Aimco OP 10-K 1 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIV
Entity File Number	1-13232
Entity Tax Identification Number	84-1259577
Entity Address, State or Province	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		152,556,271
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Documents Incorporated by Reference
Entity Public Float			$ 1
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Denver, Colorado
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-56223
Entity Tax Identification Number	85-2460835
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
ICFR Auditor Attestation Flag	true
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Denver, Colorado

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 1,257,214	$ 995,116
Land	534,285	505,153
Total real estate	1,791,499	1,500,269
Accumulated depreciation	(561,115)	(495,010)
Net real estate	1,230,384	1,005,259
Cash and cash equivalents	233,374	289,582
Restricted cash	11,208	9,153
Mezzanine investment	337,797	307,362
Unconsolidated real estate partnerships	13,025	12,829
Notes receivable	38,029	37,045
Right-of-use lease assets	429,768	92,709
Due from affiliates	4,840	4,333
Other assets, net	110,019	68,905
Total assets	2,434,101	1,840,492
LIABILITIES AND EQUITY
Non-recourse property debt, net	483,137	447,967
Construction loans, net	163,570	0
Notes payable to AIR	534,127	534,127
Total indebtedness	1,180,834	982,094
Deferred tax liabilities	124,747	131,560
Lease liabilities	435,093	86,781
Due to affiliates	15,738	5,897
Accrued liabilities and other	81,662	70,806
Total liabilities	1,838,074	1,277,138
Redeemable noncontrolling interests in consolidated real estate partnerships	33,794	4,263
Commitments and contingencies (Note 14)
Equity:
Common Stock, $0.01 par value, 510,587,500 shares authorized at both December 31, 2021 and 2020, and 149,818,021 and 149,036,263 shares issued and outstanding at December 31, 2021 and 2020, respectively	1,498	1,490
Additional paid-in capital	521,842	515,127
Accumulated deficit	(22,775)	(16,839)
Total Aimco equity	500,565	499,778
Noncontrolling interests in consolidated real estate partnerships	35,213	31,877
Common noncontrolling interests in Aimco Operating Partnership	26,455	27,436
Total equity	562,233	559,091
Total liabilities and equity	2,434,101	1,840,492
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,257,214	995,116
Land	534,285	505,153
Total real estate	1,791,499	1,500,269
Accumulated depreciation	(561,115)	(495,010)
Net real estate	1,230,384	1,005,259
Cash and cash equivalents	233,374	289,582
Restricted cash	11,208	9,153
Mezzanine investment	337,797	307,362
Unconsolidated real estate partnerships	13,025	12,829
Notes receivable	38,029	37,045
Right-of-use lease assets	429,768	92,709
Due from affiliates	4,840	4,333
Other assets, net	110,019	68,905
Total assets	2,434,101	1,840,492
LIABILITIES AND EQUITY
Non-recourse property debt, net	483,137	447,967
Construction loans, net	163,570	0
Notes payable to AIR	534,127	534,127
Total indebtedness	1,180,834	982,094
Deferred tax liabilities	124,747	131,560
Lease liabilities	435,093	86,781
Due to affiliates	15,738	5,897
Accrued liabilities and other	81,662	70,806
Total liabilities	1,838,074	1,277,138
Redeemable noncontrolling interests in consolidated real estate partnerships	33,794	4,263
Commitments and contingencies (Note 14)	0	0
Equity:
General Partner and Special Limited Partner	500,565	499,778
Limited Partners	26,455	27,436
Partners' capital attributable to Aimco Operating Partnership	527,020	527,214
Noncontrolling interests in consolidated real estate partnerships	35,213	31,877
Total partners' capital	562,233	559,091
Total liabilities and equity	2,434,101	1,840,492
Interest Rate Options
ASSETS
Interest rate options	25,657	13,315
Interest Rate Options | Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 25,657	$ 13,315

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares issued (in shares)	149,818,021	149,036,263
Common Stock, shares outstanding (in shares)	149,818,021	149,036,263

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Rental and other property revenues	$ 169,836	$ 151,451	$ 143,692
OPERATING EXPENSES:
Property operating expenses	67,613	61,514	57,541
Depreciation and amortization	84,712	77,965	64,030
Impairment		15,860
General and administrative expenses	33,151	10,469	7,062
Total operating expenses	185,476	165,808	128,633
Interest income	2,277	110	26
Interest expense	(52,902)	(27,512)	(18,598)
Mezzanine / Unconsolidated partnerships investment income, net	30,436	27,576	1,531
Unrealized gains on interest rate options	6,509	1,058
Other income (expenses), net	9,797	(3,603)	(2,141)
Loss before income tax benefit	(18,550)	(15,920)	(3,188)
Income tax benefit	13,570	10,149	3,301
Net (loss) income	(4,980)	(5,771)	113
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(91)	457	191
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(1,136)	4	15
Net loss (income) attributable to common noncontrolling interests in Aimco Operating Partnership	297	269	(15)
Net (loss) income attributable to Aimco	$ (5,910)	$ (5,041)	$ 304
Net (loss) income per common share basic	$ (0.04)	$ (0.03)	$ 0
Net (loss) income per common share diluted	$ (0.04)	$ (0.03)	$ 0
Weighted-average common shares outstanding – basic	149,480	148,569	148,549
Weighted-average common shares outstanding – diluted	149,480	148,569	148,569
Aimco OP L.P. [Member]
REVENUES:
Rental and other property revenues	$ 169,836	$ 151,451	$ 143,692
OPERATING EXPENSES:
Property operating expenses	67,613	61,514	57,541
Depreciation and amortization	84,712	77,965	64,030
Impairment		15,860
General and administrative expenses	33,151	10,469	7,062
Total operating expenses	185,476	165,808	128,633
Interest income	2,277	110	26
Interest expense	(52,902)	(27,512)	(18,598)
Mezzanine / Unconsolidated partnerships investment income, net	30,436	27,576	1,531
Unrealized gains on interest rate options	6,509	1,058
Other income (expenses), net	9,797	(3,603)	(2,141)
Loss before income tax benefit	(18,550)	(15,920)	(3,188)
Income tax benefit	13,570	10,149	3,301
Net (loss) income	(4,980)	(5,771)	113
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(91)	457	191
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(1,136)	4	15
Net (loss) income attributable to Aimco	$ (6,207)	$ (5,310)	$ 319
Net (loss) income per common share basic	$ (0.04)	$ (0.03)	$ 0
Net (loss) income per common share diluted	$ (0.04)	$ (0.03)	$ 0
Weighted-average common shares outstanding – basic	157,701	156,500	156,480
Weighted-average common shares outstanding – diluted	157,701	156,500	156,500
Income from unconsolidated real estate partnerships	$ 973	$ 808	$ 935
Unconsolidated Real Estate Partnerships [Member]
OPERATING EXPENSES:
Mezzanine / Unconsolidated partnerships investment income, net	$ 973	$ 808	$ 935

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Aimco Predecessor Equity [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Balances at Dec. 31, 2018	$ 227,476		$ 123	$ 173			$ 227,180	$ 227,180
Net loss attributable to Aimco	304
Net income attributable to Aimco Predecessor, net	304						304	304
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	(15)		(15)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership	15			15
Contributions from Aimco Predecessor, net	285,780						285,780	285,780
Balances at Dec. 31, 2019	513,560		108	188			513,264	513,264
Net loss attributable to Aimco	(5,041)
Net income attributable to Aimco Predecessor, net	11,798						11,798	11,798
Net loss attributable to Aimco common stockholders	(16,839)					$ (16,839)		(16,839)
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	(4)		(4)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership	(269)			(269)
Contributions from Aimco Predecessor, net	18,249						18,249	18,249
Issuance of equity in connection with Separation		$ 1,488		27,517	$ 514,306		$ (543,311)	(27,517)
Issuance of equity in connection with Separation (In share)		148,866
Contributions from noncontrolling interests	31,773		31,773
Other Common Stock issuances	823	$ 2			821			823
Other Common Stock issuances (In share)		170
Balances at Dec. 31, 2020	559,091	$ 1,490	31,877	27,436	515,127	(16,839)		499,778
Balances (in shares) at Dec. 31, 2020		149,036
Net loss attributable to Aimco	(5,910)					(5,910)		(5,910)
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	1,136		1,136
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership	(297)			(297)
Common Stock issued on redemption of OP Units		$ 6		(1,311)	1,305			1,311
Common Stock issued on redemption of OP Units, (In share)		595
Cash paid on redemption of OP Units	(76)			(76)
Share-based compensation expense	3,717			745	2,972			2,972
Distribution to noncontrolling interests in consolidating real estate partnerships	(1,157)		(1,157)
Contributions from noncontrolling interests in consolidated real estate partnerships	3,370		3,370
Other Common Stock issuances	1,072	$ 2			1,070			1,072
Other Common Stock issuances (In share)		246
Other, net	1,287		(13)	(42)	1,368	(26)		1,342
Other, net (In share)		(59)
Balances at Dec. 31, 2021	$ 562,233	$ 1,498	$ 35,213	$ 26,455	$ 521,842	$ (22,775)		$ 500,565
Balances (in shares) at Dec. 31, 2021		149,818

