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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

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

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)

 

Maryland (Apartment Investment and Management Company)

 

84-1259577

Delaware (Aimco OP L.P.)

 

85-2460835

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

4582 South Ulster Street, Suite 1450

 

 

Denver, Colorado

 

80237

(Address of principal executive offices)

 

(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:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Class A Common Stock (Apartment Investment and Management Company)

 

AIV

 

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.

 

Apartment Investment and Management Company: Yes  ☒ No ☐

 

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).

 

Apartment Investment and Management Company: Yes  ☒ No ☐

 

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:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

Aimco OP L.P.:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

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.

 

Apartment Investment and Management Company:

 

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).

 

Apartment Investment and Management Company: Yes     No ☒

 

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

 

 

 


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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


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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

 

 

Page

 

PART I. FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS

 

 

Apartment Investment and Management Company:

 

 

Condensed Consolidated Balance Sheets (Unaudited)

4

 

Condensed Consolidated Statements of Operations (Unaudited)

5

 

Condensed Consolidated Statements of Equity (Unaudited)

6

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

8

 

Aimco OP L.P.:

 

 

Condensed Consolidated Balance Sheets (Unaudited)

10

 

Condensed Consolidated Statements of Operations (Unaudited)

11

 

Condensed Consolidated Statements of Partners’ Capital (Unaudited)

12

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

14

 

Notes to the Condensed Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. (Unaudited)

16

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

32

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

43

ITEM 4.

CONTROLS AND PROCEDURES

44

 

PART II. OTHER INFORMATION

 

ITEM 1A.

RISK FACTORS

45

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

45

ITEM 6.

EXHIBITS

46

Signatures

 

48

 

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)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Buildings and improvements

 

$

1,269,624

 

 

$

1,257,214

 

Land

 

 

601,757

 

 

 

534,285

 

Total real estate

 

 

1,871,381

 

 

 

1,791,499

 

Accumulated depreciation

 

 

(519,868

)

 

 

(561,115

)

Net real estate

 

 

1,351,513

 

 

 

1,230,384

 

Cash and cash equivalents

 

 

81,799

 

 

 

233,374

 

Restricted cash

 

 

12,510

 

 

 

11,208

 

Mezzanine investment

 

 

354,365

 

 

 

337,797

 

Interest rate options

 

 

51,286

 

 

 

25,657

 

Right-of-use lease assets

 

 

130,532

 

 

 

429,768

 

Receivable from lease termination

 

 

186,318

 

 

 

 

Other assets, net

 

 

251,089

 

 

 

165,913

 

Total assets

 

$

2,419,412

 

 

$

2,434,101

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2021

 

 

149,818

 

 

$

1,498

 

 

$

521,842

 

 

$

(22,775

)

 

$

500,565

 

 

$

35,213

 

 

$

26,455

 

 

$

562,233

 

Net income attributable to Aimco

 

 

 

 

 

 

 

 

 

 

 

247,346

 

 

 

247,346

 

 

 

 

 

 

 

 

 

247,346

 

Net income attributable to noncontrolling interests in consolidated real estate partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

344

 

 

 

 

 

 

344

 

Net income attributable to common noncontrolling interests in Aimco Operating Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,094

 

 

 

13,094

 

Redemption of OP Units

 

 

39

 

 

 

 

 

 

1,535

 

 

 

 

 

 

1,535

 

 

 

 

 

 

(1,678

)

 

 

(143

)

Share-based compensation expense

 

 

 

 

 

 

 

 

2,780

 

 

 

 

 

 

2,780

 

 

 

 

 

 

1,257

 

 

 

4,037

 

Distribution to noncontrolling interests in consolidated real estate partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(605

)

 

 

 

 

 

(605

)

Contributions from noncontrolling interests in consolidated real estate partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,718

 

 

 

 

 

 

9,718

 

Purchase of noncontrolling interests in consolidated real estate partnerships

 

 

 

 

 

 

 

 

(7,244

)

 

 

 

 

 

(7,244

)

 

 

 

 

 

 

 

 

(7,244

)

Common stock repurchased

 

 

(742

)

 

 

(7

)

 

 

(4,412

)

 

 

 

 

 

(4,419

)

 

 

 

 

 

 

 

 

(4,419

)

Other Common Stock issuances

 

 

106

 

 

 

1

 

 

 

851

 

 

 

 

 

 

852

 

 

 

 

 

 

 

 

 

852

 

Redemption of redeemable noncontrolling interests in consolidated real estate partnerships

 

 

 

 

 

 

 

 

(183

)

 

 

 

 

 

(183

)

 

 

 

 

 

 

 

 

(183

)

Other, net

 

 

(124

)

 

 

 

 

 

(104

)

 

 

(4

)

 

 

(108

)