Apartment Investment and Management pany(AIV) - 2025 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Presents Aimco's unaudited Q1 2025 consolidated financial statements, including balance sheets, operations, equity, cash flows, and notes Aimco: Condensed Consolidated Balance Sheets This section provides a snapshot of Aimco's financial position at March 31, 2025, and December 31, 2024, detailing assets, liabilities, and equity Aimco: Condensed Consolidated Balance Sheets (in thousands) | ASSETS (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Total real estate | $1,770,223 | $1,747,107 | | Net real estate | $1,256,355 | $1,247,833 | | Cash and cash equivalents | $49,147 | $141,072 | | Assets held for sale, net | $275,929 | $276,079 | | Total assets | $1,872,765 | $1,956,910 | | LIABILITIES AND EQUITY (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Total indebtedness | $1,082,995 | $1,070,660 | | Total liabilities | $1,570,211 | $1,644,613 | | Total Aimco equity | $110,486 | $122,957 | | Total equity | $156,163 | $169,366 | | Total liabilities and equity | $1,872,765 | $1,956,910 | - Total assets decreased from $1.96 billion at December 31, 2024, to $1.87 billion at March 31, 2025, primarily due to a significant reduction in cash and cash equivalents[19] - Cash and cash equivalents saw a substantial decrease from $141.07 million to $49.15 million[19] Aimco: Condensed Consolidated Statements of Operations This section details Aimco's financial performance for the three months ended March 31, 2025, and the comparative period Aimco: Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Rental and other property revenues | $52,352 | $50,203 | | Total operating expenses | $47,666 | $49,216 | | Net income (loss) | $(11,712) | $(7,196) | | Net income (loss) attributable to Aimco | $(13,916) | $(10,186) | | Net income (loss) attributable to Aimco per common share – basic | $(0.10) | $(0.07) | - Net loss attributable to Aimco increased from $(10.19) million in Q1 2024 to $(13.92) million in Q1 2025[21] - Rental and other property revenues increased by $2.15 million (4.3%) year-over-year[21] Aimco: Condensed Consolidated Statements of Equity This section outlines changes in Aimco's consolidated equity for the three months ended March 31, 2025 Aimco: Condensed Consolidated Statements of Equity (in thousands) | (in thousands) | Balances at Dec 31, 2024 | Net income (loss) | Share-based compensation expense | Other, net | Balances at Mar 31, 2025 | | :------------- | :----------------------- | :---------------- | :------------------------------- | :--------- | :----------------------- | | Total Aimco Equity | $122,957 | $(13,916) | $1,352 | $(552) | $110,486 | - Total Aimco equity decreased from $122.96 million at December 31, 2024, to $110.49 million at March 31, 2025, primarily due to net loss[23] Aimco: Condensed Consolidated Statements of Cash Flows This section presents Aimco's cash flow activities for the three months ended March 31, 2025, and the comparative period Aimco: Condensed Consolidated Statements of Cash Flows (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $3,828 | $21,712 | | Net cash used in investing activities | $(19,748) | $(41,089) |\ | Net cash provided by (used in) financing activities | $(79,799) | $20,513 | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $(95,719) | $1,136 | | Cash, cash equivalents and restricted cash at end of period | $77,237 | $140,403 | - Net cash provided by operating activities decreased significantly from $21.71 million in Q1 2024 to $3.83 million in Q1 2025[25] - Net cash used in financing activities was $(79.80) million in Q1 2025, a substantial change from $20.51 million provided in Q1 2024, primarily due to dividend payments[25] Aimco OP L.P.: Condensed Consolidated Balance Sheets This section presents the financial position of Aimco OP L.P. at March 31, 2025, and December 31, 2024 Aimco OP L.P.: Condensed Consolidated Balance Sheets (in thousands) | ASSETS (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Total real estate | $1,770,223 | $1,747,107 | | Net real estate | $1,256,355 | $1,247,833 | | Cash and cash equivalents | $49,147 | $141,072 | | Assets held for sale, net | $275,929 | $276,079 | | Total assets | $1,872,765 | $1,956,910 | | LIABILITIES AND PARTNERS' CAPITAL (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Total indebtedness | $1,082,995 | $1,070,660 | | Total liabilities | $1,570,211 | $1,644,613 | | Total partners' capital | $156,163 | $169,366 | | Total liabilities and partners' capital | $1,872,765 | $1,956,910 | - Aimco OP L.P.'s balance sheet mirrors Aimco's, showing a decrease in total assets and cash and cash equivalents, reflecting the consolidated nature of their operations[28] Aimco OP L.P.: Condensed Consolidated Statements of Operations This section details the financial performance of Aimco OP L.P. for the three months ended March 31, 2025, and the comparative period Aimco OP L.P.: Condensed Consolidated Statements of Operations (in thousands, except per unit data) | (in thousands, except per unit data) | Three Months Ended March 31, 2025 |