2 million of Real estate, net and $ 124.7 million of Deferred tax liability are no longer presented in the table above. Unconsolidated Real Estate Partnerships We own an interest in four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California. We also own investments in the Edgewater joint venture formed in March 2022 to develop a 2.8-acre site in Miami's Edgewater neighb orhood, and a Strathmore joint venture formed in May 2022 to develop a ground-up phased multifamily community in Bethesda, Maryland. Our investment balances of $ 15.8 million and $ 13.0 million as of December 31, 2022 and 2021, respectively, represent our maximum exposure to loss in these unconsolidated VIEs. Mezzanine Investment As discussed in Note 2, AIR holds a mezzanine loan payable by the partnership that owns Parkmerced Apartments, of which it is not the primary beneficiary. Under the terms of the Separation Agreement, AIR is obligated to transfer ownership of the subsidiaries that hold this interest to us upon receipt of applicable third-party consents. Our investment balances as of December 31, 2022 and 2021, respectively, were $ 158.6 million and $ 337.8 million. The net carrying values reflect our indirect interest in the mezzanine notes receivable through our agreement with AIR and our maximum exposure to loss in this VIE. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 —Debt Non-Recourse Property Debt We finance apartment communities in our portfolio primarily using property-level, non-recourse, long-dated, fixed-rate debt. The following table summarizes non-recourse property debt as of December 31, 2022 and 2021 (in thousands): December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate (1) 2022 2021 Fixed-rate property debt May 15, 2026 to June 1, 2033 1.00 % to 4.68 % 4.25 % $ 774,293 $ 429,883 Variable-rate property debt January 10, 2024 to October 9, 2025 8.84 % to 10.63 % 9.73 % 164,183 55,000 Total non-recourse property debt 5.21 % $ 938,476 $ 484,883 Assumed debt fair value adjustment, 1,210 1,536 Debt issuance costs, net of ( 10,185 ) ( 3,282 ) Total non-recourse property debt, net $ 929,501 $ 483,137 (1) As of December 31, 2022 , and after application of interest rate caps, the weighted average interest rate is 5.12 %. Principal and interest on our non-recourse property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As of December 31, 2022 , our property debt was secured by 24 properties. These non-recourse property debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2022, we believe we were in compliance with all such covenants. As of December 31, 2022, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands): Amortization Maturities Total 2023 $ 3,078 $ — $ 3,078 2024 3,188 82,883 86,071 2025 3,303 81,300 84,603 2026 2,166 75,519 77,685 2027 1,596 — 1,596 Thereafter 6,215 679,228 685,443 Total $ 19,546 $ 918,930 $ 938,476 Construction Loans Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table (in thousands): December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate (1) 2022 2021 Fixed-rate construction loans December 23, 2025 to December 23, 2052 3.25 % to 13.00 % 8.09 % $ 12,900 $ — Variable-rate construction loans July 1, 2024 to June 23, 2025 7.32 % to 8.76 % 7.75 % 113,417 168,376 Total construction loans 7.78 % $ 126,317 $ 168,376 Assumed debt fair value adjustment, ( 363 ) — Debt issuance costs, net of ( 7,256 ) ( 4,806 ) Total construction loans, net $ 118,698 $ 163,570 (1) As of December 31, 2022 , and after application of interest rate caps, the weighted average interest rate is 6.89 %. Interest-only payments on our construction loans are generally payable monthly with balloon payments due at maturity. As of December 31, 2022 , our construction debt was secured by 4 properties. These debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2022, we believe we were in compliance with all such covenants. As of December 31, 2022 , the scheduled principal maturity payments for the construction debt were as follows (in thousands): Principal Maturity Payments 2023 $ — 2024 79,815 2025 40,002 2026 — 2027 — Thereafter 6,500 Total $ 126,317 Revolving Credit Facility In December 2020, we entered into a credit agreement that provides for a $ 150.0 million secured credit facility, a $ 20.0 million swingline loan sub-facility and a $ 30.0 million letter of credit sub-facility. We can request incremental commitments under the credit agreement up to an aggregate principal amount of $ 300.0 million. The credit facility has a maturity date of December 2023, with two twelve-month extension options, subject to certain conditions. The revolving loans (other than the swingline) will bear interest, at our option, at a per annum rate equal to (a) LIBOR plus a margin of 2.00 % or (b) a base rate plus a margin of 1.00 %. Swingline loans made under the revolving credit facility will bear interest at a per annum rate equal to the base rate plus a margin of 1.00 %. The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5 %, (y) PNC Bank, National Association’s prime rate and (z) the daily LIBOR Rate plus 1.00 %. If the LIBOR Rate determined under any referenced method would be less than 0.25 %, such rate shall be deemed 0.25 % . We may terminate or, from time to time, reduce the aggregate amount of commitments. The revolving credit facility agreement contains language to facilitate a change to SOFR from LIBOR in 2023. As of December 31, 2022 , we had no outstanding balance on our secured revolving credit facility, the swingline sub-facility or the letter of credit sub-facility. Under our secured revolving credit facility, we have agreed to maintain a fixed charge coverage ratio of 1.25 x, minimum adjusted tangible net worth of $ 625.0 million, and maximum leverage of 60.0 % as defined in the credit agreement, among other customary covenants. We believe we are in compliance with these covenants as of December 31, 2022. Notes Payable to AIR In July 2022, we completed the prepayment of $ 534.1 million of Notes Payable to AIR, which was entered into on December 14, 2020. As a result, we incurred $ 17.4 million of spread maintenance costs, which are included in Income expense in our Consolidated Statements of Operations . For the years ended December 31, 2022, 2021, and 2020 , we recognized interest expense of $ 13.7 million, $ 27.8 million, and $ 1.3 million, respectively, associated with the Notes Payable to AIR, which is included in Interest expense in our Consolidated Statements of Operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of our taxable entities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2022 2021 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 119,621 $ 124,733 Lease Liability 385 79,827 Other 120 1,807 Deferred tax assets: Real estate and real estate partnership basis differences — 145 Lease Right of Use 439 80,497 Other 3,703 2,764 Net operating, capital, and other loss carryforwards 1,109 5,598 Valuation allowance for deferred tax assets ( 2,419 ) ( 1,342 ) Net deferred tax liability $ 117,294 $ 118,705 Our policy is to include any interest and penalties related to income taxes within income tax benefit (expense) in our consolidated statements of operations. Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Current: Federal $ 12,499 $ 905 $ 857 State 5,840 ( 250 ) 660 Total current 18,339 655 1,517 Deferred: Federal ( 934 ) ( 7,400 ) ( 10,470 ) State ( 141 ) ( 6,825 ) ( 1,196 ) Total deferred ( 1,075 ) ( 14,225 ) ( 11,666 ) Total income tax expense (benefit) $ 17,264 $ ( 13,570 ) $ ( 10,149 ) Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the year ended December 31, 2022, we had consolidated net income subject to tax of $ 88.8 million, and for the years ended December 31, 2021 and 2020 we had consolidated net loss subject to tax of $ 31.4 million, and $ 25.5 million, respectively. The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2022, 2021, and 2020 is shown below (in thousands): 2022 2021 2020 Amount Percent Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $ 18,641 21.0 % $( 6,591 ) 21.0 % $( 5,361 ) 21.0 % US branch profits tax on earnings of foreign subsidiary ( 1,965 ) ( 2.2 %) ( 1,084 ) 3.5 % ( 4,195 ) 16.4 % State income tax, net of federal (benefit) expense 4,590 5.2 % ( 7,075 ) 22.5 % ( 536 ) 2.1 % Effects of permanent differences 209 0.2 % 197 ( 0.6 %) 1 0.0 % Uncertain tax positions ( 4,945 ) ( 5.6 %) — 0 % — 0.0 % Valuation allowance 1,109 1.2 % 840 ( 2.7 %) — 0.0 % Other ( 375 ) ( 0.4 %) 143 ( 0.5 %) ( 58 ) 0.2 % Total income tax benefit $ 17,264 19.4 % $( 13,570 ) 43.2 % $( 10,149 ) 39.7 % Income taxes paid totaled approximate ly $ 22.9 million, $ 2.9 million, and $ 9.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends, unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2022, 2021, and 2020, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited): 2022 2021 2020 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.01 53.5 % $ - 0.0 % $ 3.17 6.7 % Capital gains 0.01 46.5 % - 0.0 % 19.43 40.9 % Qualified dividends - 0.0 % - 0.0 % 0.62 1.3 % Unrecaptured § 1250 gain - 0.0 % - 0.0 % 8.80 18.5 % Return of capital - 0.0 % - 0.0 % 15.48 32.6 % Balance at December 31 $ 0.02 100.0 % $ - 0.0 % $ 47.50 100.0 % A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands): Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2019, and subsequent years and certain of our state income tax returns for the year ended December 31, 2019, and subsequent years are currently subject to examination by the IRS or other taxing authorities. If recognized, the unrecognized tax benefits would affect our effective tax rate. 2022 2021 Balance at January 1 $ 7,038 $ 7,076 Reductions based on tax positions in prior years ( 4,903 ) ( 38 ) Balance at December 31 $ 2,135 $ 7,038 In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. We recognize the tax effects related to stock-based compensation through earnings in the period the compensation is recognized. |
Aimco Equity
Aimco Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Aimco Equity | Note 9 — Aimco Equity Common Stock Our Board of Directors is authorized to issue up to 510,587,500 shares of Common Stock and we had 146,524,941 shares of Common Stock outstanding as of December 31, 2022. 2022 Stock Repurchases Our Board has, from time to time, authorized us to repurchase shares of our outstanding Common Stock. As of December 31, 2022, we were authorized to repurchase up to 12.3 million shares of our outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions. This authorization has no expiration date. During the year ended December 31, 2022 , we repurchased approximately 3.5 million shares of our Common Stock at a weighted-average price of $ 7.21 per share. There were no stock repurchases during the years ended December 31, 2021, or December 31, 2020. 2022 Cash Dividend As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0 % of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco's Board determines and declares Aimco's dividends. In making a dividend determination, Aimco's Board considers a variety of factors, including REIT distribution requirements, current market conditions, liquidity needs, and other uses of cash, such as deleveraging and accretive investment activities. On September 30, 2022, Aimco paid a special cash dividend of $ 0.02 per share to shareholders of record on September 14, 2022 . Separation from AIR On December 15, 2020, we completed the Separation which was effected by way of a pro rata distribution, in which stockholders of Aimco received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on December 5, 2020. AIR Operating Partnership also completed a pro rata distribution of all of the outstanding common OP units of Aimco Operating Partnership to holders of AIR Operating Partnership common OP units and AIR Operating Partnership Class I High Performance OP units as of the close of business on December 5, 2020. Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, we are presented as being spun-off from AIR. Therefore, we are the accounting spinee and AIR is considered the divesting entity and treated as the accounting spinnor, or accounting predecessor. Since the assets, liabilities and operations of Aimco prior to the Separation were spread across multiple legal entities, a separate capital structure did not exist. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2022 | |
Partners' Capital [Abstract] | |
Partners' Capital | Note 10 — Partners’ Capital Aimco Operating Partnership Partners’ Capital Common Partnership Units In Aimco Operating Partnership’s Consolidated Balance Sheets , the OP Units held by us are classified within Partners’ Capital as General Partner and Special Limited Partner capital and the OP Units held by entities other than us are classified within Limited Partners’ capital. In our Consolidated Balance Sheets , the OP Units held by entities other than us are classified within permanent equity as Common noncontrolling interests in Aimco Operating Partnership . OP Units held by us are not redeemable whereas OP Units held by interests in Aimco Operating Partnership other than Aimco are redeemable at the holders’ option, subject to certain restrictions, on the basis of one OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. We have the option to deliver shares of Common Stock in exchange for all or any portion of such OP Units tendered for redemption. When a limited partner redeems an OP Unit for Common Stock, Limited Partners’ capital is reduced, and the General Partner and Special Limited Partners’ capital is increased. Entities other than us that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock. During the year ended December 31, 2022, approximately 108,000 OP Units, which were redeemed in exchange for shares of Common Stock, and approximately 33,000 OP Units were redeemed in exchange for cash at an aggregate weighted average price per unit of $ 7.07 . Separation from AIR On December 15, 2020, Aimco Operating Partnership completed the Separation, which was effected, in part, through a pro rata distribution of all of the outstanding common limited partnership units of Aimco Operating Partnership to holders of AIR Operating Partnership common limited partnership units and AIR Operating Partnership Class I High Performance partnership units as of the close of business on December 5, 2020. In add ition, our stockholders received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on the record date and received cash in lieu of fractional shares of Class A common stock of AIR. |
Earnings and Dividends per Shar
Earnings and Dividends per Share and per Unit | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends per Share and per Unit | Note 11 — Earnings and Dividends per Share and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share of common stock and basic earnings per common unit based on the weighted-average number of shares of Common Stock and common partnership units outstanding. We calculate diluted earnings per share of Common Stock and diluted earnings per unit taking into consideration dilutive shares of Common Stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. The shares of Common Stock and common partnership units outstanding at the Separation date are reflected as outstanding for all periods prior to the Separation for purposes of determining earnings per share and per unit. Each of our executives and AIR’s executives received one unvested share of our stock and one unvested share of AIR stock at the Separation date for each unvested share they held at that date. We include AIR’s executives’ rights to receive Aimco shares upon vesting in our dilutive calculations. Aimco's Common Stock and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in our issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to us of additional common partnership units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested performance-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of common stock and common partnership units prior to vesting, and our Performance-Based LTIP I units and Performance-Based LTIP II units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities are included in the computation of diluted earnings per share and unit for the year ended December 31, 2022, because the effect of their inclusion is dilutive. Participating securities are excluded from our computation of diluted loss per share and unit for the years ended December 31, 2021 and 2020, because the effect of their inclusion would be anti-dilutive. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands, except per share and per unit data): Years ended December 31, 2022 2021 2020 Earnings per share Numerator: Net income (loss) attributable to Aimco $ 75,726 $ ( 5,910 ) $ ( 5,041 ) Net income (loss) allocated to Aimco participating securities ( 1,087 ) — — Net income (loss) attributable to Aimco common stockholders $ 74,639 $ ( 5,910 ) $ ( 5,041 ) Denominator - shares: Basic weighted-average common stock outstanding 149,395 149,480 148,569 Diluted share equivalents outstanding 1,439 — — Diluted weighted-average common stock outstanding 150,834 149,480 148,569 Earnings (loss) per share - basic $ 0.50 $ ( 0.04 ) $ ( 0.03 ) Earnings (loss) per share - diluted $ 0.49 $ ( 0.04 ) $ ( 0.03 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ 79,657 $ ( 6,207 ) $ ( 5,310 ) Net income (loss) allocated to Aimco Operating Partnership participating securities ( 1,131 ) — — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ 78,526 $ ( 6,207 ) $ ( 5,310 ) Denominator - units Basic weighted-average common partnership units outstanding 157,317 157,701 156,500 Diluted partnership unit equivalents outstanding 1,457 — — Diluted weighted-average common partnership units outstanding 158,774 157,701 156,500 Earnings (loss) per unit - basic $ 0.50 $ ( 0.04 ) $ ( 0.03 ) Earnings (loss) per unit - diluted $ 0.49 $ ( 0.04 ) $ ( 0.03 ) |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | N ote 12 — Share-Based Compensation We have a stock award and incentive program to attract and retain employees and independent directors. As of December 31, 2022, approximately 21.4 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”). The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan. Awards under the 2015 Plan may be in the form of incentive stock options, non-qualified stock options, or other types of awards as authorized under the 2015 Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board. In connection with the Separation, we entered into an agreement to modify all outstanding awards granted to the holders of such awards. Each outstanding time or performance based Aimco award was converted into one share of our Common Stock and one share of AIR common stock. Generally, all such Aimco equity awards retain the same terms and vesting conditions as the original Aimco equity awards immediately before the Separation. Following the Separation, compensation expense related to these modified awards for the employees retained by us is incurred by Aimco. The compensation expense related to these modified awards for employees of AIR is incurred by AIR. For the years ended December 31, 2022, 2021, and 2020, total compensation cost recognized for share-based awards was (in thousands): 2022 2021 2020 Share-based compensation expense (1) $ 6,441 $ 3,377 $ 1,070 Capitalized share-based compensation (2) 1,016 340 138 Total share-based compensation (3) $ 7,457 $ 3,717 $ 1,208 (1) Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations. (2) Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets. (3) Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets. As of December 31, 2022, our share of total unvested compensation cost not yet recognized was 13.5 million. We expect to recognize this compensation cost over a weighted-average period of approximately 1.8 years. We grant stock options and restricted stock awards that are subject to time-based vesting and require continuous employment, typically over a period of four to five years from the grant date, and we refer to these awards as Time-Based Stock Options and Time-Based Restricted Stock, respectively. We also grant stock options, restricted stock awards, and two forms of long-term incentive partnership units (“LTIP units”), that vest conditioned on our total shareholder return (“TSR”), relative to identified indices over a forward-looking performance period of three years . We refer to these awards as TSR Stock Options, TSR Restricted Stock, TSR LTIP I units, and TSR LTIP II units. Vested LTIP II units may be converted at the holders’ option to LTIP Units for a conversion price over a term of 10 years. Earned TSR-based awards, if any, will generally vest 100% on the third anniversary of the grant date, based on continued employment. Our Time-Based Stock Options and TSR Stock Options expire generally 10 years from the date of grant. We recognize compensation cost associated with time-based awards ratably over the requisite service periods, which are typically three to four years. We recognize compensation cost related to the TSR-based awards, over the requisite service period, commencing on the grant date. The value of the TSR-based awards takes into consideration the probability that the market condition will be achieved; therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest. We had Time-Based Stock Options, Time-Based Restricted Stock, TSR Stock Options, TSR Restricted Stock, TSR LTIP I units and TSR LTIP II units outstanding as of December 31, 2022 . The following two tables summarize activity for equity compensation for the year ended December 31, 2022. TSR Stock Options Time-Based Restricted Stock Awards TSR Restricted Stock Awards Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 317,200 $ 6.66 1,941,125 $ 6.84 283,503 $ 10.14 Granted 212,767 6.96 328,941 7.16 183,320 7.25 Exercised — — N/A N/A N/A N/A Vested N/A N/A ( 30,618 ) 14.61 (1) ( 3,198 ) 47.44 (1) Forfeited — — ( 85,310 ) 6.90 ( 2,880 ) 55.50 (1) Outstanding at end of year 529,967 $ 6.78 2,154,138 $ 6.78 460,745 $ 8.45 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. LTIP I Units TSR LTIP II Units Time LTIP II Units Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 12,441 $ 53.69 (1) 563,890 $ 4.64 — $ — Granted — — 341,550 6.96 563,334 6.96 Exercised N/A N/A — — — — Vested ( 2,557 ) 53.17 (1) N/A N/A N/A N/A Forfeited ( 2,698 ) 55.17 (1) — — — — Outstanding at end of year 7,186 $ 53.33 905,440 $ 5.52 563,334 $ 6.96 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. The following table summarizes the unvested or outstanding shares issued to our employees and employees of AIR and are potentially dilutive to us and Aimco Operating Partnership as of December 31, 2022. Unvested Shares Awards Aimco AIR Unvested Compensation Not Yet Recognized (1) Time-Based Stock Options (Outstanding shares) — 786,413 $ — TSR Stock Options (Outstanding shares) 529,967 25,563 874 Time-Based Restricted Stock Awards 2,154,138 18,000 9,143 TSR Restricted Stock Awards 460,745 47,516 2,007 LTIP I units 7,186 — 62 TSR LTIP II units (Outstanding shares) 1,468,774 1,089,691 1,415 Total awards 4,620,810 1,967,183 $ 13,501 (1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR. Determination of Grant-Date Fair Value Awards We estimated the fair value of TSR-based awards granted in 2022 and 2021 using a Monte Carlo simulation valuation method. Under this method, the prices of the indices and shares of our Common Stock were simulated through the end of the performance period. The correlation matrix between shares of our Common Stock and the indices, as well as the corresponding return volatilities, were developed based upon an analysis of historical data. The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2022 and 2021. TSR-based Award Assumptions 2022 2021 Grant date market value of a common share $ 6.96 $ 6.66 -$ 7.10 Risk-free interest rate 0.19 %- 1.38 % 0.02 %- 1.22 % Dividend yield 0 % 0 % Expected volatility 32.09 %- 33.04 % 30.4 %- 32.29 % Derived vesting period of TSR Restricted Stock 3.0 3.0 Weighted average expected term of TSR Stock Options and LTIP II units 4.9 5.4 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13 — Fair Value Measurements Recurring Fair Value Measurements From time to time, we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. As of December 31, 2022, we held interest rate swaps and cap s with $ 2.0 billion notional value. These instruments were acquired for $ 17.7 million, and the fair value of these instruments is noted in the table below. During the year ended December 31, 2022 , we monetized an interest rate swap and an interest rate cap for $ 16.8 million and recognized gains of $ 11.1 million, net of transaction costs, which are included in Realized and unrealized gain (losses) on interest rate options . On a recurring basis, we measure at fair value our interest rate options, which are presented in Other assets, net in our Consolidated Balance Sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and any upfront premium is reflected in Purchase of interest rate options in our Consolidated Statements of Cash Flows. As of December 31, 2022 and 2021 , we had investments of $ 4.3 million and $ 9.6 million, respectively, in property technology funds consisting of 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 14 for further information regarding unfunded commitments related to these investments. The following table summarizes the fair value of our interest rate options and our investments in real estate technology funds as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 62,259 $ — $ 62,259 $ — $ 25,449 $ — $ 25,449 $ — Investments in real estate technology funds (1) $ 4,296 $ — $ — $ — $ 9,613 $ — $ — $ — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Nonrecurring Fair Value Measurements As of December 31, 2022, we tested the Mezzanine Investment for impairment given triggering events occurring in the fourth quarter of 2022 and we recorded a non-cash impairment charge to reduce the carrying value of the Mezzanine Investment to $ 158.6 million . Our estimate of the Mezzanine Investment's fair value was derived using internally developed models to determine the fair value of the underlying collateral, with significant weighting given to a third-party appraisal of the Parkmerced Apartments collateral. This appraisal incorporates various estimates and assumptions, the most significant being the capitalization rate and discount rate of 3.75 % and 11.5 %, respectively, market rental rates and operating expenses. These assumptions are based on Level 3 inputs. See Note 2 for further details. Immediately following the Separation, we tested our right of use assets, tenant improvements, furniture, fixtures and equipment and our internally developed software for impairment. We concluded that the est imated fair value of the related assets no longer exceeded their carrying values and recorded an aggregate impairment of $ 15.9 million for the year ended December 31, 2020. The fair value determination included assumptions based on Level 3 inputs. See Note 2 for further information. There were no such impairments in 2022 or 2021. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivables and payables approximated their fair value as of December 31, 2022 and 2021, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value. The carrying amount of the Notes Payable to AIR, which were fully repaid in the third quarter of 2022, approximated their fair value at December 31, 2021. The following table summarizes carrying value and fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 938,476 $ 878,804 $ 484,883 $ 498,960 Construction loans 126,317 125,954 168,376 168,376 Notes Payable to AIR - - 534,127 534,127 Total $ 1,064,793 $ 1,004,758 $ 1,187,386 $ 1,201,463 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 — 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. We have entered into contracts for $ 155.8 million, with $ 304.6 million undrawn on our construction loans as of December 31, 2022. We have total remaining commitments to unconsolidated joint ventures of $ 10.3 million, which we expect to fund over the next twelve months. As of December 31, 2022, we have remaining commitments of $ 2.4 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 t he 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 on our financial condition or results of operations. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 15 — Business Segments We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. Our Operating segment includ es 21 residential a partment communities that have achieved stabilized level of operations as of January 1, 2021 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into o ur Operating segment. Our Other segment consists of properties that are not included in our Development and Redevelopment or Operating segments. During 2022, we disposed of two Seattle, Washington area properties and one stabilized property located in Fremont, CA that was previously reported within our Operating segment. In addition, we terminated the leases for four residential apartment communities that were previously reported within our Development and Redevelopment segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment composition as of December 31, 2022. 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 reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our Consolidated Statements of Operations, utility reimbursements are included in Rental and other property revenues , in accordance with GAAP. As of December 31, 2022 , our Development and Redevelopment segment consists of 12 properties; three residential apartment communities with 1,185 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; and land parcels held for development. Our Operating segment includes 21 consolidated apartment communities with 5,582 apartment homes. Our Other segment includes our Eldridge Townhomes apartment community, stabilized but not owned for the comparable reporting period, and 1001 Brickell Bay Drive, our only office building. The following tables present the results of operations of consolidated properties, with our segments reported on a proportionate basis for the years ended December 31, 2022, 2021, and 2020 (in thousands): Prior period carve out amounts have been adjusted retrospectively to reconcile the difference between non-recurring carve out accounting and current results as it relates to insurance expense, for the years ended December 31, 2021 and 2020, respectively. T his adjustment ensures comparability of post-Separation results to pre-Separation segment results. Absent the adjustment, 2021 NOI would have increased 6.9 %. Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2022: Rental and other property revenues $ 919 $ 135,224 $ 18,030 $ 6,097 $ 30,074 $ 190,344 Property operating expenses 2,198 40,841 5,560 6,077 17,116 71,792 Other operating expenses not allocated (3) — — — — 198,640 198,640 Total operating expenses 2,198 40,841 5,560 6,077 215,756 270,432 Proportionate property net operating ( 1,279 ) 94,383 12,470 20 ( 185,682 ) ( 80,088 ) Other items included in income before (4) — — — — 189,510 189,510 Income (loss) before income tax $ ( 1,279 ) $ 94,383 $ 12,470 $ 20 $ 3,828 $ 109,422 Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2021: Rental and other property revenues $ 2,036 $ 122,303 $ 14,559 $ 5,256 $ 25,682 $ 169,836 Property operating expenses 1,446 39,625 4,405 5,199 16,938 67,613 Other operating expenses not allocated (3) — — — — 117,863 117,863 Total operating expenses 1,446 39,625 4,405 5,199 134,801 185,476 Proportionate property net operating 590 82,678 10,154 57 ( 109,119 ) ( 15,640 ) Other items included in income before (4) — — — — ( 2,910 ) ( 2,910 ) Income (loss) before income tax $ 590 $ 82,678 $ 10,154 $ 57 $ ( 112,029 ) $ ( 18,550 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2020: Rental and other property revenues $ 1,515 $ 116,888 $ 13,079 $ 5,577 $ 14,392 $ 151,451 Property operating expenses 981 37,917 4,117 4,885 13,614 61,514 Other operating expenses not allocated (3) — — — — 104,294 104,294 Total operating expenses 981 37,917 4,117 4,885 117,908 165,808 Proportionate property net operating 534 78,971 8,962 692 ( 103,516 ) ( 14,357 ) Other items included in income before (4) — — — — ( 1,563 ) ( 1,563 ) Income (loss) before income tax $ 534 $ 78,971 $ 8,962 $ 692 $ ( 105,079 ) $ ( 15,920 ) (1) Represents adjustments for the redeemable noncontrolling interests in consolidated real estate partnership’s share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also, includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in Rental and other property revenues in our Consolidated Statements of Operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or classified as Held for Sale at the end of the period. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of segment performance. (3) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (4) Other items included in income before income tax benefit (expense) consists primarily of interest expense, gain on our interest rate options, gain on sale of Real Estate, lease modification income and mezzanine investment income (loss), net. Net real estate and non-recourse property debt, net, of our segments as of December 31, 2022 and 2021 were as follows (in thousands): Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2022: Buildings and improvements $ 449,316 $ 674,419 $ 198,646 $ — $ 1,322,381 Land 228,568 259,033 153,501 — 641,102 Total real estate 677,884 933,452 352,147 — 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,054 ) ( 60,290 ) — ( 530,722 ) Net real estate $ 675,506 $ 465,398 $ 291,857 $ — $ 1,432,761 Non-recourse property debt and construction loans, net $ 200,135 $ 823,692 $ 24,372 $ — $ 1,048,199 Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2021: Buildings and improvements $ 202,367 $ 675,269 $ 196,853 $ 182,725 $ 1,257,214 Land 82,325 259,033 153,501 39,426 534,285 Total real estate 284,692 934,302 350,354 222,151 1,791,499 Accumulated depreciation ( 1,426 ) ( 444,324 ) ( 41,841 ) ( 73,524 ) ( 561,115 ) Net real estate $ 283,266 $ 489,978 $ 308,513 $ 148,627 $ 1,230,384 Non-recourse property debt and construction loans, net $ 36,218 $ 428,308 $ — $ 182,181 $ 646,707 (1) During the year ended December 31, 2022, certain properties were sold or reclassified as Held for Sale, and therefore are not included in our segment balance sheets as of December 31, 2022. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2021. In addition to the amounts disclosed in the tables above, as of December 31, 2022, the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 110.3 million and $ 114.6 million, respectively, and as of December 31, 2021, aggregated to $ 96.3 m illi on and $ 95.4 m illion, respectively. As of December 31, 2022, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore and Oak Shore. As described in Note 4, we entered into termination agreements that cancelled our leases on North Tower of Flamingo Point, 707 Leahy, The Fremont, and Prism properties on September 1, 2022. Consequently, during 2022, we wrote off $ 326.1 million and $ 337.3 million of right-of-use lease assets and lease liabilities, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 — Subsequent Events On February 20, 2023, we entered into an agreement to sell our Parkmerced mezzanine loan for $ 167.5 million. The closing of the sale is subject to a reasonable due diligence period and the satisfaction of certain conditions to closing including various approvals, and as such closing is not guaranteed. |
Schedule III_ Real Estate and
