Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Feb. 27, 2026 |
Jun. 30, 2025 |
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| Document Information [Line Items] | |||||
| Entity Registrant Name | Apartment Investment and Management Company | ||||
| Entity Central Index Key | 0000922864 | ||||
| Document Type | 10-K | ||||
| Document Period End Date | Dec. 31, 2025 | ||||
| Amendment Flag | false | ||||
| Document Fiscal Year Focus | 2025 | ||||
| Document Fiscal Period Focus | FY | ||||
| Current Fiscal Year End Date | --12-31 | ||||
| Entity Current Reporting Status | Yes | ||||
| Entity Interactive Data Current | Yes | ||||
| Entity Filer Category | Large Accelerated Filer | ||||
| Entity Emerging Growth Company | false | ||||
| Entity Well-known Seasoned Issuer | Yes | ||||
| Entity Voluntary Filers | No | ||||
| Entity Small Business | false | ||||
| Entity Shell Company | false | ||||
| Trading Symbol | AIV | ||||
| Entity File Number | 1-13232 | ||||
| Entity Tax Identification Number | 84-1259577 | ||||
| Entity Incorporation, State or Country Code | MD | ||||
| Entity Address, Address Line One | 4582 South Ulster Street | ||||
| Entity Address, Address Line Two | Suite 1450 | ||||
| Entity Address, City or Town | Denver | ||||
| Entity Address, State or Province | CO | ||||
| Entity Address, Postal Zip Code | 80237 | ||||
| City Area Code | 833 | ||||
| Local Phone Number | 373-1300 | ||||
| Entity Common Stock, Shares Outstanding | 143,870,326 | ||||
| Title of 12(b) Security | Class A Common Stock (Apartment Investment and Management Company) | ||||
| Security Exchange Name | NYSE | ||||
| Document Annual Report | true | ||||
| Document Transition Report | false | ||||
| ICFR Auditor Attestation Flag | true | ||||
| Documents Incorporated by Reference | Documents Incorporated by Reference The information required by Part III of this Report, to the extent not set forth herein, is incorporated by reference from Apartment Investment and Management Company's definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after December 31, 2025. |
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| Document Financial Statement Error Correction | false | ||||
| Entity Public Float | $ 1.2 | ||||
| Auditor Firm ID | 248 | 248 | 42 | ||
| Auditor Name | GRANT THORNTON LLP | GRANT THORNTON LLP | Ernst & Young LLP | ||
| Auditor Location | Denver, Colorado | Denver, Colorado | Denver, Colorado | ||
| Auditor Opinion | Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations,equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 2, 2026 expressed an unqualified opinion. |
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| Aimco OP L.P. [Member] | |||||
| Document Information [Line Items] | |||||
| Entity Registrant Name | Aimco OP L.P. | ||||
| Entity Central Index Key | 0000926660 | ||||
| Document Type | 10-K | ||||
| Document Period End Date | Dec. 31, 2025 | ||||
| Amendment Flag | false | ||||
| Document Fiscal Year Focus | 2025 | ||||
| Document Fiscal Period Focus | FY | ||||
| Current Fiscal Year End Date | --12-31 | ||||
| Entity Current Reporting Status | Yes | ||||
| Entity Interactive Data Current | Yes | ||||
| Entity Filer Category | Accelerated Filer | ||||
| Entity Emerging Growth Company | false | ||||
| Entity Well-known Seasoned Issuer | Yes | ||||
| Entity Voluntary Filers | No | ||||
| Entity Small Business | false | ||||
| Entity Shell Company | false | ||||
| Entity File Number | 0-56223 | ||||
| Entity Tax Identification Number | 85-2460835 | ||||
| Entity Incorporation, State or Country Code | DE | ||||
| Entity Address, Address Line One | 4582 South Ulster Street | ||||
| Entity Address, Address Line Two | Suite 1450 | ||||
| Entity Address, City or Town | Denver | ||||
| Entity Address, State or Province | CO | ||||
| Entity Address, Postal Zip Code | 80237 | ||||
| City Area Code | 833 | ||||
| Local Phone Number | 373-1300 | ||||
| ICFR Auditor Attestation Flag | true | ||||
| Auditor Firm ID | 248 | 248 | 42 | ||
| Auditor Name | GRANT THORNTON LLP | GRANT THORNTON LLP | Ernst & Young LLP | ||
| Auditor Location | Denver, Colorado | Denver, Colorado | Denver, Colorado | ||
| Auditor Opinion | Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Aimco OP L.P. (a Delaware limited partnership) and subsidiaries (the “Partnership”) as of December 31, 2025 and 2024, the related consolidated statements of operations, partners’ capital, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 2, 2026 expressed an unqualified opinion. |
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common Stock, shares authorized (in shares) | 510,587,500 | 510,587,500 |
| Common Stock, shares issued (in shares) | 140,158,784 | 136,351,966 |
| Common Stock, shares outstanding (in shares) | 140,158,784 | 136,351,966 |
| General partners' capital account units issued | 140,158,784 | 136,351,966 |
| General partners' capital account units outstanding | 140,158,784 | 136,351,966 |
| Limited partners' capital account units issued | 4,924,401 | 7,555,109 |
| Limited partners' capital account units outstanding | 4,924,401 | 7,555,109 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 547,161 | $ (103,988) | $ (166,196) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Cybersecurity Risk Management, Strategy and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Abstract] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We use the NIST Cybersecurity Framework and CIS Critical Security Controls as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet any particular technical standards, specifications, or requirements. Our cybersecurity risk management program is integrated with our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes the following key elements: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment; • a team comprised of IT personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents; • the use of external cybersecurity service providers, where appropriate, to monitor, assess, test or otherwise assist with aspects of our security processes; • cybersecurity awareness training of employees with access to our IT systems; • a cybersecurity incident response plan and Security Operations Center (“SOC”) to respond to cybersecurity incidents; and • a third-party risk management process for service providers. There can be no assurance that our cybersecurity risk management program, including our controls, procedures and processes, will be fully complied with or that our program will be fully effective in protecting the confidentiality, integrity and availability of our information systems, product and network. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized and material, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. These and other risks related to cybersecurity matters are described in more detail in Item 1A. Risk Factors. Cybersecurity Governance Our Board considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. The Audit Committee oversees management’s design, implementation, and enforcement of our cybersecurity risk management program. Our Chief Information Officer (“CIO”) reports to the Chief Administrative Officer & General Counsel and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CIO on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. Audit Committee members also receive periodic presentations on cybersecurity topics from our CIO, supported by our internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies. Our CIO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment. Our CIO is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO has primary responsibility for leading our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity service providers. Our CIO has been publicly recognized as a cybersecurity thought leader by leading industry analysts. Our CIO has over 25 years of technical leadership and industry experience, which is inclusive of global experience in managing and leading IT and cybersecurity teams. Our cybersecurity team holds industry standard certifications and participates in routine training. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our cybersecurity risk management program is integrated with our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. The Audit Committee oversees management’s design, implementation, and enforcement of our cybersecurity risk management program. Our Chief Information Officer (“CIO”) reports to the Chief Administrative Officer & General Counsel and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CIO on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. Audit Committee members also receive periodic presentations on cybersecurity topics from our CIO, supported by our internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies. Our CIO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment. Our CIO is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO has primary responsibility for leading our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity service providers. Our CIO has been publicly recognized as a cybersecurity thought leader by leading industry analysts. Our CIO has over 25 years of technical leadership and industry experience, which is inclusive of global experience in managing and leading IT and cybersecurity teams. Our cybersecurity team holds industry standard certifications and participates in routine training. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee receives regular reports from our CIO on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. |
| Cybersecurity Risk Role of Management [Text Block] | Our Chief Information Officer (“CIO”) reports to the Chief Administrative Officer & General Counsel and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CIO on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. Audit Committee members also receive periodic presentations on cybersecurity topics from our CIO, supported by our internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies. Our CIO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our CIO is responsible for assessing and managing our material risks from cybersecurity threats. Our CIO has primary responsibility for leading our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity service providers. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CIO has been publicly recognized as a cybersecurity thought leader by leading industry analysts. Our CIO has over 25 years of technical leadership and industry experience, which is inclusive of global experience in managing and leading IT and cybersecurity teams. Our cybersecurity team holds industry standard certifications and participates in routine training. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Audit Committee receives regular reports from our CIO on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. Audit Committee members also receive periodic presentations on cybersecurity topics from our CIO, supported by our internal security staff, or external experts as part of the Board’s continuing education on topics that impact public companies. Our CIO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Note 1 — Organization Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Aimco, through a wholly-owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of December 31, 2025, Aimco owned 94.1% of the legal interest in the common partnership units of Aimco Operating Partnership and 96.6% of the economic interest in Aimco Operating Partnership. The remaining 5.9% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as “OP Units”. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. This filing combines the Annual Reports on Form 10-K for the fiscal year ended December 31, 2025, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, each is referred to specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities. At December 31, 2025, our entire portfolio of operating residential apartment communities includes 2,524 apartment homes within 15 consolidated stabilized operating properties, including two operating properties held for sale, complete 689-unit community with approximately 105,000 square feet of retail space, a complete 220-unit community, and four unconsolidated properties. Additionally, we have a completed single family rental community with 16 homes and eight accessory dwelling units, a waterfront ground-up development under construction with 114 planned units, a 106-key luxury hotel with event space, and undeveloped land parcels. We also hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ Holdings, LP (“IQHQ”); and our investment in real estate technology funds. On November 10, 2025, our Board of Directors (the “Board”) determined advisable and approved a Plan of Sale and Liquidation (the “Plan of Sale and Liquidation”), subject to stockholder approval. The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986 (the “Code”), as amended, and the MGCL. On February 6, 2026, holders of Common Shares representing approximately 83% of the outstanding Common Shares voted in favor of the adoption of the Plan of Sale and Liquidation. As a result, the Plan of Sale and Liquidation was adopted. |
Basis of Presentation and Summary of Significant Accounting Policies |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Principles of Consolidation We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity (“VIE”). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. Refer to Note 5 for further information. Common noncontrolling interests in Aimco Operating PartnershipCommon noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets as Common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the years ended December 31, 2025, 2024, and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 4.5%, 5.2%, and 5.1%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable noncontrolling interests in consolidated real estate partnershipsRedeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that generally, after a specified holding period, has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2025, consists of the following: (i) a preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7% preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5% preferred return per annum in an entity that owns a waterfront ground-up development. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2025. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2025 , 2024, and 2023 (in thousands):
(1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $5.0 million. (2) In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships and are amortized using the effective interest method in accordance with GAAP. Mezzanine Investment In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. While legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment. Throughout the term of the Mezzanine Investment, we have performed an assessment to determine whether the fair value of the Mezzanine Investment is less than its net carrying value on an other-than-temporary basis. In 2023, we determined our Mezzanine Investment was incrementally impaired after considering various factors, including the mezzanine loan’s nearing maturity date and further decline in value of the real estate collateral. As a result, we recognized a non-cash impairment charge of $158.0 million to reduce the carrying value of the Mezzanine Investment to zero. In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Consolidated Balance Sheets. Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $134.0 million plus an annualized return. While the Mezzanine Investment had not been repaid and was in maturity default as of December 31, 2025, we are precluded from derecognizing the liability until it has been extinguished in accordance with GAAP. In connection with the participation sold, the purchaser also made a $4.0 million non-refundable payment for the option to acquire the remaining 80% in the Mezzanine Investment. The option expired unexercised in the quarter ended December 31, 2023. As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations. Real EstateCapital additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the capital additions activities are suspended or when communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $12.9 million, $21.5 million, and $39.7 million of interest costs, respectively. For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $5.7 million, $8.0 million, and $14.3 million of indirect costs, respectively. Assets held for sale and discontinued operations We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets. Properties held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. In connection with the held for sale evaluation, if the disposal or intended disposal represents a strategic shift in operations (e.g., a disposal of a major geographic area or a major line of business) that has, or will have, a major effect on our consolidated financial statements, then the property is presented as discontinued operations. For any property qualifying for classification as discontinued operations, the components of net income (loss) presented as discontinued operations are primarily comprised of rental and other property revenues, property operating expenses, depreciation and amortization, and interest expense. We reclassify interest expense related to property debt within discontinued operations when the related property is sold or classified as held for sale. For periods prior to the property qualifying for discontinued operations, we reclassify the results of operations to discontinued operations. The net gain on sale is presented in discontinued operations when recognized. We combine the operating, investing, and financing portions of cash flows attributable to discontinued operations with respective cash flows from continuing operations in the accompanying Consolidated Statements of Cash Flows. See Note 14 for additional information regarding assets held for sale and discontinued operations. Unless otherwise noted or separately presented, the information disclosed in Note 3 through Note 16 (with the exception of Note 14) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented within discontinued operations. Impairment of real estate and other long-lived assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are highly subjective and are based on assumptions, such as anticipated hold periods, future occupancy, future rental or room rates, discount rates, capitalization rates, and recent sales data for comparable properties. In the year ended December 31, 2025, we assessed our properties for impairment as a result of a change in estimated hold period, and, for certain development pipeline properties, the decision not to pursue development given the Plan of Sale and Liquidation. Our assessment resulted in $147.5 million of impairment recognized on certain properties located within Colorado's Front Range and Southeast Florida for the year ended December 31, 2025. The properties are presented within the Development and Other segments within Note 15. There were no such impairments for the years ended December 31, 2024 and 2023. Restricted cashRestricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements. The reconciliation of cash flow information is as follows (in thousands):
Cash equivalentsWe classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash and cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Supplemental cash flow information for the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):
Notes receivable In accordance with GAAP, notes receivable are classified as held for sale or held for investment. Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan. Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis. Notes receivable held for investment are recorded at amortized cost, net of the estimated provision for expected credit losses. A write-off is recognized when all or a portion of the notes receivable is deemed uncollectible. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Consolidated Statements of Operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used. The following table summarizes our Notes receivable as of December 31, 2025 and 2024 (in thousands):
(1) In December 2025, Aimco issued seller financing notes in conjunction with the sale of the Brickell Assemblage. Refer to Note 3 for a description of the contractual terms of the seller financing notes. (2) Subsequent to year end, we finalized an agreement to monetize a seller financing note that had an effective interest rate of 6.0% and a current annual interest rate of 2.9%. The agreement was structured as a modification and repayment of the note in January 2026, reducing the principal balance of $43.2 million to $18.5 million. As a result, we recorded a provision for credit losses of $22.9 million and a write-off to reduce the amortized cost to $18.5 million as of December 31, 2025. The provision for credit losses is reflected in Credit loss expense in our Consolidated Statements of Operations and as a reduction in the carrying value of Notes Receivable in our Consolidated Balance Sheets. Prior to the write-off, the amortized cost was $41.4 million, calculated as the note's $43.2 million principal balance less unamortized discount of $1.5 million and allowance for credit losses of $0.3 million. For the years ended December 31, 2025, 2024, and 2023, the amortization of the discount was $1.2 million, $1.1 million, and $1.1 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations. A roll forward of our allowance for credit losses for the year ended December 31, 2025 is as follows:
(3) In December 2023, we sold a land parcel in downtown Fort Lauderdale also referred to as 200 Broward Avenue. In conjunction with this sale, we provided seller financing with a stated value of $21.2 million that was recorded net of $3.8 million of variable consideration. A portion of the interest payments accrued and were added to the principal balance, due at maturity of the note. In October 2025 we completed the transfer of our ownership interest in the joint venture holding the seller financing as further discussed in Note 3. Other assets, net Other assets, net were comprised of the following amounts as of December 31, 2025 and 2024 (in thousands):
(1) We account for our interest rate contracts as non-designated hedges. See Note 12 for discussion of our fair value measurements for these instruments. Other investments Other investments consist of passive equity investments in stock, property technology funds, and IQHQ, a privately held life sciences real estate development company. We measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value. During the year ended December 31, 2025, we recognized net losses on our investment in stock of $0.3 million, compared to unrealized losses of $1.3 million in 2024 and unrealized gains of $0.7 million in 2023. During the years ended December 31, 2025, 2024 and 2023, we recognized unrealized gains on our investments in property technology funds of $1.1 million, $0.4 million, and $0.0 million, respectively. See Note 12 for discussion of our fair value measurements for these investments. Investment in IQHQ In 2020, Aimco Predecessor made a $50.0 million commitment to IQHQ, a privately held life sciences real estate development company. We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. In 2022, after fully funding our commitment, 22% of our original investment in IQHQ was redeemed for $16.5 million. Our remaining investment in IQHQ, with a cost basis of $39.2 million, was adjusted upward to $59.7 million at the same per share value as the cash redemption per share. In 2024, we recorded a non-cash impairment charge of $48.6 million to reduce the carrying value of the investment in IQHQ to $11.1 million. On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. During the year ended December 31, 2025, we determined that our investment in IQHQ was impaired after consideration of factors, such as continued adverse capital market conditions, IQHQ's financial condition, and capital raising activities that further diluted our investment. As a result, we recorded a non-cash impairment charge of $6.6 million to reduce the carrying value of the investment in IQHQ to $4.5 million as of December 31, 2025. The non-cash impairments are reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2025, and 2024. No realized or unrealized gains or losses were recognized during the year ended December 31, 2023.
