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Assets Held for Sale and Discontinued Operations | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Note 8 — Assets Held for Sale and Discontinue d Operations On August 5, 2025, we entered into an agreement to sell our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for an aggregate purchase price of $740.0 million. In September 2025, we completed the sale of four of the five properties for an aggregate purchase price of $490.0 million. These four properties include properties known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village. The sale of the fifth property, Royal Crest Estates (Nashua), was completed October 3, 2025, subsequent to quarter end, for a gross purchase price of $250.0 million. In connection with the sale of the fifth property, $173.4 million of non-recourse property debt was assumed by the purchaser. We determined that the Boston portfolio was a disposal group that met the criteria of discontinued operations as the sale of these properties represented a strategic shift that had a significant effect on our operations and, as such, the results, assets, and liabilities of these properties are classified as discontinued operations for all periods presented in accordance with ASC 205-20 “Presentation of Financial Statements: Discontinued Operations”. The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the discontinued operations as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Buildings and improvements |  | $ | 62,203 |  |  | $ | 203,593 |
Land |  | $ | 68,231 |  |  |  | 151,301 |
Total real estate |  |  | 130,434 |  |  |  | 354,894 |
Accumulated depreciation |  |  | (54,718 | ) |  |  | (176,566 | )
Net real estate |  |  | 75,716 |  |  |  | 178,328 |
Restricted cash |  |  | — |  |  |  | 1,316 |
Other assets, net |  |  | 196 |  |  |  | 1,451 |
Assets held for sale, net |  | $ | 75,912 |  |  | $ | 181,095 |
Non-recourse property debt, net |  | $ | 172,895 |  |  | $ | 240,994 |
Accrued liabilities and other |  |  | 1,674 |  |  |  | 4,938 |
Liabilities related to assets held for sale, net |  | $ | 174,569 |  |  | $ | 245,932 |
The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues |  | $ | 15,178 |  |  | $ | 17,830 |  |  | $ | 51,573 |  |  | $ | 52,871 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 5,348 |  |  |  | 5,679 |  |  |  | 17,306 |  |  |  | 17,482 |
Depreciation and amortization |  |  | 712 |  |  |  | 2,169 |  |  |  | 4,795 |  |  |  | 7,209 |
Total operating expenses |  |  | 6,060 |  |  |  | 7,848 |  |  |  | 22,101 |  |  |  | 24,691 |
Interest income |  |  | 2 |  |  |  | 8 |  |  |  | 2 |  |  |  | 20 |
Interest expense |  |  | (3,754 | ) |  |  | (2,708 | ) |  |  | (8,999 | ) |  |  | (8,025 | )
Gain on dispositions of real estate |  |  | 377,117 |  |  |  | — |  |  |  | 377,117 |  |  |  | — |
Income (loss) from discontinued operations before income tax |  |  | 382,483 |  |  |  | 7,282 |  |  |  | 397,592 |  |  |  | 20,175 |
Income tax benefit (expense) |  |  | (177 | ) |  |  | — |  |  |  | (177 | ) |  |  | — |
Income (loss) from discontinued operations, net of taxes |  |  | 382,306 |  |  |  | 7,282 |  |  |  | 397,415 |  |  |  | 20,175 |
(Income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership |  |  | (16,084 | ) |  |  | (383 | ) |  |  | (16,871 | ) |  |  | (1,051 | )
Net income (loss) from discontinued operations attributable to Aimco |  | $ | 366,222 |  |  | $ | 6,899 |  |  | $ | 380,544 |  |  | $ | 19,124 |
The following table summarizes cash flow information related to the discontinued operation for the nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Total operating cash flows from (used in) discontinued operations |  | $ | 24,855 |  |  | $ | 28,412 |
Total investing cash flows from (used in) discontinued operations |  |  | 467,771 |  |  |  | (3,635 | )
On December 30, 2024, we entered into an agreement to sell the Brickell Assemblage. 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 September 30, 2025 and December 31, 2024. The transaction does not meet the criteria for discontinued operations classification. The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Buildings and improvements |  | $ | 218,964 |  |  | $ | 218,388 |
Land |  |  | 181,381 |  |  |  | 181,381 |
Total real estate |  |  | 400,345 |  |  |  | 399,769 |
Accumulated depreciation |  |  | (126,840 | ) |  |  | (126,840 | )
Net real estate |  |  | 273,505 |  |  |  | 272,929 |
Restricted cash |  |  | 305 |  |  |  | 517 |
Other assets, net |  |  | 2,043 |  |  |  | 2,633 |
Assets held for sale, net |  | $ | 275,853 |  |  | $ | 276,079 |
Non-recourse property debt, net |  | $ | 157,867 |  |  | $ | 158,888 |
Accrued liabilities and other |  |  | 2,188 |  |  |  | 1,732 |
Liabilities related to assets held for sale, net |  | $ | 160,055 |  |  | $ | 160,620 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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