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (4,980)	$ (5,771)	$ 113
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	84,712	77,965	64,030
Income from unconsolidated real estate partnerships	(30,436)	(27,576)	(1,531)
Unrealized (gains) losses on interest rate options	(6,509)	1,058
Income tax benefit	(13,570)	(10,149)	(3,301)
Impairment		15,860
Amortization of debt issuance costs and other	1,384	368	446
Mezzanine investment, net	(30,436)	(27,576)	(1,531)
Share based compensation	5,271
Changes in operating assets and operating liabilities:
Other assets	(18,411)	(1,873)	1,652
Accrued liabilities and other	(3,902)	(1,228)	(2,545)
Total adjustments	17,566	53,617	57,816
Net cash provided by operating activities	12,586	47,846	57,929
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(69,601)	(107,908)	(95,895)
Capital expenditures	(177,809)	(23,889)	(39,334)
Payment for mezzanine investment and related transaction costs			(277,627)
Other investing activities	(24,000)	2,472
Net cash used in investing activities	(271,410)	(129,325)	(412,856)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from construction loans	165,170
Proceeds from non-recourse property debt	59,757	40,000	62,480
Principal repayments on non-recourse property debt	(24,383)	(84,193)	(57,875)
Proceeds from notes payable to AIR			66,295
Purchase of interest rate options	(5,905)	(12,245)
Payments on financing leases	(10,855)
Change in Aimco Predecessor investment, net		420,929	285,745
Contribution from noncontrolling interests in consolidated real estate partnerships	212	20,106	4,911
Contribution from redeemable interests in real estate partnerships	29,440
Other financing activities	(8,765)	(14,503)	(1,314)
Net cash provided by financing activities	204,671	370,094	360,242
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(54,153)	288,615	5,315
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	298,735	10,120	4,805
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	244,582	298,735	10,120
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	(4,980)	(5,771)	113
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	84,712	77,965	64,030
Income from unconsolidated real estate partnerships	(30,436)	(27,576)	(1,531)
Unrealized (gains) losses on interest rate options	(6,509)	1,058
Income tax benefit	(13,570)	(10,149)	(3,301)
Impairment		15,860
Amortization of debt issuance costs and other	1,384	368	446
Mezzanine investment, net	(30,436)	(27,576)	(1,531)
Share based compensation	5,271
Changes in operating assets and operating liabilities:
Other assets	(18,411)	(1,873)	1,652
Accrued liabilities and other	(3,902)	(1,228)	(2,545)
Total adjustments	17,566	53,617	57,816
Net cash provided by operating activities	12,586	47,846	57,929
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(69,601)	(107,908)	(95,895)
Capital expenditures	(177,809)	(23,889)	(39,334)
Payment for mezzanine investment and related transaction costs			(277,627)
Other investing activities	(24,000)	2,472
Net cash used in investing activities	(271,410)	(129,325)	(412,856)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from construction loans	165,170
Proceeds from non-recourse property debt	59,757	40,000	62,480
Principal repayments on non-recourse property debt	(24,383)	(84,193)	(57,875)
Proceeds from Note Payable to AIR			66,295
Purchase of interest rate options	(5,905)	(12,245)
Payments on financing leases	(10,855)
Change in Aimco Predecessor investment, net		420,929	285,745
Contribution from noncontrolling interests in consolidated real estate partnerships	212	20,106	4,911
Contribution from redeemable interests in real estate partnerships	29,440
Other financing activities	(8,765)	(14,503)	(1,314)
Net cash provided by financing activities	204,671	370,094	360,242
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(54,153)	288,615	5,315
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	298,735	10,120	4,805
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	244,582	298,735	10,120
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Income from unconsolidated real estate partnerships	(973)	(808)	(935)
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Income from unconsolidated real estate partnerships	$ (973)	$ (808)	$ (935)

CONSOLIDATED STATEMENTS OF PART

CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	AIMCO Properties, LP [Member]	General Partner and Special Limited Partner [Member]AIMCO Properties, LP [Member]	Limited Partners [Member]AIMCO Properties, LP [Member]	Partners Capital Attributable To The Partnership [Member]AIMCO Properties, LP [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]AIMCO Properties, LP [Member]	Aimco Predecessor Capital [Member]AIMCO Properties, LP [Member]
Balances at Dec. 31, 2018		$ 227,476		$ 173	$ 173	$ 123	$ 227,180
Net loss attributable to Aimco	$ 304	319		15	15		304
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		(15)				(15)
Contribution (Distributions) to Predecessor, net		285,780					285,780
Balances at Dec. 31, 2019		513,560		188	188	108	513,264
Net loss attributable to Aimco	(5,041)	12,460		662	662		11,798
Net loss attributable to Aimco Operating Partnership		(17,770)	$ (16,839)	(931)	(17,770)
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		(4)				(4)
Contribution (Distributions) to Predecessor, net		18,249					18,249
Issuance of partners' capital in connection with Separation			515,794	27,517	543,311		$ (543,311)
Contributions from noncontrolling interests	31,773	31,773				31,773
Other, net		823	823		823
Balances at Dec. 31, 2020		559,091	499,778	27,436	527,214	31,877
Net loss attributable to Aimco	(5,910)
Net loss attributable to Aimco Operating Partnership		(6,207)	(5,910)	(297)	(6,207)
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		1,136				1,136
Common Stock issued on redemption of OP Units			1,311	(1,311)
Cash paid on redemption of OP Units	(76)	(76)		(76)	(76)
Share-based compensation expense		3,717	2,972	745	3,717
Distribution to noncontrolling interests in consolidating real estate partnerships	(1,157)	(1,157)				(1,157)
Contributions from noncontrolling interests in consolidated real estate partnerships	$ 3,370	3,370				3,370
Other issuances of common partnership units to Aimco		1,072	1,072		1,072
Other, net		1,287	1,342	(42)	1,300	(13)
Balances at Dec. 31, 2021		$ 562,233	$ 500,565	$ 26,455	$ 527,020	$ 35,213

