APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
AIV$1.55-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067034
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001193125-25-177967
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 154 current paragraphs.
92 unchanged; 46 reworded; 13 added; 11 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
For the three and six months ended June 30, 2025, net operating income from our Operating segment was $24.2 million, up 1.1%, and $49.3 million, up 1.9% year-over-year, respectively.
Current report
Subsequent to quarter end, in August, we agreed to sell our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for $740.0 million. Four of the five asset sales are expected to close during the third quarter of 2025, with the closing of the final asset expected in the fourth quarter 2025.
Current report
In May, we purchased our development partner's interest in the first phase of development at Strathmore Square. We also borrowed on our revolving credit facility to pay off a higher interest rate mezzanine loan used to fund construction of Strathmore Square.
Current report
Revenue for our Operating segment was $35.4 million, up 1.9% year-over-year, resulting from a $57 increase in average monthly revenue per apartment home to $2,349 and occupancy of 95.8%, down 50 basis points year-over-year. Revenue was negatively impacted by approximately 35 bps in the quarter due to a commercial tenant vacancy in New York City.
Current report
During the three and six months ended June 30, 2025, we invested $22.1 million and $42.4 million, respectively, in development and redevelopment activities, primarily funded through construction loan and preferred equity, compared to $29.8 million and $72.6 million, respectively, during the same period in 2024.
Current report
Subsequent to quarter end, in August 2025, we entered into a definitive agreement to sell our portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740.0 million. The buyer has completed due diligence and made a $20.0 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter of 2025 to accommodate the assumption of the property loan.
Current report
In May, we purchased, for $2.1 million, our development partner's 5% common equity interest in Strathmore Square. In addition, we purchased the same development partner's subordinated interest for $2.9 million, a value representing approximately 60% of its expected future obligation.
Current report
In May 2025, we borrowed $42.8 million on our revolving credit facility to pay off the mezzanine loan used to fund the construction of the first phase of Strathmore Square. The mezzanine loan carried an interest rate of 13.0%, approximately 650 basis points higher than the average rate on the revolving credit facility borrowings during the second quarter 2025.
Current report
Our Boston portfolio, which is under contract to sell, serves as collateral for our revolving credit facility. As such, at the sale closing, the balance borrowed in May 2025 will be repaid and the facility will be retired. We plan to maintain prudent liquidity following the facility's retirement.
Current report
For the six months ended June 30, 2025, compared to the same period in 2024:
Current report
Operating property net operating income increased by $0.9 million, or 1.9%. The increase was attributable primarily to a $1.6 million, or 2.3% increase in rental and other property revenues due to a $59 increase in average monthly revenue per apartment home to $2,329, offset by higher real estate taxes, primarily due to a multi-year property assessment at our Nashville property, which assessment is being appealed.
Current report
Other property net operating income decreased by $0.6 million, due primarily to higher real estate taxes from a 2025 property assessments, which assessment is being appealed.
Current report
On July 4, 2025, legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions. We are currently evaluating the tax consequences of the OBBBA.
Removed paragraphs (11)
Previous report
For the three months ended March 31, 2025, net operating income from our Operating segment was $25.1 million, up 2.7% year-over-year, due primarily to higher average monthly revenue per apartment home of $2,309, up $60 year-over-year.
Previous report
In January, 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 Sheetsas of December 31, 2024.
Previous report
Revenue for our Operating segment was $35.6 million, up 2.7% year-over-year, resulting from a $60 increase in average monthly revenue per apartment home to $2,309.
Previous report
o
Previous report
The buyer’s initial non-refundable deposit of $38.0 million was increased in March 2025 to $43.0 million in exchange for the buyer extending closing to August of 2025, as allowed under the terms of the contract.
Previous report
o
Previous report
The sale, remains subject to certain closing conditions and one remaining extension option which would extend closing at the buyer’s option to the fourth quarter of 2025, with such extension requiring the buyer to further increase its non-refundable deposit.
Previous report
o
Previous report
Prior to closing, the buyer has the right to exercise an option to finance, for a period of 18 months, up to $115.0 million of the purchase price with a transferable seller financing note from Aimco. If exercised, the purchase price increases by $20.0 million, to $540.0 million, and the note would carry an annual interest rate of 12%.
