Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13232 (Apartment Investment and Management Company)

Commission File Number: 0-56223 (Aimco OP L.P.)

Apartment Investment and Management Company

Aimco OP L.P.

(Exact name of registrant as specified in its charter)


Maryland (Apartment Investment and Management Company)		84-1259577
Delaware (Aimco OP L.P.)		85-2460835
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

4582 South Ulster Street, Suite 1450
Denver, Colorado		80237
(Address of principal executive offices)		(Zip Code)

(303) 224-7900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock (Apartment Investment and Management Company)	AIV	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None (Apartment Investment and Management Company)

Partnership Common Units (Aimco OP L.P.)

(title of each class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Apartment Investment and Management Company: Yes ☒ No ☐		Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Apartment Investment and Management Company: Yes ☒ No ☐		Aimco OP L.P.: Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Apartment Investment and Management Company:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

Aimco OP L.P.:


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Apartment Investment and Management Company:	☐		Aimco OP L.P.:	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Apartment Investment and Management Company: Yes ☐ No ☒		Aimco OP L.P.: Yes ☐ No ☒

The number of shares of Apartment Investment and Management Company Class A common stock ("Common Stock") outstanding as of May 7, 2024: 144,827,125

EXPLANATORY NOTE

Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT. On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly-owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. ("Aimco Operating Partnership"). As of March 31, 2024, Aimco owned 92.4% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8% of the economic interest in Aimco Operating Partnership. The remaining 7.6% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

Aimco Operating Partnership holds all of Aimco’s assets and manages the daily operations of Aimco’s business. Pursuant to the Aimco Operating Partnership agreement, Aimco is required to contribute to Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2024, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We believe combining the periodic reports of Aimco and Aimco Operating Partnership into this single report provides the following benefits:

•

We present our business as a whole, in the same manner our management views and operates the business;

•

We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and Aimco Operating Partnership; and

•

We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate Aimco and Aimco Operating Partnership as one enterprise; the management of Aimco directs the management and operations of Aimco Operating Partnership; and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, is managed by Aimco.

We believe it is important to understand the few differences between Aimco and Aimco Operating Partnership in the context of how Aimco and Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), Aimco Operating Partnership generates all remaining capital required by its business. These sources include Aimco Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of real estate.

Equity, partners’ capital, and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of Aimco Operating Partnership. Interests in Aimco Operating Partnership held by entities other than Aimco are classified within partners’ capital in Aimco Operating Partnership’s condensed consolidated financial statements and as noncontrolling interests in Aimco’s condensed consolidated financial statements.

To help investors understand the differences between Aimco and Aimco Operating Partnership, this report provides: separate condensed consolidated financial statements for Aimco and Aimco Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

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This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

TABLE OF CONTENTS

FORM 10-Q


		Page
	PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Apartment Investment and Management Company:
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Operations (Unaudited)	5
	Condensed Consolidated Statements of Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	7
	Aimco OP L.P.:
	Condensed Consolidated Balance Sheets (Unaudited)	8
	Condensed Consolidated Statements of Operations (Unaudited)	9
	Condensed Consolidated Statements of Partners’ Capital (Unaudited)	10
	Condensed Consolidated Statements of Cash Flows (Unaudited)	11
	Notes to Condensed Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. (Unaudited)	12
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	23
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	33
ITEM 4.	CONTROLS AND PROCEDURES	34
	PART II. OTHER INFORMATION
ITEM 1A.	RISK FACTORS	35
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES	35
ITEM 6.	EXHIBITS	37
Signatures		38

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	March 31, 2024			December 31, 2023
ASSETS
Buildings and improvements	$	1,638,190		$	1,593,802
Land		620,488			620,821
Total real estate		2,258,678			2,214,623
Accumulated depreciation		(597,380	)		(580,802	)
Net real estate		1,661,298			1,633,821
Cash and cash equivalents		121,814			122,601
Restricted cash		18,589			16,666
Interest rate options		5,072			5,255
Unconsolidated real estate partnerships		23,282			23,125
Notes receivable		58,187			57,554
Right-of-use lease assets - finance leases		108,673			108,992
Other assets, net		122,976			121,461
Total assets	$	2,119,891		$	2,089,475

LIABILITIES AND EQUITY
Non-recourse property debt, net	$	845,671		$	846,298
Non-recourse construction loans, net		336,332			301,443
Total indebtedness		1,182,003			1,147,741
Deferred tax liabilities		108,487			110,284
Lease liabilities - finance leases		119,269			118,697
Accrued liabilities and other		131,554			121,143
Total liabilities		1,541,313			1,497,865

Redeemable noncontrolling interests in consolidated real estate partnerships		173,158			171,632

Commitments and contingencies (Note 3)

Equity (510,587,500 shares authorized at both March 31, 2024 and December 31, 2023):
Common Stock, $0.01 par value, 140,210,798 and 140,576,102 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		1,402			1,406
Additional paid-in capital		460,907			464,538
Retained earnings (deficit)		(126,478	)		(116,292	)
Total Aimco equity		335,831			349,652
Noncontrolling interests in consolidated real estate partnerships		51,333			51,265
Common noncontrolling interests in Aimco Operating Partnership		18,256			19,061
Total equity		405,420			419,978
Total liabilities and equity	$	2,119,891		$	2,089,475

See notes to condensed consolidated financial statements.

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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2024			2023
REVENUES
Rental and other property revenues	$	50,203		$	44,268

OPERATING EXPENSES
Property operating expenses		21,199			17,504
Depreciation and amortization		19,468			16,271
General and administrative expenses		8,549			8,403
Total operating expenses		49,216			42,178

Interest income		2,648			2,058
Interest expense		(13,370	)		(9,725	)
Realized and unrealized gains (losses) on interest rate options		1,672			(1,057	)
Realized and unrealized gains (losses) on equity investments		(271	)		137
Income from unconsolidated real estate partnerships		312			174
Other income (expense), net		(1,904	)		(3,626	)
Income (loss) before income tax		(9,926	)		(9,949	)
Income tax benefit (expense)		2,730			4,196
Net income (loss)		(7,196	)		(5,753	)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(3,560	)		(3,274	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		16			(264	)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership		554			474
Net income (loss) attributable to Aimco	$	(10,186	)	$	(8,817	)

Net income (loss) attributable to Aimco per common share – basic (Note 4)	$	(0.07	)	$	(0.06	)
Net income (loss) attributable to Aimco per common share – diluted (Note 4)	$	(0.07	)	$	(0.06	)

Weighted-average common shares outstanding – basic		140,594			145,827
Weighted-average common shares outstanding – diluted		140,594			145,827

See notes to condensed consolidated financial statements.

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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended March 31, 2024 and 2023

(In thousands, except per share data)

(Unaudited)


	Common Stock															Noncontrolling Interests in			Common Noncontrolling Interests in
	Shares Issued			Amount			Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Total Aimco Equity			Consolidated Real Estate Partnerships			Aimco Operating Partnership			Total Equity
Balances at December 31, 2022		146,525		$	1,466		$	496,482		$	49,904		$	547,852		$	48,294		$	29,212		$	625,358
Net income (loss)		—			—			—			(8,817	)		(8,817	)		264			(474	)		(9,027	)
Redemption of OP Units held by third parties		—			—			4,293			—			4,293			—			(4,547	)		(254	)
Share-based compensation expense		—			—			1,696			—			1,696			—			3,126			4,822
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			50			—			50
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(287	)		—			(287	)
Common stock repurchased		(2,019	)		(20	)		(14,701	)		—			(14,721	)		—			—			(14,721	)
Other common stock issuances		247			2			1,538			—			1,540			—			1,272			2,812
Other, net		(35	)		—			(4	)		—			(4	)		—			—			(4	)
Balances at March 31, 2023		144,718			1,448			489,304			41,087			531,839			48,321			28,589			608,749

Balances at December 31, 2023		140,576			1,406			464,538			(116,292	)		349,652			51,265			19,061			419,978
Net income (loss)		—			—			—			(10,186	)		(10,186	)		(16	)		(554	)		(10,756	)
Redemption of OP Units held by third parties		—			—			(28	)		—			(28	)		—			(257	)		(285	)
Share-based compensation expense		—			—			1,928			—			1,928			—			6			1,934
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			485			—			485
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(401	)		—			(401	)
Common stock repurchased		(873	)		(9	)		(6,546	)		—			(6,555	)		—			—			(6,555	)
Other common stock issuances, net of withholding taxes		508			5			1,015			—			1,020			—			—			1,020
Balances at March 31, 2024		140,211		$	1,402		$	460,907		$	(126,478	)	$	335,831		$	51,333		$	18,256		$	405,420

See notes to condensed consolidated financial statements.

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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(7,196	)	$	(5,753	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		19,468			16,271
Realized and unrealized (gains) losses on interest rate options		(1,672	)		1,057
Realized and unrealized (gains) losses on equity investments		271			(137	)
Income tax expense (benefit)		(2,730	)		(4,196	)
Share-based compensation		1,666			4,519
Income from unconsolidated real estate partnerships		(312	)		(174	)
Amortization of debt issuance costs and other		3,339			936
Changes in operating assets and operating liabilities:
Operating assets, net		(3,568	)		2,238
Operating liabilities, net		12,446			(9,162	)
Total adjustments		28,908			11,352
Net cash provided by operating activities		21,712			5,599
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1)		(40,936	)		(64,814	)
Other investing activities		(153	)		1,580
Net cash used in investing activities		(41,089	)		(63,234	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans		28,982			35,491
Principal repayments on non-recourse property debt		(784	)		(779	)
Proceeds from interest rate options		1,847			803
Payments on finance leases		(175	)		(796	)
Common stock repurchased		(6,555	)		(14,522	)
Payments related to withholding taxes for share-based compensation		(567	)		—
Distributions to redeemable noncontrolling interests		(2,034	)		(3,095	)
Contributions from noncontrolling interests		485			50
Distributions to noncontrolling interests		(401	)		(287	)
Contributions from redeemable noncontrolling interests		—			124
Redemption of OP Units held by third parties		(285	)		(254	)
Other financing activities		—			(232	)
Net cash provided by financing activities		20,513			16,503
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		1,136			(41,132	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		139,267			229,766
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	140,403		$	188,634

(1) Accrued capital expenditures were $39.8 million and $43.8 million as of March 31, 2024 and 2023, respectively.

See notes to condensed consolidated financial statements.

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AIMCO OP L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


	March 31, 2024			December 31, 2023
ASSETS
Buildings and improvements	$	1,638,190		$	1,593,802
Land		620,488			620,821
Total real estate		2,258,678			2,214,623
Accumulated depreciation		(597,380	)		(580,802	)
Net real estate		1,661,298			1,633,821
Cash and cash equivalents		121,814			122,601
Restricted cash		18,589			16,666
Interest rate options		5,072			5,255
Unconsolidated real estate partnerships		23,282			23,125
Notes receivable		58,187			57,554
Right-of-use lease assets - finance leases		108,673			108,992
Other assets, net		122,976			121,461
Total assets	$	2,119,891		$	2,089,475

LIABILITIES AND EQUITY
Non-recourse property debt, net	$	845,671		$	846,298
Non-recourse construction loans, net		336,332			301,443
Total indebtedness		1,182,003			1,147,741
Deferred tax liabilities		108,487			110,284
Lease liabilities - finance leases		119,269			118,697
Accrued liabilities and other		131,554			121,143
Total liabilities		1,541,313			1,497,865

Redeemable noncontrolling interests in consolidated real estate partnerships		173,158			171,632

Commitments and contingencies (Note 3)

Partners’ capital:
General Partner and Special Limited Partner		335,831			349,652
Limited Partners		18,256			19,061
Partners’ capital attributable to Aimco Operating Partnership		354,087			368,713
Noncontrolling interests in consolidated real estate partnerships		51,333			51,265
Total partners’ capital		405,420			419,978
Total liabilities and partners’ capital	$	2,119,891		$	2,089,475

See notes to condensed consolidated financial statements.

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AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)


	Three Months Ended March 31,
	2024			2023
REVENUES
Rental and other property revenues	$	50,203		$	44,268

OPERATING EXPENSES
Property operating expenses		21,199			17,504
Depreciation and amortization		19,468			16,271
General and administrative expenses		8,549			8,403
Total operating expenses		49,216			42,178

Interest income		2,648			2,058
Interest expense		(13,370	)		(9,725	)
Realized and unrealized gains (losses) on interest rate options		1,672			(1,057	)
Realized and unrealized gains (losses) on equity investments		(271	)		137
Income from unconsolidated real estate partnerships		312			174
Other income (expense), net		(1,904	)		(3,626	)
Income (loss) before income tax		(9,926	)		(9,949	)
Income tax benefit (expense)		2,730			4,196
Net income (loss)		(7,196	)		(5,753	)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(3,560	)		(3,274	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		16			(264	)
Net income (loss) attributable to Aimco Operating Partnership	$	(10,740	)	$	(9,291	)

Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 4)	$	(0.07	)	$	(0.06	)
Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 4)	$	(0.07	)	$	(0.06	)

Weighted-average common units outstanding – basic		148,257			153,631
Weighted-average common units outstanding – diluted		148,257			153,631

See notes to condensed consolidated financial statements.

