Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Entity Registrant Name | APARTMENT INVESTMENT & MANAGEMENT CO | ||
Entity Central Index Key | 922,864 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 148,766,616 | ||
Entity Public Float | $ 6.6 | ||
AIMCO PROPERTIES, L.P. | |||
Entity Registrant Name | AIMCO PROPERTIES LP | ||
Entity Central Index Key | 926,660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 158,495,487 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Total assets | $ 6,190,004 | $ 6,079,040 |
LIABILITIES AND EQUITY | ||
Total liabilities | 4,325,072 | 4,321,750 |
Preferred noncontrolling interests in Aimco Operating Partnership (Note 7) | 101,291 | 101,537 |
Commitments and contingencies (Note 5) | ||
Equity/Partners' Capital: | ||
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 | 3,515,641 | 3,900,042 |
Accumulated other comprehensive income | 4,794 | 3,603 |
Distributions in excess of earnings | (1,947,507) | (2,367,073) |
Total Aimco equity | 1,699,419 | 1,663,144 |
Noncontrolling interests in consolidated real estate partnerships | (2,967) | (1,716) |
Common noncontrolling interests in Aimco Operating Partnership | 67,189 | (5,675) |
Total equity | 1,763,641 | 1,655,753 |
Total liabilities and equity | 6,190,004 | 6,079,040 |
Asset Management | ||
ASSETS | ||
Net real estate | 0 | 224,873 |
Cash and cash equivalents | 0 | 16,288 |
Restricted cash | 0 | 30,928 |
Other assets | 0 | 15,533 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt secured by Real Estate communities, net | 0 | 227,141 |
Accrued liabilities and other | 0 | 19,812 |
Aimco Real Estate | ||
ASSETS | ||
Buildings and improvements | 6,552,065 | 6,174,149 |
Land | 1,756,525 | 1,753,604 |
Total real estate | 8,308,590 | 7,927,753 |
Accumulated depreciation | (2,585,115) | (2,522,358) |
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 | 42,393 | 17,959 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt secured by Real Estate communities, net | 3,915,305 | 3,545,109 |
Term loan, net | 0 | 249,501 |
Revolving credit facility borrowings | 160,360 | 67,160 |
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 | 23,177 | 0 |
AIMCO Properties, L.P. | ||
ASSETS | ||
Total assets | 6,190,004 | 6,079,040 |
LIABILITIES AND EQUITY | ||
Total liabilities | 4,325,072 | 4,321,750 |
Preferred noncontrolling interests in Aimco Operating Partnership (Note 7) | 101,291 | 101,537 |
Commitments and contingencies (Note 5) | ||
Equity/Partners' Capital: | ||
Preferred units (Note 7) | 125,000 | 125,000 |
General Partner and Special Limited Partner | 1,574,419 | 1,538,144 |
Limited Partners | 67,189 | (5,675) |
Partners’ capital attributable to the Aimco Operating Partnership | 1,766,608 | 1,657,469 |
Noncontrolling interests in consolidated real estate partnerships | (2,967) | (1,716) |
Total partners’ capital | 1,763,641 | 1,655,753 |
Total liabilities and equity | 6,190,004 | 6,079,040 |
AIMCO Properties, L.P. | Asset Management | ||
ASSETS | ||
Net real estate | 0 | 224,873 |
Cash and cash equivalents | 0 | 16,288 |
Restricted cash | 0 | 30,928 |
Other assets | 0 | 15,533 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt secured by Real Estate communities, net | 0 | 227,141 |
Accrued liabilities and other | 0 | 19,812 |
AIMCO Properties, L.P. | Aimco Real Estate | ||
ASSETS | ||
Buildings and improvements | 6,552,065 | 6,174,149 |
Land | 1,756,525 | 1,753,604 |
Total real estate | 8,308,590 | 7,927,753 |
Accumulated depreciation | (2,585,115) | (2,522,358) |
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 | 42,393 | 17,959 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt secured by Real Estate communities, net | 3,915,305 | 3,545,109 |
Term loan, net | 0 | 249,501 |
Revolving credit facility borrowings | 160,360 | 67,160 |
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 | $ 23,177 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,787,260 | 500,787,260 |
Common stock, shares issued (in shares) | 149,133,826 | 157,189,447 |
Common stock, shares outstanding (in shares) | 149,133,826 | 157,189,447 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Tax credit and transaction revenues | $ 6,987 | $ 13,243 | $ 21,323 |
Total revenues | 972,410 | 1,005,437 | 995,854 |
OPERATING EXPENSES: | |||
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 | 0 | 35,881 | 0 |
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 the company | 666,227 | 315,774 | 430,410 |
Net income attributable to the company's preferred equityholders | (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 the company per common share/unit - basic (in dollars per share) | $ 4.21 | $ 1.96 | $ 2.68 |
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 4.21 | $ 1.96 | $ 2.67 |
Weighted average common shares/units outstanding - basic (in shares) | 155,866 | 156,323 | 156,001 |
Weighted average common shares/units outstanding - diluted (in shares) | 156,053 | 156,796 | 156,391 |
Asset Management | |||
REVENUES: | |||
Rental and other property revenues | $ 42,830 | $ 74,046 | $ 74,640 |
OPERATING EXPENSES: | |||
Property operating expenses | 20,921 | 35,458 | 36,956 |
Aimco Real Estate | |||
REVENUES: | |||
Rental and other property revenues | 922,593 | 918,148 | 899,891 |
OPERATING EXPENSES: | |||
Property operating expenses | 307,901 | 319,126 | 317,957 |
AIMCO Properties, L.P. | |||
REVENUES: | |||
Tax credit and transaction revenues | 6,987 | 13,243 | 21,323 |
Total revenues | 972,410 | 1,005,437 | 995,854 |
OPERATING EXPENSES: | |||
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 | 0 | 35,881 | 0 |
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 the company | 708,383 | 337,995 | 458,017 |
Net income attributable to the company's preferred equityholders | (16,332) | (16,358) | (19,233) |
Net income attributable to participating securities | (1,177) | (337) | (635) |
Net income attributable to Aimco common stockholders | $ 690,874 | $ 321,300 | $ 438,149 |
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 4.22 | $ 1.96 | $ 2.68 |
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 4.21 | $ 1.96 | $ 2.67 |
Weighted average common shares/units outstanding - basic (in shares) | 163,846 | 163,746 | 163,761 |
Weighted average common shares/units outstanding - diluted (in shares) | 164,033 | 164,218 | 164,151 |
AIMCO Properties, L.P. | Asset Management | |||
REVENUES: | |||
Rental and other property revenues | $ 42,830 | $ 74,046 | $ 74,640 |
OPERATING EXPENSES: | |||
Property operating expenses | 20,921 | 35,458 | 36,956 |
AIMCO Properties, L.P. | Aimco Real Estate | |||
REVENUES: | |||
Rental and other property revenues | 922,593 | 918,148 | 899,891 |
OPERATING EXPENSES: | |||
Property operating expenses | $ 307,901 | $ 319,126 | $ 317,957 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 716,603 | $ 347,079 | $ 483,273 |
Other comprehensive gain: | |||
Realized and unrealized (losses) gains on interest rate swaps | 0 | (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/Operating Partnership | 667,418 | 318,366 | 437,461 |
AIMCO Properties, L.P. | |||
Net income | 716,603 | 347,079 | 483,273 |
Other comprehensive gain: | |||
Realized and unrealized (losses) gains on interest rate swaps | 0 | (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 Aimco/Operating Partnership | $ 709,643 | $ 340,708 | $ 465,419 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total Aimco Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Earnings | Noncontrolling Interests |
Balances (in shares) at Dec. 31, 2015 | 6,391 | 156,326 | ||||||
Balances at Dec. 31, 2015 | $ 1,763,905 | $ 1,622,391 | $ 159,126 | $ 1,563 | $ 4,064,659 | $ (6,040) | $ (2,596,917) | $ 141,514 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption and repurchase of stock (in shares) | (1,391) | |||||||
Redemption and repurchase of stock | (34,799) | (34,799) | $ (34,126) | 1,307 | (1,980) | |||
Redemption of Aimco Operating Partnership units | (10,819) | (10,819) | ||||||
Amortization of share-based compensation cost (in shares) | 31 | |||||||
Amortization of share-based compensation cost | 8,610 | 8,610 | 8,610 | |||||
Effect of changes in ownership for consolidated entities | (16,064) | (26,171) | (26,171) | 10,107 | ||||
Change in accumulated other comprehensive income | 7,662 | 7,051 | 7,051 | 611 | ||||
Other, net (in shares) | 531 | |||||||
Other, net | 3,323 | 3,323 | $ 6 | 3,317 | 0 | |||
Net income | 476,034 | 430,410 | 430,410 | 45,624 | ||||
Distributions to noncontrolling interests | (35,974) | (35,974) | ||||||
Common Stock dividends | (206,898) | (206,898) | (206,898) | |||||
Preferred Stock dividends | (10,014) | (10,014) | (10,014) | |||||
Balances (in shares) at Dec. 31, 2016 | 5,000 | 156,888 | ||||||
Balances at Dec. 31, 2016 | 1,944,966 | 1,793,903 | $ 125,000 | $ 1,569 | 4,051,722 | 1,011 | (2,385,399) | 151,063 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption of Aimco Operating Partnership units | (11,882) | (11,882) | ||||||
Amortization of share-based compensation cost (in shares) | 18 | |||||||
Amortization of share-based compensation cost | 9,251 | 8,638 | 8,638 | 613 | ||||
Contributions from noncontrolling interests | 3,401 | 3,401 | ||||||
Effect of changes in ownership for consolidated entities | (312,775) | (160,586) | (160,586) | (152,189) | ||||
Change in accumulated other comprehensive income | 2,814 | 2,592 | 2,592 | 222 | ||||
Other, net (in shares) | 283 | |||||||
Other, net | 271 | 271 | $ 3 | 268 | ||||
Net income | 339,315 | 315,774 | 315,774 | 23,541 | ||||
Distributions to noncontrolling interests | (19,132) | (19,132) | ||||||
Common Stock dividends | (226,172) | (226,172) | (226,172) | |||||
Preferred Stock dividends | (8,594) | (8,594) | (8,594) | |||||
Balances (in shares) at Dec. 31, 2017 | 5,000 | 157,189 | ||||||
Balances at Dec. 31, 2017 | 1,655,753 | 1,663,144 | $ 125,000 | $ 1,572 | 3,900,042 | 3,603 | (2,367,073) | (7,391) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemption and repurchase of stock (in shares) | (8,219) | |||||||
Redemption and repurchase of stock | (373,593) | (373,593) | $ (82) | (373,511) | ||||
Issuance of Aimco Operating Partnership units | 50,151 | 50,151 | ||||||
Redemption of Aimco Operating Partnership units | (9,639) | (9,639) | ||||||
Amortization of share-based compensation cost (in shares) | 22 | |||||||
Amortization of share-based compensation cost | 9,765 | 8,074 | 8,074 | 1,691 | ||||
Effect of changes in ownership for consolidated entities | (10,101) | (19,115) | (19,115) | 9,014 | ||||
Change in accumulated other comprehensive income | 1,260 | 1,191 | 1,191 | 69 | ||||
Other, net (in shares) | 142 | |||||||
Other, net | 152 | 152 | $ 1 | 151 | ||||
Net income | 708,864 | 666,227 | 666,227 | 42,637 | ||||
Distributions to noncontrolling interests | (22,310) | (22,310) | ||||||
Common Stock dividends | (238,067) | (238,067) | (238,067) | |||||
Preferred Stock dividends | (8,594) | (8,594) | (8,594) | |||||
Balances (in shares) at Dec. 31, 2018 | 5,000 | 149,134 | ||||||
Balances at Dec. 31, 2018 | $ 1,763,641 | $ 1,699,419 | $ 125,000 | $ 1,491 | $ 3,515,641 | $ 4,794 | $ (1,947,507) | $ 64,222 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | AIMCO Properties, L.P. | AIMCO Properties, L.P.Preferred Units | AIMCO Properties, L.P.General Partner and Special Limited Partner | AIMCO Properties, L.P.Limited Partners | AIMCO Properties, L.P.Partners’ Capital Attributable to the Partnership | AIMCO Properties, L.P.Noncontrolling Interests |
Balances at Dec. 31, 2015 | $ 1,763,905 | $ 159,126 | $ 1,463,265 | $ (9,851) | $ 1,612,540 | $ 151,365 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units held by Aimco | (34,799) | (34,126) | (673) | (34,799) | |||
Redemption of partnership units held by non-Aimco partners | (10,819) | (10,819) | (10,819) | ||||
Amortization of Aimco stock-based compensation | 8,610 | 8,610 | 8,610 | ||||
Effect of changes in ownership for consolidated entities | (16,064) | (26,171) | 10,107 | (16,064) | |||
Change in accumulated other comprehensive income | $ 7,662 | 7,662 | 7,051 | 351 | 7,402 | 260 | |
Other, net | 3,323 | 3,323 | 3,323 | ||||
Net income | 476,034 | 430,410 | 20,368 | 450,778 | 25,256 | ||
Distributions to noncontrolling interests | (35,974) | (25,760) | (25,760) | ||||
Distributions to common unitholders | (217,112) | (206,898) | (10,214) | (217,112) | |||
Distributions to preferred unitholders | (10,014) | (10,014) | (10,014) | ||||
Balances at Dec. 31, 2016 | 1,944,966 | 125,000 | 1,668,903 | (58) | 1,793,845 | 151,121 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of partnership units held by non-Aimco partners | (11,882) | (11,882) | (11,882) | ||||
Amortization of Aimco stock-based compensation | 9,251 | 8,638 | 613 | 9,251 | |||
Contributions from noncontrolling interests | 3,401 | 3,401 | 3,401 | ||||
Effect of changes in ownership for consolidated entities | (312,775) | (160,586) | 4,867 | (155,719) | (157,056) | ||
Change in accumulated other comprehensive income | 2,814 | 2,814 | 2,592 | 121 | 2,713 | 101 | |
Other, net | 271 | 271 | 271 | ||||
Net income | 339,315 | 315,774 | 14,457 | 330,231 | 9,084 | ||
Distributions to noncontrolling interests | (19,132) | (8,367) | (8,367) | ||||
Distributions to common unitholders | (236,937) | (226,172) | (10,765) | (236,937) | |||
Distributions to preferred unitholders | (8,594) | (8,594) | (8,594) | ||||
Balances at Dec. 31, 2017 | 1,655,753 | 125,000 | 1,538,144 | (5,675) | 1,657,469 | (1,716) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Repurchases of common partnership units | (373,593) | (373,593) | (373,593) | ||||
Issuance of common partnership units | 50,151 | 50,151 | 50,151 | 50,151 | |||
Redemption of partnership units held by non-Aimco partners | (9,639) | (9,639) | (9,639) | ||||
Amortization of Aimco stock-based compensation | 9,765 | 8,074 | 1,691 | 9,765 | |||
Effect of changes in ownership for consolidated entities | (10,101) | (19,115) | 9,014 | (10,101) | 0 | ||
Change in accumulated other comprehensive income | 1,260 | 1,260 | 1,191 | 69 | 1,260 | ||
Other, net | 152 | 152 | 152 | ||||
Net income | 708,864 | 666,227 | 34,417 | 700,644 | 8,220 | ||
Distributions to noncontrolling interests | $ (22,310) | (22,310) | (12,839) | (12,839) | (9,471) | ||
Distributions to common unitholders | (238,067) | (238,067) | (238,067) | ||||
Distributions to preferred unitholders | (8,594) | (8,594) | (8,594) | ||||
Balances at Dec. 31, 2018 | $ 1,763,641 | $ 125,000 | $ 1,574,419 | $ 67,189 | $ 1,766,608 | $ (2,967) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 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 | 0 | 35,881 | 0 |
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 deferred loan 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 | 0 |
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) | 0 | 0 |
Redemptions of Preferred Stock | 0 | 0 | (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) |
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 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 199,996 | 196,438 | 200,278 |
Cash paid for income taxes | 11,522 | 7,401 | 2,152 |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed by buyer in connection with the disposition of the Asset Management business | 227,708 | 0 | 0 |
Non-recourse property debt assumed in connection with the acquisition of real estate | 208,885 | 0 | 0 |
Issuance of preferred OP Units in connection with acquisition of real estate | 0 | 0 | 17,000 |
Issuance of common OP Units in connection with acquisition of real estate | 50,151 | 0 | 0 |
Other non-cash transactions: | |||
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 |
AIMCO Properties, L.P. | |||
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 | 0 | 35,881 | 0 |
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 deferred loan 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 | 0 |
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) | 0 | 0 |
Redemptions of Preferred Stock | 0 | 0 | (34,799) |
Payment of dividends to holders of Preferred Stock | (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) |
Redemptions of noncontrolling interests in the Aimco Operating Partnership | (9,885) | (13,546) | (12,544) |
Redemption of common and preferred units | (9,885) | (13,546) | (12,544) |
Redemptions of noncontrolling interests in the Aimco Operating Partnership | (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 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 199,996 | 196,438 | 200,278 |
Cash paid for income taxes | 11,522 | 7,401 | 2,152 |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed by buyer in connection with the disposition of the Asset Management business | 227,708 | 0 | 0 |
Issuance of preferred OP Units in connection with acquisition of real estate | 0 | 0 | 17,000 |
Other non-cash transactions: | |||
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 |
AIMCO PROPERTIES, L.P. | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Redemptions of noncontrolling interests in the Aimco Operating Partnership | (3,579) | (314,269) | (13,941) |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed in connection with the acquisition of real estate | $ 208,885 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management, redevelopment and limited development of quality apartment communities located in several of the largest markets in the United States. Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. As of December 31, 2018 , after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had 158,140,169 common partnership units outstanding. As of December 31, 2018 , Aimco owned 149,133,826 of the common partnership units ( 94.3% of the common partnership units) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of December 31, 2018 , we owned an equity interest in 134 apartment communities with 36,549 apartment homes in our Real Estate portfolio. Our Real Estate portfolio, is diversified by both price point and geography and consists of market rate apartment communities in which we own a substantial interest. We consolidated 130 of these apartment communities with 36,407 apartment homes and these communities comprise our reportable segment. Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries (see Note 13 ). All significant intercompany balances have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying consolidated balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Acquisition of Real Estate and Related Depreciation and Amortization We generally recognize the acquisition of apartment communities or interests in partnerships that own apartment communities at our cost. The related transaction costs are included in the cost of the acquired apartment community. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures and equipment, using valuation techniques that consider comparable market transactions, replacement costs and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2018 , the weighted average depreciable life of our buildings and improvements was approximately 28 years. Furniture, fixtures and equipment associated with apartment communities are depreciated over five years. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. At December 31, 2018 and 2017 , deferred income in our consolidated balance sheets included below-market lease amounts totaling $18.7 million and $9.1 million , respectively, which are net of accumulated amortization of $36.7 million and $34.4 million , respectively. During the years ended December 31, 2018 , 2017 and 2016 , we included amortization of below-market leases of $2.3 million , $1.3 million and $1.7 million , respectively, in rental and other property revenues in our consolidated statements of operations. At December 31, 2018 , our below-market leases had a weighted average amortization period of 6.3 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): Estimated Amortization 2019 $1,986 2020 1,741 2021 1,668 2022 1,621 2023 1,571 Capital Additions and Related Depreciation We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, developments, other tangible apartment community improvements and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the apartment community level. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital additions activities. We also capitalize interest, property taxes and insurance during periods in which redevelopments, developments and construction projects are in progress. We begin capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, upon commencement of activities necessary to ready apartment communities for their intended use. These activities include when apartment communities or apartment homes are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. We cease the capitalization of costs when the apartment communities are substantially complete and ready for their intended use, which is typically when construction has been substantially completed and apartment homes are available for occupancy. Costs, including ordinary repairs, maintenance and resident turnover costs, are charged to property operating expense as incurred. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 or 30 years. All capitalized site payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs, and depreciated over the estimated useful lives of such capital additions. Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting and appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. For the years ended December 31, 2018 , 2017 and 2016 , we capitalized to buildings and improvements $7.6 million , $7.6 million and $9.6 million of interest costs, respectively, and $36.8 million , $36.0 million and $32.9 million of other direct and indirect costs, respectively. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment community. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. Other Assets At December 31, 2018 and 2017 , other assets was comprised of the following amounts (dollars in thousands): 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 The table above excludes other assets of partnerships served by our Asset Management business at December 31, 2017 , as they are presented separately on our consolidated balance sheet. Investments in Securitization Trust that holds Aimco Property Debt We hold investments in a securitization trust that primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale, or AFS, debt securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. Refer to Note 11 for further information regarding these debt securities. Intangible Assets At December 31, 2018 and 2017 , other assets included goodwill associated with our reportable segment of $37.8 million . We perform an annual impairment test of goodwill by evaluating qualitative factors to determine the likelihood that goodwill may be impaired. We primarily consider the fair value of our real estate portfolio and the fair value of our debt relative to their carrying values. As a result of the qualitative analysis, we do not believe our goodwill is impaired as of the date of our annual test. Capitalized Software Costs, Equipment and Leasehold Improvements Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains recognized by and related to such entities, and we present such amounts within other, net in our consolidated statements of operations. The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Deferred Costs We defer, as debt issue costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issue costs over the term of the modified loan agreement. Debt issue costs associated with our revolving credit facility are included in other assets on our consolidated balance sheets. Debt issue costs associated with non-recourse property debt and our term loan are presented as a direct deduction from the related liabilities on our consolidated balance sheets. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issue costs are written off, additionally, any lender fees or other costs incurred in connection with the extinguishment are recognized. Amortization and write-off of debt issue costs and other extinguishment costs are included in interest expense on our consolidated statements of operations. We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Beginning in 2019, in connection with our adoption of the new accounting standard for leases, which is further discussed under the Recent Accounting Pronouncements heading below, such costs will be deferred when they are incremental and would not have incurred if the contract had not been obtained. Amortization of these costs is included in depreciation and amortization. Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2018 , 2017 and 2016 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as gains on disposition of real estate and accordingly the effect on our equity and partners’ capital is reflected within the amount of net income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. Noncontrolling Interests in Aimco Operating Partnership Noncontrolling interests in Aimco Operating Partnership consist of common OP Units and preferred OP Units. Holders of preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. Within Aimco’s consolidated financial statements, after provision for Preferred OP Unit distributions, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units based on the weighted average number of common partnership units (including those held by Aimco) outstanding during the period. During the years ended December 31, 2018 , 2017 and 2016 , the holders of common OP Units had a weighted average ownership interest in the Aimco Operating Partnership of 4.9% , 4.5% and 4.7% , respectively. See Note 7 for further information regarding the items comprising noncontrolling interests in the Aimco Operating Partnership. Revenue from Leases Our apartment communities have operating leases with apartment residents with terms averaging 13 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. Our operating leases with residents also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements are variable payments pursuant to the related lease and recognized as income when the utility expense is incurred. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues on our consolidated statements of operations. Asset Management Business Prior to the July 2018 sale of our Asset Management business, we provided asset management and other services to certain consolidated partnerships owning apartment communities that qualify for low-income housing tax credits and are structured to provide for the pass-through of tax credits and tax deductions to their partners. We recognized income from asset management and other services when the related fees were earned and realized or realizable. The tax credits were generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years . We held nominal ownership positions in these partnerships, generally less than one percent, and sold these interests to an unrelated third party in July 2018. In our role, we provided asset management and other services to these partnerships and we received fees and other payments in return. Capital contributions received by the partnerships from tax credit investors represented, in substance, consideration that we received in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We recorded these contributions as deferred income in our consolidated balance sheets upon receipt, and we recognized these amounts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. This obligation transferred to the buyer along with our interest in the partnerships. Prior to the sale of our interests in the partnerships, we consolidated the low-income housing tax credit partnerships in which we were the sole general partner, because we were the sole decision maker of the partnerships. When the contractual arrangements obligated us to deliver tax benefits to the investors, and entitled us through fee arrangements to receive substantially all available cash flow from the partnerships, we recognized the income or loss generated by the underlying real estate based on our economic interest in the partnerships’ current period results, which was approximately 100% and represented the allocation of cash available for distribution we would receive from a hypothetical liquidation at the book value of the partnership’s net assets. Our economic interests generally differed from our legal interests. Upon the sale of our interests in these partnerships, we deconsolidated these partnerships and removed the obligation to deliver future tax credits and benefits, represented by the remaining deferred income as a component of our gain on the sale of the business. Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions and/or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost over the awards’ requisite service periods. We reduce compensation cost related to forfeited awards in the period of forfeiture. See Note 8 for further discussion of our share-based compensation. Income Taxes Aimco has elected to be taxed as a REIT under the Internal Revenue Code commencing with its taxable year ended December 31, 1994, and it intends to continue to operate in such a manner. Aimco’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Internal Revenue Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. Aimco also will be required to pay a 100% tax on any net income on non-arm’s length transactions between it and a TRS (described below) and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of our operations or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the Aimco Operating Partnership and TRS entities when such transactions occur. Refer to Note 9 for further information about our income taxes. Comprehensive Income or Loss As discussed under the preceding Investments in Securitization Trust that holds Aimco Property Debt heading, we have investments in debt securities that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, during the year ended December 31, 2018 , we recognized changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital until the July 2018 sale of the Asset Management business. The amounts of consolidated comprehensive income for the years ended December 31, 2018 , 2017 and 2016 , along with the corresponding amounts of such comprehensive income attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, are presented within the accompanying consolidated statements of comprehensive income. Earnings per Share and Unit Aimco and the Aimco Operating Partnership calculate earnings per share and unit based on the weighted average number of shares of Common Stock or common partnership units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. See Note 10 for further information regarding earnings per share and unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications Certain items included in the 2017 and 2016 consolidated financial statements have been reclassified to conform to the current presentation. We have also reclassified certain items on our consolidated statements of operations to comply with the SEC disclosure amendments summarized below. Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that affects accounting for revenue. Under this new standard, revenue is generally recognized when an entity has transferred control of goods or services to a customer for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. The new revenue standard also introduced new guidance for accounting for other income, including how we measure gains or losses on the sale of real estate. We adopted the new standard using the modified retrospective transition method effective January 1, 2018, with no effect on our results of operations or financial position. Effective January 1, 2018, we also adopted new standards issued by the FASB that affect the presentation and disclosure of the statements of cash flows. We are now required to present combined inflows and outflows of cash, cash equivalents, and restricted cash in the consolidated statement of cash flows. Previously our consolidated statements of cash flows presented transfers between restricted and unrestricted cash accounts as operating, financing and investing cash activities depending on the required or intended purpose for the restricted funds. The new guidance also requires debt prepayment and other extinguishment-related payments to be classified as financing activities. We previously classified such payments as operating activities. We have revised our consolidated statements of cash flows for the years ended December 31, 2017 and 2016 to conform to this presentation, and the effect of the revisions to net cash flows from operating, investing, and financing activities as previously reported are summarized in the following table (in thousands): 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 ) In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors and were generally effective on November 5, 2018. The amendments remove the SEC rule that requires REITs to present gain or loss on the sale of re |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Organization Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management, redevelopment and limited development of quality apartment communities located in several of the largest markets in the United States. Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. As of December 31, 2018 , after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had 158,140,169 common partnership units outstanding. As of December 31, 2018 , Aimco owned 149,133,826 of the common partnership units ( 94.3% of the common partnership units) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of December 31, 2018 , we owned an equity interest in 134 apartment communities with 36,549 apartment homes in our Real Estate portfolio. Our Real Estate portfolio, is diversified by both price point and geography and consists of market rate apartment communities in which we own a substantial interest. We consolidated 130 of these apartment communities with 36,407 apartment homes and these communities comprise our reportable segment. Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries (see Note 13 ). All significant intercompany balances have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying consolidated balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Acquisition of Real Estate and Related Depreciation and Amortization We generally recognize the acquisition of apartment communities or interests in partnerships that own apartment communities at our cost. The related transaction costs are included in the cost of the acquired apartment community. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures and equipment, using valuation techniques that consider comparable market transactions, replacement costs and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2018 , the weighted average depreciable life of our buildings and improvements was approximately 28 years. Furniture, fixtures and equipment associated with apartment communities are depreciated over five years. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. At December 31, 2018 and 2017 , deferred income in our consolidated balance sheets included below-market lease amounts totaling $18.7 million and $9.1 million , respectively, which are net of accumulated amortization of $36.7 million and $34.4 million , respectively. During the years ended December 31, 2018 , 2017 and 2016 , we included amortization of below-market leases of $2.3 million , $1.3 million and $1.7 million , respectively, in rental and other property revenues in our consolidated statements of operations. At December 31, 2018 , our below-market leases had a weighted average amortization period of 6.3 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): Estimated Amortization 2019 $1,986 2020 1,741 2021 1,668 2022 1,621 2023 1,571 Capital Additions and Related Depreciation We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, developments, other tangible apartment community improvements and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the apartment community level. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital additions activities. We also capitalize interest, property taxes and insurance during periods in which redevelopments, developments and construction projects are in progress. We begin capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, upon commencement of activities necessary to ready apartment communities for their intended use. These activities include when apartment communities or apartment homes are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. We cease the capitalization of costs when the apartment communities are substantially complete and ready for their intended use, which is typically when construction has been substantially completed and apartment homes are available for occupancy. Costs, including ordinary repairs, maintenance and resident turnover costs, are charged to property operating expense as incurred. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 or 30 years. All capitalized site payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs, and depreciated over the estimated useful lives of such capital additions. Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting and appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. For the years ended December 31, 2018 , 2017 and 2016 , we capitalized to buildings and improvements $7.6 million , $7.6 million and $9.6 million of interest costs, respectively, and $36.8 million , $36.0 million and $32.9 million of other direct and indirect costs, respectively. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment community. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. Other Assets At December 31, 2018 and 2017 , other assets was comprised of the following amounts (dollars in thousands): 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 The table above excludes other assets of partnerships served by our Asset Management business at December 31, 2017 , as they are presented separately on our consolidated balance sheet. Investments in Securitization Trust that holds Aimco Property Debt We hold investments in a securitization trust that primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale, or AFS, debt securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. Refer to Note 11 for further information regarding these debt securities. Intangible Assets At December 31, 2018 and 2017 , other assets included goodwill associated with our reportable segment of $37.8 million . We perform an annual impairment test of goodwill by evaluating qualitative factors to determine the likelihood that goodwill may be impaired. We primarily consider the fair value of our real estate portfolio and the fair value of our debt relative to their carrying values. As a result of the qualitative analysis, we do not believe our goodwill is impaired as of the date of our annual test. Capitalized Software Costs, Equipment and Leasehold Improvements Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains recognized by and related to such entities, and we present such amounts within other, net in our consolidated statements of operations. The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Deferred Costs We defer, as debt issue costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issue costs over the term of the modified loan agreement. Debt issue costs associated with our revolving credit facility are included in other assets on our consolidated balance sheets. Debt issue costs associated with non-recourse property debt and our term loan are presented as a direct deduction from the related liabilities on our consolidated balance sheets. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issue costs are written off, additionally, any lender fees or other costs incurred in connection with the extinguishment are recognized. Amortization and write-off of debt issue costs and other extinguishment costs are included in interest expense on our consolidated statements of operations. We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Beginning in 2019, in connection with our adoption of the new accounting standard for leases, which is further discussed under the Recent Accounting Pronouncements heading below, such costs will be deferred when they are incremental and would not have incurred if the contract had not been obtained. Amortization of these costs is included in depreciation and amortization. Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2018 , 2017 and 2016 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as gains on disposition of real estate and accordingly the effect on our equity and partners’ capital is reflected within the amount of net income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. Noncontrolling Interests in Aimco Operating Partnership Noncontrolling interests in Aimco Operating Partnership consist of common OP Units and preferred OP Units. Holders of preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. Within Aimco’s consolidated financial statements, after provision for Preferred OP Unit distributions, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units based on the weighted average number of common partnership units (including those held by Aimco) outstanding during the period. During the years ended December 31, 2018 , 2017 and 2016 , the holders of common OP Units had a weighted average ownership interest in the Aimco Operating Partnership of 4.9% , 4.5% and 4.7% , respectively. See Note 7 for further information regarding the items comprising noncontrolling interests in the Aimco Operating Partnership. Revenue from Leases Our apartment communities have operating leases with apartment residents with terms averaging 13 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. Our operating leases with residents also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements are variable payments pursuant to the related lease and recognized as income when the utility expense is incurred. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues on our consolidated statements of operations. Asset Management Business Prior to the July 2018 sale of our Asset Management business, we provided asset management and other services to certain consolidated partnerships owning apartment communities that qualify for low-income housing tax credits and are structured to provide for the pass-through of tax credits and tax deductions to their partners. We recognized income from asset management and other services when the related fees were earned and realized or realizable. The tax credits were generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years . We held nominal ownership positions in these partnerships, generally less than one percent, and sold these interests to an unrelated third party in July 2018. In our role, we provided asset management and other services to these partnerships and we received fees and other payments in return. Capital contributions received by the partnerships from tax credit investors represented, in substance, consideration that we received in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We recorded these contributions as deferred income in our consolidated balance sheets upon receipt, and we recognized these amounts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. This obligation transferred to the buyer along with our interest in the partnerships. Prior to the sale of our interests in the partnerships, we consolidated the low-income housing tax credit partnerships in which we were the sole general partner, because we were the sole decision maker of the partnerships. When the contractual arrangements obligated us to deliver tax benefits to the investors, and entitled us through fee arrangements to receive substantially all available cash flow from the partnerships, we recognized the income or loss generated by the underlying real estate based on our economic interest in the partnerships’ current period results, which was approximately 100% and represented the allocation of cash available for distribution we would receive from a hypothetical liquidation at the book value of the partnership’s net assets. Our economic interests generally differed from our legal interests. Upon the sale of our interests in these partnerships, we deconsolidated these partnerships and removed the obligation to deliver future tax credits and benefits, represented by the remaining deferred income as a component of our gain on the sale of the business. Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions and/or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost over the awards’ requisite service periods. We reduce compensation cost related to forfeited awards in the period of forfeiture. See Note 8 for further discussion of our share-based compensation. Income Taxes Aimco has elected to be taxed as a REIT under the Internal Revenue Code commencing with its taxable year ended December 31, 1994, and it intends to continue to operate in such a manner. Aimco’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Internal Revenue Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. Aimco also will be required to pay a 100% tax on any net income on non-arm’s length transactions between it and a TRS (described below) and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of our operations or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the Aimco Operating Partnership and TRS entities when such transactions occur. Refer to Note 9 for further information about our income taxes. Comprehensive Income or Loss As discussed under the preceding Investments in Securitization Trust that holds Aimco Property Debt heading, we have investments in debt securities that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, during the year ended December 31, 2018 , we recognized changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital until the July 2018 sale of the Asset Management business. The amounts of consolidated comprehensive income for the years ended December 31, 2018 , 2017 and 2016 , along with the corresponding amounts of such comprehensive income attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, are presented within the accompanying consolidated statements of comprehensive income. Earnings per Share and Unit Aimco and the Aimco Operating Partnership calculate earnings per share and unit based on the weighted average number of shares of Common Stock or common partnership units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. See Note 10 for further information regarding earnings per share and unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications Certain items included in the 2017 and 2016 consolidated financial statements have been reclassified to conform to the current presentation. We have also reclassified certain items on our consolidated statements of operations to comply with the SEC disclosure amendments summarized below. Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that affects accounting for revenue. Under this new standard, revenue is generally recognized when an entity has transferred control of goods or services to a customer for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. The new revenue standard also introduced new guidance for accounting for other income, including how we measure gains or losses on the sale of real estate. We adopted the new standard using the modified retrospective transition method effective January 1, 2018, with no effect on our results of operations or financial position. Effective January 1, 2018, we also adopted new standards issued by the FASB that affect the presentation and disclosure of the statements of cash flows. We are now required to present combined inflows and outflows of cash, cash equivalents, and restricted cash in the consolidated statement of cash flows. Previously our consolidated statements of cash flows presented transfers between restricted and unrestricted cash accounts as operating, financing and investing cash activities depending on the required or intended purpose for the restricted funds. The new guidance also requires debt prepayment and other extinguishment-related payments to be classified as financing activities. We previously classified such payments as operating activities. We have revised our consolidated statements of cash flows for the years ended December 31, 2017 and 2016 to conform to this presentation, and the effect of the revisions to net cash flows from operating, investing, and financing activities as previously reported are summarized in the following table (in thousands): 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 ) In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors and were generally effective on November 5, 2018. The amendments remove the SEC rule that requires REITs to present gain or loss on the sale of re |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Significant Transactions | Significant Transactions Acquisitions of Apartment Communities During the year ended December 31, 2018 , we acquired apartment communities located in Arlington, Virginia, Fairfax County, Virginia and in the Center City and University City areas of Philadelphia. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): 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. Dispositions of Apartment Communities and Assets Held for Sale During the year ended December 31, 2018 , we sold for $590.0 million our Asset Management business and our four affordable apartment communities located in the Hunters Point area of San Francisco. The sale resulted in a gain of $500.3 million and net cash proceeds of $512.2 million , after payment of transaction costs and repayment of property-level debt encumbering the Hunters Point apartment communities. In addition to the Hunters Point apartment communities, we sold the following apartment communities from our Real Estate portfolio during the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): 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 The apartment communities sold from our Real Estate portfolio during 2018 , 2017 and 2016 were predominantly located outside of our primary markets or in lower-rated locations within our primary markets and had average revenues per apartment home significantly below those of our retained portfolio. During the year ended December 31, 2018 , we sold our interests in the entities owning the La Jolla Cove property in settlement of legal actions filed in 2014 by a group of disappointed buyers who had hoped to acquire the property. We provided seller financing with a stated value of $48.6 million and received net cash proceeds of approximately $5.0 million in the sale. During the years ended December 31, 2017 and 2016, the consolidated partnerships served by our Asset Management business sold a total of three apartment communities for gross proceeds of $10.9 million and $27.5 million , respectively, and resulting in gains on dispositions of $2.6 million and $16.5 million , respectively. In addition to the apartment communities we sold during the periods presented, from time to time we may be marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of December 31, 2018 , we had two apartment communities with 782 apartment homes in our Real Estate portfolio that were classified as held for sale. In January 2019, we sold the apartment communities for a gain on disposition of $87.5 million , net of tax, and gross proceeds of $141.2 million , resulting in $114.9 million of net proceeds to Aimco. |
Non-Recourse Property Debt and
Non-Recourse Property Debt and Credit Agreement | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Non-Recourse Property Debt and Credit Agreement | Non-Recourse Property Debt and Credit Agreement Non-Recourse Property Debt (Real Estate Portfolio) We finance apartment communities in our Real Estate portfolio primarily using property-level, non-recourse, long-dated, fixed-rate, amortizing debt. The following table summarizes non-recourse property debt related to assets classified as held for use at December 31, 2018 and 2017 (in thousands): 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 Fixed-rate property debt matures at various dates through January 2055 , and has interest rates that range from 2.73% to 7.14% , with a weighted average interest rate of 4.22% . Principal and interest on fixed-rate debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. At December 31, 2018 , each of the fixed-rate loans payable related to apartment communities classified as held for use were secured by one of 82 apartment communities that had an aggregate net book value of $4.2 billion . Variable-rate property debt matures at various dates through July 2033 , and had interest rates that ranged from 3.55% to 3.67% , as of December 31, 2018 , with a weighted average interest rate of 3.61% at December 31, 2018 . Principal and interest on variable-rate debt are generally payable in semi-annual installments with balloon payments due at maturity. As of December 31, 2018 , our variable-rate property debt related to apartment communities classified as held for use were each secured by eight apartment communities that had an aggregate net book value of $239.5 million . These non-recourse property debt instruments contain covenants common to the type of borrowing, and at December 31, 2018 , we were in compliance with all such covenants. As of December 31, 2018 , the scheduled principal amortization and maturity payments for the non-recourse property debt related to apartment communities classified as held for use were as follows (in thousands): Amortization Maturities 2019 $ 77,791 $ 168,554 2020 79,592 78,930 2021 (1) 69,995 611,039 2022 64,991 283,629 2023 55,450 337,871 Thereafter 2,109,158 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. Credit Facility We have a credit facility with a syndicate of financial institutions. Our credit facility provides for $800.0 million of revolving loan commitments. As of December 31, 2018 and 2017 , we had $160.4 million and $67.2 million , respectively, of outstanding borrowings under our revolving credit facility. The interest rate on our outstanding borrowings was 3.93% and 3.26% at December 31, 2018 and 2017 , respectively. As of December 31, 2018 , after outstanding borrowings and $7.1 million of undrawn letters of credit backed by the Credit Agreement, our available borrowing capacity was $632.5 million . During the year ended December 31, 2018 , we repaid the $250.0 million term loan in full. Borrowings against the revolving loan commitments bear interest at a rate set forth on a pricing grid, which rate varies based on our credit rating as assigned by specified rating agencies ( LIBOR plus 1.20%, or, at our option, a base rate plus 0.20% at December 31, 2018 ). The credit facility matures on January 22, 2022 . The credit facility provides that we may make distributions to our investors during any four consecutive quarters in an aggregate amount that does not exceed the greater of 95% of our Funds From Operations for such period, subject to certain non-cash adjustments, or such amount as may be necessary to maintain Aimco’s REIT status . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments In connection with our redevelopment, development and capital improvement activities, we have entered into various construction-related contracts and we have made commitments to complete redevelopment of certain apartment communities, pursuant to financing or other arrangements. As of December 31, 2018 , our commitments related to these capital activities totaled approximately $207.0 million , most of which we expect to incur during the next 12 months. We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future, or apartment communities we no longer own or operate. We are engaged in discussions with the Environmental Protection Agency, or EPA, and the Indiana Department of Environmental Management, or IDEM, regarding contaminated groundwater in a residential area near an Indiana apartment community that has not been owned by us since 2008. The contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We undertook a voluntary remediation of the dry cleaner contamination under IDEM’s oversight. In 2016, EPA listed our former community and a number of residential communities in the vicinity on the National Priorities List, or NPL (i.e. as a Superfund site). In May 2018, we prevailed on our federal judicial appeal vacating the Superfund listing. We continue to work with EPA and IDEM to identify options for clean-up of the site. Although the outcome of these processes are uncertain, we do not expect their resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also have been contacted by regulators and the current owner of a property in Lake Tahoe, California, regarding environmental issues allegedly stemming from the historic operation of a dry cleaner. An entity owned by us was the former general partner of a now-dissolved partnership that previously owned a site that was used for dry cleaning. That entity and the current property owner have been remediating the dry cleaner site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board, or Lahontan. In May 2017, Lahontan issued a final cleanup and abatement order that names four potentially-responsible parties, acknowledges that there may be additional responsible parties, and requires the named parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We are appealing the final order while simultaneously complying with it. Although the outcome of this process is uncertain, we do not expect its resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of December 31, 2018 , are immaterial to our consolidated financial condition, results of operations and cash flows. Operating Leases We are obligated under non-cancelable operating leases for office space. We are also obligated under non-cancelable operating leases for the ground under certain of our apartment communities with remaining terms ranging from 52 years to 99 years . Minimum annual rental payments under operating leases are as follows (in thousands): 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 Substantially all of the office space subject to the operating leases in the table above is for the use of our corporate offices and area operations. Rent expense is generally recognized on a straight-line basis and totaled $2.8 million , $3.0 million and $3.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Rent expense recognized for the ground leases totaled $2.3 million , $1.8 million and $1.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and is included within interest expense in the accompanying statements of operations. |
Aimco Equity