Previous report
o
Previous report
Net proceeds from the transaction, accounting for the associated property-level debt and deferred tax liability, are estimated to range from $300.0 to $320.0 million depending on the buyer’s election regarding seller financing. Upon receipt, we intend to return the majority of the net proceeds from the transaction to stockholders.
Reworded paragraphs (46)
Previous wording
We own a geographically diversified portfolio of 24 apartment communities (20 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class). We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the “Brickell Assemblage”), in a land assemblage that is under contract to be sold. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.
Current wording
We own a geographically diversified portfolio of 24 apartment communities (20 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class), including our suburban Boston portfolio of five consolidated properties under contract to be sold. We also own an apartment building and its adjacent office building, Yacht Club Apartments and 1001 Brickell Bay Drive (together referred to as the “Brickell Assemblage”), in a land assemblage that is under contract to be sold. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across geographically diversified markets, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.
Previous wording
Results for the three months ended March 31, 2025
Current wording
Results for the three and six months ended June 30, 2025
Previous wording
The results from the execution of our business plan during the three months ended March 31, 2025 are described below.
Current wording
The results from the execution of our business plan during the three and six months ended June 30, 2025 are described below.
Previous wording
For the three months ended March 31, 2025, net loss attributable to Aimco common stockholders per share, on a fully dilutive basis, was ($0.10).
Current wording
For the three and six months ended June 30, 2025, net loss attributable to Aimco common stockholders per share, on a fully dilutive basis, was ($0.14) and $(0.24), respectively.
Previous wording
In March, the buyer, with whom we are under agreement to sell the Brickell Assemblage for $520.0 million, exercised a contractual closing extension option which required its non-refundable deposit to be increased by $5.0 million, from $38.0 million to $43.0 million. Closing is subject to terms described later in this document.
Current wording
Subsequent to quarter end, in July, the buyer with which we are under agreement to sell the Brickell Assemblage for $520.0 million exercised the final contractual closing extension option that required its non-refundable deposit to be increased by $7.0 million, bringing the total non-refundable deposit to $50.0 million. Closing is now scheduled for the fourth quarter of 2025.
Previous wording
Expenses for our Operating segment were $10.5 million, up 2.7% year-over-year primarily due to higher real estate taxes from 2025 property assessments.
Current wording
Expenses for our Operating segment were $11.2 million, up 3.9% year-over-year primarily due to higher real estate taxes from a multi-year property assessment at our Nashville property, which assessment is being appealed.
Previous wording
Net operating income for our Operating segment was $25.1 million, up 2.7% year-over-year.
Current wording
Net operating income for our Operating segment was $24.2 million, up 1.1% year-over-year.
Previous wording
As of March 31, 2025, we had one multifamily development project under construction, three multifamily communities that have been substantially completed and are now in lease-up. In addition to our core multifamily developments, The Benson Hotel was completed in 2023 and remains in the stabilization process.
Current wording
As of June 30, 2025, we had one multifamily development project under construction, two multifamily communities that have been substantially completed and are now in lease-up, and one that completed lease-up and is stabilizing operations. In addition to our core multifamily developments, The Benson Hotel was completed in 2023 and remains in the stabilization process.
Previous wording
We have a pipeline of future value-add opportunities totaling approximately 7.7 million gross square feet of development in our target markets of Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range. During the three months ended March 31, 2025, we invested $20.3 million in development and redevelopment activities compared to $42.8 million during the same period in 2024.
Current wording
We have a pipeline of future value-add opportunities totaling approximately 7.7 million gross square feet of development in our target markets of Southeast Florida, the Washington, D.C. Metro Area, and Colorado's Front Range.
Previous wording
In Upper Northwest Washington, D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is substantially complete. As of March 31, 2025, 375 units were leased or pre-leased and 331 were occupied. Additionally, as of March 31, 2025, 92% of the project’s 105,000 square feet of retail space has been leased.
Current wording
In Upper Northwest Washington, D.C., all 689 apartment homes at Upton Place were delivered in 2024 and construction is substantially complete. As of June 30, 2025, 473 (69%) units were leased or pre-leased and 386 (56%) were occupied. Additionally, as of June 30, 2025, 92% of the project’s 105,000 square feet of retail space has been leased.