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AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Three Months Ended March 31, 2024 and 2023

(In thousands)

(Unaudited)


	General Partner and Special Limited Partner			Limited Partners			Partners’ Capital Attributable to Aimco Operating Partnership			Noncontrolling Interests in Consolidated Real Estate Partnerships			Total Partners’ Capital
Balances at December 31, 2022	$	547,852		$	29,212		$	577,064		$	48,294		$	625,358
Net income (loss)		(8,817	)		(474	)		(9,291	)		264			(9,027	)
Redemption of OP Units held by third parties		4,293			(4,547	)		(254	)		—			(254	)
Share-based compensation expense		1,696			3,126			4,822			—			4,822
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			50			50
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(287	)		(287	)
Redemption of OP Units held by Aimco		(14,721	)		—			(14,721	)		—			(14,721	)
Other OP Unit issuances		1,540			1,272			2,812			—			2,812
Other, net		(4	)		—			(4	)		—			(4	)
Balances at March 31, 2023		531,839			28,589			560,428			48,321			608,749

Balances at December 31, 2023		349,652			19,061			368,713			51,265			419,978
Net income (loss)		(10,186	)		(554	)		(10,740	)		(16	)		(10,756	)
Redemption of OP Units held by third parties		(28	)		(257	)		(285	)		—			(285	)
Share-based compensation expense		1,928			6			1,934			—			1,934
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			485			485
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(401	)		(401	)
Redemption of OP Units held by Aimco		(6,555	)		—			(6,555	)		—			(6,555	)
Other OP Unit issuances, net of withholding taxes		1,020			—			1,020			—			1,020
Balances at March 31, 2024	$	335,831		$	18,256		$	354,087		$	51,333		$	405,420

See notes to condensed consolidated financial statements.

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AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(7,196	)	$	(5,753	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		19,468			16,271
Realized and unrealized (gains) losses on interest rate options		(1,672	)		1,057
Realized and unrealized (gains) losses on equity investments		271			(137	)
Income tax expense (benefit)		(2,730	)		(4,196	)
Share-based compensation		1,666			4,519
Income from unconsolidated real estate partnerships		(312	)		(174	)
Amortization of debt issuance costs and other		3,339			936
Changes in operating assets and operating liabilities:
Operating assets, net		(3,568	)		2,238
Operating liabilities, net		12,446			(9,162	)
Total adjustments		28,908			11,352
Net cash provided by operating activities		21,712			5,599
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1)		(40,936	)		(64,814	)
Other investing activities		(153	)		1,580
Net cash used in investing activities		(41,089	)		(63,234	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans		28,982			35,491
Principal repayments on non-recourse property debt		(784	)		(779	)
Proceeds from interest rate options		1,847			803
Payments on finance leases		(175	)		(796	)
Common stock repurchased		(6,555	)		(14,522	)
Payments related to withholding taxes for share-based compensation		(567	)		—
Distributions to redeemable noncontrolling interests		(2,034	)		(3,095	)
Contributions from noncontrolling interests		485			50
Distributions to noncontrolling interests		(401	)		(287	)
Contributions from redeemable noncontrolling interests		—			124
Redemption of OP Units held by third parties		(285	)		(254	)
Other financing activities		—			(232	)
Net cash provided by financing activities		20,513			16,503
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		1,136			(41,132	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		139,267			229,766
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	140,403		$	188,634

(1) Accrued capital expenditures were $39.8 million and $43.8 million as of March 31, 2024 and 2023, respectively.

See notes to condensed consolidated financial statements.

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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

Note 1 — Organization

Apartment Investment and Management Company (“Aimco” or "the Company"), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2024, Aimco owned 92.4% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8% of the economic interest in Aimco Operating Partnership. The remaining 7.6% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At March 31, 2024, our entire portfolio of operating residential apartment communities includes 5,600 apartment homes within 21 consolidated stabilized operating properties, a fully renovated waterfront property with 276 units, and four unconsolidated properties. We also own two multifamily properties that are under construction with 624 of the 909 planned apartment homes delivered, a single family rental community that is under construction with 16 planned homes and eight accessory dwelling units, a 106-key luxury hotel with event space, one commercial office building that is part of an assemblage with an adjacent apartment building, and land parcels held for development. In addition, we hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ, Inc. ("IQHQ"); and our investment in real estate technology funds.

Note 2 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

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The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2023 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

Principles of Consolidation

We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Refer to Note 6 for further information.

Common Noncontrolling Interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the periods ended March 31, 2024 and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2%, and 5.1%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2024, consists of the following: (i) a preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that expect to complete the development of residential apartment communities in 2024. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of March 31, 2024.

The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to March 31, 2024 (in thousands):


	2024
Balance at Beginning of Period	$	171,632
Distributions		(2,034	)
Net income		3,560
Balance at March 31, 2024	$	173,158

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Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. Legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation.

The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, and a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments. At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment. The carrying value of the Mezzanine Investment was zero as of March 31, 2024.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. Pursuant to the terms of the agreement, we receive a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $134.0 million plus no less than a 19% annualized return as well as 80% of any residual payments after the purchaser receives a 10% annualized return on its subordinate investment. Additionally, we are responsible for the servicing and administration of the Mezzanine Investment.

Because we receive first priority and a higher return than the purchaser, the partial sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets in accordance with GAAP. Although the cash received is accounted for as a liability in accordance with GAAP, no amount is due to the purchaser until after we receive $134.0 million plus our annualized return. Transaction costs have been deferred and are presented as a direct reduction from the related liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets. The cash flows associated with this partial Mezzanine Investment sale have been included in Cash Flows from Financing Activities in our Condensed Consolidated Statements of Cash Flows.

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the three months ended March 31, 2024, we had consolidated net losses subject to tax of $6.6 million, compared to consolidated net losses of $4.9 million for the same period in 2023.

For the three months ended March 31, 2024, we recognized an income tax benefit of $2.7 million, compared to income tax benefit of $4.2 million during the same period in 2023. The decrease is due primarily to a reduction to the effective state tax rate expected to apply to the reversal of our existing deferred items recognized during the three months ended March 31, 2023.

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Cash Equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

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Restricted Cash

Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Other Assets, net

Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Other investments	$	64,943	$	65,066
Deferred costs, deposits, and other		10,455		10,601
Prepaid expenses and real estate taxes		8,238		13,628
Intangible assets, net		13,438		13,494
Corporate fixed assets		11,311		10,669
Accounts receivable, net of allowances of $164 and $373 as of March 31, 2024 and December 31, 2023, respectively		10,428		5,178
Deferred tax assets		3,650		2,391
Due from affiliates		513		434
Total other assets, net	$	122,976	$	121,461

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which requires disclosure of incremental segment information, including segment expense categories, on an annual and interim basis. The new guidance is effective for the annual period ended December 31, 2024 and interim periods beginning in 2025. The amendments in the ASU apply retrospectively to all periods presented in the financial statements. The segment expense categories and amounts disclosed in prior periods are based on the significant expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds. (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

Note 3 — Commitments and Contingencies

Commitments

In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of March 31, 2024, we had remaining commitments for construction-related contracts of $42.4 million, with $91.7 million undrawn on our non-recourse construction loans.

As of March 31, 2024, we have remaining commitments of $3.0 million related to our unconsolidated joint ventures, which we expect to fund over the next twelve months. In addition, we have remaining commitments of $1.9 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain.

We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures.

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Legal Matters

From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

Note 4 — Earnings per Share and per Unit

Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period.

Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco's issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three months ended March 31, 2024 and 2023, because the effect of their inclusion would have been antidilutive. As of March 31, 2024, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.2 million and 8.4 million, respectively.

Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units ("LTIP Units") receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. When applicable, we include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were not included in the computation of diluted earnings per share and unit for the three months ended March 31, 2024 and 2023, because the effect of their inclusion would have been antidilutive. As of March 31, 2024, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.5 million.

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Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2024 and 2023, are as follows (in thousands, except per share and per unit data):


	Three Months Ended March 31,
	2024			2023
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(10,186	)	$	(8,817	)
Net income (loss) allocated to Aimco participating securities		—			—
Net income (loss) attributable to Aimco common stockholders	$	(10,186	)	$	(8,817	)

Denominator - shares:
Basic weighted-average common stock outstanding		140,594			145,827
Diluted share equivalents outstanding		—			—
Diluted weighted-average common stock outstanding		140,594			145,827

Earnings (loss) per share - basic	$	(0.07	)	$	(0.06	)
Earnings (loss) per share - diluted	$	(0.07	)	$	(0.06	)

Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(10,740	)	$	(9,291	)
Net income (loss) allocated to Aimco Operating Partnership participating securities		—			—
Net income (loss) attributable to Aimco Operating Partnership's common unit holders	$	(10,740	)	$	(9,291	)

Denominator - units
Basic weighted-average OP Units outstanding		148,257			153,631
Diluted OP Unit equivalents outstanding		—			—
Diluted weighted-average OP Units outstanding		148,257			153,631

Earnings (loss) per unit - basic	$	(0.07	)	$	(0.06	)
Earnings (loss) per unit - diluted	$	(0.07	)	$	(0.06	)

Note 5 — Fair Value Measurements and Disclosures

Recurring Fair Value Measurements

From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. These instruments are presented as Interest rate options in our Condensed Consolidated Balance Sheets. As of March 31, 2024, we held interest rate caps with a $627.4 million notional value. These instruments were acquired for $5.8 million, and the fair value of these instruments is $5.1 million as noted in the table below.

On a recurring basis, we measure at fair value our interest rate options. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options, and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows.

As of March 31, 2024 and December 31, 2023, we had investments in stock of $2.4 million and $2.9 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of March 31, 2024 and December 31, 2023, we have investments in property technology funds of $2.8 million and $2.5 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. See Note 3 for further information regarding unfunded commitments related to these investments.

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The following table summarizes the fair value for our interest rate options, investments in stock, and our investments in real estate technology funds as of March 31, 2024 and December 31, 2023 (in thousands):


	As of March 31, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	5,053	$	—	$	5,053	$	—	$	5,237	$	—	$	5,237	$	—
Investments in stock		2,409		2,409		—		—		2,868		2,868		—		—
Investments in real estate technology funds (1)		2,845		—		—		—		2,508		—		—		—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Disclosures

We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of March 31, 2024, and December 31, 2023, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and non-recourse construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value.

The following table summarizes the carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of March 31, 2024 and December 31, 2023 (in thousands):


	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	851,515	$	800,635	$	852,502	$	807,240
Non-recourse construction loans		343,165		342,817		309,521		309,170
Total	$	1,194,680	$	1,143,452	$	1,162,023	$	1,116,410

Note 6 — Variable Interest Entities

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, five VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have eight unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The eight unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our two unconsolidated investments in land held for development in Miami, Florida and Bethesda, Maryland. Our maximum exposure to loss because of our involvement with the unconsolidated VIEs is limited to the carrying value of their assets.

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The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of March 31, 2024 and December 31, 2023 (in thousands, except for VIE count):


	As of March 31, 2024				As of December 31, 2023
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	5		8		5		8
Assets
Net real estate	$	505,287	$	—	$	466,719	$	—
Cash and cash equivalents		1,771		—		3,940		—
Interest rate options		3,734		—		3,253		—
Unconsolidated real estate partnerships		—		23,282		—		23,125
Notes receivable		17,747		—		17,432		—
Right-of-use lease assets - finance leases		108,673		—		108,992		—
Other assets, net		17,423		59,823		16,140		59,823
Liabilities
Non-recourse construction loans, net		235,820		—		201,103		—
Lease liabilities - finance leases		119,269		—		118,697		—
Accrued liabilities and other		39,109		31,642		35,881		31,018

Note 7 — Lease Arrangements

Aimco as Lessor

The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services.

For the three months ended March 31, 2024 and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):


	Three Months Ended March 31,
	2024		2023
Fixed lease income	$	45,933	$	41,005
Variable lease income		4,199		3,161
Total lease income	$	50,132	$	44,166

Aimco as Lessee

Finance Lease Arrangements

We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oak Shore.

As of March 31, 2024 and December 31, 2023, our finance leases had weighted-average remaining terms of 93.1 years and 93.4 years, respectively, and weighted-average discount rates of 6.1% and 6.1%, respectively.

For the three months ended March 31, 2024, amortization related to finance leases was $0.2 million, net of amounts capitalized, compared to zero, net of amounts capitalized, for the three months ended March 31, 2023. In addition, for the three months ended March 31, 2024, we capitalized $0.9 million of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $2.1 million for the same period in 2023.

Operating Lease Arrangements

We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of March 31, 2024 and December 31, 2023, our operating leases had weighted-average remaining terms of 4.9 years and 5.2 years, respectively, and weighted-average discount rates of 3.4%, and 3.3%, respectively.

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We record operating lease expense on a straight-line basis over the lease term. For each of the three month periods ended March 31, 2024 and 2023, we recognized total operating lease expense of $0.4 million. As of March 31, 2024 and December 31, 2023, operating lease right-of-use lease assets of $5.8 million and $6.2 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, operating lease liabilities of $10.9 million and $11.5 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets.