Deferred costs, deposits, and other We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. These costs are amortized over the lease term on the same basis as lease income, and are included in Depreciation and amortization in our Consolidated Statements of Operations. We also defer debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in Non-recourse property debt, net in our Consolidated Balance Sheets. We record debt issuance costs associated with construction loans that have not been drawn in Other assets, net in our Consolidated Balance Sheets. These costs are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in Non-recourse construction loans, net in our Consolidated Balance Sheets and subsequently amortized under either the effective interest method or on a straight-line basis, which approximates the effective interest method when used, over the remaining term of the arrangement in Interest expense in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as an expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. Unconsolidated real estate partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate using the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Other income (expense), net in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. On a periodic basis, we assess our investments in unconsolidated real estate partnerships for impairment. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. During the year ended December 31, 2024, we exercised our rights under an existing joint venture agreement, whereby our joint venture partner agreed to purchase our ownership interest in an unconsolidated investment in land held for development in Miami, Florida. As a result of the transaction, we recognized a non-cash other-than-temporary-impairment (“OTTI”) of $2.6 million, within Other income (expense), net in our Condensed Consolidated Statements of Operations. We did not recognize any such impairments of our investments in unconsolidated real estate partnerships during the years ended December 31, 2025, and 2023. Intangible assets, net Intangible assets are included in Other assets, net in our Consolidated Balance Sheets. We recognized amortization on our intangible assets for the years ended December 31, 2025, and 2024, of $0.9 and $0.3 million, respectively. The following table details intangible assets, net of accumulated amortization, for the years ended December 31, 2025 and 2024 (in thousands):
Based on the balance of intangible assets as of December 31, 2025, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands):
Corporate fixed assets, net We capitalize qualified implementation costs incurred in a hosting arrangement that is a service contract for which we are the customer in accordance with the requirements for capitalizing costs incurred to develop internal-use software. These capitalized implementation costs are amortized on a straight-line basis. As of December 31, 2025 and 2024, net capitalized implementation costs of $4.7 million and $5.8 million, respectively, net of $1.3 million and $0.8 million of accumulated depreciation, respectively are included in Other assets, net in our Consolidated Balance Sheets. Accounts receivable, net We present our accounts receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. Additionally, as of December 31, 2025, Accounts receivable, net includes tax withholding receivables of $8.4 million related to property sales during the year ended December 31, 2025. Revenue from leasesWe are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We have elected the practical expedient in accordance with Accounting Standards Codification (“ASC”) 842, Leases, to not separate non-lease components from associated lease components for all classes of underlying assets. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. Dividends payable At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheets. The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards. Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests. In January 2025, we paid a special cash dividend of $0.60 per share to distribute the net proceeds resulting from our 2024 asset sales to stockholders. The special cash dividend was declared on December 19, 2024, to stockholders of record on January 14, 2025, and was accrued in Dividends payable in our Condensed Consolidated Balance Sheets as of December 31, 2024. On September 15, 2025, we declared a special cash dividend of $2.23 per share to distribute the net proceeds resulting from our sale of four of the five properties in our suburban Boston portfolio. The special cash dividend was paid on October 15, 2025, to stockholders of record on September 30, 2025. As of December 31, 2025, and December 31, 2024, we had a liability of $4.3 million and $1.0 million remaining, respectively, for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved. Revenue from contracts with customersWe apply ASC 606, Revenue from Contracts with Customers, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement. Payment terms generally align with when the goods and services are provided. Our contracts generally have a single performance obligation, recognized at a point in time. During the years ended December 31, 2025, 2024, and 2023, the Benson Hotel generated revenues of $7.6 million, $6.7 million, and $2.7 million, respectively. Advertising costsAdvertising costs are expensed as incurred and are included within Property operating expenses in our Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, we recognized total advertising costs of $2.2 million, $2.0 million, and $1.0 million, respectively. Gain or (loss) on dispositions of real estate Gains or losses on dispositions are recognized when the criteria for the derecognition of a nonfinancial asset are met, including when control of the real estate has transferred. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. For the years ended December 31, 2025, 2024, and 2023, we recognized total Gain on dispositions of real estate, including discontinued operations, of $783.0 million, $10.6 million, and $8.0 million, respectively. Refer to Note 3 for further information regarding real estate dispositions. Depreciation and amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 years. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. Income tax benefit (expense)Aimco Aimco has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 1994, and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, Aimco generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which we operate generally have similar tax provisions which recognize Aimco as a REIT for state income tax purposes. We believe that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If Aimco fails to qualify as a REIT in any taxable year, we will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if Aimco qualifies for taxation as a REIT, we may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on our undistributed taxable income and in certain other instances. Taxable income from activities performed through our taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. For the years ended December 31, 2025, 2024, and 2023, we recognized income tax benefit (expense) attributable to continuing operations of $57.6 million, $11.1 million, and $12.8 million, respectively. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Consolidated Statements of Operations. When applicable, we recognize interest and/or penalties related to uncertain tax positions within Income tax benefit (expense) in our Consolidated Statements of Operations. As of December 31, 2025 and 2024, we did not have any material accrued interest or penalties. Aimco and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. Aimco Operating Partnership Aimco Operating Partnership is treated as a “pass-through” entity for United States federal income tax purposes and is not subject to United States federal income taxation. Partners in Aimco Operating Partnership, however, are subject to tax on their allocable share of partnership income, gains, losses, deductions, and credits, regardless of whether the partners receive any actual distributions of cash or other property from Aimco Operating Partnership during the taxable year. Generally, the characterization of any particular item is determined by Aimco Operating Partnership rather than at the partner level, and the amount of a partner’s allocable share of such item is governed by the terms of Aimco Operating Partnership’s Partnership agreement. Aimco Operating Partnership is subject to tax in certain states. Earnings per share and per unitAimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per share and unit computations.Share-based compensationWe measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11.Use of estimatesThe preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Accounting pronouncements adopted in the current yearWe adopted ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” prospectively. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The adoption of this standard has an effect on our disclosures on income tax (Note 7). Recent accounting pronouncementsIn November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires disaggregated disclosure of income statement expenses. The ASU does not change the expense captions an entity presents on the face of the income statement. Rather, it requires disclosure in a tabular format of the disaggregation of any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 should be applied on a prospective basis, while retrospective application is permitted. Management has determined this accounting pronouncement will not have a material effect on our financial statements due to the expected change to liquidation basis of accounting upon stockholder approval of the Plan of Sale and Liquidation. |
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| Significant Transactions | Note 3 — Significant Transactions Real estate dispositions During the years ended December 31, 2025, 2024, and 2023, we sold properties as summarized below (dollars in thousands):
During the year ended December 31, 2025, we sold the five properties within our Boston Portfolio for an aggregate purchase price of $740.0 million. In connection with the sale, $173.4 million of non-recourse property debt was assumed by the buyer. We recognized a gain from the sale of the Boston Portfolio of $545.9 million within Income (loss) from discontinued operations, net of taxes in our Consolidated Statements of Operations.
During the year ended December 31, 2025, we sold our ownership interests in the two properties comprising the Brickell Assemblage for an aggregate purchase price of $520.0 million. The sale included $85.0 million of transferable seller financing notes provided from Aimco to the buyer at closing. The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12% to 16% after twelve months, as well as exit fees of 3%. The seller financing notes also allow for two successive one-year renewal options at the buyer's election, upon which the interest rates will increase to 20% and 24%, respectively. We recognized a gain from the sale of the Brickell Assemblage of $237.1 million.
During the year ended December 31, 2024, we sold a fully renovated waterfront property with 276 units in the Edgewater neighborhood of Miami, Florida, for a gross sales price of $190.0 million and recognized a gain from the sale of $10.6 million. The property was acquired in August 2020. We also sold a majority of our partnership interest in St. George Villas, a small, 40-unit, income-restricted property in South Carolina. As a result, we derecognized the assets and liabilities associated with the property in February 2024.
During the year ended December 31, 2023, we sold a land parcel in downtown Fort Lauderdale, for a gross sales price of $31.2 million and recognized a gain from the sale of $6.1 million. The land parcel was purchased in January 2022. In conjunction with this sale, we provided seller financing with a stated value of $21.2 million that was recorded net of $3.8 million of variable consideration. In addition, we recognized a $1.9 million gain from the contribution of real estate to an unconsolidated joint venture. Redemptions and purchases of noncontrolling interests In October 2025, we completed the transfer of ownership interests with our joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. We exchanged our ownership in 200 Broward Avenue, which was subject to a non-performing seller financing note, along with $7.5 million of cash, for full ownership of 300 Broward Avenue. The transaction resulted in reductions of Noncontrolling interests in consolidated real estate partnerships of $19.3 million and Additional paid-in capital of $7.8 million. In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $5.0 million. The transaction resulted in a reduction of Redeemable noncontrolling interests in consolidated real estate partnerships of $5.4 million and an increase in Additional paid-in capital of $0.3 million.
In December 2024, we purchased all of the outstanding common noncontrolling interest and redeemed the promoted interest from our development partner in the Upton Place property for a cash purchase price of $20.9 million. We also partially redeemed a preferred equity interest in the Upton Place property for a cash redemption amount of $38.5 million. Aimco continues to consolidate the Upton Place property as of December 31, 2024; therefore, the changes in ownership interest were accounted for as equity transactions. The transactions resulted in reductions of Noncontrolling interests in consolidated real estate partnerships of $9.2 million, Redeemable noncontrolling interests in consolidated real estate partnerships of $38.5 million, Accrued liabilities and other of $1.8 million, and Additional paid-in capital of $9.9 million. |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Arrangements | Note 4 — Lease Arrangements
Aimco as Lessor Our apartment homes and commercial spaces are leased to tenants under operating leases. As of December 31, 2025, our apartment home leases generally have initial terms of 24 months or less. As of December 31, 2025, our commercial space leases have initial terms between 5 and 15 years and represent approximately 9% to 10% of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions. Our apartment home and commercial lease agreements do not contain residual value guarantees. As we are the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, we are insured for a portion of our real estate assets’ exposure to casualty losses resulting from fire, earthquake, hurricane, tornado, flood, and other perils. We have a sublease arrangement providing space within our corporate office for fixed rents, commencing on January 1, 2021, and expiring on May 31, 2029. For the years ended December 31, 2025, 2024, and 2023, we recognized sublease income of $1.4 million, $1.4 million, and $1.4 million, respectively. The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842. For the years ended December 31, 2025, 2024, and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):
Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of December 31, 2025, are as follows (in thousands):
Aimco as Lessee Lease Arrangements We are lessee to finance leases for the land underlying our development sites at Upton Place, Strathmore Square, and Oak Shore. We have operating leases primarily for corporate office space. Substantially all of our office lease payments are fixed. See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2025, 2024, and 2023 (in thousands).
Our finance lease for the land at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of December 31, 2025 and 2024.
Our finance lease at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. Additionally, the lease provides the lessor at Oak Shore with a residual value guarantee of $6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference. As of December 31, 2025 and 2024, operating lease right-of-use lease assets of $3.5 million and $4.7 million, respectively, are included in in our Consolidated Balance Sheets. As of December 31, 2025 and 2024, operating lease liabilities of $7.2 million and $9.2 million, respectively, are included in in our Consolidated Balance Sheets. For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Consolidated Balance Sheets. Leases with an initial term greater than 12 months are recorded as operating or finance leases in our Consolidated Balance Sheets. Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases are as follows as of December 31, 2025 (in thousands):
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Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Note 5 — Variable Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership. Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, three VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership. In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland. Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2025 and 2024 (in thousands, except for Count of VIEs):
In May 2025, we purchased our development partner's interest in the first phase of development at Strathmore Square. Prior to the purchase, Strathmore Square was consolidated as a VIE. Subsequent to the purchase, Strathmore Square is consolidated under the voting model. Refer to Note 3 for further discussion on the transaction. In October 2025, we exchanged our ownership in 200 Broward Avenue for full ownership of 300 Broward Avenue with our joint venture partner. Prior to the exchange, 200 Broward Avenue and 300 Broward Avenue were consolidated as VIEs. As a result of the exchange, we deconsolidated 200 Broward Avenue and consolidate 300 Broward Avenue under the voting model. Refer to Note 3 for further discussion on the transaction. |
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Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 6 —Debt Non-recourse property debt We finance apartment communities in our portfolio primarily using property-level, non-recourse, long-dated, fixed-rate debt. The following table summarizes non-recourse property debt as of December 31, 2025 and 2024 (in thousands):
Principal and interest on our non-recourse property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As of December 31, 2025, our property debt was secured by 12 properties with an aggregate net book value of $191.1 million. These non-recourse property debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2025, we were in compliance with all such covenants. As of December 31, 2025, the scheduled principal maturity payments for the non-recourse property debt were as follows (in thousands):
Non-recourse construction loans and bridge financing Our construction loans and bridge financing, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2025 and 2024 (in thousands):
Interest-only payments on our construction loans and bridge financing are generally payable monthly with balloon payments due at maturity. As of December 31, 2025, our construction debt and bridge financing was secured by 4 properties with an aggregate net book value of $596.6 million. As of December 31, 2025, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows (in thousands):
Revolving Credit Facility In December 2020, we entered into a credit agreement that provided for a $150.0 million secured credit facility, with a $20.0 million swingline loan sub-facility and a $30.0 million letter of credit sub-facility. In May 2025, we borrowed $42.8 million on the revolving credit facility to pay off the construction loan used to fund the construction of the first phase of Strathmore Square. In September 2025, we used proceeds from the sale of four suburban Boston properties to paydown in full $43.8 million of borrowings on our revolving credit facility. Certain properties sold served as collateral for the credit facility, which was retired upon completion of the sale. |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 7 — Income Taxes Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. Significant components of our deferred tax liabilities and assets as of December 31, 2025 and 2024 are as follows (in thousands):
(1) The significant decrease in real estate and real estate partnership basis differences during the year ended December 31, 2025, is primarily due to the sale of the Brickell Assemblage and the removal of the deferred tax liability that arose from the corporate structure used to complete the acquisition of 1001 Brickell. Significant components of income tax (benefit) expense including any interest and penalties related to income taxes are as follows for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the years ended December 31, 2025, 2024, and 2023, we had consolidated net losses subject to tax of $33.1 million, $28.2 million, and $15.2 million, respectively. For the year ended December 31, 2025, we recognized income tax benefit from continuing operations of $57.6 million, compared to income tax benefit of $11.1 million for the same period in 2024. The year-to-year change is due primarily to the removal of the deferred tax liability that arose in the original acquisition of 1001 Brickell offset by the actual income taxes associated with the gain on sale of the asset. The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the year ended December 31, 2025, in accordance with the guidance in ASU 2023-09, is shown below (in thousands):
(1) State taxes in Florida made up the majority (greater than 50%) of the tax effect in this category. (2) The effect of the cross-border taxes primarily reflect income taxes incurred in conjunction with the sale of 1001 Brickell, offset by the removal of the deferred tax liability that arose in its original acquisition. The FDAP and FIRPTA amounts payable are included within Accrued liabilities and other within our Consolidated Balance Sheets. The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09, is shown below (in thousands):
Income taxes paid totaled approximately $0.9 million and $1.7 million for the years ended December 31, 2024 and 2023, respectively. Below is a summary of income taxes paid, net of refunds, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in thousands):
At December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”), for which the deferred tax asset was approximately $16.0 million, before a valuation allowance of $16.0 million. The NOLs expire in the years ended 2033 to 2045. Subject to certain separate return limitations, we may use these NOLs to offset a portion of taxable income generated by our TRS entities. For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends, unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2025, 2024, and 2023, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited):
Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2022, and subsequent years and certain of our state income tax returns for the year ended December 31, 2022, and subsequent years are currently subject to examination by the IRS or other taxing authorities. If recognized, the unrecognized tax benefits would affect our effective tax rate. A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands):
In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. |
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Aimco Equity |
12 Months Ended |
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Dec. 31, 2025 | |
| Equity [Abstract] | |
| Aimco Equity | Note 8 — Aimco Equity Common Stock Aimco's Board is authorized to issue up to 510,587,500 shares of capital stock, which consists entirely of Common Stock as of December 31, 2025. Aimco had 140,158,784 and 136,351,966 shares of Common Stock issued and outstanding at December 31, 2025 and 2024, respectively. Stock Repurchases Aimco's Board has, from time to time, authorized Aimco to repurchase shares of its outstanding Common Stock. The total remaining authorization for future share repurchases is 16.2 million shares of its outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions. This remaining authorization has no expiration date. During the year ended December 31, 2025, Aimco repurchased approximately 29,000 shares of its Common Stock at a weighted-average price of $8.66 per share. During the years ended December 31, 2024, and December 31, 2023, Aimco repurchased approximately 4.9 million and 6.2 million shares of its Common Stock at weighted-average prices of $8.01 and $7.33 per share, respectively. Cash Dividends As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0% of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco's Board determines and declares Aimco's dividends. Pursuant to the Plan of Sale and Liquidation adopted on February 6, 2026, Aimco's Board expects to return proceeds from the monetization of the Company's assets through liquidating distributions after payment of all costs and expenses of the Plan of Sale and Liquidation, payment of liabilities, and the establishment of reserve amounts, if any. A special cash dividend of $2.23 per share was declared on September 15, 2025, to stockholders of record on September 30, 2025. The cash dividend was paid on October 15, 2025. A special cash dividend of $0.60 per share was declared on December 19, 2024, to stockholders of record on January 14, 2025. The cash dividend was paid on January 31, 2025. No dividends were declared or paid during the year ended December 31, 2023. |
Partners' Capital |
12 Months Ended |
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Dec. 31, 2025 | |
| Partners' Capital [Abstract] | |
| Partners' Capital | Note 9 — Partners’ Capital In Aimco Operating Partnership’s Consolidated Balance Sheets, the OP Units held by Aimco are classified within Partners’ capital as General Partner and Special Limited Partner capital and the OP Units held by entities other than Aimco are classified within Limited Partners capital. In Aimco's Consolidated Balance Sheets, the OP Units held by entities other than Aimco are classified within permanent equity as Common noncontrolling interests in Aimco Operating Partnership. OP Units held by Aimco are not redeemable whereas OP Units held by interests in Aimco Operating Partnership other than Aimco are redeemable at the holders’ option, subject to certain restrictions, on the basis of one OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. Aimco has the option to deliver shares of Common Stock in exchange for all or any portion of such OP Units tendered for redemption. When a limited partner redeems an OP Unit for Common Stock, Limited Partners' capital is reduced, and the General Partner and Special Limited Partners’ capital is increased. Entities that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock. During the years ended December 31, 2025 and 2024, the Aimco Operating Partnership declared distributions per common unit of $2.23 and $0.60, respectively. There were no dividends declared or paid during the year ended December 31, 2023. During the year ended December 31, 2025, 2,554,326 OP Units were redeemed in exchange for shares of Common Stock at an aggregate December 31, 2025 weighted-average price per unit of $7.98. There were no OP Units redeemed in exchange for shares of Common Stock during the years ended December 31, 2024, and 2023. During the years ended December 31, 2025, 2024, and 2023, approximately 76,000, 119,000, and 149,000 OP Units were redeemed in exchange for cash at aggregate weighted-average prices per unit of $8.48, $8.28, and $7.24, respectively. |
Earnings per Share and per Unit |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share and per Unit | Note 10 — Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period. Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco's issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive. As of December 31, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.6 million and 8.7 million, respectively. Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units (“LTIP Units”) receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive. Participating securities were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive. As of December 31, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.6 million. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands, except per share and per unit data):
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Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | We have a stock award and incentive program to attract and retain employees and independent directors. As of December 31, 2025, approximately 16.8 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”). The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan. Awards under the 2015 Plan may be in the form of stock options, stock, and LTIP Units as authorized under the 2015 Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board. In connection with the Separation, we entered into an agreement to modify all outstanding awards granted to the holders of such awards. Each outstanding time or performance based Aimco award was converted into one share of Aimco Common Stock and one share of AIR common stock. Generally, all such Aimco equity awards retained the same terms and vesting conditions as the original Aimco equity awards immediately before the Separation. Following the Separation, compensation expense related to these modified awards for the employees retained by us was incurred by Aimco. The compensation expense related to these modified awards for employees of AIR was incurred by AIR. For the years ended December 31, 2025, 2024, and 2023, total compensation cost recognized for share-based awards was (in thousands):
(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 primarily 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. As of December 31, 2025, our share of total unvested compensation cost not yet recognized was $7.8 million. We expect to recognize this compensation cost over a weighted-average period of approximately 1.5 years. The aggregate fair value of the vested Restricted Stock Awards and LTIP I Units during each of the years ended December 31, 2025, 2024, and 2023 was $5.7 million, $2.1 million, and $0.9 million, respectively. For our employees, we grant restricted stock awards and two forms of LTIP Units that are subject to time-based vesting and require continuous employment, typically over a period of to five years from the grant date, and we refer to these awards as Time-Based Restricted Stock, Time-Based LTIP I Units, and Time-Based LTIP II Units. We also grant stock options, restricted stock awards, and two forms of LTIP Units, that vest conditioned on our total shareholder return (“TSR”), relative to identified indices over a forward-looking performance period of three years. We refer to these awards as TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units. Earned TSR-based awards, if any, will generally vest over a period of to four years from the grant date, based on continued employment. Vested LTIP II Units may be converted at the holders’ option to LTIP Units for a conversion metric over a term of 10 years. Our TSR Stock Options generally expire 10 years from the date of grant. We recognize compensation cost associated with time-based awards ratably over the requisite service periods. We recognize compensation cost related to the TSR-based awards, over the requisite service period, commencing on the grant date. The value of the TSR-based awards takes into consideration the probability that the market condition will be achieved; therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest. We had Time-Based Restricted Stock, Time-Based LTIP II Units, TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units outstanding as of December 31, 2025. The following two tables summarize activity for equity compensation for the year ended December 31, 2025.
(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.
(1) The TSR Stock Options and LTIP II units were adjusted during the year pursuant to anti-dilution provisions that provide for equitable adjustments in the event of a special cash dividend. The weighted-average exercise price of TSR Stock Options and LTIP II Units outstanding at end of year reflect the adjustments as a result of the special dividends paid during the year. The adjustments did not result in incremental share-based compensation expense.
The aggregate intrinsic values are calculated as the difference between the closing price of Aimco common stock on the last trading day of the year and the exercise price multiplied by the number of in-the-money TSR Stock Options and LTIP II Units had they all been exercised and converted, respectively, on December 31, 2025. The aggregate intrinsic values for those that were exercisable or convertible was $9.5 million. The following table summarizes the unvested equity that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2025 (in thousands, except shares):
(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. In addition to the potentially dilutive awards held by Aimco employees, AIR employees and former AIR employees hold 0.8 million stock options and 1.0 million TSR LTIP II Units. The weighted-average exercise price of stock-based options held by AIR and former AIR employees is $3.12 per share; the weighted-average exercise price of LTIP II Units held by AIR and former AIR employees is $2.68 per unit. Current and former Aimco board members also hold 0.6 million exercisable stock options with a weighted-average exercise price of $4.78 per share. Determination of Grant-Date Fair Value Awards We estimated the fair value of TSR-based awards granted in 2025, 2024, and 2023 using a Monte Carlo simulation valuation method. Under this method, the prices of the indices and shares of our Common Stock were simulated through the end of the performance period. The correlation matrix between shares of our Common Stock and the indices, as well as the corresponding return volatilities, were developed based upon an analysis of historical data. The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2025, 2024, and 2023.
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Fair Value Measurements and Disclosures |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements and Disclosures | Note 12 — Fair Value Measurements and Disclosures Recurring Fair Value Measurements In determining the fair value of our financial instruments, we apply ASC 820, “Fair Value Measurement and Disclosures”. Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. From time to time, we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. These instruments are presented as Interest rate contracts in our Consolidated Balance Sheets. As of December 31, 2025, we held interest rate caps with a maximum notional value of $289.0 million. These instruments were acquired for $0.5 million. The fair value of these instruments are noted in the table below. During the year ended December 31, 2023, we monetized the $1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $54.2 million. On a recurring basis, we measure at fair value our interest rate contracts. Our interest rate contracts are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate contracts in our Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate contracts, and any proceeds are reflected in Proceeds from interest rate contracts in our Consolidated Statements of Cash Flows. During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value. As of December 31, 2024, we had investments in stock of $1.6 million classified within Level 1 of the GAAP fair value hierarchy. In addition, as of December 31, 2025 and 2024, we had investments in property technology funds of $4.9 million and $3.5 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. The period of time over which the underlying assets in these investments are expected to be liquidated is unknown. See Note 13 for further information regarding unfunded commitments related to these investments. The following table summarizes the fair value of our interest rate contracts, investments in stock, and our investments in real estate technology funds as of December 31, 2025 and 2024 (in thousands):
(1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of December 31, 2025 and 2024, and are categorized within Level 1 of the GAAP fair value hierarchy. We believe that the carrying value of the consolidated amounts of notes receivable approximated their fair value as of December 31, 2025 and are categorized within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the observable inputs used to estimate their fair value. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and non-recourse construction loans within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the observable inputs used to estimate their fair value. The following table summarizes carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of December 31, 2025 and 2024 (in thousands):
Nonrecurring Fair Value Measurements Real Estate During the year ended December 31, 2025, we recorded a non-cash impairment charge of $147.5 million related to properties located in Colorado's Front Range and Southeast Florida. Of this, approximately $87.3 million relates to the write-off of planning costs and amounts capitalized for GAAP, such as team time and interest expense for development pipeline assets for which development will not be pursued by us given our Plan of Sale and Liquidation. We used a third-party appraisal, broker opinions of value, or letter of intent to determine the fair value estimates of the properties. The fair value estimates of the properties were determined by discounted cash flow analyses or references to market comparable data. The cash flows utilized in such discounted cash flow analysis are comprised of projected operating results, which are based upon market conditions and future expectations. The most significant unobservable inputs utilized in determining the fair value are capitalization rates and discount rates, which were 8% and 10%, respectively. Because of these inputs, we have determined that the fair value of properties using this approach are classified within Level 3 of the fair value hierarchy. Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties. Because these inputs are derived from observable market data, we determined that the fair values of properties using this approach are classified within Level 2 of the fair value hierarchy. Investment in IQHQ During the years ended December 31, 2025 and 2024, we performed a qualitative impairment assessment on our passive equity investment in IQHQ and recorded non-cash impairment charges of $6.6 million and $48.6 million, respectively. The valuations of IQHQ to determine the fair values as of December 31, 2025 and 2024, incorporated fair value estimates of properties owned by IQHQ. The fair value estimates of the properties owned by IQHQ were determined by discounted cash flow analyses and references to market comparable data. The cash flows utilized in such discounted cash flow analyses are comprised of projected operating results, which are based upon market conditions and future expectations. The most significant unobservable inputs utilized in determining the fair value of these assets are capitalization rates and discount rates, which ranged from 5.75% to 8.23% and 7.25% to 9.00%, respectively, during the year ended December 31, 2025 and 6.00% to 7.00% and 7.25% to 10.25%, respectively, during the year ended December 31, 2024. Because of these inputs, we have determined that the fair value of these properties are classified within Level 3 of the fair value hierarchy. Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties. Because these inputs are derived from observable market data, we have determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy. Mezzanine Investment During the year ended December 31, 2023, we tested the Mezzanine Investment for impairment given triggering events that occurred and we recorded non-cash impairment charges to reduce the carrying value of the Mezzanine Investment to zero. We used internally developed models to determine the fair value of the Mezzanine Investment. This incorporated the fair value of the underlying real estate collateral that incorporates various estimates and assumptions, the most significant being the capitalization rate of 5.25% as of December 31, 2023. These assumptions are based on Level 3 inputs. |
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Commitments and Contingencies |
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Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 13 — Commitments and Contingencies Commitments In connection with our development, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development of certain real estate, pursuant to financing or other arrangements. As of December 31, 2025, we had remaining commitments for non-recourse construction-related contracts of $87.5 million, with $105.7 million undrawn on our construction loans. As of December 31, 2025, we have remaining unfunded commitments of $1.0 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain. We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or result of operations. |
Assets Held for Sale and Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets Held for Sale and Discontinued Operations | Note 14 — Assets Held for Sale and Discontinued Operations On August 5, 2025, we entered into an agreement to sell our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for an aggregate purchase price of $740.0 million. In September 2025, we completed the sale of four of the five properties for an aggregate purchase price of $490.0 million. These four properties include properties known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village. The sale of the fifth property, Royal Crest Estates (Nashua), was completed in October 2025, for a gross purchase price of $250.0 million. In connection with the sale of the fifth property, $173.4 million of non-recourse property debt was assumed by the purchaser. We determined that the Boston portfolio was a disposal group that met the criteria of discontinued operations as the sale of these properties represented a strategic shift that had a significant effect on our operations and, as such, the results, assets, and liabilities of these properties are classified as discontinued operations for all periods presented in accordance with ASC 205-20 “Presentation of Financial Statements: Discontinued Operations”. We held no assets and liabilities in the Boston Portfolio disposal group as of December 31, 2025. The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the discontinued operations as of December 31, 2024 (in thousands):
The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the years ended December 31, 2025, 2024, and 2023:
(1) Income taxes payable from the sale of the Boston Portfolio are included in Accrued liabilities and other in our Consolidated Balance Sheets.
The following table summarizes cash flow information related to the discontinued operations for the years ended December 31, 2025, and 2024:
On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage. We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of December 31, 2024. The transaction closed on December 22, 2025 and does not meet the criteria for discontinued operations classification. On December 23, 2025, Aimco entered into an agreement to sell two properties, including a total of 660 apartment homes, located in Plantation, Florida, and Nashville, Tennessee. We determined the two properties represented a disposal group that met the criteria to be classified as held for sale as of December 31, 2025. The transaction closed in February 2026 and does not meet the criteria for discontinued operations classification. The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2025, and 2024 (in thousands):
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Business Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments | Note 15 — Business Segments We have three segments: (i) Development; (ii) Operating; and (iii) Other. Our Development segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of December 31, 2025, our Development segment consists of 9 properties, including one under construction, two completed and in lease-up, one that has completed lease-up and is stabilizing operations, and five undeveloped land parcels. Our Operating segment includes 15 residential apartment communities with 2,524 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period. Two of the communities, Hillmeade and Plantation Gardens, meet the held for sale criteria in accordance with GAAP as described in Note 2. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties currently owned that are not included in our Development or Operating segments. Our Other segment includes The Benson Hotel, our only hotel. During the year ended December 31, 2025, we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment. Refer to Note 14 for the operating results of our Boston portfolio. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business. Our CODM evaluates performance and allocates resources for all of our segments using property net operating income (“PNOI”), which is our measure of segment profit or loss. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but excluding • the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and • property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. Our CODM uses historical and projected PNOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget process. PNOI is used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources. The corporate goals, which impact short term incentive compensation for employees, also include consideration of PNOI. The accounting policies of segments are the same as those described in the summary of significant accounting policies described in Note 2. The following tables present the results of operations of consolidated properties with our segments for the years ended December 31, 2025, 2024, and 2023 (in thousands):
(1) Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the periods shown, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, and contract services. (4) Other property operating expenses include property management costs and casualty gains or losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (5) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expenses, and impairment on real estate. (6) Other items included in Income (loss) before income tax consist primarily of interest income, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, other income (expense), and gain on dispositions of real estate, if any. Net real estate and non-recourse property debt and construction loans, net, of our segments as of December 31, 2025 and 2024, were as follows (in thousands):
(1) During the year ended December 31, 2025, Hillmeade and Plantation Gardens were reclassified as held for sale. As described in Note 2, we present certain assets and liabilities of real estate properties held for sale separately in the Consolidated Balance Sheets and therefore are not included in our segment balance sheets as of December 31, 2025. The assets and the associated debt of these properties as of December 31, 2024 remain in the Operating column above for presentation purposes. Refer to Note 14 for the balance sheet of our held for sale properties. Capital additions within our segments for the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):
(1) During the years ended December 31, 2025, 2024 and 2023, certain capital additions pertained to properties that were sold and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate row to the table above for presentation purposes to display these capital additions as of December 31, 2025, 2024 and 2023, respectively.
In addition to the amounts disclosed in the tables above, as of December 31, 2025, the Development segment right-of-use lease assets and lease liabilities aggregated to $106.4 million and $124.8 million, respectively, and as of December 31, 2024, aggregated to $107.7 million and $121.8 million, respectively. As of December 31, 2025, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore Square and Oak Shore. |
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 16 — Subsequent Events Subsequent to year end, we redeemed, at our sole discretion, preferred equity interests for an aggregate cash purchase price of $137.6 million. The noncontrolling interest's carrying value of $136.2 million is included within Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2025. The difference between the noncontrolling interest's carrying value and the cash paid will be recognized within Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships within the period the redemption occurred. Subsequent to year end, on January 15, 2026, we received the remaining funding of a non-refundable deposit for the sale of our portfolio of seven apartment properties (the “Chicago Portfolio”), including 1,495 units, located in the Chicago market and under contract for a gross sales price of $455 million. We determined that the Chicago Portfolio met the held-for-sale criteria beginning on this date. Subsequent to year end, in February 2026, we closed on the sales of three properties, Hillmeade in Nashville, Tennessee, Plantation Gardens in Plantation, Florida, and the Benson Hotel and Faculty Club in Aurora, Colorado, for aggregate gross sales prices of $177.5 million. Subsequent to year end, on February 9, 2026, Aimco declared a $1.45 per share liquidating distribution to be paid on March 13, 2026, to stockholders of record as of February 27, 2026. In conjunction, the Aimco Operating Partnership declared a distribution per common unit of $1.45. Subsequent to year end, we received non-refundable deposits and agreed to sell two properties in New York City and one property in Atlanta, Georgia, for a combined $56.5 million. Closing of the sale of the two-property New York portfolio is scheduled for the second quarter of 2026, pending assumption of the in-place mortgage loans, the approval of which is currently being pursued. The closing of the sale of our property in Atlanta, Georgia, is also scheduled for the second quarter of 2026. |
Schedule III: Real Estate and Accumulated Depreciation |
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| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III: Real Estate and Accumulated Depreciation | APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2025 (In Thousands)
(1) Includes unamortized fair market adjustments of debt assumed in the acquisition of properties. (2) Includes costs capitalized since acquisition or date of initial acquisition of the community, less impairment charges recognized on real estate. (3) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $1.5 billion as of December 31, 2025. (unaudited) (4) Depreciable life for buildings and improvements ranges from to 30 years and is calculated on a straight-line basis. (5) Date we acquired the apartment community or first acquired the partnership that owns the community. (6) The two properties held for sale as of December 31, 2025 are included within our Operating segment, but disclosed separately within this schedule as their assets are included within Assets from discontinued operations and held for sale, net within our Consolidated Balance Sheets. APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2025, 2024, and 2023 (In Thousands)
The following table reconciles real estate and accumulated depreciation, excluding discontinued operations, from January 1, 2023 to December 31, 2025:
The following table reconciles real estate and accumulated depreciation classified as discontinued operations, from January 1, 2023 to December 31, 2025:
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. |
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| Principles of Consolidation | Principles of Consolidation We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity (“VIE”). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. Refer to Note 5 for further information. |
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| Common Noncontrolling Interests in Aimco Operating Partnership | Common noncontrolling interests in Aimco Operating PartnershipCommon noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets as Common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the years ended December 31, 2025, 2024, and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 4.5%, 5.2%, and 5.1%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable noncontrolling interests in consolidated real estate partnershipsRedeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that generally, after a specified holding period, has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of December 31, 2025, consists of the following: (i) a preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7% preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5% preferred return per annum in an entity that owns a waterfront ground-up development. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2025. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2025 , 2024, and 2023 (in thousands):
(1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $5.0 million. (2) In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships and are amortized using the effective interest method in accordance with GAAP. |
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| Mezzanine Investment | Mezzanine Investment In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. While legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment. Throughout the term of the Mezzanine Investment, we have performed an assessment to determine whether the fair value of the Mezzanine Investment is less than its net carrying value on an other-than-temporary basis. In 2023, we determined our Mezzanine Investment was incrementally impaired after considering various factors, including the mezzanine loan’s nearing maturity date and further decline in value of the real estate collateral. As a result, we recognized a non-cash impairment charge of $158.0 million to reduce the carrying value of the Mezzanine Investment to zero. In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Consolidated Balance Sheets. Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $134.0 million plus an annualized return. While the Mezzanine Investment had not been repaid and was in maturity default as of December 31, 2025, we are precluded from derecognizing the liability until it has been extinguished in accordance with GAAP. In connection with the participation sold, the purchaser also made a $4.0 million non-refundable payment for the option to acquire the remaining 80% in the Mezzanine Investment. The option expired unexercised in the quarter ended December 31, 2023. As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations. |
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| Real Estate | Real EstateCapital additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the capital additions activities are suspended or when communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $12.9 million, $21.5 million, and $39.7 million of interest costs, respectively. For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $5.7 million, $8.0 million, and $14.3 million of indirect costs, respectively. Assets held for sale and discontinued operations We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets. Properties held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. In connection with the held for sale evaluation, if the disposal or intended disposal represents a strategic shift in operations (e.g., a disposal of a major geographic area or a major line of business) that has, or will have, a major effect on our consolidated financial statements, then the property is presented as discontinued operations. For any property qualifying for classification as discontinued operations, the components of net income (loss) presented as discontinued operations are primarily comprised of rental and other property revenues, property operating expenses, depreciation and amortization, and interest expense. We reclassify interest expense related to property debt within discontinued operations when the related property is sold or classified as held for sale. For periods prior to the property qualifying for discontinued operations, we reclassify the results of operations to discontinued operations. The net gain on sale is presented in discontinued operations when recognized. We combine the operating, investing, and financing portions of cash flows attributable to discontinued operations with respective cash flows from continuing operations in the accompanying Consolidated Statements of Cash Flows. See Note 14 for additional information regarding assets held for sale and discontinued operations. Unless otherwise noted or separately presented, the information disclosed in Note 3 through Note 16 (with the exception of Note 14) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented within discontinued operations. Gain or (loss) on dispositions of real estate Gains or losses on dispositions are recognized when the criteria for the derecognition of a nonfinancial asset are met, including when control of the real estate has transferred. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. For the years ended December 31, 2025, 2024, and 2023, we recognized total Gain on dispositions of real estate, including discontinued operations, of $783.0 million, $10.6 million, and $8.0 million, respectively. Refer to Note 3 for further information regarding real estate dispositions. |
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| Impairment of Real Estate and Other Long-lived Assets | Impairment of real estate and other long-lived assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are highly subjective and are based on assumptions, such as anticipated hold periods, future occupancy, future rental or room rates, discount rates, capitalization rates, and recent sales data for comparable properties. In the year ended December 31, 2025, we assessed our properties for impairment as a result of a change in estimated hold period, and, for certain development pipeline properties, the decision not to pursue development given the Plan of Sale and Liquidation. Our assessment resulted in $147.5 million of impairment recognized on certain properties located within Colorado's Front Range and Southeast Florida for the year ended December 31, 2025. The properties are presented within the Development and Other segments within Note 15. There were no such impairments for the years ended December 31, 2024 and 2023. |
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| Restricted Cash | Restricted cashRestricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements. The reconciliation of cash flow information is as follows (in thousands):
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| Cash Equivalents | Cash equivalentsWe classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash and cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Supplemental cash flow information for the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):
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| Notes Receivable | Notes receivable In accordance with GAAP, notes receivable are classified as held for sale or held for investment. Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan. Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis. Notes receivable held for investment are recorded at amortized cost, net of the estimated provision for expected credit losses. A write-off is recognized when all or a portion of the notes receivable is deemed uncollectible. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Consolidated Statements of Operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used. The following table summarizes our Notes receivable as of December 31, 2025 and 2024 (in thousands):
(1) In December 2025, Aimco issued seller financing notes in conjunction with the sale of the Brickell Assemblage. Refer to Note 3 for a description of the contractual terms of the seller financing notes. (2) Subsequent to year end, we finalized an agreement to monetize a seller financing note that had an effective interest rate of 6.0% and a current annual interest rate of 2.9%. The agreement was structured as a modification and repayment of the note in January 2026, reducing the principal balance of $43.2 million to $18.5 million. As a result, we recorded a provision for credit losses of $22.9 million and a write-off to reduce the amortized cost to $18.5 million as of December 31, 2025. The provision for credit losses is reflected in Credit loss expense in our Consolidated Statements of Operations and as a reduction in the carrying value of Notes Receivable in our Consolidated Balance Sheets. Prior to the write-off, the amortized cost was $41.4 million, calculated as the note's $43.2 million principal balance less unamortized discount of $1.5 million and allowance for credit losses of $0.3 million. For the years ended December 31, 2025, 2024, and 2023, the amortization of the discount was $1.2 million, $1.1 million, and $1.1 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations. A roll forward of our allowance for credit losses for the year ended December 31, 2025 is as follows:
(3) In December 2023, we sold a land parcel in downtown Fort Lauderdale also referred to as 200 Broward Avenue. In conjunction with this sale, we provided seller financing with a stated value of $21.2 million that was recorded net of $3.8 million of variable consideration. A portion of the interest payments accrued and were added to the principal balance, due at maturity of the note. In October 2025 we completed the transfer of our ownership interest in the joint venture holding the seller financing as further discussed in Note 3. |
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| Other Assets, net | Other assets, net Other assets, net were comprised of the following amounts as of December 31, 2025 and 2024 (in thousands):
(1) We account for our interest rate contracts as non-designated hedges. See Note 12 for discussion of our fair value measurements for these instruments. |
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| Other Investments | Other investments Other investments consist of passive equity investments in stock, property technology funds, and IQHQ, a privately held life sciences real estate development company. We measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value. During the year ended December 31, 2025, we recognized net losses on our investment in stock of $0.3 million, compared to unrealized losses of $1.3 million in 2024 and unrealized gains of $0.7 million in 2023. During the years ended December 31, 2025, 2024 and 2023, we recognized unrealized gains on our investments in property technology funds of $1.1 million, $0.4 million, and $0.0 million, respectively. See Note 12 for discussion of our fair value measurements for these investments. |
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| Investment in IQHQ | Investment in IQHQ In 2020, Aimco Predecessor made a $50.0 million commitment to IQHQ, a privately held life sciences real estate development company. We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. In 2022, after fully funding our commitment, 22% of our original investment in IQHQ was redeemed for $16.5 million. Our remaining investment in IQHQ, with a cost basis of $39.2 million, was adjusted upward to $59.7 million at the same per share value as the cash redemption per share. In 2024, we recorded a non-cash impairment charge of $48.6 million to reduce the carrying value of the investment in IQHQ to $11.1 million. On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. During the year ended December 31, 2025, we determined that our investment in IQHQ was impaired after consideration of factors, such as continued adverse capital market conditions, IQHQ's financial condition, and capital raising activities that further diluted our investment. As a result, we recorded a non-cash impairment charge of $6.6 million to reduce the carrying value of the investment in IQHQ to $4.5 million as of December 31, 2025. The non-cash impairments are reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2025, and 2024. No realized or unrealized gains or losses were recognized during the year ended December 31, 2023.