Aimco Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Aimco Equity | Aimco Equity Preferred Stock At December 31, 2018 and 2017 , Aimco had a single class of perpetual preferred stock outstanding, its Class A Cumulative Preferred Stock, with 5,000,000 shares authorized, issued and outstanding and with a balance of $125.0 million as of December 31, 2018 and 2017 . Aimco’s Class A Preferred Stock has a $0.01 per share par value, is senior to Aimco’s Common Stock, has a liquidation preference per share of $25.00 and is redeemable at our option on or after May 17, 2019 . The holders of Preferred Stock are generally not entitled to vote on matters submitted to stockholders. Dividends at an annual rate of 6.88% are subject to declaration by Aimco’s Board of Directors and accrue if not declared. During the year ended December 31, 2016 , Aimco redeemed all of the outstanding shares of its Class Z Cumulative Preferred Stock at a redemption value of $34.8 million . We reflected the $0.7 million excess of the redemption value over the carrying amount and $1.3 million of previously deferred issuance costs as an adjustment of net income attributable to preferred stockholders for the year ended December 31, 2016 . In connection with the redemption of Aimco preferred stock, the Aimco Operating Partnership redeemed from Aimco a number of Partnership Preferred Units equal to the number of shares redeemed or repurchased by Aimco. Common Stock During the years ended December 31, 2018 , 2017 and 2016 , Aimco declared dividends per common share of $1.52 , $1.44 and $1.32 , respectively. On February 3, 2019, Aimco’s Board of Directors authorized a reverse stock split, in which every 1.03119 Aimco common share will be combined into one Aimco common share, effective at the close of business on February 20, 2019. On the same date, the Board of Directors also declared a special dividend on the Aimco common stock that consists of $67.1 million in cash and 4.5 million shares of Aimco common stock. The special dividend will be payable on March 22, 2019, to stockholders of record as of February 22, 2019. The special dividend amount includes the regular quarterly cash dividend, which for 2019 is expected to be $0.39 per share. Stockholders will have the opportunity to elect to receive the special dividend in the form of all cash or all stock, subject to proration if either option is oversubscribed. The reverse split was authorized in order to neutralize the dilutive impact of the stock issued in the special dividend. As a result, total shares outstanding following completion of both the special dividend and the reverse stock split are expected to be unchanged from the total shares outstanding immediately prior to the transactions. Some stockholders may have more Aimco shares and some may have fewer based on their individual elections. Pro forma Earnings per Share (unaudited) In financial statements issued after the effective date of the reverse stock split, we are required to retroactively recognize the reverse stock split in the calculation of basic and diluted earnings per share. The shares issued in connection with the special dividend will be included in the calculation of basic and diluted earnings per share on a prospective basis, and are therefore not included in the pro forma amounts disclosed below. If the reverse stock split had been effective prior to issuance of these financial statements, basic and diluted weighted average shares outstanding and earnings per share for the years ending December 31, 2018, 2017 and 2016 would have been (shares in thousands): 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 Registration Statements Aimco and the Aimco Operating Partnership have a shelf registration statement that provides for the issuance of equity and debt securities by Aimco and debt securities by the Aimco Operating Partnership. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2018 | |
Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Partnership Preferred Units Owned by Aimco At December 31, 2018 and 2017 , the Aimco Operating Partnership had outstanding preferred units in classes and amounts similar to Aimco’s Preferred Stock described in Note 6 , or Partnership Preferred Units. All of these Partnership Preferred Units were owned by Aimco during the periods presented. The Partnership Preferred Units are senior to the Aimco Operating Partnership’s common partnership units. The Partnership Preferred Units do not have voting rights, except the right to approve certain changes to the Aimco Operating Partnership’s Partnership Agreement that would adversely affect holders of such class of units. Distributions on Partnership Preferred Units are subject to being declared by the General Partner. The Partnership Preferred Units are redeemable by the Aimco Operating Partnership only in connection with a concurrent redemption by Aimco of the corresponding Aimco Preferred Stock held by unrelated parties. As discussed in Note 6 , during the year ended December 31, 2016 , Aimco redeemed its Class Z Cumulative Preferred Stock. In connection with this redemption, the Aimco Operating Partnership redeemed from Aimco a corresponding number of Partnership Preferred Units. Redeemable Preferred OP Units In addition to the Partnership Preferred Units owned by Aimco, the Aimco Operating Partnership has outstanding various classes of redeemable Partnership Preferred Units owned by third parties, which we refer to as preferred OP Units. As of December 31, 2018 and 2017 , the Aimco Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): 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 Each class of preferred OP Units is currently redeemable at the holders’ option. The Aimco Operating Partnership, at its sole discretion, may settle such redemption requests in cash or cause Aimco to issue shares of its Common Stock with a value equal to the redemption price. In the event the Aimco Operating Partnership requires Aimco to issue shares of Common Stock to settle a redemption request, the Aimco Operating Partnership would issue to Aimco a corresponding number of common partnership units. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Subject to certain conditions, the Class Four and Class Six preferred OP Units may be converted into common OP Units. These redeemable units are classified within temporary equity in Aimco’s consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s consolidated balance sheets. During the years ended December 31, 2018 , 2017 and 2016 , approximately 10,000 , 67,000 and 69,000 preferred OP Units, respectively, were redeemed in exchange for cash, and no preferred OP Units were redeemed in exchange for shares of Aimco Common Stock. The Class Ten preferred OP Units were issued as partial consideration for an acquisition during the year ended December 31, 2016. The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units during the years ended December 31, 2018 , 2017 and 2016 (in thousands): 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 Common Partnership Units In the Aimco Operating Partnership’s consolidated balance sheets, the common partnership units held by Aimco are classified within Partners’ Capital as General Partner and Special Limited Partner capital and the common OP Units are classified within Limited Partners’ capital. In Aimco’s consolidated balance sheets, the common OP Units are classified within permanent equity as common noncontrolling interests in the Aimco Operating Partnership. Common partnership units held by Aimco are not redeemable whereas common OP Units are redeemable at the holders’ option, subject to certain restrictions, on the basis of one common OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. Aimco has the option to deliver shares of Common Stock in exchange for all or any portion of the common OP Units tendered for redemption. When a limited partner redeems a common OP Unit for Common Stock, Limited Partners’ capital is reduced and the General Partner and Special Limited Partners’ capital is increased. During the years ended December 31, 2018 , 2017 and 2016 , approximately 224,000 , 268,000 and 248,000 common OP Units, respectively, were redeemed in exchange for cash, and no common OP Units were redeemed in exchange for shares of Common Stock. The holders of the common OP Units receive distributions, prorated from the date of issuance, in an amount equivalent to the dividends paid to holders of Common Stock. During the years ended December 31, 2018 , 2017 and 2016 , the Aimco Operating Partnership declared distributions per common unit of $1.52 , $1.44 and $1.32 , respectively On February 3, 2019, the Board of Directors of the Aimco Operating Partnership’s general partner authorized a reverse unit split in which every 1.03119 common partnership units will be combined into one common partnership unit. The reverse split is effective at the close of business on February 20, 2019, and corresponds to a similar split effected by Aimco with respect to its common shares at the same time. On the same date, the Board of Directors also declared a special distribution to the holders of Aimco Operating Partnership common partnership units that consists of $71.5 million in cash and 4.8 million common partnership units. The special distribution will be payable on March 22, 2019, to unitholders of record as of February 22, 2019. The special distribution also corresponds to a similar special dividend paid at the same time to holders of Aimco common shares. The reverse split was authorized in order to neutralize the dilutive impact of the units issued in the special distribution. As a result, total common partnership units outstanding following completion of both the special distribution and the reverse unit split are expected to be unchanged from the total common partnership units outstanding immediately prior to the transactions. Pro forma Earnings per Common Unit (Unaudited) In financial statements issued after the effective date of the reverse unit split, we are required to retroactively recognize the reverse unit split in the calculation of basic and diluted earnings per unit. The units issued in connection with the special distribution will be included in the calculation of basic and diluted earnings per unit on a prospective basis, and are therefore not included in the pro forma amounts disclosed below. If the reverse unit split had been effective prior to issuance of these financial statements, basic and diluted weighted average units outstanding and earnings per unit for the years ending December 31, 2018, 2017 and 2016 would have been (units in thousands): 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 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation We have a stock award and incentive program to attract and retain officers and independent directors. As of December 31, 2018 , approximately 4.7 million shares were available for issuance under our Amended and Restated 2015 Stock Award and Incentive Plan, or the 2015 Plan. The total number of shares available for issuance under this plan may be increased by an additional 0.3 million shares to the extent of any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under our 2007 Stock Award and Incentive Plan. Awards under the 2015 Plan may be in the form of incentive stock options, non-qualified stock options and restricted stock, or other types of awards as authorized under the plan. Our plans are administered by the Compensation and Human Resources Committee of Aimco’s Board of Directors. In the case of stock options, the exercise price of the options granted may not be less than the fair market value of a share of Common Stock at the date of grant. Total compensation cost recognized for stock based awards was $9.7 million , $9.3 million and $8.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Of these amounts, $1.2 million , $1.4 million and $1.0 million , respectively, were capitalized. At December 31, 2018 , total unvested compensation cost not yet recognized was $11.0 million . We expect to recognize this compensation over a weighted average period of approximately 1.6 years . We have granted five different types of awards that are outstanding as of December 31, 2018 . We have outstanding stock options and restricted stock awards that are subject to time-based vesting and require continuous employment, typically over a period of four years from the grant date, and we refer to these awards as Time-Based Stock Options and Time-Based Restricted Stock, respectively. We also have outstanding stock options, restricted stock awards and two forms of long-term incentive partnership units, or LTIP units, that vest conditioned on Aimco’s total shareholder return, or TSR, relative to the NAREIT Apartment Index ( 60% weighting) and the MSCI US REIT Index ( 40% weighting) over a forward-looking performance period of three years . We refer to these awards as TSR Stock Options, TSR Restricted Stock, TSR LTIP I units, and TSR LTIP II units. Vested LTIP II units may be converted at the holders option to LTIP Units for a strike price over a term of ten years. Earned TSR-based awards, if any, will vest 50% on each of the third anniversary and fourth anniversary of the grant date, based on continued employment. The term of Time-Based Stock Options and TSR Stock Options is generally ten years from the date of grant. We recognize compensation cost associated with Time-Based awards ratably over the requisite service periods, which are typically four years . We recognize compensation cost related to the TSR-based awards, which have graded vesting periods, over the requisite service period for each separate vesting tranche of the award, commencing on the grant date. The value of the TSR-based awards take into consideration the probability that the market condition will be achieved; therefore previously recorded compensation cost is not adjusted in the event that the market condition is not achieved and awards do not vest. Stock Options During the years ended December 31, 2018 , 2017 and 2016, we granted TSR Stock Options. The following table summarizes activity for our outstanding stock options, for the years ended December 31, 2018 , 2017 and 2016 (options in thousands): 2018 2017 2016 Number of Options Weighted Number of Options Weighted Number of Options Weighted 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 The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2018 , options outstanding had an aggregate intrinsic value of $2.5 million and a weighted average remaining contractual term of 7.0 years . Options exercisable at December 31, 2018 , had an aggregate intrinsic value of $1.1 million and a weighted average remaining contractual term of 5.9 years . The intrinsic value of stock options exercised during the years ended December 31, 2018 , 2017 and 2016 , was $32 thousand , $7.1 million and $11.1 million , respectively. The weighted average grant date fair value of stock options granted during the years ended 2017 and 2016 was $11.39 and $9.94 per option, respectively. Time-Based Restricted Stock Awards The following table summarizes activity for Time-Based Restricted Stock awards for the years ended December 31, 2018 , 2017 and 2016 (shares in thousands): 2018 2017 2016 Number of Shares Weighted Number of Shares Weighted Number of Shares Weighted 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 The aggregate fair value of shares that vested during the years ended December 31, 2018 , 2017 and 2016 was $8.4 million , $6.0 million and $7.0 million , respectively. TSR Restricted Stock Awards The following table summarizes activity for TSR Restricted Stock awards for the years ended December 31, 2018 , 2017 and 2016 (shares in thousands): 2018 2017 2016 Number of Shares Weighted Number of Shares Weighted Number of Shares Weighted 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 TSR LTIP I Units The following table summarizes activity for TSR LTIP I units for the years ended December 31, 2018 and 2017 (units in thousands): 2018 2017 Number of Units Weighted Number of Units Weighted 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 TSR LTIP II Units The following table summarizes activity for TSR LTIP II units for the years ended December 31, 2018 and 2017 (numbers of units in thousands): 2018 Number of Units Weighted Unvested at beginning of year — $ — Granted 243 41.84 Unvested at end of year 243 $ 41.84 Determination of Grant-Date Fair Value of Awards We estimated the fair value of TSR-based awards granted in 2018 , 2017 and 2016 using a Monte Carlo model using the assumptions set forth in the table below. The risk-free interest rate reflects the annualized yield of a zero coupon U.S. Treasury security with a term equal to the expected term of the option. The expected dividend yield reflects expectations regarding cash dividend amounts per share paid on Aimco’s Common Stock during the expected term of the awards. Expected volatility reflects an average of the historical volatility of Aimco’s Common Stock during the historical period commensurate with the expected term of the options that ended on the date of grant, and the implied volatility is calculated from observed call option contracts closest to the expected term. The derived vesting period of TSR Restricted Stock and TSR LTIP I units was determined based on the graded vesting terms. The expected term of the TSR-options and TSR LTIP II units was based on historical option exercises and post-vesting terminations. The midpoints of our valuation assumptions for the 2018 , 2017 and 2016 grants were as follows: 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 The grant date fair value for the Time-Based Restricted Stock awards reflects the closing price of a share of Aimco common stock on the grant date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of the TRS entities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax liabilities and assets are as follows (in thousands): 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 In December 2017, the U.S. Congress passed the Tax Cuts and Jobs Act, or the 2017 Act, which is effective for years beginning with 2018. The 2017 Act provided for a reduction in the federal income tax rate. In accordance with GAAP, we revalued our deferred tax assets and liabilities as of December 31, 2017. We finalized our accounting for the tax effects of enactment of the 2017 Act during the year ended December 31, 2018, resulting in our recognition of a cumulative net tax benefit of $15.6 million over the two years. At December 31, 2018 , we had federal and state net operating loss carryforwards, or NOLs, for which the deferred tax asset was approximately $7.0 million , before a valuation allowance of $4.9 million . The NOLs expire in years 2019 to 2034 . Subject to certain separate return limitations, we may use these NOLs to offset a portion of state taxable income generated by our TRS entities. As of December 31, 2018 , we had low-income housing and rehabilitation tax credit carryforwards and corresponding deferred tax assets of approximately $67.5 million for income tax purposes that expire in years 2034 to 2038 . In light of the lower federal tax rate under the 2017 Act, our TRS entities must generate more taxable income in future years to utilize tax credit carryforwards, which are recorded as deferred tax assets. As a result, during the year ended December 31, 2017, we recognized a partial valuation allowance of $15.4 million against the deferred tax assets associated with low-income housing and rehabilitation tax credit carryforwards. Due to the sale of our Asset Management business, discussed further in Note 3 , during the year ended December 31, 2018, we reversed the remaining valuation allowance recognized in 2017 against our deferred tax benefits that we now expect to utilize. A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): 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 Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2014 and subsequent years and certain of our State income tax returns for the year ended December 31, 2014 and subsequent years are currently subject to examination by the IRS or other taxing authorities. If recognized, the unrecognized benefit would affect the effective rate. In 2014, the IRS initiated an audit of the Aimco Operating Partnership’s 2011 and 2012 tax years. This audit remains in process as of December 31, 2018 . We do not believe the audit will have any material effect on our unrecognized tax benefits, financial condition or results of operations. Our policy is to include any interest and penalties related to income taxes within the income tax line item in our consolidated statements of operations. In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. We recognize the tax effects related to stock based compensation through earnings in the period the compensation was recognized. Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in income before gain on dispositions and gain on dispositions of real estate, net of tax, in our consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 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 ) Consolidated income or loss subject to tax consists of pretax income or loss of our TRS entities and income and gains retained by the REIT. For the years ended December 31, 2018 , 2017 and 2016 , we had consolidated net income subject to tax of $158.6 million , net loss subject to tax of $55.6 million and net income subject to tax of $109.3 million , respectively. The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit is shown below (dollars in thousands): 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. Income taxes paid totaled approximately $11.5 million , $7.4 million and $2.2 million in the years ended December 31, 2018 , 2017 and 2016 , respectively. For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends and unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2018 , 2017 and 2016 , dividends per share held for the entire year were estimated to be taxable as follows: 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 % |
Earnings per Share_Unit
Earnings per Share/Unit | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share/Unit | Earnings per Share/Unit Aimco and the Aimco Operating Partnership calculate basic earnings per common share and basic earnings per common unit based on the weighted average number of shares of Common Stock and common partnership units and participating securities outstanding, and calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock equivalents and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested TSR Restricted Stock awards that do not meet the definition of participating securities, which would result in the issuance of additional common shares and common partnership units equal to the number of shares that vest. The dilutive effect of these securities was 0.2 million shares or units, 0.5 million shares or units, and 0.4 million shares or units, respectively, for the years ended December 31, 2018 , 2017 and 2016 . Securities with dilutive effect are included in the denominator for calculating diluted earnings per share and unit during these periods. There were 0.3 million potential shares and 0.3 million potential units not dilutive and excluded from the denominator for calculating diluted earnings per share and per unit, respectively, for the year ended December 31, 2018 . There were 0.2 million potential shares and 0.2 million potential units not dilutive and excluded from the denominator for calculating diluted earnings per share and per unit, respectively, for the years ended December 31, 2017 and 2016 . Our Time-Based Restricted Stock awards receive dividends similar to shares of Common Stock and common partnership units prior to vesting and our TSR LTIP I units and TSR LTIP II units receive distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. These dividends and distributions are not forfeited in the event the awards do not vest. Therefore, the unvested restricted shares and units related to these awards are participating securities. The effect of participating securities is included in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. At December 31, 2018 , 2017 and 2016 , there were 0.3 million , 0.2 million and 0.2 million shares of unvested participating restricted securities, respectively. At December 31, 2018 , 2017 and 2016 , there were 0.6 million , 0.3 million and 0.2 million units of unvested participating restricted securities, respectively. As discussed in Note 7 , the Aimco Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holders’ option. The Aimco Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of December 31, 2018 , these preferred OP Units were potentially redeemable for approximately 2.3 million shares of Common Stock (based on the period end market price), or cash. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings per share and unit computations for the periods presented above, and we expect to exclude them in future periods. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements We measure at fair value on a recurring basis our investment in the securitization trust that holds certain of our property debt, which we classify as AFS debt securities. These investments are presented within other assets in the accompanying consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. These investments were acquired at a discount to face value and we are accreting the discount to the $100.9 million face value of the investments through interest income using the effective interest method over the remaining expected term of the investments, which as of December 31, 2018 , was approximately 2.4 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $83.6 million and $77.7 million at December 31, 2018 and 2017 , respectively. We estimated the fair value of these investments to be $88.5 million and $82.8 million at December 31, 2018 and 2017 , respectively. Our investments in AFS debt securities are classified within Level 2 of the GAAP fair value hierarchy. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. Fair Value Disclosures We believe that the carrying values of the consolidated amounts of cash and cash equivalents, receivables and payables approximates their fair value at December 31, 2018 and 2017 , due to their relatively short-term nature and high probability of realization. The carrying amount of seller financing notes receivable approximated their estimated fair value at December 31, 2018 . The carrying amount of the total indebtedness associated with our Real Estate portfolio approximated its estimated fair value at December 31, 2018 and 2017 . We estimate the fair value of our seller financing notes and our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of debt and seller financing notes within Level 3 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Our chief executive officer, who is our chief operating decision maker, uses proportionate property net operating income to assess the operating performance of our apartment communities. Proportionate property net operating income is defined as our share of rental and other property revenue less our share of property operating expenses, including real estate taxes, for consolidated apartment communities we own and manage. Beginning in 2018, we exclude from rental and other property revenues the amount of utilities cost reimbursed by residents and reflect such amount as a reduction of the related utility expense within property operating expenses in our evaluation of segment results. In our consolidated statements of operation, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. The 2017 and 2016 tables below have been revised to conform to this presentation. Apartment communities are classified as either part of our Real Estate portfolio or, prior to the sale in July 2018, those owned through partnerships served by our Asset Management business. As of December 31, 2018 , for segment performance evaluation, our Real Estate segment included 130 consolidated apartment communities with 36,407 apartment homes and excluded four apartment communities with 142 apartment homes that we neither manage nor consolidate. Prior to the July 2018 sale of our Asset Management business, we consolidated certain partnerships in which we held nominal positions. These partnerships own low-income housing tax credit apartment communities. Neither the results of operations nor the assets of these partnerships and apartment communities were quantitatively material during our period of ownership; therefore, we have one reportable segment, Real Estate. The following tables present the revenues, net operating income and income before gain on dispositions of our Real Estate segment on a proportionate basis and excluding amounts related to apartment communities sold or classified as held for sale as of December 31, 2018 for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 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 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 consolidated apartment communities in our Real Estate segment, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Reportable Segment also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) 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 loss, which are not included in our measure of segment performance. (4) Other items included in income before income tax benefit primarily consists of gain on dispositions of real estate and interest expense. The assets of our reportable segment and the consolidated assets not allocated to our segment are as follows (in thousands): 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 not allocated to our reportable segment, primarily corporate assets, and assets of apartment communities and the Asset Management business, which were sold or classified as held for sale as of December 31, 2018 . For the years ended December 31, 2018 , 2017 and 2016 , capital additions related to our Real Estate segment totaled $338.8 million , $321.9 million and $312.8 million , respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Aimco consolidates the Aimco Operating Partnership, which is a VIE for which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. All of the VIEs we consolidate own interests in one or more apartment communities. VIEs that own apartment communities we classify as part of our Real Estate segment are typically structured to generate a return for their partners through the operation and ultimate sale of the communities. We are the primary beneficiary in the limited partnerships in which we are the sole decision maker and have a substantial economic interest. As described in Note 3 , we sold our Asset Management business in July 2018, including the nominal ownership interest we held in partnerships served by this business. 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 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of VIEs are summarized in the table below (in thousands): 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 |
Unaudited Summarized Consolidat
