What changed in this filing

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Item 1. Financial Statements

2025-08-11 compared with 2025-05-08 · 223 added, 103 removed, 638 unchanged (34% of the section changed)

3 unchanged sentences

(In thousands, except share data)

March 31, 2025

June 30, 2025

December 31, 2024

12 unchanged sentences

Non-recourse construction loans, net

Revolving credit facility

Total indebtedness

7 unchanged sentences

Commitments and contingencies (Note 3)

Equity ( 510,587,500 shares authorized at March 31, 2025 and December 31, 2024):

Common Stock, $ 0.01 par value, 137,161,143 and 136,351,966 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

Equity ( 510,587,500 shares authorized at June 30, 2025 and December 31, 2024):

Common Stock, $ 0.01 par value, 137,376,505 and 136,351,966 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

8 unchanged sentences

(In thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Rental and other property revenues

28 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended March 31, 2025 and 2024

For the Three Months Ended June 30, 2025 and 2024

(In thousands)

2 unchanged sentences

Retained Earnings (Accumulated Deficit)

Balances at March 31, 2024

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Common stock repurchased

Balances at June 30, 2024

Balances at March 31, 2025

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other common stock issuances, net of withholding taxes

Balances at June 30, 2025

See notes to condensed consolidated financial statements.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Six Months Ended June 30, 2025 and 2024

(In thousands)

Noncontrolling

Retained Earnings (Accumulated Deficit)

Balances at December 31, 2023

6 unchanged sentences

Other common stock issuances, net of withholding taxes

Balances at March 31, 2024

Balances at June 30, 2024

Balances at December 31, 2024

4 unchanged sentences

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Common stock repurchased

Other common stock issuances, net of withholding taxes

Balances at March 31, 2025

Balances at June 30, 2025

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

20 unchanged sentences

Proceeds from non-recourse construction loans

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans

Proceeds from interest rate contracts

8 unchanged sentences

Redemption of OP Units held by third parties

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other financing activities

6 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures wer e $ 14.8 milli on and $ 39.8 m illion as of March 31, 2025 and 2024 , respectively.

(1) Accrued capital expenditures wer e $ 15.0 milli on and $ 34.5 m illion as of June 30, 2025 and 2024 , respectively.

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

March 31, 2025

June 30, 2025

December 31, 2024

12 unchanged sentences

Non-recourse construction loans, net

Revolving credit facility

Total indebtedness

18 unchanged sentences

(In thousands, except per unit data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Rental and other property revenues

26 unchanged sentences

CONDENSED CONSOLIDATED S TATEMENTS OF PARTNERS’ CAPITAL

For the Three Months Ended March 31, 2025 and 2024

For the Three Months Ended June 30, 2025 and 2024

(In thousands)

7 unchanged sentences

Estate Partnerships

Balances at March 31, 2024

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Redemption of OP Units held by Aimco

Balances at June 30, 2024

Balances at March 31, 2025

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other OP Unit issuances, net of withholding taxes

Balances at June 30, 2025

See notes to condensed consolidated financial statements.

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Six Months Ended June 30, 2025 and 2024

(In thousands)

General Partner

Limited Partner

Partners’ Capital

Attributable to

Aimco Operating

Noncontrolling

in Consolidated Real

Estate Partnerships

Balances at December 31, 2023

3 unchanged sentences

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Redemption of OP Units held by Aimco

Other OP Unit issuances, net of withholding taxes

Balances at March 31, 2024

Balances at June 30, 2024

Balances at December 31, 2024

3 unchanged sentences

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by Aimco

Other OP Unit issuances, net of withholding taxes

Balances at March 31, 2025

Balances at June 30, 2025

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

20 unchanged sentences

Proceeds from non-recourse construction loans

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans

Proceeds from interest rate contracts

8 unchanged sentences

Redemption of OP Units held by third parties

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Other financing activities

6 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures were $ 14.8 millio n and $ 39.8 million as of March 31, 2025 and 2024 , respectively.

(1) Accrued capital expenditures were $ 15.0 millio n and $ 34.5 million as of June 30, 2025 and 2024 , respectively.

See notes to condensed consolidated financial statements.

2 unchanged sentences

NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Note 1 — Organization

5 unchanged sentences

(“Aimco Operating Partnership”).

