$AIV
APARTMENT INVESTMENT & MANAGEMENT CO

2024 Q3 Form 10-Q Financial Statement

#000095017024092826 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $53.16M $51.15M
YoY Change 11.44% 11.98%
Cost Of Revenue $23.34M $22.56M
YoY Change 27.52% 20.09%
Gross Profit $29.82M $28.59M
YoY Change 1.43% 6.32%
Gross Profit Margin 56.1% 55.9%
Selling, General & Admin $7.750M $7.577M
YoY Change -5.49% -3.97%
% of Gross Profit 25.99% 26.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.55M $22.11M
YoY Change 32.28% 29.82%
% of Gross Profit 78.95% 77.33%
Operating Expenses $54.63M $52.24M
YoY Change 23.24% 19.54%
Operating Profit -$1.474M -$1.096M
YoY Change -143.73% -155.63%
Interest Expense $19.03M $16.82M
YoY Change 130.62% 74.19%
% of Operating Profit
Other Income/Expense, Net -$3.959M -$1.286M
YoY Change 148.52% -8.99%
Pretax Income -$23.88M -$63.29M
YoY Change 426.43% 23083.52%
Income Tax -$3.800M -$2.200M
% Of Pretax Income
Net Earnings -$21.94M -$60.53M
YoY Change 870.62% 1580.34%
Net Earnings / Revenue -41.27% -118.34%
Basic Earnings Per Share -$0.16 -$0.43
Diluted Earnings Per Share -$0.16 -$0.43
COMMON SHARES
Basic Shares Outstanding 141.6M 144.8M
Diluted Shares Outstanding 136.7M 139.8M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.62M $88.54M
YoY Change -13.94% -46.34%
Cash & Equivalents $82.62M $88.54M
Short-Term Investments
Other Short-Term Assets $10.86M $12.85M
YoY Change -22.41% -7.25%
Inventory
Prepaid Expenses
Receivables $7.896M $7.750M
Other Receivables $284.0K $364.0K
Total Short-Term Assets $101.7M $109.5M
YoY Change -10.82% -40.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.806B $1.800B
YoY Change 3.87% 7.35%
Goodwill
YoY Change
Intangibles $13.38M $13.40M
YoY Change -1.44% -1.7%
Long-Term Investments $38.40M $41.36M
YoY Change -75.72% -73.88%
Other Assets $47.92M $36.65M
YoY Change 33.11% -23.09%
Total Long-Term Assets $1.966B $1.948B
YoY Change -8.0% -4.18%
TOTAL ASSETS
Total Short-Term Assets $101.7M $109.5M
Total Long-Term Assets $1.966B $1.948B
Total Assets $2.068B $2.057B
YoY Change -8.14% -7.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $125.1M $126.2M
YoY Change 12.74% 6.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $125.1M $126.2M
YoY Change 12.74% 6.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.372B $1.332B
YoY Change 10.82% 12.64%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.372B $1.332B
YoY Change 7.85% 9.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.1M $126.2M
Total Long-Term Liabilities $1.372B $1.332B
Total Liabilities $1.600B $1.564B
YoY Change 7.01% 7.97%
SHAREHOLDERS EQUITY
Retained Earnings -$208.9M -$187.0M
YoY Change -693.46% -598.86%
Common Stock $1.369M $1.372M
YoY Change -3.59% -4.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $229.8M $253.5M
YoY Change
Total Liabilities & Shareholders Equity $2.068B $2.057B
YoY Change -8.14% -7.18%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$21.94M -$60.53M
YoY Change 870.62% 1580.34%
Depreciation, Depletion And Amortization $23.55M $22.11M
YoY Change 32.28% 29.82%
Cash From Operating Activities $16.44M $8.006M
YoY Change -33.98% -33.76%
INVESTING ACTIVITIES
Capital Expenditures $36.01M $36.92M
YoY Change -56.25% -46.65%
Acquisitions
YoY Change
Other Investing Activities -$909.0K $572.0K
YoY Change -98.35% -90.16%
Cash From Investing Activities -$36.92M -$36.35M
YoY Change -73.15% -42.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.49M -2.659M
YoY Change -40.64% -104.83%
NET CHANGE
Cash From Operating Activities 16.44M 8.006M
Cash From Investing Activities -36.92M -36.35M
Cash From Financing Activities 21.49M -2.659M
Net Change In Cash 1.010M -31.01M
YoY Change -101.32% -931.01%
FREE CASH FLOW
Cash From Operating Activities $16.44M $8.006M
Capital Expenditures $36.01M $36.92M
Free Cash Flow -$19.57M -$28.92M
YoY Change -65.9% -49.38%

Facts In Submission

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WeightedAverageNumberOfDilutedSharesOutstanding
139816000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144195000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140205000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145007000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
608749000
CY2023Q2 aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-3432000
CY2023Q2 aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-366000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1876000
CY2023Q2 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
113000
CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
310000
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7870000
CY2023Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
-1000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
598759000
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
405420000
CY2024Q2 aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-64701000
CY2024Q2 aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-115000
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1912000
CY2024Q2 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
194000
CY2024Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
436000
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
24432000
CY2024Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
63000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
317905000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
625358000
aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-12458000
aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-620000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6698000
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
163000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
597000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
22592000
aiv Net Issuances Of Common Stock And Other
NetIssuancesOfCommonStockAndOther
2812000
us-gaap Stockholders Equity Other
StockholdersEquityOther
-5000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
598759000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
419978000
aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-75457000
aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-400000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3846000
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
679000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
837000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
30987000
aiv Net Issuances Of Common Stock And Other
NetIssuancesOfCommonStockAndOther
1020000
us-gaap Stockholders Equity Other
StockholdersEquityOther
63000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
317905000
us-gaap Profit Loss
ProfitLoss
-68299000
us-gaap Profit Loss
ProfitLoss
-5609000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
41578000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
33302000
aiv Realized And Unrealized Gains Losses On Interest Rate Contracts
RealizedAndUnrealizedGainsLossesOnInterestRateContracts
2312000
aiv Realized And Unrealized Gains Losses On Interest Rate Contracts
RealizedAndUnrealizedGainsLossesOnInterestRateContracts
2326000
aiv Realized And Unrealized Gains Losses On Equity Investments
RealizedAndUnrealizedGainsLossesOnEquityInvestments
-47535000
aiv Realized And Unrealized Gains Losses On Equity Investments
RealizedAndUnrealizedGainsLossesOnEquityInvestments
1231000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4917000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4613000