Unaudited Summarized Consolidated Quarterly Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Summarized Consolidated Quarterly Information | Unaudited Summarized Consolidated Quarterly Information Aimco Aimco’s summarized unaudited consolidated quarterly information for the years ended December 31, 2018 and 2017 , is provided below (in thousands, except per share amounts): 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 The Aimco Operating Partnership The Aimco Operating Partnership’s summarized unaudited consolidated quarterly information for the years ended December 31, 2018 and 2017 , is provided below (in thousands, except per unit amounts): 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 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation Disclosure | APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO PROPERTIES, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (In Thousands Except Apartment Home Data) (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 Real Estate Segment: 100 Forest Place 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 6,752 14,985 30,211 45,196 (9,121 ) 36,075 17,457 173 E. 90th Street 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 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 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 4,449 807 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 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 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 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 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 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 1,609 520 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 1,512 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 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 1,982 608 548 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 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 1,002 622 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 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 4,315 606 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 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 23,538 3,562 35,575 39,137 (23,393 ) 15,744 — 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 5,539 3,525 14,584 18,109 (7,463 ) 10,646 10,476 Bay Parc Plaza 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 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 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 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 5,694 3,446 26,283 29,729 (13,914 ) 15,815 15,303 Boulder Creek Garden Jul 1994 Boulder, CO 1973 221 754 7,730 20,628 754 28,358 29,112 (19,702 ) 9,410 38,500 Broadcast Center Garden Mar 2002 Los Angeles, CA 1990 279 29,407 41,244 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 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 17,678 4,867 41,295 46,162 (24,737 ) 21,425 57,860 (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 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 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 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 8,411 15,765 18,626 34,391 (12,166 ) 22,225 40,000 Elm Creek 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 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 11,173 11,763 26,347 38,110 (13,618 ) 24,492 13,106 Flamingo Towers High Rise Sep 1997 Miami Beach, FL 1960 1,324 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 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 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 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 2,118 4,577 6,175 10,752 (3,483 ) 7,269 — Heritage Park Escondido 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 1,850 — 12,059 12,059 (8,176 ) 3,883 6,353 Heritage Village Anaheim Garden Oct 2000 Anaheim, CA 1986 196 1,832 8,541 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 10,802 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 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 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 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 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 14,154 17,859 27,303 45,162 (16,083 ) 29,079 — Hyde Park Tower 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 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 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 7,781 1,526 14,831 16,357 (11,892 ) 4,465 — Lakeside 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 Latrobe 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 10,439 337,267 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 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 37,919 69,834 91,357 161,191 (45,222 ) 115,969 105,367 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 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 7,657 1,836 18,488 20,324 (10,492 ) 9,832 — Mezzo 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 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 15,089 12,528 33,894 46,422 (6,592 ) 39,830 12,745 One Canal 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 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 7,879 12,970 14,458 27,428 (6,565 ) 20,863 28,613 (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 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 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 14,045 4,684 25,758 30,442 (16,449 ) 13,993 27,800 Plantation Gardens 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 4,537 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 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 4,490 3,455 21,647 25,102 (14,617 ) 10,485 20,342 River Club,The 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 35,086 2,120 46,372 48,492 (23,386 ) 25,106 7,680 Rosewood 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 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 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 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 27,916 51,292 64,724 116,016 (36,132 ) 79,884 — Saybrook Point 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 Shenandoah Crossing 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 3,642 5,587 10,926 16,513 (4,606 ) 11,907 — 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 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 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 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 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 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 18,011 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 37,904 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 2,314 4,748 12,403 17,151 (5,294 ) 11,857 2,746 Villa Del Sol 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 Villas at Park La Brea, The 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 4,493 9,693 11,311 21,004 (4,397 ) 16,607 — Vivo 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 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 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 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 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 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 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 6,217 4,279 22,187 26,466 (13,378 ) 13,088 — Yacht Club at Brickell 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 52,436 3,055 70,598 73,653 (29,697 ) 43,956 38,280 Other (6) — 5,135 — 20,914 5,135 20,914 26,049 — 26,049 — 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) (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. APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO PROPERTIES, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2018 , 2017 and 2016 (In Thousands) 2018 2017 2016 Real Estate Segment Real Estate balance at beginning of year $ 7,927,753 $ 7,931,117 $ 7,744,894 Additions during the year: Acquisitions 501,009 16,687 333,174 Capital additions 344,501 345,974 329,697 Deductions during the year: Casualty and other write-offs (1) (58,152 ) (106,590 ) (170,744 ) Impairment of real estate — (35,881 ) — Amounts related to assets held for sale (83,905 ) (38,208 ) — Sales (322,616 ) (185,346 ) (305,904 ) 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 339,883 320,870 287,661 Deductions during the year: Casualty and other write-offs (1) (57,067 ) (106,521 ) (169,098 ) Amounts related to assets held for sale (41,717 ) (20,383 ) — Sales (178,342 ) (92,965 ) (185,654 ) 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 $54.5 million , $106.4 million and $167.9 million , during the years ended December 31, 2018 , 2017 and 2016 , respectively. (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. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries (see Note 13 ). All significant intercompany balances have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying consolidated balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. |
Acquisition of Real Estate and Related Depreciation and Amortization | Acquisition of Real Estate and Related Depreciation and Amortization We generally recognize the acquisition of apartment communities or interests in partnerships that own apartment communities at our cost. The related transaction costs are included in the cost of the acquired apartment community. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures and equipment, using valuation techniques that consider comparable market transactions, replacement costs and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2018 , the weighted average depreciable life of our buildings and improvements was approximately 28 years. Furniture, fixtures and equipment associated with apartment communities are depreciated over five years. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment community. |
Cash Equivalents | Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. |
Investments | Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains recognized by and related to such entities, and we present such amounts within other, net in our consolidated statements of operations. The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Investments in Securitization Trust that holds Aimco Property Debt We hold investments in a securitization trust that primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale, or AFS, debt securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. |
Intangible Assets | Intangible Assets At December 31, 2018 and 2017 , other assets included goodwill associated with our reportable segment of $37.8 million . We perform an annual impairment test of goodwill by evaluating qualitative factors to determine the likelihood that goodwill may be impaired. We primarily consider the fair value of our real estate portfolio and the fair value of our debt relative to their carrying values. As a result of the qualitative analysis, we do not believe our goodwill is impaired as of the date of our annual test. |
Capitalized Software Costs | Capitalized Software Costs, Equipment and Leasehold Improvements Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. |
Equipment and Leasehold Improvements | Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. |
Deferred Costs | Deferred Costs We defer, as debt issue costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issue costs over the term of the modified loan agreement. Debt issue costs associated with our revolving credit facility are included in other assets on our consolidated balance sheets. Debt issue costs associated with non-recourse property debt and our term loan are presented as a direct deduction from the related liabilities on our consolidated balance sheets. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issue costs are written off, additionally, any lender fees or other costs incurred in connection with the extinguishment are recognized. Amortization and write-off of debt issue costs and other extinguishment costs are included in interest expense on our consolidated statements of operations. We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Beginning in 2019, in connection with our adoption of the new accounting standard for leases, which is further discussed under the Recent Accounting Pronouncements heading below, such costs will be deferred when they are incremental and would not have incurred if the contract had not been obtained. Amortization of these costs is included in depreciation and amortization. |
Noncontrolling Interests in Consolidated Real Estate Partnerships | Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2018 , 2017 and 2016 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as gains on disposition of real estate and accordingly the effect on our equity and partners’ capital is reflected within the amount of net income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. |
Noncontrolling Interests in Aimco Operating Partnership | Noncontrolling Interests in Aimco Operating Partnership Noncontrolling interests in Aimco Operating Partnership consist of common OP Units and preferred OP Units. Holders of preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. Within Aimco’s consolidated financial statements, after provision for Preferred OP Unit distributions, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units based on the weighted average number of common partnership units (including those held by Aimco) outstanding during the period. |
Revenue from Leases | Revenue from Leases Our apartment communities have operating leases with apartment residents with terms averaging 13 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. Our operating leases with residents also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements are variable payments pursuant to the related lease and recognized as income when the utility expense is incurred. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues on our consolidated statements of operations. |
Asset Management Business | Asset Management Business Prior to the July 2018 sale of our Asset Management business, we provided asset management and other services to certain consolidated partnerships owning apartment communities that qualify for low-income housing tax credits and are structured to provide for the pass-through of tax credits and tax deductions to their partners. We recognized income from asset management and other services when the related fees were earned and realized or realizable. The tax credits were generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years . We held nominal ownership positions in these partnerships, generally less than one percent, and sold these interests to an unrelated third party in July 2018. In our role, we provided asset management and other services to these partnerships and we received fees and other payments in return. Capital contributions received by the partnerships from tax credit investors represented, in substance, consideration that we received in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We recorded these contributions as deferred income in our consolidated balance sheets upon receipt, and we recognized these amounts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. This obligation transferred to the buyer along with our interest in the partnerships. Prior to the sale of our interests in the partnerships, we consolidated the low-income housing tax credit partnerships in which we were the sole general partner, because we were the sole decision maker of the partnerships. When the contractual arrangements obligated us to deliver tax benefits to the investors, and entitled us through fee arrangements to receive substantially all available cash flow from the partnerships, we recognized the income or loss generated by the underlying real estate based on our economic interest in the partnerships’ current period results, which was approximately 100% and represented the allocation of cash available for distribution we would receive from a hypothetical liquidation at the book value of the partnership’s net assets. Our economic interests generally differed from our legal interests. Upon the sale of our interests in these partnerships, we deconsolidated these partnerships and removed the obligation to deliver future tax credits and benefits, represented by the remaining deferred income as a component of our gain on the sale of the business. |
Insurance | Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. |
Share-Based Compensation | Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions and/or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost over the awards’ requisite service periods. We reduce compensation cost related to forfeited awards in the period of forfeiture. See Note 8 for further discussion of our share-based compensation. |
Income Taxes | Income Taxes Aimco has elected to be taxed as a REIT under the Internal Revenue Code commencing with its taxable year ended December 31, 1994, and it intends to continue to operate in such a manner. Aimco’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Internal Revenue Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. Aimco also will be required to pay a 100% tax on any net income on non-arm’s length transactions between it and a TRS (described below) and on any net income from sales of apartment communities that were held for sale in the ordinary course. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of our operations or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the Aimco Operating Partnership and TRS entities when such transactions occur. |
Comprehensive Income or Loss | Comprehensive Income or Loss As discussed under the preceding Investments in Securitization Trust that holds Aimco Property Debt heading, we have investments in debt securities that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, during the year ended December 31, 2018 , we recognized changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital until the July 2018 sale of the Asset Management business. The amounts of consolidated comprehensive income for the years ended December 31, 2018 , 2017 and 2016 , along with the corresponding amounts of such comprehensive income attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, are presented within the accompanying consolidated statements of comprehensive income. |
Earnings Per Share and Unit | Earnings per Share and Unit Aimco and the Aimco Operating Partnership calculate earnings per share and unit based on the weighted average number of shares of Common Stock or common partnership units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain items included in the 2017 and 2016 consolidated financial statements have been reclassified to conform to the current presentation. We have also reclassified certain items on our consolidated statements of operations to comply with the SEC disclosure amendments summarized below. |
Accounting Pronouncements Adopted in the Current Year | Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that affects accounting for revenue. Under this new standard, revenue is generally recognized when an entity has transferred control of goods or services to a customer for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. The new revenue standard also introduced new guidance for accounting for other income, including how we measure gains or losses on the sale of real estate. We adopted the new standard using the modified retrospective transition method effective January 1, 2018, with no effect on our results of operations or financial position. Effective January 1, 2018, we also adopted new standards issued by the FASB that affect the presentation and disclosure of the statements of cash flows. We are now required to present combined inflows and outflows of cash, cash equivalents, and restricted cash in the consolidated statement of cash flows. Previously our consolidated statements of cash flows presented transfers between restricted and unrestricted cash accounts as operating, financing and investing cash activities depending on the required or intended purpose for the restricted funds. The new guidance also requires debt prepayment and other extinguishment-related payments to be classified as financing activities. We previously classified such payments as operating activities. We have revised our consolidated statements of cash flows for the years ended December 31, 2017 and 2016 to conform to this presentation, and the effect of the revisions to net cash flows from operating, investing, and financing activities as previously reported are summarized in the following table (in thousands): 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 ) In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors and were generally effective on November 5, 2018. The amendments remove the SEC rule that requires REITs to present gain or loss on the sale of real estate, net of income tax, in the statement of operations. Consistent with the SEC’s historical requirements, we previously presented gain or loss on dispositions of real estate below continuing operations and net of tax. For the year ended December 31, 2018, we present gain on dispositions of real estate as a component of income before income taxes in our consolidated statements of operations and we have revised the 2017 and 2016 comparative periods to conform to this presentation as follows: 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 Additionally, SEC rules previously required changes in equity subsequent to the prior year-end as either a separate financial statement or in the notes to interim financial statements. For interim periods in 2018, we presented changes in equity within a footnote to our interim condensed consolidated financial statements in accordance with the SEC rule. The amendments create a requirement to report changes in equity and dividends per share in interim periods on a comparative basis for both quarter-to-date and year-to-date periods presented. This disclosure is required for interim financial statements beginning in 2019; therefore, we will present comparative interim statements of stockholders equity beginning in our condensed consolidated financial statements for the three months ending March 31, 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The FASB issued a new standard on lease accounting, which is effective for us on January 1, 2019. Under the new lease standard, lessor accounting will be largely unchanged and lessees will be required to recognize a lease liability and related right of use asset for all leases with terms longer than 12 months, with such leases classified as either operating or finance. The standard may be adopted utilizing multiple practical expedients, and we plan to adopt the standard using all practical expedients that aid in calculating the value of the lease liability and related right of use asset on the date of adoption, as well as the prospective practical expedient that allows lessors to combine lease and nonlease components where the timing and pattern of transfer are the same. We do not anticipate significant changes in the timing of income recognition from our leases with residents. However, in circumstances where we are a lessee, in primarily a limited population of ground leases and leases for corporate office space, we will be required to recognize lease liabilities and related right of use assets on our consolidated balance sheets. We anticipate recording lease liabilities and related right of use assets in amounts less than 1.5% of total assets as of December 31, 2018. Additionally, our adoption of the standard will affect the manner in which we recognize costs incurred to obtain resident leases. Through December 31, 2018, we deferred certain costs based on the percentage of successful leases relative to all leasing candidates. Under the new standard, only costs that are contingent upon a signed lease may be deferred. We do not anticipate recording significant cumulative catch up adjustments in connection with our adoption of this standard. |
Fair Value of Financial Instruments | We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. Recurring Fair Value Measurements We measure at fair value on a recurring basis our investment in the securitization trust that holds certain of our property debt, which we classify as AFS debt securities |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimated aggregate amortization of below-market leases | At December 31, 2018 , our below-market leases had a weighted average amortization period of 6.3 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): Estimated Amortization 2019 $1,986 2020 1,741 2021 1,668 2022 1,621 2023 1,571 |
Other assets | At December 31, 2018 and 2017 , other assets was comprised of the following amounts (dollars in thousands): 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 |
Accounting pronouncements adopted in the current year | For the year ended December 31, 2018, we present gain on dispositions of real estate as a component of income before income taxes in our consolidated statements of operations and we have revised the 2017 and 2016 comparative periods to conform to this presentation as follows: 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 We have revised our consolidated statements of cash flows for the years ended December 31, 2017 and 2016 to conform to this presentation, and the effect of the revisions to net cash flows from operating, investing, and financing activities as previously reported are summarized in the following table (in thousands): 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 ) |
Significant Transactions (Table
Significant Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summarized information regarding acquisitions | Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): 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. |
Summarized information regarding apartment communities sold | In addition to the Hunters Point apartment communities, we sold the following apartment communities from our Real Estate portfolio during the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): 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 |
Non-Recourse Property Debt an_2
Non-Recourse Property Debt and Credit Agreement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of non-recourse property loans payable related to properties classified as held for use | The following table summarizes non-recourse property debt related to assets classified as held for use at December 31, 2018 and 2017 (in thousands): 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 |
Scheduled principal amortization and maturity payments for non-recourse debt related to apartment communities classified as held for use | As of December 31, 2018 , the scheduled principal amortization and maturity payments for the non-recourse property debt related to apartment communities classified as held for use were as follows (in thousands): Amortization Maturities 2019 $ 77,791 $ 168,554 2020 79,592 78,930 2021 (1) 69,995 611,039 2022 64,991 283,629 2023 55,450 337,871 Thereafter 2,109,158 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Approximate minimum annual rentals under operating lease obligations and sublease receivables | Minimum annual rental payments under operating leases are as follows (in thousands): 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 |
Aimco Equity (Tables)
Aimco Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Pro forma earnings per share | If the reverse stock split had been effective prior to issuance of these financial statements, basic and diluted weighted average shares outstanding and earnings per share for the years ending December 31, 2018, 2017 and 2016 would have been (shares in thousands): 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 If the reverse unit split had been effective prior to issuance of these financial statements, basic and diluted weighted average units outstanding and earnings per unit for the years ending December 31, 2018, 2017 and 2016 would have been (units in thousands): 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 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Partners' Capital [Abstract] | |
Classes of preferred OP Units | As of December 31, 2018 and 2017 , the Aimco Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): 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 |
Reconciliation of preferred OP Units | The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units during the years ended December 31, 2018 , 2017 and 2016 (in thousands): 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 |
Pro forma earnings per unit | If the reverse stock split had been effective prior to issuance of these financial statements, basic and diluted weighted average shares outstanding and earnings per share for the years ending December 31, 2018, 2017 and 2016 would have been (shares in thousands): 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 If the reverse unit split had been effective prior to issuance of these financial statements, basic and diluted weighted average units outstanding and earnings per unit for the years ending December 31, 2018, 2017 and 2016 would have been (units in thousands): 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 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of activity for outstanding stock options | The following table summarizes activity for our outstanding stock options, for the years ended December 31, 2018 , 2017 and 2016 (options in thousands): 2018 2017 2016 Number of Options Weighted Number of Options Weighted Number of Options Weighted 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 |
Summary of activity for restricted stock awards | The following table summarizes activity for Time-Based Restricted Stock awards for the years ended December 31, 2018 , 2017 and 2016 (shares in thousands): 2018 2017 2016 Number of Shares Weighted Number of Shares Weighted Number of Shares Weighted 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 The following table summarizes activity for TSR Restricted Stock awards for the years ended December 31, 2018 , 2017 and 2016 (shares in thousands): 2018 2017 2016 Number of Shares Weighted Number of Shares Weighted Number of Shares Weighted 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 The following table summarizes activity for TSR LTIP II units for the years ended December 31, 2018 and 2017 (numbers of units in thousands): 2018 Number of Units Weighted Unvested at beginning of year — $ — Granted 243 41.84 Unvested at end of year 243 $ 41.84 The following table summarizes activity for TSR LTIP I units for the years ended December 31, 2018 and 2017 (units in thousands): 2018 2017 Number of Units Weighted Number of Units Weighted 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 |
