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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Total Compensation Cost Recognized for Share-Based Awards

For the years ended December 31, 2023, 2022, and 2021, total compensation cost recognized for share-based awards was (in thousands):

 

 

 

2023

 

 

2022

 

 

2021

 

Share-based compensation expense (1)

 

$

9,221

 

 

$

6,441

 

 

$

3,377

 

Capitalized share-based compensation (2)

 

 

1,274

 

 

 

1,016

 

 

 

340

 

   Total share-based compensation (3)

 

$

10,495

 

 

$

7,457

 

 

$

3,717

 

 

(1)
Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations.
(2)
Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets.
(3)
Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets.
Summary Activity for Equity Compensation The following two tables summarize activity for equity compensation for the year ended December 31, 2023.

 

 

 

Unvested TSR Stock Options

 

 

Time-Based Restricted Stock Awards

 

 

TSR Restricted Stock Awards

 

 

 

 

Number of
Options

 

 

Weighted-Average
Exercise Price

 

 

Number of
Shares

 

 

Weighted-Average
Fair Value

 

 

Number of
Shares

 

 

Weighted-Average
Fair Value

 

 

Outstanding at beginning of year

 

 

529,967

 

 

$

6.78

 

 

 

2,154,138

 

 

$

6.78

 

 

 

460,745

 

 

$

8.45

 

 

Granted

 

 

—

 

 

 

—

 

 

 

442,162

 

 

 

7.52

 

 

 

525,704

 

 

 

7.51

 

 

Exercised

 

 

—

 

 

 

—

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

Vested

 

 

—

 

 

 

—

 

 

 

(87,587

)

 

 

7.68

 

 

 

(4,995

)

 

 

54.31

 

(1)

Forfeited

 

 

—

 

 

 

—

 

 

 

(33,533

)

 

 

7.23

 

 

 

—

 

 

 

—

 

(1)

Outstanding at end of year

 

 

529,967

 

 

$

6.78

 

 

 

2,475,180

 

 

$

6.87

 

 

 

981,454

 

 

$

7.71

 

 

(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.

 

 

 

Unvested LTIP I Units

 

 

Unvested TSR LTIP II Units

 

 

Unvested Time LTIP II Units

 

 

Convertible LTIP II Units

 

 

 

Number of
Units

 

 

Weighted-Average
Fair Value (1)

 

 

Number of
Units

 

 

Weighted-Average
Conversion
Metric

 

 

Number of
Units

 

 

Weighted-Average
Conversion
Metric

 

 

Number of
Units

 

 

Weighted-Average
Conversion
Metric

 

Outstanding at beginning of year

 

 

7,186

 

 

$

53.33

 

 

 

905,440

 

 

$

5.52

 

 

 

563,334

 

 

$

6.96

 

 

 

743,861

 

 

$

7.44

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

N/A

 

 

N/A

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

 

(4,188

)

 

 

53.28

 

 

 

(3,429

)

 

 

6.12

 

 

 

(563,334

)

 

 

6.96

 

 

 

566,763

 

 

 

6.95

 

Forfeited

 

 

(704

)

 

 

53.44

 

 

 

(1,476

)

 

 

6.12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at end of year

 

 

2,294

 

 

$

53.39

 

 

 

900,535

 

 

$

5.51

 

 

 

—

 

 

$

—

 

 

 

1,310,624

 

 

$

7.23

 

(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.
Summary of Compensation Cost Not Yet Recognized for Share-Based Awards issued to our employees and employees of AIR that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2023 (in thousands, except shares):

 

 Awards

Aimco

 

 

AIR

 

 

 

Unvested Compensation Not Yet Recognized (1)

 

 Time-Based Stock Options

 

—

 

 

 

786,413

 

 

 

$

—

 

 TSR Stock Options (2)

 

529,967

 

 

 

21,035

 

 

 

 

371

 

 Time-Based Restricted Stock Awards

 

2,475,180

 

 

 

3,457

 

 

 

 

7,812

 

 TSR Restricted Stock Awards

 

981,454

 

 

 

9,773

 

 

 

 

3,574

 

 TSR LTIP I Units

 

2,294

 

 

 

—

 

 

 

 

—

 

 TSR LTIP II Units (2)

 

900,535

 

 

 

1,000,045

 

 

 

 

25

 

 Total awards

 

4,889,430

 

 

 

1,820,723

 

 

 

$

11,782

 

(1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR.

(2) The weighted-average exercise price for stock options held by AIR employees is $4.59 per share. The weighted-average conversion metric for LTIP II Units held by AIR employees is $5.49 per unit.
Summary of Assumptions Used for Valuation of TSR-Based Awards Granted

The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2023 and 2022.

 

 TSR Award Assumptions

 

2023

 

2022

 Grant date market value of a common share

 

$7.59

 

$6.96

 Risk-free interest rate

 

3.89%-4.73%

 

0.19%-1.38%

 Dividend yield

 

0%

 

0%

 Expected volatility

 

34.08%-36.19%

 

32.09%-33.04%

 Derived vesting period of TSR Restricted Stock

 

3.0

 

3.0

 Weighted average expected term of TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units

 

N/A

 

4.9