As of March 31, 2025, 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.

As of June 30, 2025, 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.

As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2025, of Aimco and Aimco Operating Partnership.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2025, of Aimco and Aimco Operating Partnership.

Where it is important to distinguish between the two entities, each is referred to specifically.

2 unchanged sentences

multifamily sector.

At March 31, 2025, our entire portfolio of operating residential apartment communit ies includes 5,243 apartment homes within 20 consolidated stabilized operating proper ties, a substantially complete 689 -unit community with 105,000 square feet of retail space, a substantially complete 220 -unit community, and four unconsolidated properties.

At June 30, 2025, our entire portfolio of operating residential apartment communit ies includes 5,243 apartment homes within 20 consolidated stabilized operati ng properties, a substantially complete 689 -unit community with 105,000 square feet of retail space, a substantially complete 220 -unit community, and four unconsolidated properties.

Additionally, we have a completed single family rental community with 16 homes and eight accessory dwelling units, a waterfront ground-up development under construction with 114 planned units, a 106 -key luxury hotel with event space, one commercial office building that is part of an assemblage with an adjacent apartment building that is currently held for sale (together referred to as the “Brickell Assemblage”), and land parcels held for development.

In addition, we hold other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds.

See Note 2 for further information over our Mezzanine Investment and our investment in IQHQ.

See Note 2 for further information regarding our Mezzanine Investment and our investment in IQHQ.

Note 2 — Basis of Prese ntation and Summary of Significant Accounting Policies

4 unchanged sentences

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, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities.

16 unchanged sentences

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, 2025 and 2024, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2 % , and 5.2 %, respectively.

Substantially all of the assets and liabilities of Aimco are held by Ai mco Operating Partnership.

For the periods ended June 30, 2025 and 2024, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.2 % , and 5.2 %, respectively.

Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable noncontrolling interests in consolidated real estate partnerships

1 unchanged sentence

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, 2025 , consists of the following:

(i) a preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) equity interest in two separate consolidated joint ventures with residential apartment com munities in lease-up, including a preferred equity interest in one of the joint ventures accruing 9.7 % preferred return per annum, and (iii) a preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development.

Redeemable noncontrolling interests in consolidated real estate partnerships as of June 30, 2025 , consists of the following:

(i) a preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development.

Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements.

These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of March 31, 2025.

These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of June 30, 2025.

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 for the three months ended March 31, 2025 and 2024, ( in thousands ):

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the six months ended June 30, 2025 and 2024, ( in thousands ):

Balance at Beginning of Period

1 unchanged sentence

Distributions

Balance at March 31,

Purchases (1)

Balance at June 30,

(1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $ 5.0 million.

(2) In September 2024, we secured a $ 55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida.

8 unchanged sentences

Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $ 134.0 million plus an annualized return.

While the Mezzanine Investment had not been repaid and was in maturity default as of March 31, 2025, we are precluded from derecognizing the liability until it has been deemed to be extinguished in accordance with GAAP.

While the Mezzanine Investment had not been repaid and was in maturity default as of June 30, 2025, we are precluded from derecognizing the liability until it has been deemed to be extinguished in accordance with GAAP.

Income tax benefit (expense)

4 unchanged sentences

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and, if applicable, gains retained by the REIT.

For the three months ended March 31, 2025, we had consolidated net losses subject to tax of $ 2.3 million, compared to consolidated net losses subject to tax of $ 6.6 million for the same period in 2024.

For the three months ended March 31, 2025, we recognized an income tax benefit of $ 0.1 million, compared to income tax benefit of $ 2.7 million during the same period in 2024.

The decrease is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

For the three and six months ended June 30, 2025, we had consolidated net losses subject to tax of $ 0.9 million and $ 3.2 million, respectively.

For the three and six months ended June 30, 2024 , we had consolidated net losses subject to tax of $ 5.3 million and $ 11.9 million, respectively.

For the three and six months ended June 30, 2025, we recognized income tax expense of $ 5.6 million and $ 5.5 million , respectively, compared to an income tax benefit of $ 2.2 and $ 4.9 million, respectively, during the same periods in 2024.

The change in income tax expense is due primarily to the recognition of a non-cash partial valuation allowance against the deferred tax assets of our TRS entities and the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

On July 4, 2025, legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law.

Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions.

We are currently evaluating the tax consequences of the OBBBA.

Use of estimates

8 unchanged sentences

Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell.

Both the real estate assets and corresponding liabilities are presented separately in the accompanying Condensed Consolidated Balance Sheets .

Upon the classification of an asset as held for sale, no further depreciation is recorded.

1 unchanged sentence

On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage.

The transaction is scheduled to occur as early as August 2025 but may be extended at the buyer’s option to the fourth quarter of 2025.

We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of March 31, 2025 and December 31, 2024.

The transaction is scheduled to occur in the fourth quarter of 2025.

We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of June 30, 2025 and December 31, 2024.

The transaction does not meet the criteria for discontinued operations classification.

The following summary presents the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of March 31, 2025 and December 31, 2024 ( in thousands ):

March 31, 2025

The following summary presents the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of June 30, 2025 and December 31, 2024 ( in thousands ):

June 30, 2025

December 31, 2024

16 unchanged sentences

The reconciliation of cash flow information is as follows ( in thousands ):

March 31, 2025

June 30, 2025

December 31, 2024

7 unchanged sentences

Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used.

We have a seller financing note with a principal balance of $ 43.2 million and an effective interest rate of 6.0 %.

As of March 31, 2025 and December 31, 2024, the remaining unamortized discount was $ 2.4 million and $ 2.7 million, respectively.

For the three months ended March 31, 2025 and 2024, the amortization of the discount was $ 0.3 million and $ 0.3 million, respectively, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations .

We have a seller financing note with a principal balance of $ 43.2 mil lion and an effective interest rate of 6.0 %.

As of June 30, 2025 and December 31, 2024, the remaining unamortized discount was $ 2.1 million and $ 2.7 million, respectively.

The amortization of the discount for the three and six months ended June 30, 2025 and 2024, was $ 0.3 million and $ 0.6 million, respectively, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations .

Other assets, net

Other assets, net were comprised of the following amounts as of March 31, 2025 and December 31, 2024 ( in thousands ):

March 31, 2025

Other assets, net were comprised of the following amounts as of June 30, 2025 and December 31, 2024 ( in thousands ):

June 30, 2025

December 31, 2024

5 unchanged sentences

Intangible assets, net

Corporate fixed assets, net of accumulated depreciation of $ 10,183 and $ 9,591 as of March 31, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowances of $ 357 and $ 352 as of March 31, 2025 and December 31, 2024, respectively

Corporate fixed assets, net of accumulated depreciation of $ 9,322 and $ 9,591 as of June 30, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowances of $ 403 and $ 352 as of June 30, 2025 and December 31, 2024, respectively

Deferred tax assets

5 unchanged sentences

We also measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values.

During the three months ended March 31, 2025, we recognized unrealized losses on our investment in stock of $ 0.5 million, compared to unrealized losses of $ 0.5 million in 2024.

During the three months ended March 31, 2025 and 2024, we recognized unrealized gains on our investments in property technology funds of $ 0.1 million and $ 0.2 million, respectively.

During the three months ended June 30, 2025, we recognized unrealized losses on our investment in stock of $ 0.2 million, compared to unrealized losses of $ 0.3 million in 2024.

During the three months ended June 30, 2025 and 2024, we recognized no unrealized gains or losses on our investments in property technology funds.

During the six months ended June 30, 2025, we recognized unrealized losses on our investment in stock of $ 0.7 million, compared to unrealized losses of $ 0.7 million during the same period in 2024.

During the six months ended June 30, 2025 and 2024, we recognized unrealized gains on our investments in property technology funds of $ 0.1 million and unrealized gains of $ 0.2 million, respectively.

See Note 5 for discussion of our fair value measurements for these investments.

6 unchanged sentences

In 2024, we recorded a non-cash impairment charge of $ 48.6 million to reduce the carrying value of the investment in IQHQ to $ 11.1 million.

As of March 31, 2025

As of June 30, 2025

As of December 31, 2024

10 unchanged sentences

The special cash dividend was declared on December 19, 2024 , to stockholders of record on January 14, 2025 , and was accrued in Dividends payable in our Condensed Consolidated Balance Sheets as of December 31, 2024.

As of March 31, 2025, we have a remaining liability of $ 1.0 million for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved.

