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Assets Held for Sale and Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Disposal Groups Including 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 |
Summary of Cash Flow Information Related to Discontinued Operation | 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 | )
Schedule of Assets and Liabilities Related to Real Estate Properties Held for Sale | 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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