For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Condensed Consolidated Balance Sheets. Leases with initial terms greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets.

Office Space Sublease

We have a sublease arrangement to provide space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029. For each of the three month periods ended March 31, 2024 and 2023, we recognized sublease income of $0.4 million.

Annual Future Minimum Lease Payments

Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of March 31, 2024 (in thousands):


	Sublease Income		Operating Lease Future Minimum Rent			Finance Leases Future Minimum Payments
Remainder of 2024	$	1,061	$	1,846		$	2,691
2025		1,423		2,355			4,437
2026		1,433		2,341			4,954
2027		1,443		2,380			5,483
2028		1,453		2,181			5,596
Thereafter		630		805			1,427,620
Total	$	7,443		11,908			1,450,781
Less: Discount				(980	)		(1,331,512	)
Total lease liabilities			$	10,928		$	119,269

Note 8 — Business Segments

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of March 31, 2024, our Development and Redevelopment segment consists of 10 rental communities, three of which were under construction.

Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved a stabilized level of operations as of January 1, 2023 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.

During the three months ended March 31, 2024, we revised the information regularly reviewed by our chief operating decision maker ("CODM") to assess our operating performance. As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment. In addition, during the first quarter of 2024, we disposed of St. George Villas, which was previously reported within our Other segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business.

Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and The Benson Hotel, our only hotel.

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Our CODM uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements, for the consolidated communities; but

•

excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment, and investments in real estate technology funds; and

•

excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2024 and 2023 (in thousands):


	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2024
Rental and other property revenues	$	4,672	$	38,639	$	4,764	$	2,088		$	40		$	50,203
Property operating expenses		2,597		11,503		2,983		2,152			1,964			21,199
Other operating expenses not allocated to segments (3)		—		—		—		—			28,017			28,017
Total operating expenses		2,597		11,503		2,983		2,152			29,981			49,216
Proportionate property net operating income (loss)		2,075		27,136		1,781		(64	)		(29,941	)		987
Other items included in income before income tax (4)		—		—		—		—			(10,913	)		(10,913	)
Income (loss) before income tax	$	2,075	$	27,136	$	1,781	$	(64	)	$	(40,854	)	$	(9,926	)


	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2023
Rental and other property revenues	$	2,201	$	36,672	$	3,671	$	1,656		$	68		$	44,268
Property operating expenses		1,676		11,186		1,529		1,657			1,456			17,504
Other operating expenses not allocated to segments (3)		—		—		—		—			24,674			24,674
Total operating expenses		1,676		11,186		1,529		1,657			26,130			42,178
Proportionate property net operating income (loss)		525		25,486		2,142		(1	)		(26,062	)		2,090
Other items included in income before income tax (4)		—		—		—		—			(12,039	)		(12,039	)
Income (loss) before income tax	$	525	$	25,486	$	2,142	$	(1	)	$	(38,101	)	$	(9,949	)

(1)

Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.

(2)

Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(3)

Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expenses.

(4)

Other items included in Income before income tax benefit (expense) consist primarily of interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.

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Net real estate and non-recourse property debt, net, of our segments as of March 31, 2024 and December 31, 2023, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Corporate and Amounts Not Allocated to Segments (1)		Total
As of March 31, 2024
Buildings and improvements	$	687,151		$	711,541		$	239,498		$	—	$	1,638,190
Land		206,558			262,409			151,521			—		620,488
Total real estate		893,709			973,950			391,019			—		2,258,678
Accumulated depreciation		(15,820	)		(497,297	)		(84,263	)		—		(597,380	)
Net real estate	$	877,889		$	476,653		$	306,756		$	—	$	1,661,298

Non-recourse property debt and construction loans, net	$	336,330		$	764,826		$	80,847		$	—	$	1,182,003


	Development and Redevelopment			Operating			Other			Corporate and Amounts Not Allocated to Segments (1)			Total
As of December 31, 2023
Buildings and improvements	$	644,154		$	709,051		$	239,089		$	1,508		$	1,593,802
Land		206,820			262,409			151,521			71			620,821
Total real estate		850,974			971,460			390,610			1,579			2,214,623
Accumulated depreciation		(11,589	)		(489,206	)		(78,612	)		(1,395	)		(580,802	)
Net real estate	$	839,385		$	482,254		$	311,998		$	184		$	1,633,821

Non-recourse property debt and construction loans, net	$	301,424		$	765,372		$	80,739		$	206		$	1,147,741

(1)

During the quarter ended March 31, 2024, we disposed of St. George Villas, and therefore it is not included in our segment balance sheets at March 31, 2024. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of March 31, 2024 and December 31, 2023, respectively.

In addition to the amounts disclosed in the tables above, as of March 31, 2024 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $108.7 million and $119.3 million, respectively, and as of December 31, 2023, aggregated to $109.0 million and $118.7 million, respectively. As of March 31, 2024, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly Report on Form 10-Q contains or may contain information that is forward-looking within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements regarding: our future plans and goals, including our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding lease growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, the potential for adverse economic and geopolitical conditions, which negatively impact our operations, including on our ability to maintain current or meet projected occupancy, rental rate and property operating results; the effect of acquisitions, dispositions, developments, and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment investments; expectations regarding sales of our apartment communities and the use of proceeds thereof; the availability and cost of corporate debt; and our ability to comply with debt covenants, including financial coverage ratios.

These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: geopolitical events which may adversely affect the markets in which our securities trade, and other macro-economic conditions, including, among other things, rising interest rates and inflation, which heightens the impact of the other risks and factors described herein; real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather such as hurricanes; supply chain disruptions, particularly with respect to raw materials such as lumber, steel, and concrete; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently owned by us.

In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review our financial statements and the notes thereto, as well as Item 1A. Risk Factors in Part II of this report. These risk factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere in this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Readers should also carefully review the section entitled “Risk Factors” described in Item 1A of Apartment Investment and Management Company’s and Aimco OP L.P.’s combined Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent documents we file from time to time with the SEC.

As used herein and except as the context otherwise requires, “we,” “our,” and “us” refer to Apartment Investment and Management Company (which we refer to as Aimco), Aimco OP L.P. (which we refer to as Aimco Operating Partnership) and their consolidated subsidiaries, collectively.

Certain financial and operating measures found herein and used by management are not defined under accounting principles generally accepted in the United States (“GAAP”). These measures are defined and reconciled to the most comparable GAAP measures under the Non-GAAP Measures heading.

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Executive Overview

Our mission is to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate.

Our value proposition includes our:

•

Platform, consisting of a cohesive, talented, and tenured team with diverse real estate industry experience combined with a disciplined and proven investment process;

•

Diversified portfolio, consisting of $0.6 billion in-process value-add investments, a pipeline of approximately 13 million gross square feet of potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments; and

•

Capital redeployment plan which includes the prudent recycling of capital, reallocating our equity to higher returning investments, and return of capital to stockholders when appropriate.

Our primary goal is outsized risk adjusted returns and accelerating growth for our stockholders. We are focused on providing superior total-return performance to stockholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We do not presently intend to pay a regular quarterly cash dividend, but may periodically pay dividends for REIT tax purposes or to return a portion of profits to stockholders.

Our financial objectives are to create value and produce superior, asset level, risk-adjusted returns on equity as measured by the investment period Internal Rate of Return (“IRR”) and the project-level Multiple on Invested Capital (“MOIC”). We measure broader performance based on Net Asset Value (“NAV”) growth over time.

Our capital allocation strategy is designed to leverage our investment platform and optimize risk-adjusted returns for our stockholders.

We target a balanced allocation, which includes investments in “Value Add” and “Opportunistic” multifamily real estate, primarily located in Southeast Florida, the Washington, D.C. Metro Area and Colorado's Front Range, plus investment in a geographically diversified portfolio of "Core" and "Core-Plus" apartment communities.

In addition, we currently hold select alternative assets, consisting primarily of indirect, real estate related debt and equity investments. We have reduced our allocation to these investments and plan to continue to significantly reduce our allocation over time.

We have policies in place that support our stated strategy, guide our investment allocations, and manage risk, including to hold at all times a sizable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.

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Given our stated strategy, it is expected that at any point in time the value-creation process will be ongoing at numerous of our investments. Over time, we expect our enterprise to produce superior returns on equity on a risk-adjusted basis and it is our plan to do so by:

•

Benefiting from a national platform while leveraging local and regional expertise

We have corporate headquarters in Denver, Colorado and Washington, D.C. Our investment platform is managed by experienced professionals based in three regions, where we will focus our new investment activity: Southeast Florida, the Washington, D.C. Metro Area and Colorado's Front Range. By regionalizing this platform, we are able to leverage the in-depth local market knowledge of each regional leader, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.

•

Managing and investing in value-add and opportunistic real estate

Our dedicated team will source and execute development and redevelopment projects, and various other direct investment strategies. Our development and redevelopment portfolio currently includes projects in construction and lease-up. In addition, our team has secured significant, high-quality, future development opportunities, including total potential of more than 13 million square feet, located in high-growth markets. Generally, we seek direct investment opportunities in locations where barriers to entry are high, target customers can be clearly defined and where we have a comparative advantage over others in the market. From time to time, we may choose to monetize certain pipeline assets prior to vertical construction in an effort to maximize value and risk adjusted returns. In any time period, the amount of our capital that is allocated to development activities may vary based on market conditions and other factors.

•

Owning a portfolio of stabilized core and core plus real estate

Our entire portfolio of operating properties includes 25 apartment communities (21 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class). We also own one commercial office building that is part of an assemblage with an adjacent apartment building. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across a geographically diversified portfolio, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.

•

Managing and continuing to reduce our allocation to alternative investments, over time

We currently hold select alternative investments, the majority of which originated with Aimco Predecessor and, over time, plan to significantly reduce capital allocated to these investments. Our current allocation to alternative investments includes: our mezzanine loan to the Parkmerced partnership, which owns 3,165 apartment homes and future development rights in San Francisco, California, and our passive equity investments in IQHQ, Inc. ("IQHQ"), a privately-held life sciences real estate development company, and in property technology funds consisting of entities that develop technology related to the real estate industry.

•

Maintaining sufficient liquidity and utilizing safe financial leverage

We will guard our liquidity at all times by maintaining sufficient cash and committed credit.

From time to time, we will allocate capital to financial assets designed to mitigate risks. Existing examples include our use of interest rate caps to provide protection against increases in interest rates on in-place loans.

We expect to capitalize our activities through a combination of non-recourse property debt, non-recourse construction loans, third-party equity, and the recycling of our equity, including retained earnings. We plan to limit the use of recourse leverage, with a strong preference towards non-recourse property-level debt to limit risk to our enterprise. When warranted, we plan to seek equity capital from joint venture partners to improve our cost of capital, further leverage our equity, reduce exposure to a single investment and, in certain cases, for strategic benefits.

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The results from the execution of our business plan during the three months ended March 31, 2024 are further described below.

Financial Results and Recent Highlights

•

For the three months ended March 31, 2024, net loss attributable to Aimco common stockholders per share, on a fully dilutive basis, was ($0.07), compared to net loss per share of ($0.06), for the same period in 2023. Higher net operating income and gains related to our interest rate hedging instruments were offset by higher interest expense and depreciation related to advancing and completing development projects.

•

For the three months ended March 31, 2024, revenue and net operating income from our Operating segment were up 5.4% and 6.5% respectively, year-over-year, due primarily to higher average monthly revenue per apartment home of $2,348, up $121 year-over-year.

•

During the three months ended March 31, 2024, construction of our three active development projects advanced on plan. At Upton place in Upper Northwest Washington, D.C., we had leased 100 of the 624 units delivered at rates ahead of underwriting.

Operating Property Results

We own a diversified portfolio of stabilized apartment communities located in eight major U.S. markets with average rents in line with local market averages (generally defined as B class). We also own a commercial office building that is part of an assemblage with an adjacent apartment building.

Highlights for the three months ended March 31, 2024 include:

•

Revenue for our Operating segment was $38.6 million, up 5.4% year-over-year, resulting from a $121 increase in average monthly revenue per apartment home to $2,348, partially offset with a 10-basis point decrease in Average Daily Occupancy to 97.9%.

•

Expenses for our Operating segment were $11.5 million, up 2.8% year-over-year primarily from higher real estate taxes and insurance.

•

Net operating income for our Operating segment was $27.1 million, up 6.5% year-over-year.

Value Add, Opportunistic & Alternative Investments

Development and Redevelopment

We generally seek development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and where we have a comparative advantage over others in the market. Our Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

We currently have three active development and redevelopment multifamily projects, located in two U.S. markets, in varying phases of construction and lease-up. These projects remain on track, as measured by construction budget and lease-up metrics. Additionally, we have a pipeline of future value-add opportunities totaling approximately 13 million gross square feet of development in our target markets of Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range.

During the three months ended March 31, 2024, we invested $42.8 million in development and redevelopment activities, inclusive of construction debt and third-party equity, compared to $64.8 million during the three months ended March 31, 2023.