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| Deferred Costs, Deposits, and Other | Deferred costs, deposits, and other We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. These costs are amortized over the lease term on the same basis as lease income, and are included in Depreciation and amortization in our Consolidated Statements of Operations. We also defer debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in Non-recourse property debt, net in our Consolidated Balance Sheets. We record debt issuance costs associated with construction loans that have not been drawn in Other assets, net in our Consolidated Balance Sheets. These costs are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in Non-recourse construction loans, net in our Consolidated Balance Sheets and subsequently amortized under either the effective interest method or on a straight-line basis, which approximates the effective interest method when used, over the remaining term of the arrangement in Interest expense in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as an expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. |
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| Investments in Unconsolidated Real Estate Partnerships | Unconsolidated real estate partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate using the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Other income (expense), net in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. On a periodic basis, we assess our investments in unconsolidated real estate partnerships for impairment. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. During the year ended December 31, 2024, we exercised our rights under an existing joint venture agreement, whereby our joint venture partner agreed to purchase our ownership interest in an unconsolidated investment in land held for development in Miami, Florida. As a result of the transaction, we recognized a non-cash other-than-temporary-impairment (“OTTI”) of $2.6 million, within Other income (expense), net in our Condensed Consolidated Statements of Operations. We did not recognize any such impairments of our investments in unconsolidated real estate partnerships during the years ended December 31, 2025, and 2023. |
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| Intangible Assets, Net | Intangible assets, net Intangible assets are included in Other assets, net in our Consolidated Balance Sheets. We recognized amortization on our intangible assets for the years ended December 31, 2025, and 2024, of $0.9 and $0.3 million, respectively. The following table details intangible assets, net of accumulated amortization, for the years ended December 31, 2025 and 2024 (in thousands):
Based on the balance of intangible assets as of December 31, 2025, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands):
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| Corporate Fixed Assets | Corporate fixed assets, net We capitalize qualified implementation costs incurred in a hosting arrangement that is a service contract for which we are the customer in accordance with the requirements for capitalizing costs incurred to develop internal-use software. These capitalized implementation costs are amortized on a straight-line basis. As of December 31, 2025 and 2024, net capitalized implementation costs of $4.7 million and $5.8 million, respectively, net of $1.3 million and $0.8 million of accumulated depreciation, respectively are included in Other assets, net in our Consolidated Balance Sheets. |
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| Accounts Receivable, Net | Accounts receivable, net We present our accounts receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. Additionally, as of December 31, 2025, Accounts receivable, net includes tax withholding receivables of $8.4 million related to property sales during the year ended December 31, 2025. |
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| Revenue from Leases | Revenue from leasesWe are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We have elected the practical expedient in accordance with Accounting Standards Codification (“ASC”) 842, Leases, to not separate non-lease components from associated lease components for all classes of underlying assets. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. |
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| Dividends Payable | Dividends payable At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheets. The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards. Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests. In January 2025, we paid a special cash dividend of $0.60 per share to distribute the net proceeds resulting from our 2024 asset sales to stockholders. The special cash dividend was declared on December 19, 2024, to stockholders of record on January 14, 2025, and was accrued in Dividends payable in our Condensed Consolidated Balance Sheets as of December 31, 2024. On September 15, 2025, we declared a special cash dividend of $2.23 per share to distribute the net proceeds resulting from our sale of four of the five properties in our suburban Boston portfolio. The special cash dividend was paid on October 15, 2025, to stockholders of record on September 30, 2025. As of December 31, 2025, and December 31, 2024, we had a liability of $4.3 million and $1.0 million remaining, respectively, for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved. |
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| Revenue from Contracts with Customers | Revenue from contracts with customersWe apply ASC 606, Revenue from Contracts with Customers, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement. Payment terms generally align with when the goods and services are provided. Our contracts generally have a single performance obligation, recognized at a point in time. During the years ended December 31, 2025, 2024, and 2023, the Benson Hotel generated revenues of $7.6 million, $6.7 million, and $2.7 million, respectively. |
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| Advertising costs | Advertising costsAdvertising costs are expensed as incurred and are included within Property operating expenses in our Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, we recognized total advertising costs of $2.2 million, $2.0 million, and $1.0 million, respectively. |
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| Depreciation and Amortization | Depreciation and amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 years. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. |
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| Income Tax Benefit (Expense) | Income tax benefit (expense)Aimco Aimco has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 1994, and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, Aimco generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which we operate generally have similar tax provisions which recognize Aimco as a REIT for state income tax purposes. We believe that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If Aimco fails to qualify as a REIT in any taxable year, we will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if Aimco qualifies for taxation as a REIT, we may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on our undistributed taxable income and in certain other instances. Taxable income from activities performed through our taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. For the years ended December 31, 2025, 2024, and 2023, we recognized income tax benefit (expense) attributable to continuing operations of $57.6 million, $11.1 million, and $12.8 million, respectively. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Consolidated Statements of Operations. When applicable, we recognize interest and/or penalties related to uncertain tax positions within Income tax benefit (expense) in our Consolidated Statements of Operations. As of December 31, 2025 and 2024, we did not have any material accrued interest or penalties. Aimco and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. Aimco Operating Partnership Aimco Operating Partnership is treated as a “pass-through” entity for United States federal income tax purposes and is not subject to United States federal income taxation. Partners in Aimco Operating Partnership, however, are subject to tax on their allocable share of partnership income, gains, losses, deductions, and credits, regardless of whether the partners receive any actual distributions of cash or other property from Aimco Operating Partnership during the taxable year. Generally, the characterization of any particular item is determined by Aimco Operating Partnership rather than at the partner level, and the amount of a partner’s allocable share of such item is governed by the terms of Aimco Operating Partnership’s Partnership agreement. Aimco Operating Partnership is subject to tax in certain states. |
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| Earnings per Share and per Unit | Earnings per share and per unitAimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per share and unit computations. |
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| Share-Based Compensation | Share-based compensationWe measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11. |
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| Use of Estimates | Use of estimatesThe preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
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| Accounting Pronouncements Adopted in the Current Year | Accounting pronouncements adopted in the current yearWe adopted ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” prospectively. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The adoption of this standard has an effect on our disclosures on income tax (Note 7). |
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| Recent Accounting Pronouncements | Recent accounting pronouncementsIn November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires disaggregated disclosure of income statement expenses. The ASU does not change the expense captions an entity presents on the face of the income statement. Rather, it requires disclosure in a tabular format of the disaggregation of any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 should be applied on a prospective basis, while retrospective application is permitted. Management has determined this accounting pronouncement will not have a material effect on our financial statements due to the expected change to liquidation basis of accounting upon stockholder approval of the Plan of Sale and Liquidation. |
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| Fair Value of Financial Instruments | On a recurring basis, we measure at fair value our interest rate contracts. Our interest rate contracts are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate contracts in our Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate contracts, and any proceeds are reflected in Proceeds from interest rate contracts in our Consolidated Statements of Cash Flows. |
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships | The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships during the years ended December 31, 2025 , 2024, and 2023 (in thousands):
(1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $5.0 million. (2) In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships and are amortized using the effective interest method in accordance with GAAP. |
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| Schedule of Reconciliation of Cash Flow Information | The reconciliation of cash flow information is as follows (in thousands):
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| Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):
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| Summary of Notes Receivable | The following table summarizes our Notes receivable as of December 31, 2025 and 2024 (in thousands):
(1) In December 2025, Aimco issued seller financing notes in conjunction with the sale of the Brickell Assemblage. Refer to Note 3 for a description of the contractual terms of the seller financing notes. (2) Subsequent to year end, we finalized an agreement to monetize a seller financing note that had an effective interest rate of 6.0% and a current annual interest rate of 2.9%. The agreement was structured as a modification and repayment of the note in January 2026, reducing the principal balance of $43.2 million to $18.5 million. As a result, we recorded a provision for credit losses of $22.9 million and a write-off to reduce the amortized cost to $18.5 million as of December 31, 2025. The provision for credit losses is reflected in Credit loss expense in our Consolidated Statements of Operations and as a reduction in the carrying value of Notes Receivable in our Consolidated Balance Sheets. Prior to the write-off, the amortized cost was $41.4 million, calculated as the note's $43.2 million principal balance less unamortized discount of $1.5 million and allowance for credit losses of $0.3 million. For the years ended December 31, 2025, 2024, and 2023, the amortization of the discount was $1.2 million, $1.1 million, and $1.1 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations. A roll forward of our allowance for credit losses for the year ended December 31, 2025 is as follows:
(3) In December 2023, we sold a land parcel in downtown Fort Lauderdale also referred to as 200 Broward Avenue. In conjunction with this sale, we provided seller financing with a stated value of $21.2 million that was recorded net of $3.8 million of variable consideration. A portion of the interest payments accrued and were added to the principal balance, due at maturity of the note. In October 2025 we completed the transfer of our ownership interest in the joint venture holding the seller financing as further discussed in Note 3. |
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| Summary of Other Assets, Net | Other assets, net were comprised of the following amounts as of December 31, 2025 and 2024 (in thousands):
(1) We account for our interest rate contracts as non-designated hedges. See Note 12 for discussion of our fair value measurements for these instruments. |
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| Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets | The non-cash impairments are reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2025, and 2024. No realized or unrealized gains or losses were recognized during the year ended December 31, 2023.
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| Summary of Intangible Assets and Liabilities Net of Accumulated Amortization | The following table details intangible assets, net of accumulated amortization, for the years ended December 31, 2025 and 2024 (in thousands):
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| Schedule of Estimated Aggregate Annual Amortization Expense | Based on the balance of intangible assets as of December 31, 2025, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands):
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Significant Transactions (Tables) |
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| Significant Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Properties Sold | During the years ended December 31, 2025, 2024, and 2023, we sold properties as summarized below (dollars in thousands):
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Lease Arrangements (Tables) |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Income for Residential and Commercial Property Leases | For the years ended December 31, 2025, 2024, and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):
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| Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of December 31, 2025, are as follows (in thousands):
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| Schedule of Lease Costs, Net of Capitalized Lease Costs | See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2025, 2024, and 2023 (in thousands).
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| Schedule of Weighted Average Remaining Terms and Discount Rates | The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of December 31, 2025 and 2024.
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| Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income | Combined minimum annual lease payments under operating and finance leases are as follows as of December 31, 2025 (in thousands):
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Variable Interest Entities (Tables) |
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities | The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2025 and 2024 (in thousands, except for Count of VIEs):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Non-Recourse Property Debt and Non-Recourse Construction Loans | The following table summarizes non-recourse property debt as of December 31, 2025 and 2024 (in thousands):
Our construction loans and bridge financing, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2025 and 2024 (in thousands):
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| Scheduled Principal Maturity Payments for Non-Recourse Property Debt and Non-Recourse Construction Loans | As of December 31, 2025, the scheduled principal maturity payments for the non-recourse property debt were as follows (in thousands):
As of December 31, 2025, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows (in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Deferred tax Liabilities and Assets | Significant components of our deferred tax liabilities and assets as of December 31, 2025 and 2024 are as follows (in thousands):
(1) The significant decrease in real estate and real estate partnership basis differences during the year ended December 31, 2025, is primarily due to the sale of the Brickell Assemblage and the removal of the deferred tax liability that arose from the corporate structure used to complete the acquisition of 1001 Brickell. |
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| Components of Income Tax Benefit or Expense | Significant components of income tax (benefit) expense including any interest and penalties related to income taxes are as follows for the years ended December 31, 2025, 2024, and 2023 (in thousands):
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| Reconciliation of Income Tax Attributable to Operations | The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the year ended December 31, 2025, in accordance with the guidance in ASU 2023-09, is shown below (in thousands):
(1) State taxes in Florida made up the majority (greater than 50%) of the tax effect in this category. (2) The effect of the cross-border taxes primarily reflect income taxes incurred in conjunction with the sale of 1001 Brickell, offset by the removal of the deferred tax liability that arose in its original acquisition. The FDAP and FIRPTA amounts payable are included within Accrued liabilities and other within our Consolidated Balance Sheets. The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09, is shown below (in thousands):
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| Summary of Income Taxes Paid, Net of Refunds, by Jurisdiction | Below is a summary of income taxes paid, net of refunds, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in thousands):
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| Schedule of Dividends Per Share Held | For the years ended December 31, 2025, 2024, and 2023, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited):
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| Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands):
In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. |
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Earnings per Share and per Unit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands, except per share and per unit data):
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Total Compensation Cost Recognized for Share-Based Awards | For the years ended December 31, 2025, 2024, and 2023, total compensation cost recognized for share-based awards was (in thousands):
(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 primarily 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. |
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| Summary Activity for Equity Compensation | The following two tables summarize activity for equity compensation for the year ended December 31, 2025.
(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.
(1) The TSR Stock Options and LTIP II units were adjusted during the year pursuant to anti-dilution provisions that provide for equitable adjustments in the event of a special cash dividend. The weighted-average exercise price of TSR Stock Options and LTIP II Units outstanding at end of year reflect the adjustments as a result of the special dividends paid during the year. The adjustments did not result in incremental share-based compensation expense. |
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| Summary of Compensation Cost Not Yet Recognized for Share-Based Awards | The following table summarizes the unvested equity that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2025 (in thousands, except shares):
(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. |
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| 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 2025, 2024, and 2023.
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Fair Value Measurements and Disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fair Value for Interest Rate Contracts and Investments in Stock and Real Estate Technology Funds | The following table summarizes the fair value of our interest rate contracts, investments in stock, and our investments in real estate technology funds as of December 31, 2025 and 2024 (in thousands):
(1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
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| Summary of Carrying Value and Fair Value of Non-recourse Property Debt and Non-recourse Construction Loans | The following table summarizes carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of December 31, 2025 and 2024 (in thousands):
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Assets Held for Sale and Discontinued Operations (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Disposal Groups Including Discontinued Operations | The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the discontinued operations as of December 31, 2024 (in thousands):
The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the years ended December 31, 2025, 2024, and 2023:
(1) Income taxes payable from the sale of the Boston Portfolio are included in Accrued liabilities and other in our Consolidated Balance Sheets. |
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| Summary of Cash Flow Information Related to Discontinued Operations | The following table summarizes cash flow information related to the discontinued operations for the years ended December 31, 2025, and 2024:
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| Schedule of Assets and Liabilities Related to Real Estate Properties Held for Sale | The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2025, and 2024 (in thousands):
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Information for Reportable Segments | The following tables present the results of operations of consolidated properties with our segments for the years ended December 31, 2025, 2024, and 2023 (in thousands):