As of June 30, 2025, we have a remaining liability of $ 1.0 million for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved.

Revenue from contracts with customers

6 unchanged sentences

Our contracts generally have a single performance obligation, recognized at a point in time.

The Benson Hotel generated revenues of $ 1.4 million and $ 1.2 million for the three months ended March 31, 2025 and 2024 , respectively.

The Benson Hotel generated revenues of $ 2.1 million and $ 1.8 million for the three months ended June 30, 2025 and 2024, respectively, and $ 3.5 million and $ 3.0 million for the six months ended June 30, 2025 and 2024 , respectively.

Recent accounting pronouncements

1 unchanged sentence

Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures.

(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).

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.

11 unchanged sentences

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, 2025, we had remaining commitments for construction-related contracts of $ 138.0 million, with $ 146.7 million undrawn on our non-recourse construction loans.

As of March 31, 2025, we have remaining unfunded commitments of $ 1.2 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry.

As of June 30, 2025, we had remaining commitments for construction-related contracts of $ 125.1 million, with $ 133.2 million undrawn on our non-recourse construction loans.

As of June 30, 2025, we have remaining unfunded commitments of $ 1.2 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.

10 unchanged sentences

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, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of March 31, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.4 million and 8.5 million, respectively.

The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of June 30, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.4 million and 8.5 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.

1 unchanged sentence

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, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of March 31, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.4 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2025 and 2024, are as follows ( in thousands, except per share and per unit data ):

Participating securities were not included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of June 30, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.9 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2025 and 2024, are as follows ( in thousands, except per share and per unit data ):

Three Months Ended

Six Months Ended

Earnings per share

25 unchanged sentences

These instruments are presented as Interest rate contracts in Other assets, net in our Condensed Consolidated Balance Sheets .

As of March 31, 2025, we held interest rate caps with a maximum notional value of $ 370.3 million.

As of June 30, 2025, we held interest rate caps with a maximum notional value of $ 464.3 million.

These instruments were acquired for $ 3.6 million, and the fair value of these instruments is $ 0.5 million as noted in the table below.

3 unchanged sentences

Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate contracts , and any proceeds are reflected in Proceeds from interest rate contracts in our Condensed Consolidated Statements of Cash Flows .

As of March 31, 2025 and December 31, 2024, we had investments in stock of $ 1.1 million and $ 1.6 million, respectively, classified within Level 1 of the GAAP fair value hierarchy.

In addition, as of March 31, 2025 and December 31, 2024, we have investments in property technology funds of $ 3.8 million and $ 3.5 million, respectively, in entities that develop technology related to the real estate industry.

These investments are measure d at net asset value (“NAV”) as a practical expedient.

As of June 30, 2025 and December 31, 2024, we had investments in stock of $ 0.9 million and $ 1.6 million, respectively, classified within Level 1 of the GAAP fair value hierarchy.

In addition, as of June 30, 2025 and December 31, 2024, we have investments in property technology funds of $ 3.8 million and $ 3.5 million, respectively, in entities that develop technology related to the real estate industry.

These investments are m easured at net asset value (“NAV”) as a practical expedient.

The period of time over which the underlying assets in these investments are expected to be liquidated is unknown.

See Note 3 for further information regarding unfunded commitments related to these investments.

The following table summarizes the fair value for our interest rate contracts, investments in stock, and our investments in real estate technology funds as of March 31, 2025 and December 31, 2024 ( in thousands ):

As of March 31, 2025

The following table summarizes the fair value for our interest rate contracts, investments in stock, and our investments in real estate technology funds as of June 30, 2025 and December 31, 2024 ( in thousands ):

As of June 30, 2025

As of December 31, 2024

4 unchanged sentences

Fair Value Disclosures

We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of March 31, 2025, and December 31, 2024 and are categorized within Level 1 of the GAAP fair value hierarchy.

We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios.

We classify the fair value of our non-recourse property debt and non-recourse construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain observable 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, 2025 and December 31, 2024 ( in thousands ):

As of March 31, 2025

We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of June 30, 2025, and December 31, 2024 and are categorized within Level 1 of the GAAP fair value hierarchy.

In addition, the carrying amount of the revolving credit facility approximated its fair value as of June 30, 2025.

