Significant Transactions	9 Months Ended
Sep. 30, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 —Significant Transactions Acquisitions and Investments • In February 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. As of September 30, 2022, we had completed the $100.0 million purchase and recognized an additional $5.9 million of capitalized costs to Land in our Condensed Consolidated Balance Sheets. • In January 2022, our Fort Lauderdale consolidated joint venture closed on the acquisition of three undeveloped land parcels located in downtown Fort Lauderdale, Florida 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 during the fourth quarter of 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 September 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 $8.1 million are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets. • In February 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. In June 2022, 22% of our original investment with a cost basis of $10.8 million was redeemed for $16.5 million. Consequently, we recognized a $5.7 million gain from this redemption, and the redemption cash was received in July 2022. Further at that time, 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. Joint Venture Transactions • In May 2022, we formed two joint ventures for a ground up project on the development of a phased multifamily community totaling 574 units in Bethesda, Maryland. We hold a 50% share of the joint ventures (the “DC joint ventures”), with a maximum total initial capital commitment of $21.6 million, of which $13.4 million has been funded as of September 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. We hold 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 and cash of $0.3 million. Our total capital commitment for this venture is $8.0 million. We will serve as the development manager for this project, which is expected to begin construction in 2023. Dispositions • In July, we sold Cedar Rim, a 104-unit apartment community located in Renton, Washington, for $53.0 million. Cedar Rim was previously reported as held for sale. • In August, we sold 2900 on First, a 135-unit apartment community with 14,000 square feet of retail located in Seattle, Washington for $69.0 million. 2900 on First was previously reported as held for sale. • In May 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 of $94.6 million. Pathfinder Village was a stabilized property previously reported within our Operating segment. Lease Arrangements • In September 2022, we as lessee, received final payment from AIR, pursuant to the lease termination agreement entered into in June 2022. The leases with respect to four properties were terminated, and we relinquished control of these properties. See Note 9 for further information.

Significant Transactions

9 Months Ended

Sep. 30, 2022

Note 3 —Significant Transactions

Acquisitions and Investments

•

In February 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. As of September 30, 2022, we had completed the $100.0 million purchase and recognized an additional $5.9 million of capitalized costs to Land in our Condensed Consolidated Balance Sheets.

•

In January 2022, our Fort Lauderdale consolidated joint venture closed on the acquisition of three undeveloped land parcels located in downtown Fort Lauderdale, Florida 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 during the fourth quarter of 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 September 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 $8.1 million are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets.

•

In February 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. In June 2022, 22% of our original investment with a cost basis of $10.8 million was redeemed for $16.5 million. Consequently, we recognized a $5.7 million gain from this redemption, and the redemption cash was received in July 2022. Further at that time, 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.

Joint Venture Transactions

•

In May 2022, we formed two joint ventures for a ground up project on the development of a phased multifamily community totaling 574 units in Bethesda, Maryland. We hold a 50% share of the joint ventures (the “DC joint ventures”), with a maximum total initial capital commitment of $21.6 million, of which $13.4 million has been funded as of September 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. We hold 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 and cash of $0.3 million. Our total capital commitment for this venture is $8.0 million. We will serve as the development manager for this project, which is expected to begin construction in 2023.

Dispositions

•

In July, we sold Cedar Rim, a 104-unit apartment community located in Renton, Washington, for $53.0 million. Cedar Rim was previously reported as held for sale.

•

In August, we sold 2900 on First, a 135-unit apartment community with 14,000 square feet of retail located in Seattle, Washington for $69.0 million. 2900 on First was previously reported as held for sale.

•

In May 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 of $94.6 million. Pathfinder Village was a stabilized property previously reported within our Operating segment.

Lease Arrangements

•

In September 2022, we as lessee, received final payment from AIR, pursuant to the lease termination agreement entered into in June 2022. The leases with respect to four properties were terminated, and we relinquished control of these properties. See Note 9 for further information.