Highlights for the three months ended March 31, 2024 include:

•

In Upper Northwest Washington, D.C., construction is nearing completion at Upton Place. As of March 31, 2024, we have delivered 624 apartment homes with 100 units leased or pre-leased at rental rates greater than underwriting. To provide additional revenue and vibrancy during lease up, we are collaborating with Placemakr for the temporary use of 150 units as short-term furnished rentals. Additionally, as of March 31, 2024, more than 82% of the project's 105 thousand square feet of retail space has been leased. Construction is expected to be complete in the second quarter of 2024.

•

In Bethesda, Maryland, construction is progressing on plan at the first phase of Strathmore Square, which will contain 220 highly tailored apartment homes with initial delivery on track for the second half of 2024.

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•

In Corte Madera, CA, construction is ongoing at Oak Shore where 16 luxury single family rental homes and eight accessory dwelling units are being developed. As of March 31, 2024, initial residences had been delivered with eight leased or pre-leased at rental rates greater than underwriting.

•

In the first quarter of 2024, we invested $1.0 million into programming, design, documentation, and entitlement efforts related to select pipeline projects located in South Florida and on the Anschutz Medical Campus in Aurora, Colorado.

Investment and Disposition Activity

We are focused on prudently allocating capital and delivering strong investment returns. Consistent with our capital allocation philosophy, we monetize the value within our assets when accretive uses of the proceeds are identified and invest when the risk adjusted returns are superior to other uses of capital. In the three months ended March 31, 2024, no new investment or significant disposition activity occurred.

Balance Sheet and Financing Activities

We are highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of March 31, 2024, we had access to $290.4 million in liquidity, including $121.8 million of cash on hand, $18.6 million of restricted cash, and the capacity to borrow up to $150.0 million on our revolving credit facility. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.

Financial Results of Operations

We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other.

Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved and maintained stabilization throughout the current year and comparable period, as well as land assemblages that are being held for future development. Our Operating segment includes 21 residential apartment communities that have achieved stabilized levels of operations as of January 1, 2023, and maintained it throughout the current year and comparable period. Our Other segment consists of properties that are not included in our Development and Redevelopment or Operating segments.

The following discussion and analysis of the results of our operations and financial condition should be read in conjunction with the accompanying condensed consolidated financial statements included in Item 1.

Results of Operations for the three months ended March 31, 2024, Compared to the same period in 2023

Net income attributable to Aimco common stockholders decreased by $1.4 million for the three months ended March 31, 2024, compared to the same period in 2023, as described more fully below.

Property Results

As of March 31, 2024, our Development and Redevelopment segment included 10 rental communities, three of which were under construction. Our Operating segment included 21 residential apartment communities with approximately 5,600 apartment homes, and our Other segment included 1001 Brickell Bay Drive, our only office building, and The Benson Hotel.

During the three months ended March 31, 2024, we revised the information regularly reviewed by our chief operating decision maker ("CODM") to assess our operating performance. As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business. The recast conforms with our reportable segment classification as of March 31, 2024.

We use proportionate property net operating income to assess the operating performance of our segments. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements, for the consolidated communities; but

•

excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and

•

excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

Please refer to Note 8 to the condensed consolidated financial statements in Item 1 for further discussion regarding our segments, including a reconciliation of these proportionate amounts to consolidated rental and other property revenues and property operating expenses.

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Proportionate Property Net Operating Income

The results of our segments for the three months ended March 31, 2024 and 2023, as presented below, are based on segment classifications as of March 31, 2024 (dollars in thousands).


	Three Months Ended March 31,
	2024		2023		$ Change			% Change
Rental and other property revenues, before utility reimbursements:
Development and Redevelopment	$	4,672	$	2,201	$	2,471			100.0	%
Operating		38,639		36,672		1,967			5.4	%
Other		4,764		3,671		1,093			29.8	%
Total		48,075		42,544		5,531			13.0	%
Property operating expenses, net of utility reimbursements:
Development and Redevelopment		2,597		1,676		921			55.0	%
Operating		11,503		11,186		317			2.8	%
Other		2,983		1,529		1,454			95.1	%
Total		17,083		14,391		2,692			18.7	%
Proportionate property net operating income:
Development and Redevelopment		2,075		525		1,550			100.0	%
Operating		27,136		25,486		1,650			6.5	%
Other		1,781		2,142		(361	)		(16.9	%)
Total	$	30,992	$	28,153	$	2,839			10.1	%

For the three months ended March 31, 2024, compared to the same period in 2023:

•

Development and Redevelopment proportionate property net operating income increased by $1.6 million due primarily to the lease up of apartment homes at The Hamilton.

•

Operating proportionate property net operating income increased by $1.7 million, or 6.5%. The increase was attributable primarily to a $2.0 million, or 5.4% increase in rental and other property revenues due to a $121 increase in average monthly revenue per apartment home to $2,348, offset by a 10-basis point decrease in Average Daily Occupancy to 97.9%.

•

Other proportionate property net operating income decreased by $0.4 million, or 16.9%. The decrease was due primarily to The Benson Hotel commencing operations subsequent to the first quarter of 2023.

Non-Segment Real Estate Operations

Operating income amounts not attributed to our segments include property management costs, casualty losses, and, if applicable, the results of apartment communities sold or held for sale, reported in consolidated amounts, which we do not allocate to our segments for purposes of evaluating segment performance.

Depreciation and Amortization

For the three months ended March 31, 2024, compared to the same period in 2023, Depreciation and amortization expense increased by $3.2 million, or 19.6%, due primarily to increases at Upton Place and The Benson Hotel resulting from deliveries of apartment homes and completion of construction subsequent to the first quarter of 2023.

General and Administrative Expenses

For the three months ended March 31, 2024, compared to the same period in 2023, General and administrative expenses increased by $0.1 million, or 1.7%.

Interest Income

For the three months ended March 31, 2024, compared to the same period in 2023, Interest income increased by $0.6 million, or 28.7%, due primarily to interest earned on seller financing provided in connection with the sale of a land parcel in December 2023.

Interest Expense

For the three months ended March 31, 2024, compared to the same period in 2023, Interest expense increased by $3.6 million, or 37.5%, due primarily to increased non-recourse construction loan interest for our development and redevelopment properties.

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Realized and Unrealized Gains (Losses) on Interest Rate Options

We are required to adjust our interest rate options to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $0.2 million for the three months ended March 31, 2024, compared to unrealized losses of $1.9 million for the same period in 2023. In addition, we realized gains of $1.9 million for the three months ended March 31, 2024, compared to realized gains of $0.8 million for the same period in 2023.

Realized and Unrealized Gains (Losses) on Equity Investments

We measure our investments in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. As a result of changes in the values of these investments, we recorded unrealized losses of $0.3 million for the three months ended March 31, 2024, compared to unrealized gains of $0.1 million for the same period in 2023.

Other Income (Expense), Net

Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items, as well as activity related to our Mezzanine Investment. For the three months ended March 31, 2024, compared to the same period in 2023, Other income (expense), net decreased by $1.7 million, or 47.5%, due primarily to the incremental expense associated with pre-existing long-term incentive partnership units recorded upon the resignation of one of our board members in the prior period, partially offset by the current period amortization of deferred transaction costs resulting from the partial sale of the Mezzanine Investment in June 2023.

Income Tax Benefit (Expense)

For the three months ended March 31, 2024, we recognized an income tax benefit of $2.7 million, compared to an income tax benefit of $4.2 million for the same period in 2023. The decrease is due primarily to a reduction to the effective state tax rate expected to apply to the reversal of our existing deferred items recognized during the three months ended March 31, 2023.

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Critical Accounting Estimates

We prepare our consolidated financial statements in accordance with GAAP, which requires us to make estimates and assumptions. Our critical accounting estimates that involve our more significant judgments and estimates used in the preparation of our consolidated financial statements are detailed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in our critical accounting estimates from those reported in our Form 10-K and we believe that the related judgments and assessments have been consistently applied and produce financial information that fairly depicts the financial condition, results of operations, and cash flows for all periods presented.

Non-GAAP Measures

We use EBITDAre and Adjusted EBITDAre in managing our business and in evaluating our financial condition and operating performance. These key financial indicators are non-GAAP measures and are defined and described below. We provide reconciliations of the non-GAAP financial measures to the most comparable financial measure computed in accordance with GAAP.

Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")

EBITDAre and Adjusted EBITDAre are non-GAAP measures, which we believe are useful to investors, creditors, and rating agencies as a supplemental measure of our ability to incur and service debt because they are recognized measures of performance by the real estate industry and allow for comparison of our credit strength to different companies. EBITDAre and Adjusted EBITDAre should not be considered alternatives to net income (loss) as determined in accordance with GAAP as indicators of liquidity. There can be no assurance that our method of calculating EBITDAre and Adjusted EBITDAre is comparable with that of other real estate investment trusts. Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation, and amortization expense, further adjusted for:

•

gains and losses on the dispositions of depreciated property;

•

impairment write-downs of depreciated property;

•

impairment write-downs of investments in unconsolidated partnerships caused by a decrease in the value of the depreciated property in such partnerships; and

•

adjustments to reflect our share of EBITDAre of investments in unconsolidated entities.

EBITDAre is defined by Nareit and provides for an additional performance measure independent of capital structure for greater comparability between real estate investment trusts. We define Adjusted EBITDAre as EBITDAre adjusted to exclude the effect of the following items:

•

net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships and EBITDAre adjustments attributable to noncontrolling interests;

•

realized and unrealized (gains) losses on interest rate options, which we believe allow investors to compare a measure of our earnings before the effects of our capital structure and indebtedness with that of other companies in the real estate industry; and

•

the non-cash (income) loss recognized on our Mezzanine Investment.

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The reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the three months ended March 31, 2024 and 2023, is as follows (in thousands):


	Three Months Ended March 31,
	2024			2023
Net income (loss)	$	(7,196	)	$	(5,753	)
Adjustments:
Interest expense		13,370			9,725
Income tax (benefit) expense		(2,730	)		(4,196	)
Depreciation and amortization		19,468			16,271
Adjustment related to EBITDAre of unconsolidated partnerships		215			223
EBITDAre	$	23,127		$	16,270
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(3,560	)		(3,274	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		16			(264	)
EBITDAre adjustments attributable to noncontrolling interests		(575	)		(16	)
Mezzanine investment (income) loss, net		628			128
Realized and unrealized (gains) losses on interest rate options		(1,672	)		1,057
Adjusted EBITDAre	$	17,964		$	13,901

Liquidity and Capital Resources

Liquidity

Liquidity is the ability to meet present and future financial obligations. Our primary sources of liquidity are cash flows from operations and borrowing capacity under our loan agreements.

As of March 31, 2024, our available liquidity was $290.4 million, which consisted of:

•

$121.8 million in cash and cash equivalents;

•

$18.6 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance; and

•

$150.0 million of available capacity to borrow under our revolving secured credit facility.

As of March 31, 2024, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on development and redevelopment projects of approximately $42.4 million. The initial allocations to our joint ventures have remaining unfunded commitments of $3.0 million. We also have unfunded commitments in the amount of $1.9 million related to four investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include normal operating activities, payments of principal and interest on outstanding debt, capital expenditures, and future investments. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.

We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.

In the event that our cash and cash equivalents, revolving secured credit facility, and cash provided by operating activities are not sufficient to cover our liquidity needs, we have the means to generate additional liquidity, such as from additional property financing activity and proceeds from apartment community sales. We expect to meet our long-term liquidity requirements, including debt maturities, development and redevelopment spending, and future investment activity, primarily through property financing activity, cash generated from operations, and the recycling of our equity. Our revolving secured credit facility matures in December 2024, prior to consideration of its one-year extension option.

Leverage and Capital Resources

The availability and cost of credit and its related effect on the overall economy may affect our liquidity and future financing activities, both through changes in interest rates and access to financing. Any adverse changes in the lending environment could negatively affect our liquidity. We have taken steps to mitigate a portion of our short-term refunding risk. However, if property or development financing options become unavailable, we may consider alternative sources of liquidity, such as reductions in capital spending or apartment community dispositions.

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As of March 31, 2024, approximately 90% of our outstanding non-recourse property debt had a fixed interest rate and approximately 10% had a variable interest rate, all of which was hedged. In addition, the weighted-average contractual rate on our non-recourse debt was 4.8% and 4.6% inclusive of interest rate caps, and the average remaining term to maturity was 6.4 years. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates.

While our primary sources of leverage are property-level debt and non-recourse construction loans, we also have a secured $150.0 million credit facility with a syndicate of financial institutions. As of March 31, 2024, we had no outstanding borrowings under our revolving secured credit facility, which requires that we maintain a fixed charge coverage ratio of 1.25X, minimum tangible net worth of $625.0 million, and maximum leverage of 60.0% as defined in the credit agreement. We are currently in compliance and expect to remain in compliance with these covenants during the next twelve months.

Changes in Cash, Cash Equivalents, and Restricted Cash

The following discussion relates to changes in consolidated cash, cash equivalents, and restricted cash due to operating, investing and financing activities, which are presented in our Condensed Consolidated Statements of Cash Flows in Item 1 of this report.

