Significant Transactions	6 Months Ended
Jun. 30, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 —Significant Transactions Acquisitions and Investments • During the quarter ended March 31, 2022, we entered into a short-term cancellable lease of and a purchase agreement to acquire, for $100.0 million, a nine-acre development site in the Flagler Village neighborhood of Fort Lauderdale, Florida. The site has the potential for the development of approximately three million square feet of mixed-use property, which could contain up to 1,500 residential units at full build-out. On June 2, 2022, we finalized the purchase of part of the site for $64.0 million. Subsequent to the closing, there was $7.2 million remaining in escrow in the seller's name and $28.8 • During the quarter ended March 31, 2022, our Fort Lauderdale consolidated joint venture closed on the 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 cost was allocated among the parcels based on third-party appraisals. At the time of acquisition, one land parcel was subject to a sales agreement with closing expected on or before October 9, 2022. Based on the facts and circumstances related to the sale, we determined the land parcel met the criteria for classification as assets held for sale as of June 30, 2022. These assets are reported at a carrying value of $11.7 million, and are included within Other assets, net in our Condensed Consolidated Balance Sheets. Liabilities related to these assets held for sale of $8.0 million are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets. • During the quarter ended March 31, 2022, we funded the remaining $14.2 million of a total $50.0 million commitment of a passive equity investment in IQHQ Inc. (IQHQ), a privately held life sciences real estate development company. Based on certain facts and circumstances related to the investment, IQHQ was initially reported at cost. During the quarter ended June 30, 2022, 22% of our original investment with a cost basis of $10.8 million was redeemed for $16.5 million. The redemption cash was received after quarter end. Consequently, we recognized a $5.7 million gain from this redemption in our Consolidated Statements of Operations for the three and six months ended June 30, 2022, and a $16.5 million receivable in our Condensed Consolidated Balance Sheets as of June 30, 2022. Further, our remaining investment in IQHQ with a cost basis of $39.2 million was valued at an estimated fair market value of $59.7 million, and a $20.5 million unrealized gain was recognized for the quarter ended June 30, 2022. Joint Venture Transaction • In May 2022, we formed two joint ventures for a ground-up project that entails the construction of 574 residential homes and 20,000 square feet of mixed-use retail and cultural space in Bethesda, Maryland. Aimco holds a 50% share of the joint ventures (the “DC joint ventures”), with a maximum total capital commitment of $18.0 million, of which $12.0 million has been funded as of June 30, 2022. We serve as co-development manager for these ventures, which are expected to begin construction in late 2023. • In March 2022, we 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 holds a 20% share of the joint venture (the “Edgewater joint venture"), which includes our initial contribution of an eighth of an acre of land that we purchased for $1.7 million in January 2022. Our total capital commitment for this venture is $8.0 million. We will serve as the development manager for this venture, which is expected to begin construction in 2023. Dispositions • In April 2022, we closed on the sale of our Pathfinder Village property located in Fremont, California, for a gross sales price of $127.0 million and recognized a gain from the sale of $94.6 million. Pathfinder Village was a stabilized property previously reported within our Operating segment. Lease Arrangements • In June 2022, we as lessee and AIR as lessor, entered into a lease termination agreement pursuant to which AIR is required to pay us a termination payment on September 1, 2022, and upon receipt of such payment, the existing leases with respect to four properties will terminate. See Note 9 for further information.

Significant Transactions

6 Months Ended

Jun. 30, 2022

Note 3 —Significant Transactions

Acquisitions and Investments

•

During the quarter ended March 31, 2022, we entered into a short-term cancellable lease of and a purchase agreement to acquire, for $100.0 million, a nine-acre development site in the Flagler Village neighborhood of Fort Lauderdale, Florida. The site has the potential for the development of approximately three million square feet of mixed-use property, which could contain up to 1,500 residential units at full build-out. On June 2, 2022, we finalized the purchase of part of the site for $64.0 million. Subsequent to the closing, there was $7.2 million remaining in escrow in the seller's name and $28.8

million in letters of credit held in escrow as reserved funds for the transaction. During the quarter ended June 30, 2022, we capitalized $2.8 million in fees as Land along with the closing. See Note 9 for further information.

•

During the quarter ended March 31, 2022, our Fort Lauderdale consolidated joint venture closed on the 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 cost was allocated among the parcels based on third-party appraisals.

At the time of acquisition, one land parcel was subject to a sales agreement with closing expected on or before October 9, 2022. Based on the facts and circumstances related to the sale, we determined the land parcel met the criteria for classification as assets held for sale as of June 30, 2022. These assets are reported at a carrying value of $11.7 million, and are included within Other assets, net in our Condensed Consolidated Balance Sheets. Liabilities related to these assets held for sale of $8.0 million are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets.

•

During the quarter ended March 31, 2022, we funded the remaining $14.2 million of a total $50.0 million commitment of a passive equity investment in IQHQ Inc. (IQHQ), a privately held life sciences real estate development company. Based on certain facts and circumstances related to the investment, IQHQ was initially reported at cost. During the quarter ended June 30, 2022, 22% of our original investment with a cost basis of $10.8 million was redeemed for $16.5 million. The redemption cash was received after quarter end. Consequently, we recognized a $5.7 million gain from this redemption in our Consolidated Statements of Operations for the three and six months ended June 30, 2022, and a $16.5 million receivable in our Condensed Consolidated Balance Sheets as of June 30, 2022. Further, our remaining investment in IQHQ with a cost basis of $39.2 million was valued at an estimated fair market value of $59.7 million, and a $20.5 million unrealized gain was recognized for the quarter ended June 30, 2022.

Joint Venture Transaction

•

In May 2022, we formed two joint ventures for a ground-up project that entails the construction of 574 residential homes and 20,000 square feet of mixed-use retail and cultural space in Bethesda, Maryland. Aimco holds a 50% share of the joint ventures (the “DC joint ventures”), with a maximum total capital commitment of $18.0 million, of which $12.0 million has been funded as of June 30, 2022. We serve as co-development manager for these ventures, which are expected to begin construction in late 2023.

•

In March 2022, we 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 holds a 20% share of the joint venture (the “Edgewater joint venture"), which includes our initial contribution of an eighth of an acre of land that we purchased for $1.7 million in January 2022. Our total capital commitment for this venture is $8.0 million. We will serve as the development manager for this venture, which is expected to begin construction in 2023.

Dispositions

•

In April 2022, we closed on the sale of our Pathfinder Village property located in Fremont, California, for a gross sales price of $127.0 million and recognized a gain from the sale of $94.6 million. Pathfinder Village was a stabilized property previously reported within our Operating segment.

Lease Arrangements

•

In June 2022, we as lessee and AIR as lessor, entered into a lease termination agreement pursuant to which AIR is required to pay us a termination payment on September 1, 2022, and upon receipt of such payment, the existing leases with respect to four properties will terminate. See Note 9 for further information.