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 — Organization Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively. The Separation On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). P rior to the Separation, the consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The consolidated financial statements reflect our historical consolidated financial position, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States (“GAAP”). The historical financial statements of Aimco do not represent the financial position and results of operations of one legal entity, but r All separation related transactions between Aimco and Aimco Predecessor are considered effectively settled through partners’ capital in our consolidated financial statements, other than the Notes Payable to AIR as discussed in Note 7. The settlement of these transactions is reflected as contributions from Aimco Predecessor, net in our consolidated statements of equity and partners’ capital and net change in Aimco Predecessor invesment in financing activity in our consolidated statements of cash flows. Business Aimco, through a wholly owned subsidiary, is the general and special limited partner of Aimco Operating Partnership. As of December 31, 2021, Aimco owned 93.1% of the legal interest in the common partnership units of Aimco Operating Partnership and 95.0% of the economic interest in Aimco Operating Partnership. The remaining 6.9% legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include a portfolio of 29 operating apartment communities (25 consolidated properties with 6,125 apartment homes and four unconsolidated properties), diversified by both geography and price point, in t en major U.S. markets ; one commercial office building owned as part of a land assemblage; three residential apartment communities, with 1,331 planned apartment homes, a single family rental community, with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, that we are actively developing or redeveloping; land parcels held for development; and three residential apartment communities with 499 apartment homes, for which we have completed the redevelopment and are in lease-up, but have not achieved stabilization. In addition, we hold other opportunistic and alternative investments, including our Mezzanine investment; our IQHQ investment; and our investment in real estate technology funds. Any reference to the number of apartment communities and homes, square footage, or occupancy percentage in these notes to our consolidated financial statements are unaudited.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Principles of Consolidation We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Refer to Note 6 for further information. Allocations The 2020 consolidated statements of operations include allocations of general and administrative expenses from Aimco Predecessor, as discussed in Note 5 —Transactions with AIR. We consider the basis on which expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. However, the allocations may not include all of the actual expenses that we would have incurred and may not reflect our consolidated results of operations, financial position, and cash flows had it been a stand-alone company during the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced, and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Separation, AIR, through its subsidiaries, provides Aimco with certain property management and other services, and we perform certain functions using our own resources or purchase services from third parties. Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common OP Units (“OP Units”) and are reflected in Aimco’s accompanying consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2021, 2020, and 2019, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0%. Please refer to Note 10 for further information regarding the items comprising common noncontrolling interests in Aimco Operating Partnership. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. 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 accounts. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. If the redemption right is not currently redeemable but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table represents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnership during the year ended December 31, 2021 (in thousands): Balance at December 31, 2020 $ 4,263 Capital contributions 29,440 Net income 91 Balance at December 31, 2021 $ 33,794 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. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within income from unconsolidated real estate partnerships in our consolidated The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. We may also originate loans for real estate acquisitions or developments where we either expect, or have the opportunity, to participate in the residual profits from such projects. When the risks and rewards of these arrangements are similar to an equity investor or joint venture partner, we account for these arrangements as real estate investments using the equity method of accounting. We recognize as income changes in our share of net assets, adjusted for any basis differential, in mezzanine investment income, net, in our consolidated statements of operations . We assess the recoverability of our equity method investments if there are indicators of potential impairment. We did not recognize any such impairments of our equity method investments during the years ended December 31, 2021, 2020, and 2019. Mezzanine Investment On November 26, 2019, Aimco Predecessor made a five-year The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk through 2024 to Aimco once required consents to transfer are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries has not yet transferred to Aimco. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts earned on the mezzanine loan by AIR on its equity investment that are due to be paid to us when collected to the extent the income is supported by the change in AIR’s claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the ongoing disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment. Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. 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 real estate. 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, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the each of the years ended December 31, 2021, 2020, and 2019, we capitalized to buildings and improvements $21.3 million, $1.0 million, and $0.2 million of interest costs, respectively. For the years ended December 31, 2021, 2020, and 2019, we capitalized to buildings and improvements $20.9 million, $2.7 million, and $4.1 million of indirect costs, respectively. Gain or Loss on Dispositions Gain or loss on dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. There were no dispositions in the years ended December 31, 2021, 2020, and 2019. Impairment Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the 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 community. In connection with the Separation, we entered into a sublease of office space within our corporate offices to AIR at then-current market rents. Based on an analysis of the estimated undiscounted cash flows relative to the sublease arrangement, we evaluated the recoverability of the assets associated with the subleased space, including, the right-of-use asset, tenant improvements and furniture, fixtures and equipment and concluded the subleased assets were impaired. We recorded an impairment charge of $11.0 million in our consolidated statements of operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2021, and 2019. In connection with the Separation, we entered into a software license agreement with AIR to provide for the use of certain internally developed software at then-current market rates. Based on an analysis of the estimated undiscounted cash flows relative to the carrying value of the internally developed software, we concluded the assets were impaired. Additionally, following an evaluation of the future service potential of certain other internal software that was under development, we ceased development and impaired the associated carrying value. We recorded an aggregate impairment charge of $4.9 million in our consolidated statements of operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2021, and 2019. 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. Supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 43,800 $ 22,152 $ 17,748 Cash paid for income taxes 2,941 9,216 1,773 Non-cash transactions associated with the acquisition of real estate: Non-recourse property debt assumed in connection with the acquisition of real estate — — 66,779 Contributions from Aimco Predecessor — 955 — Contribution from noncontrolling interest in consolidated real estate partnerships 3,159 11,667 — Net liabilities assumed in connection with the acquisition of real estate (310 ) — — Deferred tax liability assumed in connection with the acquisition of real estate — — 148,809 Other non-cash transactions: Accrued capital expenditures (at end of period) 24,045 1,641 1,966 Issuance of notes payable to AIR in connection with the Separation — 534,127 — Contributions from Aimco Predecessor, net — 131,447 — Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. O ther Assets As of December 31, 2021, and 2020, other assets were comprised of the following amounts (in thousands): 2021 2020 Intangible lease assets, net $ 3,269 $ 7,264 Accounts receivable, net of allowances of $1,285 and $1,467 as of December 31, 2021 and 2020, respectively 2,469 2,660 Prepaid expenses and real estate taxes 20,516 13,342 Other investments 45,386 14,793 Corporate fixed assets 9,855 12,860 Deferred tax assets 6,388 - Deferred costs, deposits, and other 22,136 17,986 Total other assets, net $ 110,019 $ 68,905 Intangibles Intangible lease assets are included in other assets, net and intangible lease liabilities are included in accrued liabilities and other on the consolidated balance sheets. The following table details intangible lease assets and liabilities, net of accumulated amortization, for the years ended December 31, 2021, and 2020 (in thousands). 2021 2020 In-place leases and leasing costs $ 15,686 $ 17,203 Above-market leases 1,058 146 Less: accumulated amortization (13,475 ) (10,085 ) Intangible lease assets, net $ 3,269 $ 7,264 Below-market leases $ 4,175 $ 4,886 Less: accumulated amortization (3,093 ) (2,366 ) Intangible lease liabilities, net $ 1,082 $ 2,520 Based on the balance of intangible lease assets and liabilities as of December 31, 2021 the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands). In-place leases and leasing costs Below-market leases 2022 $ 2,504 $ 878 2023 624 174 2024 141 30 2025 — — 2026 — — Thereafter — — Total future amortization $ 3,269 $ 1,082 Accounts Receivable, net and Straight-line rent We present our accounts receivable and straight-line rent receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment on whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. Deferred Leasing Costs In accordance with the adoption of Accounting Standard Codification (“ASC”) 842, we defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in depreciation and amortization. Revenue from Leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. In 2019, with the adoption of ASC 842, we concluded that residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. Reimbursements and the related expenses are presented on a gross basis in our consolidated statements of operations, with the reimbursements included in rental and other property revenues in our consolidated statements of operations in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. Debt Issuance Costs We defer, as debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our consolidated balance sheets. For debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn we record the costs in other assets, net in our consolidated balance sheets and amortize the costs to interest expense, on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our consolidated balance sheets and subsequently amortized to interest expense on a straight-line basis over the remaining term of the arrangement in our consolidated statements of operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in interest expense in our consolidated statements of operations. Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 years. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions . Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. Income Taxes Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “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 our 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 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 Aimco’s operations or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are our subsidiaries of Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT 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 it is more likely than not that the assets will not be realized. We assess the need for a valuation allowance against our deferred tax assets through a review of the reversals of temporary differences, available tax planning strategies, future taxable income, and considering all available positive and negative evidence. We recognize the tax consequences associated with intercompany transfers between Aimco Operating Partnership and TRS entities when such transactions occur. Please refer to Note 8 for further information about our income taxes. Earnings per Share and per Unit We and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of common stock or common OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both common OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 11 for further information regarding earnings per share and unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Accounting Pronouncements Adopted in the Current Year On January 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-01, Investment – Equity Securities Investments – Equity Method and Joint Venture Derivatives and Hedging On August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options Derivatives and Hedging – Contracts in Entity’s Own Equity Recent Accounting Pronouncements I “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” , “Reference Rate Reform (Topic 848): Scope” In July 2021, the FASB issued ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments. ASU 2021-05

Significant Transactions

Significant Transactions	12 Months Ended
	Dec. 31, 2021
Significant Transactions [Abstract]
Significant Transactions	Note 3 — Significant Transactions Acquisitions During the third quarter of 2021, we acquired from AIR the Eldridge Townhomes for $40.0 million based on an independent opinion of its value. The Eldridge Townhomes are a 58-unit townhome community located on 3.6 acres of land contiguous to our Elm Creek community in Elmhurst, Illinois, a western suburb of Chicago. To fund the acquisition of Eldridge Townhomes, we used proceeds from debt placement on the unencumbered Evanston Place asset in Evanston, Illinois. The allocation of consideration paid for this asset acquisition is included in the table below. Number of townhomes 58 Purchase price $ 40,000 Consideration allocated to land $ 3,483 Consideration allocated to building and improvements 35,630 Consideration allocated to intangible assets (1) 913 Consideration allocated to below-market lease liabilities (2) (26 ) Total consideration $ 40,000 (1) Intangible assets include in-place leases and leasing costs with a weighted-average term of six months. (2) Below-market leases have a weighted-average term of six months. During the year ended December 31, 2021, we also acquired eight land parcels adjacent to The Hamilton apartment community, located in Miami’s Edgewater neighborhood, for $19.3 million and we began major redevelopment of the existing apartment building at The Hamilton. The scope of our investment will completely renew the waterfront high-rise, which benefits from spacious apartment homes (averaging 1,411 square feet) and an abundance of outdoor and amenity space that was previously underutilized. In February 2021, we acquired from AIR The Benson Hotel and Faculty Club development property for $6.2 million, net of outstanding construction liabilities of $0.9 million. The development property consists of land and initial construction costs. The project is expected to be completed in the first quarter of 2023. During the year ended December 31, 2021, we also purchased seven acres of developable land in Colorado Springs, Colorado for $4.1 million that allows for the construction of up to 119 apartments and townhomes. Upton Place JV On December 4, 2020, we entered into a joint venture to acquire a 90% interest in a partnership (the “Upton Place JV”) with a third-party developer (“Developer”). The Upton Place JV was formed to construct Upton Place, a mixed-use development project which will create 689 apartment homes and approximately 100,000 square feet of commercial space in upper-northwest Washington, D.C. In conjunction with Upton Place JV, we entered into two 99-year ground leases with a third party for the land underlying the property. Our commitment to fund equity at the inception of the joint venture totaled $105.0 million, of which $20.0 million was contributed by an AIR affiliate before the Separation. AIR earns annual payments of $1.15 million on their equity. AIR’s equity interest in the joint venture is presented as noncontrolling interests in consolidated real estate partnerships in the consolidated balance sheets. Also, during the year ended December 31, 2021, we entered into a preferred equity agreement with an institutional partner to fund $52.2 million in return for an accruing 9.7% rate of return. The institutional partner’s equity interest in the joint venture is presented as redeemable noncontrolling interest in consolidated real estate in the consolidated balance sheets. Of the $85.0 million commitment remaining at the Separation, $39.2 million and $5.2 million had been funded as of December 31, 2021 and 2020, respectively. Contemporaneous with the formation of the joint venture, the Developer provided a guaranty of cost overruns which requires the Developer to fund all costs and expenses in excess of certain guaranteed cost amounts. The Developer has also guaranteed the project’s construction, delivery and will be responsible for managing the lease up and management of the retail units. We will be responsible for the lease-up and management of the residential units. The Developer has a 10% interest in the Upton Place JV as well as rights to receive a promote distribution contingent on certain internal rates of return. Upon final completion of the project and following 360 days after stabilization (“Stabilization”, defined as at least 95% of apartment units and 90% of retail space being leased with tenants having taken possession), the Developer has the option to require the Upton Place JV to redeem its promote based on the then fair value of the project. We evaluated the joint venture, concluded that we are the primary beneficiary and therefore consolidate the Upton Place JV. The Developer’s equity interest in the joint venture is presented as noncontrolling interests in consolidated real estate partnerships in the consolidated balance sheets. The Developer’s contingent option relative to its promote distribution is a liability. As of both December 31, 2021 and 2020, the Developer’s noncontrolling interest and promote distribution liability was $11.7 million. Acquisition of The Hamilton On August 25, 2020, we acquired The Hamilton, an apartment community and an adjacent land parcel located in Miami, Florida. Summarized information regarding these acquisitions is set forth in the table below (in thousands): Purchase price $ 115,394 Capitalized transaction costs 5,136 Total consideration 120,530 Consideration allocated to land $ 56,649 Consideration allocated to building and improvements 56,171 Right-of-use lease assets 92,787 Due from affiliate 705 Lease liabilities (86,348 ) Consideration allocated to intangible assets (1) 1,517 Consideration allocated to below-market lease liabilities (2) (951 ) Total consideration $ 120,530 (1) Intangible assets include in-place leases and leasing costs with a weighted-average term of six months. (2) Below-market leases have a weighted-average term of seven months. Life Science Developer Investment As of December 31, 2021 and 2020, we had a $35.8 million and a $12.5 million investment in, respectively, and as of December 31, 2021, a $14.2 million commitment to IQHQ, a privately-held life-sciences real estate development company. In addition, Aimco has the right to collaborate with IQHQ on any multifamily component at its future development sites. Subsequent to year end, we funded our remaining commitment. Other Significant Transactions Non-recourse Property Debt We also closed on two non-recourse loans for $60.0 million during the year ended December 31, 2021. The loans have 10-year terms, and a weighted average fixed interest rate of 3.09%. Proceeds from the loans were used to fund the acquisition of Eldridge Townhomes for $40.0 million and other investment activities. Fort Lauderdale Consolidated Joint Venture In July 2021, Aimco entered into a joint venture with Kushner Companies to purchase three undeveloped land parcels located in downtown Fort Lauderdale, Florida, at a total contract price for the land of $49.0 million ($25.0 million at Aimco’s 51% share). Current zoning allows for the development of approximately three million square feet of multifamily homes and commercial space. The land purchase, which closed in January 2022