Operating Activities

For the three months ended March 31, 2024, net cash provided by operating activities was $21.7 million. Our operating cash flow is primarily affected by rental rates, occupancy levels, operating expenses related to our portfolio of apartment communities and general and administrative costs. Cash provided by operating activities for the three months ended March 31, 2024, increased by $16.1 million compared to the same period in 2023, due primarily to increased net operating income driven by higher rents and the timing of balance sheet position changes.

Investing Activities

For the three months ended March 31, 2024, net cash used in investing activities of $41.1 million consisted primarily of capital expenditures. Net cash used in investing activities for the three months ended March 31, 2024, decreased by $22.1 million compared to the same period in 2023, due primarily to decreased capital expenditures.

Financing Activities

For the three months ended March 31, 2024, net cash provided by financing activities of $20.5 million consisted primarily of proceeds from non-recourse construction loans, offset by common stock repurchases and distributions to redeemable noncontrolling interests. Net cash provided by financing activities for the three months ended March 31, 2024, increased by $4.0 million compared to the same period in 2023, due primarily to decrease in common stock repurchases, partially offset by a decrease in proceeds from non-recourse construction loans.

Future Capital Needs

We expect to fund any future acquisitions, development and redevelopment, and other capital spending principally with operating cash flows, short-term borrowings, and debt and equity financing. Our near-term business plan does not contemplate the issuance of equity. We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our chief market risks are refunding risk, that is the availability of property debt or other cash sources to refund maturing property debt, and repricing risk, that is the possibility of increases in base interest rates and credit risk spreads. We primarily use long-dated, fixed-rate, non-recourse property debt on stabilized properties in order to avoid the refunding and repricing risks of short-term borrowings.

We use working capital primarily to fund short-term uses. We use derivative financial instruments as a risk management tool and do not use them for trading or other speculative purposes.

As of March 31, 2024, on a consolidated basis, we had approximately $81.3 million of variable-rate property-level debt outstanding and $300.2 million of variable-rate construction loans. The impact of rising interest rates is mitigated by our use of interest rate caps, which as of March 31, 2024, provided protection for our variable interest rate debt. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates. As of March 31, 2024, we estimate an increase or decrease in our variable rate indices of 100 basis points with constant credit risk spreads, would have no impact on interest expense.

As of March 31, 2024, we held interest rate caps with $627.4 million notional value. These instruments were acquired for $5.8 million and at March 31, 2024, were valued at $5.1 million.

As of March 31, 2024, we had $140.4 million in cash and cash equivalents and restricted cash, a portion of which earns interest at variable rates.

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ITEM 4. CONTROLS AND PROCEDURES

Aimco

Disclosure Controls and Procedures

Aimco’s management, with the participation of Aimco’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Aimco’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, Aimco’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Aimco’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There were no changes in Aimco’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2024, that has materially affected, or is reasonably likely to materially affect, Aimco’s internal control over financial reporting.

Aimco Operating Partnership

Disclosure Controls and Procedures

Aimco Operating Partnership’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of both Aimco and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, has evaluated the effectiveness of Aimco Operating Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange) as of the end of the period covered by this report. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer of Aimco OP GP, LLC have concluded that, as of the end of such period, Aimco Operating Partnership’s disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There were no changes in Aimco Operating Partnership's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2024, that has materially affected, or is reasonably likely to materially affect, Aimco Operating Partnership's internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1A. RISK FACTORS

As of the date of this report, there have been no material changes from the risk factors in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. We may disclose changes to such factors or disclose additional factors from time to time in our filings with the SEC.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Aimco

Unregistered Sales of Equity Securities

From time to time, Aimco may issue shares of its Common Stock in exchange for OP Units, defined under the Aimco Operating Partnership heading below. Such shares are issued based on an exchange ratio of one share for each OP Unit. Aimco may also issue shares of its Common Stock in exchange for limited partnership interests in consolidated real estate partnerships.

During the three months ended March 31, 2024, no shares of Common Stock were issued in exchange for OP Units in such transactions. Had any such shares been issued, the issuances would have been effected in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended.

In addition to any issuances pursuant to transactions of the types discussed above, there were no unregistered sales of equity securities made by Aimco during the quarter ended March 31, 2024.

Repurchases of Equity Securities

The following table summarizes Aimco's share repurchases, for the three months ended March 31, 2024, all of which were part of publicly announced programs:


Fiscal Period	Total Number of Shares Repurchased		Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs (1)
January 1 - 31, 2024		61,143	$	7.47		61,143		21,056,413
February 1 - 29, 2024		345,202		7.36		345,202		20,711,211
March 1 - 31, 2024		466,414		7.59		466,414		20,244,797
Total		872,759	$	7.49		872,759

(1) Aimco's Board of Directors (the "Board") has, from time to time, authorized Aimco to repurchase shares of its outstanding Common Stock. These repurchases may be made from time to time in the open market or in privately negotiated transactions. These share repurchase authorizations have no expiration date.

Aimco Operating Partnership

There is no public market for OP Units, and Aimco Operating Partnership has no intention of listing OP Units on any securities exchange. In addition, Aimco Operating Partnership’s Partnership Agreement restricts the transferability of OP Units.

On May 7, 2024, there were 156,730,743 OP Units and equivalents outstanding (of which 144,827,125 were held by Aimco), that were held by 1,966 unitholders of record.

Unregistered Sales of Equity Securities

Aimco Operating Partnership did not issue any unregistered OP Units during the three months ended March 31, 2024.

Repurchases of Equity Securities

Aimco Operating Partnership’s Partnership Agreement generally provides that after holding OP Units for one year, limited partners other than Aimco have the right to redeem their OP Units for cash or, at its election, shares of Aimco Common Stock on a one-for-one basis (subject to customary antidilution adjustments). During the three months ended March 31, 2024, no OP Units were redeemed in exchange for shares of Common Stock and 36,907 OP Units were redeemed in exchange for cash at an aggregate weighted average price per unit of $7.74.

The following table summarizes repurchases, or redemptions in exchange for cash, of the Aimco Operating Partnership’s equity securities for the three months ended March 31, 2024:

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Fiscal Period	Total Number of Units Repurchased		Weighted Average Price Paid per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Units That May Yet Be Purchased Under Plans or Programs (1)
January 1 - 31, 2024		—	$	—	N/A	N/A
February 1 - 29, 2024		—		—	N/A	N/A
March 1 - 31, 2024		36,907		7.74	N/A	N/A
Total		36,907	$	7.74

(1) The terms of the Aimco Operating Partnership’s Partnership Agreement do not provide for a maximum number of units that may be repurchased, and other than the express terms of its Partnership Agreement, the Aimco Operating Partnership has no publicly announced plans or programs of repurchase. However, for Aimco to repurchase shares of its Common Stock, the Aimco Operating Partnership must make a concurrent repurchase of its OP Units held by Aimco at a price per unit that is equal to the price per share Aimco pays for its Common Stock.

Dividend and Distribution Payments

As a REIT, Aimco is required to distribute annually to holders of its Common Stock at least 90.0% of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Our Board determines and declares Aimco's dividends. In making a dividend determination, our Board considers a variety of factors, including REIT distribution requirements; current market conditions; liquidity needs; and other uses of cash, such as deleveraging and accretive investment activities.

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ITEM 6. EXHIBITS

The following exhibits are filed with this report:


EXHIBIT NO.		DESCRIPTION

3.1		Charter – Articles of Amendment and Restatement (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated October 2, 2023, is incorporated herein by this reference)

3.2		Amended and Restated Bylaws (Exhibit 3.1 to Aimco's Current Report on Form 8-K, dated April 28, 2023, is incorporated herein by this reference).

3.3		Articles Supplementary of Apartment Investment Management Company (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)

10.1		Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)

31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco

31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco

31.3		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership

31.4		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership

32.1		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco

32.2		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership


EXHIBIT NO.		DESCRIPTION

101		The following materials from Aimco’s and Aimco Operating Partnership’s combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) condensed consolidated balance sheets; (ii) condensed consolidated statements of operations; (iii) condensed consolidated statements of equity and partners’ capital; (iv) condensed consolidated statements of cash flows; and (v) notes to condensed consolidated financial statements.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	APARTMENT INVESTMENT AND MANAGEMENT COMPANY

	By:	/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer


	By:	/s/ Kellie E. Dreyer
		Kellie E. Dreyer
		Senior Vice President and Chief Accounting Officer


	AIMCO OP L.P.

	By:	Aimco OP GP, LLC, its General Partner

	By:	/s/ H. Lynn C. Stanfield
		H. Lynn C. Stanfield
		Executive Vice President and Chief Financial Officer


	By:	/s/ Kellie E. Dreyer
		Kellie E. Dreyer
		Senior Vice President and Chief Accounting Officer

Date: May 8, 2024

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Wes Powell, certify that:

I have reviewed this quarterly report on Form 10-Q of Apartment Investment and Management Company;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024


	/s/ Wes Powell
	Wes Powell
	Director, President and Chief Executive Officer

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, H. Lynn C. Stanfield, certify that:

I have reviewed this quarterly report on Form 10-Q of Apartment Investment and Management Company;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024


	/s/ H. Lynn C. Stanfield
	H. Lynn C. Stanfield
	Executive Vice President and Chief Financial Officer

Exhibit 31.3

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Wes Powell, certify that:

I have reviewed this quarterly report on Form 10-Q of Aimco OP L.P.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024


	/s/ Wes Powell
	Wes Powell
	Director, President and Chief Executive Officer

Exhibit 31.4

CHIEF FINANCIAL OFFICER CERTIFICATION

I, H. Lynn C. Stanfield, certify that:

I have reviewed this quarterly report on Form 10-Q of Aimco OP L.P.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024


	/s/ H. Lynn C. Stanfield
	H. Lynn C. Stanfield
	Executive Vice President and Chief Financial Officer

Exhibit 32.1

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Apartment Investment and Management Company (the “Company”) on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Wes Powell
Wes Powell
Director, President and Chief Executive Officer
May 8, 2024


/s/ H. Lynn C. Stanfield
H. Lynn C. Stanfield
Executive Vice President and Chief Financial Officer
May 8, 2024

Exhibit 32.2

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Aimco OP L.P. (the “Partnership”) on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.


/s/ Wes Powell
Wes Powell
Director, President and Chief Executive Officer
May 8, 2024


/s/ H. Lynn C. Stanfield
H. Lynn C. Stanfield
Executive Vice President and Chief Financial Officer
May 8, 2024

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIV
Entity File Number	1-13232
Entity Tax Identification Number	84-1259577
Entity Address, State or Province	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		144,827,125
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-56223
Entity Tax Identification Number	85-2460835
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Buildings and improvements	$ 1,638,190	$ 1,593,802
Land	620,488	620,821
Total real estate	2,258,678	2,214,623
Accumulated depreciation	(597,380)	(580,802)
Net real estate	1,661,298	1,633,821
Cash and cash equivalents	121,814	122,601
Restricted cash	18,589	16,666
Unconsolidated real estate partnerships	23,282	23,125
Notes receivable	$ 58,187	$ 57,554
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 108,673	$ 108,992
Other assets, net	122,976	121,461
Total assets	2,119,891	2,089,475
LIABILITIES AND EQUITY
Non-recourse property debt, net	845,671	846,298
Non-recourse construction loans, net	336,332	301,443
Total indebtedness	1,182,003	1,147,741
Deferred tax liabilities	108,487	110,284
Lease liabilities - finance leases	119,269	118,697
Accrued liabilities and other	131,554	121,143
Total liabilities	1,541,313	1,497,865
Redeemable noncontrolling interests in consolidated real estate partnerships	173,158	171,632
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both March 31, 2024 and December 31, 2023):
Common Stock, $0.01 par value, 140,210,798 and 140,576,102 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,402	1,406
Additional paid-in capital	460,907	464,538
Retained earnings (deficit)	(126,478)	(116,292)
Total Aimco equity	335,831	349,652
Noncontrolling interests in consolidated real estate partnerships	51,333	51,265
Common noncontrolling interests in Aimco Operating Partnership	18,256	19,061
Total equity	405,420	419,978
Partners' capital:
Total liabilities and equity	2,119,891	2,089,475
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,638,190	1,593,802
Land	620,488	620,821
Total real estate	2,258,678	2,214,623
Accumulated depreciation	(597,380)	(580,802)
Net real estate	1,661,298	1,633,821
Cash and cash equivalents	121,814	122,601
Restricted cash	18,589	16,666
Unconsolidated real estate partnerships	23,282	23,125
Notes receivable	$ 58,187	$ 57,554
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 108,673	$ 108,992
Other assets, net	122,976	121,461
Total assets	2,119,891	2,089,475
LIABILITIES AND EQUITY
Non-recourse property debt, net	845,671	846,298
Non-recourse construction loans, net	336,332	301,443
Total indebtedness	1,182,003	1,147,741
Deferred tax liabilities	108,487	110,284
Lease liabilities - finance leases	119,269	118,697
Accrued liabilities and other	131,554	121,143
Total liabilities	1,541,313	1,497,865
Redeemable noncontrolling interests in consolidated real estate partnerships	173,158	171,632
Commitments and contingencies (Note 3)
Partners' capital:
General Partner and Special Limited Partner	335,831	349,652
Limited Partners	18,256	19,061
Partners’ capital attributable to Aimco Operating Partnership	354,087	368,713
Noncontrolling interests in consolidated real estate partnerships	51,333	51,265
Total partners’ capital	405,420	419,978
Total liabilities and equity	2,119,891	2,089,475
Interest Rate Options
ASSETS
Interest rate options	5,072	5,255
Interest Rate Options \| Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 5,072	$ 5,255