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AN D ACCUMULATED DEPRECIATION December 31, 2022 (In Thousands Except Apartment Home Data) (2) As of December 31, 2022 (1) Initial Cost Cost Capitalized (4) Apartment Community Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost (5) Name Type Acquired Location Built Homes Land Improvements Acquisition Land Improvements Total Depreciation (AD) Net of AD Encumbrances Operating: 118-122 West 23rd Street High Rise Jun 2012 New York, NY 1987 42 $ 14,985 $ 23,459 $ 6,186 $ 14,985 $ 29,645 $ 44,630 $( 12,453 ) $ 32,177 $ 16,472 173 E. 90th Street High Rise May 2004 New York, NY 1910 72 12,066 4,535 9,044 12,066 13,579 25,645 ( 7,080 ) 18,565 12,138 237-239 Ninth Avenue High Rise Mar 2005 New York, NY 1900 36 8,495 1,866 2,777 8,495 4,643 13,138 ( 3,338 ) 9,800 6,148 1045 on the Park Apartments Homes Mid Rise Jul 2013 Atlanta, GA 2012 30 2,793 6,662 1,185 2,793 7,847 10,640 ( 2,711 ) 7,929 6,007 2200 Grace High Rise Aug 2018 Lombard, IL 1971 72 642 7,788 242 642 8,030 8,672 ( 5,583 ) 3,089 11,193 Bank Lofts High Rise Apr 2001 Denver, CO 1920 125 3,525 9,045 5,716 3,525 14,761 18,286 ( 9,341 ) 8,945 18,540 Bluffs at Pacifica, The Garden Oct 2006 Pacifica, CA 1963 64 8,108 4,132 17,749 8,108 21,881 29,989 ( 14,208 ) 15,781 — Elm Creek Mid Rise Dec 1997 Elmhurst, IL 1987 400 5,910 30,830 31,618 5,910 62,448 68,358 ( 41,367 ) 26,991 78,095 Evanston Place High Rise Dec 1997 Evanston, IL 1990 190 3,232 25,546 18,557 3,232 44,103 47,335 ( 25,532 ) 21,803 46,670 Hillmeade Garden Nov 1994 Nashville, TN 1986 288 2,872 16,070 22,362 2,872 38,432 41,304 ( 27,915 ) 13,389 46,026 Hyde Park Tower High Rise Oct 2004 Chicago, IL 1990 155 4,731 14,927 16,560 4,731 31,487 36,218 ( 17,199 ) 19,019 29,484 Plantation Gardens Garden Oct 1999 Plantation, FL 1971 372 3,773 19,443 23,203 3,773 42,646 46,419 ( 31,196 ) 15,223 60,133 Royal Crest Estates Garden Aug 2002 Warwick, RI 1972 492 22,433 24,095 6,029 22,433 30,124 52,557 ( 24,639 ) 27,918 — Royal Crest Estates Garden Aug 2002 Nashua, NH 1970 902 68,230 45,562 18,108 68,230 63,670 131,900 ( 53,853 ) 78,047 173,435 Royal Crest Estates Garden Aug 2002 Marlborough, MA 1970 473 25,178 28,786 14,289 25,178 43,075 68,253 ( 34,792 ) 33,461 71,295 St. George Villas Garden Jan 2006 St. George, SC 1984 40 108 1,024 452 108 1,476 1,584 ( 1,419 ) 165 237 Waterford Village Garden Aug 2002 Bridgewater, MA 1971 588 29,110 28,101 12,390 29,110 40,491 69,601 ( 34,473 ) 35,128 — Wexford Village Garden Aug 2002 Worcester, MA 1974 264 6,349 17,939 6,199 6,349 24,138 30,487 ( 17,627 ) 12,860 — Willow Bend Garden May 1998 Rolling Meadows, IL 1969 328 2,717 15,437 19,897 2,717 35,334 38,051 ( 28,997 ) 9,054 43,501 Yacht Club at Brickell High Rise Dec 2003 Miami, FL 1998 357 31,362 32,214 21,404 31,362 53,618 84,980 ( 29,866 ) 55,114 163,880 Yorktown Apartments High Rise Dec 1999 Lombard, IL 1971 292 2,414 10,374 52,617 2,414 62,991 65,405 ( 44,465 ) 20,940 46,857 Total Operating 5,582 259,033 367,835 306,584 259,033 674,419 933,452 ( 468,054 ) 465,398 830,111 Development and redevelopment: Benson Hotel & faculty Club, The — Jan 2021 Denver, CO — — 1,815 4,414 62,529 1,815 66,943 68,758 — 68,758 — One Edgewater Garden Jul 2021 Miami, FL 1948 — 20,045 — 2,638 20,045 2,638 22,683 — 22,683 — Hamilton House — Jan 1900 Miami, FL — — 11,467 — 4,606 11,467 4,606 16,073 — 16,073 — Flying Horse — Jul 2021 Colorado Springs, CO — — 4,257 — 3,164 4,257 3,164 7,421 — 7,421 — Hamilton, The High Rise Aug 2020 Miami, FL 1985 276 45,239 34,891 108,564 45,239 143,455 188,694 ( 2,378 ) 186,316 79,815 Oak Shore — Jun 2021 Corte Madera, CA — 24 — — 23,309 — 23,309 23,309 — 23,309 1 Upton Place — Dec 2020 Washington, DC — — — 21,280 151,224 — 172,504 172,504 — 172,504 33,601 Mondo Market — Sep 2022 Aurora, CO — — — — 2,282 — 2,282 2,282 — 2,282 — Strathmore Phase 1 Con — Feb 2022 Ft. Lauderdale, FL — — — — 13,681 — 13,681 13,681 — 13,681 12,537 300 W. Broward Blvd. — Jan 2022 Ft. Lauderdale, FL — — 21,355 — 9,260 21,355 9,260 30,615 — 30,615 12,796 200 W. Broward Blvd. — Jan 2022 Ft. Lauderdale, FL — — 16,750 — 2,215 16,750 2,215 18,965 — 18,965 10,087 Fitzsimons Phase Four — Dec 2022 Aurora, CO — — 2,016 — 71 2,016 71 2,087 — 2,087 — Sears Parcel 1 — Jun 2022 Ft. Lauderdale, FL — — 68,485 — 3,497 68,485 3,497 71,982 — 71,982 38,400 Sears Parcel 2 — Jul 2022 Ft. Lauderdale, FL — — 20,737 — 978 20,737 978 21,715 — 21,715 12,000 Sears Parcel 3 — Jun 2022 Ft. Lauderdale, FL — — 16,402 — 713 16,402 713 17,115 — 17,115 9,600 Total Development and redevelopment 300 228,568 60,585 388,731 228,568 449,316 677,884 ( 2,378 ) 675,506 208,837 Other: 1001 Brickell Bay Drive High Rise Jul 2019 Miami, FL 1985 — 150,018 152,791 8,321 150,018 162,924 312,942 ( 58,497 ) 254,445 — Eldridge Townhome Aug 2021 Elmhurst, IL 2018 58 3,483 35,706 16 3,483 35,722 39,205 ( 1,793 ) 37,412 26,691 Total Portfolio 5,940 $ 641,102 $ 616,917 $ 703,652 $ 641,102 $ 1,322,381 $ 1,963,483 $( 530,722 ) $ 1,432,761 $ 1,065,639 (1) Date we acquired the apartment community or first acquired the partnership that owns the community. (2) Includes costs capitalized since acquisition or date of initial acquisition of the community. (3) The aggregate cost of land and depreciable property for federal income tax purposes was a pproximately $ 1.3 billion as of December 31, 2022. (4) Depreciable life for buildings and improvements ranges from five to 30 years and is calculated on a straight-line basis. (5) Encumbrances are presented before reduction for debt issuance costs. APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2022, 2021, and 2020 (In Thousands) 2022 2021 2020 Total real estate balance at beginning of year $ 1,791,499 $ 1,500,269 $ 1,385,412 Additions during the year: Acquisitions 146,236 69,178 112,820 Capital additions 273,380 222,052 24,334 Dispositions ( 233,308 ) — ( 22,297 ) Write-offs of fully depreciated assets and other ( 14,324 ) — — Total real estate balance at end of year $ 1,963,483 $ 1,791,499 $ 1,500,269 Accumulated depreciation balance at beginning of year $ 561,115 $ 495,010 $ 449,444 Depreciation 143,983 66,105 67,919 Dispositions ( 160,052 ) — — Write-offs of fully depreciated assets and other ( 14,324 ) — ( 22,353 ) Accumulated depreciation balance at end of year $ 530,722 $ 561,115 $ 495,010 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. C ertain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. |
Principles of Consolidation | Principles of Consolidation We consolidate a variable interest entity (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Refer to Note 6 for further information. |
Allocations | Allocations The 2020 Consolidated Statement of Operations includes allocations of general and administrative expenses from Aimco Predecessor, as discussed in Note 5 . We consider the basis on which expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. However, the allocations may not include all of the actual expenses that we would have incurred and may not reflect our consolidated results of operations, financial position, and cash flows had it been a stand-alone company during the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced, and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Separation, AIR, through its subsidiaries, provides us with certain property management and other services, and we perform certain functions using our own resources or purchase services from third parties. |
Common Noncontrolling Interests in Aimco Operating Partnership | Common Noncontrolling Interests in Aimco Operating Partnership Individuals and entities that hold an interest in Aimco Operating Partnership other than Aimco are reflected in our accompanying Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2022, 2021, and 2020, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , 5.0 %, and 5.0 %, respectively. Please refer to Note 10 for further information regarding the items comprising common noncontrolling interests in Aimco Operating Partnership. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity accounts. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. If the redemption right is not currently redeemable, but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. 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. In December 2022, we were admitted to Strathmore Joint Venture 1 as sole limited partner. In addition, in the same period $ 12.9 million of loans were funded to the Strathmore Joint Venture 1 and $ 6.4 million in funds were remitted to our co-GP as a partial return of their capital contributions to the joint venture. This remittance reduced their ownership percentage in the joint venture and increased our combined GP and LP ownership percentage. As a result of these transactions, we consolidated Strathmore Joint Venture 1 in the fourth quarter of 2022 and recognized $ 7.3 million of redeemable noncontrolling interests. In July 2022, we closed a $ 102.0 million preferred equity financing with an institutional investor, providing for a fixed 8 % annual rate of return payable monthly. We recognized this financing as a capital contribution to redeemable noncontrolling interests. In February 2022, we acquired all of the outstanding redeemable non-controlling interests in an entity reported as a consolidated VIE as of December 31, 2021. At the time of redemption, the carrying amount of the redeemable noncontrolling interests was $ 4.9 million. Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2022 c onsist of the $ 102.0 million preferred equity noted above, our partner's equity interest in the Upton Joint Venture, which provides for an accruing 9.7 % rate of return on their investment and the $ 7.3 million net interest held by the other general partner of Strathmore Joint Venture 1. These investment interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2022. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2022 , and 2021 (in thousands): 2022 2021 Balance at Beginning of Period $ 33,794 $ 4,263 Capital contributions 138,479 29,440 Distributions ( 9,365 ) — Redemptions ( 4,911 ) — Net income 8,829 91 Balance at December 31, $ 166,826 $ 33,794 |
Investments in Unconsolidated Real Estate Partnerships | Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Income from unconsolidated real estate partnerships in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. We assess the recoverability of our equity method investments if there are indicators of potential impairment. We did not recognize any such impairments of our equity method investments during the years ended December 31, 2022, 2021, and 2020. 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. Ownership of the subsidiaries that originated and hold the mezzanine loan was retained by AIR following the Separation. The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk to us through 2024 once required third-party consents are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. The loan is subject to certain risks, including, but not limited to, changes in the macroeconomic environment that can lead to increases in capitalization rates and discount rates, and factors that can have negative effects on occupancy and market rental rates such as lower demand for urban living in San Francisco resulting from the post pandemic virtual working environment adopted by big tech, and an increase in virtual participation as compared to pre-pandemic in class learning at local colleges. These trends have impacted the demand at the Parkmerced Apartments, resulting in a sustained decrease in rents and a negative impact on the resulting occupancy rates. Further, recent transactions in the market and a supporting appraisal, indicate that that the collateral from the note has declined in value. This decline was deemed to be other-than-temporary and the Company recorded a non-cash impairment charge of $ 212.6 million to reduce the carrying value of the Mezzanine Investment to $ 158.6 million as of December 31, 2022. The non-cash impairment is reflected in Mezzanine investment income (loss), net , in our Consolidated Statements of Operations for the year ended December 31, 2022, and as a reduction in the carrying value of the Mezzanine investment in our Consolidated Balance Sheets as of December 31, 2022 . No impairment losses were recognized during the years ended December 31, 2021 and 2020. Prior to recording the impairment charge, we recognized as income the net amounts earned on the mezzanine loan by AIR on its equity investment that are due to be paid to us when collected to the extent the income was supported by the change in AIR’s claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. |
Real Estate | Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar real estate. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; (c) the value associated with in-place leases during an estimated absorption period, which estimates rental revenue that would not have been earned had the leased space been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels; and (d) tax abatement contract related intangibles, to the extent the property has them in place. The above and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For each of the years ended December 31, 2022, 2021, and 2020, we capitalized to buildings and improvements $ 30.6 million, $ 21.3 million, and $ 1.0 million of interest costs, respectively. For the years ended December 31, 2022, 2021, and 2020, we capitalized to buildings and improvements $ 16.9 million, $ 20.9 million, and $ 2.7 million of indirect costs, respectively. Gain or Loss on Dispositions Gain or loss on dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Total Gains on dispositions of real estate of $ 175.9 million were recognized during the year ended December 31, 2022 . There were no dispositions in the years ended December 31, 2021 and 2020 . |
Impairment | Impairment Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community. In connection with the Separation, we entered into a sublease of office space within our corporate offices to AIR at then-current market rents. Based on an analysis of the estimated undiscounted cash flows relative to the sublease arrangement, we evaluated the recoverability of the assets associated with the subleased space, including, the right-of-use asset, tenant improvements and furniture, fixtures and equipment and concluded the subleased assets were impaired. We recorded an impairment charge of $ 11.0 million in our Consolidated Statements of Operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2022, and 2021. In connection with the Separation, we entered into a software license agreement with AIR to provide for the use of certain internally developed software at then-current market rates. Based on an analysis of the estimated undiscounted cash flows relative to the carrying value of the internally developed software, we concluded the assets were impaired. Additionally, following an evaluation of the future service potential of certain other internal software that was under development, we ceased development and impaired the associated carrying value. We recorded an aggregate impairment charge of $ 4.9 million in our Consolidated Statements of Operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2022, and 2021. |
Cash Equivalents | Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Supplemental cash flow information for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands): Years Ended December 31, 2022 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 45,171 $ 43,800 $ 22,152 Cash paid for income taxes 22,930 2,941 9,216 Non-cash transactions associated with acquisitions: Buildings and improvements 11,109 — — Intangible assets, net 13,377 — — Mark to market adjustment on an assumed construction loan 363 — — Right-of-use lease assets 15,036 — — Other assets, net 5,629 — — Accrued liabilities and other ( 1,854 ) ( 310 ) — Lease liabilities ( 15,151 ) — — Contributions to noncontrolling interests ( 13,756 ) — — Contributions from Aimco Predecessor — — 955 Contribution from noncontrolling interest in consolidated real estate partnerships — 3,159 11,667 Other non-cash transactions: Operating leases 2,336 143 5,559 Accrued capital expenditures (at end of period) 41,435 25,686 1,040 Issuance of notes payable to AIR in connection with Separation — — 534,127 Contribution from Aimco Predecessor, net — — 131,447 |
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 | O ther Assets As of December 31, 2022, and 2021, other assets were comprised of the following amounts (in thousands): 2022 2021 Other investments $ 63,982 $ 45,386 Deferred costs, deposits, and other 20,460 22,136 Prepaid expenses and real estate taxes 17,363 20,516 Intangible assets, net 14,160 3,269 Corporate fixed assets 8,371 9,855 Accounts receivable, net of allowances of $ 1,206 and $ 1,285 as of December 31, 2022 and 2021, respectively 4,079 2,469 Deferred tax assets 2,321 6,388 Due from affiliates 1,943 4,840 Total other assets, net $ 132,679 $ 114,859 |
Other Investments | Other investments Other investments consist of passive equity investments in IQHQ Inc. (IQHQ), a privately held life sciences real estate development company, and property technology funds. See Note 13 for discussion of our fair value measurements for these investments. |
Intangibles | Intangibles Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets . The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2022, and 2021 (in thousands). 2022 2021 Intangible assets (1) $ 29,902 $ 16,744 Less: accumulated amortization ( 15,742 ) ( 13,475 ) Intangible assets, net $ 14,160 $ 3,269 Below-market leases $ 4,175 $ 4,175 Less: accumulated amortization ( 3,971 ) ( 3,093 ) Intangible liabilities, net $ 204 $ 1,082 (1) Amount includes $ 13.4 million of intangible tax abatement. Based on the balance of intangible assets and liabilities as of December 31, 2022, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands). Intangible assets Intangible liabilities 2023 $ 657 $ 174 2024 735 30 2025 892 — 2026 892 — 2027 892 — Thereafter 10,092 — Total future amortization $ 14,160 $ 204 |
Accounts Receivable, net and Straight-line rent | Accounts Receivable, net and Straight-line rent We present our accounts receivable and straight-line rent receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. |
Deferred Leasing Costs | Deferred Leasing Costs In accordance with the adoption of Accounting Standard Codification (“ASC”) 842, we defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in Depreciation and amortization in our Consolidated Statements of Operations . |
Revenue from Leases | Revenue from Leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. |
Debt Issuance Costs | Debt Issuance Costs We defer, as debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our Consolidated Balance Sheets. For debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn we record the costs in Other assets, net in our Consolidated Balance Sheets and amortize the costs to Interest expense, on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our Consolidated Balance Sheets and subsequently amortized to Interest expense on a straight-line basis over the remaining term of the arrangement in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. |
Depreciation and Amortization | Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 y ears. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determi ning the estimated useful lives used in connection with our composite and group depreciation methods. |
Income Tax Benefit (Expense) | Income Tax Benefit (Expense) Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our C onsolidated Statements of Operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the year ended December 31, 2022, we had net income subject to tax of $ 88.8 million, compared to net loss subject to tax of $ 31.4 million for the same period in 2021. For the year ended December 31, 2022, we recognized income tax expense of $ 17.3 million, compared to income tax benefit of $ 13.6 million for the same period in 2021. The year-to-year change is due primarily to the GAAP income taxes associated with the net lease modification income recognized in 2022. Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 1994, and Aimco intends to continue to operate in such a manner. Aimco's current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, Aimco may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. Aimco also will be required to pay a 100 % tax on any net income on non-arm’s length transactions between Aimco and a TRS and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. |
Earnings per Share and per Unit | Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 11 for further information regarding earnings per share and unit computations. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Accounting Pronouncements Adopted in the Current Year | Accounting Pronouncements Adopted in the Current Year During the first quarter of 2022, we adopted ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments in conjunction with our ongoing operations. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss, which was effective for us on January 1, 2022 . The adoption of this standard did no t have a material impact on our consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements I n March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the LIBOR or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. In January 2021, the FASB issued Accounting Standards Update 2021-01 , “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. In December 2022, the FASB issued Accounting Standards Update 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The UK Financial Conduct Authority has an intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR of June 30, 2023. We plan to adopt ASU 2020-04, ASU 2021-01 and ASU 2022-06 when LIBOR is discontinued. We are currently evaluating the potential impact of adopting this guidance, but do not expect it to have a material impact on our consolidated financial statements. |