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Note 4 — Leases Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. Our total lease income was comprised of the following amounts for all operating leases (in thousands): 2021 2020 2019 Fixed lease income $ 157,842 $ 140,140 $ 133,180 Variable lease income 11,487 11,192 9,929 Total lease income $ 169,329 $ 151,332 $ 143,109 In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. Future minimum annual rental payments we will receive under commercial leases, excluding such extension options, are as follows as of December 31, 2021 (in thousands): 2022 $ 11,469 2023 8,183 2024 5,577 2025 3,308 2026 1,867 Thereafter 1,908 Total $ 32,312 Generally, our residential leases do not provide extension options so the average remaining term is less than one year. Our commercial leases, as of December 31, 2021, have an average remaining term of 4.2 years. Lessee Arrangements We, as lessee, and AIR, as lessor, have entered into finance leases on five properties currently under construction or in lease-up. Four leases commenced January 1, 2021, two of which have rent escalations that start at the point the property reaches stabilization. Three of the leases have a term of 25 years, and one has a term of 10 years. During the year ended December 31, 2021, we, as lessee, and AIR, as lessor, entered into a finance lease for a 15-acre plot of land in the San Francisco Bay Area on which we began construction of 16 single family rental homes and 8 accessory dwelling units in June 2021. The lease commenced on June 1, 2021, and has a term of 25 years. We have provided AIR with residual value guarantees aggregating to $250.8 million, which provide that if the residual value of the leased assets is less than the specified residual value guarantees at the earlier of lease expiration or termination, we are required to pay the difference. See Note 5 for further details. As of December 31, 2021, operating and financing right-of-use assets of $5.1 million and $429.8 million, respectively, are included in other assets and right-of-use lease assets, respectively, in the consolidated balance sheets. For the year ended December 31, 2021, amortization related to our finance leases was $8.3 million, net of amounts capitalized. For the year ended December 31, 2021, interest expense related to our finance leases was $9.2 million, net of amount capitalized. As of December 31, 2020, operating and financing right-of-use assets of $5.6 million and $92.7 million, respectively, are included in other assets and right-of-use lease assets, respectively, in the consolidated balance sheets. For the year ended December 31, 2020, finance leases related to development projects resulted in no amortization or interest expense, net of amounts capitalized. As of December 31, 2021, Aimco’s operating leases and finance leases have weighted-average remaining terms of 7.4 years, and 38.5 years, respectively, and weighted-average discount rates of 3.1% and 5.4%, respectively. When the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Leases with initial terms greater than 12 months are recorded as operating or financing leases on the consolidated balance sheets. During the year ended December 31, 2020, we entered into two 99-year ground leases for the land underlying the development site at Upton Place, a mixed-use development project which will create 689 apartment homes and approximately 100,000 square feet of commercial space in upper-northwest Washington, D.C, initially recording right-of-use lease assets and lease liabilities of $92.8 million and $86.3 million, respectively. We also have a lease for our corporate office. Substantially, all of the payments under our ground and office leases are fixed. We exclude o ptions to extend the leases in our minimum lease terms unless the options are reasonably certain to be exercised. As of December 31, 2021, Aimco’s ground and office leases have weighted-average remaining terms of 98 years and 7.4 years, respectively, and weighted-average discount rates of 6.0% and 3.1%, respectively. Combined minimum annual lease payments under operating and financing leases, reconciled to the lease liabilities in our consolidated balance sheets, are as follows (in thousands):