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares issued (in shares)	140,210,798	140,576,102
Common Stock, shares outstanding (in shares)	140,210,798	140,576,102

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Rental and other property revenues	$ 50,203	$ 44,268
OPERATING EXPENSES
Property operating expenses	21,199	17,504
Depreciation and amortization	19,468	16,271
General and administrative expenses	8,549	8,403
Total operating expenses	49,216	42,178
Interest income	2,648	2,058
Interest expense	(13,370)	(9,725)
Realized and unrealized gains (losses) on interest rate options	1,672	(1,057)
Realized and unrealized gains (losses) on equity investments	(271)	137
Other income (expense), net	(1,904)	(3,626)
Income (loss) before income tax	(9,926)	(9,949)
Income tax benefit (expense)	2,730	4,196
Net income (loss)	(7,196)	(5,753)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,560)	(3,274)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	16	(264)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership	554	474
Net income (loss) attributable to Aimco	$ (10,186)	$ (8,817)
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.07)	$ (0.06)
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.07)	$ (0.06)
Basic weighted-average OP Units outstanding	140,594	145,827
Diluted weighted-average common stock outstanding	140,594	145,827
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 50,203	$ 44,268
OPERATING EXPENSES
Property operating expenses	21,199	17,504
Depreciation and amortization	19,468	16,271
General and administrative expenses	8,549	8,403
Total operating expenses	49,216	42,178
Interest income	2,648	2,058
Interest expense	(13,370)	(9,725)
Realized and unrealized gains (losses) on interest rate options	1,672	(1,057)
Realized and unrealized gains (losses) on equity investments	(271)	137
Other income (expense), net	(1,904)	(3,626)
Income (loss) before income tax	(9,926)	(9,949)
Income tax benefit (expense)	2,730	4,196
Net income (loss)	(7,196)	(5,753)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,560)	(3,274)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	16	(264)
Net income (loss) attributable to Aimco	$ (10,740)	$ (9,291)
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.07)	$ (0.06)
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.07)	$ (0.06)
Basic weighted-average OP Units outstanding	148,257	153,631
Diluted weighted-average common stock outstanding	148,257	153,631
Unconsolidated Real Estate Partnerships Member
OPERATING EXPENSES
Income from unconsolidated real estate partnerships	$ 312	$ 174
Unconsolidated Real Estate Partnerships Member \| Aimco OP L.P. [Member]
OPERATING EXPENSES
Income from unconsolidated real estate partnerships	$ 312	$ 174

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total Aimco Equity [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Balances at Dec. 31, 2022	$ 625,358	$ 1,466	$ 496,482	$ 49,904	$ 547,852	$ 48,294	$ 29,212
Balances (in shares) at Dec. 31, 2022		146,525
Net income (loss)	(9,027)			(8,817)	(8,817)	264	(474)
Redemption of OP Units held by third parties	(254)		4,293		4,293		(4,547)
Share-based compensation expense	4,822		1,696		1,696		3,126
Contributions from noncontrolling interests in consolidated real estate partnerships	50					50
Distributions to noncontrolling interests in consolidated real estate partnerships	(287)					(287)
Common stock repurchased	(14,721)	$ (20)	(14,701)		(14,721)
Common stock repurchased (In shares)		(2,019)
Other common stock issuances, net of withholding taxes	2,812	$ 2	1,538		1,540		1,272
Other common stock issuances, net of withholding taxes (In shares)		247
Other, net	(4)		(4)		(4)
Other, net (in shares)		(35)
Balances at Mar. 31, 2023	608,749	$ 1,448	489,304	41,087	531,839	48,321	28,589
Balances (in shares) at Mar. 31, 2023		144,718
Balances at Dec. 31, 2023	419,978	$ 1,406	464,538	(116,292)	349,652	51,265	19,061
Balances (in shares) at Dec. 31, 2023		140,576
Net income (loss)	(10,756)			(10,186)	(10,186)	(16)	(554)
Redemption of OP Units held by third parties	(285)		(28)		(28)		(257)
Share-based compensation expense	1,934		1,928		1,928		6
Contributions from noncontrolling interests in consolidated real estate partnerships	485					485
Distributions to noncontrolling interests in consolidated real estate partnerships	(401)					(401)
Common stock repurchased	(6,555)	$ (9)	(6,546)		(6,555)
Common stock repurchased (In shares)		(873)
Other common stock issuances, net of withholding taxes	1,020	$ 5	1,015		1,020
Other common stock issuances, net of withholding taxes (In shares)		508
Balances at Mar. 31, 2024	$ 405,420	$ 1,402	$ 460,907	$ (126,478)	$ 335,831	$ 51,333	$ 18,256
Balances (in shares) at Mar. 31, 2024		140,211

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$ (7,196)

$ (5,753)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

19,468

16,271

Realized and unrealized (gains) losses on interest rate options

(1,672)

1,057

Realized and unrealized (gains) losses on equity investments

271

(137)

Income tax expense (benefit)

(2,730)

(4,196)

Share-based compensation

1,666

4,519

Amortization of debt issuance costs and other

3,339

936

Changes in operating assets and operating liabilities:

Operating assets, net

(3,568)

2,238

Operating liabilities, net

12,446

(9,162)

Total adjustments

28,908

11,352

Net cash provided by operating activities

21,712

5,599

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

^[1]

(40,936)

(64,814)

Other investing activities

(153)

1,580

Net cash used in investing activities

(41,089)

(63,234)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from non-recourse construction loans

28,982

35,491

Principal repayments on non-recourse property debt

(784)

(779)

Proceeds from interest rate options

1,847

803

Payments on finance leases

(175)

(796)

Common stock repurchased

(6,555)

(14,522)

(567)

Distributions to redeemable noncontrolling interests

(2,034)

(3,095)

Contributions from noncontrolling interests

485

Distributions to noncontrolling interests

(401)

(287)

Contributions from redeemable noncontrolling interests

124

Redemption of OP Units held by third parties

(285)

(254)

Other financing activities

(232)

Net cash provided by financing activities

20,513

16,503

NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

1,136

(41,132)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD

139,267

229,766

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

140,403

188,634

Aimco OP L.P. [Member]

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

(7,196)

(5,753)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

19,468

16,271

Realized and unrealized (gains) losses on interest rate options

(1,672)

1,057

Realized and unrealized (gains) losses on equity investments

271

(137)

Income tax expense (benefit)

(2,730)

(4,196)

Share-based compensation

1,666

4,519

Amortization of debt issuance costs and other

3,339

936

Changes in operating assets and operating liabilities:

Operating assets, net

(3,568)

2,238

Operating liabilities, net

12,446

(9,162)

Total adjustments

28,908

11,352

Net cash provided by operating activities

21,712

5,599

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

^[2]

(40,936)

(64,814)

Other investing activities

(153)

1,580

Net cash used in investing activities

(41,089)

(63,234)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from non-recourse construction loans

28,982

35,491

Principal repayments on non-recourse property debt

(784)

(779)

Proceeds from interest rate options

1,847

803

Payments on finance leases

(175)

(796)

Common stock repurchased

(6,555)

(14,522)

(567)

Distributions to redeemable noncontrolling interests

(2,034)

(3,095)

Contributions from noncontrolling interests

485

Distributions to noncontrolling interests

(401)

(287)

Contributions from redeemable noncontrolling interests

124

Redemption of OP Units held by third parties

(285)

(254)

Other financing activities

(232)

Net cash provided by financing activities

20,513

16,503

NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

1,136

(41,132)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD

139,267

229,766

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

140,403

188,634

Unconsolidated Real Estate Partnerships [Member]

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Income from unconsolidated real estate partnerships

(312)

(174)

Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member]

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Income from unconsolidated real estate partnerships

$ (312)

$ (174)

[1]	Accrued capital expenditures were $39.8 million and $43.8 million as of March 31, 2024 and 2023, respectively.
[2]	Accrued capital expenditures were $39.8 million and $43.8 million as of March 31, 2024 and 2023, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accrued capital expenditures	$ 39.8	$ 43.8
Aimco OP L.P. [Member]
Accrued capital expenditures	$ 39.8	$ 43.8

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Thousands	Total	Aimco OP L.P. [Member]	General Partner and Special Limited Partner [Member] Aimco OP L.P. [Member]	Limited Partners [Member] Aimco OP L.P. [Member]	Partners Capital Attributable To The Partnership [Member] Aimco OP L.P. [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] Aimco OP L.P. [Member]
Balances at Dec. 31, 2022		$ 625,358	$ 547,852	$ 29,212	$ 577,064	$ 48,294
Net income (loss)	$ (9,027)	(9,027)	(8,817)	(474)	(9,291)	264
Redemption of OP Units held by third parties		(254)	4,293	(4,547)	(254)
Share-based compensation expense		4,822	1,696	3,126	4,822
Contributions from noncontrolling interests in consolidated real estate partnerships	50	50				50
Distributions to noncontrolling interests in consolidated real estate partnerships	(287)	(287)				(287)
Redemption of OP Units held by Aimco	(14,721)	(14,721)	(14,721)		(14,721)
Other OP Unit issuances, net of withholding taxes		2,812	1,540	1,272	2,812
Other, net		(4)	(4)		(4)
Balances at Mar. 31, 2023		608,749	531,839	28,589	560,428	48,321
Balances at Dec. 31, 2023		419,978	349,652	19,061	368,713	51,265
Net income (loss)	(10,756)	(10,756)	(10,186)	(554)	(10,740)	(16)
Redemption of OP Units held by third parties		(285)	(28)	(257)	(285)
Share-based compensation expense		1,934	1,928	6	1,934
Contributions from noncontrolling interests in consolidated real estate partnerships	485	485				485
Distributions to noncontrolling interests in consolidated real estate partnerships	(401)	(401)				(401)
Redemption of OP Units held by Aimco	$ (6,555)	(6,555)	(6,555)		(6,555)
Other OP Unit issuances, net of withholding taxes		1,020	1,020		1,020
Balances at Mar. 31, 2024		$ 405,420	$ 335,831	$ 18,256	$ 354,087	$ 51,333

Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1 — Organization

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Common Noncontrolling Interests in Aimco Operating Partnership

Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to March 31, 2024 (in thousands):


	2024
Balance at Beginning of Period	$	171,632
Distributions		(2,034	)
Net income		3,560
Balance at March 31, 2024	$	173,158

Mezzanine Investment

Income Tax Benefit (Expense)

Use of Estimates

Cash Equivalents

Restricted Cash

Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Other Assets, net

Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Other investments	$	64,943	$	65,066
Deferred costs, deposits, and other		10,455		10,601
Prepaid expenses and real estate taxes		8,238		13,628
Intangible assets, net		13,438		13,494
Corporate fixed assets		11,311		10,669
Accounts receivable, net of allowances of $164 and $373 as of March 31, 2024 and December 31, 2023, respectively		10,428		5,178
Deferred tax assets		3,650		2,391
Due from affiliates		513		434
Total other assets, net	$	122,976	$	121,461

Recent Accounting Pronouncements

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 3 — Commitments and Contingencies

Commitments

Legal Matters

Earnings per Share and per Unit

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share and per Unit

Note 4 — Earnings per Share and per Unit


	Three Months Ended March 31,
	2024			2023
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(10,186	)	$	(8,817	)
Net income (loss) allocated to Aimco participating securities		—			—
Net income (loss) attributable to Aimco common stockholders	$	(10,186	)	$	(8,817	)

Denominator - shares:
Basic weighted-average common stock outstanding		140,594			145,827
Diluted share equivalents outstanding		—			—
Diluted weighted-average common stock outstanding		140,594			145,827

Earnings (loss) per share - basic	$	(0.07	)	$	(0.06	)
Earnings (loss) per share - diluted	$	(0.07	)	$	(0.06	)

Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(10,740	)	$	(9,291	)
Net income (loss) allocated to Aimco Operating Partnership participating securities		—			—
Net income (loss) attributable to Aimco Operating Partnership's common unit holders	$	(10,740	)	$	(9,291	)

Denominator - units
Basic weighted-average OP Units outstanding		148,257			153,631
Diluted OP Unit equivalents outstanding		—			—
Diluted weighted-average OP Units outstanding		148,257			153,631

Earnings (loss) per unit - basic	$	(0.07	)	$	(0.06	)
Earnings (loss) per unit - diluted	$	(0.07	)	$	(0.06	)

Fair Value Measurements and Disclosures

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

Note 5 — Fair Value Measurements and Disclosures

Recurring Fair Value Measurements


	As of March 31, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	5,053	$	—	$	5,053	$	—	$	5,237	$	—	$	5,237	$	—
Investments in stock		2,409		2,409		—		—		2,868		2,868		—		—
Investments in real estate technology funds (1)		2,845		—		—		—		2,508		—		—		—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Disclosures

The following table summarizes the carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of March 31, 2024 and December 31, 2023 (in thousands):


	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	851,515	$	800,635	$	852,502	$	807,240
Non-recourse construction loans		343,165		342,817		309,521		309,170
Total	$	1,194,680	$	1,143,452	$	1,162,023	$	1,116,410

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Note 6 — Variable Interest Entities


	As of March 31, 2024				As of December 31, 2023
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	5		8		5		8
Assets
Net real estate	$	505,287	$	—	$	466,719	$	—
Cash and cash equivalents		1,771		—		3,940		—
Interest rate options		3,734		—		3,253		—
Unconsolidated real estate partnerships		—		23,282		—		23,125
Notes receivable		17,747		—		17,432		—
Right-of-use lease assets - finance leases		108,673		—		108,992		—
Other assets, net		17,423		59,823		16,140		59,823
Liabilities
Non-recourse construction loans, net		235,820		—		201,103		—
Lease liabilities - finance leases		119,269		—		118,697		—
Accrued liabilities and other		39,109		31,642		35,881		31,018

Lease Arrangements

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease Arrangements

Note 7 — Lease Arrangements

Aimco as Lessor

For the three months ended March 31, 2024 and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):


	Three Months Ended March 31,
	2024		2023
Fixed lease income	$	45,933	$	41,005
Variable lease income		4,199		3,161
Total lease income	$	50,132	$	44,166

Aimco as Lessee

Finance Lease Arrangements

We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oak Shore.

