AIMCO PROPERTIES L.P.

CIK:0000926660|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Total revenues	$ 193,931,000	$ 200,477,000	$ 387,613,000	$ 403,949,000
EXPENSES
Property operating expenses	61,338,000	62,068,000	122,742,000	122,430,000
Property management expenses	9,399,000	8,046,000	18,421,000	18,238,000
Depreciation and amortization	75,968,000	77,190,000	151,770,000	155,795,000
General and administrative expenses	7,838,000	8,831,000	15,876,000	15,835,000
Other expenses, net	23,524,000	8,897,000	36,245,000	16,927,000
Property management and operating expenses	178,067,000	165,032,000	345,054,000	329,225,000
Interest income	3,663,000	6,958,000	8,609,000	14,567,000
Interest expense	(81,947,000)	(92,248,000)	(163,184,000)	(186,085,000)
Loss on extinguishment of debt	(36,000)	(922,000)	(36,000)	(2,030,000)
Gain on dispositions of real estate	0	135,874,000	0	241,400,000
Loss on impairment of real estate	(2,035,000)	0	(2,035,000)	0
Loss on impairment of goodwill	(6,136,000)	0	(6,136,000)	0
Gain (loss) on derivative instruments, net	20,253,000	(1,882,000)	35,789,000	(15,559,000)
Income (loss) from unconsolidated real estate partnerships	10,230,000	(2,921,000)	15,346,000	(6,531,000)
Income (loss) before income tax benefit (expense)	(40,144,000)	80,304,000	(69,088,000)	120,486,000
Income tax benefit (expense)	2,000	(244,000)	(13,000)	(264,000)
Net income (loss)	(40,142,000)	80,060,000	(69,101,000)	120,222,000
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(790,000)	(29,746,000)	(1,369,000)	(31,550,000)
Net income (loss) attributable to the AIR Operating Partnership	(40,932,000)	50,314,000	(70,470,000)	88,672,000
Net income attributable to the AIR Operating Partnership's preferred unitholders	(1,147,000)	(1,153,000)	(2,295,000)	(2,307,000)
Net income (loss) attributable to the AIR Operating Partnership’s common unitholders	$ (42,079,000)	$ 49,161,000	$ (72,765,000)	$ 86,365,000
Net income (loss) attributable to the AIR Operating Partnership's common unitholders per unit – basic (in dollars per share)	$ (0.28)	$ 0.33	$ (0.48)	$ 0.57
Net income (loss) attributable to the AIR Operating Partnership's common unitholders per unit - diluted (in dollars per share)	$ (0.28)	$ 0.33	$ (0.48)	$ 0.57
Weighted average common units outstanding - basic (in shares)	151,015	151,100	151,016	152,222
Weighted average common units outstanding - diluted	151,015	153,373	151,016	154,414
Rental and other property revenues
REVENUES
Total revenues	$ 187,918,000	$ 195,402,000	$ 377,178,000	$ 394,329,000
Other revenues
REVENUES
Total revenues	$ 6,013,000	$ 5,075,000	$ 10,435,000	$ 9,620,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (69,101)	$ 120,222
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	151,770	155,795
Loss on impairments of real estate and goodwill	8,171	0
Gain on dispositions of real estate	0	(241,400)
Amortization of debt issuance costs	14,067	13,878
(Income) loss from unconsolidated real estate partnerships	(15,346)	6,531
Unrealized (gain) loss on derivative instruments, net	(39,278)	17,285
Write-off of redevelopment costs	5,824	0
Other, net	267	4,903
Net changes in operating assets and operating liabilities	7,726	(10,380)
Net cash provided by operating activities	64,100	66,834
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(7,019)	0
Capital expenditures	(35,477)	(58,880)
Proceeds from dispositions of real estate	73,187	262,810
Proceeds from dispositions of unconsolidated real estate partnerships	21,616	0
Purchase of corporate assets	(2,041)	(6,858)
Other investing activities, net	913	512
Net cash provided by investing activities	51,179	197,584
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	0	71,720
Principal payments and paydowns of non-recourse property debt	(59,648)	(315,884)
Payment of distributions to General Partner and Special Limited Partner	(172,574)	(189,385)
Payment of distributions to Limited Partners	(7,759)	(8,618)
Payment of distributions to noncontrolling interests	(2,053)	(8,921)
Redemption of common and preferred units	0	(2,861)
Other financing activities, net	(2,551)	(2,780)
Net cash used in financing activities	(244,585)	(456,729)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(129,306)	(192,311)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	372,372	644,459
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 243,066	$ 452,148

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Buildings and improvements	$ 5,863,778	$ 6,126,780
Land	1,123,987	1,179,653
Total real estate	6,987,765	7,306,433
Accumulated depreciation	(2,554,236)	(2,499,663)
Net real estate	4,433,529	4,806,770
Cash and cash equivalents	216,058	346,310
Restricted cash	27,008	26,062
Investment in unconsolidated real estate partnerships	305,570	314,297
Goodwill	26,151	32,286
Other assets, net	262,291	230,376
Assets held for sale	185,937	0
Total assets	5,456,544	5,756,101
LIABILITIES AND PARTNERS’ DEFICIT
Non-recourse property debt, net	5,671,953	5,717,500
Accrued liabilities and other	293,368	291,577
Total liabilities	5,965,321	6,009,077
Commitments and contingencies (Note 7)
Redeemable preferred units	56,409	56,456
Partners’ deficit:
General Partner and Special Limited Partner	(538,841)	(295,007)
Limited Partners	107,269	118,505
Partners’ capital attributable to the AIR Operating Partnership	(431,572)	(176,502)
Noncontrolling interests in consolidated real estate partnerships	(133,614)	(132,930)
Total partners’ deficit	(565,186)	(309,432)
Total liabilities, redeemable preferred units, and partners’ deficit	$ 5,456,544	$ 5,756,101