Transactions with AIR

Transactions with AIR	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions with AIR	Note 5 — Transactions with AIR In conjunction with the Separation, we entered into various separation and transition services agreements with AIR that provide for a framework of our relationship with AIR after the Separation, including: (i) a separation agreement setting forth the mechanics of the Separation, the key provisions relating to the separation of our assets and liabilities from those of AIR, and certain organizational matters and conditions; (ii) an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefits plans and programs, and other related matters (the “Employee Matters Agreement”); (iii) agreements pursuant to which AIR will provide property management and related services to us (collectively, the “Property Management Agreements”); (iv) an agreement pursuant to which AIR will provide us with customary administrative and support services on an ongoing basis (the “Master Services Agreement”); and (v) a master leasing agreement where we may enter into leases with AIR with the option to develop, redevelop, or lease-up the subject leased properties, and under which we will have certain lease termination rights (the “Master Leasing Agreement”). Master Services Agreement We and AIR entered into a Master Services Agreement, in which AIR will provide us with customary administrative and support services. We are obligated to pay AIR the fully burdened costs in performing the services. We may terminate any or all services on 60 days’ prior written notice, and AIR may terminate individual services, at any time after December 31, 2023. During the year ended December 31, 2021, we incurred administrative and support fees of $2.4 million, which are included in general and administrative expenses in our consolidated statements of operations. We did not incur any fees during the year ended December 31, 2020. Property Management Agreements We entered into several Property Management Agreements with AIR, pursuant to which AIR will provide us with certain property management, property accounting and related services for the majority of our operating properties, and we will pay AIR a property management fee equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed for various other services. The initial term of each Property Management Agreement is one-year, with automatic one-year renewal periods, unless either party elects to terminate at any time upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. During the year ended December 31, 2021, we recorded property management and property accounting fees of $5.2 million, which we included in property operating expenses in our consolidated statements of operations. From Separation to December 31, 2020, we recorded property management and property accounting fees of $0.2 million. Master Leasing Agreement The Master Leasing Agreement governs the current and any future leasing arrangements between us, as lessee and AIR, as lessor. The initial term of the Master Leasing Agreement is 18 months (expiring on or about June 14, 2022), with automatic annual extensions (subject to each party’s right to terminate upon notice prior to the end of any such extension term). The Master Leasing Agreement provides that each time the parties thereto wish to execute a lease for a particular property, such parties will cause their applicable affiliates to execute a stand-alone lease. The initial annual rent for any leased property is based on the then-current fair market value of the subject property and market NOI cap rates, subject to certain adjustments, and is further subject to periodic escalation as set forth in the applicable lease, and the other terms thereof, including the initial term and extensions. We have the right to terminate any such lease prior to the end of its term once the leased property is stabilized. In connection with such an early termination, AIR will generally have an option (and not an obligation) to pay us an amount equal to the difference between the property’s fair value at stabilization and the initial value of the leasehold interest, at a five percent discount thereto; if AIR does not exercise such option, we will have the right to cause such property to be sold to a third party, with AIR guaranteed to receive an amount equal to the difference between the property’s fair market value at stabilization and the initial value of the leasehold interest and we will retain any excess proceeds. In the event of such sale of the property, we may also elect to purchase the property at a purchase price equal to the fair market value as agreed upon at the time of lease inception (and may subsequently sell the property to a third party, subject to AIR’s right of first refusal during the first year following our acquisition). If AIR elects not to pay the fee for the development or redevelopment-related improvements, and we decline to purchase the property or cause its sale to a third party, we may elect to rescind our termination of the applicable lease and instead continue such lease in effect in accordance with its terms. Notes Payable to AIR On December 14, 2020, we entered into $534.1 million of Notes Payable to AIR that are secured by a pledge of the equity interest in the entity that holds a portfolio of assets, however, certain of the assets secure existing senior loans of $242.6 million as of December 31, 2021. The notes mature on January 31, 2024 and bear interest at 5.2%, with accrued interest payable quarterly on January 1, April 1, July 1 and October 1, commencing on April 1, 2021. For the years ended December 31, 2021 and 2020, we recognized interest expense of $27.8 million and $1.3 million, respectively, associated with the Notes Payable to AIR. We made interest payments of $22.1 million which are included in interest payments on Notes Payable to AIR in operating activities in the consolidated statement of cash flows for the year ended December 31, 2021. Please refer to Note 7 for further details. Expense Allocation In preparing our consolidated financial statements for the periods prior to the Separation, certain expenses, including property operating expenses, depreciation and amortization, and general and administrative expenses, incurred at the corporate level that are attributable to us have been allocated on a carve-out basis. Expenses allocated for the years ended December 31, 2020, and 2019 were $9.8 million and $9.5 million, respectively. Depending on the nature of the expense, the allocation was based on Aimco’s relative share of total gross potential revenue, and the relative gross asset value of our communities as compared to the total gross potential revenue and gross asset value of all communities held by Aimco Predecessor, which we believe to be reasonable methodologies. These allocated expenses are centralized corporate costs for management and other services, including, but not limited to, executive oversight, treasury, finance, human resources, tax, accounting, financial reporting, information technology, and investor relations. Due to and from AIR As of December 31, 2021, we have amounts due to and from AIR of $15.7 million and $4.8 million, respectively. As of December 31, 2020, we had amounts due to and from AIR of $5.9 million and $3.6 million, respectively. The amounts due to AIR primarily consist of invoices paid on our behalf and accrued interest on the Notes Payable to AIR. The amounts due from AIR primarily consist of net cash flows generated by our operating properties. Terry Considine Service Agreement/AIR Reimbursement In conjunction with the Separation, we entered into an arrangement with AIR with respect to the services of Terry Considine, an Aimco Board member and our former Chief Executive Officer, for services to be rendered by Mr. Considine separate from his services as a Board member, including, but not limited to: (i) short and long-term strategic direction and advice; (ii) transition and executive support to officers; and (iii) advice and consultation with respect to strategic growth and acquisition activities. We are obligated for all base salary, short-term incentive amounts and long-term incentive amounts payable to Mr. Considine for the calendar year 2021 under the terms of his employment agreement with AIR that are in excess of $1 million, collectively. During the third quarter of 2021, our Independent Directors set Mr. Considine’s target total compensation for 2021 for the services described above (including base compensation, short-term incentive, and long-term incentive) at $1.8 million, to be paid out in cash and equity. In addition, we estimate the total 2021 reimbursement to AIR, pursuant to the arrangement described above, to be $4.6 million for a combined total of $6.4 million. For the year ended December 31, 2021, we recorded $6.2 million of expense in the aggregate pursuant to these arrangements, which is included in general and administrative expense in our consolidated statements of operations. As of December 31, 2021, $4.6 million is included in the amount due to AIR. Sublease with AIR In December 2020, we entered into a sublease arrangement with AIR to provide space within our corporate office, including tenant improvements and furniture, fixtures and equipment, at then-current market rents. The sublease provides for fixed rents, which commenced on January 1, 2021 and expire on May 31, 2029. Please refer to Note 4 for further information about our sublease income. Guarantee Liability Pursuant to the terms of the Separation Agreement, legal liabilities that relate to occurrences prior to the Separation, including environmental liabilities related to properties that were no longer owned by Aimco or AIR at the time of the Separation are borne by Aimco Operating Partnership up to the first $17.5 million of such liabilities, in the aggregate, and borne by AIR Operating Partnership for any such liabilities in excess of $17.5 million. On the date of Separation, we recognized a liability of $16.4 million, which represented the present value of the expected future cash flows required to settle the legal liabilities using an estimated market discount rate of 4.25%. The guarantee liability was systematically reduced as costs related to the legal liabilities were incurred. On December 30, 2021, we executed an agreement with AIR to fulfill the obligation whereby we transferred funds to AIR in an amount equal the $17.5 million guarantee liability less amounts paid through December 30, 2021, for occurrences prior to the Separation. As a result of the final funding of the guarantee liability in connection with this agreement, we recorded $1.1 million of expense related to the unamortized discount, which is included in other income (expenses), net in our consolidated statements of operations. Acquisitions from AIR In February 2021, we acquired from AIR the Benson Hotel and Faculty Club. In August 2021, we acquired from AIR the Eldridge Townhomes. Refer further details regarding these acquisitions.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	Note 6 — Variable Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with the consolidation guidance to determine whether each such entity is a VIE. The accounting standards related to the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to the determinations include, but not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Aimco consolidates Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through Aimco Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of Aimco are that of Aimco Operating Partnership. The VIEs that Aimco Operating Partnership consolidates own interests in real estate or commitments to acquire real estate. We are the primary beneficiary for the VIEs because we have the power to direct the activities that most significantly impact the entities’ economic performance and have a substantial economic interest. We have six unconsolidated VIEs for which we are not the primary beneficiary because we are not the decision maker. The six unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, and the Mezzanine Investment. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2021 and 2020 (in thousands, except for VIE count). December 31, 2021 December 31, 2020 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 9 6 2 6 Assets: Real estate, net $ 564,909 $ — $ 310,552 $ — Mezzanine investment — 337,797 — 307,362 Right-of-use lease assets 429,768 — 92,709 — Unconsolidated real estate partnerships — 13,005 — 12,829 Other assets 43,715 35,773 16,949 12,500 Liabilities: Deferred tax liabilities 124,747 — 7,106 — Accrued liabilities and other 30,519 — — — Construction loans, net 163,570 — — — Lease liabilities 435,093 — 86,781 — As of December 31, 2021, two of our consolidated VIEs closed construction loans. In conjunction with these loans, we made customary guarantees. In certain situations, the lenders may have recourse to our general credit. As of December 31, 2021, we estimate the maximum exposure equals the $168.4 million outstanding loan balances. Other consolidated VIEs’ creditors do not have recourse to our general credit. Unconsolidated Real Estate Partnerships We own an interest in four apartment communities in San Diego, California, of which we are not the primary beneficiary. Our investment balance of $13.0 million and $12.8 million as of December 31, 2021 and 2020, respectively, represents our maximum exposure to loss in these VIEs. Mezzanine Investment As discussed in Note 2, AIR owns an interest in a partnership that owns Parkmerced Apartments, of which it is not the primary beneficiary, and under the terms of the Separation Agreement, AIR is obligated to transfer ownership of the subsidiaries that hold this interest to us upon receipt of applicable third-party consent. Our investment balance of $337.8 million and $307.4 million as of December 31, 2021 and 2020, respectively, represents our indirect interest in notes receivable through our agreement with AIR and our maximum exposure to loss in this VIE.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 7 —Debt Revolving Credit Facility On December 16, 2020, we entered into a credit agreement with PNC Bank. The credit agreement provides for a new $150.0 million secured credit facility, a $20.0 million swingline loan sub-facility and a $30.0 million letter of credit sub-facility. We can request incremental commitments under the credit agreement up to an aggregate principal amount of $300.0 million. The credit facility expires on December 2023 As of December 31, 2021, we had no outstanding balance related to the credit facility, the swingline sub-facility or the letter of credit Sub-facility. Total debt issuance costs of approximately $1.9 million were deferred and are presented net of amortization recognized over the term of the facility within other assets, net in our consolidated balance sheets. Under our revolving secured credit facility, we are required to maintain a fixed charge coverage ratio of 1.25x, minimum adjusted tangible net worth of $625.0 million, and maximum leverage of 60% as defined in the credit agreement, among other customary covenants. We are currently in compliance with these covenants. Notes Payable to AIR On December 14, 2020, our subsidiary, Aimco JO Intermediate Holdings LLC (“Aimco JO”) entered into two notes aggregating to $534.1 million in exchange for an equity interest in James-Oxford Limited Partnership (“James Oxford”) a consolidated subsidiary of Aimco that indirectly owns a portfolio of consolidated real estate assets. The notes are secured by a pledge of the equity interests in James Oxford, however, certain of James Oxford’s assets secure existing senior loans of $242.6 million as of December 31, 2021. The notes mature on January 31, 2024 and bear interest at 5.2%, with accrued interest payable quarterly on January 1, April 1, July 1 and October 1, commencing on April 1, 2021. For the years ended December 31, 2021 and 2020, we recognized interest expense of $27.8 million and $1.3 million, respectively, associated with the Notes Payable to AIR, which is included in interest expense on the consolidated statements of operations and $6.9 million and $1.3 million, respectively, in due to affiliates on the consolidated balance sheets. Upon a disposition, consolidation, or similar event or transaction, Aimco JO is obligated to prepay the Notes in an amount equal to the net cash proceeds received in connection with such transaction or casualty event. Any such prepayment shall be accompanied by accrued and unpaid interest and a make-whole amount representing all remaining unpaid interest over the term of the Notes. However, if after giving effect to such transaction or casualty event, the fair market value of all real estate assets owned by James Oxford and its subsidiaries, less senior secured indebtedness (e.g., nonrecourse property debt), exceeds the then-outstanding principal balance of the Notes, we have the option to reinvest the net cash proceeds within 180 days of such transaction or casualty event by acquiring, leasing, constructing, or improving real property useful in the business of Aimco JO or its subsidiaries that we believe in good faith will enhance or create value. We are not otherwise permitted to prepay the Notes prior to the maturity date. The Notes Payable to AIR are senior secured obligations of Aimco JO and rank senior to all other senior obligations of Aimco JO to the extent of the value of the underlying collateral and rank pari passu with all other senior unsubordinated obligations of Aimco JO to the extent the amount of such obligations exceed the value of the underlying collateral. The Notes are not guaranteed and as a result, recourse is limited to Aimco JO, its assets and the underlying collateral pledged to secure Aimco JO’s obligations under the Notes. The Notes also contain customary representations, warranties, non-financial covenants and events of default. Construction Loans During the year ended December 31, 2021, the Company entered into a $150.0 million variable-rate non-recourse construction loan collateralized by our leasehold interest and AIR’s fee ownership interest in Flamingo North Tower. The initial term of the loan is three years and bears interest at one month LIBOR plus 360 basis points subject to a minimum all-in per annum interest rate of 3.85%. As of December 31, 2021, we had $130.3 million of principal outstanding. Certain consolidated subsidiaries have indemnified AIR for any losses it incurs as a result of a default on the loan by Aimco. Also, during the year ended December 31, 2021, we entered into a $100.7 million variable-rate non-recourse construction loan collateralized by our fee ownership interest in The Hamilton. The initial term of the loan is three years and bears interest at one month LIBOR plus 320 basis points subject to a minimum all-in per annum interest rate of 3.45%. As of December 31, 2021, we had $38.1 million of principal outstanding. If LIBOR ceases to exist during the term of these agreements, the documents associated with these agreements contain language to address a transition to another benchmark rate. It is anticipated LIBOR will be replaced with SOFR, however, if SOFR were to not be available the agreements contain alternate provisions. Upton Construction Loan On December 23, 2020, our Upton Place joint venture entered into a construction loan with Bank OZK for up to $174.2 million, which was undrawn at December 31, 2021. The construction loan is secured by the 99-year leasehold interest in the development site and by improvements to be constructed on the development site. Interest will accrue on the construction loan only when the funds are drawn upon. Funds drawn upon will bear interest at a rate equal to one month LIBOR plus 450 basis points subject to a minimum all-in per annum interest rate of 4.75%. The initial term of the construction loan is fifty-four months, beginning December 23, 2020. The Upton Place joint venture has the option to extend the term for two additional periods of one year each, subject to the satisfaction of certain events and covenant metrics. Total debt issuance costs of approximately $7.5 million have been deferred and are presented within other assets, net in our consolidated balance sheets. Non-Recourse Property Debt We finance apartment communities in our portfolio primarily using property-level, non-recourse, long-dated, fixed-rate, amortizing debt. The following table summarizes non-recourse property debt as of December 31, 2021 and 2020 (in thousands): Outstanding Balance as of December 31, Latest Maturity Date Interest Rate Range Weighted-Average Interest Rate 2021 2020 Fixed-rate property debt November 22, 2032 1.00% to 4.20% 3.32% $ 429,883 $ 394,510 Variable-rate property debt December 31,2023 1.28% 1.28% 55,000 55,000 Total non-recourse property debt $ 484,883 $ 449,510 Assumed debt fair value adjustment, net of accumulated amortization 1,536 1,850 Debt issuance costs, net of accumulated amortization (3,282 ) (3,393 ) Non-recourse property debt, net $ 483,137 $ 447,967 Principal and interest on our non-recourse property debt are generally payable monthly. As of December 31, 2021, our property debt was secured by 11 apartment communities. These debt instruments contain no financial covenants. As of December 31, 2021, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands): Amortization Maturities Total 2022 $ 8,832 $ — $ 8,832 2023 9,143 55,000 64,143 2024 7,098 81,940 89,038 2025 7,360 — 7,360 2026 6,153 73,983 80,136 Thereafter 11,191 224,183 235,374 Total $ 49,777 $ 435,106 $ 484,883