us-gaap Share Based Compensation
ShareBasedCompensation
3270000
us-gaap Share Based Compensation
ShareBasedCompensation
5965000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-929000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1878000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
8415000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1371000
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
8065000
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
1244000
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
13083000
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-6686000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
98017000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
23294000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29718000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
17685000
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
4108000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
77860000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
129919000
us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
4209000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-419000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3183000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-77441000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-126635000
aiv Proceeds From Non Recourse Construction Loans
ProceedsFromNonRecourseConstructionLoans
52340000
aiv Proceeds From Non Recourse Construction Loans
ProceedsFromNonRecourseConstructionLoans
73152000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1569000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
61541000
aiv Proceeds From Sale Of Participation In Mezzanine Investment
ProceedsFromSaleOfParticipationInMezzanineInvestment
37500000
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
3783000
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
55687000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
30987000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22391000
aiv Distributions To Redeemable Noncontrolling Interests
DistributionsToRedeemableNoncontrollingInterests
4091000
aiv Distributions To Redeemable Noncontrolling Interests
DistributionsToRedeemableNoncontrollingInterests
5152000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
679000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
163000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
837000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
597000
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
150000
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
125000
aiv Redemption Of Op Units Held By Third Parties
RedemptionOfOpUnitsHeldByThirdParties
400000
aiv Redemption Of Op Units Held By Third Parties
RedemptionOfOpUnitsHeldByThirdParties
621000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1214000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4776000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17854000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
71549000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-29869000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-37401000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
139267000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
229766000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109398000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
192365000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
34500000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
62800000
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1 — Organization</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Apartment Investment and Management Company (“Aimco” or "the Company"), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Aimco, through a wholly owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of June 30, 2024, Aimco owned </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">92.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the legal interest in the common partnership units of Aimco Operating Partnership and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">94.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the economic interest in Aimco Operating Partnership. The remaining </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">7.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> 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.</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2024, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At June 30, 2024, our entire portfolio of operating residential apartment communit</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ies includes </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5,600</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> apartment homes within </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> consolidated stabilized operating properties, a fully renovated waterfront property with </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">276</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> units, a substantially complete </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">689</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">-unit community with </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">105,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> square feet of retail space, and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">four</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> unconsolidated properties. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Additionally, we have a residential community under construction with </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">146</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">220</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> planned apartment homes constructed and delivered, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">a single family rental community that is under construction with </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> planned homes and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">eight</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> accessory dwelling units, a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">106</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">-key luxury hotel with event space, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> commercial office b</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">uilding that is part of an assemblage with an adjacent apartment building, and land parcels held for development. In addition, we hold other alternative investments, including our Mezzanine Investment; our investment in IQHQ Holdings, LP ("IQHQ"); and our investment in real estate technology funds. See </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Note 2 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">for further information over our Mezzanine Investment and our investment in IQHQ.</span></p>
aiv Redeemable Noncontrolling Interest Policies
RedeemableNoncontrollingInterestPolicies