Previous wording
In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is substantially complete. As of March 31, 2025, 117 units had been leased and 99 were occupied.
Current wording
In Bethesda, Maryland, all 220 of the highly tailored apartment homes at the first phase of Strathmore Square were delivered in 2024 and construction is substantially complete. As of June 30, 2025, 164 (75%) units had been leased and 139 (63%) were occupied.
Previous wording
In Corte Madera, California, construction is complete at Oak Shore with all 16 ultra-luxury single-family rental homes and eight accessory dwelling units delivered. As of March 31, 2025, the community was 83% leased or pre-leased.
Current wording
In Corte Madera, California, construction is complete at Oak Shore. As of June 30, 2025, the ultra-luxury single-family rental community was 96% leased with 23 (96%) of the 24 homes occupied.
Previous wording
In the first quarter of 2025, we invested $1.4 million into programming, design, documentation, and entitlement efforts primarily at our 901 North (Flagler Village Phase I) project in Fort Lauderdale, Florida.
Current wording
In the second quarter of 2025, we invested $2.5 million into programming, design, documentation, and entitlement efforts primarily at our 901 North development site, located in Fort Lauderdale, Florida.
Previous wording
We are focused on prudently allocating capital and delivering strong investment returns. Consistent with our capital allocation philosophy, we monetize the value within our assets when accretive uses of the proceeds are identified and invest when the risk adjusted returns are superior to other uses of capital.
Current wording
We are focused on prudently allocating capital and delivering strong investment returns. Consistent with our capital allocation philosophy, we aim to monetize the value within our assets when accretive uses of the proceeds are identified and invest when the risk adjusted returns are superior to other uses of capital.
Previous wording
In December 2024, we entered into an agreement to sell, during 2025, the Brickell Assemblage for a gross price of $520.0 million.
Current wording
In December 2024, we entered into an agreement to sell, during 2025, the Brickell Assemblage for a gross price of $520.0 million. Subsequent to quarter end, in July 2025, the buyer exercised its final closing extension option and increased its non-refundable deposit by $7.0 million, bringing the total non-refundable deposit to $50.0 million. Closing is now scheduled for the fourth quarter of 2025.
Previous wording
We are highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of March 31, 2025, we had access to $225.2 million in liquidity, including $49.1 million of cash on hand, $27.6 million of restricted cash, and the capacity to borrow up to $148.5 million on our revolving credit facility. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.
Current wording
We are highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of June 30, 2025, we had access to $173.5 million in liquidity, including $41.4 million of cash on hand, $26.4 million of restricted cash, and the capacity to borrow up to $105.7 million on our $150.0 million revolving credit facility. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.
Previous wording
Results of Operations for the three months ended March 31, 2025 and 2024
Current wording
Results of Operations for the three and six months ended June 30, 2025 and 2024
Previous wording
Net income attributable to Aimco common stockholders decreased by $3.7 million, respectively, for the three months ended March 31, 2025, compared to the same period in 2024, as described more fully below.
Current wording
Net loss attributable to Aimco common stockholders decreased by $41.2 million and $37.5 million, respectively, for the three and six months ended June 30, 2025, compared to the same period in 2024, as described more fully below.
Previous wording
Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of March 31, 2025, our Development and Redevelopment segment consists of 9 properties, including one under construction and three substantially completed and in lease-up.
Current wording
Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of June 30, 2025, our Development and Redevelopment segment consists of 9 properties, including one under construction, two substantially completed and in lease-up, and one that has completed lease-up and is stabilizing operations.
Previous wording
Development and Redevelopment property net operating income increased by $2.3 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Current wording
Development and Redevelopment property net operating income increased by $3.2 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Previous wording
Operating property net operating income increased by $0.7 million, or 2.7%. The increase was attributable primarily to a $0.9 million, or 2.7% increase in rental and other property revenues due to a $60 increase in average monthly revenue per apartment home to $2,309.
Current wording
Operating property net operating income increased by $0.3 million, or 1.1%. The increase was attributable primarily to a $0.7 million, or 1.9% increase in rental and other property revenues due to a $57 increase in average monthly revenue per apartment home to $2,349, offset by higher real estate taxes, primarily due to a multi-year property assessment at our Nashville property, which assessment is being appealed.
Previous wording
Other property net operating income decreased by $0.1 million, or 11.8% primarily due to higher real estate taxes.