Assumptions used in the determination of grant-date fair value of awards | The midpoints of our valuation assumptions for the 2018 , 2017 and 2016 grants were as follows: 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax liabilities and assets | Significant components of our deferred tax liabilities and assets are as follows (in thousands): 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 |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): 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 |
Components of the provision (benefit) for income taxes | Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in income before gain on dispositions and gain on dispositions of real estate, net of tax, in our consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 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 ) |
Reconciliation of income tax attributable to continuing and discontinued operations | The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit is shown below (dollars in thousands): 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. |
Dividends paid to holders of Common Stock | For the years ended December 31, 2018 , 2017 and 2016 , dividends per share held for the entire year were estimated to be taxable as follows: 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 % |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Revenues, net operating income and income before gain on dispositions of Real Estate segment | The following tables present the revenues, net operating income and income before gain on dispositions of our Real Estate segment on a proportionate basis and excluding amounts related to apartment communities sold or classified as held for sale as of December 31, 2018 for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 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 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 consolidated apartment communities in our Real Estate segment, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Reportable Segment also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) 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 loss, which are not included in our measure of segment performance. (4) Other items included in income before income tax benefit primarily consists of gain on dispositions of real estate and interest expense. |
Assets of reportable segments and consolidated assets not allocated to segments | The assets of our reportable segment and the consolidated assets not allocated to our segment are as follows (in thousands): 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 not allocated to our reportable segment, primarily corporate assets, and assets of apartment communities and the Asset Management business, which were sold or classified as held for sale as of December 31, 2018 . |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 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 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of VIEs are summarized in the table below (in thousands): 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 |
Unaudited Summarized Consolid_2
Unaudited Summarized Consolidated Quarterly Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Unaudited Quarterly Financial Information [Line Items] | |
Summarized unaudited consolidated quarterly information | Aimco’s summarized unaudited consolidated quarterly information for the years ended December 31, 2018 and 2017 , is provided below (in thousands, except per share amounts): 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 |
AIMCO PROPERTIES, L.P. | |
Schedule of Unaudited Quarterly Financial Information [Line Items] | |
Summarized unaudited consolidated quarterly information | The Aimco Operating Partnership’s summarized unaudited consolidated quarterly information for the years ended December 31, 2018 and 2017 , is provided below (in thousands, except per unit amounts): 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 |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 2018communityPropertyapartment_homeshares | |
Organization [Line Items] | |
Common partnership units and equivalents outstanding (in shares) | shares | 149,133,826 |
Aimco's ownership interest in AIMCO Properties, L.P. | 94.30% |
Number of apartment homes | community | 6 |
Number of apartment communities | 1,480 |
Partially Owned Properties | Aimco Real Estate | |
Organization [Line Items] | |
Number of apartment homes | Property | 134 |
Number of apartment communities | 36,549 |
Wholly and Partially Owned and Consolidated Properties | Aimco Real Estate | |
Organization [Line Items] | |
Number of apartment homes | Property | 130 |
Number of apartment communities | 36,407 |
AIMCO PROPERTIES, L.P. | |
Organization [Line Items] | |
Common partnership units and equivalents outstanding (in shares) | shares | 158,140,169 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Acquisition of Real Estate and Related Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Properties [Line Items] | |||
Weighted average depreciable life of acquired buildings and improvements | 15 years | ||
Below market lease, net | $ 18,700 | $ 9,100 | |
Below market lease, accumulated amortization | 36,700 | 34,400 | |
Amortization of below market lease | 2,300 | $ 1,300 | $ 1,700 |
Schedule of expected amortization of below market obligations related to acquired leases | |||
2,019 | 1,986 | ||
2,020 | 1,741 | ||
2,021 | 1,668 | ||
2,022 | 1,621 | ||
2,023 | $ 1,571 | ||
Leases, Acquired-in-Place, Market Adjustment | |||
Real Estate Properties [Line Items] | |||
Weighted average amortization period of below market leases | 6 years 4 months | ||
Weighted Average | Building and Building Improvements | |||
Real Estate Properties [Line Items] | |||
Weighted average depreciable life of acquired buildings and improvements | 28 years |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Capital Additions and Related Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 15 years | ||
Interest costs capitalized | $ 7.6 | $ 7.6 | $ 9.6 |
Other direct and indirect costs capitalized | $ 36.8 | $ 36 | $ 32.9 |
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 30 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Deferred tax asset, net (Note 9) | $ 67,060 | $ 32,227 |
Aimco Real Estate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
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 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Goodwill | $ 37.8 | $ 37.8 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Capitalized Software Costs, Equipment and Leasehold Improvements (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of acquired equipment | 15 years |
Equipment | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of acquired equipment | 5 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of software | 3 years |
Estimated useful life of acquired equipment | 5 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of software | 5 years |
Estimated useful life of acquired equipment | 30 years |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Noncontrolling Interests in Aimco Operating Partnership (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Weighted average ownership interest | 4.90% | 4.50% | 4.70% |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting Policies - Revenue from Leases (Details) | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Average term of operating leases | 13 months |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Significant Accounting Policies - Asset Management Business (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Term over which tax credits are generally realized | 10 years |
Compliance period for low income housing tax credit syndication agreements | 15 years |
Economic Interest in Low Income Housing Tax Credit Partnerships | approximately 100% |
Basis of Presentation and Su_12
Basis of Presentation and Summary of Significant Accounting Policies - Income Taxes (Details) | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of income tax on income from non-arms length transactions | 100.00% |
Basis of Presentation and Su_13
Basis of Presentation and Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in the Current Year (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | $ 396,388 | $ 392,072 | $ 376,501 |
Net cash used in investing activities | 121,846 | 13,019 | (99,147) |
Net cash used in financing activities | (588,180) | (393,700) | (283,949) |
Income tax benefit | $ 13,027 | 30,836 | 18,842 |
As Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | 394,139 | 377,724 | |
Net cash used in investing activities | 14,704 | (97,773) | |
Net cash used in financing activities | (393,301) | (269,496) | |
SEC Rule Change | As Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax benefit | 32,126 | 25,208 | |
Gain on dispositions of real estate and the Asset Management Business | 299,559 | 393,790 | |
SEC Rule Change | Adjustments | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax benefit | (1,290) | (6,366) | |
Gain on dispositions of real estate and the Asset Management Business | 1,290 | 6,366 | |
ASU 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | (1,223) | ||
Net cash used in investing activities | (1,374) | ||
Net cash used in financing activities | $ (14,453) | ||
ASU 2016-18 | Adjustments | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | (2,067) | ||
Net cash used in investing activities | (1,685) | ||
Net cash used in financing activities | $ (399) |
Basis of Presentation and Su_14
Basis of Presentation and Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Expected total lease liabilities and right-of-use assets expected to be recorded as a percent of total assets (less than) | 1.50% |
Significant Transactions - Summ
Significant Transactions - Summarized Information Regarding Acquisitions (Details) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)communityapartment_home$ / sharesshares | |
Business Acquisition [Line Items] | |
Number of apartment homes | community | 6 |
Number of apartment communities | apartment_home | 1,480 |
Purchase price | $ 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 |
Philadelphia-Area Apartment Communities | |
Business Acquisition [Line Items] | |
Cash paid in acquisition | 34,400 |
Property-level debt assumed in acquisition | $ 208,900 |
OP Units issued in acquisition (in shares) | shares | 1.2 |
Share price per unit (in dollars per share) | $ / shares | $ 41.08 |
Significant Transactions - Disp
Significant Transactions - Disposition of Apartment Communities and Assets Held For Sale (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($)communityapartment_home | Dec. 31, 2017USD ($)community | Dec. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on dispositions of real estate and the Asset Management Business | $ 677,463 | $ 300,849 | $ 400,156 | |
Number of apartment homes | community | 6 | |||
Number of apartment communities | apartment_home | 1,480 | |||
Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross proceeds from the sale of real estate | 10,900 | 27,500 | ||
Gain on dispositions of real estate and the Asset Management Business | $ 2,600 | $ 16,500 | ||
Number of apartment homes | community | 3 | |||
Disposed of by Sale, Not Discontinued Operations | Subsequent Event | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross proceeds from the sale of real estate | $ 141,200 | |||
Gain on dispositions of real estate | 87,500 | |||
Net proceeds to Aimco from the sale of real estate | $ 114,900 | |||
Held-for-sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of apartment homes | community | 2 | |||
Number of apartment communities | apartment_home | 782 | |||
Wholly and Partially Owned and Consolidated Properties | Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross proceeds from the sale of real estate | $ 590,000 | |||
Gain on dispositions of real estate and the Asset Management Business | 500,300 | |||
Net proceeds to Aimco from the sale of real estate | 512,200 | |||
La Jolla Cove | Wholly and Partially Owned and Consolidated Properties | Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Stated value of seller financing provided | 48,600 | |||
Net cash proceeds received | $ 5,000 |
Significant Transactions - Su_2
Significant Transactions - Summarized Information Regarding Apartment Communities Sold (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)communityPropertyapartment_home | Dec. 31, 2017USD ($)communityPropertyapartment_home | Dec. 31, 2016USD ($)Propertyapartment_home | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of apartment communities sold | community | 6 | ||
Number of apartment homes sold | apartment_home | 1,480 | ||
Gain on disposition | $ 677,463 | $ 300,849 | $ 400,156 |
Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of apartment communities sold | community | 3 | ||
Gain on disposition | $ 2,600 | $ 16,500 | |
Disposed of by Sale, Not Discontinued Operations | Wholly and Partially Owned and Consolidated Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on disposition | $ 500,300 | ||
Aimco Real Estate | Disposed of by Sale, Not Discontinued Operations | Wholly and Partially Owned and Consolidated Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of apartment communities sold | Property | 4 | 5 | 7 |
Number of apartment homes sold | apartment_home | 1,334 | 2,291 | 3,045 |
Gain on disposition | $ 175,213 | $ 297,730 | $ 383,647 |
Non-Recourse Property Debt an_3
Non-Recourse Property Debt and Credit Agreement - Summary of Non-Recourse Property Loans Payable Related to Properties Classified as Held for Use (Details) - Aimco Real Estate - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Non-recourse property debt | $ 3,915,305 | $ 3,545,109 |
Debt issue costs, net of accumulated amortization | (21,695) | (17,932) |
Fixed-rate property debt | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt | 3,676,882 | 3,480,378 |
Variable-rate property debt | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt | $ 260,118 | $ 82,663 |
Non-Recourse Property Debt an_4
Non-Recourse Property Debt and Credit Agreement - Non-Recourse Property Debt (Details) (Details) $ in Millions | Dec. 31, 2018USD ($)communityProperty |
Debt Instrument [Line Items] | |
Number of apartment homes | community | 6 |
Aimco Real Estate | Fixed Rate Property Debt | |
Debt Instrument [Line Items] | |
Weighted average interest rate | 4.22% |
Aggregate gross book value | $ | $ 4,200 |
Aimco Real Estate | Fixed Rate Property Debt | Minimum | |
Debt Instrument [Line Items] | |
Interest rate | 2.73% |
Aimco Real Estate | Fixed Rate Property Debt | Maximum | |
Debt Instrument [Line Items] | |
Interest rate | 7.14% |
Aimco Real Estate | Fixed Rate Property Debt | Pledged as Collateral | |
Debt Instrument [Line Items] | |
Number of apartment homes | Property | 82 |
Aimco Real Estate | Variable Rate Property Debt | |
Debt Instrument [Line Items] | |
Weighted average interest rate | 3.61% |
Aggregate gross book value | $ | $ 239.5 |
Aimco Real Estate | Variable Rate Property Debt | Minimum | |
Debt Instrument [Line Items] | |
Interest rate | 3.55% |
Aimco Real Estate | Variable Rate Property Debt | Maximum | |
Debt Instrument [Line Items] | |
Interest rate | 3.67% |
Aimco Real Estate | Variable Rate Property Debt | Pledged as Collateral | |
Debt Instrument [Line Items] | |
Number of apartment homes | Property | 8 |
Non-Recourse Property Debt an_5
Non-Recourse Property Debt and Credit Agreement - Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt (Details) - Aimco Real Estate $ in Thousands | Dec. 31, 2018USD ($) |
Amortization | |
2,019 | $ 77,791 |
2,020 | 79,592 |
2,021 | 69,995 |
2,022 | 64,991 |
2,023 | 55,450 |
Maturities | |
2,019 | 168,554 |
2,020 | 78,930 |
2,021 | 611,039 |
2,022 | 283,629 |
2,023 | 337,871 |
Thereafter | 2,109,158 |
Total | 3,937,000 |
Loans maturing in 2021 that may be prepaid without penalty | $ 246,500 |
Non-Recourse Property Debt an_6
Non-Recourse Property Debt and Credit Agreement - Credit Facility (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Credit facility interest rate at period end | 3.93% | 3.26% | |
Amount outstanding for undrawn letters of credit issued under revolving credit facility | $ 7,100,000 | ||
Remaining borrowing capacity under credit facility | 632,500,000 | ||
Repayment of term loan | $ 250,000,000 | $ (250,000,000) | $ 0 |
Initial interest rate for credit facility | LIBOR plus 1.20%, or, at our option, a base rate plus 0.20% | ||
Spread on variable interest rate | 0.20% | ||
Credit facility maturity date | Jan. 22, 2022 | ||
Credit facility, dividend restrictions | aggregate amount that does not exceed the greater of 95% of our Funds From Operations for such period, subject to certain non-cash adjustments, or such amount as may be necessary to maintain Aimco’s REIT status | ||
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Spread on variable interest rate | 1.20% | ||
Aimco Real Estate | |||
Debt Instrument [Line Items] | |||
Revolving loan commitments | $ 800,000,000 | ||
Outstanding borrowings under the revolving credit facility | 160,360,000 | $ 67,160,000 | |
Aimco Real Estate | Term Loan | |||
Debt Instrument [Line Items] | |||
Repayment of term loan | $ 250,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2017party | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments and Contingencies [Abstract] | ||||
Number of potentially-responsible parties | party | 4 | |||
Ground Lease Obligations | ||||
Commitments and Contingencies [Abstract] | ||||
Rent expense | $ 2.3 | $ 1.8 | $ 1.7 | |
Ground Lease Obligations | Minimum | ||||
Commitments and Contingencies [Abstract] | ||||
Lessee leasing arrangements, operating leases, term of contract | 52 years | |||
Ground Lease Obligations | Maximum | ||||
Commitments and Contingencies [Abstract] | ||||
Lessee leasing arrangements, operating leases, term of contract | 99 years | |||
Office Lease Obligations | ||||
Commitments and Contingencies [Abstract] | ||||
Rent expense | $ 2.8 | $ 3 | $ 3.3 | |
Commitments related to development, redevelopment and capital improvement activities | ||||
Commitments and Contingencies [Abstract] | ||||
Commitments related to capital spending activities | $ 207 | |||
Long-term purchase commitment, period (or less) | 12 months | |||
Commitments related to operations | Maximum | ||||
Commitments and Contingencies [Abstract] | ||||
Long-term purchase commitment, period (or less) | 1 year |
Commitments and Contingencies_2
Commitments and Contingencies - Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 4,351 |
2,020 | 5,171 |
2,021 | 5,158 |
2,022 | 5,074 |
2,023 | 4,363 |
Thereafter | 432,813 |
Total | 456,930 |
Office Lease Obligations | |
Operating Leased Assets [Line Items] | |
2,019 | 2,237 |
2,020 | 2,821 |
2,021 | 2,719 |
2,022 | 2,582 |
2,023 | 1,871 |
Thereafter | 10,644 |
Total | 22,874 |
Ground Lease Obligations | |
Operating Leased Assets [Line Items] | |
2,019 | 2,114 |
2,020 | 2,350 |
2,021 | 2,439 |
2,022 | 2,492 |
2,023 | 2,492 |
Thereafter | 422,169 |
Total | $ 434,056 |
Aimco Equity (Details)
Aimco Equity (Details) $ / shares in Units, $ in Thousands | Feb. 20, 2019 | Feb. 03, 2019USD ($)shares | Jan. 31, 2019$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Classes of perpetual preferred stock | ||||||
Preferred stock balance | $ 125,000 | $ 125,000 | ||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.52 | $ 1.44 | $ 1.32 | |||
Cash dividends on common stock declared | $ 238,067 | $ 226,172 | $ 206,898 | |||
Subsequent Event | ||||||
Classes of perpetual preferred stock | ||||||
Cash dividends on common stock declared | $ 67,100 | |||||
Stock dividends on common stock declared (in shares) | shares | 4,500,000 | |||||
Quarterly cash dividend amount (in dollars per share) | $ / shares | $ 0.39 | |||||
Class A Cumulative Preferred Stock | ||||||
Classes of perpetual preferred stock | ||||||
Shares of preferred stock authorized (in shares) | shares | 5,000,000 | 5,000,000 | 5,000,000 | |||
Shares of preferred stock issued (in shares) | shares | 5,000,000 | 5,000,000 | 5,000,000 | |||
Shares of preferred stock outstanding (in shares) | shares | 5,000,000 | 5,000,000 | 5,000,000 | |||
Preferred stock balance | $ 125,000 | $ 125,000 | ||||
Per share par value of preferred stock issued (in dollars per share) | $ / shares | $ 0.01 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | |||||
Redemption date | May 17, 2019 | |||||
Annual per share dividend rate (paid quarterly) | 6.88% | |||||
Class Z Cumulative Preferred Stock | ||||||
Classes of perpetual preferred stock | ||||||
Preferred stock, redemption amount | $ 34,800 | |||||
Preferred stock redemption premium | 700 | |||||
Previously deferred issuance costs reflected as an adjustment of net income attributable to preferred security holders | $ 1,300 | |||||
Forecast | ||||||
Classes of perpetual preferred stock | ||||||
Reverse stock split, conversion ratio | 0.9697534 |
Aimco Equity - Pro Forma Earnin
Aimco Equity - Pro Forma Earnings Per Share (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Weighted average shares, basic (in shares) | 151,152 | 151,595 | 151,282 |
Weighted average shares, diluted (in shares) | 151,334 | 152,060 | 151,669 |
Basic earnings per share (in dollars per share) | $ 4.34 | $ 2.02 | $ 2.76 |
Diluted earnings per share (in dollars per share) | $ 4.34 | $ 2.02 | $ 2.75 |
Partners' Capital - Classes of
Partners' Capital - Classes of Preferred OP Units (Details) - AIMCO PROPERTIES, L.P. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Limited Partners' Capital Account [Line Items] | ||
Units issued (in shares) | 3,812,483 | 3,822,336 |
Units outstanding (in shares) | 3,812,483 | 3,822,336 |
Redemption values | $ 101,291 | $ 101,537 |
Class One | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 8.75% | |
Distributions per annum (in dollars per share) | $ 8 | |
Units issued (in shares) | 90,000 | 90,000 |
Units outstanding (in shares) | 90,000 | 90,000 |
Redemption values | $ 8,229 | $ 8,229 |
Class Two | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 1.92% | |
Distributions per annum (in dollars per share) | $ 0.48 | |
Units issued (in shares) | 14,240 | 17,750 |
Units outstanding (in shares) | 14,240 | 17,750 |
Redemption values | $ 356 | $ 444 |
Class Three | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 7.88% | |
Distributions per annum (in dollars per share) | $ 1.97 | |
Units issued (in shares) | 1,338,524 | 1,338,524 |
Units outstanding (in shares) | 1,338,524 | 1,338,524 |
Redemption values | $ 33,463 | $ 33,462 |
Class Four | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 8.00% | |
Distributions per annum (in dollars per share) | $ 2 | |
Units issued (in shares) | 644,954 | 644,954 |
Units outstanding (in shares) | 644,954 | 644,954 |
Redemption values | $ 16,124 | $ 16,124 |
Class Six | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 8.50% | |
Distributions per annum (in dollars per share) | $ 2.13 | |
Units issued (in shares) | 773,693 | 780,036 |
Units outstanding (in shares) | 773,693 | 780,036 |
Redemption values | $ 19,342 | $ 19,501 |
Class Seven | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 7.87% | |
Distributions per annum (in dollars per share) | $ 1.97 | |
Units issued (in shares) | 27,960 | 27,960 |
Units outstanding (in shares) | 27,960 | 27,960 |
Redemption values | $ 699 | $ 699 |
Class Nine | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 6.00% | |
Distributions per annum (in dollars per share) | $ 1.50 | |
Units issued (in shares) | 243,112 | 243,112 |
Units outstanding (in shares) | 243,112 | 243,112 |
Redemption values | $ 6,078 | $ 6,078 |
Class Ten | ||
Limited Partners' Capital Account [Line Items] | ||
Distributions per annum | 6.00% | |
Distributions per annum (in dollars per share) | $ 1.50 | |
Units issued (in shares) | 680,000 | 680,000 |
Units outstanding (in shares) | 680,000 | 680,000 |
Redemption values | $ 17,000 | $ 17,000 |
Partners' Capital - Narrative (
Partners' Capital - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 20, 2019 | Feb. 03, 2019USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Related Party Transaction [Line Items] | |||||
Dividends declared per common share/unit (in dollars per share) | $ / shares | $ 1.52 | $ 1.44 | $ 1.32 | ||
Cash dividends on common stock declared | $ | $ 238,067 | $ 226,172 | $ 206,898 | ||
Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Cash dividends on common stock declared | $ | $ 67,100 | ||||
Stock dividends on common stock declared (in shares) | 4,500 | ||||
AIMCO PROPERTIES, L.P. | |||||
Related Party Transaction [Line Items] | |||||
Redeemable partnership preferred units redeemed for cash during period (in units) | 10 | 67 | 69 | ||
Common OP Units redeemed in exchange for cash during period (in units) | 224 | 268 | 248 | ||
Dividends declared per common share/unit (in dollars per share) | $ / shares | $ 1.52 | $ 1.44 | $ 1.32 | ||
AIMCO PROPERTIES, L.P. | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Cash dividends on common stock declared | $ | $ 71,500 | ||||
Stock dividends on common stock declared (in shares) | 4,800 | ||||
Forecast | |||||
Related Party Transaction [Line Items] | |||||
Reverse stock split, conversion ratio | 0.9697534 |
Partners' Capital - Reconciliat
Partners' Capital - Reconciliation of Preferred OP Units (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at January 1 | $ 101,537 | ||
Balance at December 31 | 101,291 | $ 101,537 | |
AIMCO PROPERTIES, L.P. | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
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 | 0 | 0 | 17,000 |
Net income | 7,740 | 7,764 | 7,239 |
Balance at December 31 | $ 101,291 | $ 101,537 | $ 103,201 |
Partners' Capital - Pro Forma E
Partners' Capital - Pro Forma Earnings per Common Unit (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Limited Partners' Capital Account [Line Items] | |||
Weighted average units, basic (in shares) | 151,152 | 151,595 | 151,282 |
Weighted average units, diluted (in shares) | 151,334 | 152,060 | 151,669 |
Basic earnings per unit (in dollars per share) | $ 4.34 | $ 2.02 | $ 2.76 |
Diluted earnings per unit (in dollars per share) | $ 4.34 | $ 2.02 | $ 2.75 |
AIMCO PROPERTIES, L.P. | |||
Limited Partners' Capital Account [Line Items] | |||
Weighted average units, basic (in shares) | 158,890 | 158,793 | 158,808 |
Weighted average units, diluted (in shares) | 159,073 | 159,257 | 159,194 |
Basic earnings per unit (in dollars per share) | $ 4.35 | $ 2.02 | $ 2.76 |
Diluted earnings per unit (in dollars per share) | $ 4.34 | $ 2.02 | $ 2.75 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total compensation cost recognized for stock options and restricted stock awards | $ 9,700 | $ 9,300 | $ 8,600 |
Total compensation cost capitalized for options and restricted stock awards | 1,200 | 1,400 | 1,000 |
Total unvested compensation cost not yet recognized for options and restricted stock awards | $ 11,000 | ||
Weighted average period over which unvested compensation cost expected to be recognized | 1 year 7 months | ||
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 4 years | ||
Term of stock options | 10 years | ||
Requisite service period | 4 years | ||
Options outstanding, aggregate intrinsic value | $ 2,500 | ||
Options outstanding, weighted average remaining contractual term | 7 years | ||
Options exercisable, aggregate intrinsic value | $ 1,100 | ||
Options exercisable, weighted average remaining contractual term | 5 years 11 months | ||
Intrinsic value of stock options exercised | $ 32 | $ 7,100 | $ 11,100 |
Options granted, weighted average grant-date fair value (dollars per share) | $ 11.39 | $ 9.94 | |
TSR Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
TSR restricted shares performance measurement period | 3 years | ||
Term of stock options | 10 years | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 4 years | ||
Requisite service period | 4 years | ||
Aggregate fair value of shares that vested | $ 8,400 | $ 6,000 | $ 7,000 |
36 Months After Grant Date | TSR Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage, TSR restricted stock | 50.00% | ||
48 Months After Grant Date | TSR Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage, TSR restricted stock | 50.00% | ||
NAREIT Apartment Index | TSR Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted percentage of index used to compare to TSR | 60.00% | ||
MSCI US REIT Index | TSR Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted percentage of index used to compare to TSR | 40.00% | ||
2015 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available to be granted under plan (in shares) | 4.7 | ||
Additional shares authorized under plan (in shares) | 0.3 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity for Outstanding Stock Options (Details) - Employee Stock Option - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Options | |||
Beginning balance (in shares) | 648 | 675 | 1,394 |
Granted (in shares) | 0 | 184 | 216 |
Exercised (in shares) | (2) | (211) | (934) |
Forfeited (in shares) | 0 | 0 | (1) |
Ending balance (in shares) | 646 | 648 | 675 |
Exercisable at end of year (in shares) | 186 | 128 | 280 |
Weighted Average Exercise Price, Stock Options | |||
Beginning balance (in dollars per share) | $ 40.08 | $ 29.55 | $ 30.85 |
Granted (in dollars per share) | 0 | 44.07 | 38.73 |
Exercised (in dollars per share) | 28.33 | 9.90 | 33.61 |
Forfeited (in dollars per share) | 0 | 0 | 29.11 |
Ending balance (in dollars per share) | 40.12 | 40.08 | 29.55 |
Exercisable (in dollars per share) | $ 38.18 | $ 37.59 | $ 16.38 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Activity for Restricted Stock Awards (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Time-Based Restricted Stock Awards | |||
Number of Shares | |||
Unvested (in shares) | 160 | 249 | 339 |
Granted (in shares) | 51 | 45 | 91 |
Vested (in shares) | (86) | (134) | (181) |
Unvested (in shares) | 125 | 160 | 249 |
Weighted Average Grant-Date Fair Value | |||
Unvested (in dollars per share) | $ 37.63 | $ 33.61 | $ 29.96 |
Granted (in dollars per share) | 40.01 | 44.07 | 40.03 |
Vested (in dollars per share) | 34.42 | 32.35 | 29.99 |
Unvested (in dollars per share) | $ 40.82 | $ 37.63 | $ 33.61 |
