APARTMENT INVESTMENT & MANAGEMENT CO Debt Disclosure
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):
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As of December 31, |
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Maturity Date |
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Contractual Interest Rate |
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Weighted-Average Interest Rate |
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2025 |
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2024 |
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Fixed-rate property debt |
June 1, 2029 to June 1, 2032 |
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2.78% to 4.68% |
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4.39% |
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$ |
341,796 |
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|
$ |
447,955 |
|
Variable-rate property debt |
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|
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— |
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— |
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Total non-recourse property debt |
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$ |
341,796 |
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|
$ |
447,955 |
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Debt issuance costs, net of accumulated amortization |
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(2,313 |
) |
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(3,529 |
) |
Total non-recourse property debt, net |
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$ |
339,483 |
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$ |
444,426 |
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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):
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Principal Maturity Payments |
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2026 |
$ |
— |
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2027 |
|
— |
|
2028 |
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— |
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2029 |
|
179,646 |
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2030 |
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— |
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Thereafter |
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162,150 |
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Total |
$ |
341,796 |
|
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):
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As of December 31, |
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Maturity Date |
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Contractual Interest Rate |
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Weighted-Average Interest Rate |
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2025 |
|
|
2024 |
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||
Fixed-rate construction loans and bridge financing |
January 1, 2028 to December 23, 2052 |
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3.25% to 6.39% |
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6.30% |
|
$ |
221,500 |
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|
$ |
261,792 |
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Variable-rate construction loans |
June 3, 2026 to October 1, 2028 |
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6.33% to 8.17% |
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7.12% |
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$ |
183,324 |
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$ |
131,958 |
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Total non-recourse construction loans and bridge financing |
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$ |
404,824 |
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$ |
393,750 |
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Assumed debt fair value adjustment, net of accumulated amortization |
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|
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(327 |
) |
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(339 |
) |
Debt issuance costs, net of accumulated amortization |
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|
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(5,355 |
) |
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(8,171 |
) |
Total non-recourse construction loans and bridge financing, net |
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$ |
399,142 |
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$ |
385,240 |
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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 $596.6 million.
As of December 31, 2025, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows (in thousands):
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|
Principal Maturity Payments |
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2026 |
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$ |
116,115 |
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2027 |
|
|
— |
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2028 |
|
|
282,209 |
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2029 |
|
|
— |
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2030 |
|
|
— |
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Thereafter |
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|
6,500 |
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Total |
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$ |
404,824 |
|
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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2019 | Feb 24, 2020 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.