(1) Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the periods shown, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, and contract services. (4) Other property operating expenses include property management costs and casualty gains or losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (5) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expenses, and impairment on real estate. (6) Other items included in Income (loss) before income tax consist primarily of interest income, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, other income (expense), and gain on dispositions of real estate, if any. Capital additions within our segments for the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):
(1)
During the years ended December 31, 2025, 2024 and 2023, certain capital additions pertained to properties that were sold and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate row to the table above for presentation purposes to display these capital additions as of December 31, 2025, 2024 and 2023, respectively. |
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| Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment | Net real estate and non-recourse property debt and construction loans, net, of our segments as of December 31, 2025 and 2024, were as follows (in thousands):
(1)
During the year ended December 31, 2025, Hillmeade and Plantation Gardens were reclassified as held for sale. As described in Note 2, we present certain assets and liabilities of real estate properties held for sale separately in the Consolidated Balance Sheets and therefore are not included in our segment balance sheets as of December 31, 2025. The assets and the associated debt of these properties as of December 31, 2024 remain in the Operating column above for presentation purposes. Refer to Note 14 for the balance sheet of our held for sale properties. |
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Organization (Details Textual) |
12 Months Ended | |
|---|---|---|
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Dec. 31, 2025
ft²
Property
ApartmentHome
OfficeBuilding
Key
Community
Unit
Dwelling
|
Feb. 06, 2026 |
|
| Community [Member] | ||
| Organization [Line Items] | ||
| Number of units in real estate property | Community | 220 | |
| Plan of Sale and Liquidation [Member] | Subsequent Event [Member] | ||
| Organization [Line Items] | ||
| Percentage of outstanding common shares voted | 83.00% | |
| Continuing Operations [Member] | ||
| Organization [Line Items] | ||
| Number of real estate properties | ApartmentHome | 2,524 | |
| Number of real estate properties held for sale | 2 | |
| Retail space | ft² | 105,000 | |
| Continuing Operations [Member] | Community [Member] | ||
| Organization [Line Items] | ||
| Number of units in real estate property | Unit | 689 | |
| Continuing Operations [Member] | Operating Properties [Member] | ||
| Organization [Line Items] | ||
| Number of real estate properties held for sale | 2 | |
| Continuing Operations [Member] | Family Rental Community in Waterfront Ground-up Development [Member] | ||
| Organization [Line Items] | ||
| Number of units in real estate property | Unit | 114 | |
| Continuing Operations [Member] | Planned Homes [Member] | ||
| Organization [Line Items] | ||
| Number of real estate properties | Property | 16 | |
| Continuing Operations [Member] | Accessory Dwelling Units [Member] | ||
| Organization [Line Items] | ||
| Number of units in real estate property | Dwelling | 8 | |
| Continuing Operations [Member] | Luxury Hotel With Event Space [Member] | ||
| Organization [Line Items] | ||
| Number of real estate properties | Key | 106 | |
| Continuing Operations [Member] | Consolidated Properties [Member] | ||
| Organization [Line Items] | ||
| Number of real estate properties | 15 | |
| Continuing Operations [Member] | Unconsolidated Properties [Member] | ||
| Organization [Line Items] | ||
| Number of real estate properties | Property | 4 | |
| Aimco Operating Partnership [Member] | ||
| Organization [Line Items] | ||
| Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco | 94.10% | |
| Percentage of economic interest in Aimco Operating Partnership owned by Aimco | 96.60% | |
| Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners | 5.90% |
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Sep. 15, 2025 |
Jan. 31, 2025 |
Jun. 30, 2023 |
Nov. 30, 2019 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2020 |
|
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Weighted average ownership interest | 4.50% | 5.20% | 5.10% | |||||||
| Preferred equity interest receives preferred return | 8.00% | |||||||||
| Preferred equity interest in one joint ventures accruing preferred return | 9.70% | |||||||||
| Preferred equity interest accruing preferred return | 14.50% | |||||||||
| Percentage of noncontrolling position sold | 20.00% | |||||||||
| Proceeds from sale of noncontrolling position | $ 33,500,000 | |||||||||
| Percentage of noncontrolling position remaining | 80.00% | |||||||||
| Non-refundable payment | $ 4,000,000 | |||||||||
| Equity method investment aggregate cost | $ 275,000,000 | |||||||||
| Equity method investment term | 5 years | |||||||||
| Equity method investment interest rate | 10.00% | |||||||||
| Amortization of intangible assets | 900,000 | $ 300,000 | ||||||||
| Interest costs capitalized | 12,900,000 | 21,500,000 | $ 39,700,000 | |||||||
| Other direct and indirect costs capitalized | 5,700,000 | 8,000,000 | 14,300,000 | |||||||
| Non-cash impairment charge | 158,000,000 | |||||||||
| Mezzanine investment | 0 | |||||||||
| Gain (loss) on disposition of real estate | 783,000,000 | 10,600,000 | 8,000,000 | |||||||
| Impairment | $ 147,500 | 0 | 0 | |||||||
| Estimated useful life | 15 years | 15 years | ||||||||
| Percentage of real estate investment trust taxable income | 90.00% | |||||||||
| Percentage of taxable income distributed to stockholders | 100.00% | |||||||||
| Consolidated income (loss) subject to tax | $ (33,100,000) | (28,200,000) | (15,200,000) | |||||||
| Income tax expense (benefit) | (57,595,000) | (11,071,000) | (12,752,000) | |||||||
| Accrued interest or penalties | $ 0 | 0 | 0 | |||||||
| Unconsolidated real estate partnerships | 15,270,000 | 15,270,000 | 15,155,000 | |||||||
| Net capitalized implementation costs | 4,700,000 | 4,700,000 | 5,800,000 | |||||||
| Accumulated depreciation | $ 287,285,000 | 287,285,000 | 322,708,000 | |||||||
| Tax Withholding Receivables | 8,400,000 | |||||||||
| Realized and unrealized gains (losses) on equity investments | (5,790,000) | (49,504,000) | 700,000 | |||||||
| Revenues | 7,600,000 | 6,700,000 | 2,700,000 | |||||||
| Advertising costs | $ 2,200,000 | 2,000,000 | 1,000,000 | |||||||
| S 2025 Q1 Dividends [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Dividends payable, month and year to be paid | 2025-01 | 2025-01 | ||||||||
| Cash dividend paid per share | $ 0.6 | |||||||||
| Dividends payable, date declared | Dec. 19, 2024 | |||||||||
| Dividend payable date of record | Jan. 14, 2025 | |||||||||
| Dividends payable, date to be paid | Jan. 31, 2025 | |||||||||
| Forfeitable dividends on certain unvested share-based compensation awards to be paid upon achievement | 1,000,000 | |||||||||
| S 2025 Q2 Dividends [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Dividends payable, date to be paid | Oct. 15, 2025 | |||||||||
| S 2025 Q3 Dividends [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Cash dividend paid per share | $ 2.23 | |||||||||
| Dividends payable, date declared | Sep. 15, 2025 | |||||||||
| Dividend payable date of record | Sep. 30, 2025 | |||||||||
| Dividends payable, date to be paid | Oct. 15, 2025 | |||||||||
| S 2025 Q4 Dividends [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Forfeitable dividends on certain unvested share-based compensation awards to be paid upon achievement | $ 4,300,000 | $ 4,300,000 | ||||||||
| Other Assets, Net [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Accumulated depreciation | 1,300,000 | 1,300,000 | 800,000 | |||||||
| Unconsolidated Entities [Member] | Other Income (Expense), Net [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Non-cash other than temporary impairment | 0 | 2,600,000 | 0 | |||||||
| Aimco OP L.P. [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Payment made to Mezzaine Investment | $ 134,000,000 | |||||||||
| Income tax expense (benefit) | (57,595,000) | (11,071,000) | (12,752,000) | |||||||
| Accumulated depreciation | $ 287,285,000 | 287,285,000 | 322,708,000 | |||||||
| Realized and unrealized gains (losses) on equity investments | $ (5,790,000) | (49,504,000) | 700,000 | |||||||
| ASU 2023-09 [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | ||||||||
| Minimum [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Estimated useful life | 5 years | 5 years | ||||||||
| Maximum [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Estimated useful life | 30 years | 30 years | ||||||||
| Furniture, Fixtures and Equipment [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Estimated useful life | 5 years | 5 years | ||||||||
| Equipment [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Estimated useful life | 5 years | 5 years | ||||||||
| IQHQ [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Commitment purchase amount | $ 50,000,000 | |||||||||
| Percentage of ownership of units | 22.00% | |||||||||
| Equity method investment redemption with step-up value to be paid in cash | $ 16,500,000 | |||||||||
| Equity method investments fair value | 59,700,000 | |||||||||
| Equity method investment aggregate cost | $ 39,185,000 | $ 39,185,000 | 39,185,000 | 39,200,000 | ||||||
| Non-cash impairment charge | 6,600,000 | 48,600,000 | ||||||||
| Mezzanine investment | $ 4,519,000 | 4,519,000 | 11,071,000 | |||||||
| Realized and unrealized gains (losses) on equity investments | 0 | |||||||||
| Property Technology Funds [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Unrealized gains (losses) on investment | 1,100,000 | 400,000 | $ 0 | |||||||
| Common Stock [Member] | ||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
| Net gains (losses) on investment | $ (300,000) | |||||||||
| Unrealized gains (losses) on investment | $ (1,300,000) | $ 700,000 | ||||||||
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||
| Redeemable Noncontrolling Interest [Line Items] | |||||||
| Balance at Beginning of Period | $ 142,931 | ||||||
| Balance at December 31, | 158,292 | $ 142,931 | |||||
| Real Estate Partnership [Member] | |||||||
| Redeemable Noncontrolling Interest [Line Items] | |||||||
| Balance at Beginning of Period | 142,931 | 171,632 | $ 166,826 | ||||
| Contributions | 15,789 | 6,409 | 125 | ||||
| Distributions | (8,158) | (8,318) | (9,243) | ||||
| Purchases | [1] | (5,419) | |||||
| Redemptions | (38,473) | ||||||
| Net income | 13,237 | 13,958 | 13,924 | ||||
| Other | [2] | (88) | (2,277) | ||||
| Balance at December 31, | $ 158,292 | $ 142,931 | $ 171,632 | ||||
| |||||||
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Parenthetical) (Details) - USD ($) $ in Millions |
1 Months Ended | |
|---|---|---|
May 31, 2025 |
Sep. 30, 2024 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Preferred equity commitment from a third-party | $ 5.0 | $ 55.5 |
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash Flow Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Cash and cash equivalents | $ 394,891 | $ 141,072 | $ 122,601 |
| Restricted cash | 11,670 | 30,051 | 15,452 |
| Restricted cash from discontinued operations and held for sale | 635 | 1,833 | 1,214 |
| Cash, cash equivalents, and restricted cash | $ 407,196 | $ 172,956 | $ 139,267 |
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Interest paid, net of amounts capitalized | $ 60,505 | $ 47,554 | $ 32,795 |
| Cash paid for income taxes (Note 7) | 498 | 931 | 1,711 |
| Non-cash transactions associated with the acquisitions | |||
| Issuance of seller financing | 85,000 | 17,432 | |
| Non-recourse property debt assumed by buyer | 173,435 | ||
| Other non-cash investing and financing transactions: | |||
| Right-of-use lease assets - operating leases | 225 | 718 | |
| Lease liabilities - operating leases | 225 | 718 | |
| Notes receivable settled in deconsolidation of real estate partnership (Note 3) | 19,038 | ||
| Contribution of real estate to unconsolidated real estate partnerships | 5,700 | ||
| Accrued capital expenditures (at end of year) | $ 16,355 | $ 11,962 | $ 40,340 |
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Notes Receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||||||||
| Total notes receivable | $ 103,863 | $ 58,794 | ||||||||||||||||||||||||||||||
| Note A [Member] | ||||||||||||||||||||||||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||||||||
| Notes receivable - held for sale | [1] | 85,363 | ||||||||||||||||||||||||||||||
| Note B [Member] | ||||||||||||||||||||||||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||||||||
| Notes receivable - held for investment | [2] | $ 18,500 | 40,209 | |||||||||||||||||||||||||||||
| Note C [Member] | ||||||||||||||||||||||||||||||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||||||||
| Notes receivable - held for investment | [3] | $ 18,585 | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Notes Receivable (Parenthetical) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jan. 31, 2026 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Provision for credit losses | $ 22,899 | ||||
| Allowance for credit losses | $ (276) | ||||
| Fort Lauderdale Joint Venture [Member] | |||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Seller financing | $ 21,200 | ||||
| Seller financing variable consideration value | 3,800 | ||||
| Note C [Member] | Fort Lauderdale Joint Venture [Member] | |||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Seller financing | $ 21,200 | ||||
| Seller financing variable consideration value | $ 3,800 | ||||
| Financing Note [Member] | Note B [Member] | |||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Debt instrument, face amount | 43,200 | ||||
| Provision for credit losses | 22,900 | ||||
| Allowance for credit losses | 300 | ||||
| Amortized cost of seller financing note | 18,500 | ||||
| Amortized cost of notes receivable | 41,400 | ||||
| Unamortized discount | 1,500 | ||||
| Amortization of discount | $ 1,200 | $ 1,100 | $ 1,100 | ||
| Financing Note [Member] | Note B [Member] | Subsequent Event [Member] | |||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Effective interest rate | 6.00% | ||||
| Annual Interest Rate | 2.90% | ||||
| Financing Note [Member] | Note B [Member] | Subsequent Event [Member] | Minimum [Member] | |||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Debt instrument, face amount | $ 18,500 | ||||
| Financing Note [Member] | Note B [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
| Debt instrument, face amount | $ 43,200 | ||||
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Notes Receivable - Schedule of Roll Forward of Allowance for Credit Losses (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Balance at Beginning of Period | $ (276) |
| Provision for credit losses | (22,899) |
| Write-offs charged against allowance for credit losses | $ 23,175 |
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
| Other investments | $ 9,444 | $ 16,115 | ||
| Deferred costs, deposits, and other | 9,322 | 11,233 | ||
| Prepaid expenses and real estate taxes | 16,079 | 13,209 | ||
| Interest rate contracts | [1] | 55 | 891 | |
| Unconsolidated real estate partnerships | 15,270 | 15,155 | ||
| Intangible assets, net | 12,262 | 13,154 | ||
| Corporate fixed assets, net of accumulated depreciation of $10,103 and $9,591 as of December 31, 2025 and December 31, 2024, respectively | 5,880 | 9,844 | ||
| Accounts receivable, net of allowances of $927 and $352 as of December 31, 2025 and December 31, 2024, respectively | 13,780 | 7,824 | ||
| Deferred tax assets | 0 | 5,175 | ||
| Total other assets, net | $ 82,092 | $ 92,600 | ||
| ||||
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Corporate fixed assets, net of accumulated depreciation | $ 10,103 | $ 9,591 |
| Accounts receivable, net of allowances | $ 927 | $ 352 |
Basis of Presentation and Summary of Significant Accounting Policies - Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Nov. 30, 2019 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Initial cost of remaining balance | $ 275,000 | ||||
| Carrying value of the investment | $ 0 | ||||
| IQHQ [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Initial cost of remaining balance | $ 39,185 | $ 39,185 | $ 39,200 | ||
| Cumulative upward adjustments | 20,501 | 20,501 | |||
| Cumulative impairment | (55,167) | (48,615) | |||
| Carrying value of the investment | $ 4,519 | $ 11,071 | |||
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Finite Lived Intangible Assets [Line Items] | ||
| Intangible assets, Gross | $ 13,377 | $ 25,950 |
| Less: accumulated amortization | (1,115) | (12,796) |
| Intangible assets, net | $ 12,262 | $ 13,154 |
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Net Aggregate Amortization (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Finite Lived Intangible Assets [Line Items] | |
| Intangible assets, 2026 | $ 892 |
| Intangible assets, 2027 | 892 |
| Intangible assets, 2028 | 892 |
| Intangible assets, 2029 | 892 |
| Intangible assets, 2030 | 892 |
| Intangible assets, Thereafter | 7,802 |
| Intangible assets, Total future amortization | $ 12,262 |
Significant Transactions - Summary of Properties Sold (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
Property
|
Dec. 31, 2023
USD ($)
Property
|
|
| Significant Transactions [Abstract] | |||
| Number of properties sold | Property | 7 | 2 | 1 |
| Gain on sale of real estate, continuing operations | $ 237,060 | $ 10,600 | $ 6,138 |
| Gain on sale of real estate, discontinued operations | 545,914 | ||
| Gain on sale of real estate | $ 782,974 | $ 10,600 | $ 6,138 |
Significant Transactions (Details Textual) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
May 31, 2025
USD ($)
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
Property
Unit
|
Dec. 31, 2023
USD ($)
|
Oct. 31, 2025
USD ($)
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Non-recourse property debt, net | $ 240,994 | |||||
| Number of units in real estate property sold | Property | 40 | |||||
| Gain on sale of real estate | $ 782,974 | $ 10,600 | $ 6,138 | |||
| Gain on sale of real estate, discontinued operations | 545,914 | |||||
| Gain on sale of real estate, continuing operations | $ 237,060 | 10,600 | 6,138 | |||
| Exit fees percentage | 3.00% | |||||
| Gain from redemption of investment | 1,900 | |||||
| Preferred Equity Commitment From A Third-party | $ 5,000 | $ 55,500 | ||||
| Redeemable noncontrolling interests in consolidated real estate partnerships | 5,400 | $ 158,292 | 142,931 | $ 19,300 | ||
| Cash purchase price | 20,900 | |||||
| Cash redemption | 38,500 | |||||
| Noncontrolling interests in consolidated real estate partnerships | 20,000 | 39,560 | ||||
| Redeemable noncontrolling interests in consolidated real estate partnerships | 5,400 | 158,292 | 142,931 | 19,300 | ||
| Accrued liabilities and other | 147,362 | 95,911 | ||||
| Additional paid-in capital | $ 300 | $ 429,144 | 425,002 | 7,800 | ||
| Boston Portfolio [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties | Property | 5 | |||||
| Non-recourse property debt, net | $ 173,400 | |||||
| Proceeds from sale of property | 740,000 | |||||
| Gain on sale of real estate, discontinued operations | $ 545,900 | |||||
| Maximum [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Increased compounding interest rate | 16.00% | |||||
| Minimum [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Increased compounding interest rate | 12.00% | |||||
| Aimco [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Cash | $ 7,500 | |||||
| Redeemable noncontrolling interests in consolidated real estate partnerships | 38,500 | |||||
| Noncontrolling interests in consolidated real estate partnerships | 9,200 | |||||
| Redeemable noncontrolling interests in consolidated real estate partnerships | 38,500 | |||||
| Accrued liabilities and other | 1,800 | |||||
| Additional paid-in capital | $ 9,900 | |||||
| Residential Apartment Communities In Waterfront Property [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of units in real estate property sold | Unit | 276 | |||||
| Proceeds from sale of property | $ 190,000 | |||||
| Brickell Assemblage [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Proceeds from sale of property | $ 520,000 | |||||
| Gain on sale of real estate, continuing operations | 237,100 | |||||
| Financing notes amount included sale | $ 85,000 | |||||
| Number of operating properties sold | Property | 2 | |||||
| Brickell Assemblage [Member] | Maximum [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Increased compounding interest rate | 24.00% | |||||
| Brickell Assemblage [Member] | Minimum [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Increased compounding interest rate | 20.00% | |||||
| Brickell Assemblage [Member] | Aimco [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Term | 24 months | |||||
| Fort Lauderdale Consolidated Joint Venture [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Proceeds from sale of property | 31,200 | |||||
| Gain on sale of real estate | 6,100 | |||||
| Seller financing | 21,200 | |||||
| Seller financing variable consideration value | $ 3,800 | |||||
Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Fixed lease income | $ 118,602 | $ 120,900 | $ 107,871 |
| Variable lease income | 12,331 | 10,110 | 9,363 |
| Total lease income | $ 130,933 | $ 131,010 | $ 117,234 |
| Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Finance lease, liability | Finance lease, liability | Finance lease, liability |
Lease Arrangements - Schedule of Minimum Lease Payments from our Office Space Sublease and Commercial Space Leases, Excluding Extension Options (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Corporate Office Sublease [Member] | |
| Lessor, Operating Lease, Payment to Be Received, Fiscal Year Maturity [Line Itam] | |
| 2026 | $ 1,433 |
| 2027 | 1,443 |
| 2028 | 1,453 |
| 2029 | 630 |
| 2030 | 0 |
| Thereafter | 0 |
| Total future minimum lease receipts | 4,959 |
| Commercial Leases [Member] | |
| Lessor, Operating Lease, Payment to Be Received, Fiscal Year Maturity [Line Itam] | |
| 2026 | 3,298 |
| 2027 | 3,388 |
| 2028 | 3,326 |
| 2029 | 3,364 |
| 2030 | 3,390 |
| Thereafter | 20,438 |
| Total future minimum lease receipts | $ 37,204 |
Lease Arrangements - Schedule of Lease Costs, Net of Capitalized Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease, Cost [Abstract] | |||
| Operating lease costs | $ 1,611 | $ 1,504 | $ 1,514 |
| Amortization of right-of-use assets, net of capitalized amounts | 1,277 | 1,092 | 0 |
| Interest on lease liabilities, net of capitalized amounts | 7,479 | 6,300 | 282 |
| Total lease costs, net of capitalized amounts | $ 10,367 | $ 8,896 | $ 1,796 |
Lease Arrangements (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lessee Lease Description [Line Items] | |||
| Lessee, operating lease, description | Our apartment homes and commercial spaces are leased to tenants under operating leases. As of December 31, 2025, our apartment home leases generally have initial terms of 24 months or less. As of December 31, 2025, our commercial space leases have initial terms between 5 and 15 years and represent approximately 9% to 10% of our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions. | ||