We estimate the fair value of our non-recourse property debt and non-recourse construction loans 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, non-recourse construction loans, and revolving credit facility within Level 2 of the GAAP valuation hierarchy based on the significance of certain observable inputs used to estimate their fair value.

The following table summarizes the carrying value and fair value of our non-recourse property debt, and non-recourse construction loans as of June 30, 2025 and December 31, 2024 ( in thousands ):

As of June 30, 2025

As of December 31, 2024

13 unchanged sentences

Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, six VIEs that own interests in real estate.

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.

3 unchanged sentences

Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets.

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of March 31, 2025 and December 31, 2024 ( in thousands, except for Count of VIEs ):

As of March 31, 2025

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2025 and December 31, 2024 ( in thousands, except for Count of VIEs ):

As of June 30, 2025

As of December 31, 2024

14 unchanged sentences

Our apartment homes and commercial spaces are leased to tenants under operating leases.

As of March 31, 2025 , our apartment home leases generally have initial terms of 24 months or less.

As of March 31, 2025, our commercial space leases generally have initial terms betwee n 5 and 15 y ears and represent approximately 8 % to 9 % of our total revenue.

As of June 30, 2025 , our apartment home leases generally have initial terms of 24 months or less.

As of June 30, 2025, our commercial space leases generally have initial terms betwee n 5 and 15 y ears and represent approxim ately 6 % to 7 % of our total revenue.

Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions.

We have a sublease arrangement providing space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029 .

For the three months ended March 31, 2025 and 2024, we recognized sublease income of $ 0.4 million.

For the three and six months ended June 30, 2025, we recognized sublease income of $ 0.4 and $ 0.7 million, respectively.

For the same periods in 2024 , we recognized sublease income of $ 0.4 million and $ 0.7 million, respectively.

The majority of lease payments we receive from our residents and tenants are fixed.

1 unchanged sentence

We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842.

For the three months ended March 31, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ):

For the three and six months ended June 30, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ):

Three Months Ended

Six Months Ended

Fixed lease income

1 unchanged sentence

Total lease income

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of March 31, 2025, are as follows (in thousands) :

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of June 30, 2025, are as follows (in thousands) :

Corporate Office Sublease

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Lease Arrangements

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

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

We have operating leases primarily for corporate office space.

Substantially all of our office lease payments are fixed.

See the table below for lease costs, net of capitalized finance lease costs, for the three months ended March 31, 2025 and 2024 ( in thousands ):

See the table below for lease costs, net of capitalized finance lease costs, for the three and six months ended June 30, 2025 and 2024 ( in thousands ):

Three Months Ended

Six Months Ended

Operating lease costs

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Total lease costs, net of capitalized amounts

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of March 31, 2025, and December 31, 2024:

March 31, 2025

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of June 30, 2025, and December 31, 2024:

June 30, 2025

December 31, 2024

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Additionally, the lease p rovides the lessor at Oak Shore with a residual value guarantee of $ 6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference.

As of March 31, 2025 and December 31, 2024, operating lease right-of-use lease assets of $ 4.6 million and $ 4.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets .

As of March 31, 2025 and December 31, 2024, operating lease liabilities of $ 8.8 million and $ 9.2 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets .

As of June 30, 2025 and December 31, 2024, operating lease right-of-use lease assets of $ 4.3 million and $ 4.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets .

As of June 30, 2025 and December 31, 2024, operating lease liabilities of $ 8.3 million and $ 9.2 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.

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Annual Future Minimum Lease Payments

Combined annual future minimum lease payments under our operating and finance leases are as follows as of March 31, 2025 ( in thousands ):

Combined annual future minimum lease payments under our operating and finance leases are as follows as of June 30, 2025 ( in thousands ):

Operating Leases

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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, 2025 , our Development and Redevelopment segment consists of 9 properties, including one under construction and three substantially completed and in lease-up.

As of June 30, 2025 , our Development and Redevelopment segment consists of 9 properties, including one under construction, two substantially completed and in lease-up, and one that has completed lease-up and is stabilizing operations.

Our Operating segment includes 20 residential apartment communities with 5,243 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period.

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The accounting policies of segments are the same as those described in the summary of significant accounting policies in Note 2.

