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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2022
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 1-13232 (Apartment Investment and Management Company)
Commission File Number: 0-56223 (Aimco OP L.P.)
Apartment Investment and Management Company
Aimco OP L.P.
(Exact name of registrant as specified in its charter)
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Maryland (Apartment Investment and Management Company) |
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84-1259577 |
Delaware (Aimco OP L.P.) |
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85-2460835 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
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4582 South Ulster Street, Suite 1450 |
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Denver, Colorado |
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80237 |
(Address of principal executive offices) |
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(Zip Code) |
(303) 224-7900
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Class A Common Stock (Apartment Investment and Management Company) |
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AIV |
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New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act:
None (Apartment Investment and Management Company)
Partnership Common Units (Aimco OP L.P.)
(title of each class)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Apartment Investment and Management Company: Yes ☒ No ☐ |
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Aimco OP L.P.: Yes ☒ No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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Apartment Investment and Management Company: Yes ☒ No ☐ |
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Aimco OP L.P.: Yes ☒ No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Apartment Investment and Management Company:
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Large accelerated filer |
☒ |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
Aimco OP L.P.:
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Large accelerated filer |
☐ |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
☐ |
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Emerging growth company |
☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Apartment Investment and Management Company: |
☐ |
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Aimco OP L.P.: |
☒ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Apartment Investment and Management Company: Yes ☐ No ☒ |
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Aimco OP L.P.: Yes ☐ No ☒ |
The number of shares of Apartment Investment and Management Company Class A Common Stock outstanding as of August 2, 2022: 152,148,729
Table of Contents
EXPLANATORY NOTE
Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT. On December 15, 2020, Aimco completed the separation of its business into two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”). The separation was effected by way of a pro rata distribution, in which stockholders of Aimco received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on December 5, 2020. Apartment Income REIT, L.P. (“AIR Operating Partnership”), formerly known as “Aimco Properties, L.P.” until July 7, 2021, also completed a pro rata distribution of all of the outstanding common limited partnership units of Aimco OP L.P. (“Aimco Operating Partnership” and such units, “OP Units”) to holders of AIR Operating Partnership common limited partnership units and AIR Operating Partnership Class I High Performance partnership units as of the close of business on December 5, 2020. The transactions described in this paragraph are collectively referred to as the “Separation” and are governed by the terms of the Separation and Distribution Agreement (the “Separation Agreement”).
Aimco, through a wholly owned subsidiary, is the general partner and directly is the special limited partner of Aimco Operating Partnership. As of June 30, 2022, Aimco owned 92.6% of the legal interest in the common partnership units of Aimco Operating Partnership and 95.0% of the economic interest in Aimco Operating Partnership. The remaining 7.4% legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.
Aimco Operating Partnership holds all of Aimco’s assets and manages the daily operations of Aimco’s business. Pursuant to Aimco Operating Partnership agreement, Aimco is required to contribute to Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).
This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2022, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.
We believe combining the periodic reports of Aimco and Aimco Operating Partnership into this single report provides the following benefits:
•We present our business as a whole, in the same manner our management views and operates the business;
•We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and Aimco Operating Partnership; and
•We save time and cost through the preparation of a single combined report rather than two separate reports.
We operate Aimco and Aimco Operating Partnership as one enterprise; the management of Aimco directs the management and operations of Aimco Operating Partnership; and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, is managed by Aimco.
We believe it is important to understand the few differences between Aimco and Aimco Operating Partnership in the context of how Aimco and Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), Aimco Operating Partnership generates all remaining capital required by its business. These sources include Aimco Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of real estate.
1
Table of Contents
Equity, partners’ capital, and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of Aimco Operating Partnership. Interests in Aimco Operating Partnership held by entities other than Aimco, which we refer to as OP Units, are classified within partners’ capital in Aimco Operating Partnership’s condensed consolidated financial statements and as noncontrolling interests in Aimco’s condensed consolidated financial statements.
To help investors understand the differences between Aimco and Aimco Operating Partnership, this report provides: separate condensed consolidated financial statements for Aimco and Aimco Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.
2
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
AIMCO OP L.P.