| Operating leases weighted average remaining term | 3 years 3 months 18 days | 4 years 3 months 18 days | |
| Operating lease expenses | $ 1,611 | $ 1,504 | $ 1,514 |
| Residual value of leased assets | 6,100 | ||
| Operating right-of-use lease assets | $ 3,500 | $ 4,700 | |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | |
| Operating lease liability | $ 7,249 | $ 9,200 | |
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | |
| Financing right-of-use lease assets | $ 106,438 | $ 107,714 | |
| Sub lease commencement date | Jan. 01, 2021 | ||
| Sublease expiration date | May 31, 2029 | ||
| Sublease income | $ 1,400 | 1,400 | 1,400 |
| Finance lease, amortization | 1,277 | 1,092 | 0 |
| Finance lease, interest expense | $ 7,479 | $ 6,300 | $ 282 |
| Financing leases weighted average remaining term | 91 years 7 months 6 days | 92 years 6 months | |
| Operating leases, weighted average discount rate, percent | 3.40% | 3.50% | |
| Financing leases, weighted average discount rate, percent | 6.10% | 6.10% | |
| Lease liabilities - finance leases | $ 124,794 | $ 121,845 | |
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities - finance leases | ||
| Apartment Home Lease [Member] | Maximum [Member] | |||
| Lessee Lease Description [Line Items] | |||
| Lease terms | 24 months | ||
| Commercial Space Lease [Member] | Maximum [Member] | |||
| Lessee Lease Description [Line Items] | |||
| Lease terms | 15 years | ||
| Operating lease percentage of total revenue | 10.00% | ||
| Commercial Space Lease [Member] | Minimum [Member] | |||
| Lessee Lease Description [Line Items] | |||
| Lease terms | 5 years | ||
| Operating lease percentage of total revenue | 9.00% | ||
Lease Arrangements - Schedule of Weighted Average Remaining Terms and Discount Rates (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Operating leases weighted average remaining term | 3 years 3 months 18 days | 4 years 3 months 18 days |
| Financing leases weighted average remaining term | 91 years 7 months 6 days | 92 years 6 months |
| Operating leases, weighted average discount rate, percent | 3.40% | 3.50% |
| Financing leases, weighted average discount rate, percent | 6.10% | 6.10% |
Lease Arrangements - Minimum Annual Lease Payments Under Operating, Financing Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
| 2026 | $ 2,272 | |
| 2027 | 2,380 | |
| 2028 | 2,181 | |
| 2029 | 843 | |
| Total | 7,676 | |
| Less: Discount | (427) | |
| Total lease liabilities | $ 7,249 | $ 9,200 |
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
| Finance Lease, Liability, Payment, Due [Abstract] | ||
| 2026 | $ 4,568 | |
| 2027 | 5,483 | |
| 2028 | 5,596 | |
| 2029 | 5,708 | |
| 2030 | 5,824 | |
| Thereafter | 1,416,165 | |
| Total | 1,443,344 | |
| Less: Discount | (1,318,550) | |
| Total lease liabilities | $ 124,794 | $ 121,845 |
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total lease liabilities |
Variable Interest Entities (Details Textual) |
Dec. 31, 2025
ApartmentHome
Entity
|
Dec. 31, 2024
Entity
|
|---|---|---|
| Consolidated Entities [Member] | ||
| Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
| Number Of Variable Interest Entities | 3 | 6 |
| Unconsolidated Entities [Member] | ||
| Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
| Number Of Variable Interest Entities | 7 | 7 |
| San Diego Communities [Member] | ||
| Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
| Number of apartment communities | ApartmentHome | 4 |
Variable Interest Entities (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
Entity
|
Dec. 31, 2024
USD ($)
Entity
|
Dec. 31, 2023
USD ($)
|
|---|---|---|---|
| Variable Interest Entity [Line Items] | |||
| Net real estate | $ 949,932 | $ 1,069,505 | |
| Cash and cash equivalents | 394,891 | 141,072 | $ 122,601 |
| Restricted cash | 11,670 | 30,051 | $ 15,452 |
| Notes receivable | 103,863 | 58,794 | |
| Right-of-use lease assets- finance leases | 106,438 | 107,714 | |
| Non-recourse construction loans and bridge financing, net | 399,142 | 385,240 | |
| Lease liabilities - finance leases | 124,794 | 121,845 | |
| Accrued liabilities and other | $ 147,362 | $ 95,911 | |
| Consolidated Entities [Member] | |||
| Variable Interest Entity [Line Items] | |||
| Count of VIEs | Entity | 3 | 6 | |
| Net real estate | $ 450,726 | $ 593,837 | |
| Cash and cash equivalents | 1,688 | 4,625 | |
| Restricted cash | 6,817 | 14,913 | |
| Notes receivable | 0 | 18,571 | |
| Right-of-use lease assets- finance leases | 91,863 | 107,714 | |
| Other assets, net | 10,610 | 26,028 | |
| Non-recourse construction loans and bridge financing, net | 299,422 | 385,240 | |
| Lease liabilities - finance leases | 108,433 | 121,845 | |
| Accrued liabilities and other | $ 16,953 | $ 14,518 | |
| Unconsolidated Entities [Member] | |||
| Variable Interest Entity [Line Items] | |||
| Count of VIEs | Entity | 7 | 7 | |
| Other assets, net | $ 19,789 | $ 26,226 | |
| Accrued liabilities and other | $ 33,500 | $ 33,500 |
Debt (Details Textual) |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
|
May 31, 2025
USD ($)
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Debt Instrument [Line Items] | ||||||
| Revolving credit facility borrowed | $ 43,800,000 | |||||
| Non-recourse property debt and non-recourse construction loans | 738,625,000 | $ 829,666,000 | ||||
| Interest expense | 59,429,000 | $ 59,364,000 | $ 26,922,000 | |||
| Non-Recourse Property Debt [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Non-recourse property debt and non-recourse construction loans | $ 191,100,000 | |||||
| Non-Recourse Property Debt [Member] | Fixed Rate Property Debt | Pledged as Collateral | ||||||
| Debt Instrument [Line Items] | ||||||
| Number of real estate properties securing non-recourse debt | Property | 12 | |||||
| Non-Recourse Construction Loans [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Non-recourse property debt and non-recourse construction loans | $ 596,600,000 | |||||
| Non-Recourse Construction Loans [Member] | Fixed Rate Property Debt | Pledged as Collateral | ||||||
| Debt Instrument [Line Items] | ||||||
| Number of real estate properties securing non-recourse debt | Property | 4 | |||||
| Revolving Credit Facility [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Repayments of borrowings | $ 43,800,000 | |||||
| Revolving Credit Facility [Member] | PNC Bank [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Revolving credit facility borrowed | $ 42,800,000 | |||||
| Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Swingline loan sub-facility | $ 20,000,000 | |||||
| Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Secured credit facility | 150,000,000 | |||||
| Letter of Credit [Member] | PNC Bank [Member] | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument, face amount | $ 30,000,000 | |||||
Debt - Summary of Non-Recourse Property Debt and Non-Recourse Construction Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Debt Instrument [Line Items] | ||
| Non-recourse property debt and construction loans, net | $ 339,483 | $ 444,426 |
| Non-recourse construction loans and bridge financing, net | 399,142 | 385,240 |
| Non-Recourse Property Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Non-recourse property debt and construction loans, net | 339,483 | 444,426 |
| Total non-recourse property debt and construction loans | 341,796 | 447,955 |
| Debt issuance costs, net of accumulated amortization | (2,313) | (3,529) |
| Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Non-recourse construction loans and bridge financing, net | 399,142 | 385,240 |
| Total non-recourse property debt and construction loans | 404,824 | 393,750 |
| Assumed debt fair value adjustment, net of accumulated amortization | (327) | (339) |
| Debt issuance costs, net of accumulated amortization | (5,355) | (8,171) |
| Fixed-rate [Member] | Non-Recourse Property Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Non-recourse property debt and construction loans, net | $ 341,796 | 447,955 |
| Weighted-Average Interest Rate | 4.39% | |
| Fixed-rate [Member] | Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Non-recourse property debt and construction loans, net | $ 221,500 | 261,792 |
| Weighted-Average Interest Rate | 6.30% | |
| Fixed-rate [Member] | Minimum [Member] | Non-Recourse Property Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity date | Jun. 01, 2029 | |
| Contractual Interest Rate Range | 2.78% | |
| Fixed-rate [Member] | Minimum [Member] | Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity date | Jan. 01, 2028 | |
| Contractual Interest Rate Range | 3.25% | |
| Fixed-rate [Member] | Maximum [Member] | Non-Recourse Property Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity date | Jun. 01, 2032 | |
| Contractual Interest Rate Range | 4.68% | |
| Fixed-rate [Member] | Maximum [Member] | Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity date | Dec. 23, 2052 | |
| Contractual Interest Rate Range | 6.39% | |
| Variable rate [Member] | Non-Recourse Property Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Non-recourse property debt and construction loans, net | $ 0 | |
| Variable rate [Member] | Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Non-recourse property debt and construction loans, net | $ 183,324 | $ 131,958 |
| Weighted-Average Interest Rate | 7.12% | |
| Variable rate [Member] | Minimum [Member] | Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity date | Jun. 03, 2026 | |
| Contractual Interest Rate Range | 6.33% | |
| Variable rate [Member] | Maximum [Member] | Non-Recourse Construction Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity date | Oct. 01, 2028 | |
| Contractual Interest Rate Range | 8.17% |
Debt - Scheduled Principal Maturity Payments for Non-Recourse Property Debt and Non-Recourse Construction Loans (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Non-Recourse Property Debt [Member] | |
| Principal Maturity Payments | |
| 2029 | $ 179,646 |
| Thereafter | 162,150 |
| Total | 341,796 |
| Non-Recourse Construction Loans [Member] | |
| Principal Maturity Payments | |
| 2026 | 116,115 |
| 2028 | 282,209 |
| Thereafter | 6,500 |
| Total | $ 404,824 |
Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax liabilities: | ||
| Real estate and real estate partnership basis differences | $ 1,891 | $ 101,833 |
| Lease liability - finance lease | 82 | 331 |
| Deferred tax assets: | ||
| Right-of-use lease asset - finance lease | 296 | 338 |
| Other | 2,048 | 3,059 |
| Net operating, capital, and other loss carryforwards | 15,970 | 10,251 |
| Valuation allowance for deferred tax assets | (16,341) | (7,766) |
| Net deferred tax (asset) liability | $ 0 | $ 96,282 |
Income Taxes - Components of Income Tax Benefit or Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current: | |||
| Federal | $ 38,853 | $ 314 | $ 463 |
| State | 364 | 226 | (3,813) |
| Total current | 39,217 | 540 | (3,350) |
| Deferred: | |||
| Federal | (91,524) | (9,845) | (7,182) |
| State | (5,288) | (1,766) | (2,220) |
| Total deferred | (96,812) | (11,611) | (9,402) |
| Total income tax (benefit) expense | $ (57,595) | $ (11,071) | $ (12,752) |
Income Taxes (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Consolidated income (loss) subject to tax | $ (33,100) | $ (28,200) | $ (15,200) |
| Cash paid for income taxes | 498 | 931 | $ 1,711 |
| Deferred tax Asset | 15,970 | 10,251 | |
| Valuation allowance | 16,341 | 7,766 | |
| Income tax expense benefit continuing operations | $ (57,600) | $ (11,100) | |
| Maximum [Member] | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards expiration year | 2045 | ||
| Minimum [Member] | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards expiration year | 2033 | ||
| Federal and State | |||
| Operating Loss Carryforwards [Line Items] | |||
| Deferred tax Asset | $ 16,000 | ||
| Valuation allowance | $ 16,000 | ||
Income Taxes - Reconciliation of Income Tax Attributable to Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Amount | |||
| Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax | $ (6,944) | $ (5,929) | $ (3,189) |
| United States income tax on earnings of foreign subsidiary | (4,171) | (3,101) | |
| State income tax, net of federal (benefit) expense | $ (4,925) | (1,580) | (8,320) |
| Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] | FLORIDA | ||
| Effects of permanent differences | (2,781) | 96 | |
| Effect of cross-border tax laws, FDAP | $ 1,021 | ||
| Effect of cross-border tax laws, FIRPTA | 37,832 | ||
| Effect of cross-border tax laws, Effect of transaction | (89,929) | ||
| Changes in valuation allowances | 5,492 | 3,472 | 2,270 |
| Nontaxable or nondeductible items, Other | (142) | ||
| Other | (82) | (508) | |
| Total income tax (benefit) expense | $ (57,595) | $ (11,071) | $ (12,752) |
| Percent | |||
| Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax | 21.00% | 21.00% | 21.00% |
| United States income tax on earnings of foreign subsidiary | 14.80% | 20.40% | |
| State income tax, net of federal (benefit) expense | 14.90% | 5.60% | 54.80% |
| Effects of permanent differences | 9.90% | (0.60%) | |
| Effect of cross-border tax laws, FDAP | (3.10%) | ||
| Effect of cross-border tax laws, FIRPTA | (114.40%) | ||
| Effect of cross-border tax laws, Effect of transaction | 272.00% | ||
| Changes in valuation allowances | (16.60%) | (12.30%) | (14.90%) |
| Nontaxable or nondeductible items, Other | 0.40% | ||
| Other | 0.20% | 3.30% | |
| Total income tax (benefit) expense | 174.20% | 39.20% | 84.00% |
Income Taxes - Summary of Income Taxes Paid, Net of Refunds, by Jurisdiction (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| Federal | $ 551 |
| Total income taxes paid, net of refunds | 498 |
| Florida | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| States | 133 |
| Illinois | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| States | (200) |
| Other States | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| States | $ 14 |
Income Taxes - Schedule of Dividends Per Share Held (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Dividends, Common Stock [Abstract] | |||
| Ordinary income | $ 0 | $ 0 | $ 0 |
| Capital gains | 1.88 | 0 | 0 |
| Qualified dividends | 0 | 0 | 0 |
| Unrecaptured § 1250 gain | 0.95 | 0 | 0 |
| Return of capital | 0 | 0 | 0 |
| Total | $ 2.83 | $ 0 | $ 0 |
| Dividends Common Stock Percentage [Abstract] | |||
| Ordinary income | 0.00% | 0.00% | 0.00% |
| Capital gains | 66.30% | 0.00% | 0.00% |
| Qualified dividends | 0.00% | 0.00% | 0.00% |
| Unrecaptured § 1250 gain | 33.70% | 0.00% | 0.00% |
| Return of capital | 0.00% | 0.00% | 0.00% |
| Total | 100.00% | 0.00% | 0.00% |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Tax Disclosure [Abstract] | ||
| Balance at January 1 | $ 1,974 | $ 2,092 |
| Additions based on tax positions in prior years | 47 | 47 |
| Lapse of applicable statute of limitations | 0 | (165) |
| Balance at December 31 | $ 2,021 | $ 1,974 |
Aimco Equity (Details Textual) - $ / shares |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Sep. 15, 2025 |
Jan. 31, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Class of Stock [Line Items] | |||||
| Common Stock, shares authorized (in shares) | 510,587,500 | 510,587,500 | |||
| Common Stock, shares outstanding (in shares) | 140,158,784 | 136,351,966 | |||
| Common Stock, shares issued (in shares) | 140,158,784 | 136,351,966 | |||
| Authorzed to repurchase of shares | 16,200,000 | ||||
| Stock repurchased during period, shares | 29,000,000,000 | 4,900,000 | 6,200,000 | ||
| Share repurchase weighted average prices | $ 8.66 | $ 8.01 | $ 7.33 | ||
| Percentage of real estate investment trust taxable income | 90.00% | ||||
| S 2025 Q1 Dividends [Member] | |||||
| Class of Stock [Line Items] | |||||
| Cash dividend paid per share | $ 0.6 | ||||
| Dividends payable, date declared | Dec. 19, 2024 | ||||
| Dividends payable, date to be paid | Jan. 31, 2025 | ||||
| Dividend payable date of record | Jan. 14, 2025 | ||||
| S 2025 Q3 Dividends [Member] | |||||
| Class of Stock [Line Items] | |||||
| Cash dividend paid per share | $ 2.23 | ||||
| Dividends payable, date declared | Sep. 15, 2025 | ||||
| Dividends payable, date to be paid | Oct. 15, 2025 | ||||
| Dividend payable date of record | Sep. 30, 2025 | ||||
Partners' Capital - Narrative (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transaction [Line Items] | |||
| Declared distributions per common unit | $ 2.23 | $ 0.6 | $ 0 |
| Redemption of OP units in exchange for cash | 76,000 | 119,000 | 149,000 |
| Redemption of OP units, weighted average price per unit | $ 8.48 | $ 8.28 | $ 7.24 |
| AIMCO PROPERTIES, L.P. [Member] | |||
| Related Party Transaction [Line Items] | |||
| Redemption of OP units in exchange for shares | 2,554,326 | 0 | 0 |
| Redemption of OP units in exchange for shares, weighted average price per unit | $ 7.98 | ||
Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
shares
| |
| Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |
| Participating securities that could potentially dilute basic earnings per share | $ | $ 1.6 |
| Common Stock [Member] | |
| Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |
| Securities that could potentially dilute basic earnings per share or unit in future periods | 4.6 |
| OP Unit Equivalents [Member] | |
| Schedule Of Earnings Per Share And Dividends Per Share [Line Items] | |
| Securities that could potentially dilute basic earnings per share or unit in future periods | 8.7 |
Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||||
| Income (loss) from continuing operations | $ 41,747 | $ (124,162) | $ (180,836) | |
| Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (13,237) | (13,958) | (13,924) | |
| Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (781) | 1,849 | (3,991) | |
| Less: Net (income) loss allocated to Aimco participating securities | 479 | (1,520) | ||
| Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders | 27,065 | (130,672) | (188,497) | |
| Income (loss) from discontinued operations, net of taxes | 551,221 | 28,162 | 23,517 | |
| Less: Net (income) loss from discontinued operations allocated to Aimco participating securities | (7,327) | |||
| Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders | 520,096 | 26,684 | 22,301 | |
| Net income (loss) attributable to Aimco common stockholders | $ 547,161 | $ (103,988) | $ (166,196) | |
| Basic weighted-average common stock outstanding | 138,347 | 138,496 | 143,618 | 138,347 |
| Dilutive share equivalents outstanding | 2,710 | 0 | 0 | |
| Diluted weighted-average OP Units outstanding | 141,057 | 138,496 | 143,618 | 141,057 |
| Earnings (loss) per share - basic | ||||
| Income (loss) from continuing operations attributable to Aimco per common share/unit - basic | $ 0.2 | $ (0.94) | $ (1.32) | |
| Income (loss) from discontinued operations attributable to Aimco per common share | 3.75 | 0.19 | 0.16 | |
| Net income (loss) attributable to Aimco per common share - basic | 3.95 | (0.75) | (1.16) | |
| Earnings (loss) per share/unit - diluted | ||||
| Income (loss) from continuing operations attributable to Aimco per common share - diluted | 0.19 | (0.94) | (1.32) | |
| Income (loss) from discontinued operations attributable to Aimco per common share | 3.68 | 0.19 | 0.16 | |
| Net income (loss) attributable to Aimco per common share - diluted | $ 3.87 | $ (0.75) | $ (1.16) | $ 3.87 |
| Aimco OP L.P. [Member] | ||||
| Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||||
| Income (loss) from continuing operations | $ 41,747 | $ (124,162) | $ (180,836) | |
| Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships | (13,237) | (13,958) | (13,924) | |
| Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (781) | 1,849 | (3,991) | |
| Less: Net (income) loss from continuing operations attributable to common noncontrolling interests in Aimco Operating Partnership | (1,143) | 7,119 | 10,254 | |
| Less: Net (income) loss allocated to Aimco participating securities | 461 | (1,520) | ||
| Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders | 28,190 | (137,791) | (198,751) | |
| Income (loss) from discontinued operations, net of taxes | 551,221 | 28,162 | 23,517 | |
| Less: Net (income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership | (23,798) | (1,478) | (1,216) | |
| Less: Net (income) loss from discontinued operations allocated to Aimco participating securities | (7,629) | |||
| Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders | 543,592 | 28,162 | 23,517 | |
| Net income (loss) attributable to Aimco common stockholders | $ 571,781 | $ (109,629) | $ (175,234) | |
| Basic weighted-average common stock outstanding | 144,871 | 146,120 | 151,371 | |
| Dilutive share equivalents outstanding | 2,710 | 0 | 0 | |
| Diluted weighted-average OP Units outstanding | 147,581 | 146,120 | 151,371 | |
| Earnings (loss) per share - basic | ||||
| Income (loss) from continuing operations attributable to Aimco per common share/unit - basic | $ 0.2 | $ (0.94) | $ (1.32) | |
| Income (loss) from discontinued operations attributable to Aimco per common share | 3.75 | 0.19 | 0.16 | |
| Net income (loss) attributable to Aimco per common share - basic | 3.95 | (0.75) | (1.16) | |
| Earnings (loss) per share/unit - diluted | ||||
| Income (loss) from continuing operations attributable to Aimco per common share - diluted | 0.19 | (0.94) | (1.32) | |
| Income (loss) from discontinued operations attributable to Aimco per common share | 3.68 | 0.19 | 0.16 | |
| Net income (loss) attributable to Aimco per common share - diluted | $ 3.87 | $ (0.75) | $ (1.16) | |
Share-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total unvested compensation cost not yet recognized for options and restricted stock awards | $ 7.8 | ||
| Weighted average period over which unvested compensation cost expected to be recognized | 1 year 6 months | ||
| Exercisable | $ 9.5 | ||
| AIR [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Weighted-average conversion metric | $ 3.12 | ||
| Restricted Stock [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Unvested shares | 1,609,789 | 2,282,680 | |
| Restricted Stock [Member] | Minimum [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Vest period | 3 years | ||
| Restricted Stock [Member] | Maximum [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Vest period | 5 years | ||
| Employee Stock Option | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Term of stock options | 10 years | ||
| Unvested shares | 800,000 | ||
| Employee Stock Option | AIMCO [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Exercisable, stock options | 600,000 | ||
| Weighted-average exercise price | $ 4.78 | ||
| TSR Stock Awards [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| TSR restricted shares performance measurement period | 3 years | ||
| Term of stock options | 10 years | ||
| TSR Stock Awards [Member] | Minimum [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Vest period | 3 years | ||
| TSR Stock Awards [Member] | Maximum [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Vest period | 4 years | ||
| TSR LTIP Units [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Unvested shares | 1,000,000 | ||
| TSR LTIP Units [Member] | AIR [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Weighted-average conversion metric | $ 2.68 | ||