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 — Income Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of our taxable 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, 2021 2020 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 124,733 $ 132,599 Interest Income — — Lease Liability 79,827 — Other 1,807 — Deferred tax assets: — Real Estate & Real Estate Partnership Basis Difference 145 — Lease Right of Use 80,497 — Management contracts and other 2,764 999 Net operating, capital, and other loss carryforwards 5,598 40 Valuation Allowance for Deferred Tax Assets (1,342 ) — Net deferred tax liability $ 118,705 $ 131,560 Our policy is to include any interest and penalties related to income taxes within income tax benefit (expense) in our consolidated statements of operations. Significant components of the income tax benefit (expense) are as follows and are classified within income tax benefit in our consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 (in thousands): 2021 2020 2019 Current: Federal $ 905 $ 857 $ 1,313 State (250 ) 660 536 Total current 655 1,517 1,849 Deferred: Federal (7,400 ) (10,470 ) (4,658 ) State (6,825 ) (1,196 ) (492 ) Total deferred (14,225 ) (11,666 ) (5,150 ) Total income tax benefit $ (13,570 ) $ (10,149 ) $ (3,301 ) Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the years ended December 31, 2021, 2020, and 2019, we had consolidated net loss subject to tax of $31.4 million, $25.5 million, and $7.5 million, respectively. The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit for the years ended December 31, 2021 2020, and 2019 is shown below (in thousands): 2021 2020 2019 Amount Percent Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $ (6,591 ) 21.0 % $ (5,361 ) 21.0 % $ (1,582 ) 21.0 % US branch profits tax on earnings of foreign subsidiary (1,084 ) 3.5 % (4,195 ) 16.4 % (1,779 ) 23.6 % State income tax, net of federal (benefit) expense (7,075 ) 22.5 % (536 ) 2.1 % 34 (0.5 %) Effects of permanent differences 197 (0.6 %) 1 0.0 % — 0.0 % Valuation Allowance 840 (2.7 %) — 0.0 % — 0.0 % Other 143 (0.5 %) (58 ) 0.2 % 26 (0.3 %) Total income tax benefit $ (13,570 ) 43.2 % $ (10,149 ) 39.7 % $ (3,301 ) 43.8 % Income taxes paid totaled approximately $2.9 million, $9.2 million, and $1.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. For income tax purposes, dividends paid to holders of c ommon s tock primarily consist of ordinary income, capital gains, qualified dividends and unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2021 , 2020 , and 2019 , tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited) : 2021 2020 2019 Amount Percent Amount Percent Amount Percent Ordinary income $ — 0.0 % $ 3.17 6.7 % $ 0.66 20.6 % Capital gains — 0.0 % 19.43 40.9 % 1.29 40.4 % Qualified dividends — 0.0 % 0.62 1.3 % 0.66 20.7 % Unrecaptured § 1250 gain — 0.0 % 8.80 18.5 % 0.58 18.3 % Return of capital — 0.0 % 15.48 32.6 % — 0.0 % Balance at December 31 $ — 0.0 % $ 47.50 100.0 % $ 3.19 100.0 % A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in accrued liabilities and other in the consolidated balance sheets (in thousands): Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended 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. December 31, 2021 2020 Balance at January 1 $ 7,076 $ — Liability assumed at Separation — 6,889 (Reductions) additions based on tax positions in prior years (38 ) 187 Balance at December 31 $ 7,038 $ 7,076 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 is recognized.

Aimco Equity

Aimco Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Aimco Equity	Note 9 — Aimco Equity Common Stock Our Board is authorized to issue up to 510,587,500 shares of common stock and we had 149,818,021 shares of common stock outstanding as of December 31, 2021. Separation from AIR On December 15, 2020, we completed the Separation which was effected by way of a pro rata distribution, in which stockholders of Aimco received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on December 5, 2020. AIR Operating Partnership also completed a pro rata distribution of all of the outstanding common limited partnership units of Aimco Operating Partnership to holders of AIR Operating Partnership common limited partnership units and AIR Operating Partnership Class I High Performance partnership units as of the close of business on December 5, 2020. Notwithstanding

Partners' Capital

Partners' Capital	12 Months Ended
	Dec. 31, 2021
Partners Capital [Abstract]
Partners' Capital	Note 10 — Partners’ Capital Separation from AIR On December 15, 2020, Aimco Operating Partnership completed the Separation, which was effected, in part, through a pro rata distribution of all of the outstanding common limited partnership units of Aimco Operating Partnership to holders of AIR Operating Partnership common limited partnership units and AIR Operating Partnership Class I High Performance partnership units as of the close of business on December 5, 2020. In addition, stockholders of Aimco received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on the record date and received cash in lieu of fractional shares of Class A common stock of AIR. Aimco Operating Partnership Partners’ Capital Common Partnership Units In 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 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. The holders of the common OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock.

Earnings and Dividends per Shar

Earnings and Dividends per Share and per Unit	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings and Dividends per Share and per Unit	Note 11 — Earnings and Dividends per Share and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share of common stock and basic earnings per common unit based on the weighted-average number of shares of common stock and common partnership units outstanding. We calculate diluted earnings per share of common stock and diluted earnings per unit taking into consideration dilutive shares of common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. The shares of common stock and common partnership units outstanding at the Separation date are reflected as outstanding for all periods prior to the Separation for purposes of determining earnings per share and per unit. Each of our executives and AIR’s executives received one share of AIV stock and one share of AIR stock at the Separation date for unvested shares. We include AIR’s executives’ rights to receive AIV shares upon vesting in our dilutive calculations. Our common stock 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 of common stock and Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares of common stock purchased under the options. These equivalents also include unvested Performance-Based Restricted Stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of common stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of common stock and common partnership units prior to vesting, and our Performance-Based LTIP I units and Performance-Based LTIP II units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities are excluded from our computation of diluted loss per share and unit for the year ended December 31, 2021, 2020 and 2019, because the effect of the inclusion would be anti-dilutive. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands, except per share and per unit data): Aimco Year Ended December 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net loss attributable to Aimco common stockholders $ (5,910 ) 149,480 $ (0.04 ) Year Ended December 31, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net loss attributable to Aimco common stockholders $ (5,041 ) 148,569 $ (0.03 ) Year Ended December 31, 2019 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net income attributable to Aimco common stockholders $ 304 148,549 — Diluted Earnings per Share: Effect of dilutive securities — 20 — Net income attributable to Aimco common stockholders $ 304 $ 148,569 — Aimco Operating Partnership Year Ended December 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per unit: Net loss attributable to Aimco Operating Partnership's common unitholders $ (6,207 ) 157,701 $ (0.04 ) Year Ended December 31, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net loss attributable to Aimco Operating Partnership's common unitholders $ (5,310 ) 156,500 $ (0.03 ) Year Ended December 31, 2019 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net income attributable to Aimco Operating Partnership's common unitholders $ 319 156,480 — Diluted Earnings per Share: Effect of dilutive securities — 20 — Net income attributable to Aimco Operating Partnership's common unitholders $ 319 $ 156,500 —