Fair Value of Financial Instruments | On a recurring basis, we measure at fair value our interest rate options, which are presented in Other assets, net in our Consolidated Balance Sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and any upfront premium is reflected in Purchase of interest rate options in our Consolidated Statements of Cash Flows. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnership | The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2022 , and 2021 (in thousands): 2022 2021 Balance at Beginning of Period $ 33,794 $ 4,263 Capital contributions 138,479 29,440 Distributions ( 9,365 ) — Redemptions ( 4,911 ) — Net income 8,829 91 Balance at December 31, $ 166,826 $ 33,794 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands): Years Ended December 31, 2022 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 45,171 $ 43,800 $ 22,152 Cash paid for income taxes 22,930 2,941 9,216 Non-cash transactions associated with acquisitions: Buildings and improvements 11,109 — — Intangible assets, net 13,377 — — Mark to market adjustment on an assumed construction loan 363 — — Right-of-use lease assets 15,036 — — Other assets, net 5,629 — — Accrued liabilities and other ( 1,854 ) ( 310 ) — Lease liabilities ( 15,151 ) — — Contributions to noncontrolling interests ( 13,756 ) — — Contributions from Aimco Predecessor — — 955 Contribution from noncontrolling interest in consolidated real estate partnerships — 3,159 11,667 Other non-cash transactions: Operating leases 2,336 143 5,559 Accrued capital expenditures (at end of period) 41,435 25,686 1,040 Issuance of notes payable to AIR in connection with Separation — — 534,127 Contribution from Aimco Predecessor, net — — 131,447 |
Summary of Other Assets | As of December 31, 2022, and 2021, other assets were comprised of the following amounts (in thousands): 2022 2021 Other investments $ 63,982 $ 45,386 Deferred costs, deposits, and other 20,460 22,136 Prepaid expenses and real estate taxes 17,363 20,516 Intangible assets, net 14,160 3,269 Corporate fixed assets 8,371 9,855 Accounts receivable, net of allowances of $ 1,206 and $ 1,285 as of December 31, 2022 and 2021, respectively 4,079 2,469 Deferred tax assets 2,321 6,388 Due from affiliates 1,943 4,840 Total other assets, net $ 132,679 $ 114,859 |
Summary of Intangible Assets and Liabilities Net of Accumulated Amortization | Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets . The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2022, and 2021 (in thousands). 2022 2021 Intangible assets (1) $ 29,902 $ 16,744 Less: accumulated amortization ( 15,742 ) ( 13,475 ) Intangible assets, net $ 14,160 $ 3,269 Below-market leases $ 4,175 $ 4,175 Less: accumulated amortization ( 3,971 ) ( 3,093 ) Intangible liabilities, net $ 204 $ 1,082 (1) Amount includes $ 13.4 million of intangible tax abatement. |
Schedule of Estimated Aggregate Annual Amortization Expense | Based on the balance of intangible assets and liabilities as of December 31, 2022, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands). Intangible assets Intangible liabilities 2023 $ 657 $ 174 2024 735 30 2025 892 — 2026 892 — 2027 892 — Thereafter 10,092 — Total future amortization $ 14,160 $ 204 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Income for Operating Leases | our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Year Ended December 31, 2022 2021 2020 Fixed lease income $ 176,080 $ 157,842 $ 140,140 Variable lease income 13,654 11,487 11,192 Total lease income $ 189,734 $ 169,329 $ 151,332 |
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | Future minimum annual rental payments we will receive under commercial leases, excluding such extension options, are as follows as of December 31, 2022 (in thousands): 2023 $ 13,031 2024 9,212 2025 5,728 2026 3,430 2027 1,546 Thereafter 800 Total $ 33,747 |
Minimum Annual Rental Payments Under Operating , Financing Leases and Sublease Income | Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of December 31, 2022 (in thousands): Sublease Income and Lease Modification Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments 2023 $ 1,403 $ 1,999 $ 2,905 2024 1,413 2,298 3,921 2025 1,423 2,302 4,437 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 Thereafter 2,083 3,024 1,433,295 Total $ 9,198 $ 14,344 $ 1,454,995 Less: Discount ( 1,502 ) ( 1,340,370 ) Total lease liabilities $ 12,842 $ 114,625 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2022 and 2021 (in thousands, except for VIE count). As of December 31, 2022 As of December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 9 6 Assets Real estate, net $ 258,529 $ — $ 564,909 $ — Mezzanine investment — 158,558 — 337,797 Right-of-use lease assets 110,269 — 429,768 — Unconsolidated real estate partnerships — 15,789 — 13,005 Other assets, net 36,345 59,823 43,715 35,773 Liabilities Deferred tax liabilities — — 124,747 — Accrued liabilities and other 26,003 — 30,519 — Non-recourse property debt, net 22,689 — — — Construction loans, net 40,013 — 163,570 — Lease liabilities 114,625 — 435,093 — |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Non-Recourse Property Debt and Construction Loans | The following table summarizes non-recourse property debt as of December 31, 2022 and 2021 (in thousands): December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate (1) 2022 2021 Fixed-rate property debt May 15, 2026 to June 1, 2033 1.00 % to 4.68 % 4.25 % $ 774,293 $ 429,883 Variable-rate property debt January 10, 2024 to October 9, 2025 8.84 % to 10.63 % 9.73 % 164,183 55,000 Total non-recourse property debt 5.21 % $ 938,476 $ 484,883 Assumed debt fair value adjustment, 1,210 1,536 Debt issuance costs, net of ( 10,185 ) ( 3,282 ) Total non-recourse property debt, net $ 929,501 $ 483,137 (1) As of December 31, 2022 , and after application of interest rate caps, the weighted average interest rate is 5.12 %. Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table (in thousands): December 31, Maturity Date Contractual Interest Rate Weighted-Average Interest Rate (1) 2022 2021 Fixed-rate construction loans December 23, 2025 to December 23, 2052 3.25 % to 13.00 % 8.09 % $ 12,900 $ — Variable-rate construction loans July 1, 2024 to June 23, 2025 7.32 % to 8.76 % 7.75 % 113,417 168,376 Total construction loans 7.78 % $ 126,317 $ 168,376 Assumed debt fair value adjustment, ( 363 ) — Debt issuance costs, net of ( 7,256 ) ( 4,806 ) Total construction loans, net $ 118,698 $ 163,570 (1) As of December 31, 2022 , and after application of interest rate caps, the weighted average interest rate is 6.89 %. |
Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt and Construction Loans | As of December 31, 2022, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands): Amortization Maturities Total 2023 $ 3,078 $ — $ 3,078 2024 3,188 82,883 86,071 2025 3,303 81,300 84,603 2026 2,166 75,519 77,685 2027 1,596 — 1,596 Thereafter 6,215 679,228 685,443 Total $ 19,546 $ 918,930 $ 938,476 As of December 31, 2022 , the scheduled principal maturity payments for the construction debt were as follows (in thousands): Principal Maturity Payments 2023 $ — 2024 79,815 2025 40,002 2026 — 2027 — Thereafter 6,500 Total $ 126,317 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred tax Liabilities and Assets | Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2022 2021 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 119,621 $ 124,733 Lease Liability 385 79,827 Other 120 1,807 Deferred tax assets: Real estate and real estate partnership basis differences — 145 Lease Right of Use 439 80,497 Other 3,703 2,764 Net operating, capital, and other loss carryforwards 1,109 5,598 Valuation allowance for deferred tax assets ( 2,419 ) ( 1,342 ) Net deferred tax liability $ 117,294 $ 118,705 |
Components of Income Tax Benefit or Expense | Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Current: Federal $ 12,499 $ 905 $ 857 State 5,840 ( 250 ) 660 Total current 18,339 655 1,517 Deferred: Federal ( 934 ) ( 7,400 ) ( 10,470 ) State ( 141 ) ( 6,825 ) ( 1,196 ) Total deferred ( 1,075 ) ( 14,225 ) ( 11,666 ) Total income tax expense (benefit) $ 17,264 $ ( 13,570 ) $ ( 10,149 ) |
Reconciliation of Income Tax Attributable to Operations | The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2022, 2021, and 2020 is shown below (in thousands): 2022 2021 2020 Amount Percent Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $ 18,641 21.0 % $( 6,591 ) 21.0 % $( 5,361 ) 21.0 % US branch profits tax on earnings of foreign subsidiary ( 1,965 ) ( 2.2 %) ( 1,084 ) 3.5 % ( 4,195 ) 16.4 % State income tax, net of federal (benefit) expense 4,590 5.2 % ( 7,075 ) 22.5 % ( 536 ) 2.1 % Effects of permanent differences 209 0.2 % 197 ( 0.6 %) 1 0.0 % Uncertain tax positions ( 4,945 ) ( 5.6 %) — 0 % — 0.0 % Valuation allowance 1,109 1.2 % 840 ( 2.7 %) — 0.0 % Other ( 375 ) ( 0.4 %) 143 ( 0.5 %) ( 58 ) 0.2 % Total income tax benefit $ 17,264 19.4 % $( 13,570 ) 43.2 % $( 10,149 ) 39.7 % |
Schedule of Dividends Per Share Held | For the years ended December 31, 2022, 2021, and 2020, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited): 2022 2021 2020 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.01 53.5 % $ - 0.0 % $ 3.17 6.7 % Capital gains 0.01 46.5 % - 0.0 % 19.43 40.9 % Qualified dividends - 0.0 % - 0.0 % 0.62 1.3 % Unrecaptured § 1250 gain - 0.0 % - 0.0 % 8.80 18.5 % Return of capital - 0.0 % - 0.0 % 15.48 32.6 % Balance at December 31 $ 0.02 100.0 % $ - 0.0 % $ 47.50 100.0 % |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands): 2022 2021 Balance at January 1 $ 7,038 $ 7,076 Reductions based on tax positions in prior years ( 4,903 ) ( 38 ) Balance at December 31 $ 2,135 $ 7,038 |
Earnings and Dividends per Sh_2
Earnings and Dividends per Share and per Unit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands, except per share and per unit data): Years ended December 31, 2022 2021 2020 Earnings per share Numerator: Net income (loss) attributable to Aimco $ 75,726 $ ( 5,910 ) $ ( 5,041 ) Net income (loss) allocated to Aimco participating securities ( 1,087 ) — — Net income (loss) attributable to Aimco common stockholders $ 74,639 $ ( 5,910 ) $ ( 5,041 ) Denominator - shares: Basic weighted-average common stock outstanding 149,395 149,480 148,569 Diluted share equivalents outstanding 1,439 — — Diluted weighted-average common stock outstanding 150,834 149,480 148,569 Earnings (loss) per share - basic $ 0.50 $ ( 0.04 ) $ ( 0.03 ) Earnings (loss) per share - diluted $ 0.49 $ ( 0.04 ) $ ( 0.03 ) Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ 79,657 $ ( 6,207 ) $ ( 5,310 ) Net income (loss) allocated to Aimco Operating Partnership participating securities ( 1,131 ) — — Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ 78,526 $ ( 6,207 ) $ ( 5,310 ) Denominator - units Basic weighted-average common partnership units outstanding 157,317 157,701 156,500 Diluted partnership unit equivalents outstanding 1,457 — — Diluted weighted-average common partnership units outstanding 158,774 157,701 156,500 Earnings (loss) per unit - basic $ 0.50 $ ( 0.04 ) $ ( 0.03 ) Earnings (loss) per unit - diluted $ 0.49 $ ( 0.04 ) $ ( 0.03 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Total Compensation Cost Recognized for Share-Based Awards | For the years ended December 31, 2022, 2021, and 2020, total compensation cost recognized for share-based awards was (in thousands): 2022 2021 2020 Share-based compensation expense (1) $ 6,441 $ 3,377 $ 1,070 Capitalized share-based compensation (2) 1,016 340 138 Total share-based compensation (3) $ 7,457 $ 3,717 $ 1,208 (1) Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations. (2) Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets. (3) Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets. |
Summary Activity for Equity Compensation | The following two tables summarize activity for equity compensation for the year ended December 31, 2022. TSR Stock Options Time-Based Restricted Stock Awards TSR Restricted Stock Awards Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 317,200 $ 6.66 1,941,125 $ 6.84 283,503 $ 10.14 Granted 212,767 6.96 328,941 7.16 183,320 7.25 Exercised — — N/A N/A N/A N/A Vested N/A N/A ( 30,618 ) 14.61 (1) ( 3,198 ) 47.44 (1) Forfeited — — ( 85,310 ) 6.90 ( 2,880 ) 55.50 (1) Outstanding at end of year 529,967 $ 6.78 2,154,138 $ 6.78 460,745 $ 8.45 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. LTIP I Units TSR LTIP II Units Time LTIP II Units Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at beginning of year 12,441 $ 53.69 (1) 563,890 $ 4.64 — $ — Granted — — 341,550 6.96 563,334 6.96 Exercised N/A N/A — — — — Vested ( 2,557 ) 53.17 (1) N/A N/A N/A N/A Forfeited ( 2,698 ) 55.17 (1) — — — — Outstanding at end of year 7,186 $ 53.33 905,440 $ 5.52 563,334 $ 6.96 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. |
Summary of Compensation Cost Not Yet Recognized for Share-Based Awards | The following table summarizes the unvested or outstanding shares issued to our employees and employees of AIR and are potentially dilutive to us and Aimco Operating Partnership as of December 31, 2022. Unvested Shares Awards Aimco AIR Unvested Compensation Not Yet Recognized (1) Time-Based Stock Options (Outstanding shares) — 786,413 $ — TSR Stock Options (Outstanding shares) 529,967 25,563 874 Time-Based Restricted Stock Awards 2,154,138 18,000 9,143 TSR Restricted Stock Awards 460,745 47,516 2,007 LTIP I units 7,186 — 62 TSR LTIP II units (Outstanding shares) 1,468,774 1,089,691 1,415 Total awards 4,620,810 1,967,183 $ 13,501 (1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR. |
Summary of Assumptions Used for Valuation of TSR-Based Awards Granted | The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2022 and 2021. TSR-based Award Assumptions 2022 2021 Grant date market value of a common share $ 6.96 $ 6.66 -$ 7.10 Risk-free interest rate 0.19 %- 1.38 % 0.02 %- 1.22 % Dividend yield 0 % 0 % Expected volatility 32.09 %- 33.04 % 30.4 %- 32.29 % Derived vesting period of TSR Restricted Stock 3.0 3.0 Weighted average expected term of TSR Stock Options and LTIP II units 4.9 5.4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value for Interest Rate Options and Investment in Real Estate Technology Funds | The following table summarizes the fair value of our interest rate options and our investments in real estate technology funds as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 62,259 $ — $ 62,259 $ — $ 25,449 $ — $ 25,449 $ — Investments in real estate technology funds (1) $ 4,296 $ — $ — $ — $ 9,613 $ — $ — $ — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Summary of Carrying Value and Fair Value of Non-recourse Property Debt | The following table summarizes carrying value and fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 938,476 $ 878,804 $ 484,883 $ 498,960 Construction loans 126,317 125,954 168,376 168,376 Notes Payable to AIR - - 534,127 534,127 Total $ 1,064,793 $ 1,004,758 $ 1,187,386 $ 1,201,463 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Information for Reportable Segments | The following tables present the results of operations of consolidated properties, with our segments reported on a proportionate basis for the years ended December 31, 2022, 2021, and 2020 (in thousands): Prior period carve out amounts have been adjusted retrospectively to reconcile the difference between non-recurring carve out accounting and current results as it relates to insurance expense, for the years ended December 31, 2021 and 2020, respectively. T his adjustment ensures comparability of post-Separation results to pre-Separation segment results. Absent the adjustment, 2021 NOI would have increased 6.9 %. Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2022: Rental and other property revenues $ 919 $ 135,224 $ 18,030 $ 6,097 $ 30,074 $ 190,344 Property operating expenses 2,198 40,841 5,560 6,077 17,116 71,792 Other operating expenses not allocated (3) — — — — 198,640 198,640 Total operating expenses 2,198 40,841 5,560 6,077 215,756 270,432 Proportionate property net operating ( 1,279 ) 94,383 12,470 20 ( 185,682 ) ( 80,088 ) Other items included in income before (4) — — — — 189,510 189,510 Income (loss) before income tax $ ( 1,279 ) $ 94,383 $ 12,470 $ 20 $ 3,828 $ 109,422 Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2021: Rental and other property revenues $ 2,036 $ 122,303 $ 14,559 $ 5,256 $ 25,682 $ 169,836 Property operating expenses 1,446 39,625 4,405 5,199 16,938 67,613 Other operating expenses not allocated (3) — — — — 117,863 117,863 Total operating expenses 1,446 39,625 4,405 5,199 134,801 185,476 Proportionate property net operating 590 82,678 10,154 57 ( 109,119 ) ( 15,640 ) Other items included in income before (4) — — — — ( 2,910 ) ( 2,910 ) Income (loss) before income tax $ 590 $ 82,678 $ 10,154 $ 57 $ ( 112,029 ) $ ( 18,550 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2020: Rental and other property revenues $ 1,515 $ 116,888 $ 13,079 $ 5,577 $ 14,392 $ 151,451 Property operating expenses 981 37,917 4,117 4,885 13,614 61,514 Other operating expenses not allocated (3) — — — — 104,294 104,294 Total operating expenses 981 37,917 4,117 4,885 117,908 165,808 Proportionate property net operating 534 78,971 8,962 692 ( 103,516 ) ( 14,357 ) Other items included in income before (4) — — — — ( 1,563 ) ( 1,563 ) Income (loss) before income tax $ 534 $ 78,971 $ 8,962 $ 692 $ ( 105,079 ) $ ( 15,920 ) (1) Represents adjustments for the redeemable noncontrolling interests in consolidated real estate partnership’s share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also, includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in Rental and other property revenues in our Consolidated Statements of Operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or classified as Held for Sale at the end of the period. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of segment performance. (3) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (4) Other items included in income before income tax benefit (expense) consists primarily of interest expense, gain on our interest rate options, gain on sale of Real Estate, lease modification income and mezzanine investment income (loss), net. |
Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment | Net real estate and non-recourse property debt, net, of our segments as of December 31, 2022 and 2021 were as follows (in thousands): Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2022: Buildings and improvements $ 449,316 $ 674,419 $ 198,646 $ — $ 1,322,381 Land 228,568 259,033 153,501 — 641,102 Total real estate 677,884 933,452 352,147 — 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,054 ) ( 60,290 ) — ( 530,722 ) Net real estate $ 675,506 $ 465,398 $ 291,857 $ — $ 1,432,761 Non-recourse property debt and construction loans, net $ 200,135 $ 823,692 $ 24,372 $ — $ 1,048,199 Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2021: Buildings and improvements $ 202,367 $ 675,269 $ 196,853 $ 182,725 $ 1,257,214 Land 82,325 259,033 153,501 39,426 534,285 Total real estate 284,692 934,302 350,354 222,151 1,791,499 Accumulated depreciation ( 1,426 ) ( 444,324 ) ( 41,841 ) ( 73,524 ) ( 561,115 ) Net real estate $ 283,266 $ 489,978 $ 308,513 $ 148,627 $ 1,230,384 Non-recourse property debt and construction loans, net $ 36,218 $ 428,308 $ — $ 182,181 $ 646,707 (1) During the year ended December 31, 2022, certain properties were sold or reclassified as Held for Sale, and therefore are not included in our segment balance sheets as of December 31, 2022. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2021. |