TSR Restricted Stock Awards | |||
Number of Shares | |||
Unvested (in shares) | 253 | 214 | 123 |
Granted (in shares) | 45 | 39 | 91 |
Vested (in shares) | (123) | 0 | 0 |
Unvested (in shares) | 175 | 253 | 214 |
Weighted Average Grant-Date Fair Value | |||
Unvested (in dollars per share) | $ 40.70 | $ 39.66 | $ 39.72 |
Granted (in dollars per share) | 41.71 | 46.39 | 39.59 |
Vested (in dollars per share) | 39.72 | 0 | 0 |
Unvested (in dollars per share) | $ 41.65 | $ 40.70 | $ 39.66 |
TSR LTIP I Units | |||
Number of Shares | |||
Unvested (in shares) | 45 | 0 | |
Granted (in shares) | 48 | 45 | |
Unvested (in shares) | 93 | 45 | 0 |
Weighted Average Grant-Date Fair Value | |||
Unvested (in dollars per share) | $ 46.21 | $ 0 | |
Granted (in dollars per share) | 41.48 | 46.21 | |
Unvested (in dollars per share) | $ 43.78 | $ 46.21 | $ 0 |
TSR LTIP II Units | |||
Number of Shares | |||
Unvested (in shares) | 0 | ||
Granted (in shares) | 243 | ||
Unvested (in shares) | 243 | 0 | |
Weighted Average Grant-Date Fair Value | |||
Unvested (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 41.84 | ||
Unvested (in dollars per share) | $ 41.84 | $ 0 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used in the Determination of Grant-Date Fair Value of Awards (Details) - TSR Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant date market value of a common share (dollars per share) | $ 40.95 | $ 44.07 | $ 38.73 |
Risk-free interest rate | 2.32% | 1.57% | 1.15% |
Expected 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 years 5 months | 3 years 5 months | 3 years 5 months |
Weighted average expected term of options | 5 years 7 months | 5 years 9 months | 5 years 9 months |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 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 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Income Taxes (Textual) [Abstract] | ||||
Net tax benefit due to the tax effects of the 2017 Act | $ 15,600 | |||
Operating loss carryforwards | $ 7,000 | 7,000 | ||
Valuation allowance | 4,900 | 4,900 | ||
Net deferred tax asset related to tax credit carryforwards | 67,500 | 67,500 | ||
Valuation allowance | 4,930 | $ 25,489 | 4,930 | |
Consolidated income (loss) subject to tax | 158,600 | (55,600) | $ 109,300 | |
Cash paid for income taxes | 11,522 | 7,401 | $ 2,152 | |
Low-Income Housing and Rehabilitation Tax Credit Carryforward | ||||
Income Taxes (Textual) [Abstract] | ||||
Valuation allowance | $ 15,400 | $ 15,400 | $ 15,400 | |
Minimum | ||||
Income Taxes (Textual) [Abstract] | ||||
Expiration years of net operating loss carryforwards | Dec. 31, 2019 | |||
Tax credit carryforward, expiration date | Dec. 31, 2034 | |||
Maximum | ||||
Income Taxes (Textual) [Abstract] | ||||
Expiration years of net operating loss carryforwards | Dec. 31, 2034 | |||
Tax credit carryforward, expiration date | Dec. 31, 2038 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of unrecognized tax benefits | |||
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 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit or Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 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 | 0 | (15,894) | 0 |
Total deferred | (34,833) | (30,423) | (26,796) |
Total income tax benefit | $ (13,027) | $ (30,836) | $ (18,842) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amount | |||
Tax provision (benefit) at United States statutory rates on consolidated income or loss subject to tax | $ 33,296 | $ (19,459) | $ 38,257 |
State income tax expense, net of federal tax (benefit) expense | 12,252 | (1,769) | 7,152 |
Establishment of deferred tax asset related to partnership basis difference | 0 | (3,501) | 0 |
Effect of permanent differences | 302 | (1,629) | (132) |
Tax effect of intercompany transactions | (33,250) | 0 | (47,369) |
Tax credits | (6,897) | (9,607) | (16,750) |
Tax reform revaluation | 288 | (15,894) | 0 |
Increase in valuation allowance | (20,434) | 21,023 | 0 |
Other | 1,416 | 0 | 0 |
Total income tax benefit | $ (13,027) | $ (30,836) | $ (18,842) |
Percent | |||
Tax provision (benefit) at United States statutory rates on consolidated income or loss subject to tax | 21.00% | 35.00% | 35.00% |
State income tax expense, net of federal tax (benefit) expense | 7.70% | 3.20% | 6.50% |
Establishment of deferred tax asset related to partnership basis difference | 0.00% | 6.30% | 0.00% |
Effect of permanent differences | 0.20% | 2.90% | (0.10%) |
Tax effect of intercompany transactions | (21.00%) | (0.00%) | (43.30%) |
Tax credits | (4.40%) | 17.30% | (15.30%) |
Tax reform revaluation | 0.002 | 0.286 | 0 |
Increase in valuation allowance | (12.90%) | (37.80%) | 0.00% |
Other | 0.90% | 0.00% | 0.00% |
Total income tax benefit | (8.30%) | 55.50% | (17.20%) |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance against the deferred tax assets associated with rehabilitation tax credits due to lower federal tax rate under the 2017 Act | $ 4,930 | $ 25,489 | |
Low-Income Housing and Rehabilitation Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance against the deferred tax assets associated with rehabilitation tax credits due to lower federal tax rate under the 2017 Act | $ 15,400 | $ 15,400 |
Income Taxes - Schedule of Divi
Income Taxes - Schedule of Dividends Per Share Held (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amount | |||
Ordinary income (dollars per share) | $ 0.51 | $ 0.75 | $ 0.45 |
Capital gains (dollars per share) | 0.93 | 0.51 | 0.47 |
Qualified dividends (dollars per share) | 0 | 0.02 | 0.13 |
Unrecaptured Section 1250 gain (dollars per share) | 0.08 | 0.16 | 0.27 |
Total (dollars per share) | $ 1.52 | $ 1.44 | $ 1.32 |
Percentage | |||
Ordinary income | 33.40% | 51.50% | 34.20% |
Capital gains | 61.20% | 35.70% | 35.40% |
Qualified dividends | 0.00% | 1.60% | 9.90% |
Unrecaptured Section 1250 gain | 5.40% | 11.20% | 20.50% |
Total | 100.00% | 100.00% | 100.00% |
Earnings per Share_Unit (Detail
Earnings per Share/Unit (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive effect of securities (in shares) | 0.2 | 0.5 | 0.4 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.2 | |
Participating securities outstanding (in shares) | 0.3 | 0.2 | 0.2 |
Number of shares of common stock required to redeem preferred OP units tendered for redemption, if parent chooses to redeem in shares rather than cash (in shares) | 2.3 | ||
AIMCO Properties, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive effect of securities (in shares) | 0.4 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.2 | |
Participating securities outstanding (in shares) | 0.6 | 0.3 | 0.2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Expected Term | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Expected remaining term of available for sale securities | 2 years 5 months | |
Available-for-sale Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Face amount of investment in available-for-sale debt securities | $ 100.9 | |
Amortized cost of the investment in available-for-sale debt securities | 83.6 | $ 77.7 |
Available-for-sale Securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage-backed securities available-for-sale, fair value disclosure | $ 88.5 | $ 82.8 |
Business Segments - Narrative (
Business Segments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)communityPropertyapartment_homeSegment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of apartment homes | community | 6 | ||
Number of apartment communities | 1,480 | ||
Number of reportable segments | Segment | 1 | ||
Real Estate | Aimco Real Estate | |||
Segment Reporting Information [Line Items] | |||
Capital additions related to segments | $ | $ 338.8 | $ 321.9 | $ 312.8 |
Wholly and Partially Owned and Consolidated Properties | Aimco Real Estate | |||
Segment Reporting Information [Line Items] | |||
Number of apartment homes | Property | 130 | ||
Number of apartment communities | 36,407 | ||
Unconsolidated Properties | Aimco Real Estate | |||
Segment Reporting Information [Line Items] | |||
Number of apartment homes | Property | 4 | ||
Number of apartment communities | 142 |
Business Segments - Revenues, N
Business Segments - Revenues, Net Operating Income and Income Before Gain on Dispositions of Real Estate Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary information for the reportable segments | |||||||||||
Tax credit and transaction revenues | $ 6,987 | $ 13,243 | $ 21,323 | ||||||||
Total revenues | $ 232,022 | $ 242,481 | $ 250,187 | $ 247,720 | $ 255,229 | $ 254,635 | $ 249,092 | $ 246,481 | 972,410 | 1,005,437 | 995,854 |
Other operating expenses not allocated to reportable segment | 427,832 | 456,870 | 394,145 | ||||||||
Total operating expenses | 756,654 | 811,454 | 749,058 | ||||||||
Proportionate property net operating income | 0 | 0 | 0 | ||||||||
Other items included in income before income tax benefit | 487,820 | 122,260 | 217,635 | ||||||||
Income before income tax benefit | 703,576 | 316,243 | 464,431 | ||||||||
Asset Management | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 42,830 | 74,046 | 74,640 | ||||||||
Property operating expenses | 20,921 | 35,458 | 36,956 | ||||||||
Aimco Real Estate | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 922,593 | 918,148 | 899,891 | ||||||||
Property operating expenses | 307,901 | 319,126 | 317,957 | ||||||||
Real Estate | Aimco Real Estate | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 854,240 | 781,194 | 720,302 | ||||||||
Total revenues | 854,240 | 781,194 | 720,302 | ||||||||
Property operating expenses | 238,860 | 222,731 | 210,426 | ||||||||
Total operating expenses | 238,860 | 222,731 | 210,426 | ||||||||
Proportionate property net operating income | 615,380 | 558,463 | 509,876 | ||||||||
Income before income tax benefit | 615,380 | 558,463 | 509,876 | ||||||||
Real Estate | Aimco Real Estate | Asset Management | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 0 | 0 | 0 | ||||||||
Property operating expenses | 0 | 0 | 0 | ||||||||
Proportionate and Other Adjustments | |||||||||||
Summary information for the reportable segments | |||||||||||
Total revenues | 34,282 | 43,043 | 55,257 | ||||||||
Total operating expenses | 32,169 | 32,432 | 35,468 | ||||||||
Proportionate property net operating income | 0 | 0 | 0 | ||||||||
Income before income tax benefit | 2,113 | 10,611 | 19,789 | ||||||||
Proportionate and Other Adjustments | Aimco Real Estate | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 34,282 | 43,043 | 55,257 | ||||||||
Property operating expenses | 32,169 | 32,432 | 35,468 | ||||||||
Corporate and Amounts Not Allocated to Reportable Segment | |||||||||||
Summary information for the reportable segments | |||||||||||
Tax credit and transaction revenues | 6,987 | 13,243 | 21,323 | ||||||||
Total revenues | 83,888 | 181,200 | 220,295 | ||||||||
Other operating expenses not allocated to reportable segment | 427,832 | 456,870 | 394,145 | ||||||||
Total operating expenses | 485,625 | 556,291 | 503,164 | ||||||||
Proportionate property net operating income | 0 | 0 | 0 | ||||||||
Other items included in income before income tax benefit | 487,820 | 122,260 | 217,635 | ||||||||
Income before income tax benefit | 86,083 | (252,831) | (65,234) | ||||||||
Corporate and Amounts Not Allocated to Reportable Segment | Asset Management | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 42,830 | 74,046 | 74,640 | ||||||||
Property operating expenses | 20,921 | 35,458 | 36,956 | ||||||||
Corporate and Amounts Not Allocated to Reportable Segment | Aimco Real Estate | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 34,071 | 93,911 | 124,332 | ||||||||
Property operating expenses | $ 36,872 | $ 63,963 | $ 72,063 |
Business Segments - Assets of R
Business Segments - Assets of Reportable Segments and Consolidated Assets Not Allocated to Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,190,004 | $ 6,079,040 |
Real Estate | Aimco Real Estate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,849,638 | 5,346,390 |
Corporate and other assets | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 340,366 | $ 732,650 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Consolidated VIEs (Details) | Dec. 31, 2018communityPropertyapartment_homeEntity | Dec. 31, 2017Propertyapartment_homeEntity |
Variable Interest Entity [Line Items] | ||
Apartment communities owned by VIEs | community | 6 | |
Apartment homes in communities owned by VIEs | 1,480 | |
Real Estate Portfolio | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
VIEs with interests in apartment communities | Entity | 9 | 14 |
Apartment communities owned by VIEs | Property | 9 | 14 |
Apartment homes in communities owned by VIEs | 3,592 | 4,321 |
Consolidated Partnerships Served by the Asset Management Business | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
VIEs with interests in apartment communities | Entity | 0 | 49 |
Apartment communities owned by VIEs | Property | 0 | 37 |
Apartment homes in communities owned by VIEs | 0 | 5,893 |
Variable Interest Entities - _2
Variable Interest Entities - Summary of Assets and Liabilities of VIEs (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Aimco Real Estate | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Net real estate | $ 488,127 | $ 529,898 |
Cash and cash equivalents | 15,416 | 16,111 |
Restricted cash | 4,461 | 4,798 |
Non-recourse property debt | 322,685 | 412,205 |
Accrued liabilities and other | 13,576 | 10,623 |
Held-for-sale, Not Discontinued Operations | Asset Management | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Net real estate | 0 | 215,580 |
Cash and cash equivalents | 0 | 15,931 |
Restricted cash | 0 | 30,107 |
Non-recourse property debt | 0 | 220,356 |
Accrued liabilities and other | $ 0 | $ 20,241 |
Unaudited Summarized Consolid_3
Unaudited Summarized Consolidated Quarterly Information - Summary of Unaudited Consolidated Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summarized unaudited consolidated quarterly information | |||||||||||
Total revenues | $ 232,022 | $ 242,481 | $ 250,187 | $ 247,720 | $ 255,229 | $ 254,635 | $ 249,092 | $ 246,481 | $ 972,410 | $ 1,005,437 | $ 995,854 |
Net income | 9,840 | 603,917 | 7,156 | 95,690 | 286,189 | 22,144 | 21,591 | 17,155 | 716,603 | 347,079 | 483,273 |
Net income attributable to Aimco common stockholders | $ 5,226 | $ 567,029 | $ 2,817 | $ 81,525 | $ 262,097 | $ 17,430 | $ 15,843 | $ 11,491 | $ 656,597 | $ 306,861 | $ 417,781 |
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 0.03 | $ 3.62 | $ 0.02 | $ 0.52 | $ 1.68 | $ 0.11 | $ 0.10 | $ 0.07 | $ 4.21 | $ 1.96 | $ 2.68 |
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 0.03 | $ 3.61 | $ 0.02 | $ 0.52 | $ 1.67 | $ 0.11 | $ 0.10 | $ 0.07 | $ 4.21 | $ 1.96 | $ 2.67 |
AIMCO PROPERTIES, L.P. | |||||||||||
Summarized unaudited consolidated quarterly information | |||||||||||
Total revenues | $ 232,022 | $ 242,481 | $ 250,187 | $ 247,720 | $ 255,229 | $ 254,635 | $ 249,092 | $ 246,481 | |||
Net income | 9,840 | 603,917 | 7,156 | 95,690 | 286,189 | 22,144 | 21,591 | 17,155 | |||
Net income attributable to Aimco common stockholders | $ 5,551 | $ 597,100 | $ 2,949 | $ 85,274 | $ 274,380 | $ 18,246 | $ 16,627 | $ 12,047 | |||
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 0.03 | $ 3.62 | $ 0.02 | $ 0.52 | $ 1.68 | $ 0.11 | $ 0.10 | $ 0.07 | |||
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 0.03 | $ 3.61 | $ 0.02 | $ 0.52 | $ 1.67 | $ 0.11 | $ 0.10 | $ 0.07 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)apartment_home | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of apartment communities | apartment_home | 1,480 | |||
Real Estate and Accumulated Depreciation (Textual) [Abstract] | ||||
Aggregate cost of land and depreciable property for federal income tax purposes | $ 4,000,000 | |||
Aimco Real Estate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Total | 8,308,590 | $ 7,927,753 | $ 7,931,117 | $ 7,744,894 |
Accumulated Depreciation (AD) | $ (2,585,115) | $ (2,522,358) | $ (2,421,357) | $ (2,488,448) |
Aimco Real Estate | Real Estate Segment: | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of apartment communities | apartment_home | 35,625 | |||
Initial Cost, Land | $ 1,846,000 | |||
Initial Cost, Buildings and Improvements | 3,494,014 | |||
Costs Capitalized Subsequent to Consolidation | 3,058,051 | |||
Land | 1,756,525 | |||
Buildings and Improvements | 6,552,065 | |||
Total | 8,308,590 | |||
Accumulated Depreciation (AD) | (2,585,115) | |||
Total Cost Net of Accumulated Depreciation | 5,723,475 | |||
Encumbrances | $ 3,937,000 | |||
Aimco Real Estate | 100 Forest Place | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Dec. 1, 1997 | |||
Location | Oak Park, IL | |||
Number of apartment communities | apartment_home | 234 | |||
Initial Cost, Land | $ 2,664 | |||
Initial Cost, Buildings and Improvements | 18,815 | |||
Costs Capitalized Subsequent to Consolidation | 10,553 | |||
Land | 2,664 | |||
Buildings and Improvements | 29,368 | |||
Total | 32,032 | |||
Accumulated Depreciation (AD) | (15,640) | |||
Total Cost Net of Accumulated Depreciation | 16,392 | |||
Encumbrances | $ 35,048 | |||
Aimco Real Estate | 118-122 West 23rd Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jun. 1, 2012 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 42 | |||
Initial Cost, Land | $ 14,985 | |||
Initial Cost, Buildings and Improvements | 23,459 | |||
Costs Capitalized Subsequent to Consolidation | 6,752 | |||
Land | 14,985 | |||
Buildings and Improvements | 30,211 | |||
Total | 45,196 | |||
Accumulated Depreciation (AD) | (9,121) | |||
Total Cost Net of Accumulated Depreciation | 36,075 | |||
Encumbrances | $ 17,457 | |||
Aimco Real Estate | 173 E. 90th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | May 4, 2004 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 72 | |||
Initial Cost, Land | $ 12,066 | |||
Initial Cost, Buildings and Improvements | 4,535 | |||
Costs Capitalized Subsequent to Consolidation | 8,068 | |||
Land | 12,066 | |||
Buildings and Improvements | 12,603 | |||
Total | 24,669 | |||
Accumulated Depreciation (AD) | (3,730) | |||
Total Cost Net of Accumulated Depreciation | 20,939 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | 182-188 Columbus Avenue | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Feb. 1, 2007 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 32 | |||
Initial Cost, Land | $ 19,123 | |||
Initial Cost, Buildings and Improvements | 3,300 | |||
Costs Capitalized Subsequent to Consolidation | 5,513 | |||
Land | 19,123 | |||
Buildings and Improvements | 8,813 | |||
Total | 27,936 | |||
Accumulated Depreciation (AD) | (3,968) | |||
Total Cost Net of Accumulated Depreciation | 23,968 | |||
Encumbrances | $ 13,925 | |||
Aimco Real Estate | 1045 on the Park Apartments Homes | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Jul. 1, 2013 | |||
Location | Atlanta, GA | |||
Number of apartment communities | apartment_home | 30 | |||
Initial Cost, Land | $ 2,793 | |||
Initial Cost, Buildings and Improvements | 6,662 | |||
Costs Capitalized Subsequent to Consolidation | 692 | |||
Land | 2,793 | |||
Buildings and Improvements | 7,354 | |||
Total | 10,147 | |||
Accumulated Depreciation (AD) | (1,423) | |||
Total Cost Net of Accumulated Depreciation | 8,724 | |||
Encumbrances | $ 5,627 | |||
Aimco Real Estate | 1582 First Avenue | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Mar. 1, 2005 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 17 | |||
Initial Cost, Land | $ 4,281 | |||
Initial Cost, Buildings and Improvements | 752 | |||
Costs Capitalized Subsequent to Consolidation | 499 | |||
Land | 4,281 | |||
Buildings and Improvements | 1,251 | |||
Total | 5,532 | |||
Accumulated Depreciation (AD) | (578) | |||
Total Cost Net of Accumulated Depreciation | 4,954 | |||
Encumbrances | $ 2,273 | |||
Aimco Real Estate | 21 Fitzsimons | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Aug. 1, 2014 | |||
Location | Aurora, CO | |||
Number of apartment communities | apartment_home | 600 | |||
Initial Cost, Land | $ 12,864 | |||
Initial Cost, Buildings and Improvements | 104,720 | |||
Costs Capitalized Subsequent to Consolidation | 20,379 | |||
Land | 12,864 | |||
Buildings and Improvements | 125,099 | |||
Total | 137,963 | |||
Accumulated Depreciation (AD) | (19,590) | |||
Total Cost Net of Accumulated Depreciation | 118,373 | |||
Encumbrances | $ 90,000 | |||
Aimco Real Estate | 2200 Grace | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Aug. 1, 2018 | |||
Location | Lombard, IL | |||
Number of apartment communities | apartment_home | 72 | |||
Initial Cost, Land | $ 642 | |||
Initial Cost, Buildings and Improvements | 7,788 | |||
Costs Capitalized Subsequent to Consolidation | 90 | |||
Land | 642 | |||
Buildings and Improvements | 7,878 | |||
Total | 8,520 | |||
Accumulated Depreciation (AD) | (4,014) | |||
Total Cost Net of Accumulated Depreciation | 4,506 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | 234 East 88th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Jan. 1, 2014 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 20 | |||
Initial Cost, Land | $ 2,448 | |||
Initial Cost, Buildings and Improvements | 4,449 | |||
Costs Capitalized Subsequent to Consolidation | 807 | |||
Land | 2,448 | |||
Buildings and Improvements | 5,256 | |||
Total | 7,704 | |||
Accumulated Depreciation (AD) | (1,154) | |||
Total Cost Net of Accumulated Depreciation | 6,550 | |||
Encumbrances | $ 3,223 | |||
Aimco Real Estate | 236-238 East 88th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jan. 4, 2004 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 43 | |||
Initial Cost, Land | $ 8,820 | |||
Initial Cost, Buildings and Improvements | 2,914 | |||
Costs Capitalized Subsequent to Consolidation | 2,681 | |||
Land | 8,820 | |||
Buildings and Improvements | 5,595 | |||
Total | 14,415 | |||
Accumulated Depreciation (AD) | (1,930) | |||
Total Cost Net of Accumulated Depreciation | 12,485 | |||
Encumbrances | $ 10,875 | |||
Aimco Real Estate | 237-239 Ninth Avenue | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Mar. 1, 2005 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 36 | |||
Initial Cost, Land | $ 8,495 | |||
Initial Cost, Buildings and Improvements | 1,866 | |||
Costs Capitalized Subsequent to Consolidation | 3,092 | |||
Land | 8,495 | |||
Buildings and Improvements | 4,958 | |||
Total | 13,453 | |||
Accumulated Depreciation (AD) | (2,770) | |||
Total Cost Net of Accumulated Depreciation | 10,683 | |||
Encumbrances | $ 5,553 | |||
Aimco Real Estate | 240 West 73rd Street, LLC | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Sep. 1, 2004 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 200 | |||
Initial Cost, Land | $ 68,109 | |||
Initial Cost, Buildings and Improvements | 12,140 | |||
Costs Capitalized Subsequent to Consolidation | 11,905 | |||
Land | 68,109 | |||
Buildings and Improvements | 24,045 | |||
Total | 92,154 | |||
Accumulated Depreciation (AD) | (9,818) | |||
Total Cost Net of Accumulated Depreciation | 82,336 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | 2900 on First Apartments | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Oct. 1, 2008 | |||
Location | Seattle, WA | |||
Number of apartment communities | apartment_home | 135 | |||
Initial Cost, Land | $ 19,070 | |||
Initial Cost, Buildings and Improvements | 17,518 | |||
Costs Capitalized Subsequent to Consolidation | 33,542 | |||
Land | 19,070 | |||
Buildings and Improvements | 51,060 | |||
Total | 70,130 | |||
Accumulated Depreciation (AD) | (25,554) | |||
Total Cost Net of Accumulated Depreciation | 44,576 | |||
Encumbrances | $ 13,915 | |||
Aimco Real Estate | 306 East 89th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jul. 4, 2004 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 20 | |||
Initial Cost, Land | $ 2,680 | |||
Initial Cost, Buildings and Improvements | 1,006 | |||
Costs Capitalized Subsequent to Consolidation | 1,098 | |||
Land | 2,680 | |||
Buildings and Improvements | 2,104 | |||
Total | 4,784 | |||
Accumulated Depreciation (AD) | (888) | |||
Total Cost Net of Accumulated Depreciation | 3,896 | |||
Encumbrances | $ 1,854 | |||
Aimco Real Estate | 311 & 313 East 73rd Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Mar. 1, 2003 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 34 | |||
Initial Cost, Land | $ 5,678 | |||
Initial Cost, Buildings and Improvements | 1,609 | |||
Costs Capitalized Subsequent to Consolidation | 520 | |||
Land | 5,678 | |||
Buildings and Improvements | 2,129 | |||
Total | 7,807 | |||
Accumulated Depreciation (AD) | (1,487) | |||
Total Cost Net of Accumulated Depreciation | 6,320 | |||
Encumbrances | $ 3,904 | |||
Aimco Real Estate | 322-324 East 61st Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Mar. 1, 2005 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 40 | |||
Initial Cost, Land | $ 6,372 | |||
Initial Cost, Buildings and Improvements | 2,224 | |||
Costs Capitalized Subsequent to Consolidation | 1,512 | |||
Land | 6,372 | |||
Buildings and Improvements | 3,736 | |||
Total | 10,108 | |||
Accumulated Depreciation (AD) | (1,830) | |||
Total Cost Net of Accumulated Depreciation | 8,278 | |||
Encumbrances | $ 3,410 | |||
Aimco Real Estate | 3400 Avenue of the Arts | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Costa Mesa, CA | |||
Number of apartment communities | apartment_home | 770 | |||
Initial Cost, Land | $ 57,241 | |||
Initial Cost, Buildings and Improvements | 65,506 | |||
Costs Capitalized Subsequent to Consolidation | 80,349 | |||
Land | 57,241 | |||
Buildings and Improvements | 145,855 | |||
Total | 203,096 | |||
Accumulated Depreciation (AD) | (86,923) | |||
Total Cost Net of Accumulated Depreciation | 116,173 | |||
Encumbrances | $ 145,752 | |||
Aimco Real Estate | 452 East 78th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jan. 4, 2004 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 12 | |||
Initial Cost, Land | $ 1,982 | |||
Initial Cost, Buildings and Improvements | 608 | |||
Costs Capitalized Subsequent to Consolidation | 548 | |||
Land | 1,982 | |||
Buildings and Improvements | 1,156 | |||
Total | 3,138 | |||
Accumulated Depreciation (AD) | (486) | |||
Total Cost Net of Accumulated Depreciation | 2,652 | |||
Encumbrances | $ 2,542 | |||
Aimco Real Estate | 464-466 Amsterdam & 200-210 W. 83rd Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Feb. 1, 2007 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 71 | |||
Initial Cost, Land | $ 25,553 | |||
Initial Cost, Buildings and Improvements | 7,101 | |||
Costs Capitalized Subsequent to Consolidation | 6,070 | |||
Land | 25,553 | |||
Buildings and Improvements | 13,171 | |||
Total | 38,724 | |||
Accumulated Depreciation (AD) | (6,031) | |||
Total Cost Net of Accumulated Depreciation | 32,693 | |||
Encumbrances | $ 20,520 | |||
Aimco Real Estate | 510 East 88th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jan. 4, 2004 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 20 | |||
Initial Cost, Land | $ 3,163 | |||
Initial Cost, Buildings and Improvements | 1,002 | |||
Costs Capitalized Subsequent to Consolidation | 622 | |||
Land | 3,163 | |||
Buildings and Improvements | 1,624 | |||
Total | 4,787 | |||
Accumulated Depreciation (AD) | (642) | |||
Total Cost Net of Accumulated Depreciation | 4,145 | |||
Encumbrances | $ 2,724 | |||
Aimco Real Estate | 514-516 East 88th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Mar. 1, 2005 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 36 | |||
Initial Cost, Land | $ 6,282 | |||
Initial Cost, Buildings and Improvements | 2,168 | |||
Costs Capitalized Subsequent to Consolidation | 1,593 | |||
Land | 6,282 | |||
Buildings and Improvements | 3,761 | |||
Total | 10,043 | |||
Accumulated Depreciation (AD) | (1,619) | |||
Total Cost Net of Accumulated Depreciation | 8,424 | |||
Encumbrances | $ 3,696 | |||
Aimco Real Estate | 518 East 88th Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Jan. 1, 2014 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 20 | |||
Initial Cost, Land | $ 2,233 | |||
Initial Cost, Buildings and Improvements | 4,315 | |||
Costs Capitalized Subsequent to Consolidation | 606 | |||
Land | 2,233 | |||
Buildings and Improvements | 4,921 | |||
Total | 7,154 | |||
Accumulated Depreciation (AD) | (1,137) | |||
Total Cost Net of Accumulated Depreciation | 6,017 | |||
Encumbrances | $ 2,792 | |||
Aimco Real Estate | 707 Leahy | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Apr. 1, 2007 | |||
Location | Redwood City, CA | |||
Number of apartment communities | apartment_home | 110 | |||
Initial Cost, Land | $ 15,444 | |||
Initial Cost, Buildings and Improvements | 7,909 | |||
Costs Capitalized Subsequent to Consolidation | 7,406 | |||
Land | 15,444 | |||
Buildings and Improvements | 15,315 | |||
Total | 30,759 | |||
Accumulated Depreciation (AD) | (6,964) | |||
Total Cost Net of Accumulated Depreciation | 23,795 | |||
Encumbrances | $ 8,737 | |||
Aimco Real Estate | 777 South Broad Street | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | May 1, 2018 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 146 | |||
Initial Cost, Land | $ 6,986 | |||
Initial Cost, Buildings and Improvements | 67,512 | |||
Costs Capitalized Subsequent to Consolidation | 829 | |||
Land | 6,986 | |||
Buildings and Improvements | 68,341 | |||
Total | 75,327 | |||
Accumulated Depreciation (AD) | (1,515) | |||
Total Cost Net of Accumulated Depreciation | 73,812 | |||
Encumbrances | $ 57,627 | |||
Aimco Real Estate | 865 Bellevue | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 1, 2000 | |||
Location | Nashville, TN | |||
Number of apartment communities | apartment_home | 326 | |||
Initial Cost, Land | $ 3,562 | |||
Initial Cost, Buildings and Improvements | 12,037 | |||
Costs Capitalized Subsequent to Consolidation | 23,538 | |||
Land | 3,562 | |||
Buildings and Improvements | 35,575 | |||
Total | 39,137 | |||
Accumulated Depreciation (AD) | (23,393) | |||
Total Cost Net of Accumulated Depreciation | 15,744 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Avery Row | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Dec. 1, 2018 | |||
Location | Arlington, VA | |||
Number of apartment communities | apartment_home | 67 | |||
Initial Cost, Land | $ 8,140 | |||
