$AIV
APARTMENT INVESTMENT & MANAGEMENT CO

2024 Q4 Form 10-Q Financial Statement

#000095017024123460 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $53.16M
YoY Change 11.44%
Cost Of Revenue $23.34M
YoY Change 27.52%
Gross Profit $29.82M
YoY Change 1.43%
Gross Profit Margin 56.1%
Selling, General & Admin $7.750M
YoY Change -5.49%
% of Gross Profit 25.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.55M
YoY Change 32.28%
% of Gross Profit 78.95%
Operating Expenses $54.63M
YoY Change 23.24%
Operating Profit -$1.474M
YoY Change -143.73%
Interest Expense $19.03M
YoY Change 130.62%
% of Operating Profit
Other Income/Expense, Net -$3.959M
YoY Change 148.52%
Pretax Income -$23.88M
YoY Change 426.43%
Income Tax -$3.800M
% Of Pretax Income
Net Earnings -$21.94M
YoY Change 870.62%
Net Earnings / Revenue -41.27%
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.16
COMMON SHARES
Basic Shares Outstanding 141.3M 141.6M
Diluted Shares Outstanding 136.7M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.62M
YoY Change -13.94%
Cash & Equivalents $82.62M
Short-Term Investments
Other Short-Term Assets $10.86M
YoY Change -22.41%
Inventory
Prepaid Expenses
Receivables $7.896M
Other Receivables $284.0K
Total Short-Term Assets $101.7M
YoY Change -10.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.806B
YoY Change 3.87%
Goodwill
YoY Change
Intangibles $13.38M
YoY Change -1.44%
Long-Term Investments $38.40M
YoY Change -75.72%
Other Assets $47.92M
YoY Change 33.11%
Total Long-Term Assets $1.966B
YoY Change -8.0%
TOTAL ASSETS
Total Short-Term Assets $101.7M
Total Long-Term Assets $1.966B
Total Assets $2.068B
YoY Change -8.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $125.1M
YoY Change 12.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $125.1M
YoY Change 12.74%
LONG-TERM LIABILITIES
Long-Term Debt $1.372B
YoY Change 10.82%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.372B
YoY Change 7.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.1M
Total Long-Term Liabilities $1.372B
Total Liabilities $1.600B
YoY Change 7.01%
SHAREHOLDERS EQUITY
Retained Earnings -$208.9M
YoY Change -693.46%
Common Stock $1.369M
YoY Change -3.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $229.8M
YoY Change
Total Liabilities & Shareholders Equity $2.068B
YoY Change -8.14%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$21.94M
YoY Change 870.62%
Depreciation, Depletion And Amortization $23.55M
YoY Change 32.28%
Cash From Operating Activities $16.44M
YoY Change -33.98%
INVESTING ACTIVITIES
Capital Expenditures $36.01M
YoY Change -56.25%
Acquisitions
YoY Change
Other Investing Activities -$909.0K
YoY Change -98.35%
Cash From Investing Activities -$36.92M
YoY Change -73.15%
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
YoY Change -40.64%
NET CHANGE
Cash From Operating Activities 16.44M
Cash From Investing Activities -36.92M
Cash From Financing Activities 21.49M
Net Change In Cash 1.010M
YoY Change -101.32%
FREE CASH FLOW
Cash From Operating Activities $16.44M
Capital Expenditures $36.01M
Free Cash Flow -$19.57M
YoY Change -65.9%