Organization (Details Textual)
Organization (Details Textual) | 12 Months Ended |
Dec. 31, 2022 ApartmentHome OfficeBuilding Room Dwelling Property Home Community Hotel | |
Organization [Line Items] | |
Number of units in real estate property | 5,582 |
Continuing Operations [Member] | |
Organization [Line Items] | |
Number of real estate properties | Property | 26 |
Number of units in real estate property | 5,940 |
Continuing Operations [Member] | Commercial Office Building [Member] | |
Organization [Line Items] | |
Number of real estate properties | OfficeBuilding | 1 |
Continuing Operations [Member] | Residential Apartment Communities in Redevelopment [Member] | |
Organization [Line Items] | |
Number of real estate properties | Community | 3 |
Continuing Operations [Member] | Hotel [Member] | |
Organization [Line Items] | |
Number of real estate properties | Hotel | 1 |
Continuing Operations [Member] | Planned Apartment Homes [Member] | |
Organization [Line Items] | |
Number of units in real estate property | 1,185 |
Continuing Operations [Member] | Planned Rooms [Member] | |
Organization [Line Items] | |
Number of units in real estate property | Room | 106 |
Continuing Operations [Member] | Planned Homes [Member] | |
Organization [Line Items] | |
Number of real estate properties | Home | 16 |
Continuing Operations [Member] | Accessory Dwelling Units [Member] | |
Organization [Line Items] | |
Number of units in real estate property | Dwelling | 8 |
Continuing Operations [Member] | Consolidated Properties | |
Organization [Line Items] | |
Number of real estate properties | Property | 22 |
Number of units in real estate property | 5,640 |
Continuing Operations [Member] | Unconsolidated Properties [Member] | |
Organization [Line Items] | |
Number of real estate properties | OfficeBuilding | 4 |
Aimco Operating Partnership [Member] | |
Organization [Line Items] | |
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco | 92.60% |
Percentage of economic interest in Aimco Operating Partnership owned by Aimco | 94.90% |
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners | 7.40% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Nov. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2022 | Feb. 28, 2022 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Weighted average ownership interest | 5.10% | 5% | 5% | |||||
Loans funded to joint venture | $ 12,900,000 | |||||||
Funds remitted in return of joint venture capital contribution | 6,400,000 | |||||||
Redeemable noncontrolling interests recognized | $ 7,300,000 | $ 7,300,000 | ||||||
Preferred equity financing, investment amount | $ 102,000,000 | $ 102,000,000 | $ 102,000,000 | $ 102,000,000 | ||||
Preferred equity financing, accrued interest rate | 8% | |||||||
Carrying amount of acquired redeemable non-controlling interest | $ 4,900,000 | |||||||
Investment interest rate | 9.70% | 9.70% | 9.70% | |||||
Interest costs capitalized | $ 30,600,000 | $ 21,300,000 | $ 1,000,000 | |||||
Other direct and indirect costs capitalized | 16,900,000 | 20,900,000 | 2,700,000 | |||||
Non-cash impairment charge | 212,600,000 | |||||||
Mezzanine investment | $ 158,558,000 | $ 158,558,000 | 158,558,000 | 337,797,000 | ||||
Gain (loss) on disposition of real estate | $ 175,900,000 | 0 | 0 | |||||
Impairment | 15,860,000 | |||||||
Estimated useful life | 15 years | |||||||
Consolidated income (loss) subject to tax | $ 88,800,000 | (31,400,000) | (25,500,000) | |||||
Income tax expense (benefit) | $ 17,264,000 | (13,570,000) | (10,149,000) | |||||
Percentage of income tax on income from non-arms length transactions | 100% | 100% | 100% | |||||
ASU 2021-05 [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | true | |||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | Jan. 01, 2022 | Jan. 01, 2022 | |||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | true | |||||
Minimum [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful life | 5 years | |||||||
Maximum [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful life | 30 years | |||||||
Furniture, Fixtures and Equipment [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful life | 5 years | |||||||
Equipment [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful life | 5 years | |||||||
Software License Agreement [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Impairment | $ 0 | 0 | 4,900,000 | |||||
Sublease Office Space [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Impairment | $ 0 | 0 | 11,000,000 | |||||
Parkmerced Investment [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
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% | |||||||
Impairment | $ 0 | $ 0 |
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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Balance at Begining of Period | $ 33,794 | |
Balance at December 31, | 166,826 | $ 33,794 |
Real Estate Partnership [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance at Begining of Period | 33,794 | 4,263 |
Capital contributions | 138,479 | 29,440 |
Distributions | (9,365) | |
Redemptions | (4,911) | |
Net income | 8,829 | 91 |
Balance at December 31, | $ 166,826 | $ 33,794 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of amounts capitalized | $ 45,171 | $ 43,800 | $ 22,152 |
Cash paid for income taxes | 22,930 | 2,941 | 9,216 |
Non-cash transactions associated with the acquisitions | |||
Buildings and improvements | 11,109 | ||
Intangible assets, net | 13,377 | ||
Mark to market adjustment on an assumed construction loan | 363 | ||
Right-of-use lease assets | 15,036 | ||
Other assets, net | 5,629 | ||
Accrued liabilities and other | (1,854) | (310) | |
Lease liabilities | (15,151) | ||
Contributions to noncontrolling interests | (13,756) | ||
Contributions from Aimco Predecessor | 955 | ||
Contribution from noncontrolling interest in consolidated real estate partnerships | 3,159 | 11,667 | |
Other non-cash transactions: | |||
Operating leases | 2,336 | 143 | 5,559 |
Accrued capital expenditures (at end of period) | $ 41,435 | $ 25,686 | 1,040 |
Issuance of notes payable to AIR in connection with the Separation | 534,127 | ||
Contributions from Aimco Predecessor, net | $ 131,447 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Other investments | $ 63,982 | $ 45,386 |
Deferred costs, deposits, and other | 20,460 | 22,136 |
Prepaid expenses and real estate taxes | 17,363 | 20,516 |
Intangible assets, net | 14,160 | 3,269 |
Corporate fixed assets | 8,371 | 9,855 |
Accounts receivable, net of allowances of $1,206 and $1,285 as of December 31, 2022 and 2021, respectively | 4,079 | 2,469 |
Deferred tax assets | 2,321 | 6,388 |
Due from affiliates | 1,943 | 4,840 |
Total other assets, net | $ 132,679 | $ 114,859 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, net of allowances | $ 1,206 | $ 1,285 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 29,902 | $ 16,744 |
Less: accumulated amortization | (15,742) | (13,475) |
Intangible assets, net | 14,160 | 3,269 |
Below-market leases | 4,175 | 4,175 |
Less: accumulated amortization | (3,971) | (3,093) |
Intangible liabilities, net | $ 204 | $ 1,082 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization (Parenthetical) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Intangible tax abatement | $ 13.4 |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Net Aggregate Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, 2023 | $ 657 | |
Intangible assets, 2024 | 735 | |
Intangible assets, 2025 | 892 | |
Intangible assets, 2026 | 892 | |
Intangible assets, 2027 | 892 | |
Intangible assets, Thereafter | 10,092 | |
Intangible assets, Total future amortization | 14,160 | |
Intangible liabilities, 2023 | 174 | |
Intangible liabilities, 2024 | 30 | |
Intangible liabilities, net | $ 204 | $ 1,082 |
Significant Transactions (Detai
Significant Transactions (Details Textual) $ in Thousands, Number in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) a ApartmentHome Land | Dec. 31, 2022 USD ($) a ApartmentHome Land | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) Home | Mar. 31, 2022 USD ($) Number | Feb. 28, 2022 USD ($) ft² Land Unit | Jan. 31, 2022 USD ($) Land | Aug. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) a ApartmentHome Land | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) a ApartmentHome Land | Dec. 31, 2021 USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Area of real estate property | a | 15 | 15 | 15 | 15 | ||||||||
Number of units in real estate property | ApartmentHome | 5,582 | 5,582 | 5,582 | 5,582 | ||||||||
Loan paid from disposition proceeds | $ 138,404 | |||||||||||
Number of land parcels subject to disposition | Land | 1 | 1 | 1 | 1 | ||||||||
Additional payment for passive equity investment | $ 14,227 | $ 23,273 | ||||||||||
Commitment purchase amount | 50,000 | |||||||||||
Financing right-of-use lease assets | $ 110,269 | $ 110,269 | $ 110,269 | 110,269 | 429,768 | |||||||
Finance lease, liability | 114,625 | 114,625 | 114,625 | 114,625 | 435,093 | |||||||
98 Year Ground Lease [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Financing right-of-use lease assets | 15,000 | 15,000 | 15,000 | 15,000 | ||||||||
Finance lease, liability | 15,200 | $ 15,200 | $ 15,200 | $ 15,200 | ||||||||
Pathfinder Village Property [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sale of property | $ 127,000 | |||||||||||
Gain (loss) on sale of property held for sale | $ 94,600 | |||||||||||
Cedar Rim and 2900 on First Properties [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sale of property | $ 122,000 | |||||||||||
Gain (loss) on sale of property held for sale | $ 75,600 | |||||||||||
Edgewater Joint Venture [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Commitment purchase amount | $ 8,000 | |||||||||||
Strathmore Joint Ventures [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Commitment purchase amount | 35,600 | |||||||||||
Remaining unfunded commitments | $ 21,200 | |||||||||||
Percentage of share in joint venture | 50% | |||||||||||
Number of residential units | Home | 574 | |||||||||||
Fort Lauderdale Consolidated Joint Venture [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Number of acre development site | Land | 9 | |||||||||||
Number of land parcels acquired | Land | 3 | |||||||||||
Percentage ownership in joint venture | 51% | 51% | 51% | 51% | 51% | |||||||
Purchase price | $ 100,000 | |||||||||||
Additional capitalized costs | $ 5,900 | |||||||||||
Proceeds from sale of property | $ 18,300 | |||||||||||
Gain (loss) on sale of property held for sale | 5,900 | |||||||||||
Fort Lauderdale Consolidated Joint Venture [Member] | Residential Units [Member] | Flagler Village [Member] | Maximum [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Number of units in real estate property | Unit | 1,500 | |||||||||||
Fort Lauderdale Consolidated Joint Venture [Member] | Mixed-Use Property [Member] | Flagler Village [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Area of real estate property | ft² | 3,000,000 | |||||||||||
IQHQ [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Additional payment for passive equity investment | $ 14,200 | |||||||||||
Equity method investment cost basis | $ 39,200 | |||||||||||
Equity method investments fair value | $ 59,700 | |||||||||||
Unrealized gain on investment | 20,500 | |||||||||||
IQHQ [Member] | Class A-1 Units [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Percentage ownership in joint venture | 22% | |||||||||||
Equity method investment redemption with step-up value to be paid in cash | $ 16,500 | |||||||||||
Gain from redemption of equity investment | 5,700 | |||||||||||
Equity method investment cost basis | $ 10,800 | |||||||||||
Undeveloped Land Parcels Acquisition [Member] | Fort Lauderdale Consolidated Joint Venture [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Loan paid from disposition proceeds | $ 22,900 | |||||||||||
Asset acquisition, price of acquisition, expected | $ 49,000 | |||||||||||
Land purchase | 40,000 | |||||||||||
Undeveloped Land Parcels Acquisition [Member] | Fort Lauderdale Consolidated Joint Venture [Member] | Flagler Village [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Asset acquisition, price of acquisition, expected | $ 100,000 | |||||||||||
Undeveloped Land Parcels Acquisition [Member] | Anschutz Medical Campus [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Additional capitalized costs | $ 200 | 200 | 200 | 200 | ||||||||
Asset acquisition, price of acquisition, expected | 1,800 | |||||||||||
Aimco OP L.P. [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Loan paid from disposition proceeds | 138,404 | |||||||||||
Additional payment for passive equity investment | 14,227 | 23,273 | ||||||||||
Financing right-of-use lease assets | 110,269 | 110,269 | 110,269 | 110,269 | 429,768 | |||||||
Finance lease, liability | $ 114,625 | $ 114,625 | 114,625 | $ 114,625 | $ 435,093 | |||||||
Aimco OP L.P. [Member] | Edgewater Joint Venture [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Total contribution | 1,700 | |||||||||||
Number of square feet of mixed-use development | Number | 1 | |||||||||||
Percentage of share in joint venture | 20% | |||||||||||
Cash contribution | $ 300 | |||||||||||
Aimco OP L.P. [Member] | Undeveloped Land Parcels Acquisition [Member] | Fort Lauderdale Consolidated Joint Venture [Member] | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||
Loan paid from disposition proceeds | $ 11,700 | |||||||||||
Asset acquisition, price of acquisition, expected | 25,000 | |||||||||||
Land purchase | $ 20,400 |
Leases - Lease Income for Opera
Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Fixed lease income | $ 176,080 | $ 157,842 | $ 140,140 |
Variable lease income | 13,654 | 11,487 | 11,192 |
Total lease income | $ 189,734 | $ 169,329 | $ 151,332 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues |
Leases - Future Minimum Annual
Leases - Future Minimum Annual Payments Receivable Under Residential and Commercial Leases (Details) - Commercial Real Estate [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Lessee Lease Description [Line Items] | |
2023 | $ 13,031 |
2024 | 9,212 |
2025 | 5,728 |
2026 | 3,430 |
2027 | 1,546 |
Thereafter | 800 |
Total | $ 33,747 |
Leases (Details Textual)
Leases (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
Jun. 01, 2021 | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) a Unit ApartmentHome Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) ft² ApartmentHome | Sep. 01, 2022 USD ($) Lease | Dec. 15, 2020 Lease | |
Lessee Lease Description [Line Items] | |||||||
Weighted average remaining term | 5 years 7 months 6 days | 7 years 4 months 24 days | |||||
Lease modification income | $ 206,963,000 | ||||||
Lease term | 25 years | ||||||
Lease commencement date | Jun. 01, 2021 | ||||||
Area of real estate property | a | 15 | ||||||
Operating lease expenses | $ 1,100,000 | $ 1,000,000 | $ 1,300,000 | ||||
Operating right-of-use lease assets | $ 6,700,000 | $ 5,100,000 | |||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | |||||
Operating lease liability | $ 12,842,000 | $ 12,700,000 | |||||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |||||
Financing right-of-use lease assets | $ 110,269,000 | $ 429,768,000 | |||||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Financing right-of-use lease assets | Financing right-of-use lease assets | |||||
Sub lease commencement date | Jan. 01, 2021 | ||||||
Sublease expiration date | May 31, 2029 | ||||||
Sublease income | $ 1,400,000 | $ 1,400,000 | 100,000 | ||||
Finance lease, amortization | 6,700,000 | 8,300,000 | 0 | ||||
Finance lease, interest expense | $ 7,500,000 | $ 9,200,000 | $ 0 | ||||
Financing leases weighted average remaining term | 94 years 2 months 12 days | 38 years 6 months | |||||
Operating leases, weighted average discount rate, percent | 3.40% | 3.10% | |||||
Financing leases, weighted average discount rate, percent | 6.10% | 5.40% | |||||
Number of units in real estate property | ApartmentHome | 5,582 | ||||||
Lease liabilities - finance leases | $ 114,625,000 | $ 435,093,000 | |||||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities - finance leases | Lease liabilities - finance leases | |||||
99 Year Ground Lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Area of real estate property | ft² | 100,000 | ||||||
Financing right-of-use lease assets | $ 92,800,000 | ||||||
Number of units in real estate property | ApartmentHome | 689 | ||||||
Lease liabilities - finance leases | $ 86,300,000 | ||||||
98 Year Ground Lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Number of real estate properties | Unit | 220 | ||||||
Financing right-of-use lease assets | $ 15,000,000 | ||||||
Lease liabilities - finance leases | 15,200,000 | ||||||
AIR [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Number of master lease agreements | Lease | 4 | ||||||
Number of finance leases to be terminated | Lease | 4 | ||||||
Consideration as termination payments | $ 200,000,000 | ||||||
Depreciation | 85,700,000 | ||||||
Lease modification income | $ 207,000,000 | ||||||
Fort Lauderdale Florida Joint Venture [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Purchase price | $ 100,000,000 | ||||||
Asset Acquisition Acquisition Costs Capitalized | $ 5,900,000 | ||||||
single family rental homes [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Number of real estate properties | Property | 16 | ||||||
Accessory dwelling [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Number of real estate properties | Property | 8 | ||||||
Commercial lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Weighted average remaining term | 3 years 2 months 12 days | ||||||
Residential Lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Weighted average remaining term | 1 year | ||||||
Lease, option to extend | Generally, our residential leases do not provide extension options, | ||||||
Ground Lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease cost capitalized | $ 8,500,000 | $ 22,700,000 | $ 0 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Sublease Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 1,403 | |
2024 | 1,413 | |
2025 | 1,423 | |
2026 | 1,433 | |
2027 | 1,443 | |
Thereafter | 2,083 | |
Total | 9,198 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | 1,999 | |
2024 | 2,298 | |
2025 | 2,302 | |
2026 | 2,341 | |
2027 | 2,380 | |
Thereafter | 3,024 | |
Total | 14,344 | |
Less: Discount | (1,502) | |
Total lease liabilities | $ 12,842 | $ 12,700 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 2,905 | |
2024 | 3,921 | |
2025 | 4,437 | |
2026 | 4,954 | |
2027 | 5,483 | |
Thereafter | 1,433,295 | |
Total | 1,454,995 | |
Less: Discount | (1,340,370) | |
Total lease liabilities | $ 114,625 | $ 435,093 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total lease liabilities | Total lease liabilities |
