Apartment Investment and Management pany(AIV) - 2025 Q3 - Quarterly Report

Financial Performance - Net income attributable to Aimco for the three months ended September 30, 2025, was $286,713,000, a significant increase from a net loss of $21,936,000 in the same period of 2024[23]. - Net income for the nine months ended September 30, 2025, was $274,305,000, compared to a net loss of $88,364,000 for the same period in 2024[30]. - Net income attributable to Aimco common stockholders for the three months ended September 30, 2025, was $283.1 million, compared to a net loss of $21.9 million for the same period in 2024[99]. - The net income (loss) from continuing operations for Q3 2025 was $(79,314,000), compared to $(27,347,000) in Q3 2024, indicating a worsening performance in core operations[35]. - The company reported an income tax benefit of $116,000 in Q3 2025, contrasting with an expense of $3,814,000 in Q3 2024, suggesting improved tax efficiency[35]. Revenue and Income - Rental and other property revenues for the nine months ended September 30, 2025, were $103,847,000, up from $101,637,000 in the prior year, indicating a growth of 2.2%[23]. - Rental and other property revenues for Q3 2025 were $35,132,000, a slight decrease from $35,328,000 in Q3 2024, while revenues for the nine months ended September 30, 2025, increased to $103,847,000 from $101,637,000 in the same period of 2024[35]. - Total lease income for the three months ended September 30, 2025, was $33,142,000, a slight decrease of 0.9% compared to $33,439,000 for the same period in 2024[121]. - For the nine months ended September 30, 2025, total lease income was $98,328,000, an increase of 1.6% from $96,749,000 in the same period of 2024[121]. Assets and Liabilities - Total assets increased to $2,076,769,000 as of September 30, 2025, compared to $1,956,910,000 at December 31, 2024, reflecting a growth of approximately 6.1%[21]. - The company’s total liabilities increased to $1,821,512,000 as of September 30, 2025, from $1,644,613,000 at December 31, 2024, reflecting a rise of approximately 10.8%[21]. - The company’s total equity decreased to $103,591,000 as of September 30, 2025, from $169,366,000 at December 31, 2024, indicating a decline of approximately 38.8%[21]. - Cash and cash equivalents rose to $404,379,000 as of September 30, 2025, compared to $141,072,000 at December 31, 2024, representing a substantial increase of 186.5%[21]. - The company had accrued liabilities related to assets held for sale amounting to $174,569,000 as of September 30, 2025[128]. Expenses - Total operating expenses for the three months ended September 30, 2025, were $98,011,000, compared to $46,784,000 in the same period of 2024, showing an increase of 109.5%[23]. - The company reported capital expenditures of $73,874,000 for the nine months ended September 30, 2025, down from $113,869,000 in 2024[30]. - Share-based compensation expense was $4,212,000 for the nine months ended September 30, 2025, compared to $4,857,000 in 2024[30]. - The company reported controllable operating expenses of $20.761 million for the nine months ended September 30, 2025, compared to $20.235 million in 2024, marking an increase of 2.6%[138]. Impairments and Losses - The company reported an impairment on real estate of $57,373,000 for the three months ended September 30, 2025, with no impairment recorded in the same period of 2024[23]. - The company experienced an impairment on real estate amounting to $57,373,000 during the nine months ended September 30, 2025[30]. - The company recognized $57.4 million in impairment losses for certain properties in Colorado's Front Range for the three and nine months ended September 30, 2025, with no impairments recorded in the same periods of 2024[70]. - The company experienced realized and unrealized losses on equity investments amounting to $(4,868,000) in Q3 2025, compared to $(566,000) in Q3 2024, indicating increased volatility in investment performance[35]. Cash Flow - Total cash provided by operating activities for the nine months ended September 30, 2025, was $22.4 million, compared to $46.2 million in 2024[41]. - Cash flows from investing activities showed a net increase of $401.8 million, primarily due to proceeds from dispositions of real estate amounting to $473.6 million[41]. - The company reported dividends paid on common stock and distributions paid on OP Units totaling $88.2 million during the nine months ended September 30, 2025[41]. Real Estate and Investments - The company completed the sale of four properties for an aggregate purchase price of $490,000,000 in September 2025, with the fifth property sold for $250,000,000 in October 2025[127]. - The company recognized a gain on dispositions of real estate amounting to $377,117,000 for the three months ended September 30, 2025, significantly higher than the income from discontinued operations of $382,306,000[128]. - The company has investments in real estate technology funds valued at $4.8 million as of September 30, 2025, up from $3.5 million as of December 31, 2024[104]. - The company reported total assets held for sale of $75,912,000 as of September 30, 2025, down from $181,095,000 as of December 31, 2024[128]. Future Plans and Commitments - The company’s Board approved a Plan of Sale and Liquidation, subject to stockholder approval, anticipated to be submitted in early 2026[147]. - The company has remaining unfunded commitments of $1.1 million related to investments in property technology funds as of September 30, 2025[91]. - The company had remaining commitments for construction-related contracts of $107.6 million as of September 30, 2025[90].