Current wording
Other property net operating income decreased by $0.5 million, due primarily to higher real estate taxes from a 2025 property assessment, which assessment is being appealed.
Previous wording
For the three months ended March 31, 2025 and 2024, other property operating expenses not allocated to segments were $1.5 million and $1.9 million, respectively. For the three months ended March 31, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $4.6 million and $7.7 million, respectively.
Current wording
For the three months ended June 30, 2025 and 2024, other property operating expenses not allocated to segments were $1.8 million and $2.0 million, respectively. For the three months ended June 30, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $4.5 million and $6.6 million, respectively.
Previous wording
For the three months ended March 31, 2025, compared to the same period in 2024, Depreciation and amortization expense decreased by $3.0 million, or 15.7% due primarily to the disposition of The Hamilton and the classification of the Brickell Assemblage as held for sale in December 2024, partially offset by the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024.
Current wording
For the three and six months ended June 30, 2025, compared to the same periods in 2024, Depreciation and amortization expense decreased by $5.7 million, or 26.0%, and $8.8 million, or 21.2%, respectively, due primarily to the disposition of The Hamilton and the classification of the Brickell Assemblage as held for sale in December 2024, partially offset by the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024.
Previous wording
For the three months ended March 31, 2025, compared to the same periods in 2024, General and administrative expenses decreased by $0.4 million, or 4.3%.
Current wording
For the three months ended June 30, 2025, compared to the same period in 2024, General and administrative expenses increased by $0.2 million, or 2.9%. For the six months ended June 30, 2025, compared to the same period in 2024, General and administrative expenses decreased by $0.1 million, or 0.9%.
Previous wording
For the three months ended March 31, 2025, compared to the same period in 2024, Interest income decreased by $0.6 million, or 21.0%, due primarily to a decrease earned on amounts of invested cash.
Current wording
For the three and six months ended June 30, 2025, compared to the same periods in 2024, Interest income decreased by $1.0 million, or 39.0%, and $1.5 million, or 29.8%, respectively, due primarily to a decrease earned on amounts of invested cash.
Previous wording
For the three months ended March 31, 2025, compared to the same periods in 2024, Interest expense increased by $4.1 million, or 30.4%, due primarily to increased non-recourse construction loan draws and reduced capitalization as development projects are advanced and completed, partially offset by the repayment of certain non-recourse construction loans in December 2024.
Current wording
For the three and six months ended June 30, 2025, compared to the same periods in 2024, Interest expense increased by $1.2 million, or 7.0%, and $5.3 million, or 17.4%, respectively, due primarily to increased non-recourse construction loan draws and reduced capitalization due to the substantial completion of Upton Place, Strathmore Square, and Oak Shore in 2024, partially offset by the repayment of certain non-recourse construction loans in December 2024 and use of the revolving credit facility to pay off a higher interest rate non-recourse construction loan in May 2025.
Previous wording
We are required to adjust our interest rate contracts to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $0.6 million for the three months ended March 31, 2025, compared to unrealized losses of $0.2 million for the same period in 2024. In addition, we realized gains of $0.3 million for the three months ended March 31, 2025, compared to realized gains of $1.9 million, respectively, for the same periods in 2024.
Current wording
We are required to adjust our interest rate contracts to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized losses of $0.3 million for the three months ended June 30, 2025, and unrealized losses of $0.8 million for the six months ended June 30, 2025. We recorded unrealized losses of $1.3 million and $1.5 million, respectively, for the same periods in 2024. In addition, we realized gains of $0.2 million for the three months ended June 30, 2025, and realized gains of $0.5 million for the six months ended June 30, 2025, respectively, compared to realized gains of $1.9 million and $3.8 million, respectively, for the same periods in 2024.
Previous wording
We measure our investments in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. In addition, we measure our investment in IQHQ 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. As a result of changes in the values of these investments, we recorded unrealized losses of $0.4 million for the three months ended March 31, 2025. For the same period in 2024, we recorded unrealized losses of $0.3 million.
Current wording
We measure our investments in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. In addition, we measure our investment in IQHQ 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. As a result of changes in the values of these investments, we recorded unrealized losses of $0.2 million and $0.6 million, respectively, for the three and six months ended June 30, 2025. For the same periods in 2024, we recorded unrealized losses of $47.3 million and $47.5 million, respectively, primarily due to a $47.0 million non-cash impairment recognized on our investment in IQHQ.