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 12 — Share-Based Compensation We have a stock award and incentive program to attract and retain employees and independent directors. As of December 31, 2021, approximately 23.4 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”). The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan. Awards under the 2015 Plan may be in the form of incentive stock options, non-qualified stock options, or other types of awards as authorized under the Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board. In connection with the Separation, we entered into an agreement to modify all outstanding awards granted to the holders of such awards. Each outstanding time or performance based Aimco award was converted into one share of Aimco common stock and one share of AIR common stock. Generally, all such Aimco equity awards retain the same terms and vesting conditions as the original Aimco equity awards immediately before the Separation. Following the Separation, compensation expense related to these modified awards for the employees retained by Aimco is incurred by Aimco. The compensation expense related to these modified awards for employees of AIR is incurred by AIR. For the year ended December 31, 2021, total compensation cost recognized for share-based awards was (in thousands): 2021 2020 Share-based compensation expense (1) $ 3,377 $ 1,070 Capitalized share-based compensation (2) 340 138 Total share-based compensation (3) $ 3,717 $ 1,208 (1) Amounts are recorded in general and administrative expenses in our consolidated statements of operations. (2) Amounts are recorded in buildings and improvements on the consolidated balance sheets. (3) Amounts are recorded in additional paid-in capital and common noncontrolling interests in Aimco Operating Partnership on the Aimco consolidated balance sheets, and in general partner and special limited partner and limited partners on Aimco Operating Partnership consolidated balance sheets. As of December 31, 2021, our share of total unvested compensation cost not yet recognized was $15.5 million. We expect to recognize this compensation cost over a weighted-average period of approximately 2.2 years. We grant stock options and restricted stock awards that are subject to time-based vesting and require continuous employment, typically over a period of four to five years from the grant date, and we refer to these awards as Time-Based Stock Options and Time-Based Restricted Stock, respectively. We also grant stock options, restricted stock awards, and two forms of long-term incentive partnership units (“LTIP units”), that vest conditioned on Aimco’s total shareholder return (“TSR”), relative to identified indices over a forward-looking performance period of three years. We refer to these awards as TSR Stock Options, TSR Restricted Stock, 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 conversion price over a term of 10 years. Earned TSR-based awards, if any, will generally vest 50% on each of the third anniversary and fourth anniversary of the grant date, based on continued employment. Our Time-Based Stock Options and TSR Stock Options expire generally 10 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 to five 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 takes into consideration the probability that the market condition will be achieved; therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest. We had Time-Based Stock Options, Time-Based Restricted Stock, TSR Stock Options, TSR Restricted Stock, TSR LTIP I units and TSR LTIP II units outstanding as of December 31, 2021. The following table summarizes activity for equity compensation for the year ended December 31, 2021. TSR Stock Options Time-Based Restricted Stock Awards TSR Restricted Stock Awards LTIP I Units TSR LTIP II Units Number of Options Weighted Average Exercise Price Number of Shares Weighted Average Grant-Date Fair Value Number of Shares Weighted Average Grant-Date Fair Value Number of Units Weighted Average Grant-Date Fair Value Number of Units Weighted Average Exercise Price Outstanding at beginning of year — — 21,473 $ 43.32 (1) 16,959 $ 48.58 (1) 13,752 $ 53.46 (1) 8,334 $ 6.12 Granted 317,200 $ 6.66 1,931,997 $ 6.66 269,871 $ 7.98 — — 555,556 $ 4.62 Exercised — — — — — — — — — — Vested — — (12,345 ) $ 42.52 (1) (1,874 ) $ 41.71 (1) (1,311 ) $ 51.27 (1) — — Forfeited — — — — (1,453 ) $ 41.71 (1) — — — — Outstanding at end of year 317,200 $ 6.66 1,941,125 $ 6.87 283,503 $ 9.97 12,441 $ 53.69 563,890 $ 4.64 (1) Weighted average grant date fair value is based off pre-separation values when the awards were granted. The following table summarizes the unvested or outstanding shares issued to employees of Aimco and AIR and are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2021. Unvested Shares Awards Aimco AIR Unvested Compensation Not Yet Recognized (1) Time-Based Stock Options (Outstanding shares) — 788,205 $ — TSR Stock Options (Outstanding shares) 317,200 25,563 762 Time-Based Restricted Stock Awards 1,941,125 55,534 11,348 TSR Restricted Stock Awards 283,503 108,292 1,911 LTIP I units 12,441 41,007 227 TSR LTIP II units (Outstanding shares) 563,890 1,274,476 1,273 Total awards 3,118,159 2,293,077 $ 15,521 (1) Unvested compensation not yet recognized represents Aimco’s compensation cost for Aimco employees. Compensation costs related to shares issued to AIR employees is recognized by AIR. Determination of Grant-Date Fair Value Awards We estimated the fair value of TSR-based awards granted in 2021 using a Monte Carlo simulation valuation method. Under this method, the prices of the indices and shares of our Common Stock were simulated through the end of the performance period. The correlation matrix between shares of our Common Stock and the indices as well as the corresponding return volatilities were developed based upon an analysis of historical data. The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2021. TSR-based Award Assumptions 2021 Grant date market value of a common share $6.66-$7.10 Risk-free interest rate 0.02%-1.22% Dividend yield 0% Expected volatility 30.4%-32.29% Derived vesting period of TSR Restricted Stock 3.0 Weighted average expected term of TSR Stock Options and LTIP II units 5.4

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 — Fair Value Measurements Recurring Fair Value Measurements In 2020, we paid an upfront premium of $12.1 million for the option to enter into a $1.5 billion notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against exposure to rising interest rates between now and October 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% five-year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. During the year ended December 31, 2021, we paid upfront a premium of $5.6 million (including transaction costs) for the option to enter into a $500.0 million notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against our refinancing interest rate risk relative to our Notes Payable to AIR and is intended to mitigate interest rate increases between now and January 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 3% strike price on the five-year From time to time, we purchase interest rate caps to provide protection against increases in interest rates on our floating rate debt. The fair value of these interest rate caps is included in the fair value table below. We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in unrealized gains on interest rate options in our consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our consolidated statements of cash flows. As of December 31, 2021 and 2020 , we had investments of $ 9.6 million and $ 2.3 million, respectively, in privately held entities that develop technology related to the real estate industry . These investments are measured at net asset value (“NAV”) as a practical expedient. See Note 1 4 for further details of unfunded commitments. The following table summarizes the fair value of our interest rate options and our investment in real estate technology funds as of December 31, 2021 and 2020 (in thousands): As of December 31, 2021 As of December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate option $ 25,449 $ — $ 25,449 $ — $ 13,315 $ — $ 13,315 $ — Investment in real estate technology funds (1) $ 9,613 $ — $ — $ — $ 2,293 $ — $ — $ — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivables and payables approximated their fair value as of December 31, 2021 and 2020, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. The carrying amount of the Notes Payable to AIR approximated their fair value at both December 31, 2021 and 2020. The following table summarizes carrying value and fair value of our non-recourse property debt and construction loans debt as of December 31, 2021 and 2020 (in thousands): 2021 2020 As of December 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 484,883 $ 498,960 $ 449,510 $ 467,010 Construction loans debt $ 168,376 $ 168,376 — — Nonrecurring Fair Value Measurements Immediately following the Separation, we tested our right of use assets, tenant improvements, furniture, fixtures and equipment and our internally developed software for impairment. We concluded that the estimated fair value of the related assets no longer exceeded their carrying values and recorded an aggregate impairment of $15.9 million. The fair value determination included assumptions based on Level 3 inputs. See Note 2 for further details. There were no such impairments in 2021 or 2019.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 — Commitments and Contingencies Commitments In connection with our development, redevelopment and other capital additions activities, we have entered into various construction-related contracts, and we have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of December 31, 2021, our commitments related to these capital activities totaled approximately $265.5 million, most of which we expect to incur during the next 24 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. We have a commitment to fund an additional $14.2 million to IQHQ, which was funded subsequent to year end. During the years ended December 31, 2021, and 2020, we contributed a total of $23.3 million and $12.5 million, respectively. We also have unfunded commitments related to four investments in privately held entities that develop technology related to the real estate industry. During the years ended December 31, 2021, and 2020, we contributed a total of $0.7 million and $1.3 million, respectively, to these technology funds, leaving an additional funding commitment in the amount of $3.2 million as of December 31, 2021, the timing of which is uncertain. Legal Matters From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company believes there are no legal proceedings pending that would have a material effect upon on our financial condition or results of operations.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Business Segments	Note 15 — Business Segments We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land assemblages that are being held for development adjacent to The Hamilton community and other land purchases. Our Operating segment includes 24 residential apartment communities that have achieved stabilized level of operations as of January 1, 2020 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties that are not included in our Developments and Redevelopment or Operating segments. We realigned our segments during the fourth quarter of 2020 and have restated the historical periods prior to the realignment to conform with current segment presentation. Our chief operating decision maker (“CODM”) uses cash flow, construction timeline to completion and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segments. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. As of December 31, 2021, our Development and Redevelopment segment includes five real estate investments: Upton Place, The Hamilton, the Benson Hotel, land parcels adjacent to The Hamilton community and land purchased in Colorado Springs, Colorado. The Development and Redevelopment segment also includes our five leased properties of which, two are under construction and three are in lease-up but have not achieved stabilization. Our Operating segment includes 24 consolidated apartment communities with 6,067 apartment homes. Our Other segment includes our recent Eldridge Townhomes acquisition, stabilized but not owned for the comparable reporting period, and 1001 Brickell Bay Drive, our only office building. The following tables present the revenues, proportionate property net operating income, and income before income tax benefit (expense) of our segments on a proportionate basis for the years ended December 31, 2021, 2020, and 2019 (in thousands). Prior carve out amounts have been adjusted retrospectively to reconcile the difference between non-recurring carve out accounting and current results as it relates to insurance expense, for the year ended December 31, 2021 and 2020, respectively. This adjustment ensures comparability of post-Separation results to pre-Separation segment results. Absent the adjustment, 2021 NOI would have increased 6.9%. Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Year ended December 31, 2021: Rental and other property revenues $ 12,418 $ 136,250 $ 14,317 $ 6,851 $ — $ 169,836 Property operating expenses 7,931 43,463 4,207 6,727 5,285 67,613 Other operating expenses not allocated to segments (2) — — — — 117,863 117,863 Total operating expenses 7,931 43,463 4,207 6,727 123,148 185,476 Proportionate property net operating income (loss) 4,487 92,787 10,110 124 (123,148 ) (15,640 ) Other items included in loss before income tax benefit (3) — — — — (2,910 ) (2,910 ) Income (loss) before income tax benefit $ 4,487 $ 92,787 $ 10,110 $ 124 $ (126,058 ) $ (18,550 ) Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Year ended December 31, 2020: Rental and other property revenues $ 1,515 $ 130,797 $ 12,986 $ 6,088 $ 65 $ 151,451 Property operating expenses 981 41,683 4,148 5,702 9,000 61,514 Other operating expenses not allocated to segments (2) — — — — 104,294 104,294 Total operating expenses 981 41,683 4,148 5,702 113,294 165,808 Proportionate property net operating income (loss) 534 89,114 8,838 386 (113,229 ) (14,357 ) Other items included in loss before income tax benefit (3) — — — — (1,563 ) (1,563 ) Income (loss) before income tax benefit $ 534 $ 89,114 $ 8,838 $ 386 $ (114,792 ) $ (15,920 ) Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Year ended December 31, 2019 Rental and other property revenues $ — $ 131,175 $ 6,888 $ 5,629 $ — $ 143,692 Property operating expenses — 41,090 1,931 5,202 9,318 57,541 Other operating expenses not allocated to segments (2) — — — — 71,092 71,092 Total operating expenses — 41,090 1,931 5,202 80,410 128,633 Proportionate property net operating income (loss) — 90,085 4,957 427 (80,410 ) 15,059 Other items included in loss before income tax benefit (3) — — — — (18,247 ) (18,247 ) Income (loss) before income tax benefit $ — $ 90,085 $ 4,957 $ 427 $ (98,657 ) $ (3,188 ) (1) Represents adjustments for the redeemable noncontrolling interests in consolidated real estate partnership’s share of the results of consolidated communities in our segments, 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) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit (expense) consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net. Net real estate and non-recourse property debt, net, of our segments as of December 31, 2021 and 2020 were as follows (in thousands): Development and Redevelopment Operating Other Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 783,320 $ 196,853 $ 1,257,214 Land 82,325 298,459 153,501 534,285 Total real estate 359,366 1,081,779 350,354 1,791,499 Accumulated depreciation (2,252 ) (517,022 ) (41,841 ) (561,115 ) Net real estate $ 357,114 $ 564,757 $ 308,513 $ 1,230,384 Non-recourse property debt and construction loans, net $ 163,570 $ 483,137 $ — $ 646,707 Development and Redevelopment Operating Other Total As of December 31, 2020: Buildings and improvements $ 61,813 $ 772,786 $ 160,517 $ 995,116 Land 56,676 298,459 150,018 505,153 Total real estate 118,489 1,071,245 310,535 1,500,269 Accumulated depreciation (447 ) (469,873 ) (24,690 ) (495,010 ) Net real estate $ 118,042 $ 601,372 $ 285,845 $ 1,005,259 Non-recourse property debt, net $ — $ 447,967 $ — $ 447,967 In addition to the amounts disclosed in the tables above, the Development and Redevelopment segment right-of-use lease assets and lease liabilities as of December 31, 2021, aggregated to $434.8 million and $447.8 million, respectively, related to our investments in Upton Place, North Tower of Flamingo Point, 707 Leahy, The Fremont, Prism, and Oak Shore. As of December 31, 2020, the Development and Redevelopment segment right-of-use lease assets and lease liabilities totaled $92.7 million and $86.8 million, respectively, related to our investment in Upton Place.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16 — Subsequent Events In January 2022, we repurchased 202,400 shares of Aimco Class A common stock at a weighted average price of $6.49 in accordance with our share repurchase authorization. Also in January 2022, we purchased a small land parcel in Miami, Florida for approximately $1.7 million and the consolidated Fort Lauderdale joint venture purchased three undeveloped land parcels located in downtown Fort Lauderdale for $49.0 million, funded primarily by a $40.0 million land loan. In February 2022, Aimco entered into a contract to acquire, for $100.0 million, a 9-acre development site in Fort Lauderdale. The site is located in the Flagler Village neighborhood with the ability to develop approximately three million square feet of mixed-use development, over time. Aimco reserved funds for the transaction by placing $70.0 million of cash and $30.0 million in letters of credit into escrow. Also in February 2022, we acquired the redeemable non-controlling interests in two consolidated properties for $5.1 million.