Facts In Submission

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CY2023Q3 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
71000
CY2023Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
287000
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
13149000
CY2023Q3 aiv Net Issuances Of Common Stock Share And Other
NetIssuancesOfCommonStockShareAndOther
5
CY2023Q3 us-gaap Stockholders Equity Other
StockholdersEquityOther
-19000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
585264000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
317905000
CY2024Q3 aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-23724000
CY2024Q3 aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-285000
CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1845000
CY2024Q3 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
194000
CY2024Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
326000
CY2024Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3157000
CY2024Q3 aiv Net Issuances Of Common Stock And Other
NetIssuancesOfCommonStockAndOther
-373000
CY2024Q3 us-gaap Stockholders Equity Other
StockholdersEquityOther
-32000
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
292047000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
625358000
aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-14412000
aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-709000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8612000
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
234000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
885000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
35741000
aiv Net Issuances Of Common Stock And Other
NetIssuancesOfCommonStockAndOther
2812000
us-gaap Stockholders Equity Other
StockholdersEquityOther
-5000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
585264000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
419978000
aiv Net Income Loss Excluding Redeemable Noncontrolling Interests
NetIncomeLossExcludingRedeemableNoncontrollingInterests
-99181000
aiv Redemptions Of Aimco Operating Partnership Units And Reallocation Of Noncontrolling Interests Amount
RedemptionsOfAimcoOperatingPartnershipUnitsAndReallocationOfNoncontrollingInterestsAmount
-685000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5691000
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
873000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1163000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
34144000
aiv Net Issuances Of Common Stock And Other
NetIssuancesOfCommonStockAndOther
647000
us-gaap Stockholders Equity Other
StockholdersEquityOther
31000
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
292047000
us-gaap Profit Loss
ProfitLoss
-88364000
us-gaap Profit Loss
ProfitLoss
-3952000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
65123000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
51106000
aiv Realized And Unrealized Gains Losses On Interest Rate Contracts
RealizedAndUnrealizedGainsLossesOnInterestRateContracts
1164000
aiv Realized And Unrealized Gains Losses On Interest Rate Contracts
RealizedAndUnrealizedGainsLossesOnInterestRateContracts
3280000
aiv Realized And Unrealized Gains Losses On Equity Investments
RealizedAndUnrealizedGainsLossesOnEquityInvestments
-48101000
aiv Realized And Unrealized Gains Losses On Equity Investments
RealizedAndUnrealizedGainsLossesOnEquityInvestments
165000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8731000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10823000
us-gaap Share Based Compensation
ShareBasedCompensation
4857000
us-gaap Share Based Compensation
ShareBasedCompensation
7632000
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
16175000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2811000
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
7107000
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-2057000
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
15559000
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-1272000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
134520000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
46503000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
46156000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
42551000
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
4108000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
113869000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
212195000
us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
4209000
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
383000
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
3381000
aiv Payments To Acquire Treasury Bill
PaymentsToAcquireTreasuryBill
53773000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
107000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-5124000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-114359000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-264124000
aiv Proceeds From Non Recourse Construction Loans
ProceedsFromNonRecourseConstructionLoans
84981000
aiv Proceeds From Non Recourse Construction Loans
ProceedsFromNonRecourseConstructionLoans
127423000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2361000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
62309000
aiv Proceeds From Sale Of Participation In Mezzanine Investment
ProceedsFromSaleOfParticipationInMezzanineInvestment
37500000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
4324000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
229000
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
5312000
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
57182000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
34144000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
36769000
aiv Distributions To Redeemable Noncontrolling Interests
DistributionsToRedeemableNoncontrollingInterests
6289000
aiv Distributions To Redeemable Noncontrolling Interests
DistributionsToRedeemableNoncontrollingInterests
7210000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
873000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
234000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
1163000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
885000
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
1390000
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
125000
aiv Redemption Of Op Units Held By Third Parties
RedemptionOfOpUnitsHeldByThirdParties
685000
aiv Redemption Of Op Units Held By Third Parties
RedemptionOfOpUnitsHeldByThirdParties
709000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4246000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6661000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
39344000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
107692000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-28859000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-113881000
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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110408000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115885000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31600000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
54300000
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 September 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 September 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 September 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, a substantially complete </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;">-unit community, 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 </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 waterfront ground-up development with </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">114</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> planned 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 building that is part of an assemblage with an adjacent apartment building, and land parcels held for development.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> 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 September 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 September 30, 2024, consists of the following: (i) a preferred equity interest in an entity that owns a portfolio of operating apartment communities, (ii) equity interests in two separate consolidated joint ventures with residential apartment communities in lease-up, and (iii) a preferred equity interest in an entity that owns a waterfront ground-up development. 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;">September 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><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 September 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%;box-sizing:content-box;"></td> <td style="width:2.74%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:31.08%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></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;">1,390</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;">6,289</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;"><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;">10,817</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;">Other</span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-size:6.7pt;position:relative;min-width:fit-content;"> (1)</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;">(</span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">2,241</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="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: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 September 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;">175,309</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="text-indent:2.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></div><div style="font-size:8pt;font-family:Times New Roman;"><p style="margin-left:2.667%;text-indent:-3.546%;padding-left:3.333%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">(1) </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">In September 2024, we secured a $</span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">55.5</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida, as further discussed in </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">. Costs incurred were treated as a discount to </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;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:8pt;font-family:Times New Roman;min-width:fit-content;">in accordance with GAAP</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-style:italic;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
CY2024Q3 aiv Preferred Equity Commitment From A Third Party
PreferredEquityCommitmentFromAThirdParty
55500000
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
CY2024Q3 aiv Mezzanine Investment Due
MezzanineInvestmentDue
134000000
CY2024Q3 aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-9700000
aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-21600000
CY2023Q3 aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-5000000
aiv Consolidated Income Loss Subject To Tax
ConsolidatedIncomeLossSubjectToTax
-12400000
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3800000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10800000
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>
CY2024Q3 us-gaap Other Investments
OtherInvestments
17464000
CY2023Q4 us-gaap Other Investments
OtherInvestments
65066000
CY2024Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
15417000
CY2023Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
9374000
CY2024Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
10863000
CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
14855000
CY2024Q3 us-gaap Derivative Assets
DerivativeAssets
1694000
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
5255000
CY2024Q3 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
20934000
CY2023Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
23125000
CY2024Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
13377000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
13494000
CY2024Q3 aiv Corporate Fixed Assets
CorporateFixedAssets
10534000
CY2023Q4 aiv Corporate Fixed Assets
CorporateFixedAssets
10669000
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
218000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
373000
CY2024Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
7896000
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
5178000
CY2024Q3 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
4714000
CY2023Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
2391000
CY2024Q3 us-gaap Other Assets
OtherAssets
103177000
CY2023Q4 us-gaap Other Assets
OtherAssets
149841000
CY2024Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1900000
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1000000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4900000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1400000
CY2024Q3 aiv Construction Loan Contracts Amount
ConstructionLoanContractsAmount
163700000
CY2024Q3 aiv Undrawn Non Resource Construction Loan
UndrawnNonResourceConstructionLoan
198800000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2300000
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21936000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2260000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-92648000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14697000
CY2024Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2023Q3 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
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-21936000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-2260000
us-gaap Net Income Loss
NetIncomeLoss
-92648000
us-gaap Net Income Loss
NetIncomeLoss
-14697000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136749000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143299000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139044000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144431000
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q3 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
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
136749000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
143299000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139044000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144431000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.1
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.1
CY2024Q3 aiv Preferred Equity Commitment From A Third Party
PreferredEquityCommitmentFromAThirdParty
55500000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Our apartment homes and commercial spaces are leased to tenants under operating leases. As of September 30, 2024, our apartment home leases generally have initial terms of 24 months or less. As of September 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
CY2024Q3 us-gaap Sublease Income
SubleaseIncome
400000
us-gaap Sublease Income
SubleaseIncome
1100000
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
400000
us-gaap Sublease Income
SubleaseIncome
1100000
CY2024Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
47391000
CY2023Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
43937000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
139096000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
127150000
CY2024Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3662000
CY2023Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3640000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
11242000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
10046000
CY2024Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
51053000
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
47577000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
150338000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
137196000
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
375000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
384000
us-gaap Operating Lease Cost
OperatingLeaseCost
1137000
us-gaap Operating Lease Cost
OperatingLeaseCost
1138000
CY2024Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
312000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
743000
CY2024Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1794000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4467000
CY2024Q3 us-gaap Lease Cost
LeaseCost
2481000
CY2023Q3 us-gaap Lease Cost
LeaseCost
384000
us-gaap Lease Cost
LeaseCost
6347000
us-gaap Lease Cost
LeaseCost
1138000
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2024Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P92Y8M12D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P93Y4M24D
CY2024Q3 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
CY2024Q3 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
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5100000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6200000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
9800000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11500000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
510000
CY2024Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
980000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2355000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
4437000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2341000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
4954000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2380000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5483000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2181000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
5596000
CY2024Q3 aiv Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
805000
CY2024Q3 aiv Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
1427669000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10572000
CY2024Q3 aiv Financing Lease Liability Payments Due
FinancingLeaseLiabilityPaymentsDue
1449119000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
801000
CY2024Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1327842000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
9771000
CY2024Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
121277000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q3 us-gaap Revenues
Revenues
53158000
CY2024Q3 aiv Property Operating Expenses
PropertyOperatingExpenses
23337000
CY2024Q3 aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
31295000
CY2024Q3 us-gaap Operating Expenses
OperatingExpenses
54632000
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1474000
CY2024Q3 aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
22405000
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-23879000
CY2023Q3 us-gaap Revenues
Revenues
47701000
CY2023Q3 aiv Property Operating Expenses
PropertyOperatingExpenses
18328000
CY2023Q3 aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
26002000
CY2023Q3 us-gaap Operating Expenses
OperatingExpenses
44330000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3371000
CY2023Q3 aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
7907000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4536000
us-gaap Revenues
Revenues
154508000
aiv Property Operating Expenses
PropertyOperatingExpenses
67093000
aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
88999000
us-gaap Operating Expenses
OperatingExpenses
156092000
us-gaap Operating Income Loss
OperatingIncomeLoss
-1584000
aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
95511000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-97095000
us-gaap Revenues
Revenues
137643000
aiv Property Operating Expenses
PropertyOperatingExpenses
54648000
aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
75593000
us-gaap Operating Expenses
OperatingExpenses
130241000
us-gaap Operating Income Loss
OperatingIncomeLoss
7402000
aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
22177000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14775000
CY2024Q3 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
1691608000
CY2024Q3 us-gaap Land
Land
620029000
CY2024Q3 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
2311637000
CY2024Q3 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
623913000
CY2024Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1687724000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
1250619000
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
CY2023Q4 aiv Number Of Units Property Under Redevelopment And Lease Up
NumberOfUnitsPropertyUnderRedevelopmentAndLeaseUp
276
CY2023 aiv Redevelopment And Lease Up
RedevelopmentAndLeaseUp
190000000

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