Initial Cost, Buildings and Improvements | 21,348 | |||
Costs Capitalized Subsequent to Consolidation | 0 | |||
Land | 8,140 | |||
Buildings and Improvements | 21,348 | |||
Total | 29,488 | |||
Accumulated Depreciation (AD) | 0 | |||
Total Cost Net of Accumulated Depreciation | 29,488 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Axiom | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Apr. 15, 2015 | |||
Location | Cambridge, MA | |||
Number of apartment communities | apartment_home | 115 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements | 63,612 | |||
Costs Capitalized Subsequent to Consolidation | 2,444 | |||
Land | 0 | |||
Buildings and Improvements | 66,056 | |||
Total | 66,056 | |||
Accumulated Depreciation (AD) | (8,920) | |||
Total Cost Net of Accumulated Depreciation | 57,136 | |||
Encumbrances | $ 32,978 | |||
Aimco Real Estate | Bank Lofts | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Apr. 1, 2001 | |||
Location | Denver, CO | |||
Number of apartment communities | apartment_home | 125 | |||
Initial Cost, Land | $ 3,525 | |||
Initial Cost, Buildings and Improvements | 9,045 | |||
Costs Capitalized Subsequent to Consolidation | 5,539 | |||
Land | 3,525 | |||
Buildings and Improvements | 14,584 | |||
Total | 18,109 | |||
Accumulated Depreciation (AD) | (7,463) | |||
Total Cost Net of Accumulated Depreciation | 10,646 | |||
Encumbrances | $ 10,476 | |||
Aimco Real Estate | Bay Parc Plaza | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Sep. 1, 2004 | |||
Location | Miami, FL | |||
Number of apartment communities | apartment_home | 474 | |||
Initial Cost, Land | $ 22,680 | |||
Initial Cost, Buildings and Improvements | 41,847 | |||
Costs Capitalized Subsequent to Consolidation | 34,053 | |||
Land | 22,680 | |||
Buildings and Improvements | 75,900 | |||
Total | 98,580 | |||
Accumulated Depreciation (AD) | (22,485) | |||
Total Cost Net of Accumulated Depreciation | 76,095 | |||
Encumbrances | $ 42,434 | |||
Aimco Real Estate | Bay Ridge at Nashua | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 3, 2003 | |||
Location | Nashua, NH | |||
Number of apartment communities | apartment_home | 412 | |||
Initial Cost, Land | $ 3,262 | |||
Initial Cost, Buildings and Improvements | 40,713 | |||
Costs Capitalized Subsequent to Consolidation | 16,739 | |||
Land | 3,262 | |||
Buildings and Improvements | 57,452 | |||
Total | 60,714 | |||
Accumulated Depreciation (AD) | (22,738) | |||
Total Cost Net of Accumulated Depreciation | 37,976 | |||
Encumbrances | $ 51,450 | |||
Aimco Real Estate | Bayberry Hill Estates | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Framingham, MA | |||
Number of apartment communities | apartment_home | 424 | |||
Initial Cost, Land | $ 19,944 | |||
Initial Cost, Buildings and Improvements | 35,945 | |||
Costs Capitalized Subsequent to Consolidation | 21,847 | |||
Land | 19,944 | |||
Buildings and Improvements | 57,792 | |||
Total | 77,736 | |||
Accumulated Depreciation (AD) | (27,629) | |||
Total Cost Net of Accumulated Depreciation | 50,107 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Bent Tree Apartments | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Feb. 1, 2018 | |||
Location | Centreville, VA | |||
Number of apartment communities | apartment_home | 748 | |||
Initial Cost, Land | $ 46,975 | |||
Initial Cost, Buildings and Improvements | 113,695 | |||
Costs Capitalized Subsequent to Consolidation | 7,493 | |||
Land | 46,975 | |||
Buildings and Improvements | 121,188 | |||
Total | 168,163 | |||
Accumulated Depreciation (AD) | (4,331) | |||
Total Cost Net of Accumulated Depreciation | 163,832 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Bluffs at Pacifica, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 6, 2006 | |||
Location | Pacifica, CA | |||
Number of apartment communities | apartment_home | 64 | |||
Initial Cost, Land | $ 8,108 | |||
Initial Cost, Buildings and Improvements | 4,132 | |||
Costs Capitalized Subsequent to Consolidation | 17,804 | |||
Land | 8,108 | |||
Buildings and Improvements | 21,936 | |||
Total | 30,044 | |||
Accumulated Depreciation (AD) | (10,996) | |||
Total Cost Net of Accumulated Depreciation | 19,048 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Boston Lofts | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Apr. 1, 2001 | |||
Location | Denver, CO | |||
Number of apartment communities | apartment_home | 158 | |||
Initial Cost, Land | $ 3,446 | |||
Initial Cost, Buildings and Improvements | 20,589 | |||
Costs Capitalized Subsequent to Consolidation | 5,694 | |||
Land | 3,446 | |||
Buildings and Improvements | 26,283 | |||
Total | 29,729 | |||
Accumulated Depreciation (AD) | (13,914) | |||
Total Cost Net of Accumulated Depreciation | 15,815 | |||
Encumbrances | $ 15,303 | |||
Aimco Real Estate | Boulder Creek | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 1, 1994 | |||
Location | Boulder, CO | |||
Number of apartment communities | apartment_home | 221 | |||
Initial Cost, Land | $ 754 | |||
Initial Cost, Buildings and Improvements | 7,730 | |||
Costs Capitalized Subsequent to Consolidation | 20,628 | |||
Land | 754 | |||
Buildings and Improvements | 28,358 | |||
Total | 29,112 | |||
Accumulated Depreciation (AD) | (19,702) | |||
Total Cost Net of Accumulated Depreciation | 9,410 | |||
Encumbrances | $ 38,500 | |||
Aimco Real Estate | Broadcast Center | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Los Angeles, CA | |||
Number of apartment communities | apartment_home | 279 | |||
Initial Cost, Land | $ 29,407 | |||
Initial Cost, Buildings and Improvements | 41,244 | |||
Costs Capitalized Subsequent to Consolidation | 28,683 | |||
Land | 29,407 | |||
Buildings and Improvements | 69,927 | |||
Total | 99,334 | |||
Accumulated Depreciation (AD) | (29,655) | |||
Total Cost Net of Accumulated Depreciation | 69,679 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Broadway Lofts | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Sep. 30, 2012 | |||
Location | San Diego, CA | |||
Number of apartment communities | apartment_home | 84 | |||
Initial Cost, Land | $ 5,367 | |||
Initial Cost, Buildings and Improvements | 14,442 | |||
Costs Capitalized Subsequent to Consolidation | 6,126 | |||
Land | 5,367 | |||
Buildings and Improvements | 20,568 | |||
Total | 25,935 | |||
Accumulated Depreciation (AD) | (4,604) | |||
Total Cost Net of Accumulated Depreciation | 21,331 | |||
Encumbrances | $ 11,531 | |||
Aimco Real Estate | Burke Shire Commons | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 1, 2001 | |||
Location | Burke, VA | |||
Number of apartment communities | apartment_home | 360 | |||
Initial Cost, Land | $ 4,867 | |||
Initial Cost, Buildings and Improvements | 23,617 | |||
Costs Capitalized Subsequent to Consolidation | 17,678 | |||
Land | 4,867 | |||
Buildings and Improvements | 41,295 | |||
Total | 46,162 | |||
Accumulated Depreciation (AD) | (24,737) | |||
Total Cost Net of Accumulated Depreciation | 21,425 | |||
Encumbrances | $ 57,860 | |||
Aimco Real Estate | Calhoun Beach Club | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Dec. 30, 1998 | |||
Location | Minneapolis, MN | |||
Number of apartment communities | apartment_home | 332 | |||
Initial Cost, Land | $ 11,708 | |||
Initial Cost, Buildings and Improvements | 73,334 | |||
Costs Capitalized Subsequent to Consolidation | 64,948 | |||
Land | 11,708 | |||
Buildings and Improvements | 138,282 | |||
Total | 149,990 | |||
Accumulated Depreciation (AD) | (79,547) | |||
Total Cost Net of Accumulated Depreciation | 70,443 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Canyon Terrace | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Saugus, CA | |||
Number of apartment communities | apartment_home | 130 | |||
Initial Cost, Land | $ 7,508 | |||
Initial Cost, Buildings and Improvements | 6,601 | |||
Costs Capitalized Subsequent to Consolidation | 6,525 | |||
Land | 7,508 | |||
Buildings and Improvements | 13,126 | |||
Total | 20,634 | |||
Accumulated Depreciation (AD) | (6,960) | |||
Total Cost Net of Accumulated Depreciation | 13,674 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Cedar Rim | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Apr. 1, 2000 | |||
Location | Newcastle, WA | |||
Number of apartment communities | apartment_home | 104 | |||
Initial Cost, Land | $ 761 | |||
Initial Cost, Buildings and Improvements | 5,218 | |||
Costs Capitalized Subsequent to Consolidation | 13,032 | |||
Land | 761 | |||
Buildings and Improvements | 18,250 | |||
Total | 19,011 | |||
Accumulated Depreciation (AD) | (13,153) | |||
Total Cost Net of Accumulated Depreciation | 5,858 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Charlesbank Apartment Homes | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Sep. 30, 2013 | |||
Location | Watertown, MA | |||
Number of apartment communities | apartment_home | 44 | |||
Initial Cost, Land | $ 3,399 | |||
Initial Cost, Buildings and Improvements | 11,726 | |||
Costs Capitalized Subsequent to Consolidation | 821 | |||
Land | 3,399 | |||
Buildings and Improvements | 12,547 | |||
Total | 15,946 | |||
Accumulated Depreciation (AD) | (2,404) | |||
Total Cost Net of Accumulated Depreciation | 13,542 | |||
Encumbrances | $ 7,718 | |||
Aimco Real Estate | Chestnut Hall | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Oct. 1, 2006 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 315 | |||
Initial Cost, Land | $ 12,338 | |||
Initial Cost, Buildings and Improvements | 14,299 | |||
Costs Capitalized Subsequent to Consolidation | 12,074 | |||
Land | 12,338 | |||
Buildings and Improvements | 26,373 | |||
Total | 38,711 | |||
Accumulated Depreciation (AD) | (12,144) | |||
Total Cost Net of Accumulated Depreciation | 26,567 | |||
Encumbrances | $ 36,653 | |||
Aimco Real Estate | Chimneys of Cradle Rock | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jun. 1, 2004 | |||
Location | Columbia, MD | |||
Number of apartment communities | apartment_home | 198 | |||
Initial Cost, Land | $ 2,040 | |||
Initial Cost, Buildings and Improvements | 8,108 | |||
Costs Capitalized Subsequent to Consolidation | 1,116 | |||
Land | 2,040 | |||
Buildings and Improvements | 9,224 | |||
Total | 11,264 | |||
Accumulated Depreciation (AD) | (4,206) | |||
Total Cost Net of Accumulated Depreciation | 7,058 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Columbus Avenue | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Sep. 1, 2003 | |||
Location | New York, NY | |||
Number of apartment communities | apartment_home | 59 | |||
Initial Cost, Land | $ 35,527 | |||
Initial Cost, Buildings and Improvements | 9,450 | |||
Costs Capitalized Subsequent to Consolidation | 9,117 | |||
Land | 35,527 | |||
Buildings and Improvements | 18,567 | |||
Total | 54,094 | |||
Accumulated Depreciation (AD) | (10,600) | |||
Total Cost Net of Accumulated Depreciation | 43,494 | |||
Encumbrances | $ 25,205 | |||
Aimco Real Estate | Creekside | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 1, 2000 | |||
Location | Denver, CO | |||
Number of apartment communities | apartment_home | 328 | |||
Initial Cost, Land | $ 3,189 | |||
Initial Cost, Buildings and Improvements | 12,698 | |||
Costs Capitalized Subsequent to Consolidation | 7,450 | |||
Land | 3,189 | |||
Buildings and Improvements | 20,148 | |||
Total | 23,337 | |||
Accumulated Depreciation (AD) | (13,072) | |||
Total Cost Net of Accumulated Depreciation | 10,265 | |||
Encumbrances | $ 11,325 | |||
Aimco Real Estate | Crescent at West Hollywood, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | West Hollywood, CA | |||
Number of apartment communities | apartment_home | 130 | |||
Initial Cost, Land | $ 15,765 | |||
Initial Cost, Buildings and Improvements | 10,215 | |||
Costs Capitalized Subsequent to Consolidation | 8,411 | |||
Land | 15,765 | |||
Buildings and Improvements | 18,626 | |||
Total | 34,391 | |||
Accumulated Depreciation (AD) | (12,166) | |||
Total Cost Net of Accumulated Depreciation | 22,225 | |||
Encumbrances | $ 40,000 | |||
Aimco Real Estate | Elm Creek | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Dec. 1, 1997 | |||
Location | Elmhurst, IL | |||
Number of apartment communities | apartment_home | 400 | |||
Initial Cost, Land | $ 5,910 | |||
Initial Cost, Buildings and Improvements | 30,830 | |||
Costs Capitalized Subsequent to Consolidation | 31,950 | |||
Land | 5,910 | |||
Buildings and Improvements | 62,780 | |||
Total | 68,690 | |||
Accumulated Depreciation (AD) | (32,993) | |||
Total Cost Net of Accumulated Depreciation | 35,697 | |||
Encumbrances | $ 51,341 | |||
Aimco Real Estate | Evanston Place | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Dec. 1, 1997 | |||
Location | Evanston, IL | |||
Number of apartment communities | apartment_home | 190 | |||
Initial Cost, Land | $ 3,232 | |||
Initial Cost, Buildings and Improvements | 25,546 | |||
Costs Capitalized Subsequent to Consolidation | 16,214 | |||
Land | 3,232 | |||
Buildings and Improvements | 41,760 | |||
Total | 44,992 | |||
Accumulated Depreciation (AD) | (19,152) | |||
Total Cost Net of Accumulated Depreciation | 25,840 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Farmingdale | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Oct. 1, 2000 | |||
Location | Darien, IL | |||
Number of apartment communities | apartment_home | 240 | |||
Initial Cost, Land | $ 11,763 | |||
Initial Cost, Buildings and Improvements | 15,174 | |||
Costs Capitalized Subsequent to Consolidation | 11,173 | |||
Land | 11,763 | |||
Buildings and Improvements | 26,347 | |||
Total | 38,110 | |||
Accumulated Depreciation (AD) | (13,618) | |||
Total Cost Net of Accumulated Depreciation | 24,492 | |||
Encumbrances | $ 13,106 | |||
Aimco Real Estate | Flamingo Towers | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Sep. 1, 1997 | |||
Location | Miami Beach, FL | |||
Number of apartment communities | apartment_home | 1,324 | |||
Initial Cost, Land | $ 32,427 | |||
Initial Cost, Buildings and Improvements | 48,808 | |||
Costs Capitalized Subsequent to Consolidation | 339,187 | |||
Land | 32,427 | |||
Buildings and Improvements | 387,995 | |||
Total | 420,422 | |||
Accumulated Depreciation (AD) | (174,249) | |||
Total Cost Net of Accumulated Depreciation | 246,173 | |||
Encumbrances | $ 103,152 | |||
Aimco Real Estate | Four Quarters Habitat | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 6, 2006 | |||
Location | Miami, FL | |||
Number of apartment communities | apartment_home | 336 | |||
Initial Cost, Land | $ 2,379 | |||
Initial Cost, Buildings and Improvements | 17,199 | |||
Costs Capitalized Subsequent to Consolidation | 30,286 | |||
Land | 2,379 | |||
Buildings and Improvements | 47,485 | |||
Total | 49,864 | |||
Accumulated Depreciation (AD) | (27,112) | |||
Total Cost Net of Accumulated Depreciation | 22,752 | |||
Encumbrances | $ 51,603 | |||
Aimco Real Estate | Foxchase | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Dec. 1, 1997 | |||
Location | Alexandria, VA | |||
Number of apartment communities | apartment_home | 2,113 | |||
Initial Cost, Land | $ 15,496 | |||
Initial Cost, Buildings and Improvements | 96,062 | |||
Costs Capitalized Subsequent to Consolidation | 52,254 | |||
Land | 15,496 | |||
Buildings and Improvements | 148,316 | |||
Total | 163,812 | |||
Accumulated Depreciation (AD) | (85,298) | |||
Total Cost Net of Accumulated Depreciation | 78,514 | |||
Encumbrances | $ 223,626 | |||
Aimco Real Estate | Georgetown | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Framingham, MA | |||
Number of apartment communities | apartment_home | 207 | |||
Initial Cost, Land | $ 12,351 | |||
Initial Cost, Buildings and Improvements | 13,168 | |||
Costs Capitalized Subsequent to Consolidation | 3,996 | |||
Land | 12,351 | |||
Buildings and Improvements | 17,164 | |||
Total | 29,515 | |||
Accumulated Depreciation (AD) | (8,281) | |||
Total Cost Net of Accumulated Depreciation | 21,234 | |||
Encumbrances | $ 14,697 | |||
Aimco Real Estate | Georgetown II | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Framingham, MA | |||
Number of apartment communities | apartment_home | 72 | |||
Initial Cost, Land | $ 4,577 | |||
Initial Cost, Buildings and Improvements | 4,057 | |||
Costs Capitalized Subsequent to Consolidation | 2,118 | |||
Land | 4,577 | |||
Buildings and Improvements | 6,175 | |||
Total | 10,752 | |||
Accumulated Depreciation (AD) | (3,483) | |||
Total Cost Net of Accumulated Depreciation | 7,269 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Heritage Park Escondido | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 2000 | |||
Location | Escondido, CA | |||
Number of apartment communities | apartment_home | 196 | |||
Initial Cost, Land | $ 1,055 | |||
Initial Cost, Buildings and Improvements | 7,565 | |||
Costs Capitalized Subsequent to Consolidation | 2,572 | |||
Land | 1,055 | |||
Buildings and Improvements | 10,137 | |||
Total | 11,192 | |||
Accumulated Depreciation (AD) | (6,993) | |||
Total Cost Net of Accumulated Depreciation | 4,199 | |||
Encumbrances | $ 6,129 | |||
Aimco Real Estate | Heritage Park Livermore | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 2000 | |||
Location | Livermore, CA | |||
Number of apartment communities | apartment_home | 167 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements | 10,209 | |||
Costs Capitalized Subsequent to Consolidation | 1,850 | |||
Land | 0 | |||
Buildings and Improvements | 12,059 | |||
Total | 12,059 | |||
Accumulated Depreciation (AD) | (8,176) | |||
Total Cost Net of Accumulated Depreciation | 3,883 | |||
Encumbrances | $ 6,353 | |||
Aimco Real Estate | Heritage Village Anaheim | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 2000 | |||
Location | Anaheim, CA | |||
Number of apartment communities | apartment_home | 196 | |||
Initial Cost, Land | $ 1,832 | |||
Initial Cost, Buildings and Improvements | 8,541 | |||
Costs Capitalized Subsequent to Consolidation | 2,084 | |||
Land | 1,832 | |||
Buildings and Improvements | 10,625 | |||
Total | 12,457 | |||
Accumulated Depreciation (AD) | (6,999) | |||
Total Cost Net of Accumulated Depreciation | 5,458 | |||
Encumbrances | $ 7,441 | |||
Aimco Real Estate | Hidden Cove | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 22, 1998 | |||
Location | Escondido, CA | |||
Number of apartment communities | apartment_home | 334 | |||
Initial Cost, Land | $ 3,043 | |||
Initial Cost, Buildings and Improvements | 17,616 | |||
Costs Capitalized Subsequent to Consolidation | 10,802 | |||
Land | 3,043 | |||
Buildings and Improvements | 28,418 | |||
Total | 31,461 | |||
Accumulated Depreciation (AD) | (16,205) | |||
Total Cost Net of Accumulated Depreciation | 15,256 | |||
Encumbrances | $ 51,840 | |||
Aimco Real Estate | Hidden Cove II | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 7, 2007 | |||
Location | Escondido, CA | |||
Number of apartment communities | apartment_home | 118 | |||
Initial Cost, Land | $ 12,849 | |||
Initial Cost, Buildings and Improvements | 6,530 | |||
Costs Capitalized Subsequent to Consolidation | 5,260 | |||
Land | 12,849 | |||
Buildings and Improvements | 11,790 | |||
Total | 24,639 | |||
Accumulated Depreciation (AD) | (5,263) | |||
Total Cost Net of Accumulated Depreciation | 19,376 | |||
Encumbrances | $ 20,160 | |||
Aimco Real Estate | Hillcreste | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Century City, CA | |||
Number of apartment communities | apartment_home | 315 | |||
Initial Cost, Land | $ 35,862 | |||
Initial Cost, Buildings and Improvements | 47,216 | |||
Costs Capitalized Subsequent to Consolidation | 13,194 | |||
Land | 35,862 | |||
Buildings and Improvements | 60,410 | |||
Total | 96,272 | |||
Accumulated Depreciation (AD) | (27,374) | |||
Total Cost Net of Accumulated Depreciation | 68,898 | |||
Encumbrances | $ 63,479 | |||
Aimco Real Estate | Hillmeade | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Nov. 1, 1994 | |||
Location | Nashville, TN | |||
Number of apartment communities | apartment_home | 288 | |||
Initial Cost, Land | $ 2,872 | |||
Initial Cost, Buildings and Improvements | 16,070 | |||
Costs Capitalized Subsequent to Consolidation | 20,200 | |||
Land | 2,872 | |||
Buildings and Improvements | 36,270 | |||
Total | 39,142 | |||
Accumulated Depreciation (AD) | (21,006) | |||
Total Cost Net of Accumulated Depreciation | 18,136 | |||
Encumbrances | $ 27,321 | |||
Aimco Real Estate | Horizons West Apartments | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Dec. 1, 2006 | |||
Location | Pacifica, CA | |||
Number of apartment communities | apartment_home | 78 | |||
Initial Cost, Land | $ 8,887 | |||
Initial Cost, Buildings and Improvements | 6,377 | |||
Costs Capitalized Subsequent to Consolidation | 1,634 | |||
Land | 8,887 | |||
Buildings and Improvements | 8,011 | |||
Total | 16,898 | |||
Accumulated Depreciation (AD) | (3,689) | |||
Total Cost Net of Accumulated Depreciation | 13,209 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Hunt Club | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Sep. 20, 2000 | |||
Location | Gaithersburg, MD | |||
Number of apartment communities | apartment_home | 336 | |||
Initial Cost, Land | $ 17,859 | |||
Initial Cost, Buildings and Improvements | 13,149 | |||
Costs Capitalized Subsequent to Consolidation | 14,154 | |||
Land | 17,859 | |||
Buildings and Improvements | 27,303 | |||
Total | 45,162 | |||
Accumulated Depreciation (AD) | (16,083) | |||
Total Cost Net of Accumulated Depreciation | 29,079 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Hyde Park Tower | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Oct. 1, 2004 | |||
Location | Chicago, IL | |||
Number of apartment communities | apartment_home | 155 | |||
Initial Cost, Land | $ 4,731 | |||
Initial Cost, Buildings and Improvements | 14,927 | |||
Costs Capitalized Subsequent to Consolidation | 12,334 | |||
Land | 4,731 | |||
Buildings and Improvements | 27,261 | |||
Total | 31,992 | |||
Accumulated Depreciation (AD) | (9,569) | |||
Total Cost Net of Accumulated Depreciation | 22,423 | |||
Encumbrances | $ 12,620 | |||
Aimco Real Estate | Indian Oaks | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Simi Valley, CA | |||
Number of apartment communities | apartment_home | 254 | |||
Initial Cost, Land | $ 24,523 | |||
Initial Cost, Buildings and Improvements | 15,801 | |||
Costs Capitalized Subsequent to Consolidation | 11,246 | |||
Land | 24,523 | |||
Buildings and Improvements | 27,047 | |||
Total | 51,570 | |||
Accumulated Depreciation (AD) | (13,180) | |||
Total Cost Net of Accumulated Depreciation | 38,390 | |||
Encumbrances | $ 27,596 | |||
Aimco Real Estate | Indigo | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Aug. 1, 2016 | |||
Location | Redwood City, CA | |||
Number of apartment communities | apartment_home | 463 | |||
Initial Cost, Land | $ 26,932 | |||
Initial Cost, Buildings and Improvements | 296,116 | |||
Costs Capitalized Subsequent to Consolidation | 1,771 | |||
Land | 26,932 | |||
Buildings and Improvements | 297,887 | |||
Total | 324,819 | |||
Accumulated Depreciation (AD) | (24,707) | |||
Total Cost Net of Accumulated Depreciation | 300,112 | |||
Encumbrances | $ 138,430 | |||
Aimco Real Estate | Island Club | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 2000 | |||
Location | Oceanside, CA | |||
Number of apartment communities | apartment_home | 592 | |||
Initial Cost, Land | $ 18,027 | |||
Initial Cost, Buildings and Improvements | 28,654 | |||
Costs Capitalized Subsequent to Consolidation | 18,740 | |||
Land | 18,027 | |||
Buildings and Improvements | 47,394 | |||
Total | 65,421 | |||
Accumulated Depreciation (AD) | (30,320) | |||
Total Cost Net of Accumulated Depreciation | 35,101 | |||
Encumbrances | $ 94,967 | |||
Aimco Real Estate | Key Towers | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Apr. 1, 2001 | |||
Location | Alexandria, VA | |||
Number of apartment communities | apartment_home | 140 | |||
Initial Cost, Land | $ 1,526 | |||
Initial Cost, Buildings and Improvements | 7,050 | |||
Costs Capitalized Subsequent to Consolidation | 7,781 | |||
Land | 1,526 | |||
Buildings and Improvements | 14,831 | |||
Total | 16,357 | |||
Accumulated Depreciation (AD) | (11,892) | |||
Total Cost Net of Accumulated Depreciation | 4,465 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Lakeside | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 1999 | |||
Location | Lisle, IL | |||
Number of apartment communities | apartment_home | 568 | |||
Initial Cost, Land | $ 5,840 | |||
Initial Cost, Buildings and Improvements | 27,937 | |||
Costs Capitalized Subsequent to Consolidation | 22,408 | |||
Land | 5,840 | |||
Buildings and Improvements | 50,345 | |||
Total | 56,185 | |||
Accumulated Depreciation (AD) | (33,582) | |||
Total Cost Net of Accumulated Depreciation | 22,603 | |||
Encumbrances | $ 25,090 | |||
Aimco Real Estate | Latrobe | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jan. 3, 2003 | |||
Location | Washington, DC | |||
Number of apartment communities | apartment_home | 175 | |||
Initial Cost, Land | $ 3,459 | |||
Initial Cost, Buildings and Improvements | 9,103 | |||
Costs Capitalized Subsequent to Consolidation | 12,715 | |||
Land | 3,459 | |||
Buildings and Improvements | 21,818 | |||
Total | 25,277 | |||
Accumulated Depreciation (AD) | (11,916) | |||
Total Cost Net of Accumulated Depreciation | 13,361 | |||
Encumbrances | $ 26,758 | |||
Aimco Real Estate | Laurel Crossing | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 6, 2006 | |||
Location | San Mateo, CA | |||
Number of apartment communities | apartment_home | 418 | |||
Initial Cost, Land | $ 49,474 | |||
Initial Cost, Buildings and Improvements | 17,756 | |||
Costs Capitalized Subsequent to Consolidation | 14,166 | |||
Land | 49,474 | |||
Buildings and Improvements | 31,922 | |||
Total | 81,396 | |||
Accumulated Depreciation (AD) | (15,757) | |||
Total Cost Net of Accumulated Depreciation | 65,639 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Lincoln Place (5) | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 2004 | |||
Location | Venice, CA | |||
Number of apartment communities | apartment_home | 795 | |||
Initial Cost, Land | $ 128,332 | |||
Initial Cost, Buildings and Improvements | 10,439 | |||
Costs Capitalized Subsequent to Consolidation | 337,267 | |||
Land | 44,197 | |||
Buildings and Improvements | 347,706 | |||
Total | 391,903 | |||
Accumulated Depreciation (AD) | (121,677) | |||
Total Cost Net of Accumulated Depreciation | 270,226 | |||
Encumbrances | $ 187,723 | |||
Aimco Real Estate | Locust on the Park | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | May 1, 2018 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 152 | |||
Initial Cost, Land | $ 5,292 | |||
Initial Cost, Buildings and Improvements | 53,823 | |||
Costs Capitalized Subsequent to Consolidation | 2,474 | |||
Land | 5,292 | |||
Buildings and Improvements | 56,297 | |||
Total | 61,589 | |||
Accumulated Depreciation (AD) | (1,183) | |||
Total Cost Net of Accumulated Depreciation | 60,406 | |||
Encumbrances | $ 35,728 | |||
Aimco Real Estate | Lodge at Chattahoochee, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 1999 | |||
Location | Sandy Springs, GA | |||
Number of apartment communities | apartment_home | 312 | |||
Initial Cost, Land | $ 2,335 | |||
Initial Cost, Buildings and Improvements | 16,370 | |||
Costs Capitalized Subsequent to Consolidation | 16,809 | |||
Land | 2,335 | |||
Buildings and Improvements | 33,179 | |||
Total | 35,514 | |||
Accumulated Depreciation (AD) | (22,375) | |||
Total Cost Net of Accumulated Depreciation | 13,139 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Malibu Canyon | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Calabasas, CA | |||
Number of apartment communities | apartment_home | 698 | |||
Initial Cost, Land | $ 69,834 | |||
Initial Cost, Buildings and Improvements | 53,438 | |||
Costs Capitalized Subsequent to Consolidation | 37,919 | |||
Land | 69,834 | |||
Buildings and Improvements | 91,357 | |||
Total | 161,191 | |||
Accumulated Depreciation (AD) | (45,222) | |||
Total Cost Net of Accumulated Depreciation | 115,969 | |||
Encumbrances | $ 105,367 | |||
Aimco Real Estate | Mariners Cove | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | San Diego, CA | |||
Number of apartment communities | apartment_home | 500 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements | 66,861 | |||
Costs Capitalized Subsequent to Consolidation | 13,317 | |||
Land | 0 | |||
Buildings and Improvements | 80,178 | |||
Total | 80,178 | |||
Accumulated Depreciation (AD) | (39,035) | |||
Total Cost Net of Accumulated Depreciation | 41,143 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Meadow Creek | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 1, 1994 | |||
Location | Boulder, CO | |||
Number of apartment communities | apartment_home | 332 | |||
Initial Cost, Land | $ 1,435 | |||
Initial Cost, Buildings and Improvements | 24,533 | |||
Costs Capitalized Subsequent to Consolidation | 9,602 | |||
Land | 1,435 | |||
Buildings and Improvements | 34,135 | |||
Total | 35,570 | |||
Accumulated Depreciation (AD) | (19,285) | |||
Total Cost Net of Accumulated Depreciation | 16,285 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Merrill House | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jan. 3, 2000 | |||
Location | Falls Church, VA | |||
Number of apartment communities | apartment_home | 159 | |||
Initial Cost, Land | $ 1,836 | |||
Initial Cost, Buildings and Improvements | 10,831 | |||
Costs Capitalized Subsequent to Consolidation | 7,657 | |||
Land | 1,836 | |||
Buildings and Improvements | 18,488 | |||
Total | 20,324 | |||
Accumulated Depreciation (AD) | (10,492) | |||
Total Cost Net of Accumulated Depreciation | 9,832 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Mezzo | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Mar. 15, 2015 | |||
Location | Atlanta, GA | |||
Number of apartment communities | apartment_home | 94 | |||
Initial Cost, Land | $ 4,292 | |||
Initial Cost, Buildings and Improvements | 34,178 | |||
Costs Capitalized Subsequent to Consolidation | 1,250 | |||
Land | 4,292 | |||
Buildings and Improvements | 35,428 | |||
Total | 39,720 | |||
Accumulated Depreciation (AD) | (5,484) | |||
Total Cost Net of Accumulated Depreciation | 34,236 | |||
