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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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

		As of December 31, 2024								As of December 31, 2023
		Consolidated				Unconsolidated				Consolidated				Unconsolidated
Count of VIEs		6				7				5				8
Assets
Net real estate		$	593,837			$	—			$	466,719			$	—
Cash and cash equivalents			4,625				—				3,940				—
Restricted cash			14,913				—				—				—
Notes receivable			18,571				—				17,432				—
Right-of-use lease assets - finance leases			107,714				—				108,992				—
Other assets, net			26,028				26,226				19,393				82,948
Liabilities
Non-recourse construction loans, net			385,240				—				201,103				—
Lease liabilities - finance leases			121,845				—				118,697				—
Accrued liabilities and other			14,518				33,500				35,881				31,018

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, located at 640 NE 34th Street in Miami, Florida. In addition, we secured a non-recourse construction loan commitment for up to $172.0 million that has a maturity date of October 1, 2028, prior to the consideration of a one year extension option. As a result, we performed a reassessment of the entity that owns the property located at 640 NE 34th Street, concluding that it became a VIE and that we are the primary beneficiary. While the consolidation status did not change as it was already consolidated prior to the VIE assessment, its assets and liabilities as of December 31, 2024 are incorporated in the table above.

In December 2024, we closed on the sale of our ownership interest in an unconsolidated investment in land held for development in the Edgewater neighborhood of Miami, Florida. Refer to Note 2 for additional discussion of the OTTI recognized in connection with this transaction.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

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