The following tables present the results of operations of consolidated properties within our segments for the three months ended March 31, 2025 and 2024 ( in thousands ):

The following tables present the results of operations of consolidated properties within our segments for the three months ended June 30, 2025 and 2024 ( in thousands ):

Development and Redevelopment

1 unchanged sentence

Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Rental and other property revenues

13 unchanged sentences

Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Rental and other property revenues

10 unchanged sentences

Income (loss) before income tax

The following tables present the results of operations of consolidated properties within our segments for the six months ended June 30, 2025 and 2024 ( in thousands ):

Development and Redevelopment

Adjustments(1)

Corporate and Amounts Not Allocated to Segments (2)

Six Months Ended June 30, 2025

Rental and other property revenues

Controllable operating expenses (3)

Real estate taxes, net of capitalized amounts

Utilities expense, net of utility reimbursements

Property insurance expense, net of capitalized amounts

Other property operating expenses (4)

Property operating expenses

Property net operating income (loss)

Other operating expenses not allocated to segments (5)

Other items included in income before

income tax (6)

Income (loss) before income tax

Development and Redevelopment

Adjustments(1)

Corporate and Amounts Not Allocated to Segments (2)

Six Months Ended June 30, 2024

Rental and other property revenues

Controllable operating expenses (3)

Real estate taxes, net of capitalized amounts

Utilities expense, net of utility reimbursements

Property insurance expense, net of capitalized amounts

Other property operating expenses (4)

Property operating expenses

Property net operating income (loss)

Other operating expenses not allocated to segments (5)

Other items included in income before

income tax (6)

Income (loss) before income tax

(1) Represents 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.

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(3) Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, turnover, and contract services.

(4) Other property operating expenses include property management costs and casualty gains or losses.

(4) Other property operating expenses include property management costs and casualty gains or losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

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

(6) Other items included in Income before income tax benefit (expense) consist primarily of interest income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, and gain on dispositions of real estate, if any.

Net real estate and non-recourse property debt and construction loans, net, of our segments as of March 31, 2025 and December 31, 2024, were as follows ( in thousands ):

Net real estate and non-recourse property debt and construction loans, net, of our segments as of June 30, 2025 and December 31, 2024, were as follows ( in thousands ):

Development and Redevelopment

As of March 31, 2025

As of June 30, 2025

Buildings and improvements

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Non-recourse property debt and construction loans, net

Capital additions with in our segments for the three months ended March 31, 2025 and 2024, were as follows ( in thousands ):

Three Months Ended March 31,

Capital additions with in our segments for the three and six months ended June 30, 2025 and 2024, were as follows ( in thousands ):

Three Months Ended June 30,

Six Months Ended June 30,

Development and Redevelopment

Corporate amounts not allocated to segments (1)

Corporate and Amounts Not Allocated to Segments (1)

Total capital additions

(1) During the three months ended March 31, 2024, certain capital additions pertained to properties that were sold or reclassified as held for sale, and therefore are not included in our segments as capital additions at those respective period ends.

We added a corporate row to the table above for presentation purposes to display these capital additions for the three months ended March 31, 2024 .

In addition to the amounts disclosed in the tables above, as of March 31, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 107.4 million and $ 122.9 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively.

As of March 31, 2025 , right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

(1) During the three and six months ended June 30, 2025 and 2024, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends.

We added a row to the table above for presentation purposes to display these capital additions for the three and six months ended June 30, 2025 and 2024 .

In addition to the amounts disclosed in the tables above, as of June 30, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 107.1 million and $ 123.7 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively.

As of June 30, 2025 , right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

Note 9 — Subsequent Events

Subsequent to quarter end, in July 2025, the buyer in the agreement to sell the Brickell Assemblage exercised its final closing extension option and increased its non-refundable deposit by $ 7.0 million, bringing the total non-refundable deposit to $ 50.0 million.

Closing is now scheduled for the fourth quarter of 2025.

Our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island, is under contract for $ 740.0 million.

The buyer's $ 20.0 million deposit became non-refundable in August 2025.

Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter of 2025 to accommodate the assumption of the property loan.

Our revolving credit facility is secured primarily with the Boston portfolio.

Upon closing of the sale of the Boston portfolio, the revolving credit facility bank commitments will end, and sale proceeds will be used to retire the credit facility balance borrowed in May 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements