XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.23.3

Lease Arrangements | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Lease Arrangements | 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 and nine months ended September 30, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Aimco as Lessee
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Fixed lease income |  | $ | 43,937 |  |  | $ | 44,239 |  |  | $ | 127,150 |  |  | $ | 137,519 |
Variable lease income |  |  | 3,640 |  |  |  | 3,443 |  |  |  | 10,046 |  |  |  | 10,853 |
Total lease income |  | $ | 47,577 |  |  | $ | 47,682 |  |  | $ | 137,196 |  |  | $ | 148,372 |
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 September 30, 2023 and December 31, 2022, our finance leases had weighted-average remaining terms of 93.6 years and 94.2 years, respectively, and weighted-average discount rates of 6.1% at each period end, respectively. For the three and nine months ended September 30, 2023, amortization related to our finance leases was $0.0 million for each period, respectively, net of amounts capitalized, compared to $0.0 million and $6.7 million, respectively, for the three and nine months ended September 30, 2022. For the three and nine months ended September 30, 2023, we capitalized $2.1 million and $6.3 million, respectively, of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $1.7 million and $6.5 million, respectively, for the three and nine months ended September 30, 2022. 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 September 30, 2023 and December 31, 2022, our operating leases had weighted-average remaining terms of 5.4 years and 6.3 years, respectively, and weighted-average discount rates of 3.3%, and 3.4%, respectively. We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the three and nine months ended September 30, 2023 was $0.4 million and $1.1 million, respectively, compared to $0.2 million and $0.5 million, respectively, for the three and nine months ended September 30, 2022. As of September 30, 2023 and December 31, 2022, operating lease right-of-use lease assets of $6.6 million and $6.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets. As of September 30, 2023 and December 31, 2022, operating lease liabilities of $12.1 million and $12.8 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 the three and nine months ended September 30, 2023, we recognized sublease income of $0.4 million and $1.1 million, respectively, compared to $0.4 million and $1.1 million, respectively, for the three and nine months ended September 30, 2022. Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows (in thousands):
| Sublease Income and Lease Modification Income |  |  | Operating Lease Future Minimum Rent |  |  | Finance Leases Future Minimum Payments |
Remainder of 2023 | $ | 351 |  |  | $ | 473 |  |  | $ | 725 |
2024 |  | 1,413 |  |  |  | 2,657 |  |  |  | 3,921 |
2025 |  | 1,423 |  |  |  | 2,355 |  |  |  | 4,437 |
2026 |  | 1,433 |  |  |  | 2,341 |  |  |  | 4,954 |
2027 |  | 1,443 |  |  |  | 2,380 |  |  |  | 5,483 |
Thereafter |  | 2,083 |  |  |  | 3,024 |  |  |  | 1,433,296 |
Total | $ | 8,146 |  |  |  | 13,230 |  |  |  | 1,452,816 |
Less: Discount |  |  |  |  | (1,179 | ) |  |  | (1,335,150 | )
Total lease liabilities |  |  |  | $ | 12,051 |  |  | $ | 117,666 |

X
- Definition Leases of company as lessor and lessee. + References No definition available. + Details
Name: | aiv_LeasesOfCompanyAsLessorAndLesseeTextBlock
Namespace Prefix: | aiv_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration