UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION | |
Washington, D.C. 20549 | |
Form 10-K | |
(Mark One) | |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, | |
OR | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to | |
Commission File Number 1-13232 (Apartment Investment and Management Company) | |
Commission File Number 0-24497 (AIMCO Properties, L.P.) | |
Apartment Investment and Management Company | |
AIMCO Properties, L.P. | |
(Exact name of registrant as specified in its charter) |
Maryland (Apartment Investment and Management Company) | 84-1259577 | ||
Delaware (AIMCO Properties, L.P.) | 84-1275621 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
4582 South Ulster Street, Suite 1100 | |||
Denver, Colorado | 80237 | ||
(Address of principal executive offices) | (Zip Code) | ||
(303) 757-8101 | |||
(Registrant’s telephone number, including area code) | |||
Securities registered pursuant to Section 12(b) of the Act: | |||
Title of Each Class | Name of Each Exchange on Which Registered | ||
Class A Common Stock (Apartment Investment and Management Company) | New York Stock Exchange | ||
Class A Cumulative Preferred Stock (Apartment Investment and Management Company) | New York Stock Exchange | ||
Securities registered pursuant to Section | |||
None (Apartment Investment and Management Company) | |||
Partnership Common Units (AIMCO Properties, L.P.) |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act. | ||
Apartment Investment and Management Company: Yes x No o | AIMCO Properties, L.P.: Yes x No o | |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | ||
Apartment Investment and Management Company: Yes o No x | AIMCO Properties, L.P.: Yes o No x | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | ||
Apartment Investment and Management Company: Yes x No o | AIMCO Properties, L.P.: Yes x No o | |
Indicate by check mark whether the registrant has submitted electronically | ||
Apartment Investment and Management Company: Yes x No o | AIMCO Properties, L.P.: Yes x No o | |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. | ||
Apartment Investment and Management Company: Yes x No o | AIMCO Properties, L.P.: Yes x No o |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, | |||||
Apartment Investment and Management Company: | |||||
Large accelerated filer | x | Accelerated filer | o | ||
Non-accelerated filer | o | Smaller reporting company | o | ||
Emerging growth company | o | ||||
AIMCO Properties, L.P.: | |||||
Large accelerated filer | o | Accelerated filer | x | ||
Non-accelerated filer | o | (Do not check if a smaller reporting company) | Smaller reporting company | o | |
Emerging growth company | o | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||
Apartment Investment and Management Company: o | AIMCO Properties, L.P.: o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | ||
Apartment Investment and Management Company: Yes o No x | AIMCO Properties, L.P.: Yes o No x | |
The aggregate market value of the voting and non-voting common stock of Apartment Investment and Management Company held by non-affiliates of Apartment Investment and Management Company was approximately | ||
As of February |
_______________________________________________________ |
Documents Incorporated by Reference |
Portions of Apartment Investment and Management Company’s definitive proxy statement to be issued in conjunction with Apartment Investment and Management Company’s annual meeting of stockholders to be held April |
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16. |
Number of Apartment Communities | Number of Apartment Homes | Average Ownership | Number of Apartment Communities | Number of Apartment Homes | Average Economic Ownership | |||||||||||
Conventional: | ||||||||||||||||
Atlanta | 8 | 1,497 | 99 | % | 5 | 817 | 100 | % | ||||||||
Bay Area | 11 | 2,169 | 100 | % | 12 | 2,632 | 100 | % | ||||||||
Boston | 15 | 4,689 | 100 | % | 15 | 4,689 | 100 | % | ||||||||
Chicago | 10 | 3,246 | 100 | % | 10 | 3,246 | 100 | % | ||||||||
Denver | 8 | 2,065 | 98 | % | 8 | 2,151 | 98 | % | ||||||||
Greater DC | 14 | 6,547 | 100 | % | ||||||||||||
Greater LA | 15 | 5,313 | 88 | % | ||||||||||||
Greater New York | 18 | 1,040 | 100 | % | ||||||||||||
Greater Washington, DC | 14 | 5,900 | 100 | % | ||||||||||||
Los Angeles | 13 | 4,347 | 100 | % | ||||||||||||
Miami | 5 | 2,571 | 100 | % | 5 | 2,671 | 100 | % | ||||||||
New York | 18 | 1,040 | 100 | % | ||||||||||||
Philadelphia | 6 | 3,525 | 98 | % | 8 | 2,638 | 97 | % | ||||||||
San Diego | 12 | 2,423 | 97 | % | 12 | 2,423 | 97 | % | ||||||||
Seattle | 2 | 239 | 100 | % | 2 | 239 | 100 | % | ||||||||
Total target markets | 124 | 35,324 | 97 | % | ||||||||||||
Other markets | 16 | 5,140 | 98 | % | 12 | 3,756 | 99 | % | ||||||||
Total conventional owned and managed | 140 | 40,464 | 98 | % | ||||||||||||
Affordable | 56 | 8,685 | 95 | % | ||||||||||||
Total | 196 | 49,149 | 97 | % | ||||||||||||
Total Real Estate portfolio | 134 | 36,549 | 99 | % |
Quarter Ended | High | Low | Dividends Declared (per share) | ||||||||
December 31, 2015 | $ | 40.83 | $ | 35.88 | $ | 0.30 | |||||
September 30, 2015 | 40.43 | 34.71 | 0.30 | ||||||||
June 30, 2015 | 39.66 | 36.52 | 0.30 | ||||||||
March 31, 2015 | 41.55 | 36.59 | 0.28 | ||||||||
December 31, 2014 | $ | 38.53 | $ | 31.62 | $ | 0.26 | |||||
September 30, 2014 | 34.87 | 31.51 | 0.26 | ||||||||
June 30, 2014 | 32.76 | 28.95 | 0.26 | ||||||||
March 31, 2014 | 31.28 | 25.52 | 0.26 |
Fiscal period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under Plans or Programs (1) | ||||||||
October 1 - October 31, 2018 | 1,708 | $ | 43.91 | 1,708 | 17,616 | |||||||
November 1 - November 30, 2018 | 1,828 | 45.50 | 1,828 | 15,788 | ||||||||
December 1 - December 31, 2018 | 4,683 | 46.00 | 4,683 | 11,105 | ||||||||
Total | 8,219 | $ | 45.43 | 8,219 |
(1) | Aimco’s Board of Directors has, from time to time, authorized Aimco to repurchase shares of its outstanding capital stock. This authorization has no expiration date. These repurchases may be made from time to time in the open market or in privately negotiated transactions. |
For the fiscal years ended December 31, | For the fiscal years ended December 31, | |||||||||||||||||||||||
Index | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||
Aimco (1) | $ | 100.00 | $ | 90.39 | $ | 109.99 | $ | 108.83 | $ | 161.12 | $ | 179.08 | 100.00 | 148.04 | 164.54 | 192.98 | 191.69 | 199.60 | ||||||
MSCI US REIT (1) | 100.00 | 108.69 | 128.00 | 131.17 | 171.01 | 175.32 | 100.00 | 130.38 | 133.67 | 145.16 | 152.52 | 145.55 | ||||||||||||
NAREIT Apartment Index (2) | 100.00 | 139.62 | 162.60 | 167.24 | 173.46 | 179.88 | ||||||||||||||||||
S&P 500 (1) | 100.00 | 102.11 | 118.45 | 156.82 | 178.28 | 180.75 | 100.00 | 113.69 | 115.26 | 129.05 | 157.22 | 150.33 | ||||||||||||
NAREIT Apartment Index (2) | 100.00 | 115.10 | 123.08 | 115.45 | 161.20 | 187.72 |
Quarter Ended | 2015 | 2014 | ||||||
December 31 | $ | 0.30 | $ | 0.26 | ||||
September 30 | 0.30 | 0.26 | ||||||
June 30 | 0.30 | 0.26 | ||||||
March 31 | 0.28 | 0.26 |
Fiscal period | Total Number of Units Purchased | Average Price Paid per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Units that May Yet Be Purchased Under Plans or Programs (1) | |||||||
October 1 - October 31, 2015 | 34,064 | $ | 35.98 | N/A | N/A | ||||||
November 1 - November 30, 2015 | 5,436 | 39.69 | N/A | N/A | |||||||
December 1 - December 31, 2015 | 3,920 | 37.39 | N/A | N/A | |||||||
Total | 43,420 | $ | 36.57 |
Fiscal period | Total Number of Units Purchased | Average Price Paid per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Units that May Yet Be Purchased Under Plans or Programs | ||||||
October 1 - October 31, 2018 | 11,150 | $ | 43.96 | N/A | N/A | |||||
November 1 - November 30, 2018 | 3,765 | 43.47 | N/A | N/A | ||||||
December 1 - December 31, 2018 | 11,360 | 46.45 | N/A | N/A | ||||||
Total | 26,275 | $ | 44.97 |
For The Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
(dollar amounts in thousands, except per share data) | (dollar amounts in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 981,310 | $ | 984,363 | $ | 974,053 | $ | 958,511 | $ | 914,355 | $ | 972,410 | $ | 1,005,437 | $ | 995,854 | $ | 981,310 | $ | 984,363 | ||||||||||||||||||
Income (loss) from continuing operations (1) | 91,390 | 67,475 | 34,596 | (18,756 | ) | (136,237 | ) | |||||||||||||||||||||||||||||||
Earnings (loss) per common share - basic and diluted: | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 1.52 | $ | 2.06 | $ | 0.29 | $ | (0.60 | ) | $ | (1.22 | ) | ||||||||||||||||||||||||||
Net income | 716,603 | 347,079 | 483,273 | 271,983 | 356,111 | |||||||||||||||||||||||||||||||||
Net income attributable to Aimco/the Aimco Operating Partnership per common share/unit – diluted | $ | 4.21 | $ | 1.96 | $ | 2.67 | $ | 1.52 | $ | 2.06 | ||||||||||||||||||||||||||||
BALANCE SHEET INFORMATION: | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,144,194 | $ | 6,097,028 | $ | 6,079,413 | $ | 6,401,380 | $ | 6,871,862 | $ | 6,190,004 | $ | 6,079,040 | $ | 6,232,818 | $ | 6,118,681 | $ | 6,068,631 | ||||||||||||||||||
Total indebtedness | 3,873,160 | 4,135,139 | 4,388,185 | 4,413,083 | 4,488,822 | 4,075,665 | 3,861,770 | 3,648,206 | 3,599,648 | 3,852,885 | ||||||||||||||||||||||||||||
Non-recourse property debt of partnerships served by Asset Management business | — | 227,141 | 236,426 | 249,493 | 255,140 | |||||||||||||||||||||||||||||||||
OTHER INFORMATION: | ||||||||||||||||||||||||||||||||||||||
Dividends declared per common share (2) | $ | 1.18 | $ | 1.04 | $ | 0.96 | $ | 0.76 | $ | 0.48 | ||||||||||||||||||||||||||||
Dividends/distributions declared per common share/unit | $ | 1.52 | $ | 1.44 | $ | 1.32 | $ | 1.18 | $ | 1.04 |
Three Months Ended | |||||||
December 31, | |||||||
2018 | 2015 | ||||||
Average Revenue per Aimco apartment home (1) | $ | 2,126 | $ | 1,771 | |||
Portfolio Average Rents as a Percentage of Local Market Average Rents | 113 | % | 111 | % | |||
Percentage A (4Q 2018 Average Revenue per Aimco Apartment Home $2,786) | 51 | % | 51 | % | |||
Percentage B (4Q 2018 Average Revenue per Aimco Apartment Home $1,850) | 33 | % | 32 | % | |||
Percentage C+ (4Q 2018 Average Revenue per Aimco Apartment Home $1,706) | 16 | % | 17 | % | |||
(1) Represents average monthly rental and other property revenues (excluding resident reimbursement of utility cost) divided by the number of occupied apartment homes as of the end of the period. |
Proportionate Debt to Adjusted EBITDA | 6.8x |
Proportionate Debt and Preferred Equity to Adjusted EBITDA | 7.2x |
Adjusted EBITDA to Adjusted Interest Expense | 3.8x |
Adjusted EBITDA to Adjusted Interest Expense and Preferred Dividends | 3.4x |
Trailing Twelve Months Ended December 31, | Pro-forma Trailing Twelve Months Ended December 31, | ||||
2015 | 2014 | 2014 (1) | |||
Proportionate Debt to Adjusted EBITDA | 6.4x | 7.1x | 6.5x | ||
Proportionate Debt plus Preferred Equity to Adjusted EBITDA | 6.8x | 7.6x | 7.0x | ||
Adjusted EBITDA to Adjusted Interest | 3.1x | 2.7x | 2.9x | ||
Adjusted EBITDA to Adjusted Interest and Preferred Dividends | 2.8x | 2.5x | 2.7x |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2015 | 2014 | $ Change | % Change | ||||||||||
Rental and other property revenues: | ||||||||||||||
Conventional Same Store | $ | 646,693 | $ | 618,990 | $ | 27,703 | 4.5 | % | ||||||
Conventional Redevelopment and Development | 69,186 | 51,452 | 17,734 | 34.5 | % | |||||||||
Conventional Acquisition | 27,003 | 4,555 | 22,448 | 492.8 | % | |||||||||
Other Conventional | 55,439 | 54,660 | 779 | 1.4 | % | |||||||||
Total | 798,321 | 729,657 | 68,664 | 9.4 | % | |||||||||
Property operating expenses: | ||||||||||||||
Conventional Same Store | 203,603 | 199,463 | 4,140 | 2.1 | % | |||||||||
Conventional Redevelopment and Development | 24,943 | 20,579 | 4,364 | 21.2 | % | |||||||||
Conventional Acquisition | 10,759 | 1,692 | 9,067 | 535.9 | % | |||||||||
Other Conventional | 24,268 | 23,530 | 738 | 3.1 | % | |||||||||
Total | 263,573 | 245,264 | 18,309 | 7.5 | % | |||||||||
Property net operating income: | ||||||||||||||
Conventional Same Store | 443,090 | 419,527 | 23,563 | 5.6 | % | |||||||||
Conventional Redevelopment and Development | 44,243 | 30,873 | 13,370 | 43.3 | % | |||||||||
Conventional Acquisition | 16,244 | 2,863 | 13,381 | 467.4 | % | |||||||||
Other Conventional | 31,171 | 31,130 | 41 | 0.1 | % | |||||||||
Total | $ | 534,748 | $ | 484,393 | $ | 50,355 | 10.4 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2018 | 2017 | $ Change | % Change | ||||||||||
Rental and other property revenues before utility reimbursements: | ||||||||||||||
Same Store communities | $ | 580,536 | $ | 563,040 | $ | 17,496 | 3.1 | % | ||||||
Other Real Estate communities | 273,704 | 218,154 | 55,550 | 25.5 | % | |||||||||
Total | 854,240 | 781,194 | 73,046 | 9.4 | % | |||||||||
Property operating expenses, net of utility reimbursements: | ||||||||||||||
Same Store communities | 150,042 | 145,301 | 4,741 | 3.3 | % | |||||||||
Other Real Estate communities | 88,818 | 77,430 | 11,388 | 14.7 | % | |||||||||
Total | 238,860 | 222,731 | 16,129 | 7.2 | % | |||||||||
Proportionate property net operating income: | ||||||||||||||
Same Store communities | 430,494 | 417,739 | 12,755 | 3.1 | % | |||||||||
Other Real Estate communities | 184,886 | 140,724 | 44,162 | 31.4 | % | |||||||||
Total | $ | 615,380 | $ | 558,463 | $ | 56,917 | 10.2 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2014 | 2013 | $ Change | % Change | ||||||||||
Rental and other property revenues: | ||||||||||||||
Conventional Same Store | $ | 630,175 | $ | 603,654 | $ | 26,521 | 4.4 | % | ||||||
Conventional Redevelopment | 51,452 | 35,768 | 15,684 | 43.8 | % | |||||||||
Conventional Acquisition | 7,300 | 992 | 6,308 | 635.9 | % | |||||||||
Other Conventional | 40,730 | 39,008 | 1,722 | 4.4 | % | |||||||||
Total | 729,657 | 679,422 | 50,235 | 7.4 | % | |||||||||
Property operating expenses: | ||||||||||||||
Conventional Same Store | 202,814 | 198,161 | 4,653 | 2.3 | % | |||||||||
Conventional Redevelopment | 20,579 | 16,479 | 4,100 | 24.9 | % | |||||||||
Conventional Acquisition | 3,156 | 573 | 2,583 | 450.8 | % | |||||||||
Other Conventional | 18,715 | 17,970 | 745 | 4.1 | % | |||||||||
Total | 245,264 | 233,183 | 12,081 | 5.2 | % | |||||||||
Property net operating income: | ||||||||||||||
Conventional Same Store | 427,361 | 405,493 | 21,868 | 5.4 | % | |||||||||
Conventional Redevelopment | 30,873 | 19,289 | 11,584 | 60.1 | % | |||||||||
Conventional Acquisition | 4,144 | 419 | 3,725 | 889.0 | % | |||||||||
Other Conventional | 22,015 | 21,038 | 977 | 4.6 | % | |||||||||
Total | $ | 484,393 | $ | 446,239 | $ | 38,154 | 8.6 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2017 | 2016 | $ Change | % Change | ||||||||||
Rental and other property revenues before utility reimbursements: | ||||||||||||||
Same Store communities | $ | 547,912 | $ | 530,619 | $ | 17,293 | 3.3 | % | ||||||
Other Real Estate communities | 233,282 | 189,683 | 43,599 | 23.0 | % | |||||||||
Total | 781,194 | 720,302 | 60,892 | 8.5 | % | |||||||||
Property operating expenses, net of utility reimbursements: | ||||||||||||||
Same Store communities | 141,773 | 140,007 | 1,766 | 1.3 | % | |||||||||
Other Real Estate communities | 80,958 | 70,419 | 10,539 | 15.0 | % | |||||||||
Total | 222,731 | 210,426 | 12,305 | 5.8 | % | |||||||||
Proportionate property net operating income: | ||||||||||||||
Same Store communities | 406,139 | 390,612 | 15,527 | 4.0 | % | |||||||||
Other Real Estate communities | 152,324 | 119,264 | 33,060 | 27.7 | % | |||||||||
Total | $ | 558,463 | $ | 509,876 | $ | 48,587 | 9.5 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2015 | 2014 | $ Change | % Change | ||||||||||
Rental and other property revenues: | ||||||||||||||
Affordable Same Store | $ | 88,376 | $ | 86,441 | $ | 1,935 | 2.2 | % | ||||||
Other Affordable | 8,173 | 8,060 | 113 | 1.4 | % | |||||||||
Total | 96,549 | 94,501 | 2,048 | 2.2 | % | |||||||||
Property operating expenses: | ||||||||||||||
Affordable Same Store | 35,063 | 35,089 | (26 | ) | (0.1 | )% | ||||||||
Other Affordable | 3,421 | 3,318 | 103 | 3.1 | % | |||||||||
Total | 38,484 | 38,407 | 77 | 0.2 | % | |||||||||
Property net operating income: | ||||||||||||||
Affordable Same Store | 53,313 | 51,352 | 1,961 | 3.8 | % | |||||||||
Other Affordable | 4,752 | 4,742 | 10 | 0.2 | % | |||||||||
Total | $ | 58,065 | $ | 56,094 | $ | 1,971 | 3.5 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2014 | 2013 | $ Change | % Change | ||||||||||
Rental and other property revenues: | ||||||||||||||
Affordable Same Store | $ | 84,816 | $ | 83,332 | $ | 1,484 | 1.8 | % | ||||||
Other Affordable | 9,685 | 9,701 | (16 | ) | (0.2 | )% | ||||||||
Total | 94,501 | 93,033 | 1,468 | 1.6 | % | |||||||||
Property operating expenses: | ||||||||||||||
Affordable Same Store | 34,182 | 33,176 | 1,006 | 3.0 | % | |||||||||
Other Affordable | 4,225 | 4,257 | (32 | ) | (0.8 | )% | ||||||||
Total | 38,407 | 37,433 | 974 | 2.6 | % | |||||||||
Property net operating income: | ||||||||||||||
Affordable Same Store | 50,634 | 50,156 | 478 | 1.0 | % | |||||||||
Other Affordable | 5,460 | 5,444 | 16 | 0.3 | % | |||||||||
Total | $ | 56,094 | $ | 55,600 | $ | 494 | 0.9 | % |
2015 | 2014 | 2013 | ||||||
NOI capitalization rate: | ||||||||
Conventional | 6.1 | % | 6.8 | % | 7.6 | % | ||
Affordable | 3.8 | % | 6.3 | % | 5.8 | % | ||
Free Cash Flow capitalization rate: | ||||||||
Conventional | 4.9 | % | 5.3 | % | 5.8 | % | ||
Affordable | 2.7 | % | 5.3 | % | 4.8 | % |
December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Real Estate | ||||||||||||
Number of apartment communities sold | 4 | 5 | 7 | |||||||||
Gross proceeds | $ | 242.3 | $ | 397.0 | $ | 517.0 | ||||||
Net proceeds (1) | $ | 235.7 | $ | 385.3 | $ | 511.0 | ||||||
Gain on disposition | $ | 175.2 | $ | 297.9 | $ | 383.6 |
(1) | Net proceeds are after repayment of debt, if any, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable. |
Proportionate Debt to Adjusted EBITDA | 6.8x |
Proportionate Debt and Preferred Equity to Adjusted EBITDA | 7.2x |
Adjusted EBITDA to Adjusted Interest Expense | 3.8x |
Adjusted EBITDA to Adjusted Interest Expense and Preferred Dividends | 3.4x |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2018 | 2017 | $ Change | % Change | ||||||||||
Rental and other property revenues before utility reimbursements: | ||||||||||||||
Same Store communities | $ | 580,536 | $ | 563,040 | $ | 17,496 | 3.1 | % | ||||||
Other Real Estate communities | 273,704 | 218,154 | 55,550 | 25.5 | % | |||||||||
Total | 854,240 | 781,194 | 73,046 | 9.4 | % | |||||||||
Property operating expenses, net of utility reimbursements: | ||||||||||||||
Same Store communities | 150,042 | 145,301 | 4,741 | 3.3 | % | |||||||||
Other Real Estate communities | 88,818 | 77,430 | 11,388 | 14.7 | % | |||||||||
Total | 238,860 | 222,731 | 16,129 | 7.2 | % | |||||||||
Proportionate property net operating income: | ||||||||||||||
Same Store communities | 430,494 | 417,739 | 12,755 | 3.1 | % | |||||||||
Other Real Estate communities | 184,886 | 140,724 | 44,162 | 31.4 | % | |||||||||
Total | $ | 615,380 | $ | 558,463 | $ | 56,917 | 10.2 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2017 | 2016 | $ Change | % Change | ||||||||||
Rental and other property revenues before utility reimbursements: | ||||||||||||||
Same Store communities | $ | 547,912 | $ | 530,619 | $ | 17,293 | 3.3 | % | ||||||
Other Real Estate communities | 233,282 | 189,683 | 43,599 | 23.0 | % | |||||||||
Total | 781,194 | 720,302 | 60,892 | 8.5 | % | |||||||||
Property operating expenses, net of utility reimbursements: | ||||||||||||||
Same Store communities | 141,773 | 140,007 | 1,766 | 1.3 | % | |||||||||
Other Real Estate communities | 80,958 | 70,419 | 10,539 | 15.0 | % | |||||||||
Total | 222,731 | 210,426 | 12,305 | 5.8 | % | |||||||||
Proportionate property net operating income: | ||||||||||||||
Same Store communities | 406,139 | 390,612 | 15,527 | 4.0 | % | |||||||||
Other Real Estate communities | 152,324 | 119,264 | 33,060 | 27.7 | % | |||||||||
Total | $ | 558,463 | $ | 509,876 | $ | 48,587 | 9.5 | % |
2015 | 2014 | 2013 | |||||||||
Net income attributable to Aimco common stockholders (1) | $ | 235,966 | $ | 300,220 | $ | 203,673 | |||||
Adjustments: | |||||||||||
Depreciation and amortization, net of noncontrolling partners’ interest | 298,880 | 275,175 | 282,235 | ||||||||
Depreciation and amortization related to non-real estate assets, net of noncontrolling partners’ interest | (10,269 | ) | (9,627 | ) | (11,273 | ) | |||||
Gain on dispositions and other, net of income taxes and noncontrolling partners’ interest | (173,694 | ) | (265,358 | ) | (19,321 | ) | |||||
Provision for impairment losses related to depreciable real estate assets, net of noncontrolling partners’ interest | 655 | 2,197 | — | ||||||||
Discontinued operations: | |||||||||||
Gain on dispositions and depreciation of rental property, net of noncontrolling partners’ interest | — | — | (152,567 | ) | |||||||
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments (2) | (5,548 | ) | (777 | ) | (5,346 | ) | |||||
Amounts allocable to participating securities | (473 | ) | (5 | ) | (377 | ) | |||||
FFO attributable to Aimco common stockholders – diluted | $ | 345,517 | $ | 301,825 | $ | 297,024 | |||||
Preferred equity redemption related amounts | 658 | — | — | ||||||||
Pro forma FFO attributable to Aimco common stockholders – diluted | $ | 346,175 | $ | 301,825 | $ | 297,024 | |||||
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership and participating securities | (53,925 | ) | (56,051 | ) | (75,067 | ) | |||||
AFFO attributable to Aimco common stockholders – diluted | $ | 292,250 | $ | 245,774 | $ | 221,957 | |||||
Weighted average common shares outstanding – diluted (FFO, Pro forma FFO and AFFO) (3) | 155,570 | 146,002 | 145,532 |
December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Real Estate | ||||||||||||
Number of apartment communities sold | 4 | 5 | 7 | |||||||||
Gross proceeds | $ | 242.3 | $ | 397.0 | $ | 517.0 | ||||||
Net proceeds (1) | $ | 235.7 | $ | 385.3 | $ | 511.0 | ||||||
Gain on disposition | $ | 175.2 | $ | 297.9 | $ | 383.6 |
(1) | Net proceeds are after repayment of debt, if any, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable. |
Proportionate Debt to Adjusted EBITDA | 6.8x |
Proportionate Debt and Preferred Equity to Adjusted EBITDA | 7.2x |
Adjusted EBITDA to Adjusted Interest Expense | 3.8x |
Adjusted EBITDA to Adjusted Interest Expense and Preferred Dividends | 3.4x |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2018 | 2017 | $ Change | % Change | ||||||||||
Rental and other property revenues before utility reimbursements: | ||||||||||||||
Same Store communities | $ | 580,536 | $ | 563,040 | $ | 17,496 | 3.1 | % | ||||||
Other Real Estate communities | 273,704 | 218,154 | 55,550 | 25.5 | % | |||||||||
Total | 854,240 | 781,194 | 73,046 | 9.4 | % | |||||||||
Property operating expenses, net of utility reimbursements: | ||||||||||||||
Same Store communities | 150,042 | 145,301 | 4,741 | 3.3 | % | |||||||||
Other Real Estate communities | 88,818 | 77,430 | 11,388 | 14.7 | % | |||||||||
Total | 238,860 | 222,731 | 16,129 | 7.2 | % | |||||||||
Proportionate property net operating income: | ||||||||||||||
Same Store communities | 430,494 | 417,739 | 12,755 | 3.1 | % | |||||||||
Other Real Estate communities | 184,886 | 140,724 | 44,162 | 31.4 | % | |||||||||
Total | $ | 615,380 | $ | 558,463 | $ | 56,917 | 10.2 | % |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2017 | 2016 | $ Change | % Change | ||||||||||
Rental and other property revenues before utility reimbursements: | ||||||||||||||
Same Store communities | $ | 547,912 | $ | 530,619 | $ | 17,293 | 3.3 | % | ||||||
Other Real Estate communities | 233,282 | 189,683 | 43,599 | 23.0 | % | |||||||||
Total | 781,194 | 720,302 | 60,892 | 8.5 | % | |||||||||
Property operating expenses, net of utility reimbursements: | ||||||||||||||
Same Store communities | 141,773 | 140,007 | 1,766 | 1.3 | % | |||||||||
Other Real Estate communities | 80,958 | 70,419 | 10,539 | 15.0 | % | |||||||||
Total | 222,731 | 210,426 | 12,305 | 5.8 | % | |||||||||
Proportionate property net operating income: | ||||||||||||||
Same Store communities | 406,139 | 390,612 | 15,527 | 4.0 | % | |||||||||
Other Real Estate communities | 152,324 | 119,264 | 33,060 | 27.7 | % | |||||||||
Total | $ | 558,463 | $ | 509,876 | $ | 48,587 | 9.5 | % |
December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Real Estate | ||||||||||||
Number of apartment communities sold | 4 | 5 | 7 | |||||||||
Gross proceeds | $ | 242.3 | $ | 397.0 | $ | 517.0 | ||||||
Net proceeds (1) | $ | 235.7 | $ | 385.3 | $ | 511.0 | ||||||
Gain on disposition | $ | 175.2 | $ | 297.9 | $ | 383.6 |
(1) | Net proceeds are after repayment of debt, if any, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable. |
Total equity | $ | 2,194 | |||||||||||
Fair value adjustment for Real Estate portfolio | |||||||||||||
Less: consolidated real estate, at depreciated cost | $ | (5,731 | ) | ||||||||||
Plus: fair value of real estate (1) | |||||||||||||
Stabilized portfolio fair value (2) | $ | 10,806 | |||||||||||
Non-stabilized portfolio fair value (3) | 2,052 | ||||||||||||
Total real estate at fair value | 12,858 | ||||||||||||
Adjustment to present real estate at fair value | 7,127 | ||||||||||||
Fair value adjustment for total indebtedness | |||||||||||||
Plus: consolidated total indebtedness, net related to Real Estate portfolio | 3,647 | ||||||||||||
Less: fair value of indebtedness related to real estate shown above (4) | (3,591 | ) | |||||||||||
Adjustment to present indebtedness at fair value | 56 | ||||||||||||
Adjustments to present other tangible assets, liabilities and preferred equity at fair value (5) | (155 | ) | |||||||||||
Estimated NAV | $ | 9,222 | |||||||||||
Total shares, units and dilutive share equivalents (6) | 166 | ||||||||||||
Estimated NAV per weighted average common share and unit - diluted | $ | 56 |
(1) | We compute NAV by estimating the value of our communities, using methods we believe are appropriate based on the characteristics of the communities. For purposes of estimating NAV, real estate at fair value disclosed above includes wholly owned apartment communities plus our proportionate share of communities held by non-wholly owned entities (both consolidated and unconsolidated). A reconciliation of our consolidated apartment communities to those communities included in total real estate at fair value in the table above is as follows: |
Consolidated apartment communities as of September 30, 2018 | 129 | |
Plus: Unconsolidated apartment communities | 4 | |
Apartment communities in total real estate at fair value for NAV | 133 |
(2) | As of September 30, 2018, our stabilized portfolio includes 122 communities that had reached stabilized operations and were not expected to be sold within twelve months. We value this portfolio using a direct capitalization rate method based on the annualized proportionate property NOI for the three months ended September 30, 2018, less a 2% management fee. Market property management fees range between 1.5% and 3.0% with larger, higher quality portfolios at the lower end of that range. The weighted average estimated capitalization rate as applied to the annualized property NOI was 4.96%, which we calculate on a property-by-property basis, based primarily on information published by a third-party. Community characteristics that we use to determine comparable market capitalization rates include: the market in which the community is located; infill or suburban location within the market; property quality grade; and whether the community is stabilized or value-add. We used this valuation method for approximately 84% of real estate fair value at September 30, 2018. |
(3) | The non-stabilized portfolio includes six apartment communities under redevelopment or development at September 30, 2018. We valued these communities by discounting projected future cash flows. Key assumptions used to estimate the value of these communities include: revenues, which are based on in-place rents, projected submarket rent growth to community stabilization based on projections published by third parties and adjusted for the impacts of redevelopment; expenses, which are based on estimated operating costs adjusted for inflation and a management fee equal to 2% of projected revenue; estimated remaining costs to complete construction; and a terminal value based on current market capitalization rates plus five basis points per year from September 30, 2018 to community stabilization. Discount rates applied to estimated future cash flows of these communities ranged between 6.30% and 6.40% depending on construction and lease-up progress as of September 30, 2018. We used this valuation method for approximately 12% of the real estate fair value at September 30, 2018. The non-stabilized portfolio also included five recently acquired apartment communities valued at purchase price and certain land investments at Aimco’s carrying value that represent approximately 4% of real estate fair value at September 30, 2018. Our calculation of NAV does not include such future values as air rights, the potential for increased density, nor the potential for completion of future phases of redevelopments. |
(4) | We calculate the fair value of indebtedness related to real estate as the carrying value of our non-recourse property debt adjusted for the mark-to-market asset on our fixed-rate property debt as of September 30, 2018, plus the outstanding balances on the revolving line of credit and term loan, which approximate their fair value as of September 30, 2018. The fair value of debt takes into account the duration of the existing property debt, as well as its loan to value ratio and debt service coverage. For purposes of estimating NAV, the fair value of debt includes our proportionate share of debt related to non-wholly owned entities (both consolidated and unconsolidated). |
(5) | Other tangible assets consist of cash, restricted cash, accounts receivable and other assets for which we reasonably expect to receive cash through the normal course of operations or another future event. Other tangible liabilities consist of accounts payable, accrued liabilities and other tangible liabilities we reasonably expect to settle in cash through the normal course of operations or another future event. Other tangible assets and liabilities were generally valued at their carrying amounts and reduced by the noncontrolling interests’ portion of these amounts and exclude intangible assets and liabilities reflected on our consolidated balance sheet. The fair value of our preferred stock is estimated as the closing share price on September 30, 2018, less accrued dividends. Such accrued dividends are assumed to be accounted for in the closing share price and these amounts are also included in other tangible liabilities. For purposes of this NAV calculation, no realizable value has been assigned to goodwill or other intangible assets. Deferred income, which includes below market lease liabilities, recognized in accordance with GAAP in connection with the purchase of the related apartment communities, and cash received in prior periods and required to be deferred under GAAP, is excluded from this NAV calculation. |
(6) | Total shares, units and dilutive share equivalents represents Common Stock, OP Units, participating unvested restricted shares and the dilutive effect of common stock equivalents outstanding as of September 30, 2018. |
2018 | 2017 | 2016 | |||||||||
Net income attributable to Aimco common stockholders (1) | $ | 656,597 | $ | 306,861 | $ | 417,781 | |||||
Adjustments: | |||||||||||
Real estate depreciation and amortization, net of noncontrolling partners’ interest | 368,961 | 352,109 | 314,840 | ||||||||
Gain on dispositions and other, net of noncontrolling partners’ interest | (669,450 | ) | (262,583 | ) | (381,131 | ) | |||||
Income tax adjustments related to gain on dispositions and other items (2) | 27,310 | (8,265 | ) | 6,374 | |||||||
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments | 14,063 | (3,810 | ) | 2,782 | |||||||
Amounts allocable to participating securities | 402 | (81 | ) | 88 | |||||||
FFO attributable to Aimco common stockholders – diluted | $ | 397,883 | $ | 384,231 | $ | 360,734 | |||||
Adjustments, all net of common noncontrolling interests in Aimco OP and participating securities: | |||||||||||
Preferred equity redemption related amounts | — | — | 1,877 | ||||||||
Tax provision (benefit) related to tax reform legislation (3) | 273 | (498 | ) | — | |||||||
Tax benefit due to release of valuation allowance (4) | (19,349 | ) | — | — | |||||||
Litigation, net (5) | (8,558 | ) | — | — | |||||||
Severance costs (6) | 1,282 | — | — | ||||||||
Prepayment penalties, net (7) | 14,089 | — | — | ||||||||
Pro forma FFO attributable to Aimco common stockholders – diluted | $ | 385,620 | $ | 383,733 | $ | 362,611 | |||||
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership and participating securities | (48,493 | ) | (51,760 | ) | (55,289 | ) | |||||
AFFO attributable to Aimco common stockholders – diluted | $ | 337,127 | $ | 331,973 | $ | 307,322 | |||||
Weighted average common shares outstanding – diluted (FFO, Pro forma FFO and AFFO) (8) | 156,053 | 156,796 | 156,391 | ||||||||
Net income attributable to Aimco per common share – diluted | $ | 4.21 | $ | 1.96 | $ | 2.67 | |||||
FFO per share – diluted | $ | 2.55 | $ | 2.45 | $ | 2.31 | |||||
Pro Forma FFO per share – diluted | $ | 2.47 | $ | 2.45 | $ | 2.32 | |||||
AFFO per share – diluted | $ | 2.16 | $ | 2.12 | $ | 1.97 |
(1) | Represents the numerator for calculating Aimco’s earnings per common share in accordance with GAAP (see Note 10 to the consolidated financial statements in Item 8). |
(2) | For the year ended December 31, 2018, income taxes related to gain on dispositions and other items includes tax on the gain on the sale of the Asset Management business, as well as tax on the gain on the sale of apartment communities during the year ended December 31, 2018. |
(3) | In connection with the Tax Cuts and Jobs Act signed into law in December 2017, we recognized income tax benefit during 2017 and adjusted the estimated impact of tax reform upon the conclusion of our analysis of the effects during 2018. We have excluded such amounts from Pro forma FFO. |
(4) | Due to the sale of the Asset Management business, we expect to realize our deferred tax benefits. As a result, we have determined that a valuation allowance is no longer necessary. We excluded the effect of the establishment of the valuation allowance from Pro forma FFO and as such have excluded the benefit from its release. |
(5) | During 2018, we were engaged in litigation with Airbnb, which was resolved during the year. Due to the unpredictable nature of these proceedings, related amounts recognized, net of income tax effect, have been excluded from Pro forma FFO. |
(6) | We incurred severance costs in connection with the sale of our Asset Management business. We exclude such costs from Pro forma FFO because we believe these costs are closely related to the sale of the business. |
(7) | In connection with 2018 refinancing activity undertaken related to property-level debt scheduled to mature in 2019, 2020 and 2021, we incurred debt extinguishment costs, net of income tax effect, which have been excluded from Pro forma FFO. |
(8) | Represents the denominator for Aimco’s earnings per common share – diluted, calculated in accordance with GAAP. |
December 31, | December 31, 2018 | ||||||||||
2015 | 2014 | ||||||||||
Total indebtedness | $ | 3,873,160 | $ | 4,135,139 | |||||||
Total indebtedness associated with Real Estate portfolio | $ | 4,075,665 | |||||||||
Adjustments: | |||||||||||
Debt issue costs related to non-recourse property debt | 21,695 | ||||||||||
Debt related to assets classified as held for sale | 22,693 | ||||||||||
Proportionate share adjustments related to debt obligations of consolidated and unconsolidated partnerships | (139,295 | ) | (117,827 | ) | (9,533 | ) | |||||
Cash and restricted cash | (137,745 | ) | (120,416 | ) | (72,595 | ) | |||||
Proportionate share adjustments related to cash and restricted cash held by consolidated and unconsolidated partnerships | 2,893 | 2,103 | 912 | ||||||||
Securitization investment and other | (65,449 | ) | (66,074 | ) | |||||||
Securitization trust investment and other | (88,457 | ) | |||||||||
Proportionate Debt | $ | 3,533,564 | $ | 3,832,925 | $ | 3,950,380 | |||||
Preferred stock | $ | 159,126 | $ | 186,126 | $ | 125,000 | |||||
Preferred OP Units | 87,926 | 87,937 | 101,291 | ||||||||
Preferred Equity | 247,052 | 274,063 | 226,291 | ||||||||
Proportionate Debt plus Preferred Equity | $ | 3,780,616 | $ | 4,106,988 | |||||||
Proportionate Debt and Preferred Equity | $ | 4,176,671 |
Year Ended December 31, | Three Months Ended | ||||||||||
2015 | 2014 | December 31, 2018 | |||||||||
Net income attributable to Aimco Common Stockholders | $ | 235,966 | $ | 300,220 | $ | 5,226 | |||||
Adjustments: | |||||||||||
Interest expense, net of noncontrolling interest | 195,934 | 216,882 | |||||||||
Adjusted Interest Expense | 38,424 | ||||||||||
Income tax benefit | (29,549 | ) | (20,026 | ) | (409 | ) | |||||
Depreciation and amortization, net of noncontrolling interest | 298,880 | 275,175 | 91,249 | ||||||||
Gains on disposition and other, net of income taxes and noncontrolling partners' interests | (173,694 | ) | (265,358 | ) | |||||||
Interest income received on securitization investment | (6,092 | ) | (5,697 | ) | |||||||
Other items, net | 32,631 | 36,075 | |||||||||
Gain on dispositions and other, inclusive of related income taxes and net of noncontrolling partners’ interests | 2,311 | ||||||||||
Preferred stock dividends | 2,148 | ||||||||||
Net income attributable to noncontrolling interests in Aimco Operating Partnership | 2,291 | ||||||||||
Pro forma adjustment (1) | 3,342 | ||||||||||
Adjusted EBITDA | $ | 554,076 | $ | 537,271 | $ | 144,582 | |||||
Annualized Adjusted EBITDA | $ | 578,328 |
(1) | Our Adjusted EBITDA has been calculated on a pro forma basis to adjust for significant items impacting the three months ended December 31, 2018 for which annualization would distort the results. |
Year Ended December 31, | Three Months Ended | ||||||||||
2015 | 2014 | December 31, 2018 | |||||||||
Interest expense | $ | 199,685 | $ | 220,971 | $ | 57,441 | |||||
Adjustments: | |||||||||||
Proportionate share adjustments related to interest of consolidated and unconsolidated partnerships | (5,262 | ) | (6,064 | ) | (84 | ) | |||||
Debt prepayment penalties and other non-interest items | (6,068 | ) | (9,231 | ) | (15,531 | ) | |||||
Amortization of deferred loan costs | (4,227 | ) | (3,674 | ) | |||||||
Interest income received on securitization investment | (6,092 | ) | (5,697 | ) | |||||||
Adjusted Interest | $ | 178,036 | $ | 196,305 | |||||||
Amortization of debt issue costs | (1,441 | ) | |||||||||
Interest income earned on securitization trust investment | (1,961 | ) | |||||||||
Adjusted Interest Expense | $ | 38,424 | |||||||||
Preferred stock dividends | $ | 11,794 | $ | 7,947 | 2,148 | ||||||
Preferred stock redemption related amounts | (695 | ) | — | ||||||||
Preferred OP Unit distributions | 6,943 | 6,497 | 1,934 | ||||||||
Preferred Dividends | 18,042 | 14,444 | 4,082 | ||||||||
Adjusted Interest and Preferred Dividends | $ | 196,078 | $ | 210,749 | |||||||
Adjusted Interest Expense and Preferred Dividends | $ | 42,506 | |||||||||
Annualized Adjusted Interest Expense | $ | 153,696 | |||||||||
Annualized Adjusted Interest Expense and Preferred Dividends | $ | 170,024 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Real Estate | ||||||||||||||||||||||
Capital replacements | $ | 49,432 | $ | 48,791 | $ | 62,536 | $ | 37,472 | $ | 34,892 | $ | 38,088 | ||||||||||
Capital improvements | 21,988 | 25,029 | 55,259 | 16,055 | 16,729 | 14,922 | ||||||||||||||||
Property upgrades | 49,433 | 49,287 | 32,709 | |||||||||||||||||||
Capital enhancements | 102,910 | 91,360 | 68,340 | |||||||||||||||||||
Redevelopment additions | 117,820 | 181,951 | 178,287 | 114,756 | 156,140 | 155,398 | ||||||||||||||||
Development additions | 115,638 | 46,928 | 15,898 | 61,185 | 14,249 | 31,823 | ||||||||||||||||
Casualty replacements | 7,004 | 5,800 | 6,650 | |||||||||||||||||||
Total capital additions | 361,315 | 357,786 | 351,339 | |||||||||||||||||||
Plus: additions related to apartment communities sold or held for sale | 1,633 | 9,668 | 24,699 | |||||||||||||||||||
Casualty capital additions | 6,425 | 8,556 | 4,201 | |||||||||||||||||||
Real Estate capital additions | 338,803 | 321,926 | 312,772 | |||||||||||||||||||
Plus: additions related to consolidated Asset Management communities and apartment communities sold or held for sale | 9,914 | 32,303 | 25,742 | |||||||||||||||||||
Consolidated capital additions | 362,948 | 367,454 | 376,038 | 348,717 | 354,229 | 338,514 | ||||||||||||||||
Plus: net change in accrued capital spending | 4,232 | (130 | ) | (25,700 | ) | (8,228 | ) | 3,875 | 8,131 | |||||||||||||
Capital expenditures per consolidated statement of cash flows | $ | 367,180 | $ | 367,324 | $ | 350,338 | $ | 340,489 | $ | 358,104 | $ | 346,645 |
Schedule | ||||||||||||
Total Number of Apartment Homes at Completion | Estimated Net Investment at Completion | Inception-to-Date Net Investment | Construction Start | Initial Occupancy | Stabilized Occupancy | Stabilized NOI | ||||||
Redevelopment | ||||||||||||
Park Towne Place | 948 | $ | 97.0 | $ | 62.7 | Multiple | 3Q 2015 | 1Q 2017 | 2Q 2018 | |||
The Sterling | 535 | 62.5 | 47.1 | Multiple | Multiple | 3Q 2016 | 4Q 2017 | |||||
Subtotal | 1,483 | $ | 159.5 | $ | 109.8 | |||||||
Development | ||||||||||||
One Canal | 310 | $ | 195.0 | $ | 162.7 | 4Q 2013 | 2Q 2016 | 3Q 2017 | 4Q 2018 | |||
Total | 1,793 | $ | 354.5 | $ | 272.5 | |||||||
Redevelopment Construction Completed | ||||||||||||
Lincoln Place | 795 | $ | 360.0 | $ | 359.0 | Multiple | Multiple | 2Q 2015 | 3Q 2016 | |||
The Preserve at Marin | 126 | 124.0 | 123.4 | 4Q 2012 | 1Q 2014 | 3Q 2015 | 4Q 2016 | |||||
2900 on First Apartments | 135 | 15.2 | 14.7 | 1Q 2014 | 1Q 2014 | 2Q 2015 | 3Q 2016 | |||||
Ocean House on Prospect | 53 | 14.8 | 14.6 | 4Q 2014 | 3Q 2015 | 4Q 2015 | 1Q 2017 | |||||
Subtotal | 1,109 | $ | 514.0 | $ | 511.7 | |||||||
Development Construction Completed | ||||||||||||
Vivo | 91 | $ | 45.0 | $ | 43.8 | n/a | 4Q 2015 | 3Q 2016 | 4Q 2017 | |||
Total Completed 2015 | 1,200 | $ | 559.0 | $ | 555.5 |
Location | Apartment Homes Approved for Redevelopment | Estimated/Potential Net Investment | Inception-to-Date Net Investment | |||||||||
Bay Parc | Miami, FL | 60 | $ | 24.1 | $ | 20.6 | ||||||
Calhoun Beach Club | Minneapolis, MN | 275 | 28.7 | 10.5 | ||||||||
Flamingo South Beach | Miami Beach, FL | — | 39.7 | 14.2 | ||||||||
Palazzo West at The Grove | Los Angeles, CA | 389 | 24.5 | 19.1 | ||||||||
Yorktown | Lombard, IL | 292 | 25.7 | 20.0 | ||||||||
Other | Various | 92 | 12.9 | 12.9 | ||||||||
Total | 1,108 | $ | 155.6 | $ | 97.3 |
Location | Apartment Homes Approved for Redevelopment or Development | Estimated/Potential Net Investment | Inception-to-Date Net Investment | Stabilized Occupancy | NOI Stabilization | |||||||||||
The Fremont (formerly Anschutz Expansion) | Denver, CO (MSA) | 253 | $ | 87.0 | $ | 10.6 | 3Q 2021 | 4Q 2022 | ||||||||
Elm Creek Townhomes | Elmhurst, IL | 58 | 35.1 | 11.3 | 2Q 2021 | 3Q 2022 | ||||||||||
Parc Mosaic | Boulder, CO | 226 | 117.0 | 68.9 | 4Q 2020 | 1Q 2022 | ||||||||||
Park Towne Place | Philadelphia, PA | 940 | 176.5 | 172.9 | 1Q 2019 | 2Q 2020 | ||||||||||
Total | 1,477 | $ | 415.6 | $ | 263.7 |
2015 | |||
Cash distributions paid by the Aimco Operating Partnership to holders of noncontrolling interests in consolidated real estate partnerships | $ | 43,757 | |
Cash distributions paid by the Aimco Operating Partnership to preferred unitholders (1) | 18,042 | ||
Cash distributions paid by the Aimco Operating Partnership to common unitholders (2) | 190,783 | ||
Total cash distributions paid by the Aimco Operating Partnership | $ | 252,582 | |
Cash distributions paid by Aimco to holders of noncontrolling interests in consolidated real estate partnerships | $ | 43,757 | |
Cash distributions paid by Aimco to holders of common OP Units | 13,644 | ||
Cash dividends paid by Aimco to preferred stockholders | 11,099 | ||
Cash dividends paid by Aimco to common stockholders | 184,082 | ||
Total cash dividends and distributions paid by Aimco | $ | 252,582 | |
Cash distributions paid to holders of noncontrolling interests in consolidated real estate partnerships | $ | 9,469 | |
Cash distributions paid by the Aimco Operating Partnership to preferred unitholders (1) | 16,334 | ||
Cash distributions paid by the Aimco Operating Partnership to common unitholders (2) | 249,491 | ||
Total cash distributions paid by the Aimco Operating Partnership | $ | 275,294 |
(1) | $ |
(2) | $ |
Cash distributions paid to holders of noncontrolling interests in consolidated real estate partnerships | $ | 9,469 | |
Cash distributions paid to holders of OP Units (other than Aimco) | 19,727 | ||
Cash dividends paid by Aimco to preferred stockholders | 8,594 | ||
Cash dividends paid by Aimco to common stockholders | 237,504 | ||
Total cash dividends and distributions paid by Aimco | $ | 275,294 |
Total | Less than One Year | 2-3 Years | 4-5 Years | More than Five Years | |||||||||||
Long-term debt (1) | $ | 3,846,160 | $ | 325,973 | $ | 682,639 | $ | 952,213 | $ | 1,885,335 | |||||
Interest related to long-term debt (2) | 1,082,198 | 190,390 | 320,217 | 219,171 | 352,420 | ||||||||||
Office space lease obligations | 6,863 | 3,061 | 3,423 | 379 | — | ||||||||||
Ground lease obligations (3) | 72,987 | 795 | 1,890 | 2,426 | 67,876 | ||||||||||
Construction obligations (4) | 110,000 | 100,286 | 9,714 | — | — | ||||||||||
Total | $ | 5,118,208 | $ | 620,505 | $ | 1,017,883 | $ | 1,174,189 | $ | 2,305,631 | |||||
Total | Less than One Year | 1-3 Years | 3-5 Years | More than Five Years | |||||||||||
Non-recourse property debt - Real Estate (1) | $ | 3,937,000 | $ | 246,345 | $ | 839,556 | $ | 741,941 | $ | 2,109,158 | |||||
Revolving credit facility borrowings (2) | 160,360 | — | — | 160,360 | — | ||||||||||
Interest related to long-term debt - Real Estate (3) | 1,066,558 | 167,382 | 290,105 | 205,471 | 403,600 | ||||||||||
Office space lease obligations | 22,874 | 2,237 | 5,540 | 4,453 | 10,644 | ||||||||||
Ground lease obligations (4) | 434,056 | 2,114 | 4,789 | 4,984 | 422,169 | ||||||||||
Construction obligations (5) | 206,957 | 164,549 | 42,408 | — | — | ||||||||||
Total | $ | 5,827,805 | $ | 582,627 | $ | 1,182,398 | $ | 1,117,209 | $ | 2,945,571 | |||||
(1) | Includes scheduled principal amortization and maturity payments related to our |
(2) | Includes outstanding borrowings on our revolving credit facility assuming repayment at the contractual maturity date. Our revolving credit facility is subject to an annual commitment fee (0.25% of aggregate commitments), which is not included in the amounts above. |
(3) | Includes interest related to both |
These ground leases |
Represents estimated obligations pursuant to construction contracts related to our redevelopment, development |
(a)(1) | The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference. |
(a)(2) | The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed as part of this report and incorporated herein by reference. |
(a)(3) | The Exhibit Index is incorporated herein by reference. |
EXHIBIT NO. | DESCRIPTION |
Charter (Exhibit 3.1 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, is incorporated herein by this reference) | |
Amended and Restated Bylaws (Exhibit 3.1 to Aimco’s Current Report on Form 8-K dated January 26, 2016, is incorporated herein by this reference) | |
Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of July 29, 1994, as amended and restated as of February 28, 2007 (Exhibit 10.1 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2006, is incorporated herein by this reference) | |
First Amendment to Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of December 31, 2007 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 31, 2007, is incorporated herein by this reference) | |
Second Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of July 30, 2009 (Exhibit 10.1 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference) | |
Third Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of September 2, 2010 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated September 3, 2010, is incorporated herein by this reference) | |
Fourth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of July 26, 2011 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated July 26, 2011, is incorporated herein by this reference) | |
Fifth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of August 24, 2011 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated August 24, 2011, is incorporated herein by this reference) | |
Sixth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of December 31, 2011 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 31, 2011, is incorporated herein by this reference) | |
Seventh Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of May 13, 2014 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated May 9, 2014, is incorporated herein by this reference) | |
Eighth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of October 31, 2014 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated November 4, 2014, is incorporated herein by this reference) | |
Ninth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of August 16, 2016 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated August 16, 2016, is incorporated herein by this reference) | |
Tenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of January 31, 2017 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference) | |
Second Amended and Restated Senior Secured Credit Agreement, dated as of June 30, 2017, among Aimco, the Aimco Operating Partnership, AIMCO/Bethesda Holdings, Inc., the lenders party thereto, KeyBank N.A., as administrative agent, swing line lender and a letter of credit issuer (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated June 30, 2017, is incorporated herein by this reference) | |
Master Indemnification Agreement, dated December 3, 2001, by and among Aimco, the Aimco Operating Partnership., XYZ Holdings LLC, and the other parties signatory thereto (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated December 6, 2001, is incorporated herein by this reference) | |
Tax Indemnification and Contest Agreement, dated December 3, 2001, by and among Aimco, National Partnership Investments, Corp., and XYZ Holdings LLC and the other parties signatory thereto (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated December 6, 2001, is incorporated herein by this reference) | |
Employment Contract executed on December 21, 2017, by and between the Aimco Operating Partnership and Terry Considine (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 21, 2017, is incorporated herein by this reference)* | |
Aimco Severance Policy (Exhibit 10.1 to Aimco’s Current Report on Form 8-K dated February 22, 2018, is incorporated herein by reference)* | |
2007 Stock Award and Incentive Plan (Appendix A to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007 is incorporated herein by this reference)* | |
Form of Restricted Stock Agreement (2007 Stock Award and Incentive Plan) (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)* |
Form of Non-Qualified Stock Option Agreement (2007 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)* | |
2007 Employee Stock Purchase Plan (Appendix B to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007, is incorporated herein by this reference)* | |
Aimco 2015 Stock Award and Incentive Plan (as amended and restated January 31, 2017) (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)* | |
Aimco Second Amended and Restated 2015 Stock Award and Incentive Plan (as amended and restated effective February 22, 2018) (Exhibit A to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 8, 2018, is incorporated herein by reference)* | |
Form of Performance Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)* | |
Form of Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.25 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)* | |
Form of Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)* | |
Form of LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)* | |
Form of Performance Vesting LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.4 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)* | |
Form of Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2016, is incorporated herein by this reference)* | |
Form of Performance Vesting LTIP II Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.15 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, is incorporated herein by this reference)* | |
List of Subsidiaries | |
Consent of Independent Registered Public Accounting Firm - Aimco | |
Consent of Independent Registered Public Accounting Firm - Aimco Operating Partnership | |
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco | |
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco | |
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership | |
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership | |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco | |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco | |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership | |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership | |
Agreement regarding disclosure of long-term debt instruments - Aimco | |
Agreement regarding disclosure of long-term debt instruments - Aimco Operating Partnership | |
101 | XBRL (Extensible Business Reporting Language). The following materials from Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2018, formatted in XBRL: (i) consolidated balance sheets; (ii) consolidated statements of operations; (iii) consolidated statements of comprehensive income; (iv) consolidated statements of equity and consolidated statements of partners’ capital; (v) consolidated statements of cash flows; (vi) notes to the consolidated financial statements; and (vii) financial statement schedule (3) |
(1) | Schedule and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. |
(2) | The Commission file numbers for exhibits is 001-13232 (Aimco) and 0-24497 (the Aimco Operating Partnership), and all such exhibits remain available pursuant to the Records Control Schedule of the Securities and Exchange Commission. |
(3) | As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 |
* | Management contract or compensatory plan or arrangement |
APARTMENT INVESTMENT AND MANAGEMENT COMPANY | |
By: | /s/ TERRY CONSIDINE |
Terry Considine | |
Chairman of the Board and Chief Executive Officer | |
Date: | February 19, 2019 |
AIMCO PROPERTIES, L.P. | |
By: | AIMCO-GP, Inc., its General Partner |
By: | /s/ TERRY CONSIDINE |
Terry Considine | |
Chairman of the Board and Chief Executive Officer | |
Date: | February 19, 2019 |
Signature | Title | Date | |
APARTMENT INVESTMENT AND MANAGEMENT COMPANY | |||
AIMCO PROPERTIES, L.P. | |||
By: AIMCO-GP, Inc., its General Partner | |||
/s/ TERRY CONSIDINE | Chairman of the Board and | February 19, 2019 | |
Terry Considine | Chief Executive Officer (principal executive officer) | ||
/s/ PAUL BELDIN | Executive Vice President and | February 19, 2019 | |
Paul Beldin | Chief Financial Officer (principal financial officer) | ||
/s/ THOMAS L. KELTNER | Director | February 19, 2019 | |
Thomas L. Keltner | |||
/s/ J. LANDIS MARTIN | Director | February 19, 2019 | |
J. Landis Martin | |||
/s/ ROBERT A. MILLER | Director | February 19, 2019 | |
Robert A. Miller | |||
/s/ KATHLEEN M. NELSON | Director | February 19, 2019 | |
Kathleen M. Nelson | |||
/s/ ANN SPERLING | Director | February 19, 2019 | |
Ann Sperling | |||
/s/ MICHAEL A. STEIN | Director | February 19, 2019 | |
Michael A. Stein | |||
/s/ NINA A. TRAN | Director | February 19, 2019 | |
Nina A. Tran |
Page | |
Financial Statements: | |
Financial Statement Schedule: | |
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |
2015 | 2014 | 2018 | 2017 | |||||||||||
ASSETS | ||||||||||||||
Buildings and improvements | $ | 6,446,326 | $ | 6,259,318 | $ | 6,552,065 | $ | 6,174,149 | ||||||
Land | 1,861,157 | 1,885,640 | 1,756,525 | 1,753,604 | ||||||||||
Total real estate | 8,307,483 | 8,144,958 | 8,308,590 | 7,927,753 | ||||||||||
Accumulated depreciation | (2,778,022 | ) | (2,672,179 | ) | (2,585,115 | ) | (2,522,358 | ) | ||||||
Net real estate ($335,129 and $360,160 related to VIEs) | 5,529,461 | 5,472,779 | ||||||||||||
Cash and cash equivalents ($18,852 and $17,108 related to VIEs) | 50,789 | 28,971 | ||||||||||||
Restricted cash ($33,835 and $36,196 related to VIEs) | 86,956 | 91,445 | ||||||||||||
Other assets ($168,519 and $182,108 related to VIEs) | 473,918 | 476,727 | ||||||||||||
Net real estate | 5,723,475 | 5,405,395 | ||||||||||||
Cash and cash equivalents | 36,858 | 60,498 | ||||||||||||
Restricted cash | 35,737 | 34,827 | ||||||||||||
Other assets | 351,541 | 272,739 | ||||||||||||
Assets held for sale | 3,070 | 27,106 | 42,393 | 17,959 | ||||||||||
Assets of partnerships served by Asset Management business: | ||||||||||||||
Real estate, net | — | 224,873 | ||||||||||||
Cash and cash equivalents | — | 16,288 | ||||||||||||
Restricted cash | — | 30,928 | ||||||||||||
Other assets | — | 15,533 | ||||||||||||
Total assets | $ | 6,144,194 | $ | 6,097,028 | $ | 6,190,004 | $ | 6,079,040 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||
Non-recourse property debt ($325,203 and $336,471 related to VIEs) | $ | 3,846,160 | $ | 4,022,809 | ||||||||||
Non-recourse property debt secured by Real Estate communities, net | $ | 3,915,305 | $ | 3,545,109 | ||||||||||
Term loan, net | — | 249,501 | ||||||||||||
Revolving credit facility borrowings | 27,000 | 112,330 | 160,360 | 67,160 | ||||||||||
Total indebtedness | 3,873,160 | 4,135,139 | ||||||||||||
Accounts payable | 36,123 | 41,919 | ||||||||||||
Accrued liabilities and other ($173,689 and $135,644 related to VIEs) | 318,975 | 279,077 | ||||||||||||
Deferred income | 64,052 | 81,882 | ||||||||||||
Total indebtedness associated with Real Estate portfolio | 4,075,665 | 3,861,770 | ||||||||||||
Accrued liabilities and other | 226,230 | 213,027 | ||||||||||||
Liabilities related to assets held for sale | 53 | 28,969 | 23,177 | — | ||||||||||
Liabilities of partnerships served by Asset Management business: | ||||||||||||||
Non-recourse property debt, net | — | 227,141 | ||||||||||||
Accrued liabilities and other | — | 19,812 | ||||||||||||
Total liabilities | 4,292,363 | 4,566,986 | 4,325,072 | 4,321,750 | ||||||||||
Preferred noncontrolling interests in Aimco Operating Partnership | 87,926 | 87,937 | ||||||||||||
Commitments and contingencies (Note 7) | ||||||||||||||
Preferred noncontrolling interests in Aimco Operating Partnership (Note 7) | 101,291 | 101,537 | ||||||||||||
Commitments and contingencies (Note 5) | ||||||||||||||
Equity: | ||||||||||||||
Perpetual Preferred Stock (Note 9) | 159,126 | 186,126 | ||||||||||||
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,326,416 and 146,403,274 shares issued/outstanding at December 31, 2015 and 2014, respectively | 1,563 | 1,464 | ||||||||||||
Perpetual Preferred Stock (Note 6) | 125,000 | 125,000 | ||||||||||||
Common Stock, $0.01 par value, 500,787,260 shares authorized, 149,133,826 and 157,189,447 shares issued/outstanding at December 31, 2018 and 2017, respectively | 1,491 | 1,572 | ||||||||||||
Additional paid-in capital | 4,064,659 | 3,696,143 | 3,515,641 | 3,900,042 | ||||||||||
Accumulated other comprehensive loss | (6,040 | ) | (6,456 | ) | ||||||||||
Accumulated other comprehensive income | 4,794 | 3,603 | ||||||||||||
Distributions in excess of earnings | (2,596,917 | ) | (2,649,542 | ) | (1,947,507 | ) | (2,367,073 | ) | ||||||
Total Aimco equity | 1,622,391 | 1,227,735 | 1,699,419 | 1,663,144 | ||||||||||
Noncontrolling interests in consolidated real estate partnerships | 151,365 | 233,296 | (2,967 | ) | (1,716 | ) | ||||||||
Common noncontrolling interests in Aimco Operating Partnership | (9,851 | ) | (18,926 | ) | 67,189 | (5,675 | ) | |||||||
Total equity | 1,763,905 | 1,442,105 | 1,763,641 | 1,655,753 | ||||||||||
Total liabilities and equity | $ | 6,144,194 | $ | 6,097,028 | $ | 6,190,004 | $ | 6,079,040 |
2018 | 2017 | 2016 | |||||||||
REVENUES: | |||||||||||
Rental and other property revenues attributable to Real Estate | $ | 922,593 | $ | 918,148 | $ | 899,891 | |||||
Rental and other property revenues of partnerships served by Asset Management business | 42,830 | 74,046 | 74,640 | ||||||||
Tax credit and transaction revenues | 6,987 | 13,243 | 21,323 | ||||||||
Total revenues | 972,410 | 1,005,437 | 995,854 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating expenses attributable to Real Estate | 307,901 | 319,126 | 317,957 | ||||||||
Property operating expenses of partnerships served by Asset Management business | 20,921 | 35,458 | 36,956 | ||||||||
Depreciation and amortization | 377,786 | 366,184 | 333,066 | ||||||||
General and administrative expenses | 46,268 | 43,657 | 46,784 | ||||||||
Other expenses, net | 3,778 | 11,148 | 14,295 | ||||||||
Provision for real estate impairment loss | — | 35,881 | — | ||||||||
Total operating expenses | 756,654 | 811,454 | 749,058 | ||||||||
Interest income | 10,914 | 8,332 | 7,797 | ||||||||
Interest expense | (200,634 | ) | (194,615 | ) | (196,389 | ) | |||||
Gain on dispositions of real estate and the Asset Management Business | 677,463 | 300,849 | 400,156 | ||||||||
Other, net | 77 | 7,694 | 6,071 | ||||||||
Income before income tax benefit | 703,576 | 316,243 | 464,431 | ||||||||
Income tax benefit (Note 9) | 13,027 | 30,836 | 18,842 | ||||||||
Net income | 716,603 | 347,079 | 483,273 | ||||||||
Noncontrolling interests: | |||||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (8,220 | ) | (9,084 | ) | (25,256 | ) | |||||
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | (7,739 | ) | (7,764 | ) | (7,239 | ) | |||||
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | (34,417 | ) | (14,457 | ) | (20,368 | ) | |||||
Net income attributable to noncontrolling interests | (50,376 | ) | (31,305 | ) | (52,863 | ) | |||||
Net income attributable to Aimco | 666,227 | 315,774 | 430,410 | ||||||||
Net income attributable to Aimco preferred stockholders | (8,593 | ) | (8,594 | ) | (11,994 | ) | |||||
Net income attributable to participating securities | (1,037 | ) | (319 | ) | (635 | ) | |||||
Net income attributable to Aimco common stockholders | $ | 656,597 | $ | 306,861 | $ | 417,781 | |||||
Net income attributable to Aimco per common share – basic | $ | 4.21 | $ | 1.96 | $ | 2.68 | |||||
Net income attributable to Aimco per common share – diluted | $ | 4.21 | $ | 1.96 | $ | 2.67 | |||||
Weighted average common shares outstanding – basic | 155,866 | 156,323 | 156,001 | ||||||||
Weighted average common shares outstanding – diluted | 156,053 | 156,796 | 156,391 |
2015 | 2014 | 2013 | |||||||||
REVENUES: | |||||||||||
Rental and other property revenues | $ | 956,954 | $ | 952,831 | $ | 939,231 | |||||
Tax credit and asset management revenues | 24,356 | 31,532 | 34,822 | ||||||||
Total revenues | 981,310 | 984,363 | 974,053 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating expenses | 359,393 | 373,654 | 375,710 | ||||||||
Investment management expenses | 5,855 | 7,310 | 4,341 | ||||||||
Depreciation and amortization | 306,301 | 282,608 | 291,910 | ||||||||
Provision for real estate impairment losses | — | 1,820 | — | ||||||||
General and administrative expenses | 43,178 | 44,092 | 45,670 | ||||||||
Other expenses, net | 10,368 | 12,529 | 7,403 | ||||||||
Total operating expenses | 725,095 | 722,013 | 725,034 | ||||||||
Operating income | 256,215 | 262,350 | 249,019 | ||||||||
Interest income | 6,949 | 6,878 | 17,943 | ||||||||
Interest expense | (199,685 | ) | (220,971 | ) | (237,048 | ) | |||||
Other, net | 387 | (829 | ) | 2,723 | |||||||
Income before income taxes and discontinued operations | 63,866 | 47,428 | 32,637 | ||||||||
Income tax benefit | 27,524 | 20,047 | 1,959 | ||||||||
Income from continuing operations | 91,390 | 67,475 | 34,596 | ||||||||
Income from discontinued operations, net of tax (Note 12) | — | — | 203,229 | ||||||||
Gain on dispositions of real estate, net of tax (Note 12) | 180,593 | 288,636 | — | ||||||||
Net income | 271,983 | 356,111 | 237,825 | ||||||||
Noncontrolling interests: | |||||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (4,776 | ) | (24,595 | ) | (12,473 | ) | |||||
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | (6,943 | ) | (6,497 | ) | (6,423 | ) | |||||
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | (11,554 | ) | (15,770 | ) | (11,639 | ) | |||||
Net income attributable to noncontrolling interests | (23,273 | ) | (46,862 | ) | (30,535 | ) | |||||
Net income attributable to Aimco | 248,710 | 309,249 | 207,290 | ||||||||
Net income attributable to Aimco preferred stockholders | (11,794 | ) | (7,947 | ) | (2,804 | ) | |||||
Net income attributable to participating securities | (950 | ) | (1,082 | ) | (813 | ) | |||||
Net income attributable to Aimco common stockholders | $ | 235,966 | $ | 300,220 | $ | 203,673 | |||||
Earnings attributable to Aimco per common share – basic and diluted: | |||||||||||
Income from continuing operations | $ | 1.52 | $ | 2.06 | $ | 0.29 | |||||
Income from discontinued operations | — | — | 1.11 | ||||||||
Net income | $ | 1.52 | $ | 2.06 | $ | 1.40 | |||||
Weighted average common shares outstanding – basic | 155,177 | 145,639 | 145,291 | ||||||||
Weighted average common shares outstanding – diluted | 155,570 | 146,002 | 145,532 |
2015 | 2014 | 2013 | |||||||||
Net income | $ | 271,983 | $ | 356,111 | $ | 237,825 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized (losses) gains on interest rate swaps | (1,299 | ) | (2,306 | ) | 1,734 | ||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,678 | 1,685 | 1,678 | ||||||||
Unrealized gains (losses) on debt securities classified as available-for-sale | 214 | (1,192 | ) | (4,188 | ) | ||||||
Other comprehensive income (loss) | 593 | (1,813 | ) | (776 | ) | ||||||
Comprehensive income | 272,576 | 354,298 | 237,049 | ||||||||
Comprehensive income attributable to noncontrolling interests | (23,450 | ) | (46,903 | ) | (30,819 | ) | |||||
Comprehensive income attributable to Aimco | $ | 249,126 | $ | 307,395 | $ | 206,230 |
2018 | 2017 | 2016 | |||||||||
Net income | $ | 716,603 | $ | 347,079 | $ | 483,273 | |||||
Other comprehensive gain: | |||||||||||
Realized and unrealized (losses) gains on interest rate swaps | — | (173 | ) | 221 | |||||||
Losses on interest rate swaps reclassified into earnings from accumulated other comprehensive loss | 1,391 | 1,480 | 1,586 | ||||||||
Unrealized (losses) gains on available for sale debt securities | (131 | ) | 1,507 | 5,855 | |||||||
Other comprehensive gain | 1,260 | 2,814 | 7,662 | ||||||||
Comprehensive income | 717,863 | 349,893 | 490,935 | ||||||||
Comprehensive income attributable to noncontrolling interests | (50,445 | ) | (31,527 | ) | (53,474 | ) | |||||
Comprehensive income attributable to Aimco | $ | 667,418 | $ | 318,366 | $ | 437,461 |
Preferred Stock | Common Stock | Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares Issued | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Earnings | Total Aimco Equity | Noncontrolling Interests | Total Equity | Shares Issued | Amount | Shares Issued | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Earnings | Total Aimco Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2012 | 1,274 | $ | 68,114 | 145,564 | $ | 1,456 | $ | 3,712,684 | $ | (3,542 | ) | $ | (2,863,287 | ) | $ | 915,425 | $ | 239,469 | $ | 1,154,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2015 | 6,391 | $ | 159,126 | 156,326 | $ | 1,563 | $ | 4,064,659 | $ | (6,040 | ) | $ | (2,596,917 | ) | $ | 1,622,391 | $ | 141,514 | $ | 1,763,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Preferred Stock | (1,391 | ) | (34,126 | ) | — | — | 1,307 | — | (1,980 | ) | (34,799 | ) | — | (34,799 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Aimco Operating Partnership units | — | — | — | — | — | — | — | — | (3,085 | ) | (3,085 | ) | — | — | — | — | — | — | — | — | (10,819 | ) | (10,819 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based compensation cost | — | — | 33 | — | 5,915 | — | — | 5,915 | — | 5,915 | — | — | 31 | — | 8,610 | — | — | 8,610 | — | 8,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercises of stock options | — | — | 44 | — | 993 | — | — | 993 | — | 993 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | 1,630 | 1,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | — | — | — | (19,805 | ) | — | — | (19,805 | ) | 2,130 | (17,675 | ) | — | — | — | — | (26,171 | ) | — | — | (26,171 | ) | 10,107 | (16,064 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive loss | — | — | — | — | — | (1,060 | ) | — | (1,060 | ) | 284 | (776 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | — | — | — | — | — | 7,051 | — | 7,051 | 611 | 7,662 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | 276 | 3 | 1,552 | — | — | 1,555 | 693 | 2,248 | — | — | 531 | 6 | 3,317 | — | — | 3,323 | — | 3,323 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 207,290 | 207,290 | 24,112 | 231,402 | — | — | — | — | — | — | 430,410 | 430,410 | 45,624 | 476,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (59,946 | ) | (59,946 | ) | — | — | — | — | — | — | — | — | (35,974 | ) | (35,974 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock dividends | — | — | — | — | — | — | (140,052 | ) | (140,052 | ) | — | (140,052 | ) | — | — | — | — | — | — | (206,898 | ) | (206,898 | ) | — | (206,898 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock dividends | — | — | — | — | — | — | (2,804 | ) | (2,804 | ) | — | (2,804 | ) | — | — | — | — | — | — | (10,014 | ) | (10,014 | ) | — | (10,014 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | 1,274 | 68,114 | 145,917 | 1,459 | 3,701,339 | (4,602 | ) | (2,798,853 | ) | 967,457 | 205,287 | 1,172,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | 5,117 | 128,012 | — | — | (4,460 | ) | — | — | 123,552 | — | 123,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Preferred Stock | — | (10,000 | ) | — | — | 257 | — | 227 | (9,516 | ) | — | (9,516 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 5,000 | 125,000 | 156,888 | 1,569 | 4,051,722 | 1,011 | (2,385,399 | ) | 1,793,903 | 151,063 | 1,944,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Aimco Operating Partnership units | — | — | — | — | — | — | — | — | (7,756 | ) | (7,756 | ) | — | — | — | — | — | — | — | — | (11,882 | ) | (11,882 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based compensation cost | — | — | 33 | — | 6,139 | — | — | 6,139 | — | 6,139 | — | — | 18 | — | 8,638 | — | — | 8,638 | 613 | 9,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercises of stock options | — | — | 303 | 3 | 765 | — | — | 768 | — | 768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | 11,559 | 11,559 | — | — | — | — | — | — | — | — | 3,401 | 3,401 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | — | — | — | (8,097 | ) | — | — | (8,097 | ) | 8,809 | 712 | — | — | — | — | (160,586 | ) | — | — | (160,586 | ) | (152,189 | ) | (312,775 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive loss | — | — | — | — | — | (1,854 | ) | — | (1,854 | ) | 41 | (1,813 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of a change in accounting principle | — | — | — | — | — | — | (62,682 | ) | (62,682 | ) | (3,028 | ) | (65,710 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | — | — | — | — | — | 2,592 | — | 2,592 | 222 | 2,814 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | 150 | 2 | 200 | — | — | 202 | (21 | ) | 181 | — | — | 283 | 3 | 268 | — | — | 271 | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 309,249 | 309,249 | 40,365 | 349,614 | — | — | — | — | — | — | 315,774 | 315,774 | 23,541 | 339,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (43,914 | ) | (43,914 | ) | — | — | — | — | — | — | — | — | (19,132 | ) | (19,132 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock dividends | — | — | — | — | — | — | (151,991 | ) | (151,991 | ) | — | (151,991 | ) | — | — | — | — | — | — | (226,172 | ) | (226,172 | ) | — | (226,172 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock dividends | — | — | — | — | — | — | (8,174 | ) | (8,174 | ) | — | (8,174 | ) | — | — | — | — | — | — | (8,594 | ) | (8,594 | ) | — | (8,594 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2014 | 6,391 | 186,126 | 146,403 | 1,464 | 3,696,143 | (6,456 | ) | (2,649,542 | ) | 1,227,735 | 214,370 | 1,442,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | — | — | 9,430 | 94 | 366,486 | — | — | 366,580 | — | 366,580 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Preferred Stock | — | (27,000 | ) | — | — | 695 | — | (695 | ) | (27,000 | ) | — | (27,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | 5,000 | 125,000 | 157,189 | 1,572 | 3,900,042 | 3,603 | (2,367,073 | ) | 1,663,144 | (7,391 | ) | 1,655,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of Common Stock | — | — | (8,219 | ) | (82 | ) | (373,511 | ) | — | — | (373,593 | ) | — | (373,593 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Aimco Operating Partnership units | — | — | — | — | — | — | — | — | 50,151 | 50,151 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Aimco Operating Partnership units | — | — | — | — | — | — | — | — | (4,181 | ) | (4,181 | ) | — | — | — | — | — | — | — | — | (9,639 | ) | (9,639 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based compensation cost | — | — | 27 | — | 7,096 | — | — | 7,096 | — | 7,096 | — | — | 22 | — | 8,074 | — | — | 8,074 | 1,691 | 9,765 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercises of stock options | — | — | 144 | 2 | 265 | — | — | 267 | — | 267 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | — | — | — | (6,008 | ) | — | — | (6,008 | ) | 4,189 | (1,819 | ) | — | — | — | — | (19,115 | ) | — | — | (19,115 | ) | 9,014 | (10,101 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive loss | — | — | — | — | — | 416 | — | 416 | 177 | 593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income | — | — | — | — | — | 1,191 | — | 1,191 | 69 | 1,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | 322 | 3 | (18 | ) | — | 100 | 85 | — | 85 | — | — | 142 | 1 | 151 | — | — | 152 | — | 152 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 248,710 | 248,710 | 16,330 | 265,040 | — | — | — | — | — | — | 666,227 | 666,227 | 42,637 | 708,864 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (89,371 | ) | (89,371 | ) | — | — | — | — | — | — | — | — | (22,310 | ) | (22,310 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock dividends | — | — | — | — | — | — | (184,391 | ) | (184,391 | ) | — | (184,391 | ) | — | — | — | — | — | — | (238,067 | ) | (238,067 | ) | — | (238,067 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock dividends | — | — | — | — | — | — | (11,099 | ) | (11,099 | ) | — | (11,099 | ) | — | — | — | — | — | — | (8,594 | ) | (8,594 | ) | — | (8,594 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2015 | 6,391 | $ | 159,126 | 156,326 | $ | 1,563 | $ | 4,064,659 | $ | (6,040 | ) | $ | (2,596,917 | ) | $ | 1,622,391 | $ | 141,514 | $ | 1,763,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 5,000 | $ | 125,000 | 149,134 | $ | 1,491 | $ | 3,515,641 | $ | 4,794 | $ | (1,947,507 | ) | $ | 1,699,419 | $ | 64,222 | $ | 1,763,641 |
2018 | 2017 | 2016 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 716,603 | $ | 347,079 | $ | 483,273 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 377,786 | 366,184 | 333,066 | ||||||||
Provision for real estate impairment loss | — | 35,881 | — | ||||||||
Gain on dispositions of real estate and the Asset Management business | (677,463 | ) | (300,849 | ) | (400,156 | ) | |||||
Income tax benefit | (13,027 | ) | (30,836 | ) | (18,842 | ) | |||||
Share-based compensation expense | 8,550 | 7,877 | 7,629 | ||||||||
Amortization of debt issue costs and other | 9,023 | 5,666 | 5,060 | ||||||||
Other, net | 1,065 | (7,694 | ) | (6,071 | ) | ||||||
Changes in operating assets and operating liabilities: | |||||||||||
Accounts receivable and other assets | (27,830 | ) | (15,841 | ) | (22,294 | ) | |||||
Accounts payable, accrued liabilities and other | 1,681 | (15,395 | ) | (5,164 | ) | ||||||
Total adjustments | (320,215 | ) | 44,993 | (106,772 | ) | ||||||
Net cash provided by operating activities | 396,388 | 392,072 | 376,501 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of real estate and deposits related to purchases of real estate | (242,297 | ) | (20,372 | ) | (290,729 | ) | |||||
Capital expenditures | (340,489 | ) | (358,104 | ) | (346,645 | ) | |||||
Proceeds from dispositions of real estate | 708,848 | 401,983 | 535,513 | ||||||||
Purchases of corporate assets | (7,718 | ) | (8,899 | ) | (7,540 | ) | |||||
Proceeds from repayments on notes receivable | 5,010 | 430 | 412 | ||||||||
Other investing activities | (1,508 | ) | (2,019 | ) | 9,842 | ||||||
Net cash provided by (used in) investing activities | 121,846 | 13,019 | (99,147 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from non-recourse property debt | 1,228,027 | 312,434 | 417,714 | ||||||||
Principal repayments on non-recourse property debt | (976,087 | ) | (409,167 | ) | (371,947 | ) | |||||
(Repayment of) proceeds from term loan | (250,000 | ) | 250,000 | — | |||||||
Net borrowings on (repayments of) revolving credit facility | 93,200 | 49,230 | (9,070 | ) | |||||||
Payment of debt issue costs | (11,961 | ) | (4,751 | ) | (7,816 | ) | |||||
Payment of debt extinguishment costs | (14,241 | ) | (399 | ) | (391 | ) | |||||
Repurchases of Common Stock | (373,593 | ) | — | — | |||||||
Redemptions of Preferred Stock | — | — | (34,799 | ) | |||||||
Payment of dividends to holders of Preferred Stock | (8,594 | ) | (8,594 | ) | (10,014 | ) | |||||
Payment of dividends to holders of Common Stock | (237,504 | ) | (225,377 | ) | (206,279 | ) | |||||
Payment of distributions to noncontrolling interests | (29,196 | ) | (26,799 | ) | (35,706 | ) | |||||
Redemptions of noncontrolling interests in the Aimco Operating Partnership | (9,885 | ) | (13,546 | ) | (12,544 | ) | |||||
Purchases of noncontrolling interests in consolidated real estate partnerships | (3,579 | ) | (314,269 | ) | (13,941 | ) | |||||
Other financing activities | 5,233 | (2,462 | ) | 844 | |||||||
Net cash used in financing activities | (588,180 | ) | (393,700 | ) | (283,949 | ) | |||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (69,946 | ) | 11,391 | (6,595 | ) | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 142,541 | 131,150 | 137,745 | ||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 72,595 | $ | 142,541 | $ | 131,150 |
2015 | 2014 | 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 271,983 | $ | 356,111 | $ | 237,825 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 306,301 | 282,608 | 291,910 | ||||||||
Provision for real estate impairment losses | — | 1,820 | — | ||||||||
Other, net | (387 | ) | 829 | (2,723 | ) | ||||||
Gain on dispositions of real estate, net of tax | (180,593 | ) | (288,636 | ) | — | ||||||
Income tax benefit | (27,524 | ) | (20,047 | ) | (1,959 | ) | |||||
Share-based compensation expense | 6,640 | 5,781 | 5,645 | ||||||||
Amortization of deferred loan costs and other | 5,186 | 3,814 | 4,915 | ||||||||
Adjustments to net income from discontinued operations | — | — | (186,068 | ) | |||||||
Changes in operating assets and operating liabilities: | |||||||||||
Accounts receivable and other assets | 619 | 9,039 | 4,592 | ||||||||
Accounts payable, accrued liabilities and other | (22,334 | ) | (29,895 | ) | (28,541 | ) | |||||
Total adjustments | 87,908 | (34,687 | ) | 87,771 | |||||||
Net cash provided by operating activities | 359,891 | 321,424 | 325,596 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of real estate and deposits related to purchases of real estate | (169,447 | ) | (284,041 | ) | (51,291 | ) | |||||
Capital expenditures | (367,180 | ) | (367,324 | ) | (350,338 | ) | |||||
Proceeds from dispositions of real estate | 367,571 | 640,044 | 357,314 | ||||||||
Purchases of corporate assets | (6,665 | ) | (8,479 | ) | (10,863 | ) | |||||
Purchase of property loans | — | — | (119,101 | ) | |||||||
Proceeds from repayment of property loans and option value | — | — | 215,517 | ||||||||
Changes in restricted cash | (429 | ) | 26,315 | 3,003 | |||||||
Other investing activities | 5,253 | 7,163 | 20,951 | ||||||||
Net cash (used in) provided by investing activities | (170,897 | ) | 13,678 | 65,192 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from non-recourse property debt | 352,602 | 188,503 | 232,965 | ||||||||
Principal repayments on non-recourse property debt | (514,294 | ) | (513,599 | ) | (472,276 | ) | |||||
Net (repayments) borrowings on revolving credit facility | (85,330 | ) | 61,930 | 50,400 | |||||||
Proceeds from issuance of Common Stock | 366,580 | — | — | ||||||||
Proceeds from issuance of Preferred Stock | — | 123,551 | — | ||||||||
Redemptions and repurchases of Preferred Stock | (27,000 | ) | (9,516 | ) | — | ||||||
Proceeds from Common Stock option exercises | — | 768 | 993 | ||||||||
Payment of dividends to holders of Preferred Stock | (11,099 | ) | (7,073 | ) | (2,804 | ) | |||||
Payment of dividends to holders of Common Stock | (184,082 | ) | (152,002 | ) | (140,052 | ) | |||||
Payment of distributions to noncontrolling interests | (57,401 | ) | (49,972 | ) | (63,766 | ) | |||||
Purchases of noncontrolling interests in consolidated real estate partnerships | — | — | (16,775 | ) | |||||||
Other financing activities | (7,152 | ) | (4,472 | ) | (8,135 | ) | |||||
Net cash used in financing activities | (167,176 | ) | (361,882 | ) | (419,450 | ) | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,818 | (26,780 | ) | (28,662 | ) | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 28,971 | 55,751 | 84,413 | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 50,789 | $ | 28,971 | $ | 55,751 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||||||||||
Interest paid | $ | 207,087 | $ | 231,887 | $ | 273,635 | $ | 199,996 | $ | 196,438 | $ | 200,278 | ||||||||||
Cash paid for income taxes | 2,033 | 1,657 | 629 | 11,522 | 7,401 | 2,152 | ||||||||||||||||
Non-cash transactions associated with the acquisition or disposition of real estate: | ||||||||||||||||||||||
Non-recourse property debt assumed in connection with our acquisition of real estate | — | 65,200 | 14,767 | |||||||||||||||||||
Non-recourse property debt assumed by buyer in connection with our disposition of real estate | 6,068 | 58,410 | 126,663 | |||||||||||||||||||
Non-recourse, subordinate debt of the disposed legacy asset management business forgiven in connection with the disposition of real estate | — | — | 8,149 | |||||||||||||||||||
Non-recourse property debt assumed by buyer in connection with the disposition of the Asset Management business | 227,708 | — | — | |||||||||||||||||||
Non-recourse property debt assumed in connection with the acquisition of real estate | 208,885 | — | — | |||||||||||||||||||
Issuance of preferred OP Units in connection with acquisition of real estate | — | 9,117 | — | — | — | 17,000 | ||||||||||||||||
Issuance of common OP Units in connection with acquisition of real estate | 50,151 | — | — | |||||||||||||||||||
Other non-cash investing and financing transactions: | ||||||||||||||||||||||
Issuance of common OP Units for acquisition of noncontrolling interests in consolidated real estate partnerships | — | — | 416 | |||||||||||||||||||
Accrued capital expenditures | 43,725 | 45,701 | 45,571 | |||||||||||||||||||
Accrued dividends on TSR restricted stock (Note 11) | 309 | — | — | |||||||||||||||||||
Accrued capital expenditures (at end of period) | 40,185 | 31,719 | 35,594 | |||||||||||||||||||
Accrued dividends on TSR restricted stock and LTIP awards (at end of period) (Note 8) | 1,266 | 1,720 | 927 |
2015 | 2014 | 2018 | 2017 | |||||||||||
ASSETS | ||||||||||||||
Buildings and improvements | $ | 6,446,326 | $ | 6,259,318 | $ | 6,552,065 | $ | 6,174,149 | ||||||
Land | 1,861,157 | 1,885,640 | 1,756,525 | 1,753,604 | ||||||||||
Total real estate | 8,307,483 | 8,144,958 | 8,308,590 | 7,927,753 | ||||||||||
Accumulated depreciation | (2,778,022 | ) | (2,672,179 | ) | (2,585,115 | ) | (2,522,358 | ) | ||||||
Net real estate ($335,129 and $360,160 related to VIEs) | 5,529,461 | 5,472,779 | ||||||||||||
Cash and cash equivalents ($18,852 and $17,108 related to VIEs) | 50,789 | 28,971 | ||||||||||||
Restricted cash ($33,835 and $36,196 related to VIEs) | 86,956 | 91,445 | ||||||||||||
Other assets ($168,519 and $182,108 related to VIEs) | 473,918 | 476,727 | ||||||||||||
Net real estate | 5,723,475 | 5,405,395 | ||||||||||||
Cash and cash equivalents | 36,858 | 60,498 | ||||||||||||
Restricted cash | 35,737 | 34,827 | ||||||||||||
Other assets | 351,541 | 272,739 | ||||||||||||
Assets held for sale | 3,070 | 27,106 | 42,393 | 17,959 | ||||||||||
Assets of partnerships served by Asset Management business: | ||||||||||||||
Real estate, net | — | 224,873 | ||||||||||||
Cash and cash equivalents | — | 16,288 | ||||||||||||
Restricted cash | — | 30,928 | ||||||||||||
Other assets | — | 15,533 | ||||||||||||
Total assets | $ | 6,144,194 | $ | 6,097,028 | $ | 6,190,004 | $ | 6,079,040 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||
Non-recourse property debt ($325,203 and $336,471 related to VIEs) | $ | 3,846,160 | $ | 4,022,809 | ||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||
Non-recourse property debt secured by Real Estate communities, net | $ | 3,915,305 | $ | 3,545,109 | ||||||||||
Term loan, net | — | 249,501 | ||||||||||||
Revolving credit facility borrowings | 27,000 | 112,330 | 160,360 | 67,160 | ||||||||||
Total indebtedness | 3,873,160 | 4,135,139 | ||||||||||||
Accounts payable | 36,123 | 41,919 | ||||||||||||
Accrued liabilities and other ($173,689 and $135,644 related to VIEs) | 318,975 | 279,077 | ||||||||||||
Deferred income | 64,052 | 81,882 | ||||||||||||
Total indebtedness associated with Real Estate portfolio | 4,075,665 | 3,861,770 | ||||||||||||
Accrued liabilities and other | 226,230 | 213,027 | ||||||||||||
Liabilities related to assets held for sale | 53 | 28,969 | 23,177 | — | ||||||||||
Liabilities of partnerships served by Asset Management business: | ||||||||||||||
Non-recourse property debt, net | — | 227,141 | ||||||||||||
Accrued liabilities and other | — | 19,812 | ||||||||||||
Total liabilities | 4,292,363 | 4,566,986 | 4,325,072 | 4,321,750 | ||||||||||
Redeemable preferred units | 87,926 | 87,937 | ||||||||||||
Commitments and contingencies (Note 7) | ||||||||||||||
Redeemable preferred units (Note 7) | 101,291 | 101,537 | ||||||||||||
Commitments and contingencies (Note 5) | ||||||||||||||
Partners’ Capital: | ||||||||||||||
Preferred units (Note 10) | 159,126 | 186,126 | ||||||||||||
Preferred units (Note 7) | 125,000 | 125,000 | ||||||||||||
General Partner and Special Limited Partner | 1,463,265 | 1,041,609 | 1,574,419 | 1,538,144 | ||||||||||
Limited Partners | (9,851 | ) | (18,926 | ) | 67,189 | (5,675 | ) | |||||||
Partners’ capital attributable to the Aimco Operating Partnership | 1,612,540 | 1,208,809 | 1,766,608 | 1,657,469 | ||||||||||
Noncontrolling interests in consolidated real estate partnerships | 151,365 | 233,296 | (2,967 | ) | (1,716 | ) | ||||||||
Total partners’ capital | 1,763,905 | 1,442,105 | 1,763,641 | 1,655,753 | ||||||||||
Total liabilities and partners’ capital | $ | 6,144,194 | $ | 6,097,028 | $ | 6,190,004 | $ | 6,079,040 |
2018 | 2017 | 2016 | |||||||||
REVENUES: | |||||||||||
Rental and other property revenues attributable to Real Estate | $ | 922,593 | $ | 918,148 | $ | 899,891 | |||||
Rental and other property revenues of partnerships served by Asset Management business | 42,830 | 74,046 | 74,640 | ||||||||
Tax credit and transaction revenues | 6,987 | 13,243 | 21,323 | ||||||||
Total revenues | 972,410 | 1,005,437 | 995,854 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating expenses attributable to Real Estate | 307,901 | 319,126 | 317,957 | ||||||||
Property operating expenses of partnerships served by Asset Management business | 20,921 | 35,458 | 36,956 | ||||||||
Depreciation and amortization | 377,786 | 366,184 | 333,066 | ||||||||
General and administrative expenses | 46,268 | 43,657 | 46,784 | ||||||||
Other expenses, net | 3,778 | 11,148 | 14,295 | ||||||||
Provision for real estate impairment loss | — | 35,881 | — | ||||||||
Total operating expenses | 756,654 | 811,454 | 749,058 | ||||||||
Interest income | 10,914 | 8,332 | 7,797 | ||||||||
Interest expense | (200,634 | ) | (194,615 | ) | (196,389 | ) | |||||
Gain on dispositions of real estate and the Asset Management Business | 677,463 | 300,849 | 400,156 | ||||||||
Other, net | 77 | 7,694 | 6,071 | ||||||||
Income before income tax benefit | 703,576 | 316,243 | 464,431 | ||||||||
Income tax benefit (Note 9) | 13,027 | 30,836 | 18,842 | ||||||||
Net income | 716,603 | 347,079 | 483,273 | ||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (8,220 | ) | (9,084 | ) | (25,256 | ) | |||||
Net income attributable to the Aimco Operating Partnership | 708,383 | 337,995 | 458,017 | ||||||||
Net income attributable to the Aimco Operating Partnership’s preferred unitholders | (16,332 | ) | (16,358 | ) | (19,233 | ) | |||||
Net income attributable to participating securities | (1,177 | ) | (337 | ) | (635 | ) | |||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 690,874 | $ | 321,300 | $ | 438,149 | |||||
Net income attributable to the Aimco Operating Partnership per common unit – basic | $ | 4.22 | $ | 1.96 | $ | 2.68 | |||||
Net income attributable to the Aimco Operating Partnership per common unit – diluted | $ | 4.21 | $ | 1.96 | $ | 2.67 | |||||
Weighted average common units outstanding – basic | 163,846 | 163,746 | 163,761 | ||||||||
Weighted average common units outstanding – diluted | 164,033 | 164,218 | 164,151 |
2015 | 2014 | 2013 | |||||||||
REVENUES: | |||||||||||
Rental and other property revenues | $ | 956,954 | $ | 952,831 | $ | 939,231 | |||||
Tax credit and asset management revenues | 24,356 | 31,532 | 34,822 | ||||||||
Total revenues | 981,310 | 984,363 | 974,053 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating expenses | 359,393 | 373,654 | 375,710 | ||||||||
Investment management expenses | 5,855 | 7,310 | 4,341 | ||||||||
Depreciation and amortization | 306,301 | 282,608 | 291,910 | ||||||||
Provision for real estate impairment losses | — | 1,820 | — | ||||||||
General and administrative expenses | 43,178 | 44,092 | 45,670 | ||||||||
Other expenses, net | 10,368 | 12,529 | 7,403 | ||||||||
Total operating expenses | 725,095 | 722,013 | 725,034 | ||||||||
Operating income | 256,215 | 262,350 | 249,019 | ||||||||
Interest income | 6,949 | 6,878 | 17,943 | ||||||||
Interest expense | (199,685 | ) | (220,971 | ) | (237,048 | ) | |||||
Other, net | 387 | (829 | ) | 2,723 | |||||||
Income before income taxes and discontinued operations | 63,866 | 47,428 | 32,637 | ||||||||
Income tax benefit | 27,524 | 20,047 | 1,959 | ||||||||
Income from continuing operations | 91,390 | 67,475 | 34,596 | ||||||||
Income from discontinued operations, net of tax (Note 12) | — | — | 203,229 | ||||||||
Gain on dispositions of real estate, net of tax (Note 12) | 180,593 | 288,636 | — | ||||||||
Net income | 271,983 | 356,111 | 237,825 | ||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (4,776 | ) | (24,595 | ) | (12,473 | ) | |||||
Net income attributable to the Aimco Operating Partnership | 267,207 | 331,516 | 225,352 | ||||||||
Net income attributable to the Aimco Operating Partnership’s preferred unitholders | (18,737 | ) | (14,444 | ) | (9,227 | ) | |||||
Net income attributable to participating securities | (950 | ) | (1,082 | ) | (813 | ) | |||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 247,520 | $ | 315,990 | $ | 215,312 | |||||
Earnings attributable to the Aimco Operating Partnership per common unit – basic and diluted: | |||||||||||
Income from continuing operations | $ | 1.52 | $ | 2.06 | $ | 0.29 | |||||
Income from discontinued operations | — | — | 1.11 | ||||||||
Net income | $ | 1.52 | $ | 2.06 | $ | 1.40 | |||||
Weighted average common units outstanding – basic | 162,834 | 153,363 | 153,256 | ||||||||
Weighted average common units outstanding – diluted | 163,227 | 153,726 | 153,497 |
2015 | 2014 | 2013 | |||||||||
Net income | $ | 271,983 | $ | 356,111 | $ | 237,825 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized (losses) gains on interest rate swaps | (1,299 | ) | (2,306 | ) | 1,734 | ||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,678 | 1,685 | 1,678 | ||||||||
Unrealized gains (losses) on debt securities classified as available-for-sale | 214 | (1,192 | ) | (4,188 | ) | ||||||
Other comprehensive income (loss) | 593 | (1,813 | ) | (776 | ) | ||||||
Comprehensive income | 272,576 | 354,298 | 237,049 | ||||||||
Comprehensive income attributable to noncontrolling interests | (4,932 | ) | (24,733 | ) | (12,815 | ) | |||||
Comprehensive income attributable to the Aimco Operating Partnership | $ | 267,644 | $ | 329,565 | $ | 224,234 |
2018 | 2017 | 2016 | |||||||||
Net income | $ | 716,603 | $ | 347,079 | $ | 483,273 | |||||
Other comprehensive gain: | |||||||||||
Realized and unrealized (losses) gains on interest rate swaps | — | (173 | ) | 221 | |||||||
Losses on interest rate swaps reclassified into earnings from accumulated other comprehensive loss | 1,391 | 1,480 | 1,586 | ||||||||
Unrealized (losses) gains on available for sale debt securities | (131 | ) | 1,507 | 5,855 | |||||||
Other comprehensive gain | 1,260 | 2,814 | 7,662 | ||||||||
Comprehensive income | 717,863 | 349,893 | 490,935 | ||||||||
Comprehensive income attributable to noncontrolling interests | (8,220 | ) | (9,185 | ) | (25,516 | ) | |||||
Comprehensive income attributable to the Aimco Operating Partnership | $ | 709,643 | $ | 340,708 | $ | 465,419 |
Preferred Units | General Partner and Special Limited Partner | Limited Partners | Partners’ Capital Attributable to the Partnership | Non - controlling Interests | Total Partners’ Capital | |||||||||||||||||||
Balances at December 31, 2012 | $ | 68,114 | $ | 847,311 | $ | (31,596 | ) | $ | 883,829 | $ | 271,065 | $ | 1,154,894 | |||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (3,085 | ) | (3,085 | ) | — | (3,085 | ) | |||||||||||||||
Amortization of Aimco share-based compensation | — | 5,915 | — | 5,915 | — | 5,915 | ||||||||||||||||||
Issuance of common partnership units to Aimco in connection with exercise of Aimco stock options | — | 993 | — | 993 | — | 993 | ||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 1,630 | 1,630 | ||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | (19,805 | ) | 2,635 | (17,170 | ) | (505 | ) | (17,675 | ) | ||||||||||||||
Change in accumulated other comprehensive loss | — | (1,060 | ) | (58 | ) | (1,118 | ) | 342 | (776 | ) | ||||||||||||||
Other, net | — | 1,555 | 386 | 1,941 | 307 | 2,248 | ||||||||||||||||||
Net income | — | 207,290 | 11,639 | 218,929 | 12,473 | 231,402 | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (52,304 | ) | (52,304 | ) | |||||||||||||||||
Distributions to common unitholders | — | (140,052 | ) | (7,642 | ) | (147,694 | ) | — | (147,694 | ) | ||||||||||||||
Distributions to preferred unitholders | — | (2,804 | ) | — | (2,804 | ) | — | (2,804 | ) | |||||||||||||||
Balances at December 31, 2013 | 68,114 | 899,343 | (27,721 | ) | 939,736 | 233,008 | 1,172,744 | |||||||||||||||||
Issuance of preferred units to Aimco | 128,012 | (4,460 | ) | — | 123,552 | — | 123,552 | |||||||||||||||||
Repurchase of preferred units held by Aimco | (10,000 | ) | 484 | — | (9,516 | ) | — | (9,516 | ) | |||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (7,756 | ) | (7,756 | ) | — | (7,756 | ) | |||||||||||||||
Amortization of Aimco share-based compensation | — | 6,139 | — | 6,139 | — | 6,139 | ||||||||||||||||||
Issuance of common partnership units to Aimco in connection with exercise of Aimco stock options | — | 768 | — | 768 | — | 768 | ||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 11,559 | 11,559 | ||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | (8,097 | ) | 8,888 | 791 | (79 | ) | 712 | ||||||||||||||||
Change in accumulated other comprehensive loss | — | (1,854 | ) | (97 | ) | (1,951 | ) | 138 | (1,813 | ) | ||||||||||||||
Other, net | — | 202 | — | 202 | (21 | ) | 181 | |||||||||||||||||
Net income | — | 309,249 | 15,770 | 325,019 | 24,595 | 349,614 | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (35,904 | ) | (35,904 | ) | ||||||||||||||||
Distributions to common unitholders | — | (151,991 | ) | (8,010 | ) | (160,001 | ) | — | (160,001 | ) | ||||||||||||||
Distributions to preferred unitholders | — | (8,174 | ) | — | (8,174 | ) | — | (8,174 | ) | |||||||||||||||
Balances at December 31, 2014 | 186,126 | 1,041,609 | (18,926 | ) | 1,208,809 | 233,296 | 1,442,105 | |||||||||||||||||
Issuance of common partnership units to Aimco | — | 366,580 | — | 366,580 | — | 366,580 | ||||||||||||||||||
Repurchase of preferred units held by Aimco | (27,000 | ) | — | — | (27,000 | ) | — | (27,000 | ) | |||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (4,181 | ) | (4,181 | ) | — | (4,181 | ) | |||||||||||||||
Amortization of Aimco share-based compensation | — | 7,096 | — | 7,096 | — | 7,096 | ||||||||||||||||||
Issuance of common partnership units to Aimco in connection with exercise of Aimco stock options | — | 267 | — | 267 | — | 267 | ||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | (6,008 | ) | 10,739 | 4,731 | (6,550 | ) | (1,819 | ) | |||||||||||||||
Change in accumulated other comprehensive loss | — | 416 | 21 | 437 | 156 | 593 | ||||||||||||||||||
Other, net | — | 85 | — | 85 | 85 | |||||||||||||||||||
Net income | — | 248,710 | 11,554 | 260,264 | 4,776 | 265,040 | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (80,313 | ) | (80,313 | ) | ||||||||||||||||
Distributions to common unitholders | — | (184,391 | ) | (9,058 | ) | (193,449 | ) | — | (193,449 | ) | ||||||||||||||
Distributions to preferred unitholders | — | (11,099 | ) | — | (11,099 | ) | — | (11,099 | ) | |||||||||||||||
Balances at December 31, 2015 | $ | 159,126 | $ | 1,463,265 | $ | (9,851 | ) | $ | 1,612,540 | $ | 151,365 | $ | 1,763,905 |
2015 | 2014 | 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 271,983 | $ | 356,111 | $ | 237,825 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 306,301 | 282,608 | 291,910 | ||||||||
Provision for real estate impairment losses | — | 1,820 | — | ||||||||
Other, net | (387 | ) | 829 | (2,723 | ) | ||||||
Gain on dispositions of real estate, net of tax | (180,593 | ) | (288,636 | ) | — | ||||||
Income tax benefit | (27,524 | ) | (20,047 | ) | (1,959 | ) | |||||
Share-based compensation expense | 6,640 | 5,781 | 5,645 | ||||||||
Amortization of deferred loan costs and other | 5,186 | 3,814 | 4,915 | ||||||||
Adjustments to net income from discontinued operations | — | — | (186,068 | ) | |||||||
Changes in operating assets and operating liabilities: | |||||||||||
Accounts receivable and other assets | 619 | 9,039 | 4,592 | ||||||||
Accounts payable, accrued liabilities and other | (22,334 | ) | (29,895 | ) | (28,541 | ) | |||||
Total adjustments | 87,908 | (34,687 | ) | 87,771 | |||||||
Net cash provided by operating activities | 359,891 | 321,424 | 325,596 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of real estate and deposits related to purchases of real estate | (169,447 | ) | (284,041 | ) | (51,291 | ) | |||||
Capital expenditures | (367,180 | ) | (367,324 | ) | (350,338 | ) | |||||
Proceeds from dispositions of real estate | 367,571 | 640,044 | 357,314 | ||||||||
Purchases of corporate assets | (6,665 | ) | (8,479 | ) | (10,863 | ) | |||||
Purchase of property loans | — | — | (119,101 | ) | |||||||
Proceeds from repayment of property loans and option value | — | — | 215,517 | ||||||||
Changes in restricted cash | (429 | ) | 26,315 | 3,003 | |||||||
Other investing activities | 5,253 | 7,163 | 20,951 | ||||||||
Net cash (used in) provided by investing activities | (170,897 | ) | 13,678 | 65,192 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from non-recourse property debt | 352,602 | 188,503 | 232,965 | ||||||||
Principal repayments on non-recourse property debt | (514,294 | ) | (513,599 | ) | (472,276 | ) | |||||
Net (repayments) borrowings on revolving credit facility | (85,330 | ) | 61,930 | 50,400 | |||||||
Proceeds from issuance of common partnership units to Aimco | 366,580 | — | — | ||||||||
Proceeds from issuance of preferred partnership units to Aimco | — | 123,551 | — | ||||||||
Redemption and repurchase of preferred partnership units from Aimco | (27,000 | ) | (9,516 | ) | — | ||||||
Proceeds from Aimco Common Stock option exercises | — | 768 | 993 | ||||||||
Payment of distributions to preferred units | (18,042 | ) | (13,482 | ) | (9,227 | ) | |||||
Payment of distributions to General Partner and Special Limited Partner | (184,082 | ) | (152,002 | ) | (140,052 | ) | |||||
Payment of distributions to Limited Partners | (6,701 | ) | (8,008 | ) | (7,642 | ) | |||||
Payment of distributions to noncontrolling interests | (43,757 | ) | (35,555 | ) | (49,701 | ) | |||||
Purchases of noncontrolling interests in consolidated real estate partnerships | — | — | (16,775 | ) | |||||||
Other financing activities | (7,152 | ) | (4,472 | ) | (8,135 | ) | |||||
Net cash used in financing activities | (167,176 | ) | (361,882 | ) | (419,450 | ) | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,818 | (26,780 | ) | (28,662 | ) | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 28,971 | 55,751 | 84,413 | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 50,789 | $ | 28,971 | $ | 55,751 |
Preferred Units | General Partner and Special Limited Partner | Limited Partners | Partners’ Capital Attributable to the Partnership | Noncontrolling Interests | Total Partners’ Capital | ||||||||||||||||||
Balances at December 31, 2015 | $ | 159,126 | $ | 1,463,265 | $ | (9,851 | ) | $ | 1,612,540 | $ | 151,365 | $ | 1,763,905 | ||||||||||
Redemption of preferred units held by Aimco | (34,126 | ) | (673 | ) | — | (34,799 | ) | — | (34,799 | ) | |||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (10,819 | ) | (10,819 | ) | — | (10,819 | ) | ||||||||||||||
Amortization of Aimco share-based compensation | — | 8,610 | — | 8,610 | — | 8,610 | |||||||||||||||||
Effect of changes in ownership for consolidated entities | — | (26,171 | ) | 10,107 | (16,064 | ) | — | (16,064 | ) | ||||||||||||||
Change in accumulated other comprehensive income | — | 7,051 | 351 | 7,402 | 260 | 7,662 | |||||||||||||||||
Other, net | — | 3,323 | — | 3,323 | — | 3,323 | |||||||||||||||||
Net income | — | 430,410 | 20,368 | 450,778 | 25,256 | 476,034 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (25,760 | ) | (25,760 | ) | |||||||||||||||
Distributions to common unitholders | — | (206,898 | ) | (10,214 | ) | (217,112 | ) | — | (217,112 | ) | |||||||||||||
Distributions to preferred unitholders | — | (10,014 | ) | — | (10,014 | ) | — | (10,014 | ) | ||||||||||||||
Balances at December 31, 2016 | 125,000 | 1,668,903 | (58 | ) | 1,793,845 | 151,121 | 1,944,966 | ||||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (11,882 | ) | (11,882 | ) | — | (11,882 | ) | ||||||||||||||
Amortization of Aimco share-based compensation | — | 8,638 | 613 | 9,251 | — | 9,251 | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 3,401 | 3,401 | |||||||||||||||||
Effect of changes in ownership for consolidated entities | — | (160,586 | ) | 4,867 | (155,719 | ) | (157,056 | ) | (312,775 | ) | |||||||||||||
Cumulative effect of a change in accounting principle | — | (62,682 | ) | (3,028 | ) | (65,710 | ) | — | (65,710 | ) | |||||||||||||
Change in accumulated other comprehensive income | — | 2,592 | 121 | 2,713 | 101 | 2,814 | |||||||||||||||||
Other, net | — | 271 | — | 271 | — | 271 | |||||||||||||||||
Net income | — | 315,774 | 14,457 | 330,231 | 9,084 | 339,315 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (8,367 | ) | (8,367 | ) | |||||||||||||||
Distributions to common unitholders | — | (226,172 | ) | (10,765 | ) | (236,937 | ) | — | (236,937 | ) | |||||||||||||
Distributions to preferred unitholders | — | (8,594 | ) | — | (8,594 | ) | — | (8,594 | ) | ||||||||||||||
Balances at December 31, 2017 | 125,000 | 1,538,144 | (5,675 | ) | 1,657,469 | (1,716 | ) | 1,655,753 | |||||||||||||||
Repurchases of common partnership units | — | (373,593 | ) | — | (373,593 | ) | — | (373,593 | ) | ||||||||||||||
Issuance of common partnership units | — | — | 50,151 | 50,151 | — | 50,151 | |||||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (9,639 | ) | (9,639 | ) | — | (9,639 | ) | ||||||||||||||
Amortization of Aimco share-based compensation | — | 8,074 | 1,691 | 9,765 | — | 9,765 | |||||||||||||||||
Effect of changes in ownership for consolidated entities | — | (19,115 | ) | 9,014 | (10,101 | ) | — | (10,101 | ) | ||||||||||||||
Change in accumulated other comprehensive income | — | 1,191 | 69 | 1,260 | — | 1,260 | |||||||||||||||||
Other, net | — | 152 | — | 152 | — | 152 | |||||||||||||||||
Net income | — | 666,227 | 34,417 | 700,644 | 8,220 | 708,864 | |||||||||||||||||
Distributions to noncontrolling interests | — | — | (12,839 | ) | (12,839 | ) | (9,471 | ) | (22,310 | ) | |||||||||||||
Distributions to common unitholders | — | (238,067 | ) | — | (238,067 | ) | — | (238,067 | ) | ||||||||||||||
Distributions to preferred unitholders | — | (8,594 | ) | — | (8,594 | ) | — | (8,594 | ) | ||||||||||||||
Balances at December 31, 2018 | $ | 125,000 | $ | 1,574,419 | $ | 67,189 | $ | 1,766,608 | $ | (2,967 | ) | $ | 1,763,641 |
2018 | 2017 | 2016 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 716,603 | $ | 347,079 | $ | 483,273 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 377,786 | 366,184 | 333,066 | ||||||||
Provision for real estate impairment loss | — | 35,881 | — | ||||||||
Gain on dispositions of real estate and the Asset Management business | (677,463 | ) | (300,849 | ) | (400,156 | ) | |||||
Income tax benefit | (13,027 | ) | (30,836 | ) | (18,842 | ) | |||||
Share-based compensation expense | 8,550 | 7,877 | 7,629 | ||||||||
Amortization of debt issue costs and other | 9,023 | 5,666 | 5,060 | ||||||||
Other, net | 1,065 | (7,694 | ) | (6,071 | ) | ||||||
Changes in operating assets and operating liabilities: | |||||||||||
Accounts receivable and other assets | (27,830 | ) | (15,841 | ) | (22,294 | ) | |||||
Accounts payable, accrued liabilities and other | 1,681 | (15,395 | ) | (5,164 | ) | ||||||
Total adjustments | (320,215 | ) | 44,993 | (106,772 | ) | ||||||
Net cash provided by operating activities | 396,388 | 392,072 | 376,501 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of real estate and deposits related to purchases of real estate | (242,297 | ) | (20,372 | ) | (290,729 | ) | |||||
Capital expenditures | (340,489 | ) | (358,104 | ) | (346,645 | ) | |||||
Proceeds from dispositions of real estate | 708,848 | 401,983 | 535,513 | ||||||||
Purchases of corporate assets | (7,718 | ) | (8,899 | ) | (7,540 | ) | |||||
Proceeds from repayments on notes receivable | 5,010 | 430 | 412 | ||||||||
Other investing activities | (1,508 | ) | (2,019 | ) | 9,842 | ||||||
Net cash provided by (used in) investing activities | 121,846 | 13,019 | (99,147 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from non-recourse property debt | 1,228,027 | 312,434 | 417,714 | ||||||||
Principal repayments on non-recourse property debt | (976,087 | ) | (409,167 | ) | (371,947 | ) | |||||
(Repayment of) proceeds from term loan | (250,000 | ) | 250,000 | — | |||||||
Net borrowings on (repayments of) revolving credit facility | 93,200 | 49,230 | (9,070 | ) | |||||||
Payment of debt issue costs | (11,961 | ) | (4,751 | ) | (7,816 | ) | |||||
Payment of debt extinguishment costs | (14,241 | ) | (399 | ) | (391 | ) | |||||
Repurchases of common partnership units held by General Partner and Special Limited Partner | (373,593 | ) | — | — | |||||||
Redemption of preferred units from Aimco | — | — | (34,799 | ) | |||||||
Payment of distributions to preferred units | (16,334 | ) | (16,358 | ) | (17,253 | ) | |||||
Payment of distributions to General Partner and Special Limited Partner | (237,504 | ) | (225,377 | ) | (206,279 | ) | |||||
Payment of distributions to Limited Partners | (11,987 | ) | (10,668 | ) | (10,214 | ) | |||||
Payment of distributions to noncontrolling interests | (9,469 | ) | (8,367 | ) | (18,253 | ) | |||||
Redemption of common and preferred units | (9,885 | ) | (13,546 | ) | (12,544 | ) | |||||
Purchases of noncontrolling interests in consolidated real estate partnerships | (3,579 | ) | (314,269 | ) | (13,941 | ) | |||||
Other financing activities | 5,233 | (2,462 | ) | 844 | |||||||
Net cash used in financing activities | (588,180 | ) | (393,700 | ) | (283,949 | ) | |||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (69,946 | ) | 11,391 | (6,595 | ) | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 142,541 | 131,150 | 137,745 | ||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 72,595 | $ | 142,541 | $ | 131,150 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||||||||||
Interest paid | $ | 207,087 | $ | 231,887 | $ | 273,635 | $ | 199,996 | $ | 196,438 | $ | 200,278 | ||||||||||
Cash paid for income taxes | 2,033 | 1,657 | 629 | 11,522 | 7,401 | 2,152 | ||||||||||||||||
Non-cash transactions associated with the acquisition or disposition of real estate: | ||||||||||||||||||||||
Non-recourse property debt assumed in connection with our acquisition of real estate | — | 65,200 | 14,767 | |||||||||||||||||||
Non-recourse property debt assumed by buyer in connection with our disposition of real estate | 6,068 | 58,410 | 126,663 | |||||||||||||||||||
Non-recourse, subordinate debt of the disposed legacy asset management business forgiven in connection with the disposition of real estate | — | — | 8,149 | |||||||||||||||||||
Non-recourse property debt assumed by buyer in connection with the disposition of the Asset Management business | 227,708 | — | — | |||||||||||||||||||
Non-recourse property debt assumed in connection with the acquisition of real estate | 208,885 | — | — | |||||||||||||||||||
Issuance of preferred OP Units in connection with acquisition of real estate | — | 9,117 | — | — | — | 17,000 | ||||||||||||||||
Issuance of common OP Units in connection with acquisition of real estate | 50,151 | — | — | |||||||||||||||||||
Other non-cash investing and financing transactions: | ||||||||||||||||||||||
Issuance of common OP Units for acquisition of noncontrolling interests in consolidated real estate partnerships | — | — | 416 | |||||||||||||||||||
Accrued capital expenditures | 43,725 | 45,701 | 45,571 | |||||||||||||||||||
Accrued dividends on TSR restricted stock awards (Note 11) | 309 | — | — | |||||||||||||||||||
Accrued capital expenditures (at end of period) | 40,185 | 31,719 | 35,594 | |||||||||||||||||||
Accrued dividends on TSR restricted stock and LTIP awards (at end of period) (Note 8) | 2,217 | 1,818 | 927 |
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Estimated amortization | $ | 1,337 | $ | 1,239 | $ | 1,095 | $ | 1,007 | $ | 915 |
Estimated Amortization | |||
2019 | $1,986 | ||
2020 | 1,741 | ||
2021 | 1,668 | ||
2022 | 1,621 | ||
2023 | 1,571 |
2015 | 2014 | ||||||
Deferred financing costs, net | $ | 26,126 | $ | 30,320 | |||
Investments in unconsolidated real estate partnerships | 15,401 | 16,046 | |||||
Investments in securitization trust that holds Aimco property debt | 65,502 | 61,043 | |||||
Intangible assets, net | 45,447 | 49,441 | |||||
Deferred tax asset, net (Note 8) | 26,117 | 252 | |||||
Assets related to the legacy asset management business (Note 3) | 156,389 | 161,135 | |||||
Prepaid expenses, accounts and notes receivable, deposits and other | 138,936 | 158,490 | |||||
Other assets per consolidated balance sheets | $ | 473,918 | $ | 476,727 |
2018 | 2017 | ||||||
Investments in securitization trust that holds Aimco property debt | $ | 83,587 | $ | 82,794 | |||
Deferred tax asset, net (Note 9) | 67,060 | 32,227 | |||||
Intangible assets, net | 43,424 | 38,701 | |||||
Prepaid expenses, real estate taxes and insurance | 25,657 | 25,144 | |||||
Software, equipment and leasehold improvements | 18,309 | 20,048 | |||||
Investments in unconsolidated real estate partnerships | 12,650 | 12,636 | |||||
Accounts and notes receivable, net | 55,630 | 17,035 | |||||
Deferred costs, deposits and other | 45,224 | 44,154 | |||||
Total other assets | $ | 351,541 | $ | 272,739 |
2017 | 2016 | ||||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | ||||||||||||||||||
Net cash provided by operating activities | $ | 394,139 | $ | (2,067 | ) | $ | 392,072 | $ | 377,724 | $ | (1,223 | ) | $ | 376,501 | |||||||||
Net cash used in investing activities | 14,704 | (1,685 | ) | 13,019 | (97,773 | ) | (1,374 | ) | (99,147 | ) | |||||||||||||
Net cash used in financing activities | (393,301 | ) | (399 | ) | (393,700 | ) | (269,496 | ) | (14,453 | ) | (283,949 | ) |
2017 | 2016 | ||||||||||||||||
As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | ||||||||||||
Income tax benefit | 32,126 | (1,290 | ) | 30,836 | 25,208 | (6,366 | ) | 18,842 | |||||||||
Gain on dispositions of real estate | 299,559 | 1,290 | 300,849 | 393,790 | 6,366 | 400,156 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Number of apartment communities | 3 | 6 | |||||
Number of apartment homes | 300 | 1,182 | |||||
Acquisition price | $ | 129,150 | $ | 291,925 | |||
Non-recourse property debt assumed (outstanding principal balance) | — | 65,200 | |||||
Non-recourse property debt assumed (fair value) | — | 64,817 | |||||
Total fair value allocated to land | 10,742 | 70,961 | |||||
Total fair value allocated to buildings and improvements | 118,366 | 217,851 |
2018 | |||
Number of apartment communities | 6 | ||
Number of apartment homes | 1,480 | ||
Purchase price (1) | $ | 483,066 | |
Capitalized transaction costs | 7,591 | ||
Total fair value allocated to land | 69,177 | ||
Total fair value allocated to building and improvements | 424,718 | ||
Total fair value allocated to intangible assets | 9,700 | ||
Total fair value allocated to intangible liabilities | 12,938 |
(1) | The gross purchase price of the Philadelphia portfolio consisted of $34.4 million in cash, $208.9 million of assumed property-level debt and the issuance of 1.2 million OP Units. In accordance with GAAP, the OP Units were valued at $41.08 per unit, the closing price of Aimco’s common share on May 1, 2018, the purchase date. |
2018 | 2017 | 2016 | |||||||||
Real Estate portfolio: | |||||||||||
Apartment communities sold | 4 | 5 | 7 | ||||||||
Apartment homes sold | 1,334 | 2,291 | 3,045 | ||||||||
Gain on dispositions of real estate | $ | 175,213 | $ | 297,730 | $ | 383,647 |
December 31, | |||||||
2015 | 2014 | ||||||
Real estate, net | $ | 108,119 | $ | 117,851 | |||
Cash and cash equivalents | 33,725 | 23,133 | |||||
Investment in unconsolidated real estate partnerships and other assets | 14,545 | 20,151 | |||||
Total assets | $ | 156,389 | $ | 161,135 | |||
Total indebtedness | $ | 148,761 | $ | 113,641 | |||
Accrued and other liabilities | 7,055 | 4,417 | |||||
Total liabilities | 155,816 | 118,058 | |||||
Noncontrolling interests in consolidated real estate partnerships | (111 | ) | 44,106 | ||||
Equity attributable to Aimco and the Aimco Operating Partnership | 684 | (1,029 | ) | ||||
Total liabilities and equity | $ | 156,389 | $ | 161,135 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues | $ | 26,203 | $ | 27,701 | $ | 23,711 | |||||
Expenses | (21,520 | ) | (21,472 | ) | (21,188 | ) | |||||
Equity in earnings or loss of unconsolidated entities, gains or losses on dispositions and other, net | (4,495 | ) | (6,996 | ) | (748 | ) | |||||
Net income (loss) related to legacy asset management business | 188 | (767 | ) | 1,775 | |||||||
Income tax (expense) benefit associated with legacy asset management business | (1,967 | ) | 3 | (639 | ) | ||||||
Noncontrolling interests in consolidated real estate partnerships | 5,420 | (403 | ) | 21,370 | |||||||
Net income (loss) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | $ | 3,641 | $ | (1,167 | ) | $ | 22,506 |
2015 | 2014 | 2013 | |||||||||
Total assets | $ | 84,796 | $ | 85,492 | $ | 93,242 | |||||
Total liabilities | 52,685 | 54,472 | 64,859 | ||||||||
Partners’ capital | 32,111 | 31,020 | 28,383 | ||||||||
Rental and other property revenues | 12,193 | 12,978 | 16,268 | ||||||||
Property operating expenses | (5,473 | ) | (6,233 | ) | (8,470 | ) | |||||
Depreciation and amortization | (1,841 | ) | (3,081 | ) | (3,300 | ) | |||||
Interest expense | (2,520 | ) | (2,785 | ) | (4,185 | ) | |||||
Gain on sale and impairment losses, net | — | — | 36,212 | ||||||||
Net income | 1,720 | 688 | 35,909 |
Principal Outstanding | |||||||
2015 | 2014 | ||||||
Fixed rate property debt | $ | 3,761,238 | $ | 3,902,642 | |||
Variable rate property debt | 84,922 | 120,167 | |||||
Total property debt | $ | 3,846,160 | $ | 4,022,809 |
2018 | 2017 | ||||||
Fixed-rate property debt | $ | 3,676,882 | $ | 3,480,378 | |||
Variable-rate property debt | 260,118 | 82,663 | |||||
Debt issue costs, net of accumulated amortization | (21,695 | ) | (17,932 | ) | |||
Non-recourse property debt, net | $ | 3,915,305 | $ | 3,545,109 |
Amortization | Maturities | Total | Amortization | Maturities | ||||||||||||||
2016 | $ | 76,798 | $ | 249,175 | $ | 325,973 | ||||||||||||
2017 | 75,472 | 325,853 | 401,325 | |||||||||||||||
2018 | 73,698 | 207,616 | 281,314 | |||||||||||||||
2019 | 68,418 | 518,323 | 586,741 | $ | 77,791 | $ | 168,554 | |||||||||||
2020 | 61,731 | 303,741 | 365,472 | 79,592 | 78,930 | |||||||||||||
2021 (1) | 69,995 | 611,039 | ||||||||||||||||
2022 | 64,991 | 283,629 | ||||||||||||||||
2023 | 55,450 | 337,871 | ||||||||||||||||
Thereafter | 1,885,335 | 2,109,158 | ||||||||||||||||
$ | 3,846,160 | |||||||||||||||||
Total | $ | 3,937,000 |
(1) | Pursuant to the terms of our loan agreements, we may prepay in 2020 $246.5 million of loans maturing in 2021, without penalty. |
Office Lease Obligations | Ground Lease Obligations | Total Operating Lease Obligations | |||||||||
2019 | $ | 2,237 | $ | 2,114 | $ | 4,351 | |||||
2020 | 2,821 | 2,350 | 5,171 | ||||||||
2021 | 2,719 | 2,439 | 5,158 | ||||||||
2022 | 2,582 | 2,492 | 5,074 | ||||||||
2023 | 1,871 | 2,492 | 4,363 | ||||||||
Thereafter | 10,644 | 422,169 | 432,813 | ||||||||
Total | $ | 22,874 | $ | 434,056 | $ | 456,930 |
2018 | 2017 | 2016 | |||||||||
Weighted average shares, basic | 151,152 | 151,595 | 151,282 | ||||||||
Weighted average shares, diluted | 151,334 | 152,060 | 151,669 | ||||||||
Basic earnings per share | $ | 4.34 | $ | 2.02 | $ | 2.76 | |||||
Diluted earnings per share | $ | 4.34 | $ | 2.02 | $ | 2.75 |
Distributions per Annum | Units Issued and Outstanding | Redemption Values | ||||||||||||||||||
Class of Preferred Units | Percent | Per Unit | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
Class One | 8.75 | % | $ | 8.00 | 90,000 | 90,000 | $ | 8,229 | $ | 8,229 | ||||||||||
Class Two | 1.92 | % | $ | 0.48 | 14,240 | 17,750 | 356 | 444 | ||||||||||||
Class Three | 7.88 | % | $ | 1.97 | 1,338,524 | 1,338,524 | 33,463 | 33,462 | ||||||||||||
Class Four | 8.00 | % | $ | 2.00 | 644,954 | 644,954 | 16,124 | 16,124 | ||||||||||||
Class Six | 8.50 | % | $ | 2.13 | 773,693 | 780,036 | 19,342 | 19,501 | ||||||||||||
Class Seven | 7.87 | % | $ | 1.97 | 27,960 | 27,960 | 699 | 699 | ||||||||||||
Class Nine | 6.00 | % | $ | 1.50 | 243,112 | 243,112 | 6,078 | 6,078 | ||||||||||||
Class Ten | 6.00 | % | $ | 1.50 | 680,000 | 680,000 | 17,000 | 17,000 | ||||||||||||
Total | 3,812,483 | 3,822,336 | $ | 101,291 | $ | 101,537 |
2018 | 2017 | 2016 | |||||||||
Balance at January 1 | $ | 101,537 | $ | 103,201 | $ | 87,926 | |||||
Preferred distributions | (7,740 | ) | (7,764 | ) | (7,239 | ) | |||||
Redemption of preferred units and other | (246 | ) | (1,664 | ) | (1,725 | ) | |||||
Issuance of preferred units | — | — | 17,000 | ||||||||
Net income | 7,740 | 7,764 | 7,239 | ||||||||
Balance at December 31 | $ | 101,291 | $ | 101,537 | $ | 103,201 |
2018 | 2017 | 2016 | |||||||||
Weighted average units, basic | 158,890 | 158,793 | 158,808 | ||||||||
Weighted average units, diluted | 159,073 | 159,257 | 159,194 | ||||||||
Basic earnings per unit | $ | 4.35 | $ | 2.02 | $ | 2.76 | |||||
Diluted earnings per unit | $ | 4.34 | $ | 2.02 | $ | 2.75 |
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||||
Outstanding at beginning of year | 648 | $ | 40.08 | 675 | $ | 29.55 | 1,394 | $ | 30.85 | |||||||||||
Granted | — | — | 184 | 44.07 | 216 | 38.73 | ||||||||||||||
Exercised | (2 | ) | 28.33 | (211 | ) | 9.90 | (934 | ) | 33.61 | |||||||||||
Forfeited | — | — | — | — | (1 | ) | 29.11 | |||||||||||||
Outstanding at end of year | 646 | $ | 40.12 | 648 | $ | 40.08 | 675 | $ | 29.55 | |||||||||||
Exercisable at end of year | 186 | $ | 38.18 | 128 | $ | 37.59 | 280 | $ | 16.38 |
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
Unvested at beginning of year | 160 | $ | 37.63 | 249 | $ | 33.61 | 339 | $ | 29.96 | |||||||||||
Granted | 51 | 40.01 | 45 | 44.07 | 91 | 40.03 | ||||||||||||||
Vested | (86 | ) | 34.42 | (134 | ) | 32.35 | (181 | ) | 29.99 | |||||||||||
Unvested at end of year | 125 | $ | 40.82 | 160 | $ | 37.63 | 249 | $ | 33.61 |
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
Unvested at beginning of year | 253 | $ | 40.70 | 214 | $ | 39.66 | 123 | $ | 39.72 | |||||||||||
Granted | 45 | 41.71 | 39 | 46.39 | 91 | 39.59 | ||||||||||||||
Vested | (123 | ) | 39.72 | — | — | — | — | |||||||||||||
Unvested at end of year | 175 | $ | 41.65 | 253 | $ | 40.70 | 214 | $ | 39.66 |
2018 | 2017 | ||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value | Number of Units | Weighted Average Grant-Date Fair Value | ||||||||||
Unvested at beginning of year | 45 | $ | 46.21 | — | $ | — | |||||||
Granted | 48 | 41.48 | 45 | 46.21 | |||||||||
Unvested at end of year | 93 | $ | 43.78 | 45 | $ | 46.21 |
2018 | ||||||
Number of Units | Weighted Average Grant-Date Fair Value | |||||
Unvested at beginning of year | — | $ | — | |||
Granted | 243 | 41.84 | ||||
Unvested at end of year | 243 | $ | 41.84 |
2018 | 2017 | 2016 | |||||||||
Grant date market value of a common share | $ | 40.95 | $ | 44.07 | $ | 38.73 | |||||
Risk-free interest rate | 2.32 | % | 1.57 | % | 1.15 | % | |||||
Dividend yield | 3.52 | % | 3.27 | % | 3.41 | % | |||||
Expected volatility | 18.02 | % | 21.33 | % | 21.24 | % | |||||
Derived vesting period of TSR Restricted Stock and TSR LTIP I units | 3.4 years | 3.4 years | 3.4 years | ||||||||
Weighted average expected term of TSR Stock Options and LTIP II units | 5.6 years | 5.8 years | 5.8 years |
December 31, | |||||||
2018 | 2017 | ||||||
Deferred tax liabilities: | |||||||
Real estate and real estate partnership basis differences | $ | 12,058 | $ | 32,032 | |||
Deferred tax assets: | |||||||
Net operating, capital and other loss carryforwards | $ | 7,022 | $ | 9,523 | |||
Accruals and expenses | 7,432 | 6,575 | |||||
Tax credit carryforwards | 67,530 | 73,450 | |||||
Management contracts and other | 2,064 | 200 | |||||
Total deferred tax assets | 84,048 | 89,748 | |||||
Valuation allowance | (4,930 | ) | (25,489 | ) | |||
Net deferred tax assets | $ | 67,060 | $ | 32,227 |
2018 | 2017 | 2016 | |||||||||
Balance at January 1 | $ | 2,476 | $ | 2,286 | $ | 2,897 | |||||
Additions (reductions) based on tax positions related to prior years | 142 | 190 | (611 | ) | |||||||
Balance at December 31 | $ | 2,618 | $ | 2,476 | $ | 2,286 |
2018 | 2017 | 2016 | |||||||||
Current: | |||||||||||
Federal | $ | 11,269 | $ | (938 | ) | $ | 5,038 | ||||
State | 10,537 | 525 | 2,916 | ||||||||
Total current | 21,806 | (413 | ) | 7,954 | |||||||
Deferred: | |||||||||||
Federal | (29,243 | ) | (10,908 | ) | (26,173 | ) | |||||
State | (5,590 | ) | (3,621 | ) | (623 | ) | |||||
Revaluation of deferred taxes due to change in tax rate | — | (15,894 | ) | — | |||||||
Total deferred | (34,833 | ) | (30,423 | ) | (26,796 | ) | |||||
Total benefit | $ | (13,027 | ) | $ | (30,836 | ) | $ | (18,842 | ) |
2018 | 2017 | 2016 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Tax provision (benefit) at United States statutory rates on consolidated income or loss subject to tax | $ | 33,296 | 21.0 | % | $ | (19,459 | ) | 35.0 | % | $ | 38,257 | 35.0 | % | |||||||
State income tax expense, net of federal tax (benefit) expense | 12,252 | 7.7 | % | (1,769 | ) | 3.2 | % | 7,152 | 6.5 | % | ||||||||||
Establishment of deferred tax asset related to partnership basis difference (1) | — | — | % | (3,501 | ) | 6.3 | % | — | — | % | ||||||||||
Effect of permanent differences | 302 | 0.2 | % | (1,629 | ) | 2.9 | % | (132 | ) | (0.1 | )% | |||||||||
Tax effect of intercompany transactions (2) | (33,250 | ) | (21.0 | )% | — | — | % | (47,369 | ) | (43.3 | )% | |||||||||
Tax credits | (6,897 | ) | (4.4 | )% | (9,607 | ) | 17.3 | % | (16,750 | ) | (15.3 | )% | ||||||||
Tax reform revaluation (3) | 288 | 0.2 | % | (15,894 | ) | 28.6 | % | — | — | % | ||||||||||
(Decrease) increase in valuation allowance (4) | (20,434 | ) | (12.9 | )% | 21,023 | (37.8 | )% | — | — | % | ||||||||||
Other | 1,416 | 0.9 | % | — | — | % | — | — | % | |||||||||||
Total income tax benefit | $ | (13,027 | ) | (8.3 | )% | $ | (30,836 | ) | 55.5 | % | $ | (18,842 | ) | (17.2 | )% |
(1) | 2017 includes the establishment of a deferred tax asset related to partnership basis difference when it became apparent that it would reverse in the foreseeable future. This deferred tax asset was fully reserved in the valuation allowance described below as of December 31, 2017. |
(2) | 2016 includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax was deferred and recognized as the assets affected GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third-party. Effective January 1, 2017, we adopted a new accounting standard applicable to intercompany asset transfers. As a result, the accumulated unrecognized deferred tax expense associated with historical intercompany transfers was recognized as a cumulative effect adjustment through retained earnings at that time. 2018 includes the tax benefit to establish the initial deferred tax asset from the intercompany transfer of a portion of the Asset Management business between the Aimco Operating Partnership and TRS entities. |
(3) | Reflects revaluation of deferred tax assets and liabilities using the TRS entities’ lower effective tax rates resulting from the 2017 Act. Accounting for the tax effects of enactment of the 2017 Act was finalized during the year ended December 31, 2018. |
(4) | 2017 includes a $15.4 million valuation allowance against the deferred tax assets associated with rehabilitation tax credits due to the lower federal tax rate under the 2017 Act. This valuation allowance was reversed in 2018 as a result of the sale of our Asset Management business. |
2018 | 2017 | 2016 | ||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||||
Ordinary income | $ | 0.51 | 33.4 | % | $ | 0.75 | 51.5 | % | $ | 0.45 | 34.2 | % | ||||||||
Capital gains | 0.93 | 61.2 | % | 0.51 | 35.7 | % | 0.47 | 35.4 | % | |||||||||||
Qualified dividends | — | — | % | 0.02 | 1.6 | % | 0.13 | 9.9 | % | |||||||||||
Unrecaptured Section 1250 gain | 0.08 | 5.4 | % | 0.16 | 11.2 | % | 0.27 | 20.5 | % | |||||||||||
$ | 1.52 | 100.0 | % | $ | 1.44 | 100.0 | % | $ | 1.32 | 100.0 | % |
Office Lease Obligations | Ground Lease Obligations | Total Operating Lease Obligations | |||||||||
2019 | $ | 2,237 | $ | 2,114 | $ | 4,351 | |||||
2020 | 2,821 | 2,350 | 5,171 | ||||||||
2021 | 2,719 | 2,439 | 5,158 | ||||||||
2022 | 2,582 | 2,492 | 5,074 | ||||||||
2023 | 1,871 | 2,492 | 4,363 | ||||||||
Thereafter | 10,644 | 422,169 | 432,813 | ||||||||
Total | $ | 22,874 | $ | 434,056 | $ | 456,930 |
2018 | 2017 | 2016 | |||||||||
Weighted average shares, basic | 151,152 | 151,595 | 151,282 | ||||||||
Weighted average shares, diluted | 151,334 | 152,060 | 151,669 | ||||||||
Basic earnings per share | $ | 4.34 | $ | 2.02 | $ | 2.76 | |||||
Diluted earnings per share | $ | 4.34 | $ | 2.02 | $ | 2.75 |
Distributions per Annum | Units Issued and Outstanding | Redemption Values | ||||||||||||||||||
Class of Preferred Units | Percent | Per Unit | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
Class One | 8.75 | % | $ | 8.00 | 90,000 | 90,000 | $ | 8,229 | $ | 8,229 | ||||||||||
Class Two | 1.92 | % | $ | 0.48 | 14,240 | 17,750 | 356 | 444 | ||||||||||||
Class Three | 7.88 | % | $ | 1.97 | 1,338,524 | 1,338,524 | 33,463 | 33,462 | ||||||||||||
Class Four | 8.00 | % | $ | 2.00 | 644,954 | 644,954 | 16,124 | 16,124 | ||||||||||||
Class Six | 8.50 | % | $ | 2.13 | 773,693 | 780,036 | 19,342 | 19,501 | ||||||||||||
Class Seven | 7.87 | % | $ | 1.97 | 27,960 | 27,960 | 699 | 699 | ||||||||||||
Class Nine | 6.00 | % | $ | 1.50 | 243,112 | 243,112 | 6,078 | 6,078 | ||||||||||||
Class Ten | 6.00 | % | $ | 1.50 | 680,000 | 680,000 | 17,000 | 17,000 | ||||||||||||
Total | 3,812,483 | 3,822,336 | $ | 101,291 | $ | 101,537 |
2018 | 2017 | 2016 | |||||||||
Balance at January 1 | $ | 101,537 | $ | 103,201 | $ | 87,926 | |||||
Preferred distributions | (7,740 | ) | (7,764 | ) | (7,239 | ) | |||||
Redemption of preferred units and other | (246 | ) | (1,664 | ) | (1,725 | ) | |||||
Issuance of preferred units | — | — | 17,000 | ||||||||
Net income | 7,740 | 7,764 | 7,239 | ||||||||
Balance at December 31 | $ | 101,291 | $ | 101,537 | $ | 103,201 |
2018 | 2017 | 2016 | |||||||||
Weighted average units, basic | 158,890 | 158,793 | 158,808 | ||||||||
Weighted average units, diluted | 159,073 | 159,257 | 159,194 | ||||||||
Basic earnings per unit | $ | 4.35 | $ | 2.02 | $ | 2.76 | |||||
Diluted earnings per unit | $ | 4.34 | $ | 2.02 | $ | 2.75 |
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||||
Outstanding at beginning of year | 648 | $ | 40.08 | 675 | $ | 29.55 | 1,394 | $ | 30.85 | |||||||||||
Granted | — | — | 184 | 44.07 | 216 | 38.73 | ||||||||||||||
Exercised | (2 | ) | 28.33 | (211 | ) | 9.90 | (934 | ) | 33.61 | |||||||||||
Forfeited | — | — | — | — | (1 | ) | 29.11 | |||||||||||||
Outstanding at end of year | 646 | $ | 40.12 | 648 | $ | 40.08 | 675 | $ | 29.55 | |||||||||||
Exercisable at end of year | 186 | $ | 38.18 | 128 | $ | 37.59 | 280 | $ | 16.38 |
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
Unvested at beginning of year | 160 | $ | 37.63 | 249 | $ | 33.61 | 339 | $ | 29.96 | |||||||||||
Granted | 51 | 40.01 | 45 | 44.07 | 91 | 40.03 | ||||||||||||||
Vested | (86 | ) | 34.42 | (134 | ) | 32.35 | (181 | ) | 29.99 | |||||||||||
Unvested at end of year | 125 | $ | 40.82 | 160 | $ | 37.63 | 249 | $ | 33.61 |
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
Unvested at beginning of year | 253 | $ | 40.70 | 214 | $ | 39.66 | 123 | $ | 39.72 | |||||||||||
Granted | 45 | 41.71 | 39 | 46.39 | 91 | 39.59 | ||||||||||||||
Vested | (123 | ) | 39.72 | — | — | — | — | |||||||||||||
Unvested at end of year | 175 | $ | 41.65 | 253 | $ | 40.70 | 214 | $ | 39.66 |
2018 | 2017 | ||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value | Number of Units | Weighted Average Grant-Date Fair Value | ||||||||||
Unvested at beginning of year | 45 | $ | 46.21 | — | $ | — | |||||||
Granted | 48 | 41.48 | 45 | 46.21 | |||||||||
Unvested at end of year | 93 | $ | 43.78 | 45 | $ | 46.21 |
2018 | ||||||
Number of Units | Weighted Average Grant-Date Fair Value | |||||
Unvested at beginning of year | — | $ | — | |||
Granted | 243 | 41.84 | ||||
Unvested at end of year | 243 | $ | 41.84 |
2018 | 2017 | 2016 | |||||||||
Grant date market value of a common share | $ | 40.95 | $ | 44.07 | $ | 38.73 | |||||
Risk-free interest rate | 2.32 | % | 1.57 | % | 1.15 | % | |||||
Dividend yield | 3.52 | % | 3.27 | % | 3.41 | % | |||||
Expected volatility | 18.02 | % | 21.33 | % | 21.24 | % | |||||
Derived vesting period of TSR Restricted Stock and TSR LTIP I units | 3.4 years | 3.4 years | 3.4 years | ||||||||
Weighted average expected term of TSR Stock Options and LTIP II units | 5.6 years | 5.8 years | 5.8 years |
December 31, | |||||||
2018 | 2017 | ||||||
Deferred tax liabilities: | |||||||
Real estate and real estate partnership basis differences | $ | 12,058 | $ | 32,032 | |||
Deferred tax assets: | |||||||
Net operating, capital and other loss carryforwards | $ | 7,022 | $ | 9,523 | |||
Accruals and expenses | 7,432 | 6,575 | |||||
Tax credit carryforwards | 67,530 | 73,450 | |||||
Management contracts and other | 2,064 | 200 | |||||
Total deferred tax assets | 84,048 | 89,748 | |||||
Valuation allowance | (4,930 | ) | (25,489 | ) | |||
Net deferred tax assets | $ | 67,060 | $ | 32,227 |
AFS Investments | Interest Rate Swaps | Total | |||||||||
Fair value at December 31, 2013 | $ | 58,408 | $ | (4,604 | ) | $ | 53,804 | ||||
Investment accretion | 3,827 | — | 3,827 | ||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | ||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,685 | 1,685 | ||||||||
Unrealized losses included in equity and partners’ capital | (1,192 | ) | (2,306 | ) | (3,498 | ) | |||||
Fair value at December 31, 2014 | $ | 61,043 | $ | (5,273 | ) | $ | 55,770 | ||||
Investment accretion | 4,245 | — | 4,245 | ||||||||
Unrealized losses included in interest expense | — | (44 | ) | (44 | ) | ||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,678 | 1,678 | ||||||||
Unrealized gains (losses) included in equity and partners’ capital | 214 | (1,299 | ) | (1,085 | ) | ||||||
Fair value at December 31, 2015 | $ | 65,502 | $ | (4,938 | ) | $ | 60,564 |
2018 | 2017 | 2016 | |||||||||
Balance at January 1 | $ | 2,476 | $ | 2,286 | $ | 2,897 | |||||
Additions (reductions) based on tax positions related to prior years | 142 | 190 | (611 | ) | |||||||
Balance at December 31 | $ | 2,618 | $ | 2,476 | $ | 2,286 |
2018 | 2017 | 2016 | |||||||||
Current: | |||||||||||
Federal | $ | 11,269 | $ | (938 | ) | $ | 5,038 | ||||
State | 10,537 | 525 | 2,916 | ||||||||
Total current | 21,806 | (413 | ) | 7,954 | |||||||
Deferred: | |||||||||||
Federal | (29,243 | ) | (10,908 | ) | (26,173 | ) | |||||
State | (5,590 | ) | (3,621 | ) | (623 | ) | |||||
Revaluation of deferred taxes due to change in tax rate | — | (15,894 | ) | — | |||||||
Total deferred | (34,833 | ) | (30,423 | ) | (26,796 | ) | |||||
Total benefit | $ | (13,027 | ) | $ | (30,836 | ) | $ | (18,842 | ) |
2018 | 2017 | 2016 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Tax provision (benefit) at United States statutory rates on consolidated income or loss subject to tax | $ | 33,296 | 21.0 | % | $ | (19,459 | ) | 35.0 | % | $ | 38,257 | 35.0 | % | |||||||
State income tax expense, net of federal tax (benefit) expense | 12,252 | 7.7 | % | (1,769 | ) | 3.2 | % | 7,152 | 6.5 | % | ||||||||||
Establishment of deferred tax asset related to partnership basis difference (1) | — | — | % | (3,501 | ) | 6.3 | % | — | — | % | ||||||||||
Effect of permanent differences | 302 | 0.2 | % | (1,629 | ) | 2.9 | % | (132 | ) | (0.1 | )% | |||||||||
Tax effect of intercompany transactions (2) | (33,250 | ) | (21.0 | )% | — | — | % | (47,369 | ) | (43.3 | )% | |||||||||
Tax credits | (6,897 | ) | (4.4 | )% | (9,607 | ) | 17.3 | % | (16,750 | ) | (15.3 | )% | ||||||||
Tax reform revaluation (3) | 288 | 0.2 | % | (15,894 | ) | 28.6 | % | — | — | % | ||||||||||
(Decrease) increase in valuation allowance (4) | (20,434 | ) | (12.9 | )% | 21,023 | (37.8 | )% | — | — | % | ||||||||||
Other | 1,416 | 0.9 | % | — | — | % | — | — | % | |||||||||||
Total income tax benefit | $ | (13,027 | ) | (8.3 | )% | $ | (30,836 | ) | 55.5 | % | $ | (18,842 | ) | (17.2 | )% |
(1) | 2017 includes the establishment of a deferred tax asset related to partnership basis difference when it became apparent that it would reverse in the foreseeable future. This deferred tax asset was fully reserved in the valuation allowance described below as of December 31, 2017. |
(2) | 2016 includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax was deferred and recognized as the assets affected GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third-party. Effective January 1, 2017, we adopted a new accounting standard applicable to intercompany asset transfers. As a result, the accumulated unrecognized deferred tax expense associated with historical intercompany transfers was recognized as a cumulative effect adjustment through retained earnings at that time. 2018 includes the tax benefit to establish the initial deferred tax asset from the intercompany transfer of a portion of the Asset Management business between the Aimco Operating Partnership and TRS entities. |
(3) | Reflects revaluation of deferred tax assets and liabilities using the TRS entities’ lower effective tax rates resulting from the 2017 Act. Accounting for the tax effects of enactment of the 2017 Act was finalized during the year ended December 31, 2018. |
(4) | 2017 includes a $15.4 million valuation allowance against the deferred tax assets associated with rehabilitation tax credits due to the lower federal tax rate under the 2017 Act. This valuation allowance was reversed in 2018 as a result of the sale of our Asset Management business. |
2018 | 2017 | 2016 | ||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||||
Ordinary income | $ | 0.51 | 33.4 | % | $ | 0.75 | 51.5 | % | $ | 0.45 | 34.2 | % | ||||||||
Capital gains | 0.93 | 61.2 | % | 0.51 | 35.7 | % | 0.47 | 35.4 | % | |||||||||||
Qualified dividends | — | — | % | 0.02 | 1.6 | % | 0.13 | 9.9 | % | |||||||||||
Unrecaptured Section 1250 gain | 0.08 | 5.4 | % | 0.16 | 11.2 | % | 0.27 | 20.5 | % | |||||||||||
$ | 1.52 | 100.0 | % | $ | 1.44 | 100.0 | % | $ | 1.32 | 100.0 | % |
Office and Equipment Lease Obligations | Ground Lease Obligations | Total Operating Lease Obligations | Office Lease Obligations | Ground Lease Obligations | Total Operating Lease Obligations | |||||||||||||||
2016 | $ | 3,061 | $ | 795 | $ | 3,856 | ||||||||||||||
2017 | 2,361 | 895 | 3,256 | |||||||||||||||||
2018 | 1,062 | 995 | 2,057 | |||||||||||||||||
2019 | 226 | 1,095 | 1,321 | $ | 2,237 | $ | 2,114 | $ | 4,351 | |||||||||||
2020 | 153 | 1,331 | 1,484 | 2,821 | 2,350 | 5,171 | ||||||||||||||
2021 | 2,719 | 2,439 | 5,158 | |||||||||||||||||
2022 | 2,582 | 2,492 | 5,074 | |||||||||||||||||
2023 | 1,871 | 2,492 | 4,363 | |||||||||||||||||
Thereafter | — | 67,876 | 67,876 | 10,644 | 422,169 | 432,813 | ||||||||||||||
Total | $ | 6,863 | $ | 72,987 | $ | 79,850 | $ | 22,874 | $ | 434,056 | $ | 456,930 |
December 31, | |||||||
2015 | 2014 | ||||||
Deferred tax liabilities: | |||||||
Real estate and real estate partnership basis differences | $ | 31,726 | $ | 38,231 | |||
Deferred tax assets: | |||||||
Net operating, capital and other loss carryforwards | $ | 8,024 | $ | 6,699 | |||
Accruals and expenses | 4,917 | 5,430 | |||||
Tax credit carryforwards | 49,036 | 29,714 | |||||
Management contracts and other | 333 | 267 | |||||
Total deferred tax assets | 62,310 | 42,110 | |||||
Valuation allowance | (4,467 | ) | (3,627 | ) | |||
Net deferred income tax assets | $ | 26,117 | $ | 252 |
2015 | 2014 | 2013 | |||||||||
Balance at January 1 | $ | 2,286 | $ | 2,871 | $ | 3,536 | |||||
Reductions as a result of a lapse of the applicable statutes | — | — | (764 | ) | |||||||
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | 611 | (585 | ) | 99 | |||||||
Balance at December 31 | $ | 2,897 | $ | 2,286 | $ | 2,871 |
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal | $ | 1,310 | $ | — | $ | — | |||||
State | 1,357 | 970 | 63 | ||||||||
Total current | 2,667 | 970 | 63 | ||||||||
Deferred: | |||||||||||
Federal | (27,382 | ) | 11,556 | 7,621 | |||||||
State | (1,052 | ) | 3,485 | 1,685 | |||||||
Total deferred | (28,434 | ) | 15,041 | 9,306 | |||||||
Total (benefit) expense | $ | (25,767 | ) | $ | 16,011 | $ | 9,369 | ||||
Classification: | |||||||||||
Continuing operations | $ | (27,524 | ) | $ | (20,047 | ) | $ | (1,959 | ) | ||
Discontinued operations | $ | — | $ | — | $ | 11,328 | |||||
Gain on dispositions of real estate | $ | 1,757 | $ | 36,058 | $ | — |
2015 | 2014 | 2013 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Tax at United States statutory rates on consolidated income or loss subject to tax | $ | (10,947 | ) | 35.0 | % | $ | 47,950 | 35.0 | % | $ | 16,326 | 35.0 | % | |||||||
State income tax expense, net of Federal tax (benefit) expense | (361 | ) | 1.2 | % | 4,364 | 3.2 | % | 1,748 | 3.7 | % | ||||||||||
Effect of permanent differences | (27 | ) | 0.1 | % | (154 | ) | (0.1 | )% | (296 | ) | (0.6 | )% | ||||||||
Tax effect of intercompany transfers of assets between the REIT and TRS entities (1) | (1,515 | ) | 4.8 | % | (23,969 | ) | (17.5 | )% | (4,272 | ) | (9.2 | )% | ||||||||
Tax credits | (13,583 | ) | 43.4 | % | (12,271 | ) | (9.0 | )% | (4,137 | ) | (8.9 | )% | ||||||||
Increase in valuation allowance | 666 | (2.1 | )% | 91 | 0.1 | % | — | — | % | |||||||||||
Total income tax (benefit) expense | $ | (25,767 | ) | 82.4 | % | $ | 16,011 | 11.7 | % | $ | 9,369 | 20.0 | % |
2015 | 2014 | 2013 | ||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||||
Ordinary income | $ | 0.36 | 30.2 | % | $ | 0.01 | 0.6 | % | $ | 0.17 | 17.9 | % | ||||||||
Capital gains | 0.37 | 31.3 | % | 0.53 | 51.6 | % | 0.13 | 13.9 | % | |||||||||||
Qualified dividends | 0.17 | 14.5 | % | — | — | % | — | — | % | |||||||||||
Unrecaptured Section 1250 gain | 0.28 | 24.0 | % | 0.50 | 47.8 | % | 0.66 | 68.2 | % | |||||||||||
$ | 1.18 | 100.0 | % | $ | 1.04 | 100.0 | % | $ | 0.96 | 100.0 | % |
Redemption | Annual Dividend Rate Per Share (paid quarterly) | Balance December 31, | |||||||||
Date (1) | 2015 | 2014 | |||||||||
Class A Cumulative Preferred Stock, 5,000,000 shares authorized and 5,000,000 shares issued/outstanding | 5/17/2019 | 6.88% | $ | 125,000 | $ | 125,000 | |||||
Class Z Cumulative Preferred Stock, 4,800,000 shares authorized and 1,391,643 shares issued/outstanding, respectively | 7/29/2016 | 7.00% | 34,126 | 34,126 | |||||||
Series A Community Reinvestment Act (CRA) Preferred Stock, 240 shares authorized and zero and 54 shares issued/outstanding, respectively | 6/30/2011 | (2) | — | 27,000 | |||||||
Preferred stock per consolidated balance sheets | $ | 159,126 | $ | 186,126 | |||||||
Class A Cumulative Preferred Stock | Class Z Cumulative Preferred Stock | ||||||
Number of shares of preferred stock issued | 5,000,000 | 117,400 | |||||
Price to public per share | $ | 25.00 | $ | 25.65 | |||
Underwriting discounts, commissions and transaction costs per share | $ | 0.85 | $ | 0.51 | |||
Net proceeds per share | $ | 24.15 | $ | 25.14 | |||
Net proceeds to Aimco | $ | 120,757 | $ | 2,901 | |||
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital | $ | 4,350 | $ | 110 |
2018 | 2017 | 2016 | |||||||||
Weighted average shares, basic | 151,152 | 151,595 | 151,282 | ||||||||
Weighted average shares, diluted | 151,334 | 152,060 | 151,669 | ||||||||
Basic earnings per share | $ | 4.34 | $ | 2.02 | $ | 2.76 | |||||
Diluted earnings per share | $ | 4.34 | $ | 2.02 | $ | 2.75 |
Distributions per Annum | Units Issued and Outstanding | Redemption Values | Distributions per Annum | Units Issued and Outstanding | Redemption Values | ||||||||||||||||||||||||||||||||||||
Class of Preferred Units | Percent | Per Unit | 2015 | 2014 | 2015 | 2014 | Percent | Per Unit | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||
Class One | 8.75 | % | $ | 8.00 | 90,000 | 90,000 | $ | 8,229 | $ | 8,229 | 8.75 | % | $ | 8.00 | 90,000 | 90,000 | $ | 8,229 | $ | 8,229 | |||||||||||||||||||||
Class Two | 1.92 | % | $ | 0.46 | 18,124 | 18,589 | 453 | 465 | 1.92 | % | $ | 0.48 | 14,240 | 17,750 | 356 | 444 | |||||||||||||||||||||||||
Class Three | 7.88 | % | $ | 1.97 | 1,341,289 | 1,341,485 | 33,532 | 33,537 | 7.88 | % | $ | 1.97 | 1,338,524 | 1,338,524 | 33,463 | 33,462 | |||||||||||||||||||||||||
Class Four | 8.00 | % | $ | 2.00 | 644,954 | 644,954 | 16,124 | 16,124 | 8.00 | % | $ | 2.00 | 644,954 | 644,954 | 16,124 | 16,124 | |||||||||||||||||||||||||
Class Six | 8.50 | % | $ | 2.13 | 790,883 | 790,883 | 19,772 | 19,772 | 8.50 | % | $ | 2.13 | 773,693 | 780,036 | 19,342 | 19,501 | |||||||||||||||||||||||||
Class Seven | 7.87 | % | $ | 1.97 | 27,960 | 27,960 | 699 | 699 | 7.87 | % | $ | 1.97 | 27,960 | 27,960 | 699 | 699 | |||||||||||||||||||||||||
Class Nine | 6.00 | % | $ | 1.50 | 364,668 | 364,668 | 9,117 | 9,117 | 6.00 | % | $ | 1.50 | 243,112 | 243,112 | 6,078 | 6,078 | |||||||||||||||||||||||||
Class Ten | 6.00 | % | $ | 1.50 | 680,000 | 680,000 | 17,000 | 17,000 | |||||||||||||||||||||||||||||||||
Total | 3,277,878 | 3,278,539 | $ | 87,926 | $ | 87,943 | 3,812,483 | 3,822,336 | $ | 101,291 | $ | 101,537 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Balance at January 1 | $ | 87,937 | $ | 79,953 | $ | 80,046 | $ | 101,537 | $ | 103,201 | $ | 87,926 | ||||||||||
Preferred distributions | (6,943 | ) | (6,409 | ) | (6,423 | ) | (7,740 | ) | (7,764 | ) | (7,239 | ) | ||||||||||
Redemption of preferred units and other | (11 | ) | (1,221 | ) | (93 | ) | (246 | ) | (1,664 | ) | (1,725 | ) | ||||||||||
Issuance of preferred units | — | 9,117 | — | — | — | 17,000 | ||||||||||||||||
Net income | 6,943 | 6,497 | 6,423 | 7,740 | 7,764 | 7,239 | ||||||||||||||||
Balance at December 31 | $ | 87,926 | $ | 87,937 | $ | 79,953 | $ | 101,291 | $ | 101,537 | $ | 103,201 |
2018 | 2017 | 2016 | |||||||||
Weighted average units, basic | 158,890 | 158,793 | 158,808 | ||||||||
Weighted average units, diluted | 159,073 | 159,257 | 159,194 | ||||||||
Basic earnings per unit | $ | 4.35 | $ | 2.02 | $ | 2.76 | |||||
Diluted earnings per unit | $ | 4.34 | $ | 2.02 | $ | 2.75 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||||||||||||||||||
Outstanding at beginning of year | 1,640 | $ | 28.91 | 2,991 | $ | 28.48 | 3,045 | $ | 28.39 | 648 | $ | 40.08 | 675 | $ | 29.55 | 1,394 | $ | 30.85 | ||||||||||||||||||||||
Granted | 239 | 39.05 | — | — | — | — | — | — | 184 | 44.07 | 216 | 38.73 | ||||||||||||||||||||||||||||
Exercised | (484 | ) | 28.33 | (1,347 | ) | 27.97 | (44 | ) | 22.52 | (2 | ) | 28.33 | (211 | ) | 9.90 | (934 | ) | 33.61 | ||||||||||||||||||||||
Forfeited | (1 | ) | 25.78 | (4 | ) | 25.45 | (10 | ) | 27.82 | — | — | — | — | (1 | ) | 29.11 | ||||||||||||||||||||||||
Outstanding at end of year | 1,394 | $ | 30.85 | 1,640 | $ | 28.91 | 2,991 | $ | 28.48 | 646 | $ | 40.12 | 648 | $ | 40.08 | 675 | $ | 29.55 | ||||||||||||||||||||||
Exercisable at end of year | 1,155 | $ | 29.16 | 1,640 | $ | 28.91 | 2,991 | $ | 28.48 | 186 | $ | 38.18 | 128 | $ | 37.59 | 280 | $ | 16.38 |
2015 | |||
Weighted average grant-date fair value | $ | 6.97 | |
Assumptions: | |||
Risk-free interest rate | 1.68 | % | |
Expected dividend yield | 2.87 | % | |
Expected volatility | 25.19 | % | |
Weighted average expected life of options | 5.5 years |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||||||||
Unvested at beginning of year | 513 | $ | 26.34 | 575 | $ | 25.28 | 526 | $ | 22.69 | 160 | $ | 37.63 | 249 | $ | 33.61 | 339 | $ | 29.96 | ||||||||||||||||||||||
Granted | 145 | 39.39 | 196 | 26.69 | 253 | 27.86 | 51 | 40.01 | 45 | 44.07 | 91 | 40.03 | ||||||||||||||||||||||||||||
Vested | (259 | ) | 27.54 | (238 | ) | 24.07 | (204 | ) | 21.81 | (86 | ) | 34.42 | (134 | ) | 32.35 | (181 | ) | 29.99 | ||||||||||||||||||||||
Forfeited | (60 | ) | 32.29 | (20 | ) | 26.26 | — | — | ||||||||||||||||||||||||||||||||
Unvested at end of year | 339 | $ | 29.96 | 513 | $ | 26.34 | 575 | $ | 25.28 | 125 | $ | 40.82 | 160 | $ | 37.63 | 249 | $ | 33.61 |
2015 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||||||
Unvested at beginning of year | — | $ | — | 253 | $ | 40.70 | 214 | $ | 39.66 | 123 | $ | 39.72 | ||||||||||||||
Granted | 142 | 39.72 | 45 | 41.71 | 39 | 46.39 | 91 | 39.59 | ||||||||||||||||||
Forfeited | (19 | ) | 39.72 | |||||||||||||||||||||||
Vested | (123 | ) | 39.72 | — | — | — | — | |||||||||||||||||||
Unvested at end of year | 123 | $ | 39.72 | 175 | $ | 41.65 | 253 | $ | 40.70 | 214 | $ | 39.66 |
2018 | 2017 | ||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value | Number of Units | Weighted Average Grant-Date Fair Value | ||||||||||
Unvested at beginning of year | 45 | $ | 46.21 | — | $ | — | |||||||
Granted | 48 | 41.48 | 45 | 46.21 | |||||||||
Unvested at end of year | 93 | $ | 43.78 | 45 | $ | 46.21 |
2018 | ||||||
Number of Units | Weighted Average Grant-Date Fair Value | |||||
Unvested at beginning of year | — | $ | — | |||
Granted | 243 | 41.84 | ||||
Unvested at end of year | 243 | $ | 41.84 |
2018 | 2017 | 2016 | |||||||||
Grant date market value of a common share | $ | 40.95 | $ | 44.07 | $ | 38.73 | |||||
Risk-free interest rate | 2.32 | % | 1.57 | % | 1.15 | % | |||||
Dividend yield | 3.52 | % | 3.27 | % | 3.41 | % | |||||
Expected volatility | 18.02 | % | 21.33 | % | 21.24 | % | |||||
Derived vesting period of TSR Restricted Stock and TSR LTIP I units | 3.4 years | 3.4 years | 3.4 years | ||||||||
Weighted average expected term of TSR Stock Options and LTIP II units | 5.6 years | 5.8 years | 5.8 years |
2015 | ||||
Grant date fair value | $ | 39.72 | ||
Baseline common share value | $ | 39.05 | ||
Dividend yield | 2.87 | % | ||
Expected volatility of common shares | 19.48 | % | ||
Risk-free interest rate | 1.04 | % | ||
Derived vesting period | 3.4 years |
December 31, | |||||||
2018 | 2017 | ||||||
Deferred tax liabilities: | |||||||
Real estate and real estate partnership basis differences | $ | 12,058 | $ | 32,032 | |||
Deferred tax assets: | |||||||
Net operating, capital and other loss carryforwards | $ | 7,022 | $ | 9,523 | |||
Accruals and expenses | 7,432 | 6,575 | |||||
Tax credit carryforwards | 67,530 | 73,450 | |||||
Management contracts and other | 2,064 | 200 | |||||
Total deferred tax assets | 84,048 | 89,748 | |||||
Valuation allowance | (4,930 | ) | (25,489 | ) | |||
Net deferred tax assets | $ | 67,060 | $ | 32,227 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Apartment communities sold | 11 | 30 | |||||
Apartment homes sold | 3,855 | 9,067 | |||||
Income before income taxes and discontinued operations | $ | 14,191 | $ | 55,122 |
2018 | 2017 | 2016 | |||||||||
Balance at January 1 | $ | 2,476 | $ | 2,286 | $ | 2,897 | |||||
Additions (reductions) based on tax positions related to prior years | 142 | 190 | (611 | ) | |||||||
Balance at December 31 | $ | 2,618 | $ | 2,476 | $ | 2,286 |
2013 | |||
Income before gain on dispositions of real estate and income tax | $ | 2,098 | |
Gain on dispositions of real estate | 212,459 | ||
Income tax expense | (11,328 | ) | |
Income from discontinued operations, net of tax | $ | 203,229 | |
Income from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | (31,842 | ) | |
Income from discontinued operations attributable to the Aimco Operating Partnership | $ | 171,387 | |
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | (9,248 | ) | |
Income from discontinued operations attributable to Aimco | $ | 162,139 |
2015 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 91,390 | $ | 67,475 | $ | 34,596 | |||||
Gain on dispositions of real estate, net of tax | 180,593 | 288,636 | — | ||||||||
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | (23,273 | ) | (46,862 | ) | 10,555 | ||||||
Income attributable to preferred stockholders | (11,794 | ) | (7,947 | ) | (2,804 | ) | |||||
Income attributable to participating securities | (950 | ) | (1,082 | ) | (813 | ) | |||||
Income from continuing operations attributable to Aimco common stockholders | $ | 235,966 | $ | 300,220 | $ | 41,534 | |||||
Income from discontinued operations, net of tax | $ | — | $ | — | $ | 203,229 | |||||
Income from discontinued operations attributable to noncontrolling interests | — | — | (41,090 | ) | |||||||
Income from discontinued operations attributable to Aimco common stockholders | $ | — | $ | — | $ | 162,139 | |||||
Net income | $ | 271,983 | $ | 356,111 | $ | 237,825 | |||||
Net income attributable to noncontrolling interests | (23,273 | ) | (46,862 | ) | (30,535 | ) | |||||
Net income attributable to preferred stockholders | (11,794 | ) | (7,947 | ) | (2,804 | ) | |||||
Net income attributable to participating securities | (950 | ) | (1,082 | ) | (813 | ) | |||||
Net income attributable to Aimco common stockholders | $ | 235,966 | $ | 300,220 | $ | 203,673 | |||||
Denominator: | |||||||||||
Weighted average common shares outstanding – basic | 155,177 | 145,639 | 145,291 | ||||||||
Dilutive potential common shares | 393 | 363 | 241 | ||||||||
Weighted average common shares outstanding – diluted | 155,570 | 146,002 | 145,532 | ||||||||
Earnings per common share – basic and diluted: | |||||||||||
Income from continuing operations attributable to Aimco common stockholders | $ | 1.52 | $ | 2.06 | $ | 0.29 | |||||
Income from discontinued operations attributable to Aimco common stockholders | — | — | 1.11 | ||||||||
Net income attributable to Aimco common stockholders | $ | 1.52 | $ | 2.06 | $ | 1.40 | |||||
Dividends declared per common share | $ | 1.18 | $ | 1.04 | $ | 0.96 |
2018 | 2017 | 2016 | |||||||||
Current: | |||||||||||
Federal | $ | 11,269 | $ | (938 | ) | $ | 5,038 | ||||
State | 10,537 | 525 | 2,916 | ||||||||
Total current | 21,806 | (413 | ) | 7,954 | |||||||
Deferred: | |||||||||||
Federal | (29,243 | ) | (10,908 | ) | (26,173 | ) | |||||
State | (5,590 | ) | (3,621 | ) | (623 | ) | |||||
Revaluation of deferred taxes due to change in tax rate | — | (15,894 | ) | — | |||||||
Total deferred | (34,833 | ) | (30,423 | ) | (26,796 | ) | |||||
Total benefit | $ | (13,027 | ) | $ | (30,836 | ) | $ | (18,842 | ) |
2015 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 91,390 | $ | 67,475 | $ | 34,596 | |||||
Gain on dispositions of real estate, net of tax | 180,593 | 288,636 | — | ||||||||
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | (4,776 | ) | (24,595 | ) | 19,369 | ||||||
Income attributable to the Aimco Operating Partnership’s preferred unitholders | (18,737 | ) | (14,444 | ) | (9,227 | ) | |||||
Income attributable to participating securities | (950 | ) | (1,082 | ) | (813 | ) | |||||
Income from continuing operations attributable to the Aimco Operating Partnership’s common unitholders | $ | 247,520 | $ | 315,990 | $ | 43,925 | |||||
Income from discontinued operations, net of tax | $ | — | $ | — | $ | 203,229 | |||||
Income from discontinued operations attributable to noncontrolling interests | — | — | (31,842 | ) | |||||||
Income from discontinued operations attributable to the Aimco Operating Partnership’s common unitholders | $ | — | $ | — | $ | 171,387 | |||||
Net income | $ | 271,983 | $ | 356,111 | $ | 237,825 | |||||
Net income attributable to noncontrolling interests | (4,776 | ) | (24,595 | ) | (12,473 | ) | |||||
Net income attributable to the Aimco Operating Partnership’s preferred unitholders | (18,737 | ) | (14,444 | ) | (9,227 | ) | |||||
Net income attributable to participating securities | (950 | ) | (1,082 | ) | (813 | ) | |||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 247,520 | $ | 315,990 | $ | 215,312 | |||||
Denominator: | |||||||||||
Weighted average common units outstanding – basic | 162,834 | 153,363 | 153,256 | ||||||||
Dilutive potential common units | 393 | 363 | 241 | ||||||||
Weighted average common units outstanding – diluted | 163,227 | 153,726 | 153,497 | ||||||||
Earnings per common unit – basic and diluted: | |||||||||||
Income from continuing operations attributable to the Partnership’s common unitholders | $ | 1.52 | $ | 2.06 | $ | 0.29 | |||||
Income from discontinued operations attributable to the Partnership’s common unitholders | — | — | 1.11 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 1.52 | $ | 2.06 | $ | 1.40 | |||||
Distributions declared per common unit | $ | 1.18 | $ | 1.04 | $ | 0.96 |
2018 | 2017 | 2016 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Tax provision (benefit) at United States statutory rates on consolidated income or loss subject to tax | $ | 33,296 | 21.0 | % | $ | (19,459 | ) | 35.0 | % | $ | 38,257 | 35.0 | % | |||||||
State income tax expense, net of federal tax (benefit) expense | 12,252 | 7.7 | % | (1,769 | ) | 3.2 | % | 7,152 | 6.5 | % | ||||||||||
Establishment of deferred tax asset related to partnership basis difference (1) | — | — | % | (3,501 | ) | 6.3 | % | — | — | % | ||||||||||
Effect of permanent differences | 302 | 0.2 | % | (1,629 | ) | 2.9 | % | (132 | ) | (0.1 | )% | |||||||||
Tax effect of intercompany transactions (2) | (33,250 | ) | (21.0 | )% | — | — | % | (47,369 | ) | (43.3 | )% | |||||||||
Tax credits | (6,897 | ) | (4.4 | )% | (9,607 | ) | 17.3 | % | (16,750 | ) | (15.3 | )% | ||||||||
Tax reform revaluation (3) | 288 | 0.2 | % | (15,894 | ) | 28.6 | % | — | — | % | ||||||||||
(Decrease) increase in valuation allowance (4) | (20,434 | ) | (12.9 | )% | 21,023 | (37.8 | )% | — | — | % | ||||||||||
Other | 1,416 | 0.9 | % | — | — | % | — | — | % | |||||||||||
Total income tax benefit | $ | (13,027 | ) | (8.3 | )% | $ | (30,836 | ) | 55.5 | % | $ | (18,842 | ) | (17.2 | )% |
(1) | 2017 includes the establishment of a deferred tax asset related to partnership basis difference when it became apparent that it would reverse in the foreseeable future. This deferred tax asset was fully reserved in the valuation allowance described below as of December 31, 2017. |
(2) | 2016 includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax was deferred and recognized as the assets affected GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third-party. Effective January 1, 2017, we adopted a new accounting standard applicable to intercompany asset transfers. As a result, the accumulated unrecognized deferred tax expense associated with historical intercompany transfers was recognized as a cumulative effect adjustment through retained earnings at that time. 2018 includes the tax benefit to establish the initial deferred tax asset from the intercompany transfer of a portion of the Asset Management business between the Aimco Operating Partnership and TRS entities. |
(3) | Reflects revaluation of deferred tax assets and liabilities using the TRS entities’ lower effective tax rates resulting from the 2017 Act. Accounting for the tax effects of enactment of the 2017 Act was finalized during the year ended December 31, 2018. |
(4) | 2017 includes a $15.4 million valuation allowance against the deferred tax assets associated with rehabilitation tax credits due to the lower federal tax rate under the 2017 Act. This valuation allowance was reversed in 2018 as a result of the sale of our Asset Management business. |
2018 | 2017 | 2016 | ||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||||
Ordinary income | $ | 0.51 | 33.4 | % | $ | 0.75 | 51.5 | % | $ | 0.45 | 34.2 | % | ||||||||
Capital gains | 0.93 | 61.2 | % | 0.51 | 35.7 | % | 0.47 | 35.4 | % | |||||||||||
Qualified dividends | — | — | % | 0.02 | 1.6 | % | 0.13 | 9.9 | % | |||||||||||
Unrecaptured Section 1250 gain | 0.08 | 5.4 | % | 0.16 | 11.2 | % | 0.27 | 20.5 | % | |||||||||||
$ | 1.52 | 100.0 | % | $ | 1.44 | 100.0 | % | $ | 1.32 | 100.0 | % |
Quarter | ||||||||||||||||
2015 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 244,265 | $ | 244,783 | $ | 246,387 | $ | 245,875 | ||||||||
Total operating expenses | (183,198 | ) | (179,140 | ) | (182,366 | ) | (180,391 | ) | ||||||||
Operating income | 61,067 | 65,643 | 64,021 | 65,484 | ||||||||||||
Income from continuing operations | 18,457 | 23,907 | 23,769 | 25,257 | ||||||||||||
Gain on dispositions of real estate, net of tax | 85,693 | 44,781 | — | 50,119 | ||||||||||||
Net income | 104,150 | 68,688 | 23,769 | 75,376 | ||||||||||||
Net income attributable to Aimco common stockholders | $ | 89,344 | $ | 60,804 | $ | 19,179 | $ | 66,639 | ||||||||
Earnings per common share - basic: | ||||||||||||||||
Income from continuing operations attributable to Aimco common stockholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Net income attributable to Aimco common stockholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Earnings per common share - diluted: | ||||||||||||||||
Income from continuing operations attributable to Aimco common stockholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Net income attributable to Aimco common stockholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Weighted average common shares outstanding - basic | 153,821 | 155,524 | 155,639 | 155,725 | ||||||||||||
Weighted average common shares outstanding - diluted | 154,277 | 155,954 | 156,008 | 156,043 |
Quarter | ||||||||||||||||
2014 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 248,924 | $ | 246,418 | $ | 246,843 | $ | 242,178 | ||||||||
Total operating expenses | (183,646 | ) | (180,621 | ) | (179,376 | ) | (178,370 | ) | ||||||||
Operating income | 65,278 | 65,797 | 67,467 | 63,808 | ||||||||||||
Income from continuing operations | 12,040 | 17,943 | 18,186 | 19,306 | ||||||||||||
Gain on dispositions of real estate, net of tax | 69,492 | 66,662 | 126,329 | 26,153 | ||||||||||||
Net income | 81,532 | 84,605 | 144,515 | 45,459 | ||||||||||||
Net income attributable to Aimco common stockholders | $ | 64,235 | $ | 75,010 | $ | 124,706 | $ | 36,269 | ||||||||
Earnings per common share - basic: | ||||||||||||||||
Income from continuing operations attributable to Aimco common stockholders | $ | 0.44 | $ | 0.51 | $ | 0.86 | $ | 0.25 | ||||||||
Net income attributable to Aimco common stockholders | $ | 0.44 | $ | 0.51 | $ | 0.86 | $ | 0.25 | ||||||||
Earnings per common share - diluted: | ||||||||||||||||
Income from continuing operations attributable to Aimco common stockholders | $ | 0.44 | $ | 0.51 | $ | 0.85 | $ | 0.25 | ||||||||
Net income attributable to Aimco common stockholders | $ | 0.44 | $ | 0.51 | $ | 0.85 | $ | 0.25 | ||||||||
Weighted average common shares outstanding - basic | 145,473 | 145,657 | 145,672 | 145,753 | ||||||||||||
Weighted average common shares outstanding - diluted | 145,681 | 145,985 | 146,104 | 146,238 |
Quarter | ||||||||||||||||
2015 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 244,265 | $ | 244,783 | $ | 246,387 | $ | 245,875 | ||||||||
Total operating expenses | (183,198 | ) | (179,140 | ) | (182,366 | ) | (180,391 | ) | ||||||||
Operating income | 61,067 | 65,643 | 64,021 | 65,484 | ||||||||||||
Income from continuing operations | 18,457 | 23,907 | 23,769 | 25,257 | ||||||||||||
Gain on dispositions of real estate, net of tax | 85,693 | 44,781 | — | 50,119 | ||||||||||||
Net income | 104,150 | 68,688 | 23,769 | 75,376 | ||||||||||||
Net income attributable to the Partnership’s common unitholders | $ | 93,742 | $ | 63,776 | $ | 20,072 | $ | 69,930 | ||||||||
Earnings per common unit - basic: | ||||||||||||||||
Income from continuing operations attributable to the Partnership’s common unitholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Earnings per common unit - diluted: | ||||||||||||||||
Income from continuing operations attributable to the Partnership’s common unitholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 0.58 | $ | 0.39 | $ | 0.12 | $ | 0.43 | ||||||||
Weighted average common units outstanding - basic | 161,461 | 163,149 | 163,241 | 163,485 | ||||||||||||
Weighted average common units outstanding - diluted | 161,917 | 163,579 | 163,610 | 163,803 |
Quarter | ||||||||||||||||
2014 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 248,924 | $ | 246,418 | $ | 246,843 | $ | 242,178 | ||||||||
Total operating expenses | (183,646 | ) | (180,621 | ) | (179,376 | ) | (178,370 | ) | ||||||||
Operating income | 65,278 | 65,797 | 67,467 | 63,808 | ||||||||||||
Income from continuing operations | 12,040 | 17,943 | 18,186 | 19,306 | ||||||||||||
Gain on dispositions of real estate, net of tax | 69,492 | 66,662 | 126,329 | 26,153 | ||||||||||||
Net income | 81,532 | 84,605 | 144,515 | 45,459 | ||||||||||||
Net income attributable to the Partnership’s common unitholders | $ | 67,846 | $ | 78,745 | $ | 131,255 | $ | 38,144 | ||||||||
Earnings per common unit - basic: | ||||||||||||||||
Income from continuing operations attributable to the Partnership’s common unitholders | $ | 0.44 | $ | 0.51 | $ | 0.86 | $ | 0.25 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 0.44 | $ | 0.51 | $ | 0.86 | $ | 0.25 | ||||||||
Earnings per common unit - diluted: | ||||||||||||||||
Income from continuing operations attributable to the Partnership’s common unitholders | $ | 0.44 | $ | 0.51 | $ | 0.85 | $ | 0.25 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 0.44 | $ | 0.51 | $ | 0.85 | $ | 0.25 | ||||||||
Weighted average common units outstanding - basic | 153,329 | 153,377 | 153,337 | 153,408 | ||||||||||||
Weighted average common units outstanding - diluted | 153,537 | 153,705 | 153,769 | 153,893 |
Conventional Real Estate Operations | Affordable Real Estate Operations | Proportionate Adjustments (1) | Corporate and Amounts Not Allocated to Segments (2) | Consolidated | |||||||||||||||
Year Ended December 31, 2015: | |||||||||||||||||||
Rental and other property revenues (3) | $ | 798,321 | $ | 96,549 | $ | 37,369 | $ | 24,715 | $ | 956,954 | |||||||||
Tax credit and asset management revenues | — | — | — | 24,356 | 24,356 | ||||||||||||||
Total revenues | 798,321 | 96,549 | 37,369 | 49,071 | 981,310 | ||||||||||||||
Property operating expenses (3) | 263,573 | 38,484 | 13,815 | 43,521 | 359,393 | ||||||||||||||
Investment management expenses | — | — | — | 5,855 | 5,855 | ||||||||||||||
Depreciation and amortization (3) | — | — | — | 306,301 | 306,301 | ||||||||||||||
General and administrative expenses | — | — | — | 43,178 | 43,178 | ||||||||||||||
Other expenses, net | — | — | — | 10,368 | 10,368 | ||||||||||||||
Total operating expenses | 263,573 | 38,484 | 13,815 | 409,223 | 725,095 | ||||||||||||||
Operating income (loss) | 534,748 | 58,065 | 23,554 | (360,152 | ) | 256,215 | |||||||||||||
Other items included in continuing operations | — | — | — | (164,825 | ) | (164,825 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 534,748 | $ | 58,065 | $ | 23,554 | $ | (524,977 | ) | $ | 91,390 |
Conventional Real Estate Operations | Affordable Real Estate Operations | Proportionate Adjustments (1) | Corporate and Amounts Not Allocated to Segments (2) | Consolidated | |||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||
Rental and other property revenues (3) | $ | 729,657 | $ | 94,501 | $ | 29,564 | $ | 99,109 | $ | 952,831 | |||||||||
Tax credit and asset management revenues | — | — | — | 31,532 | 31,532 | ||||||||||||||
Total revenues | 729,657 | 94,501 | 29,564 | 130,641 | 984,363 | ||||||||||||||
Property operating expenses (3) | 245,264 | 38,407 | 8,878 | 81,105 | 373,654 | ||||||||||||||
Investment management expenses | — | — | — | 7,310 | 7,310 | ||||||||||||||
Depreciation and amortization (3) | — | — | — | 282,608 | 282,608 | ||||||||||||||
Provision for real estate impairment losses (3) | — | — | — | 1,820 | 1,820 | ||||||||||||||
General and administrative expenses | — | — | — | 44,092 | 44,092 | ||||||||||||||
Other expenses, net | — | — | — | 12,529 | 12,529 | ||||||||||||||
Total operating expenses | 245,264 | 38,407 | 8,878 | 429,464 | 722,013 | ||||||||||||||
Operating income (loss) | 484,393 | 56,094 | 20,686 | (298,823 | ) | 262,350 | |||||||||||||
Other items included in continuing operations | — | — | — | (194,875 | ) | (194,875 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 484,393 | $ | 56,094 | $ | 20,686 | $ | (493,698 | ) | $ | 67,475 |
Real Estate | Proportionate and Other Adjustments (1) | Corporate and Amounts Not Allocated to Reportable Segment (2) | Consolidated | ||||||||||||
Year Ended December 31, 2018: | |||||||||||||||
Rental and other property revenues attributable to Real Estate | $ | 854,240 | $ | 34,282 | $ | 34,071 | $ | 922,593 | |||||||
Rental and other property revenues of partnerships served by Asset Management business | — | — | 42,830 | 42,830 | |||||||||||
Tax credit and transaction revenues | — | — | 6,987 | 6,987 | |||||||||||
Total revenues | 854,240 | 34,282 | 83,888 | 972,410 | |||||||||||
Property operating expenses attributable to Real Estate | 238,860 | 32,169 | 36,872 | 307,901 | |||||||||||
Property operating expenses of partnerships served by Asset Management business | — | — | 20,921 | 20,921 | |||||||||||
Other operating expenses not allocated to reportable segment (3) | — | — | 427,832 | 427,832 | |||||||||||
Total operating expenses | 238,860 | 32,169 | 485,625 | 756,654 | |||||||||||
Proportionate property net operating income | 615,380 | — | — | — | |||||||||||
Other items included in income before income tax benefit (4) | — | — | 487,820 | 487,820 | |||||||||||
Income before income tax benefit | $ | 615,380 | $ | 2,113 | $ | 86,083 | $ | 703,576 |
Conventional Real Estate Operations | Affordable Real Estate Operations | Proportionate Adjustments (1) | Corporate and Amounts Not Allocated to Segments (2) | Consolidated | |||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||
Rental and other property revenues (3) | $ | 679,422 | $ | 93,033 | $ | 66,489 | $ | 100,287 | $ | 939,231 | |||||||||
Tax credit and asset management revenues | — | — | — | 34,822 | 34,822 | ||||||||||||||
Total revenues | 679,422 | 93,033 | 66,489 | 135,109 | 974,053 | ||||||||||||||
Property operating expenses (3) | 233,183 | 37,433 | 25,192 | 79,902 | 375,710 | ||||||||||||||
Investment management expenses | — | — | — | 4,341 | 4,341 | ||||||||||||||
Depreciation and amortization (3) | — | — | — | 291,910 | 291,910 | ||||||||||||||
General and administrative expenses | — | — | — | 45,670 | 45,670 | ||||||||||||||
Other expenses, net | — | — | — | 7,403 | 7,403 | ||||||||||||||
Total operating expenses | 233,183 | 37,433 | 25,192 | 429,226 | 725,034 | ||||||||||||||
Operating income (loss) | 446,239 | 55,600 | 41,297 | (294,117 | ) | 249,019 | |||||||||||||
Other items included in continuing operations | — | — | — | (214,423 | ) | (214,423 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 446,239 | $ | 55,600 | $ | 41,297 | $ | (508,540 | ) | $ | 34,596 |
Real Estate | Proportionate and Other Adjustments (1) | Corporate and Amounts Not Allocated to Reportable Segment (2) | Consolidated | ||||||||||||
Year Ended December 31, 2017: | |||||||||||||||
Rental and other property revenues attributable to Real Estate | $ | 781,194 | $ | 43,043 | $ | 93,911 | $ | 918,148 | |||||||
Rental and other property revenues of partnerships served by Asset Management business | — | — | 74,046 | 74,046 | |||||||||||
Tax credit and transaction revenues | — | — | 13,243 | 13,243 | |||||||||||
Total revenues | 781,194 | 43,043 | 181,200 | 1,005,437 | |||||||||||
Property operating expenses attributable to Real Estate | 222,731 | 32,432 | 63,963 | 319,126 | |||||||||||
Property operating expenses of partnerships served by Asset Management business | — | — | 35,458 | 35,458 | |||||||||||
Other operating expenses not allocated to reportable segment (3) | — | — | 456,870 | 456,870 | |||||||||||
Total operating expenses | 222,731 | 32,432 | 556,291 | 811,454 | |||||||||||
Proportionate property net operating income | 558,463 | — | — | — | |||||||||||
Other items included in income before income tax benefit (4) | — | — | 122,260 | 122,260 | |||||||||||
Income before income tax benefit | $ | 558,463 | $ | 10,611 | $ | (252,831 | ) | $ | 316,243 |
Real Estate | Proportionate and Other Adjustments (1) | Corporate and Amounts Not Allocated to Reportable Segment (2) | Consolidated | ||||||||||||
Year Ended December 31, 2016: | |||||||||||||||
Rental and other property revenues attributable to Real Estate | $ | 720,302 | $ | 55,257 | $ | 124,332 | $ | 899,891 | |||||||
Rental and other property revenues of partnerships served by Asset Management business | — | — | 74,640 | 74,640 | |||||||||||
Tax credit and transaction revenues | — | — | 21,323 | 21,323 | |||||||||||
Total revenues | 720,302 | 55,257 | 220,295 | 995,854 | |||||||||||
Property operating expenses attributable to Real Estate | 210,426 | 35,468 | 72,063 | 317,957 | |||||||||||
Property operating expenses of partnerships served by Asset Management business | — | — | 36,956 | 36,956 | |||||||||||
Other operating expenses not allocated to reportable segment (3) | — | — | 394,145 | 394,145 | |||||||||||
Total operating expenses | 210,426 | 35,468 | 503,164 | 749,058 | |||||||||||
Proportionate property net operating income | 509,876 | — | — | — | |||||||||||
Other items included in income before income tax benefit (4) | — | — | 217,635 | 217,635 | |||||||||||
Income before income tax benefit | $ | 509,876 | $ | 19,789 | $ | (65,234 | ) | $ | 464,431 |
(1) | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of |
(2) |
(3) | Other operating expenses not allocated to reportable segment consists of depreciation and amortization, general and administrative expenses and other operating expenses including provision for real estate impairment |
(4) | Other items included in income before income tax benefit primarily consists of gain on dispositions of real estate and interest expense. |
December 31, | |||||||
2015 | 2014 | ||||||
Conventional | $ | 5,107,059 | $ | 4,841,402 | |||
Affordable | 421,932 | 439,488 | |||||
Proportionate adjustments (1) | 175,042 | 179,323 | |||||
Corporate and other assets (2) | 440,161 | 636,815 | |||||
Total consolidated assets | $ | 6,144,194 | $ | 6,097,028 |
December 31, | |||||||
2018 | 2017 | ||||||
Real Estate | $ | 5,849,638 | $ | 5,346,390 | |||
Corporate and other assets (1) | 340,366 | 732,650 | |||||
Total consolidated assets | $ | 6,190,004 | $ | 6,079,040 |
(1) | Includes the assets |
December 31, | |||||
2018 | 2017 | ||||
Real Estate portfolio: | |||||
VIEs with interests in apartment communities | 9 | 14 | |||
Apartment communities owned by VIEs | 9 | 14 | |||
Apartment homes in communities owned by VIEs | 3,592 | 4,321 | |||
Consolidated partnerships served by the Asset Management business: | |||||
VIEs with interests in apartment communities | — | 49 | |||
Apartment communities owned by VIEs | — | 37 | |||
Apartment homes in communities owned by VIEs | — | 5,893 |
December 31, | |||||||
2018 | 2017 | ||||||
Real Estate portfolio: | |||||||
Assets | |||||||
Net real estate | $ | 488,127 | $ | 529,898 | |||
Cash and cash equivalents | 15,416 | 16,111 | |||||
Restricted cash | 4,461 | 4,798 | |||||
Liabilities | |||||||
Non-recourse property debt | 322,685 | 412,205 | |||||
Accrued liabilities and other | 13,576 | 10,623 | |||||
Consolidated partnerships served by the Asset Management business: | |||||||
Assets | |||||||
Real estate, net | — | 215,580 | |||||
Cash and cash equivalents | — | 15,931 | |||||
Restricted cash | — | 30,107 | |||||
Liabilities | |||||||
Non-recourse property debt | — | 220,356 | |||||
Accrued liabilities and other | — | 20,241 |
Quarter | |||||||||||||||
2018 | First | Second | Third | Fourth | |||||||||||
Total revenues | $ | 247,720 | $ | 250,187 | $ | 242,481 | $ | 232,022 | |||||||
Net income | 95,690 | 7,156 | 603,917 | 9,840 | |||||||||||
Net income attributable to Aimco common stockholders | 81,525 | 2,817 | 567,029 | 5,226 | |||||||||||
Net income attributable to Aimco common stockholders per common share - basic | $ | 0.52 | $ | 0.02 | $ | 3.62 | $ | 0.03 | |||||||
Net income attributable to Aimco common stockholders per common share - diluted | $ | 0.52 | $ | 0.02 | $ | 3.61 | $ | 0.03 |
Quarter | |||||||||||||||
2017 | First | Second | Third | Fourth | |||||||||||
Total revenues | $ | 246,481 | $ | 249,092 | $ | 254,635 | $ | 255,229 | |||||||
Net income | 17,155 | 21,591 | 22,144 | 286,189 | |||||||||||
Net income attributable to Aimco common stockholders | 11,491 | 15,843 | 17,430 | 262,097 | |||||||||||
Net income attributable to Aimco common stockholders per common share - basic | $ | 0.07 | $ | 0.10 | $ | 0.11 | $ | 1.68 | |||||||
Net income attributable to Aimco common stockholders per common share - diluted | $ | 0.07 | $ | 0.10 | $ | 0.11 | $ | 1.67 |
Quarter | |||||||||||||||
2018 | First | Second | Third | Fourth | |||||||||||
Total revenues | $ | 247,720 | $ | 250,187 | $ | 242,481 | $ | 232,022 | |||||||
Net income | 95,690 | 7,156 | 603,917 | 9,840 | |||||||||||
Net income attributable to the Partnership’s common unitholders | 85,274 | 2,949 | 597,100 | 5,551 | |||||||||||
Net income attributable to the Partnership’s common unitholders per common unit - basic | $ | 0.52 | $ | 0.02 | $ | 3.62 | $ | 0.03 | |||||||
Net income attributable to the Partnership’s common unitholders per common unit - diluted | $ | 0.52 | $ | 0.02 | $ | 3.61 | $ | 0.03 |
Quarter | |||||||||||||||
2017 | First | Second | Third | Fourth | |||||||||||
Total revenues | $ | 246,481 | $ | 249,092 | $ | 254,635 | $ | 255,229 | |||||||
Net income | 17,155 | 21,591 | 22,144 | 286,189 | |||||||||||
Net income attributable to the Partnership’s common unitholders | 12,047 | 16,627 | 18,246 | 274,380 | |||||||||||
Net income attributable to the Partnership’s common unitholders per common unit - basic | $ | 0.07 | $ | 0.10 | $ | 0.11 | $ | 1.68 | |||||||
Net income attributable to the Partnership’s common unitholders per common unit - diluted | $ | 0.07 | $ | 0.10 | $ | 0.11 | $ | 1.67 |
APARTMENT INVESTMENT AND MANAGEMENT COMPANY | ||||||||||||
AIMCO PROPERTIES, L.P. | ||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||
December 31, | ||||||||||||
(In Thousands Except Apartment Home Data) |
(2) | (3) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2015 | (1) | Initial Cost | Cost Capitalized | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (3) | Accumulated | Total Cost | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||||
