Significant Transactions	3 Months Ended
Mar. 31, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 —Significant Transactions Acquisitions and Investments During the first quarter of 2022: • Aimco’s Fort Lauderdale consolidated joint venture closed on the previously announced acquisition of three undeveloped land parcels located in downtown Fort Lauderdale for $49.0 million ($25.0 million at Aimco's 51% share), funded primarily by a $40.0 million land loan ($20.4 million at Aimco's share). The $49.0 million purchase price was allocated among the parcels based on third party appraisals. At the time of the acquisition, one land parcel was subject to a sales agreement for disposition and closing on or before October 9, 2022. Based on the facts and circumstances related to the sale, Aimco determined the land parcel meets the criteria for assets held for sale as of March 31, 2022. Assets held for sale are reported at the carrying value of $10.1 million and included within Other assets, net in our condensed consolidated balance sheets. Liabilities related to assets held for sale of $8.0 million are included in Accrued liabilities and other in our condensed consolidated balance sheets. • Aimco entered into a purchase agreement to acquire, for $100.0 million, a 9-acre development site in Fort Lauderdale. The site is located in the Flagler Village neighborhood with the ability to develop approximately three million square feet of mixed-use development, over time. Due to certain transaction stipulations predefined in the purchase agreement, we reserved funds for the transaction by placing $70.0 million of cash, of which $20.0 million is held in escrow in the seller’s name, while $50.0 million is held in escrow in our name and included within restricted cash on the balance sheet at March 31, 2022. Additionally, $30.0 million in letters of credit is held in escrow. See Note 4 for information regarding commitments related to this pending acquisition. Timing of the transaction closing is uncertain but the purchase agreement provides that it shall occur not later than February 24, 2025. Concurrent with entering into the purchase agreement, Aimco entered into a short-term cancelable lease with the seller to obtain development rights of the 9-acre development site. Together, the two contracts are treated as one financing lease as title transfers at the end of the lease arrangement. Refer to Note 9 for details regarding the finance lease. • During the first quarter of 2022, Aimco funded the remaining $14.2 million of a total commitment of a $50.0 million passive equity investment in IQHQ Inc., a privately held life sciences real estate development company. Joint Venture Transaction During the first quarter of 2022, Aimco formed a joint venture for the construction of approximately one million square feet of mixed-use development in the Edgewater neighborhood of Miami, Florida. Aimco has a 20% share of the joint venture, which includes the initial contribution of an eighth of an acre of land that we purchased for $1.7 million in January 2022. Aimco's total capital commitment to the venture is $8.0 million. Aimco will serve as the development manager for the venture and expects to begin construction in 2023.

Significant Transactions

3 Months Ended

Mar. 31, 2022

Note 3 —Significant Transactions

Acquisitions and Investments

During the first quarter of 2022:

•

Aimco’s Fort Lauderdale consolidated joint venture closed on the previously announced acquisition of three undeveloped land parcels located in downtown Fort Lauderdale for $49.0 million ($25.0 million at Aimco's 51% share), funded primarily by a $40.0 million land loan ($20.4 million at Aimco's share). The $49.0 million purchase price was allocated among the parcels based on third party appraisals.

At the time of the acquisition, one land parcel was subject to a sales agreement for disposition and closing on or before October 9, 2022. Based on the facts and circumstances related to the sale, Aimco determined the land parcel meets the criteria for assets held for sale as of March 31, 2022. Assets held for sale are reported at the carrying value of $10.1 million and included within Other assets, net in our condensed consolidated balance sheets. Liabilities related to assets held for sale of $8.0 million are included in Accrued liabilities and other in our condensed consolidated balance sheets.

•

Aimco entered into a purchase agreement to acquire, for $100.0 million, a 9-acre development site in Fort Lauderdale. The site is located in the Flagler Village neighborhood with the ability to develop approximately three million square feet of mixed-use development, over time. Due to certain transaction stipulations predefined in the purchase agreement, we reserved funds for the transaction by placing $70.0 million of cash, of which $20.0 million is held in escrow in the seller’s name, while $50.0 million is held in escrow in our name and included within restricted cash on the balance sheet at March 31, 2022. Additionally, $30.0 million in letters of credit is held in escrow. See Note 4 for information regarding commitments related to this pending acquisition. Timing of the transaction closing is uncertain but the purchase agreement provides that it shall occur not later than February 24, 2025. Concurrent with entering into the purchase agreement, Aimco entered into a short-term cancelable lease with the seller to obtain development rights of the 9-acre development site. Together, the two contracts are treated as one financing lease as title transfers at the end of the lease arrangement. Refer to Note 9 for details regarding the finance lease.

•

During the first quarter of 2022, Aimco funded the remaining $14.2 million of a total commitment of a $50.0 million passive equity investment in IQHQ Inc., a privately held life sciences real estate development company.

Joint Venture Transaction

During the first quarter of 2022, Aimco formed a joint venture for the construction of approximately one million square feet of mixed-use development in the Edgewater neighborhood of Miami, Florida. Aimco has a 20% share of the joint venture, which includes the initial contribution of an eighth of an acre of land that we purchased for $1.7 million in January 2022. Aimco's total capital commitment to the venture is $8.0 million. Aimco will serve as the development manager for the venture and expects to begin construction in 2023.