Operating Lease Arrangements

Office Space Sublease

Annual Future Minimum Lease Payments

Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of March 31, 2024 (in thousands):


	Sublease Income		Operating Lease Future Minimum Rent			Finance Leases Future Minimum Payments
Remainder of 2024	$	1,061	$	1,846		$	2,691
2025		1,423		2,355			4,437
2026		1,433		2,341			4,954
2027		1,443		2,380			5,483
2028		1,453		2,181			5,596
Thereafter		630		805			1,427,620
Total	$	7,443		11,908			1,450,781
Less: Discount				(980	)		(1,331,512	)
Total lease liabilities			$	10,928		$	119,269

Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segments

Note 8 — Business Segments

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

•

excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.


	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2024
Rental and other property revenues	$	4,672	$	38,639	$	4,764	$	2,088		$	40		$	50,203
Property operating expenses		2,597		11,503		2,983		2,152			1,964			21,199
Other operating expenses not allocated to segments (3)		—		—		—		—			28,017			28,017
Total operating expenses		2,597		11,503		2,983		2,152			29,981			49,216
Proportionate property net operating income (loss)		2,075		27,136		1,781		(64	)		(29,941	)		987
Other items included in income before income tax (4)		—		—		—		—			(10,913	)		(10,913	)
Income (loss) before income tax	$	2,075	$	27,136	$	1,781	$	(64	)	$	(40,854	)	$	(9,926	)


	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2023
Rental and other property revenues	$	2,201	$	36,672	$	3,671	$	1,656		$	68		$	44,268
Property operating expenses		1,676		11,186		1,529		1,657			1,456			17,504
Other operating expenses not allocated to segments (3)		—		—		—		—			24,674			24,674
Total operating expenses		1,676		11,186		1,529		1,657			26,130			42,178
Proportionate property net operating income (loss)		525		25,486		2,142		(1	)		(26,062	)		2,090
Other items included in income before income tax (4)		—		—		—		—			(12,039	)		(12,039	)
Income (loss) before income tax	$	525	$	25,486	$	2,142	$	(1	)	$	(38,101	)	$	(9,949	)

(1)

(2)

(3)

Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expenses.

(4)

Net real estate and non-recourse property debt, net, of our segments as of March 31, 2024 and December 31, 2023, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Corporate and Amounts Not Allocated to Segments (1)		Total
As of March 31, 2024
Buildings and improvements	$	687,151		$	711,541		$	239,498		$	—	$	1,638,190
Land		206,558			262,409			151,521			—		620,488
Total real estate		893,709			973,950			391,019			—		2,258,678
Accumulated depreciation		(15,820	)		(497,297	)		(84,263	)		—		(597,380	)
Net real estate	$	877,889		$	476,653		$	306,756		$	—	$	1,661,298

Non-recourse property debt and construction loans, net	$	336,330		$	764,826		$	80,847		$	—	$	1,182,003


	Development and Redevelopment			Operating			Other			Corporate and Amounts Not Allocated to Segments (1)			Total
As of December 31, 2023
Buildings and improvements	$	644,154		$	709,051		$	239,089		$	1,508		$	1,593,802
Land		206,820			262,409			151,521			71			620,821
Total real estate		850,974			971,460			390,610			1,579			2,214,623
Accumulated depreciation		(11,589	)		(489,206	)		(78,612	)		(1,395	)		(580,802	)
Net real estate	$	839,385		$	482,254		$	311,998		$	184		$	1,633,821

Non-recourse property debt and construction loans, net	$	301,424		$	765,372		$	80,739		$	206		$	1,147,741

(1)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Principles of Consolidation

Common Noncontrolling Interests in Aimco Operating Partnership

Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to March 31, 2024 (in thousands):


	2024
Balance at Beginning of Period	$	171,632
Distributions		(2,034	)
Net income		3,560
Balance at March 31, 2024	$	173,158

Mezzanine Investment

Income Tax Benefit (Expense)

Use of Estimates

Cash Equivalents

Restricted Cash

Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Other Assets, net

Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Other investments	$	64,943	$	65,066
Deferred costs, deposits, and other		10,455		10,601
Prepaid expenses and real estate taxes		8,238		13,628
Intangible assets, net		13,438		13,494
Corporate fixed assets		11,311		10,669
Accounts receivable, net of allowances of $164 and $373 as of March 31, 2024 and December 31, 2023, respectively		10,428		5,178
Deferred tax assets		3,650		2,391
Due from affiliates		513		434
Total other assets, net	$	122,976	$	121,461

Recent Accounting Pronouncements

Fair Value of Financial Instruments

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to March 31, 2024 (in thousands):


	2024
Balance at Beginning of Period	$	171,632
Distributions		(2,034	)
Net income		3,560
Balance at March 31, 2024	$	173,158

Summary of Other Assets

Other assets were comprised of the following amounts as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Other investments	$	64,943	$	65,066
Deferred costs, deposits, and other		10,455		10,601
Prepaid expenses and real estate taxes		8,238		13,628
Intangible assets, net		13,438		13,494
Corporate fixed assets		11,311		10,669
Accounts receivable, net of allowances of $164 and $373 as of March 31, 2024 and December 31, 2023, respectively		10,428		5,178
Deferred tax assets		3,650		2,391
Due from affiliates		513		434
Total other assets, net	$	122,976	$	121,461

Earnings per Share and per Unit (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit


	Three Months Ended March 31,
	2024			2023
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(10,186	)	$	(8,817	)
Net income (loss) allocated to Aimco participating securities		—			—
Net income (loss) attributable to Aimco common stockholders	$	(10,186	)	$	(8,817	)

Denominator - shares:
Basic weighted-average common stock outstanding		140,594			145,827
Diluted share equivalents outstanding		—			—
Diluted weighted-average common stock outstanding		140,594			145,827

Earnings (loss) per share - basic	$	(0.07	)	$	(0.06	)
Earnings (loss) per share - diluted	$	(0.07	)	$	(0.06	)

Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(10,740	)	$	(9,291	)
Net income (loss) allocated to Aimco Operating Partnership participating securities		—			—
Net income (loss) attributable to Aimco Operating Partnership's common unit holders	$	(10,740	)	$	(9,291	)

Denominator - units
Basic weighted-average OP Units outstanding		148,257			153,631
Diluted OP Unit equivalents outstanding		—			—
Diluted weighted-average OP Units outstanding		148,257			153,631

Earnings (loss) per unit - basic	$	(0.07	)	$	(0.06	)
Earnings (loss) per unit - diluted	$	(0.07	)	$	(0.06	)

Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds and Treasury Bill


	As of March 31, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	5,053	$	—	$	5,053	$	—	$	5,237	$	—	$	5,237	$	—
Investments in stock		2,409		2,409		—		—		2,868		2,868		—		—
Investments in real estate technology funds (1)		2,845		—		—		—		2,508		—		—		—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Non-recourse Construction Loans

The following table summarizes the carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of March 31, 2024 and December 31, 2023 (in thousands):


	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	851,515	$	800,635	$	852,502	$	807,240
Non-recourse construction loans		343,165		342,817		309,521		309,170
Total	$	1,194,680	$	1,143,452	$	1,162,023	$	1,116,410

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	As of March 31, 2024				As of December 31, 2023
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	5		8		5		8
Assets
Net real estate	$	505,287	$	—	$	466,719	$	—
Cash and cash equivalents		1,771		—		3,940		—
Interest rate options		3,734		—		3,253		—
Unconsolidated real estate partnerships		—		23,282		—		23,125
Notes receivable		17,747		—		17,432		—
Right-of-use lease assets - finance leases		108,673		—		108,992		—
Other assets, net		17,423		59,823		16,140		59,823
Liabilities
Non-recourse construction loans, net		235,820		—		201,103		—
Lease liabilities - finance leases		119,269		—		118,697		—
Accrued liabilities and other		39,109		31,642		35,881		31,018

Lease Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease Income for Residential and Commercial Property Leases

For the three months ended March 31, 2024 and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):


	Three Months Ended March 31,
	2024		2023
Fixed lease income	$	45,933	$	41,005
Variable lease income		4,199		3,161
Total lease income	$	50,132	$	44,166

Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income

Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows as of March 31, 2024 (in thousands):


	Sublease Income		Operating Lease Future Minimum Rent			Finance Leases Future Minimum Payments
Remainder of 2024	$	1,061	$	1,846		$	2,691
2025		1,423		2,355			4,437
2026		1,433		2,341			4,954
2027		1,443		2,380			5,483
2028		1,453		2,181			5,596
Thereafter		630		805			1,427,620
Total	$	7,443		11,908			1,450,781
Less: Discount				(980	)		(1,331,512	)
Total lease liabilities			$	10,928		$	119,269

Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Information for Reportable Segments


	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2024
Rental and other property revenues	$	4,672	$	38,639	$	4,764	$	2,088		$	40		$	50,203
Property operating expenses		2,597		11,503		2,983		2,152			1,964			21,199
Other operating expenses not allocated to segments (3)		—		—		—		—			28,017			28,017
Total operating expenses		2,597		11,503		2,983		2,152			29,981			49,216
Proportionate property net operating income (loss)		2,075		27,136		1,781		(64	)		(29,941	)		987
Other items included in income before income tax (4)		—		—		—		—			(10,913	)		(10,913	)
Income (loss) before income tax	$	2,075	$	27,136	$	1,781	$	(64	)	$	(40,854	)	$	(9,926	)


	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2023
Rental and other property revenues	$	2,201	$	36,672	$	3,671	$	1,656		$	68		$	44,268
Property operating expenses		1,676		11,186		1,529		1,657			1,456			17,504
Other operating expenses not allocated to segments (3)		—		—		—		—			24,674			24,674
Total operating expenses		1,676		11,186		1,529		1,657			26,130			42,178
Proportionate property net operating income (loss)		525		25,486		2,142		(1	)		(26,062	)		2,090
Other items included in income before income tax (4)		—		—		—		—			(12,039	)		(12,039	)
Income (loss) before income tax	$	525	$	25,486	$	2,142	$	(1	)	$	(38,101	)	$	(9,949	)

(1)

(2)

(3)

Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expenses.