| Restricted Stock Awards and LTIP I Units [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Aggregate fair value of vested restricted stock awards and LTIP 1 units | $ 5.7 | $ 2.1 | $ 0.9 |
| 2020 Plan [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Shares available to be granted under plan (in shares) | 16,800,000 | ||
Share-Based Compensation - Total Compensation Cost Recognized for Share-based Awards (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Share-based compensation expense | $ 5,897 | $ 6,494 | $ 9,221 |
| Capitalized share-based compensation | 677 | 1,019 | 1,274 |
| Total share-based compensation | $ 6,574 | $ 7,513 | $ 10,495 |
Share-Based Compensation - Summary Activity for Equity Compensation (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ 9.06 | $ 7.43 | $ 7.59 |
| Restricted Stock [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Options, Shares and Units Outstanding at beginning of year | 2,282,680 | ||
| Number of Options, Shares and Units Granted | 398,817 | ||
| Number of Options, Shares and Units Vested | (847,803) | ||
| Number of Options, Shares and Units Forfeited | (223,905) | ||
| Number of Options, Shares and Units Outstanding at end of year | 1,609,789 | 2,282,680 | |
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.87 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Granted | 8.94 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Vested | 6.73 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 7.07 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 7.43 | $ 6.87 | |
| TSR Restricted Stock Awards [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Options, Shares and Units Outstanding at beginning of year | 1,323,416 | ||
| Number of Options, Shares and Units Granted | 438,175 | ||
| Number of Options, Shares and Units Vested | (531,349) | ||
| Number of Options, Shares and Units Forfeited | (33,197) | ||
| Number of Options, Shares and Units Outstanding at end of year | 1,197,045 | 1,323,416 | |
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 7.92 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Granted | 11.66 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Vested | 7.65 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | 7.76 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 9.41 | $ 7.92 | |
| Unvested TSR LTIP II Units | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Options, Shares and Units Outstanding at beginning of year | 897,106 | ||
| Number of Options, Shares and Units Granted | 206,364 | ||
| Number of Options, Shares and Units Vested | (1,103,470) | ||
| Number of Options, Shares and Units Outstanding at end of year | 897,106 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 5.51 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Granted | 6.96 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Vested | $ 5.78 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 5.51 | ||
| Unvested TSR Stock Options [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Options, Shares and Units Outstanding at beginning of year | 529,967 | ||
| Number of Options, Shares and Units Granted | 128,554 | ||
| Number of Options, Shares and Units Vested | (658,521) | ||
| Number of Options, Shares and Units Outstanding at end of year | 529,967 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.78 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Granted | 6.96 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Vested | $ 6.82 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 6.78 | ||
| Convertible TSR LTIP II Units [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Options, Shares and Units Outstanding at beginning of year | 1,869,609 | ||
| Number of Units, Exercisable, Shares and Units Vested | 1,103,470 | ||
| Number of Options, Shares and Units Outstanding at end of year | 2,973,079 | 1,869,609 | |
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.45 | ||
| Exercisable, Weighted Average Exercise Price and Grant-Date Fair Value Vested | 5.78 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 3.42 | $ 6.45 | |
| Exercisable TSR Stock Options [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Number of Options, Shares and Units Outstanding at beginning of year | 317,200 | ||
| Number of Options, Shares and Units Dividend adjustment | 484,512 | ||
| Number of Options, Shares and Units Vested | (658,521) | ||
| Number of Options, Shares and Units Outstanding at end of year | 1,460,233 | 317,200 | |
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ 6.66 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Vested | 6.82 | ||
| Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ 4.53 | $ 6.66 | |
Share-Based Compensation - Compensation Cost Not Yet Recognized for Share-based Awards (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Total awards unvested shares | 2,806,834 | |
| Total awards unvested compensation not yet recognized | $ 7,769 | |
| Employee Stock Option | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Unvested shares | 800,000 | |
| Restricted Stock [Member] | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Unvested shares | 1,609,789 | 2,282,680 |
| Unvested compensation not yet recognized | $ 3,529 | |
| TSR Restricted Stock Awards [Member] | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Unvested shares | 1,197,045 | 1,323,416 |
| Unvested compensation not yet recognized | $ 4,240 |
Share-Based Compensation - Compensation Cost Not Yet Recognized for Share-based Awards (Parenthetical) (Details) |
Dec. 31, 2025
$ / shares
|
|---|---|
| A I R [Member] | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Weighted-average conversion metric | $ 3.12 |
Share-Based Compensation - Summary of Assumptions Used for Valuation of TSR-Based Awards Granted (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Grant date market value of a common share | $ 9.06 | $ 7.43 | $ 7.59 |
| Risk-free interest rate, Minimum | 4.31% | 4.11% | 3.89% |
| Risk-free interest rate, Maximum | 4.43% | 5.20% | 4.73% |
| Dividend yield | 0.00% | 0.00% | 0.00% |
| Expected volatility, Minimum | 29.17% | 31.28% | 34.08% |
| Expected volatility, Maximum | 39.71% | 33.16% | 36.19% |
| TSR Restricted Stock Awards [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Grant date market value of a common share | $ 11.66 | ||
| Derived vesting period of TSR Restricted Stock | 3 years | 3 years | 3 years |
Fair Value Measurements and Disclosures (Details Textual) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Non-cash impairment charge | $ 158,000 | ||
| Mezzanine investment | $ 0 | ||
| Real Estate [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Non-cash impairment charge | $ 147,500 | ||
| Planning costs write-off | 87,300 | ||
| IQHQ [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Non-cash impairment charge | 6,600 | $ 48,600 | |
| Mezzanine investment | 4,519 | $ 11,071 | |
| Maximum [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Derivative, Notional Amount | $ 289,000 | ||
| Measurement Input, Capitalization Rate [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment, measurement input | 8 | 5.25 | |
| Measurement Input, Capitalization Rate [Member] | Minimum [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment, measurement input | 5.75 | 6 | |
| Measurement Input, Capitalization Rate [Member] | Maximum [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment, measurement input | 8.23 | 7 | |
| Measurement Input, Discount Rates [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment, measurement input | 10 | ||
| Measurement Input, Discount Rates [Member] | Minimum [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment, measurement input | 7.25 | 7.25 | |
| Measurement Input, Discount Rates [Member] | Maximum [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment, measurement input | 9 | 10.25 | |
| Fair Value, Recurring [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Derivative instruments acquired | $ 500 | ||
| Fair value of instruments | 32 | $ 862 | |
| Investment | 4,956 | 5,903 | |
| Fair Value, Recurring [Member] | Property Technology Funds [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment | 4,900 | 3,500 | |
| Fair Value, Recurring [Member] | Level 1 [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Fair value of instruments | 0 | 0 | |
| Investment | 0 | 1,573 | |
| Fair Value, Nonrecurring [Member] | IQHQ [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Non-cash impairment charge | 6,600 | 48,600 | |
| Interest Rate Swaption [Member] | Fair Value, Recurring [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Derivative, Notional Amount | $ 1,500,000 | ||
| Gross Proceeds from Investments | $ 54,200 | ||
| Common Stock [Member] | Fair Value, Recurring [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment | $ 0 | 1,573 | |
| Common Stock [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment | $ 1,573 | ||
Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Contracts and Investments in Stock and Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Interest rate contracts | $ 32 | $ 862 | ||
| Investments | 4,956 | 5,903 | ||
| Level 1 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Interest rate contracts | 0 | 0 | ||
| Investments | 0 | 1,573 | ||
| Level 2 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Interest rate contracts | 32 | 862 | ||
| Investments | 32 | 862 | ||
| Level 3 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Interest rate contracts | 0 | 0 | ||
| Investments | 0 | 0 | ||
| Common Stock [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | 0 | 1,573 | ||
| Common Stock [Member] | Level 1 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | 1,573 | |||
| Common Stock [Member] | Level 2 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | 0 | 0 | ||
| Common Stock [Member] | Level 3 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | 0 | 0 | ||
| Real Estate Technology Funds [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | [1] | 4,924 | 3,468 | |
| Real Estate Technology Funds [Member] | Level 1 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | [1] | 0 | 0 | |
| Real Estate Technology Funds [Member] | Level 2 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | [1] | 0 | 0 | |
| Real Estate Technology Funds [Member] | Level 3 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments | [1] | $ 0 | $ 0 | |
| ||||
Fair Value Measurements and Disclosures - Summary of Carrying Value and Fair Value of Non-recourse Property Debt and Non-recourse Construction Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | $ 746,620 | $ 841,705 |
| Fair Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 741,055 | 813,382 |
| Non-recourse Property Debt [Member] | Carrying Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 341,796 | 447,955 |
| Non-recourse Property Debt [Member] | Fair Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 332,487 | 419,626 |
| Non-recourse Construction Loans [Member] | Carrying Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 404,824 | 393,750 |
| Non-recourse Construction Loans [Member] | Fair Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | $ 408,568 | $ 393,756 |
Commitments and Contingencies (Details Textual) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Long-term Purchase Commitment [Line Items] | |
| Non-recourse construction related contracts, amount | $ 87.5 |
| Undrawn non-resource construction loan | 105.7 |
| Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Remaining commitments | $ 1.0 |
| Commitments related to operations [Member] | Maximum [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Time Period of Long-term Purchase Commitment | 1 year |
Assets Held for Sale and Discontinued Operations - Additional Information (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Aug. 05, 2025
USD ($)
Property
|
Sep. 30, 2025
USD ($)
Property
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
Property
|
Dec. 31, 2023
Property
|
Dec. 23, 2025
Property
ApartmentHome
|
Oct. 31, 2025
USD ($)
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Number of properties sold | Property | 7 | 2 | 1 | ||||
| Assets from discontinued operations | $ 181,095 | ||||||
| Liabilities related to discontinued operations | 245,932 | ||||||
| Discontinued operations, non-recourse property debt | $ 240,994 | ||||||
| Massachusetts, New Hampshire, and Rhode Island | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Number of real estate properties | Property | 5 | ||||||
| Number of properties sold | Property | 4 | ||||||
| Real estate sale contract value | $ 740,000 | $ 490,000 | |||||
| Disposal group, including discontinued operation, description and timing of disposal | These four properties include properties known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village. The sale of the fifth property, Royal Crest Estates (Nashua), was completed in October 2025 | ||||||
| Massachusetts, New Hampshire, and Rhode Island | Royal Crest Estates (Nashua) [Member] | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Discontinued operations, gross purchase price | $ 250,000 | ||||||
| Discontinued operations, non-recourse property debt | $ 173,400 | ||||||
| Massachusetts, New Hampshire, and Rhode Island | Boston Portfolio [Member] | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Assets from discontinued operations | $ 0 | ||||||
| Liabilities related to discontinued operations | $ 0 | ||||||
| Plantation, Florida, and Nashville, Tennessee | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Number of real estate properties | Property | 2 | ||||||
| Number of apartment homes | ApartmentHome | 660 | ||||||
Assets Held for Sale and Discontinued Operations - Summary of Major Components of Assets and Liabilities Related to Discontinued Operations (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Discontinued Operations and Disposal Groups [Abstract] | |
| Buildings and improvements | $ 203,593 |
| Land | 151,301 |
| Total real estate | 354,894 |
| Accumulated depreciation | (176,566) |
| Net real estate | 178,328 |
| Restricted cash | 1,316 |
| Other assets, net | 1,451 |
| Assets from discontinued operations, net | 181,095 |
| Non-recourse property debt, net | 240,994 |
| Accrued liabilities and other | 4,938 |
| Liabilities related to discontinued operations, net | $ 245,932 |
Assets Held for Sale and Discontinued Operations - Summary of Income from Operations and Related Gain on Disposition of Real Estate (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| REVENUES | |||||
| Rental and other property revenues | $ 51,570 | $ 70,979 | $ 67,070 | ||
| Property operating expenses | 17,859 | 22,907 | 22,057 | ||
| Depreciation and amortization | 4,783 | 9,226 | 10,716 | ||
| Total operating expenses | 22,642 | 32,133 | 32,773 | ||
| Interest income | 2 | 9 | 16 | ||
| Interest expense | (9,628) | (10,693) | (10,796) | ||
| Gain on dispositions of real estate | 545,914 | ||||
| Income (loss) from discontinued operations before income tax | 565,216 | 28,162 | 23,517 | ||
| Income tax benefit (expense) | [1] | (13,995) | |||
| Income (loss) from discontinued operations, net of taxes | 551,221 | 28,162 | 23,517 | ||
| Net income (loss) from discontinued operations attributable to Aimco | 527,423 | 26,684 | 22,301 | ||
| Aimco OP L.P. [Member] | |||||
| REVENUES | |||||
| Depreciation and amortization | 4,783 | 9,226 | 10,716 | ||
| Gain on dispositions of real estate | 545,914 | ||||
| Income tax benefit (expense) | (13,995) | ||||
| (Income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership | $ (23,798) | $ (1,478) | $ (1,216) | ||
| |||||
Assets Held for Sale and Discontinued Operations - Summary of Cash Flow Information Related to Discontinued Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash Provided by (Used in) Discontinued Operation [Abstract] | |||
| Total operating cash flows from (used in) discontinued operations | $ 21,983 | $ 37,640 | $ 33,948 |
| Total investing cash flows from (used in) discontinued operations | $ 538,889 | $ (4,981) | $ (5,266) |
Assets Held for Sale and Discontinued Operations - Schedule of Major Components of Assets and Liabilities Related to Real Estate Properties Held for Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Schedule of Equity Method Investments [Line Items] | |||
| Buildings and improvements | $ 1,014,902 | $ 1,145,332 | |
| Land | 222,315 | 246,881 | |
| Total real estate | 1,237,217 | 1,392,213 | |
| Accumulated depreciation | (287,285) | (322,708) | |
| Net real estate | 949,932 | 1,069,505 | |
| Restricted cash | 11,670 | 30,051 | $ 15,452 |
| Other assets, net | 82,092 | 92,600 | |
| Assets held for sale, net | 26,847 | 457,174 | |
| Non-recourse property debt, net | 339,483 | 444,426 | |
| Accrued liabilities and other | 147,362 | 95,911 | |
| Liabilities related to assets held for sale, net | 107,747 | 406,552 | |
| Discontinued Operations, Held-for-Sale [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Buildings and improvements | 80,627 | 218,388 | |
| Land | 6,645 | 181,381 | |
| Total real estate | 87,272 | 399,769 | |
| Accumulated depreciation | (61,341) | (126,840) | |
| Net real estate | 25,931 | 272,929 | |
| Restricted cash | 635 | 517 | |
| Other assets, net | 281 | 2,633 | |
| Assets held for sale, net | 26,847 | 276,079 | |
| Non-recourse property debt, net | 105,506 | 158,888 | |
| Accrued liabilities and other | 2,241 | 1,732 | |
| Liabilities related to assets held for sale, net | $ 107,747 | $ 160,620 |
Business Segments (Details Textual) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2025
USD ($)
ApartmentHome
Property
Segment
Community
OfficeBuilding
Dwelling
|
Dec. 31, 2024
USD ($)
|
Jan. 01, 2024
Property
ApartmentHome
|
|
| Segment Reporting Information [Line Items] | |||
| Number of reportable segments | Segment | 3 | ||
| Number of real estate properties sold | 5 | ||
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | Our CODM evaluates performance and allocates resources for all of our segments using property net operating income (“PNOI”), which is our measure of segment profit or loss. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; | ||
| Development Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Right-of-use lease assets | $ | $ 106.4 | $ 107.7 | |
| Lease liabilities | $ | $ 124.8 | $ 121.8 | |
| Continuing Operations [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of real estate properties | ApartmentHome | 2,524 | ||
| Number of real estate properties held for sale | OfficeBuilding | 2 | ||
| Continuing Operations [Member] | Operating Portfolio Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of real estate properties held for sale | 2 | ||
| Planned Homes [Member] | Continuing Operations [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of real estate properties | 16 | ||
| Accessory Dwelling Units [Member] | Continuing Operations [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of units in real estate property | Dwelling | 8 | ||
| Unconsolidated Investment In Iqhq And Mezzanine Investment Member | |||
| Segment Reporting Information [Line Items] | |||
| Number of apartment communities | Community | 4 | ||
| Number of apartment homes | ApartmentHome | 142 | ||
| Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of real estate properties | 15 | ||
| Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of units in real estate property | ApartmentHome | 2,524 | ||
| Real Estate Partnership [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Number of real estate properties | 9 |
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Summary information for the reportable segments | |||
| Rental and other property revenues | $ 138,486 | $ 137,700 | $ 119,925 |
| Controllable operating expenses | 27,861 | 27,843 | 20,963 |
| Real estate taxes, net of capitalized amounts | 22,189 | 19,872 | 15,058 |
| Utilities expense, net of utility reimbursements | 10,054 | 10,103 | 7,313 |
| Property insurance expense, net of capitalized amounts | 4,184 | 4,836 | 3,708 |
| Other property operating expenses | 4,067 | 5,423 | 4,613 |
| Other operating expenses not allocated to segments | (239,760) | (109,970) | (90,983) |
| Property operating expenses | 68,355 | 68,077 | 51,655 |
| Other items included in income before income tax | 153,781 | (94,886) | (170,875) |
| Income (loss) from continuing operations before income tax | (15,848) | (135,233) | (193,588) |
| Segment Reconciling Items [Member] | |||
| Summary information for the reportable segments | |||
| Rental and other property revenues | 6,183 | 5,409 | 4,541 |
| Utilities expense, net of utility reimbursements | 6,183 | 5,409 | 4,541 |
| Property operating expenses | 6,183 | 5,409 | 4,541 |
| Proportionate property net operating income (loss) | 0 | ||
| Income (loss) from continuing operations before income tax | 0 | ||
| Corporate Non-Segment [Member] | |||
| Summary information for the reportable segments | |||
| Rental and other property revenues | 24,713 | 44,060 | 43,317 |
| Controllable operating expenses | 3,331 | 6,236 | 6,097 |
| Real estate taxes, net of capitalized amounts | 5,255 | 7,312 | 5,634 |
| Utilities expense, net of utility reimbursements | 1,262 | 1,410 | 1,432 |
| Property insurance expense, net of capitalized amounts | 1,525 | 2,059 | 2,111 |
| Other property operating expenses | 4,067 | 5,423 | 4,613 |
| Other operating expenses not allocated to segments | (239,760) | (109,970) | (90,983) |
| Property operating expenses | 15,440 | 22,440 | 19,887 |
| Other items included in income before income tax | 153,781 | (94,886) | (170,875) |
| Income (loss) from continuing operations before income tax | (76,706) | (183,236) | (238,428) |
| Development Segment [Member] | Operating Segments [Member] | |||
| Summary information for the reportable segments | |||
| Rental and other property revenues | 27,518 | 9,852 | 109 |
| Controllable operating expenses | 6,107 | 4,527 | 670 |
| Real estate taxes, net of capitalized amounts | 4,763 | 1,963 | 84 |
| Utilities expense, net of utility reimbursements | 1,645 | 1,959 | 114 |
| Property insurance expense, net of capitalized amounts | 761 | 1,019 | 59 |
| Property operating expenses | 13,276 | 9,468 | 927 |
| Proportionate property net operating income (loss) | 14,242 | 384 | (818) |
| Income (loss) from continuing operations before income tax | 14,242 | 384 | (818) |
| Operating Portfolio Segment [Member] | Operating Segments [Member] | |||
| Summary information for the reportable segments | |||
| Rental and other property revenues | 72,519 | 71,689 | 69,267 |
| Controllable operating expenses | 11,155 | 10,334 | 10,167 |
| Real estate taxes, net of capitalized amounts | 11,259 | 10,004 | 8,865 |
| Utilities expense, net of utility reimbursements | 688 | 1,070 | 1,047 |
| Property insurance expense, net of capitalized amounts | 1,768 | 1,640 | 1,511 |
| Property operating expenses | 24,870 | 23,048 | 21,590 |
| Proportionate property net operating income (loss) | 47,649 | 48,641 | 47,677 |
| Income (loss) from continuing operations before income tax | 47,649 | 48,641 | 47,677 |
| Other [Member] | Operating Segments [Member] | |||
| Summary information for the reportable segments | |||
| Rental and other property revenues | 7,553 | 6,690 | 2,691 |
| Controllable operating expenses | 7,268 | 6,746 | 4,029 |
| Real estate taxes, net of capitalized amounts | 912 | 593 | 475 |
| Utilities expense, net of utility reimbursements | 276 | 255 | 179 |
| Property insurance expense, net of capitalized amounts | 130 | 118 | 27 |
| Property operating expenses | 8,586 | 7,712 | 4,710 |
| Proportionate property net operating income (loss) | (1,033) | (1,022) | (2,019) |
| Income (loss) from continuing operations before income tax | $ (1,033) | $ (1,022) | $ (2,019) |
Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Buildings and improvements | $ 1,014,902 | $ 1,145,332 |
| Land | 222,315 | 246,881 |
| Total real estate | 1,237,217 | 1,392,213 |
| Accumulated Depreciation | (287,285) | (322,708) |
| Net real estate | 949,932 | 1,069,505 |
| Non-recourse property debt and construction loans, net | 738,625 | 829,666 |
| Operating Segments [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Buildings and improvements | 363,105 | |
| Land | 73,101 | |
| Total real estate | 436,206 | |
| Accumulated Depreciation | (231,231) | |
| Development Segment [Member] | Operating Segments [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Buildings and improvements | 626,929 | 620,000 |
| Land | 148,850 | 165,633 |
| Total real estate | 775,779 | 785,633 |
| Accumulated Depreciation | (48,719) | (20,872) |
| Net real estate | 727,060 | 764,761 |
| Non-recourse property debt and construction loans, net | 399,142 | 385,240 |
| Operating Portfolio Segment [Member] | Operating Segments [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Buildings and improvements | 363,105 | 449,591 |
| Land | 73,101 | 79,745 |
| Total real estate | 436,206 | 529,336 |
| Accumulated Depreciation | (231,231) | (291,474) |
| Net real estate | 204,975 | 237,862 |
| Non-recourse property debt and construction loans, net | 339,483 | 444,426 |
| Other [Member] | Operating Segments [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Buildings and improvements | 24,868 | 75,741 |
| Land | 364 | 1,503 |
| Total real estate | 25,232 | 77,244 |
| Accumulated Depreciation | (7,335) | (10,362) |
| Net real estate | 17,897 | 66,882 |
| Non-recourse property debt and construction loans, net | $ 0 | $ 0 |
Business Segments - Summary of Segment Capital Additions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Capital additions | $ 104,549 | $ 136,704 | $ 287,755 |
| Operating Segments [Member] | Development Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Capital additions | 93,592 | 126,125 | 258,888 |
| Operating Segments [Member] | Operating Portfolio Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Capital additions | 9,677 | 7,800 | 6,622 |
| Operating Segments [Member] | Other Real Estate [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Capital additions | 337 | 26 | 8,782 |
| Corporate Non-Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Capital additions | $ 943 | $ 2,753 | $ 13,463 |
Subsequent Events (Details Textual) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2026
ApartmenthomeProperty
|
Feb. 09, 2026
$ / shares
|
Jan. 15, 2026
USD ($)
ApartmenthomeProperty
Unit
|
Feb. 28, 2026
USD ($)
|
Mar. 02, 2026
USD ($)
ApartmenthomeProperty
|
Dec. 31, 2025
$ / shares
shares
|
Dec. 31, 2024
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Dec. 23, 2025
Property
ApartmentHome
|
|
| Subsequent Event [Line Items] | |||||||||
| Liquidating distribution per share | $ / shares | $ 2.23 | $ 0.6 | $ 0 | ||||||
| Declaration date | Feb. 09, 2026 | ||||||||
| Distribution date | Mar. 13, 2026 | ||||||||
| Record date | Feb. 27, 2026 | ||||||||
| Stock repurchased during period, shares | shares | 29,000.0 | 4.9 | 6.2 | ||||||
| Plantation, Florida, and Nashville, Tennessee [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Number of real estate properties | Property | 2 | ||||||||
| Number of apartment homes | ApartmentHome | 660 | ||||||||
| Subsequent Event [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Liquidating distribution per share | $ / shares | $ 1.45 | ||||||||
| Subsequent Event [Member] | Chicago Portfolio [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Number of apartments properties sold | ApartmenthomeProperty | 7 | ||||||||
| Numer of units sale of portfolio | Unit | 1,495 | ||||||||
| Proceeds from sale of property | $ 455.0 | ||||||||
| Subsequent Event [Member] | Nashville, Tennessee, Plantation, Florida, and Aurora, Colorado [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Number of apartments properties sold | ApartmenthomeProperty | 3 | ||||||||
| Proceeds from sale of property | $ 177.5 | ||||||||
| Subsequent Event [Member] | New York City [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Number of apartments properties sold | ApartmenthomeProperty | 2 | ||||||||
| Subsequent Event [Member] | Atlanta, Georgia [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Number of apartments properties sold | ApartmenthomeProperty | 1 | ||||||||
| Subsequent Event [Member] | New York City and Atlanta, Georgia [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Non-refundable deposits received | $ 56.5 | ||||||||
| Subsequent Event [Member] | Aimco Operating Partnership [Member] | |||||||||
| Subsequent Event [Line Items] | |||||||||
| Cash purchase price | 137.6 | ||||||||
| Noncontrolling interest carrying value | $ 136.2 | ||||||||
| Liquidating distribution per share | $ / shares | $ 1.45 | ||||||||
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Land | $ 222,315 | $ 246,881 |
| Buildings and improvements | 1,014,902 | 1,145,332 |
| Total real estate | 1,237,217 | 1,392,213 |
| Accumulated Depreciation | (287,285) | (322,708) |
| Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Encumbrances | (844,131) | |
| Initial Cost, Land | 246,459 | |
| Initial Cost, Buildings and Improvements | 251,514 | |
| Total Initial Acquisition Costs | 497,973 | |
| Costs Capitalized Subsequent to Consolidation | 826,516 | |
| Land | 228,960 | |
| Buildings and improvements | 1,095,529 | |
| Total real estate | 1,324,489 | |
| Accumulated Depreciation | (348,626) | |
| Debt issuance costs and other non-cash adjustments | 8,648 | |
| Operating Segments [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Encumbrances | (341,796) | |
| Initial Cost, Land | 73,100 | |
| Initial Cost, Buildings and Improvements | 190,307 | |
| Total Initial Acquisition Costs | 263,407 | |
| Costs Capitalized Subsequent to Consolidation | 172,799 | |
| Land | 73,101 | |
| Buildings and improvements | 363,105 | |
| Total real estate | 436,206 | |
| Accumulated Depreciation | $ (231,231) | |
| Stabilized [Member] | Bluffs at Pacifica, The [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Pacifica, CA | |
| Initial Cost, Land | $ 8,108 | |
| Initial Cost, Buildings and Improvements | 4,132 | |
| Total Initial Acquisition Costs | 12,240 | |
| Costs Capitalized Subsequent to Consolidation | 18,940 | |
| Land | 8,108 | |
| Buildings and improvements | 23,072 | |
| Total real estate | 31,180 | |
| Accumulated Depreciation | $ (17,281) | |
| Date Acquired | Oct. 31, 2006 | |
| Separate Portfolio [Member] | 118-122 West 23rd Street [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | New York, NY | |
| Encumbrances | $ (16,472) | |
| Initial Cost, Land | 14,985 | |
| Initial Cost, Buildings and Improvements | 23,459 | |
| Total Initial Acquisition Costs | 38,444 | |
| Costs Capitalized Subsequent to Consolidation | 6,752 | |
| Land | 14,985 | |
| Buildings and improvements | 30,211 | |
| Total real estate | 45,196 | |
| Accumulated Depreciation | $ (14,757) | |
| Date Acquired | Jun. 30, 2012 | |
| Separate Portfolio [Member] | 1045 on the Park Apartments Homes [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Atlanta, GA | |
| Encumbrances | $ (6,007) | |
| Initial Cost, Land | 2,793 | |
| Initial Cost, Buildings and Improvements | 6,662 | |
| Total Initial Acquisition Costs | 9,455 | |
| Costs Capitalized Subsequent to Consolidation | 1,685 | |
| Land | 2,793 | |
| Buildings and improvements | 8,347 | |
| Total real estate | 11,140 | |
| Accumulated Depreciation | $ (3,630) | |
| Date Acquired | Jul. 31, 2013 | |
| Separate Portfolio [Member] | 2200 Grace [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Lombard, IL | |
| Encumbrances | $ (11,193) | |
| Initial Cost, Land | 642 | |
| Initial Cost, Buildings and Improvements | 7,788 | |
| Total Initial Acquisition Costs | 8,430 | |
| Costs Capitalized Subsequent to Consolidation | 251 | |
| Land | 642 | |
| Buildings and improvements | 8,039 | |
| Total real estate | 8,681 | |
| Accumulated Depreciation | $ (5,625) | |
| Date Acquired | Aug. 31, 2018 | |
| Separate Portfolio [Member] | 173 E. 90th Street [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | New York, NY | |
| Encumbrances | $ (12,138) | |
| Initial Cost, Land | 12,066 | |
| Initial Cost, Buildings and Improvements | 4,535 | |
| Total Initial Acquisition Costs | 16,601 | |
| Costs Capitalized Subsequent to Consolidation | 9,053 | |
| Land | 12,066 | |
| Buildings and improvements | 13,588 | |
| Total real estate | 25,654 | |
| Accumulated Depreciation | $ (8,073) | |
| Date Acquired | May 31, 2004 | |
| Separate Portfolio [Member] | 237-239 Ninth Avenue [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | New York, NY | |
| Encumbrances | $ (6,148) | |
| Initial Cost, Land | 8,495 | |
| Initial Cost, Buildings and Improvements | 1,866 | |
| Total Initial Acquisition Costs | 10,361 | |
| Costs Capitalized Subsequent to Consolidation | 1,476 | |
| Land | 8,495 | |
| Buildings and improvements | 3,342 | |
| Total real estate | 11,837 | |
| Accumulated Depreciation | $ (2,327) | |
| Date Acquired | Mar. 31, 2005 | |
| Separate Portfolio [Member] | Plantation Gardens [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Plantation, FL | |
| Encumbrances | $ (60,133) | |
| Initial Cost, Land | 3,773 | |
| Initial Cost, Buildings and Improvements | 19,443 | |
| Total Initial Acquisition Costs | 23,216 | |
| Costs Capitalized Subsequent to Consolidation | 25,185 | |
| Land | 3,773 | |
| Buildings and improvements | 44,628 | |
| Total real estate | 48,401 | |
| Accumulated Depreciation | $ (34,333) | |
| Date Acquired | Oct. 31, 1999 | |
| Separate Portfolio [Member] | Willow Bend [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Rolling Meadows, IL | |
| Encumbrances | $ (43,501) | |
| Initial Cost, Land | 2,717 | |
| Initial Cost, Buildings and Improvements | 15,437 | |
| Total Initial Acquisition Costs | 18,154 | |
| Costs Capitalized Subsequent to Consolidation | 16,218 | |
| Land | 2,717 | |
| Buildings and improvements | 31,655 | |
| Total real estate | 34,372 | |
| Accumulated Depreciation | $ (27,513) | |
| Date Acquired | May 31, 1998 | |
| Separate Portfolio [Member] | Yorktown Apartments [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Lombard, IL | |
| Encumbrances | $ (46,857) | |
| Initial Cost, Land | 2,413 | |
| Initial Cost, Buildings and Improvements | 10,374 | |
| Total Initial Acquisition Costs | 12,787 | |
| Costs Capitalized Subsequent to Consolidation | 50,937 | |
| Land | 2,414 | |
| Buildings and improvements | 61,310 | |
| Total real estate | 63,724 | |
| Accumulated Depreciation | $ (47,702) | |
| Date Acquired | Dec. 31, 1999 | |
| Separate Portfolio [Member] | Bank Lofts [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Denver, CO | |
| Encumbrances | $ (18,540) | |
| Initial Cost, Land | 3,525 | |
| Initial Cost, Buildings and Improvements | 9,045 | |
| Total Initial Acquisition Costs | 12,570 | |
| Costs Capitalized Subsequent to Consolidation | 5,539 | |
| Land | 3,525 | |
| Buildings and improvements | 14,584 | |
| Total real estate | 18,109 | |
| Accumulated Depreciation | $ (9,463) | |
| Date Acquired | Apr. 30, 2001 | |
| Separate Portfolio [Member] | Eldridge [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Elmhurst, IL | |
| Encumbrances | $ (26,691) | |
| Initial Cost, Land | 3,483 | |
| Initial Cost, Buildings and Improvements | 35,706 | |
| Total Initial Acquisition Costs | 39,189 | |
| Costs Capitalized Subsequent to Consolidation | 235 | |
| Land | 3,483 | |
| Buildings and improvements | 35,941 | |
| Total real estate | 39,424 | |
| Accumulated Depreciation | $ (5,769) | |
| Date Acquired | Aug. 31, 2021 | |
| Separate Portfolio [Member] | Elm Creek [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Elmhurst, IL | |
| Encumbrances | $ (78,095) | |
| Initial Cost, Land | 5,910 | |
| Initial Cost, Buildings and Improvements | 30,830 | |
| Total Initial Acquisition Costs | 36,740 | |
| Costs Capitalized Subsequent to Consolidation | 30,344 | |
| Land | 5,910 | |
| Buildings and improvements | 61,174 | |
| Total real estate | 67,084 | |
| Accumulated Depreciation | $ (42,774) | |
| Date Acquired | Dec. 31, 1997 | |
| Separate Portfolio [Member] | Evanston Place [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Evanston, IL | |
| Encumbrances | $ (46,670) | |
| Initial Cost, Land | 3,232 | |
| Initial Cost, Buildings and Improvements | 25,546 | |
| Total Initial Acquisition Costs | 28,778 | |
| Costs Capitalized Subsequent to Consolidation | 17,266 | |
| Land | 3,232 | |
| Buildings and improvements | 42,812 | |
| Total real estate | 46,044 | |
| Accumulated Depreciation | $ (28,567) | |
| Date Acquired | Dec. 31, 1997 | |
| Separate Portfolio [Member] | Hillmeade [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Nashville, TN | |
| Encumbrances | $ (46,026) | |
| Initial Cost, Land | 2,872 | |
| Initial Cost, Buildings and Improvements | 16,070 | |
| Total Initial Acquisition Costs | 18,942 | |
| Costs Capitalized Subsequent to Consolidation | 19,929 | |
| Land | 2,872 | |
| Buildings and improvements | 35,999 | |
| Total real estate | 38,871 | |
| Accumulated Depreciation | $ (27,008) | |
| Date Acquired | Nov. 30, 1994 | |
| Separate Portfolio [Member] | Hyde Park Tower [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Chicago, IL | |
| Encumbrances | $ (29,484) | |
| Initial Cost, Land | 4,731 | |
| Initial Cost, Buildings and Improvements | 14,927 | |
| Total Initial Acquisition Costs | 19,658 | |
| Costs Capitalized Subsequent to Consolidation | 14,103 | |
| Land | 4,731 | |
| Buildings and improvements | 29,030 | |
| Total real estate | 33,761 | |
| Accumulated Depreciation | $ (17,750) | |
| Date Acquired | Oct. 31, 2004 | |
| Development Segment [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Encumbrances | $ (404,824) | |
| Initial Cost, Land | 165,211 | |
| Initial Cost, Buildings and Improvements | 21,280 | |
| Total Initial Acquisition Costs | 186,491 | |
| Costs Capitalized Subsequent to Consolidation | 589,288 | |
| Land | 148,850 | |
| Buildings and improvements | 626,929 | |
| Total real estate | 775,779 | |
| Accumulated Depreciation | $ 48,719 | |
| Development Segment [Member] | Strathmore Square [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Washington, DC | |
| Encumbrances | $ (100,500) | |
| Costs Capitalized Subsequent to Consolidation | 161,033 | |
| Buildings and improvements | 161,033 | |
| Total real estate | 161,033 | |
| Accumulated Depreciation | $ 12,928 | |
| Date Acquired | Feb. 28, 2022 | |
| Development Segment [Member] | One Edgewater [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Miami, FL | |
| Initial Cost, Land | $ 12,377 | |
| Total Initial Acquisition Costs | 12,377 | |
| Costs Capitalized Subsequent to Consolidation | 2,183 | |
| Land | 14,560 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 14,560 | |
| Date Acquired | Jul. 31, 2021 | |
| Development Segment [Member] | Flying Horse [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Colorado Springs, CO | |
| Initial Cost, Land | $ 4,257 | |
| Total Initial Acquisition Costs | 4,257 | |
| Costs Capitalized Subsequent to Consolidation | (1,132) | |
| Land | 3,125 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 3,125 | |
| Date Acquired | Jul. 31, 2021 | |
| Development Segment [Member] | Oak Shore [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Corte Madera, CA | |
| Encumbrances | $ (22,115) | |
| Costs Capitalized Subsequent to Consolidation | 57,806 | |
| Buildings and improvements | 57,806 | |
| Total real estate | 57,806 | |
| Accumulated Depreciation | $ 5,216 | |
| Date Acquired | Jun. 30, 2021 | |
| Development Segment [Member] | 34th Street [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Miami, FL | |
| Encumbrances | $ (67,209) | |
| Initial Cost, Land | 19,582 | |
| Total Initial Acquisition Costs | 19,582 | |
| Costs Capitalized Subsequent to Consolidation | 108,122 | |
| Land | 19,872 | |
| Buildings and improvements | 107,832 | |
| Total real estate | $ 127,704 | |
| Date Acquired | Jul. 31, 2021 | |
| Development Segment [Member] | Upton Place [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Washington, DC | |
| Encumbrances | $ (215,000) | |
| Initial Cost, Buildings and Improvements | 21,280 | |
| Total Initial Acquisition Costs | 21,280 | |
| Costs Capitalized Subsequent to Consolidation | 277,534 | |
| Buildings and improvements | 298,814 | |
| Total real estate | 298,814 | |
| Accumulated Depreciation | $ 30,575 | |
| Date Acquired | Dec. 31, 2020 | |
| Development Segment [Member] | 300 W. Broward Blvd. [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Ft. Lauderdale, FL | |
| Initial Cost, Land | $ 21,355 | |
| Total Initial Acquisition Costs | 21,355 | |
| Costs Capitalized Subsequent to Consolidation | 383 | |
| Land | 20,294 | |
| Buildings and improvements | 1,444 | |
| Total real estate | $ 21,738 | |
| Date Acquired | Jan. 31, 2022 | |
| Development Segment [Member] | Fitzsimons Phase Four [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Aurora, CO | |
| Initial Cost, Land | $ 2,016 | |
| Total Initial Acquisition Costs | 2,016 | |
| Costs Capitalized Subsequent to Consolidation | (1,016) | |
| Land | 1,000 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 1,000 | |
| Date Acquired | Dec. 31, 2022 | |
| Development Segment [Member] | Sears Parcel 1 [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Ft. Lauderdale, FL | |
| Initial Cost, Land | $ 68,485 | |
| Total Initial Acquisition Costs | 68,485 | |
| Costs Capitalized Subsequent to Consolidation | (7,615) | |
| Land | 60,870 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 60,870 | |
| Date Acquired | Jun. 30, 2022 | |
| Development Segment [Member] | Sears Parcel 2 [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Ft. Lauderdale, FL | |
| Initial Cost, Land | $ 20,737 | |
| Total Initial Acquisition Costs | 20,737 | |
| Costs Capitalized Subsequent to Consolidation | (4,824) | |
| Land | 15,913 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 15,913 | |
| Date Acquired | Jul. 31, 2022 | |
| Development Segment [Member] | Sears Parcel 3 [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Ft. Lauderdale, FL | |
| Initial Cost, Land | $ 16,402 | |
| Total Initial Acquisition Costs | 16,402 | |
| Costs Capitalized Subsequent to Consolidation | (3,186) | |
| Land | 13,216 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 13,216 | |
| Date Acquired | Jun. 30, 2022 | |
| Development Segment [Member] | Bioscience 4 [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Aurora, CO | |
| Costs Capitalized Subsequent to Consolidation | $ 0 | |
| Buildings and improvements | 0 | |
| Total real estate | $ 0 | |
| Date Acquired | Feb. 28, 2023 | |
| Development Segment [Member] | Operating Segments [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Land | $ 148,850 | 165,633 |
| Buildings and improvements | 626,929 | 620,000 |
| Total real estate | 775,779 | 785,633 |
| Accumulated Depreciation | (48,719) | $ (20,872) |
| Other [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Initial Cost, Land | 1,503 | |
| Initial Cost, Buildings and Improvements | 4,414 | |
| Total Initial Acquisition Costs | 5,917 | |
| Costs Capitalized Subsequent to Consolidation | 19,315 | |
| Land | 364 | |
| Buildings and improvements | 24,868 | |
| Total real estate | 25,232 | |
| Accumulated Depreciation | $ (7,335) | |
| Other [Member] | The Benson Hotel [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Location | Aurora, CO | |
| Initial Cost, Land | $ 1,503 | |
| Initial Cost, Buildings and Improvements | 4,414 | |
| Total Initial Acquisition Costs | 5,917 | |
| Costs Capitalized Subsequent to Consolidation | 19,315 | |
| Land | 364 | |
| Buildings and improvements | 24,868 | |
| Total real estate | 25,232 | |
| Accumulated Depreciation | $ (7,335) | |
| Date Acquired | Jan. 31, 2021 | |
| Held for Sale [Member] | Continuing Operations [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Encumbrances | $ (106,159) | |
| Initial Cost, Land | 6,645 | |
| Initial Cost, Buildings and Improvements | 35,513 | |
| Total Initial Acquisition Costs | 42,158 | |
| Costs Capitalized Subsequent to Consolidation | 45,114 | |
| Land | 6,645 | |
| Buildings and improvements | 80,627 | |
| Total real estate | 87,272 | |
| Accumulated Depreciation | $ (61,341) |
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
OfficeBuilding
| |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Aggregate cost of land and depreciable property for federal income tax purposes | $ | $ 1.5 |
| Continuing Operations [Member] | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Number of real estate properties held for sale | 2 |
| Operating Properties [Member] | Continuing Operations [Member] | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Number of real estate properties held for sale | 2 |
| Minimum [Member] | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Depreciable life for buildings and improvements | 5 years |
| Maximum [Member] | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Depreciable life for buildings and improvements | 30 years |
Schedule III: Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Total portfolio | |||
| Total real estate balance at beginning of year | $ 1,392,213 | ||
| Additions during the year: | |||
| Total real estate balance at end of year | 1,237,217 | $ 1,392,213 | |
| Accumulated depreciation balance at beginning of year | 322,708 | ||
| Accumulated depreciation balance at end of year | 287,285 | 322,708 | |
| Aimco Real Estate | Excluding Discontinued Operations | |||
| Total portfolio | |||
| Total real estate balance at beginning of year | 1,392,213 | 1,859,959 | $ 1,610,685 |
| Additions during the year: | |||
| Acquisitions | 1,893 | ||
| Capital additions | 104,549 | 136,704 | 287,755 |
| Impairment on real estate | (147,300) | ||
| Dispositions | (193,878) | (30,347) | |
| Write-offs of fully depreciated assets and other | (24,040) | (10,803) | (10,027) |
| Amounts related to assets held for sale | (88,205) | (399,769) | |
| Total real estate balance at end of year | 1,237,217 | 1,392,213 | 1,859,959 |
| Accumulated depreciation balance at beginning of year | 322,708 | 408,332 | 365,340 |
| Depreciation | 49,958 | 70,775 | 53,019 |
| Dispositions | (18,756) | ||
| Write-offs of fully depreciated assets and other | (24,040) | (10,803) | (10,027) |
| Amounts related to assets held for sale | (61,341) | (126,840) | |
| Accumulated depreciation balance at end of year | 287,285 | 322,708 | 408,332 |
| Aimco Real Estate | Discontinued Operations [Member] | |||
| Total portfolio | |||
| Total real estate balance at beginning of year | 354,894 | 354,664 | 352,798 |
| Additions during the year: | |||
| Capital additions | 5,680 | 4,968 | 5,166 |
| Dispositions | (355,840) | ||
| Write-offs of fully depreciated assets and other | (4,734) | (4,738) | (3,300) |
| Total real estate balance at end of year | 354,894 | 354,664 | |
| Accumulated depreciation balance at beginning of year | 176,566 | 172,470 | 165,382 |
| Depreciation | 4,522 | 8,834 | 10,388 |
| Dispositions | (176,354) | ||
| Write-offs of fully depreciated assets and other | $ (4,734) | (4,738) | (3,300) |
| Accumulated depreciation balance at end of year | $ 176,566 | $ 172,470 | |