TABLE OF CONTENTS
FORM 10-Q
3
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
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June 30, 2022 |
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December 31, 2021 |
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ASSETS |
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Buildings and improvements |
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$ |
1,269,624 |
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$ |
1,257,214 |
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Land |
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601,757 |
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534,285 |
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Total real estate |
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1,871,381 |
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1,791,499 |
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Accumulated depreciation |
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(519,868 |
) |
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(561,115 |
) |
Net real estate |
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1,351,513 |
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1,230,384 |
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Cash and cash equivalents |
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81,799 |
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233,374 |
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Restricted cash |
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12,510 |
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11,208 |
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Mezzanine investment |
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354,365 |
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337,797 |
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Interest rate options |
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51,286 |
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25,657 |
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Right-of-use lease assets |
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130,532 |
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429,768 |
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Receivable from lease termination |
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186,318 |
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— |
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Other assets, net |
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251,089 |
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165,913 |
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Total assets |
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$ |
2,419,412 |
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$ |
2,434,101 |
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LIABILITIES AND EQUITY |
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|
Non-recourse property debt, net |
|
$ |
801,434 |
|
|
$ |
483,137 |
|
Construction loans, net |
|
|
199,715 |
|
|
|
163,570 |
|
Notes payable to AIR |
|
|
147,039 |
|
|
|
534,127 |
|
Total indebtedness |
|
|
1,148,188 |
|
|
|
1,180,834 |
|
Deferred tax liabilities |
|
|
136,950 |
|
|
|
124,747 |
|
Lease liabilities |
|
|
123,785 |
|
|
|
435,093 |
|
Accrued liabilities and other |
|
|
133,653 |
|
|
|
97,400 |
|
Total liabilities |
|
|
1,542,576 |
|
|
|
1,838,074 |
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests in consolidated real estate partnerships |
|
|
51,814 |
|
|
|
33,794 |
|
Commitments and contingencies (Note 4) |
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Common Stock, $0.01 par value, 510,587,500 shares authorized at both June 30, 2022 and December 31, 2021, and 149,096,590 and 149,818,021 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively |
|
|
1,492 |
|
|
|
1,498 |
|
Additional paid-in capital |
|
|
515,065 |
|
|
|
521,842 |
|
Retained Earnings (accumulated deficit) |
|
|
224,567 |
|
|
|
(22,775 |
) |
Total Aimco equity |
|
|
741,124 |
|
|
|
500,565 |