(4)

Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment

Net real estate and non-recourse property debt, net, of our segments as of March 31, 2024 and December 31, 2023, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Corporate and Amounts Not Allocated to Segments (1)		Total
As of March 31, 2024
Buildings and improvements	$	687,151		$	711,541		$	239,498		$	—	$	1,638,190
Land		206,558			262,409			151,521			—		620,488
Total real estate		893,709			973,950			391,019			—		2,258,678
Accumulated depreciation		(15,820	)		(497,297	)		(84,263	)		—		(597,380	)
Net real estate	$	877,889		$	476,653		$	306,756		$	—	$	1,661,298

Non-recourse property debt and construction loans, net	$	336,330		$	764,826		$	80,847		$	—	$	1,182,003


	Development and Redevelopment			Operating			Other			Corporate and Amounts Not Allocated to Segments (1)			Total
As of December 31, 2023
Buildings and improvements	$	644,154		$	709,051		$	239,089		$	1,508		$	1,593,802
Land		206,820			262,409			151,521			71			620,821
Total real estate		850,974			971,460			390,610			1,579			2,214,623
Accumulated depreciation		(11,589	)		(489,206	)		(78,612	)		(1,395	)		(580,802	)
Net real estate	$	839,385		$	482,254		$	311,998		$	184		$	1,633,821

Non-recourse property debt and construction loans, net	$	301,424		$	765,372		$	80,739		$	206		$	1,147,741

(1)

Organization (Details Textual)	3 Months Ended
Organization (Details Textual)	Mar. 31, 2024 Property Dwelling Unit Key OfficeBuilding ApartmentHome
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties \| ApartmentHome	5,600
Continuing Operations [Member] \| Commercial Office Building [Member]
Organization [Line Items]
Number of real estate properties \| OfficeBuilding	1
Continuing Operations [Member] \| Residential Apartment Communities In Waterfront Property [Member]
Organization [Line Items]
Number of units in real estate property \| Unit	276
Continuing Operations [Member] \| Multifamily Property [Member]
Organization [Line Items]
Number of real estate properties	2
Continuing Operations [Member] \| Multifamily Properties Under Construction [Member]
Organization [Line Items]
Number of units in real estate property	624
Continuing Operations [Member] \| Planned Apartment Homes [Member]
Organization [Line Items]
Number of real estate properties	909
Continuing Operations [Member] \| Planned Homes [Member]
Organization [Line Items]
Number of real estate properties	16
Continuing Operations [Member] \| Accessory Dwelling Units [Member]
Organization [Line Items]
Number of units in real estate property \| Dwelling	8
Continuing Operations [Member] \| Luxury Hotel With Event Space [Member]
Organization [Line Items]
Number of real estate properties \| Key	106
Continuing Operations [Member] \| Consolidated Properties [Member]
Organization [Line Items]
Number of real estate properties \| OfficeBuilding	21
Continuing Operations [Member] \| Unconsolidated Properties[ Member]
Organization [Line Items]
Number of real estate properties	4
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	92.40%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	94.80%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	7.60%

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jun. 30, 2023	Nov. 30, 2019	Mar. 31, 2024	Mar. 31, 2023
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest			5.20%	5.10%
Equity method investment aggregate cost		$ 275,000
Equity method investment term		5 years
Equity method investment interest rate		10.00%
Option to acquire equity interest in partnership, percentage			30.00%
Percentage of noncontrolling position sold	20.00%
Proceeds from sale of noncontrolling position	$ 33,500
Mezzanine Investment Due			$ 134,000
Consolidated income (loss) subject to tax			(6,600)	$ (4,900)
Income tax benefit (expense)			2,730	4,196
Aimco OP L.P. [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Payment made to mezzaine investment	$ 134,000
Minimum annualized returns percentage	19.00%
Percentage of residual payments	80.00%
Percentage of annualized return on subordinate investment	10.00%
Income tax benefit (expense)			$ 2,730	$ 4,196

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at Beginning of Period	$ 171,632
Balance at March 31, 2024	173,158
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at Beginning of Period	171,632
Distributions	(2,034)
Net income	3,560
Balance at March 31, 2024	$ 173,158

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Other investments	$ 64,943	$ 65,066
Deferred costs, deposits, and other	10,455	10,601
Prepaid expenses and real estate taxes	8,238	13,628
Intangible assets, net	13,438	13,494
Corporate fixed assets	11,311	10,669
Accounts receivable, net of allowances of $164 and $373 as of March 31, 2024 and December 31, 2023, respectively	10,428	5,178
Deferred tax assets	3,650	2,391
Total other assets, net	122,976	121,461
Related Party [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Due from affiliates	$ 513	$ 434

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 164	$ 373

Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Construction related contracts, amount	$ 42.4
Undrawn non-resource construction loan	91.7
Unconsolidated Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	3.0
Commitments related to development, redevelopment and capital improvement activities [Member] \| RET Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	$ 1.9
Commitments related to operations [Member] \| Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (10,186)	$ (8,817)
Net income (loss) allocated to Aimco participating securities	0	0
Net income (loss) attributable to Aimco common stockholders	$ (10,186)	$ (8,817)
Basic weighted-average OP Units outstanding	140,594,000	145,827,000
Diluted OP Unit equivalents outstanding	0	0
Diluted weighted-average OP Units outstanding	140,594,000	145,827,000
Earnings (loss) per share - basic	$ (0.07)	$ (0.06)
Earnings (loss) per share - diluted	$ (0.07)	$ (0.06)
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (10,740)	$ (9,291)
Net income (loss) allocated to Aimco participating securities	0	0
Net income (loss) attributable to Aimco common stockholders	$ (10,740)	$ (9,291)
Basic weighted-average OP Units outstanding	148,257,000	153,631,000
Diluted OP Unit equivalents outstanding	0	0
Diluted weighted-average OP Units outstanding	148,257,000	153,631,000
Earnings (loss) per share - basic	$ (0.07)	$ (0.06)
Earnings (loss) per share - diluted	$ (0.07)	$ (0.06)

Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Participating securities that could potentially dilute basic earnings per share \| $	$ 2.5
Common Stock [Member]
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Securities that could potentially dilute basic earnings per share or unit in future periods	4.2
OP Unit Equivalents [Member]
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Securities that could potentially dilute basic earnings per share or unit in future periods	8.4

Fair Value Measurements and Disclosures (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	$ 627,400
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments acquired	5,800
Fair value of instruments	5,053	$ 5,237
Fair Value, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of instruments	0	0
Fair Value, Recurring [Member] \| Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,409	2,868
Fair Value, Recurring [Member] \| Common Stock [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,409	2,868
Fair Value, Recurring [Member] \| Property Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	$ 2,800	$ 2,500

Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds and Treasury Bill (Details) - Fair Value, Recurring - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate options

$ 5,053

$ 5,237

Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate options

Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate options

5,053

5,237

Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate options

Common Stock [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

2,409

2,868

Common Stock [Member] | Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

2,409

2,868

Common Stock [Member] | Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

Common Stock [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

Real Estate Technology Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

^[1]

2,845

2,508

Real Estate Technology Funds [Member] | Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

^[1]

Real Estate Technology Funds [Member] | Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

^[1]

Real Estate Technology Funds [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments

^[1]

$ 0

[1]	Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements and Disclosures - Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Non-recourse Construction Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 1,194,680	$ 1,162,023
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	1,143,452	1,116,410
Non-recourse Property Debt [Member] \| Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	851,515	852,502
Non-recourse Property Debt [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	800,635	807,240
Non-recourse Construction Loans [Member] \| Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	343,165	309,521
Non-recourse Construction Loans [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 342,817	$ 309,170

Variable Interest Entities (Details Textual)	Mar. 31, 2024 ApartmentHome Entity	Dec. 31, 2023 Entity
Consolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities	5	5
Unconsolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities	8	8
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities \| ApartmentHome	4

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2024 USD ($) Entity	Dec. 31, 2023 USD ($) Entity
Net real estate	$ 1,661,298	$ 1,633,821
Cash and cash equivalents	121,814	122,601
Unconsolidated real estate partnerships	23,282	23,125
Notes receivable	58,187	57,554
Right-of-use lease assets- finance leases	108,673	108,992
Non-recourse construction loans, net	336,332	301,443
Lease liabilities - finance leases	119,269	118,697
Accrued liabilities and other	131,554	121,143
Interest Rate Options [Member]
Interest rate options	$ 5,072	$ 5,255
Consolidated Entities [Member]
Count of VIEs \| Entity	5	5
Net real estate	$ 505,287	$ 466,719
Cash and cash equivalents	1,771	3,940
Notes receivable	17,747	17,432
Right-of-use lease assets- finance leases	108,673	108,992
Other assets, net	17,423	16,140
Non-recourse construction loans, net	235,820	201,103
Lease liabilities - finance leases	119,269	118,697
Accrued liabilities and other	39,109	35,881
Consolidated Entities [Member] \| Interest Rate Options [Member]
Interest rate options	$ 3,734	$ 3,253
Unconsolidated Entities [Member]
Count of VIEs \| Entity	8	8
Unconsolidated real estate partnerships	$ 23,282	$ 23,125
Other assets, net	59,823	59,823
Accrued liabilities and other	$ 31,642	$ 31,018

Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease income	$ 45,933	$ 41,005
Variable lease income	4,199	3,161
Total lease income	$ 50,132	$ 44,166
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total lease liabilities	Total lease liabilities

Lease Arrangements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Financing leases weighted average remaining term	93 years 1 month 6 days		93 years 4 months 24 days
Financing leases, weighted average discount rate, percent	6.10%		6.10%
Finance lease, amortization	$ 200	$ 0
Operating leases weighted average remaining term	4 years 10 months 24 days		5 years 2 months 12 days
Operating leases, weighted average discount rate, percent	3.40%		3.30%
Operating lease expenses	$ 400	400
Operating right-of-use lease assets	$ 5,800		$ 6,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets
Operating lease liability	$ 10,928		$ 11,500
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Sub lease commencement date	Jan. 01, 2021
Sublease expiration date	May 31, 2029
Sublease income	$ 400	400
Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Lease cost capitalized	$ 900	$ 2,100

Lease Arrangements - Minimum Annual Lease Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Sublease Lease, Liability, Payment, Due [Abstract]
Remainder of 2024	$ 1,061
2025	1,423
2026	1,433
2027	1,443
2028	1,453
Thereafter	630
Total	7,443
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2024	1,846
2025	2,355
2026	2,341
2027	2,380
2028	2,181
Thereafter	805
Total	11,908
Less: Discount	(980)
Total lease liabilities	$ 10,928	$ 11,500
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance Lease, Liability, Payment, Due [Abstract]
Remainder of 2024	$ 2,691
2025	4,437
2026	4,954
2027	5,483
2028	5,596
Thereafter	1,427,620
Total	1,450,781
Less: Discount	(1,331,512)
Total lease liabilities	$ 119,269	$ 118,697
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total lease liabilities

Business Segments (Details Textual) $ in Millions	3 Months Ended
Business Segments (Details Textual) $ in Millions	Mar. 31, 2024 USD ($) Dwelling Segment Community Property ApartmentHome	Dec. 31, 2023 USD ($)	Jan. 01, 2023 Property ApartmentHome
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	3
Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Right-of-use lease assets \| $	$ 108.7	$ 109.0
Lease liabilities \| $	$ 119.3	$ 118.7
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| ApartmentHome	5,600
Planned Apartment Homes [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Property	909
Planned Homes [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Property	16
Accessory Dwelling Units [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property \| Dwelling	8
Real Estate Partnership [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Community	10
Wholly And Partially Owned Consolidated Properties [Member] \| Operating Portfolio Segment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Property			21
Wholly And Partially Owned Consolidated Properties [Member] \| Planned Apartment Homes [Member] \| Operating Portfolio Segment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property \| ApartmentHome			5,600
Unconsolidated Investment in IQHQ and Mezzanine Investment [Member]
Segment Reporting Information [Line Items]
Number of apartment communities \| Community	4
Number of apartment homes \| ApartmentHome	142

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary information for the reportable segments
Rental and other property revenues	$ 50,203	$ 44,268
Property operating expenses	21,199	17,504
Other operating expenses not allocated to segments	28,017	24,674
Total operating expenses	49,216	42,178
Proportionate property net operating income (loss)	987	2,090
Other items included in income before income tax	(10,913)	(12,039)
Income (loss) before income tax	(9,926)	(9,949)
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	2,088	1,656
Property operating expenses	2,152	1,657
Total operating expenses	2,152	1,657
Proportionate property net operating income (loss)	(64)	(1)
Income (loss) before income tax	(64)	(1)
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	40	68
Property operating expenses	1,964	1,456
Other operating expenses not allocated to segments	28,017	24,674
Total operating expenses	29,981	26,130
Proportionate property net operating income (loss)	(29,941)	(26,062)
Other items included in income before income tax	(10,913)	(12,039)
Income (loss) before income tax	(40,854)	(38,101)
Development and Redevelopment [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	4,672	2,201
Property operating expenses	2,597	1,676
Total operating expenses	2,597	1,676
Proportionate property net operating income (loss)	2,075	525
Income (loss) before income tax	2,075	525
Operating Portfolio Segment [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	38,639	36,672
Property operating expenses	11,503	11,186
Total operating expenses	11,503	11,186
Proportionate property net operating income (loss)	27,136	25,486
Income (loss) before income tax	27,136	25,486
Other [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	4,764	3,671
Property operating expenses	2,983	1,529
Total operating expenses	2,983	1,529
Proportionate property net operating income (loss)	1,781	2,142
Income (loss) before income tax	$ 1,781	$ 2,142

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Buildings and improvements	$ 1,638,190	$ 1,593,802
Land	620,488	620,821
Total real estate	2,258,678	2,214,623
Accumulated depreciation	(597,380)	(580,802)
Net real estate	1,661,298	1,633,821
Non-recourse property debt and construction loans, net	1,182,003	1,147,741
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Buildings and improvements		1,508
Land		71
Total real estate		1,579
Accumulated depreciation		(1,395)
Net real estate		184
Non-recourse property debt and construction loans, net		206
Development and Redevelopment [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	687,151	644,154
Land	206,558	206,820
Total real estate	893,709	850,974
Accumulated depreciation	(15,820)	(11,589)
Net real estate	877,889	839,385
Non-recourse property debt and construction loans, net	336,330	301,424
Operating Portfolio Segment [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	711,541	709,051
Land	262,409	262,409
Total real estate	973,950	971,460
Accumulated depreciation	(497,297)	(489,206)
Net real estate	476,653	482,254
Non-recourse property debt and construction loans, net	764,826	765,372
Other [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	239,498	239,089
Land	151,521	151,521
Total real estate	391,019	390,610
Accumulated depreciation	(84,263)	(78,612)
Net real estate	306,756	311,998
Non-recourse property debt and construction loans, net	$ 80,847	$ 80,739

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