Previous wording
Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items, as well as activity related to our Mezzanine Investment and unconsolidated real estate partnerships. For the three months ended March 31, 2025, compared to the same period in 2024, Other income (expense), netchanged by $1.1 million, or 69.9%, primarily due to the cessation of amortization of transaction costs associated with the partial sale of the Mezzanine Investment.
Current wording
Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items, as well as activity related to our Mezzanine Investment and unconsolidated real estate partnerships. For the three and six months ended June 30, 2025, compared to the same periods in 2024, Other income (expense), netchanged by $1.2 million, or 94.4%, and by $2.3 million, or 80.8%, respectively, primarily due to an increase in income related to our Mezzanine Investment, offset by costs associated with our ongoing strategic review.
Previous wording
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 three months ended March 31, 2025, we had consolidated net losses subject to tax of $2.3 million compared to consolidated net losses subject to tax of $6.6 million, for the same period in 2024.
Current wording
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 three and six months ended June 30, 2025, we had consolidated net losses subject to tax of $0.9 million and $3.2 million, respectively, compared to consolidated net losses subject to tax of $5.3 million and $11.9 million, respectively, for the same period in 2024.
Previous wording
For the three months ended March 31, 2025, we recognized an income tax benefit of $0.1 million, compared to an income tax benefit of $2.7 million for the same period in 2024. The decrease is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.
Current wording
For the three and six months ended June 30, 2025, we recognized income tax expense of $5.6 million and $5.5 million, respectively, compared to an income tax benefit of $2.2 and $4.9 million, respectively, during the same periods in 2024. The change in income tax expense is due primarily to the recognition of a non-cash partial valuation allowance against the deferred tax assets of our TRS entities and the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.
Previous wording
the non-cash (income) loss recognized on our Mezzanine Investment; and
Current wording
the (income) loss recognized on our Mezzanine Investment; and
Previous wording
The reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the three months ended March 31, 2025 and 2024, is as follows (in thousands):
Current wording
The reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2025 and 2024, is as follows (in thousands):
Previous wording
Liquidity is the ability to meet present and future financial obligations. Our primary sources of liquidity are cash flows from operations and borrowing capacity under our loan agreements.
Current wording
Liquidity is the ability to meet present and future financial obligations.
Previous wording
As of March 31, 2025, our available liquidity was $225.2 million, which consisted of:
Current wording
As of June 30, 2025, our available liquidity was $173.5 million, which consisted of:
Previous wording
$49.1 million in cash and cash equivalents;
Current wording
$41.4 million in cash and cash equivalents;
Previous wording
$27.6 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance; and
Current wording
$26.4 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance; and
Previous wording
$148.5 million of available capacity to borrow under our revolving secured credit facility.
Current wording
$105.7 million of available capacity to borrow under our revolving secured credit facility, after the consideration of outstanding borrowings of $42.8 million and $1.5 million of letters of credit backed by the facility.
Previous wording
As of March 31, 2025, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on development and redevelopment projects of approximately $138.0 million. We also have unfunded commitments in the amount of $1.2 million related to our investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include normal operating activities, payments of principal and interest on outstanding debt, capital expenditures, and future investments. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.
Current wording
As of June 30, 2025, we had sufficient capacity on our non-recourse construction loans to cover our remaining commitments on development and redevelopment projects of approximately $125.1 million. We also have unfunded commitments in the amount of $1.2 million related to our investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include normal operating activities, payments of principal and interest on outstanding debt, capital expenditures, and future investments. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The results of our segments for the six months ended June 30, 2025 and 2024, as presented below, are based on segment classifications as of June 30, 2025 (dollars in thousands).
Current report — wording carried from elsewhere
Development and Redevelopment property net operating income increased by $5.5 million, due primarily to the lease-up of Upton Place, Strathmore Square, and Oak Shore.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025 and 2024, other property operating expenses not allocated to segments were $3.3 million and $3.9 million, respectively. For the six months ended June 30, 2025 and 2024, properties that were sold or classified as held for sale generated property net operating income of $9.1 million and $14.3 million, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.