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Common Noncontrolling Interests in Aimco Operating Partnership</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Condensed Consolidated Balance Sheets</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Common Noncontrolling Interests in Aimco Operating Partnership</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the periods ended June 30, 2024 and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">mco Operating Partnership.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Redeemable noncontrolling interests in consolidated real estate partnerships as of June 30, 2024, consists of the following: (i) a preferred equity interest in an entity that owns a portfolio of operating apartment communities, and (ii) equity interests in two separate consolidated joint ventures with residential apartment communities under construction and in lease-up. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Redeemable noncontrolling interests in consolidated real estate partnerships</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> in our </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Condensed Consolidated Balance Sheets</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2024.</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023 to June 30, 2024 (</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">in thousands</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">):</span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.18%;"></td> <td style="width:2.74%;"></td> <td style="width:1%;"></td> <td style="width:31.08%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2024</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="text-indent:5pt;white-space:pre-wrap;vertical-align:bottom;"><p style="margin-left:5pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Balance at Beginning of Period</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">171,632</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="text-indent:10pt;white-space:pre-wrap;vertical-align:bottom;"><p style="margin-left:10pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Contributions</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">150</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="text-indent:10pt;white-space:pre-wrap;vertical-align:bottom;"><p style="margin-left:10pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Distributions</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">4,091</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="text-indent:10pt;white-space:pre-wrap;vertical-align:bottom;"><p style="margin-left:10pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Net income</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">7,158</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="text-indent:5pt;white-space:pre-wrap;vertical-align:bottom;"><p style="margin-left:5pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Balance at June 30, 2024</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-weight:bold;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">174,849</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></div>
aiv Holders Of Common Op Units Economic Interest
HoldersOfCommonOPUnitsEconomicInterest
0.052
aiv Holders Of Common Op Units Economic Interest
HoldersOfCommonOPUnitsEconomicInterest
0.051
CY2019Q4 aiv Equity Method Investment Term
EquityMethodInvestmentTerm
P5Y
CY2019Q4 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
275000000
CY2019Q4 aiv Equity Method Investment Interest Rate
EquityMethodInvestmentInterestRate
0.10
aiv Option To Acquire Equity Interest In Partnership Percentage
OptionToAcquireEquityInterestInPartnershipPercentage
0.30
CY2023Q2 aiv Percentage Of Noncontrolling Position Sold
PercentageOfNoncontrollingPositionSold
0.20
CY2023Q2 aiv Proceeds From Sale Of Noncontrolling Position
ProceedsFromSaleOfNoncontrollingPosition
33500000
CY2024Q2 aiv Mezzanine Investment Due
MezzanineInvestmentDue
134000000
CY2024Q2 aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-5300000
aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-11900000
CY2023Q2 aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-2500000
aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-7400000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2200000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4600000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.</span></p>
CY2024Q2 us-gaap Other Investments
OtherInvestments
17824000
CY2023Q4 us-gaap Other Investments
OtherInvestments
65066000
CY2024Q2 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
11692000
CY2023Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
9374000
CY2024Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
12847000
CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
14855000
CY2024Q2 us-gaap Derivative Assets
DerivativeAssets
3699000
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
5255000
CY2024Q2 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
23532000
CY2023Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
23125000
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
13400000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
13494000
CY2024Q2 aiv Corporate Fixed Assets
CorporateFixedAssets
11364000
CY2023Q4 aiv Corporate Fixed Assets
CorporateFixedAssets
10669000
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
215000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
373000
CY2024Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
7750000
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
5178000
CY2024Q2 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
4102000
CY2023Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
2391000
CY2024Q2 us-gaap Other Assets
OtherAssets
106574000
CY2023Q4 us-gaap Other Assets
OtherAssets
149841000
CY2024Q2 aiv Construction Loan Contracts Amount
ConstructionLoanContractsAmount
17400000
CY2024Q2 aiv Undrawn Non Resource Construction Loan
UndrawnNonResourceConstructionLoan
64200000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2400000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-60526000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3602000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-70712000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12419000
CY2024Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-60526000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-3602000
us-gaap Net Income Loss
NetIncomeLoss
-70712000
us-gaap Net Income Loss
NetIncomeLoss
-12419000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139816000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144195000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
140205000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145007000
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139816000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144195000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140205000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145007000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.5
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.5
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2024Q2 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
627400000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Our apartment homes and commercial spaces are leased to tenants under operating leases. As of June 30, 2024, our apartment home leases generally have initial terms of 24 months or less. As of June 30, 2024, our commercial space leases have initial terms between 5 and 15 years and represent approximately 8% to 9% of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions.
aiv Sub Lease Commencement Date
SubLeaseCommencementDate
2021-01-01
aiv Sublease Expiration Date
SubleaseExpirationDate
2029-05-31
CY2024Q2 us-gaap Sublease Income
SubleaseIncome
400000
us-gaap Sublease Income
SubleaseIncome
700000
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
400000
us-gaap Sublease Income
SubleaseIncome
700000
CY2024Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
45772000
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
42208000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
91705000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
83213000
CY2024Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3381000
CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3244000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
7580000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
6406000
CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
49153000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
45452000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
99285000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
89619000
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
383000
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
388000
us-gaap Operating Lease Cost
OperatingLeaseCost
762000
us-gaap Operating Lease Cost
OperatingLeaseCost
754000
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
250000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
431000
CY2024Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1611000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2673000
CY2024Q2 us-gaap Lease Cost
LeaseCost
2244000
CY2023Q2 us-gaap Lease Cost
LeaseCost
388000
us-gaap Lease Cost
LeaseCost
3866000
us-gaap Lease Cost
LeaseCost
754000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P92Y10M24D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P93Y4M24D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.034
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.033
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.061
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.061
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5500000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6200000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
10400000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11500000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1179000
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1961000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2355000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
4437000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2341000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
4954000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2380000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5483000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2181000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
5596000
CY2024Q2 aiv Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
805000
CY2024Q2 aiv Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
1427620000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11241000
CY2024Q2 aiv Financing Lease Liability Payments Due
FinancingLeaseLiabilityPaymentsDue
1450051000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
887000
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1329698000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
10354000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
120353000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q2 us-gaap Revenues
Revenues
51148000
CY2024Q2 aiv Property Operating Expenses
PropertyOperatingExpenses
22557000
CY2024Q2 aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
29687000
CY2024Q2 us-gaap Operating Expenses
OperatingExpenses
52244000
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1096000
CY2024Q2 aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
62195000
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-63291000
CY2023Q2 us-gaap Revenues
Revenues
45674000
CY2023Q2 aiv Property Operating Expenses
PropertyOperatingExpenses
18783000
CY2023Q2 aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
24921000
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
43704000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1970000
CY2023Q2 aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
2243000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-273000
us-gaap Revenues
Revenues
101350000
aiv Property Operating Expenses
PropertyOperatingExpenses
43756000
aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
57704000
us-gaap Operating Expenses
OperatingExpenses
101460000
us-gaap Operating Income Loss
OperatingIncomeLoss
-110000
aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
73106000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-73216000
us-gaap Revenues
Revenues
89942000
aiv Property Operating Expenses
PropertyOperatingExpenses
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aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
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us-gaap Operating Expenses
OperatingExpenses
85882000
us-gaap Operating Income Loss
OperatingIncomeLoss
4060000
aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
14282000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10222000
CY2024Q2 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
1657258000
CY2024Q2 us-gaap Land
Land
620246000
CY2024Q2 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
2277504000
CY2024Q2 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
602375000
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1675129000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
1211315000
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
1593802000
CY2023Q4 us-gaap Land
Land
620821000
CY2023Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
2214623000
CY2023Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
580802000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1633821000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
1147741000

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