Agreements and Transactions W_2
Agreements and Transactions With AIR (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | |||||
Due from affiliates | $ 1,943 | $ 4,840 | |||
Target compensation expense | 1,800 | ||||
Associated Service Fees | $ 6,500 | 6,200 | |||
Expenses from transactions with related party | $ 9,800 | ||||
AIR [Member] | |||||
Related Party Transaction [Line Items] | |||||
Property management/Property accounting agreements | Property Management Agreements with AIR, AIR provides us with certain property management, property accounting and related services for the majority of our operating properties. We pay AIR a property management fee for these services equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed for various other services. The initial term of each Property Management Agreement is one year, with automatic one-year renewal periods, unless either party elects to terminate at any time upon delivery of 60 days prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. | ||||
Property management/ Property accounting fee, percent | 3% | ||||
Property management fee expenses | $ 5,300 | 5,200 | 200 | ||
Prepayments of notes payable | $ 534,100 | ||||
Spread maintenance cost | 17,400 | ||||
Interest expense related party | 13,700 | 27,800 | 1,300 | ||
Due to affiliates | 7,200 | 15,700 | |||
Due from affiliates | 1,700 | 4,800 | |||
Accounts Payable | 1,000 | ||||
Amount due to affiliates for reimbursement of compensation | 4,500 | 4,600 | |||
Common noncontrolling interests | $ 7,200 | ||||
AIR [Member] | General and Administrative Expense [Member] | Master Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative and support fees | $ 2,100 | $ 2,400 | $ 0 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2022 USD ($) Entity | Feb. 28, 2022 USD ($) | Dec. 31, 2021 USD ($) Entity |
Real estate, net | $ 1,432,761 | $ 1,230,384 | |
Mezzanine investment | 158,558 | 337,797 | |
Right-of-use lease assets | 6,700 | 5,100 | |
Unconsolidated real estate partnerships | 15,789 | 13,025 | |
Deferred tax liabilities | 117,294 | 118,705 | |
Accrued liabilities and other | 106,600 | 97,400 | |
Non-recourse property debt, net | 929,501 | 483,137 | |
Construction loans, net | 118,698 | 163,570 | |
Total lease liabilities | $ 114,625 | $ 435,093 | |
Consolidated Entities [Member] | |||
Count of VIEs | Entity | 5 | 9 | |
Real estate, net | $ 258,529 | $ 416,200 | $ 564,909 |
Mezzanine investment | 0 | 0 | |
Right-of-use lease assets | 110,269 | 429,768 | |
Unconsolidated real estate partnerships | 0 | 0 | |
Other assets, net | 36,345 | 43,715 | |
Deferred tax liabilities | 0 | 124,747 | |
Accrued liabilities and other | 26,003 | 30,519 | |
Non-recourse property debt, net | 22,689 | 0 | |
Construction loans, net | 40,013 | 163,570 | |
Total lease liabilities | $ 114,625 | $ 435,093 | |
Unconsolidated Entities [Member] | |||
Count of VIEs | Entity | 8 | 6 | |
Real estate, net | $ 0 | $ 0 | |
Mezzanine investment | 158,558 | 337,797 | |
Right-of-use lease assets | 0 | 0 | |
Unconsolidated real estate partnerships | 15,789 | 13,005 | |
Other assets, net | 59,823 | 35,773 | |
Deferred tax liabilities | 0 | 0 | |
Accrued liabilities and other | 0 | 0 | |
Non-recourse property debt, net | 0 | 0 | |
Construction loans, net | 0 | 0 | |
Total lease liabilities | $ 0 | $ 0 |
Variable Interest Entities (D_2
Variable Interest Entities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Entity ApartmentHome Property | Sep. 30, 2022 USD ($) Property | Dec. 31, 2022 USD ($) Entity ApartmentHome Property | Dec. 31, 2022 USD ($) Entity ApartmentHome Property | Feb. 28, 2022 USD ($) | Dec. 31, 2021 USD ($) Entity | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Mezzanine investment | $ 158,558 | $ 158,558 | $ 158,558 | $ 337,797 | ||
Construction loan paid off and derecognized | 138,404 | |||||
Funds remitted in return of joint venture capital contribution | 6,400 | |||||
Assets | 2,181,223 | 2,181,223 | 2,181,223 | 2,434,101 | ||
Liabilities | 1,389,039 | 1,389,039 | 1,389,039 | 1,838,074 | ||
Real estate, net | 1,432,761 | 1,432,761 | 1,432,761 | 1,230,384 | ||
Deferred tax liabilities | 119,615 | 119,615 | $ 119,615 | $ 124,747 | ||
Fort Lauderdale Consolidated Joint Venture [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Proceeds from sale of property | $ 18,300 | |||||
Fort Lauderdale Consolidated Joint Venture [Member] | Undeveloped Land Parcels Acquisition [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Construction loan paid off and derecognized | $ 22,900 | |||||
Consolidated Entities [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Count of VIEs | Entity | 5 | 5 | 5 | 9 | ||
Mezzanine investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Derecognizing of ROU lease assets | $ 326,100 | |||||
Derecognizing of lease liabilities | 337,300 | |||||
Derecognized real estate assets | 86,600 | |||||
Construction loan paid off and derecognized | $ 138,400 | |||||
Number of properties terminated | Property | 4 | |||||
Funds remitted in return of joint venture capital contribution | 6,400 | |||||
Assets | 51,400 | 51,400 | 51,400 | |||
Liabilities | 28,500 | 28,500 | 28,500 | |||
Real estate, net | $ 258,529 | $ 258,529 | $ 258,529 | $ 416,200 | $ 564,909 | |
Deferred tax liabilities | $ 124,700 | |||||
Unconsolidated Entities [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Count of VIEs | Entity | 8 | 8 | 8 | 6 | ||
Mezzanine investment | $ 158,558 | $ 158,558 | $ 158,558 | $ 337,797 | ||
Real estate, net | $ 0 | $ 0 | $ 0 | 0 | ||
San Diego Communities [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Number of apartment communities | ApartmentHome | 4 | 4 | 4 | |||
Number of real estate properties | ApartmentHome | 4 | 4 | 4 | |||
Mezzanine investment | $ 15,800 | $ 15,800 | $ 15,800 | $ 13,000 | ||
San Diego Communities [Member] | Unconsolidated Entities [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Number of real estate properties | Property | 4 | 4 | 4 | |||
Starthmore Joint Venture [Member] | ||||||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||||||
Ownership percentage in joint venture | 50% | 50% | 50% |
Debt (Details Textual)
Debt (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||
Debt instrument deemed rate | 0.25% | ||||
AIR [Member] | |||||
Debt Instrument [Line Items] | |||||
Prepayments of Notes Payable | $ 534,100,000 | ||||
Spread Maintenance Costs | $ 17,400,000 | ||||
Interest expense related party | $ 13,700,000 | $ 27,800,000 | $ 1,300,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 0.25% | ||||
Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 0.50% | ||||
Description of variable rate basis | The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5%, (y) PNC Bank, National Association’s prime rate and (z) the daily LIBOR Rate plus 1.00%. If the LIBOR Rate determined under any referenced method would be less than 0.25%, such rate shall be deemed 0.25% | ||||
Additional spread on variable interest rate | 1 | ||||
Swingline Loan Sub-Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 0 | ||||
Non Recourse Property Debt [Member] | Fixed Rate Property Debt | Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Number of real estate properties securing non-recourse debt | Property | 24 | ||||
Construction Loans [Member] | Fixed Rate Property Debt | Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Number of real estate properties securing non-recourse debt | Property | 4 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 0 | ||||
Fixed charge coverage ratio | 1.25 | ||||
Minimum tangible net worth | $ 625,000,000 | ||||
Leverage maximum | 60% | ||||
Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Swingline loan sub-facility | $ 20,000,000 | 20,000,000 | |||
Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 1% | ||||
Description of variable rate basis | base rate plus a margin of 1.00%. | ||||
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | 300,000,000 | |||
Secured credit facility | $ 150,000,000 | 150,000,000 | |||
Line of credit facility, option to extend expiration period, description | The credit facility has a maturity date of December 2023, with two twelve-month extension options, subject to certain conditions. | ||||
Line of credit facility, interest rate description | (a) LIBOR plus a margin of 2.00% or (b) a base rate plus a margin of 1.00%. | ||||
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 2% | ||||
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 1% | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 0 | ||||
Letter of Credit [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 30,000,000 | $ 30,000,000 |
Debt - Summary of Non-Recourse
Debt - Summary of Non-Recourse Property Debt and Construction Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 929,501 | $ 483,137 |
Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | 929,501 | 483,137 |
Total non-recourse property debt and construction loans | 938,476 | 484,883 |
Assumed debt fair value adjustment, net of accumulated amortization | 1,210 | 1,536 |
Debt issuance costs, net of accumulated amortization | $ (10,185) | (3,282) |
Weighted-Average Interest Rate | 5.21% | |
Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 118,698 | 163,570 |
Total non-recourse property debt and construction loans | 126,317 | 168,376 |
Assumed debt fair value adjustment, net of accumulated amortization | (363) | |
Debt issuance costs, net of accumulated amortization | $ (7,256) | (4,806) |
Weighted-Average Interest Rate | 7.78% | |
Fixed-rate [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 774,293 | 429,883 |
Weighted-Average Interest Rate | 4.25% | |
Fixed-rate [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 12,900 | |
Weighted-Average Interest Rate | 8.09% | |
Fixed-rate [Member] | Minimum [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | May 15, 2026 | |
Contractual Interest Rate Range | 1% | |
Fixed-rate [Member] | Minimum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Dec. 23, 2025 | |
Contractual Interest Rate Range | 3.25% | |
Fixed-rate [Member] | Maximum [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jun. 01, 2033 | |
Contractual Interest Rate Range | 4.68% | |
Fixed-rate [Member] | Maximum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Dec. 23, 2052 | |
Contractual Interest Rate Range | 13% | |
Variable rate [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 164,183 | 55,000 |
Weighted-Average Interest Rate | 9.73% | |
Variable rate [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt and construction loans, net | $ 113,417 | $ 168,376 |
Weighted-Average Interest Rate | 7.75% | |
Variable rate [Member] | Minimum [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jan. 10, 2024 | |
Contractual Interest Rate Range | 8.84% | |
Variable rate [Member] | Minimum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jul. 01, 2024 | |
Contractual Interest Rate Range | 7.32% | |
Variable rate [Member] | Maximum [Member] | Non Recourse Property Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Oct. 09, 2025 | |
Contractual Interest Rate Range | 10.63% | |
Variable rate [Member] | Maximum [Member] | Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date | Jun. 23, 2025 | |
Contractual Interest Rate Range | 8.76% |
Debt - Summary of Non-Recours_2
Debt - Summary of Non-Recourse Property Debt and Construction Loans (Parenthetical) (Details) | Dec. 31, 2022 |
Non Recourse Property Debt [Member] | |
Debt Instrument [Line Items] | |
Weighted-Average Interest Rate | 5.21% |
Non Recourse Property Debt [Member] | Interest Rate Cap [Member] | |
Debt Instrument [Line Items] | |
Weighted-Average Interest Rate | 5.12% |
Construction Loans [Member] | |
Debt Instrument [Line Items] | |
Weighted-Average Interest Rate | 7.78% |
Construction Loans [Member] | Interest Rate Cap [Member] | |
Debt Instrument [Line Items] | |
Weighted-Average Interest Rate | 6.89% |
Debt - Scheduled Principal Amor
Debt - Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt and Construction Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Non Recourse Property Debt [Member] | |
Amortization | |
2023 | $ 3,078 |
2024 | 3,188 |
2025 | 3,303 |
2026 | 2,166 |
2027 | 1,596 |
Thereafter | 6,215 |
Total | 19,546 |
Maturities | |
2024 | 82,883 |
2025 | 81,300 |
2026 | 75,519 |
Thereafter | 679,228 |
Total | 918,930 |
Long Term Debt Amortization and Maturities | |
2023 | 3,078 |
2024 | 86,071 |
2025 | 84,603 |
2026 | 77,685 |
2027 | 1,596 |
Thereafter | 685,443 |
Total | 938,476 |
Construction Loans [Member] | |
Maturities | |
2024 | 79,815 |
2025 | 40,002 |
Thereafter | 6,500 |
Total | $ 126,317 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax liabilities: | ||
Real estate and real estate partnership basis differences | $ 119,621 | $ 124,733 |
Lease Liability | 385 | 79,827 |
Other | 120 | 1,807 |
Deferred tax assets: | ||
Real estate and real estate partnership basis differences | 145 | |
Lease Right of Use | 439 | 80,497 |
Other | 3,703 | 2,764 |
Net operating, capital, and other loss carryforwards | 1,109 | 5,598 |
Valuation allowance for deferred tax assets | (2,419) | (1,342) |
Net deferred tax liabilities | $ 117,294 | $ 118,705 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit or Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 12,499 | $ 905 | $ 857 |
State | 5,840 | (250) | 660 |
Total current | 18,339 | 655 | 1,517 |
Deferred: | |||
Federal | (934) | (7,400) | (10,470) |
State | (141) | (6,825) | (1,196) |
Total deferred | (1,075) | (14,225) | (11,666) |
Total income tax expense (benefit) | $ 17,264 | $ (13,570) | $ (10,149) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Consolidated income (loss) subject to tax | $ 88,800 | $ (31,400) | $ (25,500) |
Cash paid for income taxes | $ 22,930 | $ 2,941 | $ 9,216 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Attributable to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amount | |||
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax | $ 18,641 | $ (6,591) | $ (5,361) |
US branch profits tax on earnings of foreign subsidiary | (1,965) | (1,084) | (4,195) |
State income tax, net of federal (benefit) expense | 4,590 | (7,075) | (536) |
Effects of permanent differences | 209 | 197 | 1 |
Uncertain tax positions | (4,945) | ||
Valuation allowance | 1,109 | 840 | 0 |
Other | (375) | 143 | (58) |
Total income tax benefit | $ 17,264 | $ (13,570) | $ (10,149) |
Percent | |||
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax | 21% | 21% | 21% |
US branch profits tax on earnings of foreign subsidiary | (2.20%) | 3.50% | 16.40% |
State income tax, net of federal (benefit) expense | 5.20% | 22.50% | 2.10% |
Effects of permanent differences | 0.20% | (0.60%) | 0% |
Uncertain tax positions | (5.60%) | 0% | 0% |
Valuation allowance | 1.20% | (2.70%) | 0% |
Other | (0.40%) | (0.50%) | 0.20% |
Total income tax benefit | 19.40% | 43.20% | 39.70% |
Income Taxes - Schedule of Divi
Income Taxes - Schedule of Dividends Per Share Held (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends, Common Stock [Abstract] | |||
Ordinary income | $ 0.01 | $ 3.17 | |
Capital gains | 0.01 | 19.43 | |
Qualified dividends | 0.62 | ||
Unrecaptured § 1250 gain | 8.80 | ||
Return of capital | 15.48 | ||
Total | $ 0.02 | $ 47.50 | |
Dividends Common Stock Percentage [Abstract] | |||
Ordinary income | 53.50% | 0% | 6.70% |
Capital gains | 46.50% | 0% | 40.90% |
Qualified dividends | 0% | 0% | 1.30% |
Unrecaptured § 1250 gain | 0% | 0% | 18.50% |
Return of capital | 0% | 0% | 32.60% |
Total | 100% | 0% | 100% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 7,038 | $ 7,076 |
Reductions based on tax positions in prior years | (4,903) | (38) |
Balance at December 31 | $ 2,135 | $ 7,038 |
Aimco Equity (Details Textual)
Aimco Equity (Details Textual) - $ / shares | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Common Stock, shares authorized (in shares) | 510,587,500 | 510,587,500 | ||
Common Stock, shares outstanding (in shares) | 146,524,941 | 149,818,021 | ||
Percentage of real estate investment trust taxable income | 90% | |||
Cash dividend paid per share | $ 0.02 | |||
Dividend payable date of record | Sep. 14, 2022 | |||
Limited Liability Company or Limited Partnership, Equity Activities and Description | On December 15, 2020, we completed the Separation which was effected by way of a pro rata distribution, in which stockholders of Aimco received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on December 5, 2020. AIR Operating Partnership also completed a pro rata distribution of all of the outstanding common OP units of Aimco Operating Partnership to holders of AIR Operating Partnership common OP units and AIR Operating Partnership Class I High Performance OP units as of the close of business on December 5, 2020. | |||
2022 Stock Repurchases [Member] | ||||
Class of Stock [Line Items] | ||||
Stock repurchased during period, shares | 3,500,000 | 0 | 0 | |
Share repurchase weighted average price | $ 7.21 | |||
Maximum [Member] | 2022 Stock Repurchases [Member] | ||||
Class of Stock [Line Items] | ||||
Authorzed to repurchase of shares | 12,300,000 |
Partners' Capital - Narrative (
Partners' Capital - Narrative (Details) - AIMCO PROPERTIES, L.P. [Member] - $ / shares | 12 Months Ended | |
Dec. 15, 2020 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Allotment Through Pro Rata Distribution | 1 | |
Redemption of OP units in exchange for shares | 108,000 | |
Redemption of OP units in exchange for cash | 33,000 | |
Redemption of OP units, weighted average price per unit | $ 7.07 |
Earnings and Dividends per Sh_3
Earnings and Dividends per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |||
Net (loss) income attributable to Aimco | $ 75,726 | $ (5,910) | $ (5,041) |
Net income (loss) allocated to Aimco participating securities | (1,087) | ||
Net income (loss) attributable to Aimco common stockholders | $ 74,639 | $ (5,910) | $ (5,041) |
Basic weighted-average common stock outstanding | 149,395 | 149,480 | 148,569 |
Diluted share equivalents outstanding | 1,439 | ||
Diluted weighted-average common stock outstanding | 150,834 | 149,480 | 148,569 |
Earnings (loss) per share - basic | $ 0.50 | $ (0.04) | $ (0.03) |
Earnings (loss) per share - diluted | $ 0.49 | $ (0.04) | $ (0.03) |
Aimco OP L.P. [Member] | |||
Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |||
Net (loss) income attributable to Aimco | $ 79,657 | $ (6,207) | $ (5,310) |
Net income (loss) allocated to Aimco participating securities | (1,131) | ||
Net income (loss) attributable to Aimco common stockholders | $ 78,526 | $ (6,207) | $ (5,310) |
Basic weighted-average common stock outstanding | 157,317 | 157,701 | 156,500 |
Diluted share equivalents outstanding | 1,457 | ||
Diluted weighted-average common stock outstanding | 158,774 | 157,701 | 156,500 |
Earnings (loss) per share - basic | $ 0.50 | $ (0.04) | $ (0.03) |
Earnings (loss) per share - diluted | $ 0.49 | $ (0.04) | $ (0.03) |
Share-Based Compensation (Detai
Share-Based Compensation (Details Textual) shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unvested compensation cost not yet recognized for options and restricted stock awards | $ | $ 13.5 |