Encumbrances | $ 23,496 | |||
Aimco Real Estate | Monterey Grove | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jun. 1, 2008 | |||
Location | San Jose, CA | |||
Number of apartment communities | apartment_home | 224 | |||
Initial Cost, Land | $ 34,325 | |||
Initial Cost, Buildings and Improvements | 21,939 | |||
Costs Capitalized Subsequent to Consolidation | 8,674 | |||
Land | 34,325 | |||
Buildings and Improvements | 30,613 | |||
Total | 64,938 | |||
Accumulated Depreciation (AD) | (12,039) | |||
Total Cost Net of Accumulated Depreciation | 52,899 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Ocean House on Prospect | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Apr. 1, 2013 | |||
Location | La Jolla, CA | |||
Number of apartment communities | apartment_home | 53 | |||
Initial Cost, Land | $ 12,528 | |||
Initial Cost, Buildings and Improvements | 18,805 | |||
Costs Capitalized Subsequent to Consolidation | 15,089 | |||
Land | 12,528 | |||
Buildings and Improvements | 33,894 | |||
Total | 46,422 | |||
Accumulated Depreciation (AD) | (6,592) | |||
Total Cost Net of Accumulated Depreciation | 39,830 | |||
Encumbrances | $ 12,745 | |||
Aimco Real Estate | One Canal | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Sep. 13, 2013 | |||
Location | Boston, MA | |||
Number of apartment communities | apartment_home | 310 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements | 15,873 | |||
Costs Capitalized Subsequent to Consolidation | 179,912 | |||
Land | 0 | |||
Buildings and Improvements | 195,785 | |||
Total | 195,785 | |||
Accumulated Depreciation (AD) | (20,623) | |||
Total Cost Net of Accumulated Depreciation | 175,162 | |||
Encumbrances | $ 110,310 | |||
Aimco Real Estate | Pacific Bay Vistas (5) | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2001 | |||
Location | San Bruno, CA | |||
Number of apartment communities | apartment_home | 308 | |||
Initial Cost, Land | $ 28,694 | |||
Initial Cost, Buildings and Improvements | 62,460 | |||
Costs Capitalized Subsequent to Consolidation | 39,067 | |||
Land | 23,354 | |||
Buildings and Improvements | 101,527 | |||
Total | 124,881 | |||
Accumulated Depreciation (AD) | (35,131) | |||
Total Cost Net of Accumulated Depreciation | 89,750 | |||
Encumbrances | $ 67,826 | |||
Aimco Real Estate | Pacifica Park | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 6, 2006 | |||
Location | Pacifica, CA | |||
Number of apartment communities | apartment_home | 104 | |||
Initial Cost, Land | $ 12,970 | |||
Initial Cost, Buildings and Improvements | 6,579 | |||
Costs Capitalized Subsequent to Consolidation | 7,879 | |||
Land | 12,970 | |||
Buildings and Improvements | 14,458 | |||
Total | 27,428 | |||
Accumulated Depreciation (AD) | (6,565) | |||
Total Cost Net of Accumulated Depreciation | 20,863 | |||
Encumbrances | $ 28,613 | |||
Aimco Real Estate | Palazzo at Park La Brea, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Feb. 4, 2004 | |||
Location | Los Angeles, CA | |||
Number of apartment communities | apartment_home | 521 | |||
Initial Cost, Land | $ 48,362 | |||
Initial Cost, Buildings and Improvements | 125,464 | |||
Costs Capitalized Subsequent to Consolidation | 45,176 | |||
Land | 48,362 | |||
Buildings and Improvements | 170,640 | |||
Total | 219,002 | |||
Accumulated Depreciation (AD) | (80,075) | |||
Total Cost Net of Accumulated Depreciation | 138,927 | |||
Encumbrances | $ 168,654 | |||
Aimco Real Estate | Palazzo East at Park La Brea, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Mar. 1, 2005 | |||
Location | Los Angeles, CA | |||
Number of apartment communities | apartment_home | 611 | |||
Initial Cost, Land | $ 72,578 | |||
Initial Cost, Buildings and Improvements | 136,503 | |||
Costs Capitalized Subsequent to Consolidation | 19,328 | |||
Land | 72,578 | |||
Buildings and Improvements | 155,831 | |||
Total | 228,409 | |||
Accumulated Depreciation (AD) | (72,709) | |||
Total Cost Net of Accumulated Depreciation | 155,700 | |||
Encumbrances | $ 196,109 | |||
Aimco Real Estate | Parc Mosaic | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Dec. 14, 2014 | |||
Location | Boulder, CO | |||
Number of apartment communities | apartment_home | 226 | |||
Initial Cost, Land | $ 15,300 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Consolidation | 53,638 | |||
Land | 15,300 | |||
Buildings and Improvements | 53,638 | |||
Total | 68,938 | |||
Accumulated Depreciation (AD) | 0 | |||
Total Cost Net of Accumulated Depreciation | 68,938 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Park Towne Place | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Apr. 1, 2000 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 940 | |||
Initial Cost, Land | $ 10,472 | |||
Initial Cost, Buildings and Improvements | 47,301 | |||
Costs Capitalized Subsequent to Consolidation | 345,748 | |||
Land | 10,472 | |||
Buildings and Improvements | 393,049 | |||
Total | 403,521 | |||
Accumulated Depreciation (AD) | (119,350) | |||
Total Cost Net of Accumulated Depreciation | 284,171 | |||
Encumbrances | $ 200,000 | |||
Aimco Real Estate | Pathfinder Village | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 6, 2006 | |||
Location | Fremont, CA | |||
Number of apartment communities | apartment_home | 246 | |||
Initial Cost, Land | $ 19,595 | |||
Initial Cost, Buildings and Improvements | 14,838 | |||
Costs Capitalized Subsequent to Consolidation | 18,457 | |||
Land | 19,595 | |||
Buildings and Improvements | 33,295 | |||
Total | 52,890 | |||
Accumulated Depreciation (AD) | (14,518) | |||
Total Cost Net of Accumulated Depreciation | 38,372 | |||
Encumbrances | $ 55,000 | |||
Aimco Real Estate | Peachtree Park | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 1, 1996 | |||
Location | Atlanta, GA | |||
Number of apartment communities | apartment_home | 303 | |||
Initial Cost, Land | $ 4,684 | |||
Initial Cost, Buildings and Improvements | 11,713 | |||
Costs Capitalized Subsequent to Consolidation | 14,045 | |||
Land | 4,684 | |||
Buildings and Improvements | 25,758 | |||
Total | 30,442 | |||
Accumulated Depreciation (AD) | (16,449) | |||
Total Cost Net of Accumulated Depreciation | 13,993 | |||
Encumbrances | $ 27,800 | |||
Aimco Real Estate | Plantation Gardens | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 1999 | |||
Location | Plantation, FL | |||
Number of apartment communities | apartment_home | 372 | |||
Initial Cost, Land | $ 3,773 | |||
Initial Cost, Buildings and Improvements | 19,443 | |||
Costs Capitalized Subsequent to Consolidation | 25,655 | |||
Land | 3,773 | |||
Buildings and Improvements | 45,098 | |||
Total | 48,871 | |||
Accumulated Depreciation (AD) | (27,273) | |||
Total Cost Net of Accumulated Depreciation | 21,598 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Post Ridge | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 1, 2000 | |||
Location | Nashville, TN | |||
Number of apartment communities | apartment_home | 150 | |||
Initial Cost, Land | $ 1,883 | |||
Initial Cost, Buildings and Improvements | 6,712 | |||
Costs Capitalized Subsequent to Consolidation | 4,537 | |||
Land | 1,883 | |||
Buildings and Improvements | 11,249 | |||
Total | 13,132 | |||
Accumulated Depreciation (AD) | (7,401) | |||
Total Cost Net of Accumulated Depreciation | 5,731 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Preserve at Marin | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Aug. 17, 2011 | |||
Location | Corte Madera, CA | |||
Number of apartment communities | apartment_home | 126 | |||
Initial Cost, Land | $ 18,179 | |||
Initial Cost, Buildings and Improvements | 30,132 | |||
Costs Capitalized Subsequent to Consolidation | 84,629 | |||
Land | 18,179 | |||
Buildings and Improvements | 114,761 | |||
Total | 132,940 | |||
Accumulated Depreciation (AD) | (26,039) | |||
Total Cost Net of Accumulated Depreciation | 106,901 | |||
Encumbrances | $ 36,260 | |||
Aimco Real Estate | Ravensworth Towers | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jun. 1, 2004 | |||
Location | Annandale, VA | |||
Number of apartment communities | apartment_home | 219 | |||
Initial Cost, Land | $ 3,455 | |||
Initial Cost, Buildings and Improvements | 17,157 | |||
Costs Capitalized Subsequent to Consolidation | 4,490 | |||
Land | 3,455 | |||
Buildings and Improvements | 21,647 | |||
Total | 25,102 | |||
Accumulated Depreciation (AD) | (14,617) | |||
Total Cost Net of Accumulated Depreciation | 10,485 | |||
Encumbrances | $ 20,342 | |||
Aimco Real Estate | River Club,The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Apr. 5, 2005 | |||
Location | Edgewater, NJ | |||
Number of apartment communities | apartment_home | 266 | |||
Initial Cost, Land | $ 30,579 | |||
Initial Cost, Buildings and Improvements | 30,638 | |||
Costs Capitalized Subsequent to Consolidation | 7,475 | |||
Land | 30,579 | |||
Buildings and Improvements | 38,113 | |||
Total | 68,692 | |||
Accumulated Depreciation (AD) | (17,293) | |||
Total Cost Net of Accumulated Depreciation | 51,399 | |||
Encumbrances | $ 60,000 | |||
Aimco Real Estate | Riverloft | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Oct. 1, 1999 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 184 | |||
Initial Cost, Land | $ 2,120 | |||
Initial Cost, Buildings and Improvements | 11,286 | |||
Costs Capitalized Subsequent to Consolidation | 35,086 | |||
Land | 2,120 | |||
Buildings and Improvements | 46,372 | |||
Total | 48,492 | |||
Accumulated Depreciation (AD) | (23,386) | |||
Total Cost Net of Accumulated Depreciation | 25,106 | |||
Encumbrances | $ 7,680 | |||
Aimco Real Estate | Rosewood | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Camarillo, CA | |||
Number of apartment communities | apartment_home | 152 | |||
Initial Cost, Land | $ 12,430 | |||
Initial Cost, Buildings and Improvements | 8,060 | |||
Costs Capitalized Subsequent to Consolidation | 5,754 | |||
Land | 12,430 | |||
Buildings and Improvements | 13,814 | |||
Total | 26,244 | |||
Accumulated Depreciation (AD) | (6,984) | |||
Total Cost Net of Accumulated Depreciation | 19,260 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Royal Crest Estates | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Warwick, RI | |||
Number of apartment communities | apartment_home | 492 | |||
Initial Cost, Land | $ 22,433 | |||
Initial Cost, Buildings and Improvements | 24,095 | |||
Costs Capitalized Subsequent to Consolidation | 5,512 | |||
Land | 22,433 | |||
Buildings and Improvements | 29,607 | |||
Total | 52,040 | |||
Accumulated Depreciation (AD) | (20,050) | |||
Total Cost Net of Accumulated Depreciation | 31,990 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Royal Crest Estates | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Nashua, NH | |||
Number of apartment communities | apartment_home | 902 | |||
Initial Cost, Land | $ 68,230 | |||
Initial Cost, Buildings and Improvements | 45,562 | |||
Costs Capitalized Subsequent to Consolidation | 15,751 | |||
Land | 68,230 | |||
Buildings and Improvements | 61,313 | |||
Total | 129,543 | |||
Accumulated Depreciation (AD) | (41,440) | |||
Total Cost Net of Accumulated Depreciation | 88,103 | |||
Encumbrances | $ 71,957 | |||
Aimco Real Estate | Royal Crest Estates | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Marlborough, MA | |||
Number of apartment communities | apartment_home | 473 | |||
Initial Cost, Land | $ 25,178 | |||
Initial Cost, Buildings and Improvements | 28,786 | |||
Costs Capitalized Subsequent to Consolidation | 13,490 | |||
Land | 25,178 | |||
Buildings and Improvements | 42,276 | |||
Total | 67,454 | |||
Accumulated Depreciation (AD) | (26,610) | |||
Total Cost Net of Accumulated Depreciation | 40,844 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Royal Crest Estates | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | North Andover, MA | |||
Number of apartment communities | apartment_home | 588 | |||
Initial Cost, Land | $ 51,292 | |||
Initial Cost, Buildings and Improvements | 36,808 | |||
Costs Capitalized Subsequent to Consolidation | 27,916 | |||
Land | 51,292 | |||
Buildings and Improvements | 64,724 | |||
Total | 116,016 | |||
Accumulated Depreciation (AD) | (36,132) | |||
Total Cost Net of Accumulated Depreciation | 79,884 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Saybrook Point | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Dec. 14, 2014 | |||
Location | San Jose, CA | |||
Number of apartment communities | apartment_home | 324 | |||
Initial Cost, Land | $ 32,842 | |||
Initial Cost, Buildings and Improvements | 84,457 | |||
Costs Capitalized Subsequent to Consolidation | 25,729 | |||
Land | 32,842 | |||
Buildings and Improvements | 110,186 | |||
Total | 143,028 | |||
Accumulated Depreciation (AD) | (14,179) | |||
Total Cost Net of Accumulated Depreciation | 128,849 | |||
Encumbrances | $ 62,329 | |||
Aimco Real Estate | Shenandoah Crossing | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Sep. 20, 2000 | |||
Location | Fairfax, VA | |||
Number of apartment communities | apartment_home | 640 | |||
Initial Cost, Land | $ 18,200 | |||
Initial Cost, Buildings and Improvements | 57,198 | |||
Costs Capitalized Subsequent to Consolidation | 25,345 | |||
Land | 18,200 | |||
Buildings and Improvements | 82,543 | |||
Total | 100,743 | |||
Accumulated Depreciation (AD) | (58,302) | |||
Total Cost Net of Accumulated Depreciation | 42,441 | |||
Encumbrances | $ 58,565 | |||
Aimco Real Estate | SouthStar Lofts | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | May 1, 2018 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 85 | |||
Initial Cost, Land | $ 1,780 | |||
Initial Cost, Buildings and Improvements | 37,428 | |||
Costs Capitalized Subsequent to Consolidation | 402 | |||
Land | 1,780 | |||
Buildings and Improvements | 37,830 | |||
Total | 39,610 | |||
Accumulated Depreciation (AD) | (836) | |||
Total Cost Net of Accumulated Depreciation | 38,774 | |||
Encumbrances | $ 30,197 | |||
Aimco Real Estate | Springwoods at Lake Ridge | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jul. 1, 2002 | |||
Location | Woodbridge, VA | |||
Number of apartment communities | apartment_home | 180 | |||
Initial Cost, Land | $ 5,587 | |||
Initial Cost, Buildings and Improvements | 7,284 | |||
Costs Capitalized Subsequent to Consolidation | 3,642 | |||
Land | 5,587 | |||
Buildings and Improvements | 10,926 | |||
Total | 16,513 | |||
Accumulated Depreciation (AD) | (4,606) | |||
Total Cost Net of Accumulated Depreciation | 11,907 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | St. George Villas | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jan. 6, 2006 | |||
Location | St. George, SC | |||
Number of apartment communities | apartment_home | 40 | |||
Initial Cost, Land | $ 107 | |||
Initial Cost, Buildings and Improvements | 1,025 | |||
Costs Capitalized Subsequent to Consolidation | 410 | |||
Land | 107 | |||
Buildings and Improvements | 1,435 | |||
Total | 1,542 | |||
Accumulated Depreciation (AD) | (1,256) | |||
Total Cost Net of Accumulated Depreciation | 286 | |||
Encumbrances | $ 314 | |||
Aimco Real Estate | Sterling Apartment Homes, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Oct. 1, 1999 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 534 | |||
Initial Cost, Land | $ 8,871 | |||
Initial Cost, Buildings and Improvements | 55,365 | |||
Costs Capitalized Subsequent to Consolidation | 120,426 | |||
Land | 8,871 | |||
Buildings and Improvements | 175,791 | |||
Total | 184,662 | |||
Accumulated Depreciation (AD) | (82,367) | |||
Total Cost Net of Accumulated Depreciation | 102,295 | |||
Encumbrances | $ 144,030 | |||
Aimco Real Estate | Stone Creek Club | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Sep. 20, 2000 | |||
Location | Germantown, MD | |||
Number of apartment communities | apartment_home | 240 | |||
Initial Cost, Land | $ 13,593 | |||
Initial Cost, Buildings and Improvements | 9,347 | |||
Costs Capitalized Subsequent to Consolidation | 8,078 | |||
Land | 13,593 | |||
Buildings and Improvements | 17,425 | |||
Total | 31,018 | |||
Accumulated Depreciation (AD) | (12,553) | |||
Total Cost Net of Accumulated Depreciation | 18,465 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | The Left Bank | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | May 1, 2018 | |||
Location | Philadelphia, PA | |||
Number of apartment communities | apartment_home | 282 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements | 130,893 | |||
Costs Capitalized Subsequent to Consolidation | 3,053 | |||
Land | 0 | |||
Buildings and Improvements | 133,946 | |||
Total | 133,946 | |||
Accumulated Depreciation (AD) | (2,879) | |||
Total Cost Net of Accumulated Depreciation | 131,067 | |||
Encumbrances | $ 82,532 | |||
Aimco Real Estate | Timbers at Long Reach Apartment Homes | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Apr. 5, 2005 | |||
Location | Columbia, MD | |||
Number of apartment communities | apartment_home | 178 | |||
Initial Cost, Land | $ 2,430 | |||
Initial Cost, Buildings and Improvements | 12,181 | |||
Costs Capitalized Subsequent to Consolidation | 1,705 | |||
Land | 2,430 | |||
Buildings and Improvements | 13,886 | |||
Total | 16,316 | |||
Accumulated Depreciation (AD) | (8,182) | |||
Total Cost Net of Accumulated Depreciation | 8,134 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Towers Of Westchester Park, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jan. 6, 2006 | |||
Location | College Park, MD | |||
Number of apartment communities | apartment_home | 303 | |||
Initial Cost, Land | $ 15,198 | |||
Initial Cost, Buildings and Improvements | 22,029 | |||
Costs Capitalized Subsequent to Consolidation | 13,936 | |||
Land | 15,198 | |||
Buildings and Improvements | 35,965 | |||
Total | 51,163 | |||
Accumulated Depreciation (AD) | (18,825) | |||
Total Cost Net of Accumulated Depreciation | 32,338 | |||
Encumbrances | $ 23,232 | |||
Aimco Real Estate | Township At Highlands | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Town Home | |||
Date Consolidated | Nov. 1, 1996 | |||
Location | Centennial, CO | |||
Number of apartment communities | apartment_home | 161 | |||
Initial Cost, Land | $ 1,536 | |||
Initial Cost, Buildings and Improvements | 9,773 | |||
Costs Capitalized Subsequent to Consolidation | 9,280 | |||
Land | 1,536 | |||
Buildings and Improvements | 19,053 | |||
Total | 20,589 | |||
Accumulated Depreciation (AD) | (12,181) | |||
Total Cost Net of Accumulated Depreciation | 8,408 | |||
Encumbrances | $ 13,557 | |||
Aimco Real Estate | Tremont | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Dec. 14, 2014 | |||
Location | Atlanta, GA | |||
Number of apartment communities | apartment_home | 78 | |||
Initial Cost, Land | $ 5,274 | |||
Initial Cost, Buildings and Improvements | 18,011 | |||
Costs Capitalized Subsequent to Consolidation | 2,746 | |||
Land | 5,274 | |||
Buildings and Improvements | 20,757 | |||
Total | 26,031 | |||
Accumulated Depreciation (AD) | (3,110) | |||
Total Cost Net of Accumulated Depreciation | 22,921 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Twin Lake Towers | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Oct. 1, 1999 | |||
Location | Westmont, IL | |||
Number of apartment communities | apartment_home | 399 | |||
Initial Cost, Land | $ 3,268 | |||
Initial Cost, Buildings and Improvements | 18,763 | |||
Costs Capitalized Subsequent to Consolidation | 37,904 | |||
Land | 3,268 | |||
Buildings and Improvements | 56,667 | |||
Total | 59,935 | |||
Accumulated Depreciation (AD) | (43,106) | |||
Total Cost Net of Accumulated Depreciation | 16,829 | |||
Encumbrances | $ 44,906 | |||
Aimco Real Estate | Vantage Pointe | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Swampscott, MA | |||
Number of apartment communities | apartment_home | 96 | |||
Initial Cost, Land | $ 4,748 | |||
Initial Cost, Buildings and Improvements | 10,089 | |||
Costs Capitalized Subsequent to Consolidation | 2,314 | |||
Land | 4,748 | |||
Buildings and Improvements | 12,403 | |||
Total | 17,151 | |||
Accumulated Depreciation (AD) | (5,294) | |||
Total Cost Net of Accumulated Depreciation | 11,857 | |||
Encumbrances | $ 2,746 | |||
Aimco Real Estate | Villa Del Sol | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Norwalk, CA | |||
Number of apartment communities | apartment_home | 120 | |||
Initial Cost, Land | $ 7,476 | |||
Initial Cost, Buildings and Improvements | 4,861 | |||
Costs Capitalized Subsequent to Consolidation | 4,553 | |||
Land | 7,476 | |||
Buildings and Improvements | 9,414 | |||
Total | 16,890 | |||
Accumulated Depreciation (AD) | (5,216) | |||
Total Cost Net of Accumulated Depreciation | 11,674 | |||
Encumbrances | $ 10,582 | |||
Aimco Real Estate | Villas at Park La Brea, The | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2002 | |||
Location | Los Angeles, CA | |||
Number of apartment communities | apartment_home | 250 | |||
Initial Cost, Land | $ 8,630 | |||
Initial Cost, Buildings and Improvements | 48,871 | |||
Costs Capitalized Subsequent to Consolidation | 16,008 | |||
Land | 8,630 | |||
Buildings and Improvements | 64,879 | |||
Total | 73,509 | |||
Accumulated Depreciation (AD) | (30,510) | |||
Total Cost Net of Accumulated Depreciation | 42,999 | |||
Encumbrances | $ 53,868 | |||
Aimco Real Estate | Villas of Pasadena | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Mid Rise | |||
Date Consolidated | Jan. 6, 2006 | |||
Location | Pasadena, CA | |||
Number of apartment communities | apartment_home | 92 | |||
Initial Cost, Land | $ 9,693 | |||
Initial Cost, Buildings and Improvements | 6,818 | |||
Costs Capitalized Subsequent to Consolidation | 4,493 | |||
Land | 9,693 | |||
Buildings and Improvements | 11,311 | |||
Total | 21,004 | |||
Accumulated Depreciation (AD) | (4,397) | |||
Total Cost Net of Accumulated Depreciation | 16,607 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Vivo | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Jun. 15, 2016 | |||
Location | Cambridge, MA | |||
Number of apartment communities | apartment_home | 91 | |||
Initial Cost, Land | $ 6,450 | |||
Initial Cost, Buildings and Improvements | 35,974 | |||
Costs Capitalized Subsequent to Consolidation | 5,590 | |||
Land | 6,450 | |||
Buildings and Improvements | 41,564 | |||
Total | 48,014 | |||
Accumulated Depreciation (AD) | (8,694) | |||
Total Cost Net of Accumulated Depreciation | 39,320 | |||
Encumbrances | $ 20,310 | |||
Aimco Real Estate | Waterford Village | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Bridgewater, MA | |||
Number of apartment communities | apartment_home | 588 | |||
Initial Cost, Land | $ 29,110 | |||
Initial Cost, Buildings and Improvements | 28,101 | |||
Costs Capitalized Subsequent to Consolidation | 8,222 | |||
Land | 29,110 | |||
Buildings and Improvements | 36,323 | |||
Total | 65,433 | |||
Accumulated Depreciation (AD) | (26,540) | |||
Total Cost Net of Accumulated Depreciation | 38,893 | |||
Encumbrances | $ 35,269 | |||
Aimco Real Estate | Waterways Village | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Jun. 1, 1997 | |||
Location | Aventura, FL | |||
Number of apartment communities | apartment_home | 180 | |||
Initial Cost, Land | $ 4,504 | |||
Initial Cost, Buildings and Improvements | 11,064 | |||
Costs Capitalized Subsequent to Consolidation | 15,205 | |||
Land | 4,504 | |||
Buildings and Improvements | 26,269 | |||
Total | 30,773 | |||
Accumulated Depreciation (AD) | (12,394) | |||
Total Cost Net of Accumulated Depreciation | 18,379 | |||
Encumbrances | $ 13,168 | |||
Aimco Real Estate | Waverly Apartments | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 1, 2008 | |||
Location | Brighton, MA | |||
Number of apartment communities | apartment_home | 103 | |||
Initial Cost, Land | $ 7,920 | |||
Initial Cost, Buildings and Improvements | 11,347 | |||
Costs Capitalized Subsequent to Consolidation | 6,299 | |||
Land | 7,920 | |||
Buildings and Improvements | 17,646 | |||
Total | 25,566 | |||
Accumulated Depreciation (AD) | (6,323) | |||
Total Cost Net of Accumulated Depreciation | 19,243 | |||
Encumbrances | $ 11,515 | |||
Aimco Real Estate | Wexford Village | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Aug. 31, 2002 | |||
Location | Worcester, MA | |||
Number of apartment communities | apartment_home | 264 | |||
Initial Cost, Land | $ 6,349 | |||
Initial Cost, Buildings and Improvements | 17,939 | |||
Costs Capitalized Subsequent to Consolidation | 4,245 | |||
Land | 6,349 | |||
Buildings and Improvements | 22,184 | |||
Total | 28,533 | |||
Accumulated Depreciation (AD) | (12,980) | |||
Total Cost Net of Accumulated Depreciation | 15,553 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Willow Bend | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | May 8, 1998 | |||
Location | Rolling Meadows, IL | |||
Number of apartment communities | apartment_home | 328 | |||
Initial Cost, Land | $ 2,717 | |||
Initial Cost, Buildings and Improvements | 15,437 | |||
Costs Capitalized Subsequent to Consolidation | 19,609 | |||
Land | 2,717 | |||
Buildings and Improvements | 35,046 | |||
Total | 37,763 | |||
Accumulated Depreciation (AD) | (23,492) | |||
Total Cost Net of Accumulated Depreciation | 14,271 | |||
Encumbrances | $ 33,175 | |||
Aimco Real Estate | Windrift | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2001 | |||
Location | Oceanside, CA | |||
Number of apartment communities | apartment_home | 404 | |||
Initial Cost, Land | $ 24,960 | |||
Initial Cost, Buildings and Improvements | 17,590 | |||
Costs Capitalized Subsequent to Consolidation | 21,487 | |||
Land | 24,960 | |||
Buildings and Improvements | 39,077 | |||
Total | 64,037 | |||
Accumulated Depreciation (AD) | (23,762) | |||
Total Cost Net of Accumulated Depreciation | 40,275 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Windsor Park | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | Garden | |||
Date Consolidated | Mar. 31, 2001 | |||
Location | Woodbridge, VA | |||
Number of apartment communities | apartment_home | 220 | |||
Initial Cost, Land | $ 4,279 | |||
Initial Cost, Buildings and Improvements | 15,970 | |||
Costs Capitalized Subsequent to Consolidation | 6,217 | |||
Land | 4,279 | |||
Buildings and Improvements | 22,187 | |||
Total | 26,466 | |||
Accumulated Depreciation (AD) | (13,378) | |||
Total Cost Net of Accumulated Depreciation | 13,088 | |||
Encumbrances | $ 0 | |||
Aimco Real Estate | Yacht Club at Brickell | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Dec. 24, 2003 | |||
Location | Miami, FL | |||
Number of apartment communities | apartment_home | 357 | |||
Initial Cost, Land | $ 31,362 | |||
Initial Cost, Buildings and Improvements | 32,214 | |||
Costs Capitalized Subsequent to Consolidation | 16,715 | |||
Land | 31,362 | |||
Buildings and Improvements | 48,929 | |||
Total | 80,291 | |||
Accumulated Depreciation (AD) | (17,513) | |||
Total Cost Net of Accumulated Depreciation | 62,778 | |||
Encumbrances | $ 44,219 | |||
Aimco Real Estate | Yorktown Apartments | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Apartment Type | High Rise | |||
Date Consolidated | Dec. 31, 1999 | |||
Location | Lombard, IL | |||
Number of apartment communities | apartment_home | 364 | |||
Initial Cost, Land | $ 3,055 | |||
Initial Cost, Buildings and Improvements | 18,162 | |||
Costs Capitalized Subsequent to Consolidation | 52,436 | |||
Land | 3,055 | |||
Buildings and Improvements | 70,598 | |||
Total | 73,653 | |||
Accumulated Depreciation (AD) | (29,697) | |||
Total Cost Net of Accumulated Depreciation | 43,956 | |||
Encumbrances | $ 38,280 | |||
Aimco Real Estate | Other | Continuing Operations | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of apartment communities | apartment_home | 0 | |||
Initial Cost, Land | $ 5,135 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Consolidation | 20,914 | |||
Land | 5,135 | |||
Buildings and Improvements | 20,914 | |||
Total | 26,049 | |||
Accumulated Depreciation (AD) | 0 | |||
Total Cost Net of Accumulated Depreciation | 26,049 | |||
Encumbrances | $ 0 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Management | |||
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 | 6,603 | (1,711) | (2,116) |
Amounts related to assets held for sale | 0 | 0 | (2,801) |
Sales | (561,953) | (10,469) | (11,532) |
Balance at end of year | 0 | 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 | 6,704 | (2,480) | (68) |
Amounts related to assets held for sale | 0 | 0 | (1,525) |
Sales | (347,280) | (4,760) | (3,284) |
Balance at end of year | 0 | 326,251 | 309,401 |
Write-off of fully depreciated assets | 6,700 | 1,800 | |
Aimco Real Estate | |||
Real Estate | |||
Balance at beginning of year | 7,927,753 | 7,931,117 | 7,744,894 |
Additions during the year: | |||
Acquisitions | 501,009 | 16,687 | 333,174 |
Capital additions | 344,501 | 345,974 | 329,697 |
Deductions during the year: | |||
Casualty and other write-offs | (58,152) | (106,590) | (170,744) |
Provision for real estate impairment loss | 0 | (35,881) | 0 |
Amounts related to assets held for sale | (83,905) | (38,208) | 0 |
Sales | (322,616) | (185,346) | (305,904) |
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 | 339,883 | 320,870 | 287,661 |
Deductions during the year: | |||
Casualty and other write-offs | (57,067) | (106,521) | (169,098) |
Amounts related to assets held for sale | (41,717) | (20,383) | 0 |
Sales | (178,342) | (92,965) | (185,654) |
Balance at end of year | 2,585,115 | 2,522,358 | 2,421,357 |
Write-off of fully depreciated assets | $ 54,500 | $ 106,400 | $ 167,900 |
Uncategorized Items - aiv-20181
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (65,710,000) |
AIMCO Properties, LP [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (65,710,000) |
AIMCO Properties, LP [Member] | Limited Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,028,000) |
AIMCO Properties, LP [Member] | Partners Capital Attributable To The Partnership [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (65,710,000) |
AIMCO Properties, LP [Member] | General Partner and Special Limited Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (62,682,000) |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,028,000) |
Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (62,682,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (62,682,000) |