Assets Held for Sale and Discontinued Operations

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Note 8 — Assets Held for Sale and Discontinued 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