Weighted average period over which unvested compensation cost expected to be recognized | 1 year 9 months 18 days |
Restricted Stock [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vest period | 4 years |
Restricted Stock [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vest period | 5 years |
Employee Stock Option [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Term of stock options | 10 years |
Employee Stock Option [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vest period | 4 years |
Employee Stock Option [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vest period | 5 years |
TSR Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
TSR restricted shares performance measurement period | 3 years |
Term of stock options | 10 years |
2020 Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares available to be granted under plan (in shares) | shares | 21.4 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Compensation Cost Recognized for Share-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 6,441 | $ 3,377 | $ 1,070 |
Capitalized share-based compensation | 1,016 | 340 | 138 |
Total share-based compensation | $ 7,457 | $ 3,717 | $ 1,208 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary Activity for Equity Compensation (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ 6.96 |
TSR Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Shares and Units Outstanding at beginning of year | shares | 317,200 |
Number of Options, Shares and Units Granted | shares | 212,767 |
Number of Options, Shares and Units Outstanding at end of year | shares | 529,967 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.66 |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | 6.96 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.78 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Shares and Units Outstanding at beginning of year | shares | 1,941,125 |
Number of Options, Shares and Units Granted | shares | 328,941 |
Number of Options, Shares and Units Vested | shares | (30,618) |
Number of Options, Shares and Units Forfeited | shares | (85,310) |
Number of Options, Shares and Units Outstanding at end of year | shares | 2,154,138 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.84 |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | 7.16 |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 14.61 |
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 6.90 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.78 |
TSR Restricted Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Shares and Units Outstanding at beginning of year | shares | 283,503 |
Number of Options, Shares and Units Granted | shares | 183,320 |
Number of Options, Shares and Units Vested | shares | (3,198) |
Number of Options, Shares and Units Forfeited | shares | (2,880) |
Number of Options, Shares and Units Outstanding at end of year | shares | 460,745 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 10.14 |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | 7.25 |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 47.44 |
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 55.50 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 8.45 |
TSR LTIP I Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Shares and Units Outstanding at beginning of year | shares | 12,441 |
Number of Options, Shares and Units Vested | shares | (2,557) |
Number of Options, Shares and Units Forfeited | shares | (2,698) |
Number of Options, Shares and Units Outstanding at end of year | shares | 7,186 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 53.69 |
Weighted Average Exercise Price and Grant-Date Fair Value Vested | 53.17 |
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 55.17 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 53.33 |
TSR LTIP II Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Shares and Units Outstanding at beginning of year | shares | 563,890 |
Number of Options, Shares and Units Granted | shares | 341,550 |
Number of Options, Shares and Units Outstanding at end of year | shares | 905,440 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 4.64 |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | 6.96 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 5.52 |
Time LTIP II Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Shares and Units Granted | shares | 563,334 |
Number of Options, Shares and Units Outstanding at end of year | shares | 563,334 |
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ 6.96 |
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.96 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Cost Not Yet Recognized for Share-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total awards unvested shares | 4,620,810 | |
Total awards unvested compensation not yet recognized | $ 13,501 | |
AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total awards unvested shares | 1,967,183 | |
Employee Stock Option [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 786,413 | |
TSR Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 529,967 | 317,200 |
Unvested compensation not yet recognized | $ 874 | |
TSR Stock Awards [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 25,563 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 2,154,138 | 1,941,125 |
Unvested compensation not yet recognized | $ 9,143 | |
Restricted Stock [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 18,000 | |
TSR Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 460,745 | 283,503 |
Unvested compensation not yet recognized | $ 2,007 | |
TSR Restricted Stock Awards [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 47,516 | |
TSR LTIP I Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 7,186 | 12,441 |
Unvested compensation not yet recognized | $ 62 | |
TSR LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 905,440 | 563,890 |
Unvested compensation not yet recognized | $ 1,415 | |
TSR LTIP II Units [Member] | AIR [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 1,089,691 | |
TSR LTIP II Units And Time LTIP II Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested shares | 1,468,774 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Assumptions Used for Valuation of TSR-Based Awards Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date market value of a common share | $ 6.96 | |
Risk-free interest rate, Minimum | 0.19% | 0.02% |
Risk-free interest rate, Maximum | 1.38% | 1.22% |
Dividend yield | 0% | 0% |
Expected volatility, Minimum | 32.09% | 30.40% |
Expected volatility, Maximum | 33.04% | 32.29% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date market value of a common share | $ 6.66 | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date market value of a common share | $ 7.10 | |
TSR Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date market value of a common share | $ 7.25 | |
Derived vesting period of TSR Restricted Stock | 3 years | 3 years |
TSR Stock Options and LTIP II units [member] | Weighted Average [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average expected term of TSR Stock Options and LTIP II units | 4 years 10 months 24 days | 5 years 4 months 24 days |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mezzanine investment | $ 158,558 | $ 337,797 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and Unrealized Gains (Losses) on Interest Rate Options | |||
Impairment | $ 15,860 | |||
Capitalization rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 3.75 | |||
Discount Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 11.5 | |||
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative instruments acquired | $ 17,700 | |||
Fair Value, Recurring [Member] | Property Technology Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment | 4,300 | $ 9,600 | ||
Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment | 15,900 | |||
Interest Rate Cap [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative gain on swaption, net of transaction costs | 11,100 | |||
Interest Rate Swaps and Caps [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | 2,000,000 | |||
Derivative instrument interest rate swap and cap | $ 16,800 | |||
IQHQ [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investment cost basis | $ 39,200 | |||
IQHQ [Member] | Class A-1 Units [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Percentage of ownership of units | 22% | |||
Equity method investment cost basis | $ 10,800 | |||
Equity method investment redemption with step-up value to be paid in cash | $ 16,500 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value for Interest Rate Options and Investment in Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | $ 62,259 | $ 25,449 | |
Level 1 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | 0 | 0 | |
Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | 62,259 | 25,449 | |
Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate options | 0 | 0 | |
Real Estate Technology Funds [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,296 | 9,613 |
Real Estate Technology Funds [Member] | Level 1 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Real Estate Technology Funds [Member] | Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Real Estate Technology Funds [Member] | Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | $ 0 | $ 0 |
[1] Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property debt Construction Loan and Notes Payable to AIR (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 1,064,793 | $ 1,187,386 |
Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 1,004,758 | 1,201,463 |
Non-recourse Property Debt [Member] | Carrying Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 938,476 | 484,883 |
Non-recourse Property Debt [Member] | Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 878,804 | 498,960 |
Constructions Loans [Member] | Carrying Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 126,317 | 168,376 |
Constructions Loans [Member] | Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 125,954 | 168,376 |
Notes Payable [Member] | Carrying Value [Member] | AIR [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | 534,127 | |
Notes Payable [Member] | Fair Value [Member] | AIR [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Debt, Fair Value | $ 534,127 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Construction related contracts, amount | $ 155.8 |
Undrawn construction loans | 304.6 |
Commitments related to capital spending activities | 50 |
Unconsolidated Joint Ventures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining commitments | 10.3 |
Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining commitments | $ 2.4 |
Commitments related to operations [Member] | Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Time Period of Long-term Purchase Commitment | 1 year |
Business Segments (Details Text
Business Segments (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Property ApartmentHome Segment Home Room Dwelling Community | Dec. 31, 2021 USD ($) | Jan. 01, 2021 Property | |
Business Segments (Textual) [Abstract] | |||
Number of reportable segments | Segment | 3 | ||
Number of units in real estate property | ApartmentHome | 5,582 | ||
Percentage of NOI | 6.90% | ||
Write-off of right-of-use lease assets | $ | $ 326.1 | ||
Write-off of lease liability | $ | 337.3 | ||
Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Right-of-use lease assets | $ | 110.3 | $ 96.3 | |
Lease liabilities | $ | $ 114.6 | $ 95.4 | |
Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of properties disposed | Property | 1 | ||
Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 26 | ||
Number of units in real estate property | ApartmentHome | 5,940 | ||
Continuing Operations [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 300 | ||
Planned Apartment Homes [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 1,185 | ||
Planned Homes [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Home | 16 | ||
Accessory Dwelling Units [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Dwelling | 8 | ||
Planned Rooms [Member] | Continuing Operations [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Room | 106 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of lease real estate properties terminated | Property | 4 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 21 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 21 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Property | 3 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 5,582 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Planned Rooms [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Room | 106 | ||
Real Estate Partnership [Member] | Wholly And Partially Owned Consolidated Properties [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of real estate properties | Community | 12 | ||
Real Estate Partnership [Member] | Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | ApartmentHome | 1,185 | ||
Real Estate Partnership [Member] | Wholly And Partially Owned Consolidated Properties [Member] | Planned Homes [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of units in real estate property | Home | 16 |
Business Segments - Summary of
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary information for the reportable segments | |||
Rental and other property revenues | $ 190,344 | $ 169,836 | $ 151,451 |
Property operating expenses | 71,792 | 67,613 | 61,514 |
Other operating expenses not allocated to segments | 198,640 | 117,863 | 104,294 |
Total operating expenses | 270,432 | 185,476 | 165,808 |
Proportionate property net operating income (loss) | (80,088) | (15,640) | (14,357) |
Other items included in income (loss) before income tax | 189,510 | (2,910) | (1,563) |
Income (loss) before income tax | 109,422 | (18,550) | (15,920) |
Operating Segments [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 135,224 | 122,303 | 116,888 |
Property operating expenses | 40,841 | 39,625 | 37,917 |
Total operating expenses | 40,841 | 39,625 | 37,917 |
Proportionate property net operating income (loss) | 94,383 | 82,678 | 78,971 |
Income (loss) before income tax | 94,383 | 82,678 | 78,971 |
Segment Reconciling Items [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 6,097 | 5,256 | 5,577 |
Property operating expenses | 6,077 | 5,199 | 4,885 |
Total operating expenses | 6,077 | 5,199 | 4,885 |
Proportionate property net operating income (loss) | 20 | 57 | 692 |
Income (loss) before income tax | 20 | 57 | 692 |
Corporate Non-Segment [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 30,074 | 25,682 | 14,392 |
Property operating expenses | 17,116 | 16,938 | 13,614 |
Other operating expenses not allocated to segments | 198,640 | 117,863 | 104,294 |
Total operating expenses | 215,756 | 134,801 | 117,908 |
Proportionate property net operating income (loss) | (185,682) | (109,119) | (103,516) |
Other items included in income (loss) before income tax | 189,510 | (2,910) | (1,563) |
Income (loss) before income tax | 3,828 | (112,029) | (105,079) |
Development and Redevelopment [Member] | Operating Segments [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 919 | 2,036 | 1,515 |
Property operating expenses | 2,198 | 1,446 | 981 |
Total operating expenses | 2,198 | 1,446 | 981 |
Proportionate property net operating income (loss) | (1,279) | 590 | 534 |
Income (loss) before income tax | (1,279) | 590 | 534 |
Other [Member] | Operating Segments [Member] | |||
Summary information for the reportable segments | |||
Rental and other property revenues | 18,030 | 14,559 | 13,079 |
Property operating expenses | 5,560 | 4,405 | 4,117 |
Total operating expenses | 5,560 | 4,405 | 4,117 |
Proportionate property net operating income (loss) | 12,470 | 10,154 | 8,962 |
Income (loss) before income tax | $ 12,470 | $ 10,154 | $ 8,962 |
Business Segments - Schedule of
Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Buildings and improvements | $ 674,419 | |
Land | 641,102 | $ 534,285 |
Total real estate | 933,452 | |
Accumulated depreciation | (468,054) | |
Net real estate | 1,432,761 | 1,230,384 |
Non-recourse property debt and construction loans, net | 929,501 | 483,137 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 1,322,381 | 1,257,214 |
Land | 641,102 | 534,285 |
Total real estate | 1,963,483 | 1,791,499 |
Accumulated depreciation | (530,722) | (561,115) |
Net real estate | 1,432,761 | 1,230,384 |
Non-recourse property debt and construction loans, net | 1,048,199 | 646,707 |
Corporate Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 182,725 | |
Land | 39,426 | |
Total real estate | 222,151 | |
Accumulated depreciation | (73,524) | |
Net real estate | 148,627 | |
Non-recourse property debt and construction loans, net | 182,181 | |
Development and Redevelopment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 449,316 | 202,367 |
Land | 228,568 | 82,325 |
Total real estate | 677,884 | 284,692 |
Accumulated depreciation | (2,378) | (1,426) |
Net real estate | 675,506 | 283,266 |
Non-recourse property debt and construction loans, net | 200,135 | 36,218 |
Operating Portfolio Segment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 674,419 | 675,269 |
Land | 259,033 | 259,033 |
Total real estate | 933,452 | 934,302 |
Accumulated depreciation | (468,054) | (444,324) |
Net real estate | 465,398 | 489,978 |
Non-recourse property debt and construction loans, net | 823,692 | 428,308 |
Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Buildings and improvements | 198,646 | 196,853 |
Land | 153,501 | 153,501 |
Total real estate | 352,147 | 350,354 |
Accumulated depreciation | (60,290) | (41,841) |
Net real estate | 291,857 | $ 308,513 |
Non-recourse property debt and construction loans, net | $ 24,372 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) $ in Millions | Feb. 20, 2023 USD ($) |
Subsequent Events [Member] | Parkmerced Investment [Member] | |
Subsequent Event [Line Items] | |
Agreement to sell mezzanine loan | $ 167.5 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) ApartmentHome | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of apartment homes | ApartmentHome | 5,582 |
Initial Cost, Land | $ 259,033 |
Initial Cost, Buildings and Improvements | 367,835 |
Costs Capitalized Subsequent to Consolidation | 306,584 |
Land | 259,033 |
Buildings and improvements | 674,419 |
Total real estate | 933,452 |
Accumulated Depreciation (AD) | (468,054) |
Net real estate | 465,398 |
Encumbrances | $ 830,111 |
Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of apartment homes | ApartmentHome | 5,940 |
Initial Cost, Land | $ 641,102 |
Initial Cost, Buildings and Improvements | 616,917 |
Costs Capitalized Subsequent to Consolidation | 703,652 |
Land | 641,102 |
Buildings and improvements | 1,322,381 |
Total real estate | 1,963,483 |
Accumulated Depreciation (AD) | (530,722) |
Net real estate | 1,432,761 |
Encumbrances | $ 1,065,639 |
Royal Crest Estates [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Aug. 31, 2002 |
Location | Marlborough, MA |
Year Built | 1970 |
Number of apartment homes | ApartmentHome | 473 |
Initial Cost, Land | $ 25,178 |
Initial Cost, Buildings and Improvements | 28,786 |
Costs Capitalized Subsequent to Consolidation | 14,289 |
Land | 25,178 |
Buildings and improvements | 43,075 |
Total real estate | 68,253 |
Accumulated Depreciation (AD) | (34,792) |
Net real estate | 33,461 |
Encumbrances | $ 71,295 |
Stabilized [Member] | Royal Crest Estates [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Aug. 31, 2002 |
Location | Warwick, RI |
Year Built | 1972 |
Number of apartment homes | ApartmentHome | 492 |
Initial Cost, Land | $ 22,433 |
Initial Cost, Buildings and Improvements | 24,095 |
Costs Capitalized Subsequent to Consolidation | 6,029 |
Land | 22,433 |
Buildings and improvements | 30,124 |
Total real estate | 52,557 |
Accumulated Depreciation (AD) | (24,639) |
Net real estate | $ 27,918 |
Stabilized [Member] | St. George Villas [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Jan. 31, 2006 |
Location | St. George, SC |
Year Built | 1984 |
Number of apartment homes | ApartmentHome | 40 |
Initial Cost, Land | $ 108 |
Initial Cost, Buildings and Improvements | 1,024 |
Costs Capitalized Subsequent to Consolidation | 452 |
Land | 108 |
Buildings and improvements | 1,476 |
Total real estate | 1,584 |
Accumulated Depreciation (AD) | (1,419) |
Net real estate | 165 |
Encumbrances | $ 237 |
Stabilized [Member] | Waterford Village [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Aug. 31, 2002 |
Location | Bridgewater, MA |
Year Built | 1971 |
Number of apartment homes | ApartmentHome | 588 |
Initial Cost, Land | $ 29,110 |
Initial Cost, Buildings and Improvements | 28,101 |
Costs Capitalized Subsequent to Consolidation | 12,390 |
Land | 29,110 |
Buildings and improvements | 40,491 |
Total real estate | 69,601 |
Accumulated Depreciation (AD) | (34,473) |
Net real estate | $ 35,128 |
Stabilized [Member] | Wexford Village [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Aug. 31, 2002 |
Location | Worcester, MA |
Year Built | 1974 |
Number of apartment homes | ApartmentHome | 264 |
Initial Cost, Land | $ 6,349 |
Initial Cost, Buildings and Improvements | 17,939 |
Costs Capitalized Subsequent to Consolidation | 6,199 |
Land | 6,349 |
Buildings and improvements | 24,138 |
Total real estate | 30,487 |
Accumulated Depreciation (AD) | (17,627) |
Net real estate | $ 12,860 |
Stabilized [Member] | Yacht Club at Brickell [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Dec. 31, 2003 |
Location | Miami, FL |
Year Built | 1998 |
Number of apartment homes | ApartmentHome | 357 |
Initial Cost, Land | $ 31,362 |
Initial Cost, Buildings and Improvements | 32,214 |
Costs Capitalized Subsequent to Consolidation | 21,404 |
Land | 31,362 |
Buildings and improvements | 53,618 |
Total real estate | 84,980 |
Accumulated Depreciation (AD) | (29,866) |
Net real estate | 55,114 |
Encumbrances | $ 163,880 |
Stabilized [Member] | Bluffs at Pacifica, The [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Oct. 31, 2006 |
Location | Pacifica, CA |
Year Built | 1963 |
Number of apartment homes | ApartmentHome | 64 |
Initial Cost, Land | $ 8,108 |
Initial Cost, Buildings and Improvements | 4,132 |
Costs Capitalized Subsequent to Consolidation | 17,749 |
Land | 8,108 |
Buildings and improvements | 21,881 |
Total real estate | 29,989 |
Accumulated Depreciation (AD) | (14,208) |
Net real estate | $ 15,781 |
Separate Portfolio [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Separate Portfolio [Member] | 118-122 West 23rd Street [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Jun. 30, 2012 |
Location | New York, NY |
Year Built | 1987 |
Number of apartment homes | ApartmentHome | 42 |
Initial Cost, Land | $ 14,985 |
Initial Cost, Buildings and Improvements | 23,459 |
Costs Capitalized Subsequent to Consolidation | 6,186 |
Land | 14,985 |
Buildings and improvements | 29,645 |
Total real estate | 44,630 |
Accumulated Depreciation (AD) | (12,453) |
Net real estate | 32,177 |
Encumbrances | $ 16,472 |
Separate Portfolio [Member] | Royal Crest Estates [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Aug. 31, 2002 |
Location | Nashua, NH |
Year Built | 1970 |
Number of apartment homes | ApartmentHome | 902 |
Initial Cost, Land | $ 68,230 |
Initial Cost, Buildings and Improvements | 45,562 |
Costs Capitalized Subsequent to Consolidation | 18,108 |
Land | 68,230 |
Buildings and improvements | 63,670 |
Total real estate | 131,900 |
Accumulated Depreciation (AD) | (53,853) |
Net real estate | 78,047 |
Encumbrances | $ 173,435 |
Separate Portfolio [Member] | 1045 on the Park Apartments Homes [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Mid Rise |
Date Acquired | Jul. 31, 2013 |
Location | Atlanta, GA |
Year Built | 2012 |
Number of apartment homes | ApartmentHome | 30 |
Initial Cost, Land | $ 2,793 |
Initial Cost, Buildings and Improvements | 6,662 |
Costs Capitalized Subsequent to Consolidation | 1,185 |
Land | 2,793 |
Buildings and improvements | 7,847 |
Total real estate | 10,640 |
Accumulated Depreciation (AD) | (2,711) |
Net real estate | 7,929 |
Encumbrances | $ 6,007 |
Separate Portfolio [Member] | 2200 Grace [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Aug. 31, 2018 |
Location | Lombard, IL |
Year Built | 1971 |
Number of apartment homes | ApartmentHome | 72 |
Initial Cost, Land | $ 642 |
Initial Cost, Buildings and Improvements | 7,788 |
Costs Capitalized Subsequent to Consolidation | 242 |
Land | 642 |
Buildings and improvements | 8,030 |
Total real estate | 8,672 |
Accumulated Depreciation (AD) | (5,583) |
Net real estate | 3,089 |
Encumbrances | $ 11,193 |
Separate Portfolio [Member] | 173 E. 90th Street [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | May 31, 2004 |
Location | New York, NY |
Year Built | 1910 |
Number of apartment homes | ApartmentHome | 72 |
Initial Cost, Land | $ 12,066 |
Initial Cost, Buildings and Improvements | 4,535 |
Costs Capitalized Subsequent to Consolidation | 9,044 |
Land | 12,066 |
Buildings and improvements | 13,579 |
Total real estate | 25,645 |
Accumulated Depreciation (AD) | (7,080) |
Net real estate | 18,565 |
Encumbrances | $ 12,138 |
Separate Portfolio [Member] | 237-239 Ninth Avenue [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Mar. 31, 2005 |
Location | New York, NY |
Year Built | 1900 |
Number of apartment homes | ApartmentHome | 36 |
Initial Cost, Land | $ 8,495 |
Initial Cost, Buildings and Improvements | 1,866 |
Costs Capitalized Subsequent to Consolidation | 2,777 |
Land | 8,495 |
Buildings and improvements | 4,643 |
Total real estate | 13,138 |
Accumulated Depreciation (AD) | (3,338) |
Net real estate | 9,800 |
Encumbrances | $ 6,148 |
Separate Portfolio [Member] | Plantation Gardens [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Oct. 31, 1999 |
Location | Plantation, FL |
Year Built | 1971 |
Number of apartment homes | ApartmentHome | 372 |
Initial Cost, Land | $ 3,773 |
Initial Cost, Buildings and Improvements | 19,443 |
Costs Capitalized Subsequent to Consolidation | 23,203 |
Land | 3,773 |
Buildings and improvements | 42,646 |
Total real estate | 46,419 |
Accumulated Depreciation (AD) | (31,196) |
Net real estate | 15,223 |
Encumbrances | $ 60,133 |
Separate Portfolio [Member] | Willow Bend [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | May 31, 1998 |
Location | Rolling Meadows, IL |
Year Built | 1969 |
Number of apartment homes | ApartmentHome | 328 |
Initial Cost, Land | $ 2,717 |
Initial Cost, Buildings and Improvements | 15,437 |
Costs Capitalized Subsequent to Consolidation | 19,897 |
Land | 2,717 |
Buildings and improvements | 35,334 |
Total real estate | 38,051 |
Accumulated Depreciation (AD) | (28,997) |
Net real estate | 9,054 |
Encumbrances | $ 43,501 |
Separate Portfolio [Member] | Yorktown Apartments [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Dec. 31, 1999 |
Location | Lombard, IL |
Year Built | 1971 |
Number of apartment homes | ApartmentHome | 292 |
Initial Cost, Land | $ 2,414 |
Initial Cost, Buildings and Improvements | 10,374 |
Costs Capitalized Subsequent to Consolidation | 52,617 |
Land | 2,414 |
Buildings and improvements | 62,991 |
Total real estate | 65,405 |
Accumulated Depreciation (AD) | (44,465) |
Net real estate | 20,940 |
Encumbrances | $ 46,857 |
Separate Portfolio [Member] | Bank Lofts [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Apr. 30, 2001 |
Location | Denver, CO |
Year Built | 1920 |
Number of apartment homes | ApartmentHome | 125 |
Initial Cost, Land | $ 3,525 |
Initial Cost, Buildings and Improvements | 9,045 |
Costs Capitalized Subsequent to Consolidation | 5,716 |
Land | 3,525 |
Buildings and improvements | 14,761 |
Total real estate | 18,286 |
Accumulated Depreciation (AD) | (9,341) |
Net real estate | 8,945 |
Encumbrances | $ 18,540 |
Separate Portfolio [Member] | Elm Creek [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Mid Rise |
Date Acquired | Dec. 31, 1997 |
Location | Elmhurst, IL |
Year Built | 1987 |
Number of apartment homes | ApartmentHome | 400 |
Initial Cost, Land | $ 5,910 |
Initial Cost, Buildings and Improvements | 30,830 |
Costs Capitalized Subsequent to Consolidation | 31,618 |
Land | 5,910 |
Buildings and improvements | 62,448 |
Total real estate | 68,358 |
Accumulated Depreciation (AD) | (41,367) |
Net real estate | 26,991 |
Encumbrances | $ 78,095 |
Separate Portfolio [Member] | Evanston Place [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Dec. 31, 1997 |
Location | Evanston, IL |
Year Built | 1990 |
Number of apartment homes | ApartmentHome | 190 |
Initial Cost, Land | $ 3,232 |
Initial Cost, Buildings and Improvements | 25,546 |
Costs Capitalized Subsequent to Consolidation | 18,557 |
Land | 3,232 |
Buildings and improvements | 44,103 |
Total real estate | 47,335 |
Accumulated Depreciation (AD) | (25,532) |
Net real estate | 21,803 |
Encumbrances | $ 46,670 |
Separate Portfolio [Member] | Hillmeade [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Nov. 30, 1994 |
Location | Nashville, TN |
Year Built | 1986 |
Number of apartment homes | ApartmentHome | 288 |
Initial Cost, Land | $ 2,872 |
Initial Cost, Buildings and Improvements | 16,070 |
Costs Capitalized Subsequent to Consolidation | 22,362 |
Land | 2,872 |
Buildings and improvements | 38,432 |
Total real estate | 41,304 |
Accumulated Depreciation (AD) | (27,915) |
Net real estate | 13,389 |
Encumbrances | $ 46,026 |
Separate Portfolio [Member] | Hyde Park Tower [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Oct. 31, 2004 |
Location | Chicago, IL |
Year Built | 1990 |
Number of apartment homes | ApartmentHome | 155 |
Initial Cost, Land | $ 4,731 |
Initial Cost, Buildings and Improvements | 14,927 |
Costs Capitalized Subsequent to Consolidation | 16,560 |
Land | 4,731 |
Buildings and improvements | 31,487 |
Total real estate | 36,218 |
Accumulated Depreciation (AD) | (17,199) |
Net real estate | 19,019 |
Encumbrances | $ 29,484 |
Development and Redevelopment [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of apartment homes | ApartmentHome | 300 |
Initial Cost, Land | $ 228,568 |
Initial Cost, Buildings and Improvements | 60,585 |
Costs Capitalized Subsequent to Consolidation | 388,731 |
Land | 228,568 |
Buildings and improvements | 449,316 |
Total real estate | 677,884 |
Accumulated Depreciation (AD) | (2,378) |
Net real estate | 675,506 |
Encumbrances | $ 208,837 |
Development and Redevelopment [Member] | Benson Hotel & Faculty Club, The [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jan. 31, 2021 |
Location | Denver, CO |
Initial Cost, Land | $ 1,815 |
Initial Cost, Buildings and Improvements | 4,414 |
Costs Capitalized Subsequent to Consolidation | 62,529 |
Land | 1,815 |
Buildings and improvements | 66,943 |
Total real estate | 68,758 |
Net real estate | $ 68,758 |
Development and Redevelopment [Member] | One Edgewater [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Garden |
Date Acquired | Jul. 31, 2021 |
Location | Miami, FL |
Year Built | 1948 |
Initial Cost, Land | $ 20,045 |
Costs Capitalized Subsequent to Consolidation | 2,638 |
Land | 20,045 |
Buildings and improvements | 2,638 |
Total real estate | 22,683 |
Net real estate | $ 22,683 |
Development and Redevelopment [Member] | Hamilton House [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jan. 31, 1900 |
Location | Miami, FL |
Initial Cost, Land | $ 11,467 |
Costs Capitalized Subsequent to Consolidation | 4,606 |
Land | 11,467 |
Buildings and improvements | 4,606 |
Total real estate | 16,073 |
Net real estate | $ 16,073 |
Development and Redevelopment [Member] | Flying Horse [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jul. 31, 2021 |
Location | Colorado Springs, CO |
Initial Cost, Land | $ 4,257 |
Costs Capitalized Subsequent to Consolidation | 3,164 |
Land | 4,257 |
Buildings and improvements | 3,164 |
Total real estate | 7,421 |
Net real estate | $ 7,421 |
Development and Redevelopment [Member] | Hamilton, The [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Aug. 31, 2020 |
Location | Miami, FL |
Year Built | 1985 |
Number of apartment homes | ApartmentHome | 276 |
Initial Cost, Land | $ 45,239 |
Initial Cost, Buildings and Improvements | 34,891 |
Costs Capitalized Subsequent to Consolidation | 108,564 |
Land | 45,239 |
Buildings and improvements | 143,455 |
Total real estate | 188,694 |
Accumulated Depreciation (AD) | (2,378) |
Net real estate | 186,316 |
Encumbrances | $ 79,815 |
Development and Redevelopment [Member] | Oak Shore [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jun. 30, 2021 |
Location | Corte Madera, CA |
Number of apartment homes | ApartmentHome | 24 |
Costs Capitalized Subsequent to Consolidation | $ 23,309 |
Buildings and improvements | 23,309 |
Total real estate | 23,309 |
Net real estate | 23,309 |
Encumbrances | $ 1 |
Development and Redevelopment [Member] | Upton Place [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Dec. 31, 2020 |
Location | Washington, DC |
Initial Cost, Buildings and Improvements | $ 21,280 |
Costs Capitalized Subsequent to Consolidation | 151,224 |
Buildings and improvements | 172,504 |
Total real estate | 172,504 |
Net real estate | 172,504 |
Encumbrances | $ 33,601 |
Development and Redevelopment [Member] | Mondo Market [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Sep. 30, 2022 |
Location | Aurora, CO |
Costs Capitalized Subsequent to Consolidation | $ 2,282 |
Buildings and improvements | 2,282 |
Total real estate | 2,282 |
Net real estate | $ 2,282 |
Development and Redevelopment [Member] | Strathmore Phase 1 Con [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Feb. 28, 2022 |
Location | Ft. Lauderdale, FL |
Costs Capitalized Subsequent to Consolidation | $ 13,681 |
Buildings and improvements | 13,681 |
Total real estate | 13,681 |
Net real estate | 13,681 |
Encumbrances | $ 12,537 |
Development and Redevelopment [Member] | 300 W. Broward Blvd. [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jan. 31, 2022 |
Location | Ft. Lauderdale, FL |
Initial Cost, Land | $ 21,355 |
Costs Capitalized Subsequent to Consolidation | 9,260 |
Land | 21,355 |
Buildings and improvements | 9,260 |
Total real estate | 30,615 |
Net real estate | 30,615 |
Encumbrances | $ 12,796 |
Development and Redevelopment [Member] | 200 W. Broward Blvd. [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jan. 31, 2022 |
Location | Ft. Lauderdale, FL |
Initial Cost, Land | $ 16,750 |
Costs Capitalized Subsequent to Consolidation | 2,215 |
Land | 16,750 |
Buildings and improvements | 2,215 |
Total real estate | 18,965 |
Net real estate | 18,965 |
Encumbrances | $ 10,087 |
Development and Redevelopment [Member] | Fitzsimons Phase Four [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Dec. 31, 2022 |
Location | Aurora, CO |
Initial Cost, Land | $ 2,016 |
Costs Capitalized Subsequent to Consolidation | 71 |
Land | 2,016 |
Buildings and improvements | 71 |
Total real estate | 2,087 |
Net real estate | $ 2,087 |
Development and Redevelopment [Member] | Sears Parcel 1 [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jun. 30, 2022 |
Location | Ft. Lauderdale, FL |
Initial Cost, Land | $ 68,485 |
Costs Capitalized Subsequent to Consolidation | 3,497 |
Land | 68,485 |
Buildings and improvements | 3,497 |
Total real estate | 71,982 |
Net real estate | 71,982 |
Encumbrances | $ 38,400 |
Development and Redevelopment [Member] | Sears Parcel 2 [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jul. 31, 2022 |
Location | Ft. Lauderdale, FL |
Initial Cost, Land | $ 20,737 |
Costs Capitalized Subsequent to Consolidation | 978 |
Land | 20,737 |
Buildings and improvements | 978 |
Total real estate | 21,715 |
Net real estate | 21,715 |
Encumbrances | $ 12,000 |
Development and Redevelopment [Member] | Sears Parcel 3 [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Date Acquired | Jun. 30, 2022 |
Location | Ft. Lauderdale, FL |
Initial Cost, Land | $ 16,402 |
Costs Capitalized Subsequent to Consolidation | 713 |
Land | 16,402 |
Buildings and improvements | 713 |
Total real estate | 17,115 |
Net real estate | 17,115 |
Encumbrances | $ 9,600 |
Other [Member] | 1001 Brickell Bay Drive [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | High Rise |
Date Acquired | Jul. 31, 2019 |
Location | Miami, FL |
Year Built | 1985 |
Initial Cost, Land | $ 150,018 |
Initial Cost, Buildings and Improvements | 152,791 |
Costs Capitalized Subsequent to Consolidation | 8,321 |
Land | 150,018 |
Buildings and improvements | 162,924 |
Total real estate | 312,942 |
Accumulated Depreciation (AD) | (58,497) |
Net real estate | $ 254,445 |
Other [Member] | Eldridge [Member] | Continuing Operations [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Apartment Type | Townhome |
Date Acquired | Aug. 31, 2021 |
Location | Elmhurst, IL |
Year Built | 2018 |
Number of apartment homes | ApartmentHome | 58 |
Initial Cost, Land | $ 3,483 |
Initial Cost, Buildings and Improvements | 35,706 |
Costs Capitalized Subsequent to Consolidation | 16 |
Land | 3,483 |
Buildings and improvements | 35,722 |
Total real estate | 39,205 |
Accumulated Depreciation (AD) | (1,793) |
Net real estate | 37,412 |
Encumbrances | $ 26,691 |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost of land and depreciable property for federal income tax purposes | $ 1.3 |
Minimum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life for buildings and improvements | 5 years |
Maximum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life for buildings and improvements | 30 years |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additions during the year: | |||
Total real estate balance at end of year | $ 933,452 | ||
Accumulated depreciation balance at end of year | 468,054 | ||
Aimco Real Estate | |||
Total portfolio | |||
Total real estate balance at beginning of year | 1,791,499 | $ 1,500,269 | $ 1,385,412 |
Additions during the year: | |||
Acquisitions | 146,236 | 69,178 | 112,820 |
Capital additions | 273,380 | 222,052 | 24,334 |
Dispositions | (233,308) | (22,297) | |
Write-offs of fully depreciated assets and other | (14,324) | ||
Total real estate balance at end of year | 1,963,483 | 1,791,499 | 1,500,269 |
Accumulated depreciation balance at beginning of year | 561,115 | 495,010 | 449,444 |
Depreciation | 143,983 | 66,105 | 67,919 |
Dispositions | (160,052) | ||
Write-offs of fully depreciated assets and other | (14,324) | (22,353) | |
Accumulated depreciation balance at end of year | $ 530,722 | $ 561,115 | $ 495,010 |