Conventional Apartment Communities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Segment: | Real Estate Segment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 Forest Place | High Rise | Dec 1997 | Oak Park, IL | 1987 | 234 | $ | 2,664 | $ | 18,815 | $ | 7,674 | $ | 2,664 | $ | 26,489 | $ | 29,153 | $ | (12,726 | ) | $ | 16,427 | $ | — | High Rise | Dec 1997 | Oak Park, IL | 1987 | 234 | $ | 2,664 | $ | 18,815 | $ | 10,553 | $ | 2,664 | $ | 29,368 | $ | 32,032 | $ | (15,640 | ) | $ | 16,392 | $ | 35,048 | ||||||||||||||||||
118-122 West 23rd Street | High Rise | Jun 2012 | New York, NY | 1987 | 42 | 14,985 | 23,459 | 6,171 | 14,985 | 29,630 | 44,615 | (4,265 | ) | 40,350 | 18,726 | High Rise | Jun 2012 | New York, NY | 1987 | 42 | 14,985 | 23,459 | 6,752 | 14,985 | 30,211 | 45,196 | (9,121 | ) | 36,075 | 17,457 | ||||||||||||||||||||||||||||||||||||
1582 First Avenue | High Rise | Mar 2005 | New York, NY | 1900 | 17 | 4,281 | 752 | 363 | 4,281 | 1,115 | 5,396 | (440 | ) | 4,956 | 2,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||
173 E. 90th Street | High Rise | May 2004 | New York, NY | 1910 | 72 | 12,066 | 4,535 | 3,008 | 12,066 | 7,543 | 19,609 | (2,749 | ) | 16,860 | 7,120 | High Rise | May 2004 | New York, NY | 1910 | 72 | 12,066 | 4,535 | 8,068 | 12,066 | 12,603 | 24,669 | (3,730 | ) | 20,939 | — | ||||||||||||||||||||||||||||||||||||
182-188 Columbus Avenue | Mid Rise | Feb 2007 | New York, NY | 1910 | 32 | 19,123 | 3,300 | 3,789 | 19,123 | 7,089 | 26,212 | (2,618 | ) | 23,594 | 13,471 | Mid Rise | Feb 2007 | New York, NY | 1910 | 32 | 19,123 | 3,300 | 5,513 | 19,123 | 8,813 | 27,936 | (3,968 | ) | 23,968 | 13,925 | ||||||||||||||||||||||||||||||||||||
1045 on the Park Apartments Homes | Mid Rise | Jul 2013 | Atlanta, GA | 2012 | 30 | 2,793 | 6,662 | 692 | 2,793 | 7,354 | 10,147 | (1,423 | ) | 8,724 | 5,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1582 First Avenue | High Rise | Mar 2005 | New York, NY | 1900 | 17 | 4,281 | 752 | 499 | 4,281 | 1,251 | 5,532 | (578 | ) | 4,954 | 2,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||
21 Fitzsimons | Mid-Rise | Aug 2014 | Aurora, CO | 2008 | 600 | 12,864 | 104,720 | 1,583 | 12,864 | 106,303 | 119,167 | (5,055 | ) | 114,112 | 48,995 | Mid Rise | Aug 2014 | Aurora, CO | 2008 | 600 | 12,864 | 104,720 | 20,379 | 12,864 | 125,099 | 137,963 | (19,590 | ) | 118,373 | 90,000 | ||||||||||||||||||||||||||||||||||||
234 East 88th Street | Mid-Rise | Jan 2014 | New York, NY | 1900 | 20 | 2,448 | 4,449 | 482 | 2,448 | 4,931 | 7,379 | (351 | ) | 7,028 | 3,433 | Mid Rise | Jan 2014 | New York, NY | 1900 | 20 | 2,448 | 4,449 | 807 | 2,448 | 5,256 | 7,704 | (1,154 | ) | 6,550 | 3,223 | ||||||||||||||||||||||||||||||||||||
236-238 East 88th Street | High Rise | Jan 2004 | New York, NY | 1900 | 43 | 8,820 | 2,914 | 1,789 | 8,820 | 4,703 | 13,523 | (1,605 | ) | 11,918 | 11,587 | High Rise | Jan 2004 | New York, NY | 1900 | 43 | 8,820 | 2,914 | 2,681 | 8,820 | 5,595 | 14,415 | (1,930 | ) | 12,485 | 10,875 | ||||||||||||||||||||||||||||||||||||
237-239 Ninth Avenue | High Rise | Mar 2005 | New York, NY | 1900 | 36 | 8,495 | 1,866 | 2,820 | 8,495 | 4,686 | 13,181 | (1,578 | ) | 11,603 | 5,909 | High Rise | Mar 2005 | New York, NY | 1900 | 36 | 8,495 | 1,866 | 3,092 | 8,495 | 4,958 | 13,453 | (2,770 | ) | 10,683 | 5,553 | ||||||||||||||||||||||||||||||||||||
240 West 73rd Street, LLC | High Rise | Sep 2004 | New York, NY | 1900 | 200 | 68,109 | 12,140 | 9,914 | 68,109 | 22,054 | 90,163 | (7,797 | ) | 82,366 | — | High Rise | Sep 2004 | New York, NY | 1900 | 200 | 68,109 | 12,140 | 11,905 | 68,109 | 24,045 | 92,154 | (9,818 | ) | 82,336 | — | ||||||||||||||||||||||||||||||||||||
2900 on First Apartments | Mid Rise | Oct 2008 | Seattle, WA | 1989 | 135 | 19,070 | 17,518 | 32,320 | 19,070 | 49,838 | 68,908 | (11,931 | ) | 56,977 | — | Mid Rise | Oct 2008 | Seattle, WA | 1989 | 135 | 19,070 | 17,518 | 33,542 | 19,070 | 51,060 | 70,130 | (25,554 | ) | 44,576 | 13,915 | ||||||||||||||||||||||||||||||||||||
306 East 89th Street | High Rise | Jul 2004 | New York, NY | 1930 | 20 | 2,680 | 1,006 | 525 | 2,680 | 1,531 | 4,211 | (522 | ) | 3,689 | 1,973 | High Rise | Jul 2004 | New York, NY | 1930 | 20 | 2,680 | 1,006 | 1,098 | 2,680 | 2,104 | 4,784 | (888 | ) | 3,896 | 1,854 | ||||||||||||||||||||||||||||||||||||
311 & 313 East 73rd Street | Mid Rise | Mar 2003 | New York, NY | 1904 | 34 | 5,678 | 1,609 | 503 | 5,678 | 2,112 | 7,790 | (1,293 | ) | 6,497 | 4,159 | Mid Rise | Mar 2003 | New York, NY | 1904 | 34 | 5,678 | 1,609 | 520 | 5,678 | 2,129 | 7,807 | (1,487 | ) | 6,320 | 3,904 | ||||||||||||||||||||||||||||||||||||
322-324 East 61st Street | High Rise | Mar 2005 | New York, NY | 1900 | 40 | 6,372 | 2,224 | 1,175 | 6,372 | 3,399 | 9,771 | (1,456 | ) | 8,315 | 3,628 | High Rise | Mar 2005 | New York, NY | 1900 | 40 | 6,372 | 2,224 | 1,512 | 6,372 | 3,736 | 10,108 | (1,830 | ) | 8,278 | 3,410 | ||||||||||||||||||||||||||||||||||||
3400 Avenue of the Arts | Mid Rise | Mar 2002 | Costa Mesa, CA | 1987 | 770 | 57,241 | 65,506 | 73,411 | 57,241 | 138,917 | 196,158 | (77,731 | ) | 118,427 | 108,983 | Mid Rise | Mar 2002 | Costa Mesa, CA | 1987 | 770 | 57,241 | 65,506 | 80,349 | 57,241 | 145,855 | 203,096 | (86,923 | ) | 116,173 | 145,752 | ||||||||||||||||||||||||||||||||||||
452 East 78th Street | High Rise | Jan 2004 | New York, NY | 1900 | 12 | 1,982 | 608 | 397 | 1,982 | 1,005 | 2,987 | (381 | ) | 2,606 | 2,708 | High Rise | Jan 2004 | New York, NY | 1900 | 12 | 1,982 | 608 | 548 | 1,982 | 1,156 | 3,138 | (486 | ) | 2,652 | 2,542 | ||||||||||||||||||||||||||||||||||||
464-466 Amsterdam & 200-210 W. 83rd Street | Mid Rise | Feb 2007 | New York, NY | 1910 | 71 | 25,553 | 7,101 | 5,268 | 25,553 | 12,369 | 37,922 | (4,936 | ) | 32,986 | 19,679 | Mid Rise | Feb 2007 | New York, NY | 1910 | 71 | 25,553 | 7,101 | 6,070 | 25,553 | 13,171 | 38,724 | (6,031 | ) | 32,693 | 20,520 | ||||||||||||||||||||||||||||||||||||
510 East 88th Street | High Rise | Jan 2004 | New York, NY | 1900 | 20 | 3,163 | 1,002 | 399 | 3,163 | 1,401 | 4,564 | (450 | ) | 4,114 | 2,902 | High Rise | Jan 2004 | New York, NY | 1900 | 20 | 3,163 | 1,002 | 622 | 3,163 | 1,624 | 4,787 | (642 | ) | 4,145 | 2,724 | ||||||||||||||||||||||||||||||||||||
514-516 East 88th Street | High Rise | Mar 2005 | New York, NY | 1900 | 36 | 6,282 | 2,168 | 842 | 6,282 | 3,010 | 9,292 | (1,213 | ) | 8,079 | 3,933 | High Rise | Mar 2005 | New York, NY | 1900 | 36 | 6,282 | 2,168 | 1,593 | 6,282 | 3,761 | 10,043 | (1,619 | ) | 8,424 | 3,696 | ||||||||||||||||||||||||||||||||||||
518 East 88th Street | Mid-Rise | Jan 2014 | New York, NY | 1900 | 20 | 2,233 | 4,315 | 469 | 2,233 | 4,784 | 7,017 | (365 | ) | 6,652 | 2,974 | Mid Rise | Jan 2014 | New York, NY | 1900 | 20 | 2,233 | 4,315 | 606 | 2,233 | 4,921 | 7,154 | (1,137 | ) | 6,017 | 2,792 | ||||||||||||||||||||||||||||||||||||
707 Leahy | Garden | Apr 2007 | Redwood City, CA | 1973 | 110 | 15,444 | 7,909 | 5,527 | 15,444 | 13,436 | 28,880 | (6,065 | ) | 22,815 | 9,284 | Garden | Apr 2007 | Redwood City, CA | 1973 | 110 | 15,444 | 7,909 | 7,406 | 15,444 | 15,315 | 30,759 | (6,964 | ) | 23,795 | 8,737 | ||||||||||||||||||||||||||||||||||||
777 South Broad Street | Mid Rise | May 2018 | Philadelphia, PA | 2010 | 146 | 6,986 | 67,512 | 829 | 6,986 | 68,341 | 75,327 | (1,515 | ) | 73,812 | 57,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||
865 Bellevue | Garden | Jul 2000 | Nashville, TN | 1972 | 326 | 3,562 | 12,037 | 28,446 | 3,562 | 40,483 | 44,045 | (25,489 | ) | 18,556 | 17,533 | Garden | Jul 2000 | Nashville, TN | 1972 | 326 | 3,562 | 12,037 | 23,538 | 3,562 | 35,575 | 39,137 | (23,393 | ) | 15,744 | — | ||||||||||||||||||||||||||||||||||||
1045 on the Park Apartments Homes | Mid Rise | Jul 2013 | Atlanta, GA | 2012 | 30 | 2,793 | 6,662 | 139 | 2,793 | 6,801 | 9,594 | (592 | ) | 9,002 | 5,981 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Axiom Apartment Homes | Mid Rise | Apr 2015 | Cambridge, MA | 2015 | 115 | — | 63,612 | 165 | — | 63,777 | 63,777 | (1,580 | ) | 62,197 | 35,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avery Row | Mid Rise | Dec 2018 | Arlington, VA | 2013 | 67 | 8,140 | 21,348 | — | 8,140 | 21,348 | 29,488 | — | 29,488 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Axiom | Mid Rise | Apr 2015 | Cambridge, MA | 2015 | 115 | — | 63,612 | 2,444 | — | 66,056 | 66,056 | (8,920 | ) | 57,136 | 32,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Lofts | High Rise | Apr 2001 | Denver, CO | 1920 | 125 | 3,525 | 9,045 | 3,632 | 3,525 | 12,677 | 16,202 | (6,053 | ) | 10,149 | 11,181 | High Rise | Apr 2001 | Denver, CO | 1920 | 125 | 3,525 | 9,045 | 5,539 | 3,525 | 14,584 | 18,109 | (7,463 | ) | 10,646 | 10,476 | ||||||||||||||||||||||||||||||||||||
Bay Parc Plaza | High Rise | Sep 2004 | Miami, FL | 2000 | 471 | 22,680 | 41,847 | 9,486 | 22,680 | 51,333 | 74,013 | (14,939 | ) | 59,074 | 44,194 | High Rise | Sep 2004 | Miami, FL | 2000 | 474 | 22,680 | 41,847 | 34,053 | 22,680 | 75,900 | 98,580 | (22,485 | ) | 76,095 | 42,434 | ||||||||||||||||||||||||||||||||||||
Bay Ridge at Nashua | Garden | Jan 2003 | Nashua, NH | 1984 | 412 | 3,262 | 40,713 | 5,300 | 3,262 | 46,013 | 49,275 | (18,304 | ) | 30,971 | 29,820 | Garden | Jan 2003 | Nashua, NH | 1984 | 412 | 3,262 | 40,713 | 16,739 | 3,262 | 57,452 | 60,714 | (22,738 | ) | 37,976 | 51,450 | ||||||||||||||||||||||||||||||||||||
Bayberry Hill Estates | Garden | Aug 2002 | Framingham, MA | 1971 | 424 | 19,944 | 35,945 | 12,765 | 19,944 | 48,710 | 68,654 | (22,056 | ) | 46,598 | 32,051 | Garden | Aug 2002 | Framingham, MA | 1971 | 424 | 19,944 | 35,945 | 21,847 | 19,944 | 57,792 | 77,736 | (27,629 | ) | 50,107 | — | ||||||||||||||||||||||||||||||||||||
Bent Tree Apartments | Garden | Feb 2018 | Centreville, VA | 1986 | 748 | 46,975 | 113,695 | 7,493 | 46,975 | 121,188 | 168,163 | (4,331 | ) | 163,832 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bluffs at Pacifica, The | Garden | Oct 2006 | Pacifica, CA | 1963 | 64 | 8,108 | 4,132 | 14,672 | 8,108 | 18,804 | 26,912 | (9,922 | ) | 16,990 | 5,694 | Garden | Oct 2006 | Pacifica, CA | 1963 | 64 | 8,108 | 4,132 | 17,804 | 8,108 | 21,936 | 30,044 | (10,996 | ) | 19,048 | — | ||||||||||||||||||||||||||||||||||||
Boston Lofts | High Rise | Apr 2001 | Denver, CO | 1890 | 158 | 3,446 | 20,589 | 5,634 | 3,446 | 26,223 | 29,669 | (12,820 | ) | 16,849 | 16,333 | High Rise | Apr 2001 | Denver, CO | 1890 | 158 | 3,446 | 20,589 | 5,694 | 3,446 | 26,283 | 29,729 | (13,914 | ) | 15,815 | 15,303 | ||||||||||||||||||||||||||||||||||||
Boulder Creek | Garden | Jul 1994 | Boulder, CO | 1973 | 221 | 754 | 7,730 | 20,205 | 754 | 27,935 | 28,689 | (16,502 | ) | 12,187 | 6,708 | Garden | Jul 1994 | Boulder, CO | 1973 | 221 | 754 | 7,730 | 20,628 | 754 | 28,358 | 29,112 | (19,702 | ) | 9,410 | 38,500 | ||||||||||||||||||||||||||||||||||||
Broadcast Center | Garden | Mar 2002 | Los Angeles, CA | 1990 | 279 | 29,407 | 41,244 | 27,070 | 29,407 | 68,314 | 97,721 | (34,668 | ) | 63,053 | — | Garden | Mar 2002 | Los Angeles, CA | 1990 | 279 | 29,407 | 41,244 | 28,683 | 29,407 | 69,927 | 99,334 | (29,655 | ) | 69,679 | — | ||||||||||||||||||||||||||||||||||||
Broadway Lofts | High Rise | Sep 2012 | San Diego, CA | 1909 | 84 | 5,367 | 14,442 | 1,297 | 5,367 | 15,739 | 21,106 | (1,862 | ) | 19,244 | 9,448 | High Rise | Sep 2012 | San Diego, CA | 1909 | 84 | 5,367 | 14,442 | 6,126 | 5,367 | 20,568 | 25,935 | (4,604 | ) | 21,331 | 11,531 | ||||||||||||||||||||||||||||||||||||
Burke Shire Commons | Garden | Mar 2001 | Burke, VA | 1986 | 360 | 4,867 | 23,617 | 13,699 | 4,867 | 37,316 | 42,183 | (17,380 | ) | 24,803 | 40,536 | Garden | Mar 2001 | Burke, VA | 1986 | 360 | 4,867 | 23,617 | 17,678 | 4,867 | 41,295 | 46,162 | (24,737 | ) | 21,425 | 57,860 | ||||||||||||||||||||||||||||||||||||
Calhoun Beach Club | High Rise | Dec 1998 | Minneapolis, MN | 1928 | 332 | 11,708 | 73,334 | 54,533 | 11,708 | 127,867 | 139,575 | (67,386 | ) | 72,189 | 45,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Terrace | Garden | Mar 2002 | Saugus, CA | 1984 | 130 | 7,508 | 6,601 | 6,024 | 7,508 | 12,625 | 20,133 | (7,170 | ) | 12,963 | 9,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cedar Rim | Garden | Apr 2000 | Newcastle, WA | 1980 | 104 | 761 | 5,218 | 16,939 | 761 | 22,157 | 22,918 | (18,439 | ) | 4,479 | 7,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charlesbank Apartment Homes | Mid Rise | Sep 2013 | Watertown, MA | 2012 | 44 | 3,399 | 11,726 | 281 | 3,399 | 12,007 | 15,406 | (966 | ) | 14,440 | 8,214 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chestnut Hall | High Rise | Oct 2006 | Philadelphia, PA | 1923 | 315 | 12,338 | 14,299 | 10,196 | 12,338 | 24,495 | 36,833 | (13,517 | ) | 23,316 | 38,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chestnut Hill Village | Garden | Apr 2000 | Philadelphia, PA | 1963 | 821 | 6,469 | 49,316 | 43,542 | 6,469 | 92,858 | 99,327 | (57,694 | ) | 41,633 | 54,374 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chimneys of Cradle Rock | Garden | Jun 2004 | Columbia, MD | 1979 | 198 | 2,040 | 8,108 | 536 | 2,040 | 8,644 | 10,684 | (2,889 | ) | 7,795 | 15,619 |
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(1) | Initial Cost | Cost Capitalized | December 31, 2015 | (1) | Initial Cost | Cost Capitalized | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | Apartment | Date | Year | Apartment | ��Buildings and | Subsequent to | Buildings and | (3) | Accumulated | Total Cost | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||||
Calhoun Beach Club | High Rise | Dec 1998 | Minneapolis, MN | 1928 | 332 | 11,708 | 73,334 | 64,948 | 11,708 | 138,282 | 149,990 | (79,547 | ) | 70,443 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Terrace | Garden | Mar 2002 | Saugus, CA | 1984 | 130 | 7,508 | 6,601 | 6,525 | 7,508 | 13,126 | 20,634 | (6,960 | ) | 13,674 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cedar Rim | Garden | Apr 2000 | Newcastle, WA | 1980 | 104 | 761 | 5,218 | 13,032 | 761 | 18,250 | 19,011 | (13,153 | ) | 5,858 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charlesbank Apartment Homes | Mid Rise | Sep 2013 | Watertown, MA | 2012 | 44 | 3,399 | 11,726 | 821 | 3,399 | 12,547 | 15,946 | (2,404 | ) | 13,542 | 7,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chestnut Hall | High Rise | Oct 2006 | Philadelphia, PA | 1923 | 315 | 12,338 | 14,299 | 12,074 | 12,338 | 26,373 | 38,711 | (12,144 | ) | 26,567 | 36,653 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chimneys of Cradle Rock | Garden | Jun 2004 | Columbia, MD | 1979 | 198 | 2,040 | 8,108 | 1,116 | 2,040 | 9,224 | 11,264 | (4,206 | ) | 7,058 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Columbus Avenue | Mid Rise | Sep 2003 | New York, NY | 1880 | 59 | 35,527 | 9,450 | 5,137 | 35,527 | 14,587 | 50,114 | (8,251 | ) | 41,863 | 26,853 | Mid Rise | Sep 2003 | New York, NY | 1880 | 59 | 35,527 | 9,450 | 9,117 | 35,527 | 18,567 | 54,094 | (10,600 | ) | 43,494 | 25,205 | ||||||||||||||||||||||||||||||||||||
Creekside | Garden | Jan 2000 | Denver, CO | 1974 | 328 | 3,189 | 12,698 | 5,882 | 3,189 | 18,580 | 21,769 | (11,630 | ) | 10,139 | 12,021 | Garden | Jan 2000 | Denver, CO | 1974 | 328 | 3,189 | 12,698 | 7,450 | 3,189 | 20,148 | 23,337 | (13,072 | ) | 10,265 | 11,325 | ||||||||||||||||||||||||||||||||||||
Crescent at West Hollywood, The | Mid Rise | Mar 2002 | West Hollywood, CA | 1985 | 130 | 15,765 | 10,215 | 14,535 | 15,765 | 24,750 | 40,515 | (17,836 | ) | 22,679 | — | Mid Rise | Mar 2002 | West Hollywood, CA | 1985 | 130 | 15,765 | 10,215 | 8,411 | 15,765 | 18,626 | 34,391 | (12,166 | ) | 22,225 | 40,000 | ||||||||||||||||||||||||||||||||||||
Eastpointe | Garden | Dec 2014 | Boulder, CO | 1970 | 140 | 15,300 | 2,705 | 53 | 15,300 | 2,758 | 18,058 | (98 | ) | 17,960 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Elm Creek | Mid Rise | Dec 1997 | Elmhurst, IL | 1987 | 400 | 5,910 | 30,830 | 29,904 | 5,910 | 60,734 | 66,644 | (26,752 | ) | 39,892 | 39,940 | Mid Rise | Dec 1997 | Elmhurst, IL | 1987 | 400 | 5,910 | 30,830 | 31,950 | 5,910 | 62,780 | 68,690 | (32,993 | ) | 35,697 | 51,341 | ||||||||||||||||||||||||||||||||||||
Evanston Place | High Rise | Dec 1997 | Evanston, IL | 1990 | 190 | 3,232 | 25,546 | 11,823 | 3,232 | 37,369 | 40,601 | (16,285 | ) | 24,316 | 20,005 | High Rise | Dec 1997 | Evanston, IL | 1990 | 190 | 3,232 | 25,546 | 16,214 | 3,232 | 41,760 | 44,992 | (19,152 | ) | 25,840 | — | ||||||||||||||||||||||||||||||||||||
Farmingdale | Mid Rise | Oct 2000 | Darien, IL | 1975 | 240 | 11,763 | 15,174 | 9,766 | 11,763 | 24,940 | 36,703 | (11,975 | ) | 24,728 | 14,979 | Mid Rise | Oct 2000 | Darien, IL | 1975 | 240 | 11,763 | 15,174 | 11,173 | 11,763 | 26,347 | 38,110 | (13,618 | ) | 24,492 | 13,106 | ||||||||||||||||||||||||||||||||||||
Flamingo Towers | High Rise | Sep 1997 | Miami Beach, FL | 1960 | 1,227 | 32,430 | 48,808 | 267,185 | 32,434 | 315,989 | 348,423 | (137,704 | ) | 210,719 | 109,398 | High Rise | Sep 1997 | Miami Beach, FL | 1960 | 1,324 | 32,427 | 48,808 | 339,187 | 32,427 | 387,995 | 420,422 | (174,249 | ) | 246,173 | 103,152 | ||||||||||||||||||||||||||||||||||||
Four Quarters Habitat | Garden | Jan 2006 | Miami, FL | 1976 | 336 | 2,379 | 17,199 | 20,843 | 2,379 | 38,042 | 40,421 | (21,879 | ) | 18,542 | 6,781 | Garden | Jan 2006 | Miami, FL | 1976 | 336 | 2,379 | 17,199 | 30,286 | 2,379 | 47,485 | 49,864 | (27,112 | ) | 22,752 | 51,603 | ||||||||||||||||||||||||||||||||||||
Foxchase | Garden | Dec 1997 | Alexandria, VA | 1940 | 2,113 | 15,496 | 96,062 | 38,356 | 15,496 | 134,418 | 149,914 | (73,312 | ) | 76,602 | 237,881 | Garden | Dec 1997 | Alexandria, VA | 1940 | 2,113 | 15,496 | 96,062 | 52,254 | 15,496 | 148,316 | 163,812 | (85,298 | ) | 78,514 | 223,626 | ||||||||||||||||||||||||||||||||||||
Georgetown | Garden | Aug 2002 | Framingham, MA | 1964 | 207 | 12,351 | 13,168 | 2,700 | 12,351 | 15,868 | 28,219 | (6,769 | ) | 21,450 | 7,863 | Garden | Aug 2002 | Framingham, MA | 1964 | 207 | 12,351 | 13,168 | 3,996 | 12,351 | 17,164 | 29,515 | (8,281 | ) | 21,234 | 14,697 | ||||||||||||||||||||||||||||||||||||
Georgetown II | Mid Rise | Aug 2002 | Framingham, MA | 1958 | 72 | 4,577 | 4,057 | 1,252 | 4,577 | 5,309 | 9,886 | (2,595 | ) | 7,291 | 2,634 | Mid Rise | Aug 2002 | Framingham, MA | 1958 | 72 | 4,577 | 4,057 | 2,118 | 4,577 | 6,175 | 10,752 | (3,483 | ) | 7,269 | — | ||||||||||||||||||||||||||||||||||||
Grand Pointe | Garden | Dec 1999 | Columbia, MD | 1972 | 325 | 2,714 | 16,771 | 5,977 | 2,714 | 22,748 | 25,462 | (11,931 | ) | 13,531 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Park Escondido | Garden | Oct 2000 | Escondido, CA | 1986 | 196 | 1,055 | 7,565 | 1,659 | 1,055 | 9,224 | 10,279 | (6,112 | ) | 4,167 | 6,831 | Garden | Oct 2000 | Escondido, CA | 1986 | 196 | 1,055 | 7,565 | 2,572 | 1,055 | 10,137 | 11,192 | (6,993 | ) | 4,199 | 6,129 | ||||||||||||||||||||||||||||||||||||
Heritage Park Livermore | Garden | Oct 2000 | Livermore, CA | 1988 | 167 | — | 10,209 | 1,625 | — | 11,834 | 11,834 | (7,036 | ) | 4,798 | 7,060 | Garden | Oct 2000 | Livermore, CA | 1988 | 167 | — | 10,209 | 1,850 | — | 12,059 | 12,059 | (8,176 | ) | 3,883 | 6,353 | ||||||||||||||||||||||||||||||||||||
Heritage Village Anaheim | Garden | Oct 2000 | Anaheim, CA | 1986 | 196 | 1,832 | 8,541 | 1,455 | 1,832 | 9,996 | 11,828 | (6,295 | ) | 5,533 | 8,291 | Garden | Oct 2000 | Anaheim, CA | 1986 | 196 | 1,832 | 8,541 | 2,084 | 1,832 | 10,625 | 12,457 | (6,999 | ) | 5,458 | 7,441 | ||||||||||||||||||||||||||||||||||||
Hidden Cove | Garden | Jul 1998 | Escondido, CA | 1983 | 334 | 3,043 | 17,616 | 10,350 | 3,043 | 27,966 | 31,009 | (14,817 | ) | 16,192 | 35,320 | Garden | Jul 1998 | Escondido, CA | 1983 | 334 | 3,043 | 17,616 | 10,802 | 3,043 | 28,418 | 31,461 | (16,205 | ) | 15,256 | 51,840 | ||||||||||||||||||||||||||||||||||||
Hidden Cove II | Garden | Jul 2007 | Escondido, CA | 1986 | 118 | 12,849 | 6,530 | 7,063 | 12,849 | 13,593 | 26,442 | (7,274 | ) | 19,168 | 14,310 | Garden | Jul 2007 | Escondido, CA | 1986 | 118 | 12,849 | 6,530 | 5,260 | 12,849 | 11,790 | 24,639 | (5,263 | ) | 19,376 | 20,160 | ||||||||||||||||||||||||||||||||||||
Hillcreste | Garden | Mar 2002 | Century City, CA | 1989 | 315 | 35,862 | 47,216 | 18,465 | 35,862 | 65,681 | 101,543 | (31,011 | ) | 70,532 | 67,724 | Garden | Mar 2002 | Century City, CA | 1989 | 315 | 35,862 | 47,216 | 13,194 | 35,862 | 60,410 | 96,272 | (27,374 | ) | 68,898 | 63,479 | ||||||||||||||||||||||||||||||||||||
Hillmeade | Garden | Nov 1994 | Nashville, TN | 1986 | 288 | 2,872 | 16,070 | 12,287 | 2,872 | 28,357 | 31,229 | (16,545 | ) | 14,684 | 16,307 | Garden | Nov 1994 | Nashville, TN | 1986 | 288 | 2,872 | 16,070 | 20,200 | 2,872 | 36,270 | 39,142 | (21,006 | ) | 18,136 | 27,321 | ||||||||||||||||||||||||||||||||||||
Horizons West Apartments | Mid Rise | Dec 2006 | Pacifica, CA | 1970 | 78 | 8,887 | 6,377 | 2,373 | 8,887 | 8,750 | 17,637 | (3,752 | ) | 13,885 | — | Mid Rise | Dec 2006 | Pacifica, CA | 1970 | 78 | 8,887 | 6,377 | 1,634 | 8,887 | 8,011 | 16,898 | (3,689 | ) | 13,209 | — | ||||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Sep 2000 | Gaithersburg, MD | 1986 | 336 | 17,859 | 13,149 | 9,320 | 17,859 | 22,469 | 40,328 | (11,993 | ) | 28,335 | — | Garden | Sep 2000 | Gaithersburg, MD | 1986 | 336 | 17,859 | 13,149 | 14,154 | 17,859 | 27,303 | 45,162 | (16,083 | ) | 29,079 | — | ||||||||||||||||||||||||||||||||||||
Hunter's Chase | Garden | Jan 2001 | Midlothian, VA | 1985 | 320 | 7,935 | 7,915 | 3,156 | 7,935 | 11,071 | 19,006 | (5,032 | ) | 13,974 | 14,704 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hunters Glen | Garden | Oct 1999 | Plainsboro, NJ | 1976 | 896 | 8,778 | 47,259 | 39,501 | 8,778 | 86,760 | 95,538 | (63,424 | ) | 32,114 | 62,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hyde Park Tower | High Rise | Oct 2004 | Chicago, IL | 1990 | 155 | 4,731 | 14,927 | 5,076 | 4,731 | 20,003 | 24,734 | (5,429 | ) | 19,305 | 13,499 | High Rise | Oct 2004 | Chicago, IL | 1990 | 155 | 4,731 | 14,927 | 12,334 | 4,731 | 27,261 | 31,992 | (9,569 | ) | 22,423 | 12,620 | ||||||||||||||||||||||||||||||||||||
Indian Oaks | Garden | Mar 2002 | Simi Valley, CA | 1986 | 254 | 24,523 | 15,801 | 5,323 | 24,523 | 21,124 | 45,647 | (10,467 | ) | 35,180 | — | Garden | Mar 2002 | Simi Valley, CA | 1986 | 254 | 24,523 | 15,801 | 11,246 | 24,523 | 27,047 | 51,570 | (13,180 | ) | 38,390 | 27,596 | ||||||||||||||||||||||||||||||||||||
Indigo | High Rise | Aug 2016 | Redwood City, CA | 2016 | 463 | 26,932 | 296,116 | 1,771 | 26,932 | 297,887 | 324,819 | (24,707 | ) | 300,112 | 138,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Island Club | Garden | Oct 2000 | Oceanside, CA | 1986 | 592 | 18,027 | 28,654 | 16,400 | 18,027 | 45,054 | 63,081 | (27,267 | ) | 35,814 | 58,917 | Garden | Oct 2000 | Oceanside, CA | 1986 | 592 | 18,027 | 28,654 | 18,740 | 18,027 | 47,394 | 65,421 | (30,320 | ) | 35,101 | 94,967 | ||||||||||||||||||||||||||||||||||||
Key Towers | High Rise | Apr 2001 | Alexandria, VA | 1964 | 140 | 1,526 | 7,050 | 6,794 | 1,526 | 13,844 | 15,370 | (9,988 | ) | 5,382 | 9,939 | High Rise | Apr 2001 | Alexandria, VA | 1964 | 140 | 1,526 | 7,050 | 7,781 | 1,526 | 14,831 | 16,357 | (11,892 | ) | 4,465 | — | ||||||||||||||||||||||||||||||||||||
Lakeside | Garden | Oct 1999 | Lisle, IL | 1972 | 568 | 5,840 | 27,937 | 32,367 | 5,840 | 60,304 | 66,144 | (40,623 | ) | 25,521 | 26,830 | Garden | Oct 1999 | Lisle, IL | 1972 | 568 | 5,840 | 27,937 | 22,408 | 5,840 | 50,345 | 56,185 | (33,582 | ) | 22,603 | 25,090 | ||||||||||||||||||||||||||||||||||||
Lakeside at Vinings Mountain | Garden | Jan 2000 | Atlanta, GA | 1983 | 220 | 2,111 | 11,862 | 15,536 | 2,111 | 27,398 | 29,509 | (19,806 | ) | 9,703 | 13,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Latrobe | High Rise | Jan 2003 | Washington, DC | 1980 | 175 | 3,459 | 9,103 | 16,471 | 3,459 | 25,574 | 29,033 | (17,915 | ) | 11,118 | 28,460 | High Rise | Jan 2003 | Washington, DC | 1980 | 175 | 3,459 | 9,103 | 12,715 | 3,459 | 21,818 | 25,277 | (11,916 | ) | 13,361 | 26,758 | ||||||||||||||||||||||||||||||||||||
Laurel Crossing | Garden | Jan 2006 | San Mateo, CA | 1971 | 418 | 49,474 | 17,756 | 14,166 | 49,474 | 31,922 | 81,396 | (15,757 | ) | 65,639 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln Place (5) | Garden | Oct 2004 | Venice, CA | 1951 | 795 | 128,332 | 10,439 | 331,935 | 44,197 | 342,374 | 386,571 | (41,609 | ) | 344,962 | 197,449 | Garden | Oct 2004 | Venice, CA | 1951 | 795 | 128,332 | 10,439 | 337,267 | 44,197 | 347,706 | 391,903 | (121,677 | ) | 270,226 | 187,723 | ||||||||||||||||||||||||||||||||||||
Locust on the Park | High Rise | May 2018 | Philadelphia, PA | 1911 | 152 | 5,292 | 53,823 | 2,474 | 5,292 | 56,297 | 61,589 | (1,183 | ) | 60,406 | 35,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lodge at Chattahoochee, The | Garden | Oct 1999 | Sandy Springs, GA | 1970 | 312 | 2,335 | 16,370 | 20,826 | 2,335 | 37,196 | 39,531 | (24,539 | ) | 14,992 | 20,530 | Garden | Oct 1999 | Sandy Springs, GA | 1970 | 312 | 2,335 | 16,370 | 16,809 | 2,335 | 33,179 | 35,514 | (22,375 | ) | 13,139 | — | ||||||||||||||||||||||||||||||||||||
Malibu Canyon | Garden | Mar 2002 | Calabasas, CA | 1986 | 698 | 69,834 | 53,438 | 21,973 | 69,834 | 75,411 | 145,245 | (36,536 | ) | 108,709 | 111,854 | Garden | Mar 2002 | Calabasas, CA | 1986 | 698 | 69,834 | 53,438 | 37,919 | 69,834 | 91,357 | 161,191 | (45,222 | ) | 115,969 | 105,367 | ||||||||||||||||||||||||||||||||||||
Maple Bay | Garden | Dec 1999 | Virginia Beach, VA | 1971 | 414 | 2,597 | 16,141 | 28,071 | 2,597 | 44,212 | 46,809 | (30,732 | ) | 16,077 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mariner's | Garden | Mar 2002 | San Diego, CA | 1984 | 500 | — | 66,861 | 7,956 | — | 74,817 | 74,817 | (32,476 | ) | 42,341 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mariners Cove | Garden | Mar 2002 | San Diego, CA | 1984 | 500 | — | 66,861 | 13,317 | — | 80,178 | 80,178 | (39,035 | ) | 41,143 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Meadow Creek | Garden | Jul 1994 | Boulder, CO | 1968 | 332 | 1,435 | 24,533 | 4,863 | 1,435 | 29,396 | 30,831 | (15,893 | ) | 14,938 | — | Garden | Jul 1994 | Boulder, CO | 1968 | 332 | 1,435 | 24,533 | 9,602 | 1,435 | 34,135 | 35,570 | (19,285 | ) | 16,285 | — | ||||||||||||||||||||||||||||||||||||
Merrill House | High Rise | Jan 2000 | Falls Church, VA | 1964 | 159 | 1,836 | 10,831 | 7,558 | 1,836 | 18,389 | 20,225 | (9,281 | ) | 10,944 | 17,911 | High Rise | Jan 2000 | Falls Church, VA | 1964 | 159 | 1,836 | 10,831 | 7,657 | 1,836 | 18,488 | 20,324 | (10,492 | ) | 9,832 | — | ||||||||||||||||||||||||||||||||||||
Mezzo | High Rise | Mar 2015 | Atlanta, GA | 2008 | 94 | 4,292 | 34,178 | 9 | 4,292 | 34,187 | 38,479 | (1,153 | ) | 37,326 | 24,962 | High Rise | Mar 2015 | Atlanta, GA | 2008 | 94 | 4,292 | 34,178 | 1,250 | 4,292 | 35,428 | 39,720 | (5,484 | ) | 34,236 | 23,496 | ||||||||||||||||||||||||||||||||||||
Monterey Grove | Garden | Jun 2008 | San Jose, CA | 1999 | 224 | 34,325 | 21,939 | 4,178 | 34,325 | 26,117 | 60,442 | (9,158 | ) | 51,284 | — | Garden | Jun 2008 | San Jose, CA | 1999 | 224 | 34,325 | 21,939 | 8,674 | 34,325 | 30,613 | 64,938 | (12,039 | ) | 52,899 | — | ||||||||||||||||||||||||||||||||||||
Ocean House on Prospect | Mid Rise | Apr 2013 | La Jolla, CA | 1970 | 53 | 12,528 | 18,805 | 14,615 | 12,528 | 33,420 | 45,948 | (684 | ) | 45,264 | 13,906 | Mid Rise | Apr 2013 | La Jolla, CA | 1970 | 53 | 12,528 | 18,805 | 15,089 | 12,528 | 33,894 | 46,422 | (6,592 | ) | 39,830 | 12,745 | ||||||||||||||||||||||||||||||||||||
One Canal | High Rise | Sep 2013 | Boston, MA | In process | 310 | — | 15,873 | 146,811 | — | 162,684 | 162,684 | (1 | ) | 162,683 | 86,151 | High Rise | Sep 2013 | Boston, MA | 2016 | 310 | — | 15,873 | 179,912 | — | 195,785 | 195,785 | (20,623 | ) | 175,162 | 110,310 | ||||||||||||||||||||||||||||||||||||
Pacific Bay Vistas (5) | Garden | Mar 2001 | San Bruno, CA | 1987 | 308 | 28,694 | 62,460 | 36,590 | 23,354 | 99,050 | 122,404 | (14,841 | ) | 107,563 | 70,356 | Garden | Mar 2001 | San Bruno, CA | 1987 | 308 | 28,694 | 62,460 | 39,067 | 23,354 | 101,527 | 124,881 | (35,131 | ) | 89,750 | 67,826 | ||||||||||||||||||||||||||||||||||||
Pacifica Park | Garden | Jul 2006 | Pacifica, CA | 1977 | 104 | 12,970 | 6,579 | 4,465 | 12,970 | 11,044 | 24,014 | (5,001 | ) | 19,013 | 11,687 | Garden | Jul 2006 | Pacifica, CA | 1977 | 104 | 12,970 | 6,579 | 7,879 | 12,970 | 14,458 | 27,428 | (6,565 | ) | 20,863 | 28,613 | ||||||||||||||||||||||||||||||||||||
Palazzo at Park La Brea, The | Mid Rise | Feb 2004 | Los Angeles, CA | 2002 | 521 | 48,362 | 125,464 | 30,633 | 48,362 | 156,097 | 204,459 | (65,684 | ) | 138,775 | 170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Palazzo East at Park La Brea, The | Mid Rise | Mar 2005 | Los Angeles, CA | 2005 | 611 | 72,578 | 136,503 | 18,586 | 72,578 | 155,089 | 227,667 | (61,475 | ) | 166,192 | 117,447 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Park Towne Place | High Rise | Apr 2000 | Philadelphia, PA | 1959 | 948 | 10,472 | 47,301 | 213,782 | 10,472 | 261,083 | 271,555 | (59,556 | ) | 211,999 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway | Garden | Mar 2000 | Willamsburg, VA | 1971 | 148 | 386 | 2,834 | 2,757 | 386 | 5,591 | 5,977 | (3,450 | ) | 2,527 | — |
(2) | (3) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2015 | (1) | Initial Cost | Cost Capitalized | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (3) | Accumulated | Total Cost | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||||