|
Noncontrolling interests in consolidated real estate partnerships |
|
|
44,665 |
|
|
|
35,213 |
|
Common noncontrolling interests in Aimco Operating Partnership |
|
|
39,233 |
|
|
|
26,455 |
|
Total equity |
|
|
825,022 |
|
|
|
562,233 |
|
Total liabilities and equity |
|
$ |
2,419,412 |
|
|
$ |
2,434,101 |
|
See notes to condensed consolidated financial statements.
4
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
Rental and other property revenues |
|
$ |
50,697 |
|
|
$ |
40,418 |
|
|
$ |
100,691 |
|
|
$ |
80,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses |
|
|
19,708 |
|
|
|
16,403 |
|
|
|
38,929 |
|
|
|
33,345 |
|
Depreciation and amortization |
|
|
34,863 |
|
|
|
20,639 |
|
|
|
57,981 |
|
|
|
41,356 |
|
General and administrative expenses |
|
|
8,961 |
|
|
|
7,383 |
|
|
|
18,433 |
|
|
|
13,694 |
|
Total operating expenses |
|
|
63,532 |
|
|
|
44,425 |
|
|
|
115,343 |
|
|
|
88,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(41,546 |
) |
|
|
(12,638 |
) |
|
|
(56,147 |
) |
|
|
(25,315 |
) |
Mezzanine investment income, net |
|
|
8,330 |
|
|
|
7,551 |
|
|
|
16,567 |
|
|
|
15,018 |
|
Realized and unrealized gains (losses) on interest rate options |
|
|
20,017 |
|
|
|
(16,970 |
) |
|
|
38,795 |
|
|
|
8,377 |
|
Realized and unrealized gains (losses) on equity investments |
|
|
26,630 |
|
|
|
875 |
|
|
|
22,297 |
|
|
|
875 |
|
Gains on dispositions of real estate |
|
|
94,598 |
|
|
|
— |
|
|
|
94,465 |
|
|
|
— |
|
Lease modification income |
|
|
205,387 |
|
|
|
— |
|
|
|
205,387 |
|
|
|
— |
|
Other (expense) income, net |
|
|
(1,413 |
) |
|
|
2,043 |
|
|
|
(1,488 |
) |
|
|
2,406 |
|
Income (expense) before income tax benefit |
|
|
299,168 |
|
|
|
(23,146 |
) |
|
|
305,224 |
|
|
|
(6,812 |
) |
Income tax (expense) benefit |
|
|
(45,957 |
) |
|
|
2,760 |
|
|
|
(41,901 |
) |
|
|
7,860 |
|
Net income (loss) |
|
|
253,211 |
|
|
|
(20,386 |
) |
|
|
263,323 |
|
|
|
1,048 |
|
Net (income) loss attributable to redeemable noncontrolling
interests in consolidated real estate partnerships |
|
|
(1,069 |
) |
|
|
(66 |
) |
|
|
(2,539 |
) |
|
|
86 |
|
Net (income) loss attributable to noncontrolling interests
in consolidated real estate partnerships |
|
|
(346 |
) |
|
|
(275 |
) |
|
|
(344 |
) |
|
|
(566 |
) |
Net (income) loss attributable to common noncontrolling
interests in Aimco Operating Partnership |
|
|
(12,659 |
) |
|
|
1,037 |
|
|
|
(13,094 |
) |
|
|
(44 |
) |
Net income (loss) attributable to Aimco |
|
$ |
239,137 |
|
|
$ |
(19,690 |
) |
|
$ |
247,346 |
|
|
$ |
524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Aimco per common
share – basic (Note 6) |
|
$ |
1.58 |
|
|
$ |
(0.13 |
) |
|
$ |
1.63 |
|
|
$ |
0.00 |
|
Net income (loss) attributable to Aimco per common
share – diluted (Note 6) |
|
$ |
1.57 |
|
|
$ |
(0.13 |
) |
|
$ |
1.62 |
|
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding – basic |
|
|
149,600 |
|
|
|
149,166 |
|
|
|
149,694 |
|
|
|
149,082 |
|
Weighted-average common shares outstanding – diluted |
|
|
150,423 |
|
|
|
149,166 |
|
|
|
150,660 |
|
|
|
149,442 |
|
See notes to condensed consolidated financial statements.
5
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended June 30, 2022 and 2021
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests in |
|
|
Common
Noncontrolling
Interests in |
|
|
|
|
|
|
Shares
Issued |
|
|
Amount |
|
|
Additional
Paid-
in Capital |
|
|
Retained Earnings (accumulated Deficit) |
|
|
Total Aimco
Equity |
|
|
Consolidated
Real Estate
Partnerships |
|
|
Aimco
Operating
Partnership |
|
|
Total
Equity |
|
Balances at March 31, 2021 |
|
|
149,208 |
|
|
$ |
1,491 |
|
|
$ |
516,051 |
|
|
$ |
3,375 |
|
|
$ |
520,917 |
|
|
$ |
31,884 |
|
|
$ |
28,551 |
|
|
$ |
581,352 |
|
Net loss attributable to Aimco |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,690 |
) |
|
|
(19,690 |
) |
|
|
— |
|
|
|
— |
|
|
|
(19,690 |
) |
Net income attributable to noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
275 |
|
|
|
— |
|
|
|
275 |
|
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,037 |
) |
|
|
(1,037 |
) |
Redemption of OP Units |
|
|
440 |
|
|
|
4 |
|
|
|
909 |
|
|
|
— |
|
|
|
913 |
|
|
|
— |
|
|
|
(917 |
) |
|
|
(4 |
) |
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
580 |
|
|
|
— |
|
|
|
580 |
|
|
|
— |
|
|
|
58 |
|
|
|
638 |
|
Distribution to noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(295 |
) |
|
|
— |
|
|
|
(295 |
) |
Other, net |
|
|
15 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
(17 |
) |
|
|
(1 |
) |
|
|
(17 |
) |
Balances at June 30, 2021 |
|
|
149,663 |
|
|
$ |
1,496 |
|
|
$ |
517,540 |
|
|
$ |
(16,315 |
) |
|
$ |
502,721 |
|
|
$ |
31,847 |
|
|
$ |
26,654 |
|
|
$ |
561,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at March 31, 2022 |
|
|
149,690 |
|
|
$ |
1,497 |
|
|
$ |
523,455 |
|
|
$ |
(14,571 |
) |
|
$ |
510,381 |
|
|
$ |
44,629 |
|
|
$ |
26,975 |
|
|
$ |
581,985 |
|
Net income attributable to Aimco |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
239,137 |
|
|
|
239,137 |
|
|
|
— |
|
|
|
— |
|
|
|
239,137 |
|
Net income attributable to noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
346 |
|
|
|
— |
|
|
|
346 |
|
Net income attributable to common noncontrolling interests in Aimco Operating Partnership |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,659 |
|
|
|
12,659 |
|
Redemption of OP Units |
|
|
16 |
|
|
|
— |
|
|
|
581 |
|
|
|
|
|
|
581 |
|
|
|
— |
|
|
|
(591 |
) |
|
|
(10 |
) |
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
1,417 |
|
|
|
— |
|
|
|
1,417 |
|
|
|
— |
|
|
|
191 |
|
|
|
1,608 |
|
Distribution to noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(310 |
) |
|
|
— |
|
|
|
(310 |
) |
Purchase of noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
(7,244 |
) |
|
|
— |
|
|
|
(7,244 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,244 |
) |
Common stock repurchased |
|
|
(540 |
) |
|
|
(5 |
) |
|
|
(3,097 |
) |
|
|
— |
|
|
|
(3,102 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,102 |
) |
Other, net |
|
|
(69 |
) |
|
|
— |
|
|
|
(47 |
) |
|
|
1 |
|
|
|
(46 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(47 |
) |
Balances at June 30, 2022 |
|
|
149,097 |
|
|
$ |
1,492 |
|
|
$ |
515,065 |
|
|
$ |
224,567 |
|
|
$ |
741,124 |
|
|
$ |
44,665 |
|
|
$ |
39,233 |
|
|
$ |
825,022 |
|
See notes to condensed consolidated financial statements.
6
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Six Months Ended June 30, 2022 and 2021
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests in |
|
|
Common
Noncontrolling
Interests in |
|
|
|
|
|
|
Shares
Issued |
|
|
Amount |
|
|
Additional
Paid-
in Capital |
|
|
Retained Earnings (accumulated Deficit) |
|
|
Total Aimco
Equity |
|
|
Consolidated
Real Estate
Partnerships |
|
|
Aimco
Operating
Partnership |
|
|
Total
Equity |
|
Balances at December 31, 2020 |
|
|
149,036 |
|
|
$ |
1,490 |
|
|
$ |
515,127 |
|
|
$ |
(16,839 |
) |
|
$ |
499,778 |
|
|
$ |
31,877 |
|
|
$ |
27,436 |
|
|
$ |
559,091 |
|
Net income attributable to Aimco |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
524 |
|
|
|
524 |
|
|
|
— |
|
|
|
— |
|
|
|
524 |
|
Net income attributable to noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
566 |
|
|
|
— |
|
|
|
566 |
|
Net income attributable to common noncontrolling interests in Aimco Operating Partnership |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44 |
|
|
|
44 |
|
Redemption of OP Units |
|
|
440 |
|
|
|
4 |
|
|
|
898 |
|
|
|
— |
|
|
|
902 |
|
|
|
— |
|
|
|
(942 |
) |
|
|
(40 |
) |
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
751 |
|
|
|
— |
|
|
|
751 |
|
|
|
— |
|
|
|
116 |
|
|
|
867 |
|
Distribution to noncontrolling interests in consolidated real estate partnerships |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(582 |
) |
|
|
— |
|
|
|
(582 |
) |
Other common stock issuances |
|
|
232 |
|
|
|
2 |
|
|
|
1,069 |
|
|
|
— |
|
|
|
1,071 |
|
|
|
— |
|
|
|
— |
|
|
|
1,071 |
|
Other, net |
|
|
(45 |
) |
|
|
— |
|
|
|
(305 |
) |
|
|
— |
|
|
|
(305 |
) |
|
|
(14 |
) |
|
|
— |
|
|
|
(319 |
) |
Balances at June 30, 2021 |
|
|
149,663 |
|
|
$ |
1,496 |
|
|
$ |
517,540 |
|
|
$ |
(16,315 |
) |
|
$ |
502,721 |
|
|
$ |
31,847 |
|
|
$ |
26,654 |
|
|
$ |
561,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|