Palazzo at Park La Brea, The | Mid Rise | Feb 2004 | Los Angeles, CA | 2002 | 521 | 48,362 | 125,464 | 45,176 | 48,362 | 170,640 | 219,002 | (80,075 | ) | 138,927 | 168,654 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Palazzo East at Park La Brea, The | Mid Rise | Mar 2005 | Los Angeles, CA | 2005 | 611 | 72,578 | 136,503 | 19,328 | 72,578 | 155,831 | 228,409 | (72,709 | ) | 155,700 | 196,109 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Parc Mosaic | Garden | Dec 2014 | Boulder, CO | 1970 | 226 | 15,300 | — | 53,638 | 15,300 | 53,638 | 68,938 | — | 68,938 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Towne Place | High Rise | Apr 2000 | Philadelphia, PA | 1959 | 940 | 10,472 | 47,301 | 345,748 | 10,472 | 393,049 | 403,521 | (119,350 | ) | 284,171 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pathfinder Village | Garden | Jan 2006 | Fremont, CA | 1973 | 246 | 19,595 | 14,838 | 10,266 | 19,595 | 25,104 | 44,699 | (11,145 | ) | 33,554 | 39,604 | Garden | Jan 2006 | Fremont, CA | 1973 | 246 | 19,595 | 14,838 | 18,457 | 19,595 | 33,295 | 52,890 | (14,518 | ) | 38,372 | 55,000 | ||||||||||||||||||||||||||||||||||||
Peachtree Park | Garden | Jan 1996 | Atlanta, GA | 1969 | 303 | 4,684 | 11,713 | 12,506 | 4,684 | 24,219 | 28,903 | (13,562 | ) | 15,341 | 7,301 | Garden | Jan 1996 | Atlanta, GA | 1969 | 303 | 4,684 | 11,713 | 14,045 | 4,684 | 25,758 | 30,442 | (16,449 | ) | 13,993 | 27,800 | ||||||||||||||||||||||||||||||||||||
Peak at Vinings Mountain, The | Garden | Jan 2000 | Atlanta, GA | 1980 | 280 | 2,651 | 13,660 | 18,395 | 2,651 | 32,055 | 34,706 | (23,516 | ) | 11,190 | 14,776 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Plantation Gardens | Garden | Oct 1999 | Plantation ,FL | 1971 | 372 | 3,773 | 19,443 | 19,344 | 3,773 | 38,787 | 42,560 | (21,336 | ) | 21,224 | 21,737 | Garden | Oct 1999 | Plantation, FL | 1971 | 372 | 3,773 | 19,443 | 25,655 | 3,773 | 45,098 | 48,871 | (27,273 | ) | 21,598 | — | ||||||||||||||||||||||||||||||||||||
Post Ridge | Garden | Jul 2000 | Nashville, TN | 1972 | 150 | 1,883 | 6,712 | 4,557 | 1,883 | 11,269 | 13,152 | (7,181 | ) | 5,971 | 5,465 | Garden | Jul 2000 | Nashville, TN | 1972 | 150 | 1,883 | 6,712 | 4,537 | 1,883 | 11,249 | 13,132 | (7,401 | ) | 5,731 | — | ||||||||||||||||||||||||||||||||||||
Preserve at Marin | Mid Rise | Aug 2011 | Corte Madera, CA | 1964 | 126 | 18,179 | 30,132 | 81,024 | 18,179 | 111,156 | 129,335 | (7,458 | ) | 121,877 | 38,478 | Mid Rise | Aug 2011 | Corte Madera, CA | 1964 | 126 | 18,179 | 30,132 | 84,629 | 18,179 | 114,761 | 132,940 | (26,039 | ) | 106,901 | 36,260 | ||||||||||||||||||||||||||||||||||||
Ravensworth Towers | High Rise | Jun 2004 | Annandale, VA | 1974 | 219 | 3,455 | 17,157 | 3,055 | 3,455 | 20,212 | 23,667 | (12,328 | ) | 11,339 | 21,613 | High Rise | Jun 2004 | Annandale, VA | 1974 | 219 | 3,455 | 17,157 | 4,490 | 3,455 | 21,647 | 25,102 | (14,617 | ) | 10,485 | 20,342 | ||||||||||||||||||||||||||||||||||||
Reflections | Garden | Sep 2000 | Virginia Beach, VA | 1987 | 480 | 15,988 | 13,684 | 4,840 | 15,988 | 18,524 | 34,512 | (9,758 | ) | 24,754 | 29,352 | |||||||||||||||||||||||||||||||||||||||||||||||||||
River Club,The | Garden | Apr 2005 | Edgewater, NJ | 1998 | 266 | 30,579 | 30,638 | 3,783 | 30,579 | 34,421 | 65,000 | (12,764 | ) | 52,236 | — | Garden | Apr 2005 | Edgewater, NJ | 1998 | 266 | 30,579 | 30,638 | 7,475 | 30,579 | 38,113 | 68,692 | (17,293 | ) | 51,399 | 60,000 | ||||||||||||||||||||||||||||||||||||
Riverloft | High Rise | Oct 1999 | Philadelphia, PA | 1910 | 184 | 2,120 | 11,286 | 29,301 | 2,120 | 40,587 | 42,707 | (18,171 | ) | 24,536 | 12,495 | High Rise | Oct 1999 | Philadelphia, PA | 1910 | 184 | 2,120 | 11,286 | 35,086 | 2,120 | 46,372 | 48,492 | (23,386 | ) | 25,106 | 7,680 | ||||||||||||||||||||||||||||||||||||
Riverside | High Rise | Apr 2000 | Alexandria ,VA | 1973 | 1,222 | 10,854 | 65,473 | 91,415 | 10,854 | 156,888 | 167,742 | (110,957 | ) | 56,785 | 114,639 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rosewood | Garden | Mar 2002 | Camarillo, CA | 1976 | 152 | 12,430 | 8,060 | 3,600 | 12,430 | 11,660 | 24,090 | (5,475 | ) | 18,615 | 16,697 | Garden | Mar 2002 | Camarillo, CA | 1976 | 152 | 12,430 | 8,060 | 5,754 | 12,430 | 13,814 | 26,244 | (6,984 | ) | 19,260 | — | ||||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug 2002 | Warwick, RI | 1972 | 492 | 22,433 | 24,095 | 4,365 | 22,433 | 28,460 | 50,893 | (17,152 | ) | 33,741 | 34,670 | Garden | Aug 2002 | Warwick, RI | 1972 | 492 | 22,433 | 24,095 | 5,512 | 22,433 | 29,607 | 52,040 | (20,050 | ) | 31,990 | — | ||||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug 2002 | Nashua, NH | 1970 | 902 | 68,230 | 45,562 | 11,025 | 68,230 | 56,587 | 124,817 | (36,300 | ) | 88,517 | 32,759 | Garden | Aug 2002 | Nashua, NH | 1970 | 902 | 68,230 | 45,562 | 15,751 | 68,230 | 61,313 | 129,543 | (41,440 | ) | 88,103 | 71,957 | ||||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug 2002 | Marlborough, MA | 1970 | 473 | 25,178 | 28,786 | 8,731 | 25,178 | 37,517 | 62,695 | (20,443 | ) | 42,252 | 32,188 | Garden | Aug 2002 | Marlborough, MA | 1970 | 473 | 25,178 | 28,786 | 13,490 | 25,178 | 42,276 | 67,454 | (26,610 | ) | 40,844 | — | ||||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug 2002 | North Andover, MA | 1970 | 588 | 51,292 | 36,808 | 21,462 | 51,292 | 58,270 | 109,562 | (27,517 | ) | 82,045 | — | Garden | Aug 2002 | North Andover, MA | 1970 | 588 | 51,292 | 36,808 | 27,916 | 51,292 | 64,724 | 116,016 | (36,132 | ) | 79,884 | — | ||||||||||||||||||||||||||||||||||||
Savannah Trace | Garden | Mar 2001 | Shaumburg, IL | 1986 | 368 | 13,960 | 20,731 | 5,185 | 13,960 | 25,916 | 39,876 | (13,367 | ) | 26,509 | 24,142 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Saybrook Point | Garden | Dec 2014 | San Jose, CA | 1995 | 324 | 32,842 | 84,457 | 625 | 32,842 | 85,082 | 117,924 | (2,957 | ) | 114,967 | 64,861 | Garden | Dec 2014 | San Jose, CA | 1995 | 324 | 32,842 | 84,457 | 25,729 | 32,842 | 110,186 | 143,028 | (14,179 | ) | 128,849 | 62,329 | ||||||||||||||||||||||||||||||||||||
Scotchollow | Garden | Jan 2006 | San Mateo, CA | 1971 | 418 | 49,475 | 17,756 | 12,635 | 49,475 | 30,391 | 79,866 | (14,101 | ) | 65,765 | 75,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shenandoah Crossing | Garden | Sep 2000 | Fairfax, VA | 1984 | 640 | 18,200 | 57,198 | 19,746 | 18,200 | 76,944 | 95,144 | (43,570 | ) | 51,574 | 61,964 | Garden | Sep 2000 | Fairfax, VA | 1984 | 640 | 18,200 | 57,198 | 25,345 | 18,200 | 82,543 | 100,743 | (58,302 | ) | 42,441 | 58,565 | ||||||||||||||||||||||||||||||||||||
SouthStar Lofts | High Rise | May 2018 | Philadelphia, PA | 2014 | 85 | 1,780 | 37,428 | 402 | 1,780 | 37,830 | 39,610 | (836 | ) | 38,774 | 30,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Springwoods at Lake Ridge | Garden | Jul 2002 | Woodbridge, VA | 1984 | 180 | 5,587 | 7,284 | 2,857 | 5,587 | 10,141 | 15,728 | (3,214 | ) | 12,514 | — | Garden | Jul 2002 | Woodbridge, VA | 1984 | 180 | 5,587 | 7,284 | 3,642 | 5,587 | 10,926 | 16,513 | (4,606 | ) | 11,907 | — | ||||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Sep 2000 | Largo, MD | 1986 | 240 | 3,675 | 16,111 | 4,464 | 3,675 | 20,575 | 24,250 | (11,298 | ) | 12,952 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
St. George Villas | Garden | Jan 2006 | St. George, SC | 1984 | 40 | 107 | 1,025 | 410 | 107 | 1,435 | 1,542 | (1,256 | ) | 286 | 314 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sterling Apartment Homes, The | Garden | Oct 1999 | Philadelphia, PA | 1961 | 535 | 8,871 | 55,365 | 75,489 | 8,871 | 130,854 | 139,725 | (49,401 | ) | 90,324 | 69,983 | Garden | Oct 1999 | Philadelphia, PA | 1961 | 534 | 8,871 | 55,365 | 120,426 | 8,871 | 175,791 | 184,662 | (82,367 | ) | 102,295 | 144,030 | ||||||||||||||||||||||||||||||||||||
Stone Creek Club | Garden | Sep 2000 | Germantown, MD | 1984 | 240 | 13,593 | 9,347 | 6,895 | 13,593 | 16,242 | 29,835 | (10,321 | ) | 19,514 | — | Garden | Sep 2000 | Germantown, MD | 1984 | 240 | 13,593 | 9,347 | 8,078 | 13,593 | 17,425 | 31,018 | (12,553 | ) | 18,465 | — | ||||||||||||||||||||||||||||||||||||
The Left Bank | Mid Rise | May 2018 | Philadelphia, PA | 1929 | 282 | — | 130,893 | 3,053 | — | 133,946 | 133,946 | (2,879 | ) | 131,067 | 82,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Timbers at Long Reach Apartment Homes | Garden | Apr 2005 | Columbia, MD | 1979 | 178 | 2,430 | 12,181 | 496 | 2,430 | 12,677 | 15,107 | (6,704 | ) | 8,403 | 12,896 | Garden | Apr 2005 | Columbia, MD | 1979 | 178 | 2,430 | 12,181 | 1,705 | 2,430 | 13,886 | 16,316 | (8,182 | ) | 8,134 | — | ||||||||||||||||||||||||||||||||||||
Towers Of Westchester Park, The | High Rise | Jan 2006 | College Park, MD | 1972 | 303 | 15,198 | 22,029 | 11,982 | 15,198 | 34,011 | 49,209 | (13,952 | ) | 35,257 | 24,952 | High Rise | Jan 2006 | College Park, MD | 1972 | 303 | 15,198 | 22,029 | 13,936 | 15,198 | 35,965 | 51,163 | (18,825 | ) | 32,338 | 23,232 | ||||||||||||||||||||||||||||||||||||
Township At Highlands | Town Home | Nov 1996 | Centennial, CO | 1985 | 161 | 1,536 | 9,773 | 6,618 | 1,536 | 16,391 | 17,927 | (10,131 | ) | 7,796 | 14,738 | Town Home | Nov 1996 | Centennial, CO | 1985 | 161 | 1,536 | 9,773 | 9,280 | 1,536 | 19,053 | 20,589 | (12,181 | ) | 8,408 | 13,557 | ||||||||||||||||||||||||||||||||||||
Tremont | Mid Rise | Dec 2014 | Atlanta, GA | 2009 | 78 | 5,274 | 18,550 | 530 | 5,274 | 19,080 | 24,354 | (663 | ) | 23,691 | — | Mid Rise | Dec 2014 | Atlanta, GA | 2009 | 78 | 5,274 | 18,011 | 2,746 | 5,274 | 20,757 | 26,031 | (3,110 | ) | 22,921 | — | ||||||||||||||||||||||||||||||||||||
Twin Lake Towers | High Rise | Oct 1999 | Westmont, IL | 1969 | 399 | 3,268 | 18,763 | 37,876 | 3,268 | 56,639 | 59,907 | (41,472 | ) | 18,435 | 31,110 | High Rise | Oct 1999 | Westmont, IL | 1969 | 399 | 3,268 | 18,763 | 37,904 | 3,268 | 56,667 | 59,935 | (43,106 | ) | 16,829 | 44,906 | ||||||||||||||||||||||||||||||||||||
Vantage Pointe | Mid Rise | Aug 2002 | Swampscott, MA | 1987 | 96 | 4,748 | 10,089 | 1,652 | 4,748 | 11,741 | 16,489 | (4,312 | ) | 12,177 | 4,561 | Mid Rise | Aug 2002 | Swampscott, MA | 1987 | 96 | 4,748 | 10,089 | 2,314 | 4,748 | 12,403 | 17,151 | (5,294 | ) | 11,857 | 2,746 | ||||||||||||||||||||||||||||||||||||
Views at Vinings Mountain, The | Garden | Jan 2006 | Atlanta, GA | 1983 | 180 | 610 | 5,026 | 12,011 | 610 | 17,037 | 17,647 | (15,466 | ) | 2,181 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Villa Del Sol | Garden | Mar 2002 | Norwalk, CA | 1972 | 120 | 7,476 | 4,861 | 2,284 | 7,476 | 7,145 | 14,621 | (4,044 | ) | 10,577 | 11,237 | Garden | Mar 2002 | Norwalk, CA | 1972 | 120 | 7,476 | 4,861 | 4,553 | 7,476 | 9,414 | 16,890 | (5,216 | ) | 11,674 | 10,582 | ||||||||||||||||||||||||||||||||||||
Village of Pennbrook | Garden | Oct 1998 | Levittown, PA | 1969 | 722 | 10,240 | 38,222 | 11,293 | 10,240 | 49,515 | 59,755 | (29,580 | ) | 30,175 | 44,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Villas at Park La Brea, The | Garden | Mar 2002 | Los Angeles, CA | 2002 | 250 | 8,630 | 48,871 | 6,950 | 8,630 | 55,821 | 64,451 | (25,367 | ) | 39,084 | 19,248 | Garden | Mar 2002 | Los Angeles, CA | 2002 | 250 | 8,630 | 48,871 | 16,008 | 8,630 | 64,879 | 73,509 | (30,510 | ) | 42,999 | 53,868 | ||||||||||||||||||||||||||||||||||||
Villas of Pasadena | Mid Rise | Jan 2006 | Pasadena, CA | 1973 | 92 | 9,693 | 6,818 | 1,978 | 9,693 | 8,796 | 18,489 | (3,329 | ) | 15,160 | 9,689 | Mid Rise | Jan 2006 | Pasadena, CA | 1973 | 92 | 9,693 | 6,818 | 4,493 | 9,693 | 11,311 | 21,004 | (4,397 | ) | 16,607 | — | ||||||||||||||||||||||||||||||||||||
Vivo | High Rise | Jun 2015 | Cambridge, MA | 2015 | 91 | 6,450 | 35,974 | 1,332 | 6,450 | 37,306 | 43,756 | (480 | ) | 43,276 | — | High Rise | Jun 2016 | Cambridge, MA | 2015 | 91 | 6,450 | 35,974 | 5,590 | 6,450 | 41,564 | 48,014 | (8,694 | ) | 39,320 | 20,310 | ||||||||||||||||||||||||||||||||||||
Waterford Village | Garden | Aug 2002 | Bridgewater, MA | 1971 | 588 | 29,110 | 28,101 | 3,161 | 29,110 | 31,262 | 60,372 | (22,639 | ) | 37,733 | 37,394 | Garden | Aug 2002 | Bridgewater, MA | 1971 | 588 | 29,110 | 28,101 | 8,222 | 29,110 | 36,323 | 65,433 | (26,540 | ) | 38,893 | 35,269 | ||||||||||||||||||||||||||||||||||||
Waterways Village | Garden | Jun 1997 | Aventura, FL | 1994 | 180 | 4,504 | 11,064 | 6,180 | 4,504 | 17,244 | 21,748 | (9,092 | ) | 12,656 | — | Garden | Jun 1997 | Aventura, FL | 1994 | 180 | 4,504 | 11,064 | 15,205 | 4,504 | 26,269 | 30,773 | (12,394 | ) | 18,379 | 13,168 | ||||||||||||||||||||||||||||||||||||
Waverly Apartments | Garden | Aug 2008 | Brighton, MA | 1970 | 103 | 7,920 | 11,347 | 2,289 | 7,920 | 13,636 | 21,556 | (4,422 | ) | 17,134 | 12,241 | Garden | Aug 2008 | Brighton, MA | 1970 | 103 | 7,920 | 11,347 | 6,299 | 7,920 | 17,646 | 25,566 | (6,323 | ) | 19,243 | 11,515 | ||||||||||||||||||||||||||||||||||||
Wexford Village | Garden | Aug 2002 | Worcester, MA | 1974 | 264 | 6,349 | 17,939 | 1,725 | 6,349 | 19,664 | 26,013 | (10,694 | ) | 15,319 | 9,290 | Garden | Aug 2002 | Worcester, MA | 1974 | 264 | 6,349 | 17,939 | 4,245 | 6,349 | 22,184 | 28,533 | (12,980 | ) | 15,553 | — | ||||||||||||||||||||||||||||||||||||
Willow Bend | Garden | May 1998 | Rolling Meadows, IL | 1969 | 328 | 2,717 | 15,437 | 26,474 | 2,717 | 41,911 | 44,628 | (29,319 | ) | 15,309 | 18,037 | Garden | May 1998 | Rolling Meadows, IL | 1969 | 328 | 2,717 | 15,437 | 19,609 | 2,717 | 35,046 | 37,763 | (23,492 | ) | 14,271 | 33,175 | ||||||||||||||||||||||||||||||||||||
Windrift | Garden | Mar 2001 | Oceanside, CA | 1987 | 404 | 24,960 | 17,590 | 19,074 | 24,960 | 36,664 | 61,624 | (25,511 | ) | 36,113 | 41,084 | Garden | Mar 2001 | Oceanside, CA | 1987 | 404 | 24,960 | 17,590 | 21,487 | 24,960 | 39,077 | 64,037 | (23,762 | ) | 40,275 | — | ||||||||||||||||||||||||||||||||||||
Windsor Park | Garden | Mar 2001 | Woodbridge, VA | 1987 | 220 | 4,279 | 15,970 | 5,503 | 4,279 | 21,473 | 25,752 | (10,732 | ) | 15,020 | 17,992 | Garden | Mar 2001 | Woodbridge, VA | 1987 | 220 | 4,279 | 15,970 | 6,217 | 4,279 | 22,187 | 26,466 | (13,378 | ) | 13,088 | — | ||||||||||||||||||||||||||||||||||||
Woods Of Williamsburg | Garden | Jan 2006 | Williamsburg, VA | 1976 | 125 | 798 | 3,657 | 1,103 | 798 | 4,760 | 5,558 | (3,930 | ) | 1,628 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yacht Club at Brickell | High Rise | Dec 2003 | Miami, FL | 1998 | 357 | 31,362 | 32,214 | 9,809 | 31,362 | 42,023 | 73,385 | (13,309 | ) | 60,076 | 47,304 | High Rise | Dec 2003 | Miami, FL | 1998 | 357 | 31,362 | 32,214 | 16,715 | 31,362 | 48,929 | 80,291 | (17,513 | ) | 62,778 | 44,219 | ||||||||||||||||||||||||||||||||||||
Yorktown Apartments | High Rise | Dec 1999 | Lombard, IL | 1971 | 364 | 3,055 | 18,162 | 33,837 | 3,055 | 51,999 | 55,054 | (23,181 | ) | 31,873 | 30,328 | High Rise | Dec 1999 | Lombard, IL | 1971 | 364 | 3,055 | 18,162 | 52,436 | 3,055 | 70,598 | 73,653 | (29,697 | ) | 43,956 | 38,280 | ||||||||||||||||||||||||||||||||||||
Total Conventional Apartment Communities | 40,226 | 1,834,423 | 3,104,080 | 2,606,954 | 1,744,952 | 5,711,030 | 7,455,982 | (2,371,248 | ) | 5,084,734 | 3,515,121 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (6) | — | 5,135 | — | 20,914 | 5,135 | 20,914 | 26,049 | — | 26,049 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Segment | Total Real Estate Segment | 35,625 | 1,846,000 | 3,494,014 | 3,058,051 | 1,756,525 | 6,552,065 | 8,308,590 | (2,585,115 | ) | 5,723,475 | 3,937,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | ||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2015 | ||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | ||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | |||||||||||||||||||
Affordable Apartment Communities: | |||||||||||||||||||||||||||||||||
All Hallows | Garden | Jan 2006 | San Francisco, CA | 1976 | 157 | 1,338 | 29,770 | 21,196 | 1,338 | 50,966 | 52,304 | (29,359 | ) | 22,945 | 22,334 | ||||||||||||||||||
Arvada House | High Rise | Nov 2004 | Arvada, CO | 1977 | 88 | 405 | 3,314 | 2,289 | 405 | 5,603 | 6,008 | (2,602 | ) | 3,406 | 3,909 | ||||||||||||||||||
Bayview | Garden | Jun 2005 | San Francisco, CA | 1976 | 146 | 582 | 15,265 | 17,888 | 582 | 33,153 | 33,735 | (20,987 | ) | 12,748 | 11,604 | ||||||||||||||||||
Beacon Hill | High Rise | Mar 2002 | Hillsdale, MI | 1980 | 198 | 1,094 | 7,044 | 6,171 | 1,094 | 13,215 | 14,309 | (6,359 | ) | 7,950 | 6,774 | ||||||||||||||||||
Biltmore Towers | High Rise | Mar 2002 | Dayton, OH | 1980 | 230 | 1,814 | 6,411 | 13,114 | 1,814 | 19,525 | 21,339 | (12,498 | ) | 8,841 | 10,257 | ||||||||||||||||||
Butternut Creek | Mid Rise | Jan 2006 | Charlotte, MI | 1980 | 100 | 505 | 3,617 | 3,975 | 505 | 7,592 | 8,097 | (5,851 | ) | 2,246 | 4,047 | ||||||||||||||||||
Carriage House | Mid Rise | Dec 2006 | Petersburg, VA | 1885 | 118 | 716 | 2,886 | 4,233 | 716 | 7,119 | 7,835 | (3,923 | ) | 3,912 | 1,833 | ||||||||||||||||||
City Line | Garden | Mar 2002 | Newport News, VA | 1976 | 200 | 500 | 2,014 | 7,712 | 500 | 9,726 | 10,226 | (4,582 | ) | 5,644 | 4,324 | ||||||||||||||||||
Copperwood I Apartments | Garden | Apr 2006 | The Woodlands, TX | 1980 | 150 | 383 | 8,373 | 5,901 | 383 | 8,117 | 8,500 | (6,142 | ) | 2,358 | 5,156 | ||||||||||||||||||
Copperwood II Apartments | Garden | Oct 2005 | The Woodlands, TX | 1981 | 150 | 459 | 5,553 | 3,647 | 459 | 9,200 | 9,659 | (5,442 | ) | 4,217 | 5,320 | ||||||||||||||||||
Country Club Heights | Garden | Mar 2004 | Quincy, IL | 1976 | 200 | 676 | 5,715 | 5,113 | 676 | 10,828 | 11,504 | (6,097 | ) | 5,407 | 5,472 | ||||||||||||||||||
Crevenna Oaks | Town Home | Jan 2006 | Burke, VA | 1979 | 50 | — | 5,203 | 437 | — | 5,640 | 5,640 | (3,181 | ) | 2,459 | 2,492 | ||||||||||||||||||
Fountain Place | Mid Rise | Jan 2006 | Connersville, IN | 1980 | 102 | 378 | 2,091 | 3,205 | 378 | 5,296 | 5,674 | (2,046 | ) | 3,628 | 918 | ||||||||||||||||||
Hopkins Village | Mid Rise | Sep 2003 | Baltimore, MD | 1979 | 165 | 549 | 5,973 | 3,821 | 549 | 9,794 | 10,343 | (4,406 | ) | 5,937 | 9,100 | ||||||||||||||||||
Ingram Square | Garden | Jan 2006 | San Antonio, TX | 1980 | 120 | 800 | 3,136 | 5,899 | 800 | 9,035 | 9,835 | (5,559 | ) | 4,276 | 3,251 | ||||||||||||||||||
Kirkwood House | High Rise | Sep 2004 | Baltimore, MD | 1979 | 261 | 1,337 | 9,358 | 9,053 | 1,337 | 18,411 | 19,748 | (8,568 | ) | 11,180 | 16,000 | ||||||||||||||||||
La Salle | Garden | Oct 2000 | San Francisco, CA | 1976 | 145 | 1,866 | 19,567 | 17,969 | 1,866 | 37,536 | 39,402 | (25,603 | ) | 13,799 | 17,522 | ||||||||||||||||||
La Vista | Garden | Jan 2006 | Concord, CA | 1981 | 75 | 581 | 4,449 | 4,668 | 581 | 9,117 | 9,698 | (3,772 | ) | 5,926 | 4,950 | ||||||||||||||||||
Loring Towers | High Rise | Oct 2002 | Minneapolis, MN | 1975 | 230 | 886 | 7,445 | 8,220 | 886 | 15,665 | 16,551 | (7,613 | ) | 8,938 | 9,578 | ||||||||||||||||||
Loring Towers Apartments | High Rise | Sep 2003 | Salem, MA | 1973 | 250 | 187 | 14,050 | 7,940 | 187 | 21,990 | 22,177 | (10,106 | ) | 12,071 | 9,978 | ||||||||||||||||||
New Baltimore | Mid Rise | Mar 2002 | New Baltimore, MI | 1980 | 101 | 896 | 2,360 | 5,311 | 896 | 7,671 | 8,567 | (4,208 | ) | 4,359 | 1,982 | ||||||||||||||||||
Northpoint | Garden | Jan 2000 | Chicago, IL | 1921 | 304 | 2,510 | 14,334 | 15,511 | 2,510 | 29,845 | 32,355 | (21,599 | ) | 10,756 | 17,580 | ||||||||||||||||||
Panorama Park | Garden | Mar 2002 | Bakersfield, CA | 1982 | 66 | 521 | 5,520 | 1,210 | 521 | 6,730 | 7,251 | (3,547 | ) | 3,704 | 1,790 | ||||||||||||||||||
Park Place | Mid Rise | Jun 2005 | St Louis, MO | 1977 | 242 | 705 | 6,327 | 8,260 | 705 | 14,587 | 15,292 | (10,771 | ) | 4,521 | 8,524 | ||||||||||||||||||
Parkways, The | Garden | Jun 2004 | Chicago, IL | 1925 | 446 | 3,426 | 23,257 | 20,768 | 3,426 | 44,025 | 47,451 | (25,348 | ) | 22,103 | 16,953 | ||||||||||||||||||
Pavilion | High Rise | Mar 2004 | Philadelphia, PA | 1976 | 296 | — | 15,415 | 2,308 | — | 17,723 | 17,723 | (9,034 | ) | 8,689 | 6,585 | ||||||||||||||||||
Pleasant Hills | Garden | Apr 2005 | Austin, TX | 1982 | 100 | 1,229 | 2,631 | 3,859 | 1,229 | 6,490 | 7,719 | (3,763 | ) | 3,956 | 2,951 | ||||||||||||||||||
Plummer Village | Mid Rise | Mar 2002 | North Hills, CA | 1983 | 75 | 666 | 2,647 | 1,313 | 666 | 3,960 | 4,626 | (2,634 | ) | 1,992 | 2,336 | ||||||||||||||||||
Riverwoods | High Rise | Jan 2006 | Kankakee, IL | 1983 | 125 | 598 | 4,931 | 3,628 | 598 | 8,559 | 9,157 | (3,642 | ) | 5,515 | 3,493 | ||||||||||||||||||
Round Barn Manor | Garden | Mar 2002 | Champaign, IL | 1979 | 156 | 810 | 5,134 | 6,130 | 810 | 11,264 | 12,074 | (4,111 | ) | 7,963 | 4,210 | ||||||||||||||||||
San Jose Apartments | Garden | Sep 2005 | San Antonio, TX | 1970 | 220 | 234 | 5,770 | 12,398 | 234 | 18,168 | 18,402 | (9,917 | ) | 8,485 | 4,358 | ||||||||||||||||||
San Juan Del Centro | Mid Rise | Sep 2005 | Boulder, CO | 1971 | 150 | 439 | 7,110 | 13,147 | 439 | 20,257 | 20,696 | (10,729 | ) | 9,967 | 11,707 | ||||||||||||||||||
Shoreview | Garden | Oct 1999 | San Francisco, CA | 1976 | 156 | 1,476 | 19,071 | 19,803 | 1,476 | 38,874 | 40,350 | (27,030 | ) | 13,320 | 18,957 | ||||||||||||||||||
South Bay Villa | Garden | Mar 2002 | Los Angeles, CA | 1981 | 80 | 1,352 | 2,770 | 3,556 | 1,352 | 6,326 | 7,678 | (5,205 | ) | 2,473 | 2,752 | ||||||||||||||||||
St. George Villas | Garden | Jan 2006 | St. George, SC | 1984 | 40 | 107 | 1,025 | 382 | 107 | 1,407 | 1,514 | (1,140 | ) | 374 | 378 | ||||||||||||||||||
Stonegate Apts | Mid Rise | Jul 2009 | Indianapolis, IN | 1920 | 52 | 122 | 1,920 | 764 | 122 | 2,684 | 2,806 | (1,478 | ) | 1,328 | 1,799 | ||||||||||||||||||
Summit Oaks | Town Home | Jan 2006 | Burke, VA | 1980 | 50 | — | 5,311 | 444 | — | 5,755 | 5,755 | (3,070 | ) | 2,685 | 2,478 | ||||||||||||||||||
Tamarac Pines Apartments I | Garden | Nov 2004 | Woodlands, TX | 1980 | 144 | 363 | 2,775 | 3,366 | 363 | 6,141 | 6,504 | (3,396 | ) | 3,108 | 3,692 | ||||||||||||||||||
Tamarac Pines Apartments II | Garden | Nov 2004 | Woodlands, TX | 1980 | 156 | 266 | 3,195 | 4,020 | 266 | 7,215 | 7,481 | (3,918 | ) | 3,563 | 4,000 | ||||||||||||||||||
Terry Manor | Mid Rise | Oct 2005 | Los Angeles, CA | 1977 | 170 | 1,997 | 5,848 | 5,265 | 1,997 | 11,113 | 13,110 | (8,419 | ) | 4,691 | 6,254 | ||||||||||||||||||
Tompkins Terrace | Garden | Oct 2002 | Beacon, NY | 1974 | 193 | 872 | 6,827 | 14,306 | 872 | 21,133 | 22,005 | (10,200 | ) | 11,805 | 6,613 | ||||||||||||||||||
University Square | High Rise | Mar 2005 | Philadelphia, PA | 1978 | 442 | 702 | 12,201 | 13,014 | 702 | 25,215 | 25,917 | (8,788 | ) | 17,129 | — | ||||||||||||||||||
Van Nuys Apartments | High Rise | Mar 2002 | Los Angeles, CA | 1981 | 299 | 3,576 | 21,226 | 23,543 | 3,576 | 44,769 | 48,345 | (18,832 | ) | 29,513 | 24,151 | ||||||||||||||||||
Wah Luck House | High Rise | Jan 2006 | Washington, DC | 1982 | 153 | — | 7,772 | 661 | — | 8,433 | 8,433 | (2,922 | ) | 5,511 | 5,457 | ||||||||||||||||||
Walnut Hills | High Rise | Jan 2006 | Cincinnati, OH | 1983 | 198 | 826 | 5,608 | 5,635 | 820 | 11,249 | 12,069 | (5,613 | ) | 6,456 | 5,117 | ||||||||||||||||||
Washington Square West | Mid Rise | Sep 2004 | Philadelphia, PA | 1982 | 132 | 582 | 11,169 | 5,273 | 582 | 16,442 | 17,024 | (11,093 | ) | 5,931 | 3,474 | ||||||||||||||||||
Whitefield Place | Garden | Apr 2005 | San Antonio, TX | 1980 | 80 | 219 | 3,151 | 2,128 | 219 | 5,279 | 5,498 | (2,989 | ) | 2,509 | 2,028 |
(2) | |||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2018 | ||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (3) | Accumulated | Total Cost | (4) | |||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | |||||||||||||||||||
(1) Date we acquired the apartment community or first consolidated the partnership that owns the apartment community. | |||||||||||||||||||||||||||||||||
(2) Includes costs capitalized since acquisition or date of initial consolidation of the partnership/apartment community. | |||||||||||||||||||||||||||||||||
(3) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $4.0 billion at December 31, 2018. | |||||||||||||||||||||||||||||||||
(4) Encumbrances are presented before reduction for debt issuance costs. | |||||||||||||||||||||||||||||||||
(5) The current carrying value of the apartment community reflects an impairment loss recognized during prior periods. | |||||||||||||||||||||||||||||||||
(6) Other includes land parcels and certain non-residential properties held for future development. | |||||||||||||||||||||||||||||||||
(2) | (3) | ||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2015 | ||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | ||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | |||||||||||||||||||
Winter Gardens | High Rise | Mar 2004 | St Louis, MO | 1920 | 112 | 300 | 3,072 | 4,706 | 300 | 7,778 | 8,078 | (2,654 | ) | 5,424 | 3,336 | ||||||||||||||||||
Woodland Hills | Garden | Oct 2005 | Jackson, MI | 1980 | 125 | 320 | 3,875 | 3,950 | 327 | 7,818 | 8,145 | (4,662 | ) | 3,483 | 3,265 | ||||||||||||||||||
Total Affordable Apartment Communities | 7,998 | 40,170 | 373,486 | 357,110 | 40,171 | 724,438 | 764,609 | (405,408 | ) | 359,201 | 331,039 | ||||||||||||||||||||||
Other (6) | — | 76,034 | 10,474 | 384 | 76,034 | 10,858 | 86,892 | (1,366 | ) | 85,526 | — | ||||||||||||||||||||||
Total | 48,224 | $ | 1,950,627 | $ | 3,488,040 | $ | 2,964,448 | $ | 1,861,157 | $ | 6,446,326 | $ | 8,307,483 | $ | (2,778,022 | ) | $ | 5,529,461 | $ | 3,846,160 | |||||||||||||
(1) Date we acquired the apartment community or first consolidated the partnership which owns the apartment community. | |||||||||||||||||||||||||||||||||
(2) For 2008 and prior periods, costs to acquire the noncontrolling interest’s share of our consolidated real estate partnerships were capitalized as part of the initial cost. | |||||||||||||||||||||||||||||||||
(3) Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/apartment community. | |||||||||||||||||||||||||||||||||
(4) The aggregate cost of land and depreciable property for Federal income tax purposes was approximately $3.8 billion at December 31, 2015. | |||||||||||||||||||||||||||||||||
(5) The current carrying value of the apartment community reflects an impairment loss recognized during prior periods. | |||||||||||||||||||||||||||||||||
(6) Other includes land parcels and certain non-residential properties held for future development. | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Real Estate Balance at beginning of year | $ | 8,144,958 | $ | 8,214,081 | $ | 8,333,419 | ||||||||||||||||
Real Estate Segment | ||||||||||||||||||||||
Real Estate balance at beginning of year | $ | 7,927,753 | $ | 7,931,117 | $ | 7,744,894 | ||||||||||||||||
Additions during the year: | ||||||||||||||||||||||
Acquisitions | 147,077 | 379,187 | 66,058 | 501,009 | 16,687 | 333,174 | ||||||||||||||||
Capital additions | 362,948 | 367,454 | 376,038 | 344,501 | 345,974 | 329,697 | ||||||||||||||||
Deductions during the year: | ||||||||||||||||||||||
Casualty and other write-offs (1) | (79,561 | ) | (111,068 | ) | (98,489 | ) | (58,152 | ) | (106,590 | ) | (170,744 | ) | ||||||||||
Impairment of real estate | — | (35,881 | ) | — | ||||||||||||||||||
Amounts related to assets held for sale | (7,036 | ) | (38,744 | ) | — | (83,905 | ) | (38,208 | ) | — | ||||||||||||
Sales | (260,903 | ) | (665,952 | ) | (462,945 | ) | (322,616 | ) | (185,346 | ) | (305,904 | ) | ||||||||||
Balance at end of year | $ | 8,307,483 | $ | 8,144,958 | $ | 8,214,081 | ||||||||||||||||
Accumulated Depreciation Balance at beginning of year | $ | 2,672,179 | $ | 2,822,872 | $ | 2,820,765 | ||||||||||||||||
Real Estate balance at end of year | $ | 8,308,590 | $ | 7,927,753 | $ | 7,931,117 | ||||||||||||||||
Accumulated Depreciation balance at beginning of year | $ | 2,522,358 | $ | 2,421,357 | $ | 2,488,448 | ||||||||||||||||
Additions during the year: | ||||||||||||||||||||||
Depreciation | 285,514 | 265,060 | 288,666 | 339,883 | 320,870 | 287,661 | ||||||||||||||||
Deductions during the year: | ||||||||||||||||||||||
Casualty and other write-offs (1) | (78,838 | ) | (106,802 | ) | (92,775 | ) | (57,067 | ) | (106,521 | ) | (169,098 | ) | ||||||||||
Amounts related to assets held for sale | (4,427 | ) | (12,304 | ) | — | (41,717 | ) | (20,383 | ) | — | ||||||||||||
Sales | (96,406 | ) | (296,647 | ) | (193,784 | ) | (178,342 | ) | (92,965 | ) | (185,654 | ) | ||||||||||
Balance at end of year | $ | 2,778,022 | $ | 2,672,179 | $ | 2,822,872 | ||||||||||||||||
Accumulated depreciation balance at end of year | $ | 2,585,115 | $ | 2,522,358 | $ | 2,421,357 | ||||||||||||||||
Asset Management Business | ||||||||||||||||||||||
Real Estate balance at beginning of year | $ | 551,124 | $ | 555,049 | $ | 562,589 | ||||||||||||||||
Additions during the year: | ||||||||||||||||||||||
Capital additions | 4,226 | 8,255 | 8,909 | |||||||||||||||||||
Deductions during the year: | ||||||||||||||||||||||
Casualty and other write-offs (2) | 6,603 | (1,711 | ) | (2,116 | ) | |||||||||||||||||
Amounts related to assets held for sale | — | — | (2,801 | ) | ||||||||||||||||||
Sales | (561,953 | ) | (10,469 | ) | (11,532 | ) | ||||||||||||||||
Real Estate balance at end of year | $ | — | $ | 551,124 | $ | 555,049 | ||||||||||||||||
Accumulated Depreciation balance at beginning of year | $ | 326,251 | $ | 309,401 | $ | 289,574 | ||||||||||||||||
Additions during the year: | ||||||||||||||||||||||
Depreciation | 14,325 | 24,090 | 24,704 | |||||||||||||||||||
Deductions during the year: | ||||||||||||||||||||||
Casualty and other write-offs (2) | 6,704 | (2,480 | ) | (68 | ) | |||||||||||||||||
Amounts related to assets held for sale | — | — | (1,525 | ) | ||||||||||||||||||
Sales | (347,280 | ) | (4,760 | ) | (3,284 | ) | ||||||||||||||||
Accumulated depreciation balance at end of year | $ | — | $ | 326,251 | $ | 309,401 |
(1) | Includes the write-off of fully depreciated assets totaling |
(2) | Includes the write-off of fully depreciated assets totaling $6.7 million and $1.8 million, during the years ended December 31, 2018 and 2017, respectively. |