Schedule III_ Real Estate and

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III: Real Estate and Accumulated Depreciation	APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (In Thousands Except Apartment Home Data) (2) As of December 31, 2021 (1) Initial Cost Cost Capitalized (4) Apartment Community Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost (5) Name Type Acquired Location Built Homes Land Improvements Acquisition Land Improvements Total Depreciation (AD) Net of AD Encumbrances Operating: 118-122 West 23rd Street High Rise Jun 2012 New York, NY 1987 42 $ 14,985 $ 23,459 $ 7,556 $ 14,985 $ 31,015 $ 46,000 $ (12,887 ) $ 33,113 $ — 173 E. 90th Street High Rise May 2004 New York, NY 1910 72 12,066 4,535 9,031 12,066 13,565 25,631 (6,325 ) 19,306 — 237-239 Ninth Avenue High Rise Mar 2005 New York, NY 1900 36 8,495 1,866 3,057 8,495 4,923 13,418 (3,539 ) 9,879 — 1045 on the Park Apartments Homes Mid Rise Jul 2013 Atlanta, GA 2012 30 2,793 6,662 975 2,793 7,638 10,431 (2,395 ) 8,036 — 2200 Grace High Rise Aug 2018 Lombard, IL 1971 72 642 7,788 613 642 8,401 9,043 (5,613 ) 3,430 7,168 2900 on First Apartments Mid Rise Oct 2008 Seattle, WA 1989 135 19,070 17,518 33,729 19,070 51,247 70,317 (32,703 ) 37,614 — Bank Lofts High Rise Apr 2001 Denver, CO 1920 125 3,525 9,045 5,828 3,525 14,873 18,398 (9,089 ) 9,309 — Bluffs at Pacifica, The Garden Oct 2006 Pacifica, CA 1963 64 8,108 4,132 17,089 8,108 21,221 29,329 (13,101 ) 16,228 — Cedar Rim Garden Apr 2000 Newcastle, WA 1980 104 761 5,218 14,773 761 19,992 20,753 (16,310 ) 4,443 — Elm Creek Mid Rise Dec 1997 Elmhurst, IL 1987 400 5,910 30,830 32,314 5,910 63,144 69,054 (40,134 ) 28,920 48,086 Evanston Place High Rise Dec 1997 Evanston, IL 1990 190 3,232 25,546 17,942 3,232 43,488 46,720 (24,062 ) 22,658 46,670 Hillmeade Garden Nov 1994 Nashville, TN 1986 288 2,872 16,070 22,394 2,872 38,464 41,336 (26,730 ) 14,606 25,566 Hyde Park Tower High Rise Oct 2004 Chicago, IL 1990 155 4,731 14,927 16,522 4,731 31,449 36,180 (15,618 ) 20,562 — Pathfinder Village Garden Jan 2006 Fremont, CA 1973 246 19,595 14,838 21,975 19,595 36,813 56,408 (23,685 ) 32,723 55,000 Plantation Gardens Garden Oct 1999 Plantation ,FL 1971 372 3,773 19,443 22,933 3,773 42,376 46,149 (29,361 ) 16,788 31,044 Royal Crest Estates Garden Aug 2002 Warwick, RI 1972 492 22,433 24,095 6,076 22,433 30,171 52,604 (23,326 ) 29,278 — Royal Crest Estates Garden Aug 2002 Nashua, NH 1970 902 68,230 45,562 17,673 68,230 63,234 131,464 (50,820 ) 80,644 86,462 Royal Crest Estates Garden Aug 2002 Marlborough, MA 1970 473 25,178 28,786 16,612 25,178 45,399 70,577 (35,162 ) 35,415 72,627 St. George Villas Garden Jan 2006 St. George, SC 1984 40 108 1,024 442 108 1,466 1,574 (1,352 ) 222 239 Waterford Village Garden Aug 2002 Bridgewater, MA 1971 588 29,110 28,101 12,036 29,110 40,137 69,247 (33,251 ) 35,996 — Wexford Village Garden Aug 2002 Worcester, MA 1974 264 6,349 17,939 5,222 6,349 23,161 29,510 (16,454 ) 13,056 — Willow Bend Garden May 1998 Rolling Meadows, IL 1969 328 2,717 15,437 20,213 2,717 35,650 38,367 (27,876 ) 10,491 — Yacht Club at Brickell High Rise Dec 2003 Miami, FL 1998 357 31,362 32,214 20,712 31,362 52,926 84,288 (26,386 ) 57,902 84,524 Yorktown Apartments High Rise Dec 1999 Lombard, IL 1971 292 2,414 10,374 52,194 2,414 62,567 64,981 (40,843 ) 24,138 29,034 Total Operating 6,067 298,459 405,409 377,911 298,459 783,320 1,081,779 (517,022 ) 564,757 486,420 Development and redevelopment: 707 Leahy Garden Jan 2021 Redwood City, CA 1973 110 — 211 — 211 211 (19 ) 192 — The Benson Hotel & faculty Club Jan 2021 Denver, CO — 1,815 4,414 29,328 1,815 33,743 35,558 — 35,558 — Edgewater Assemblage Garden Jul 2021 Miami, FL 1948 26 19,590 652 19,590 652 20,242 — 20,242 — Flamingo North Tower Highrise Jan 2021 Miami, FL 1960 366 — 68,206 — 68,206 68,206 (352 ) 67,854 130,274 Fremont Midrise Jan 2021 Denver, CO 2020 253 — 628 — 628 628 (45 ) 583 — Flying Horse Jul 2021 Colorado Springs, CO — 4,244 387 4,244 387 4,631 — 4,631 — The Hamilton High Rise Aug 2020 Miami, FL 1985 275 56,676 34,891 56,451 56,676 91,342 148,018 (1,426 ) 146,592 38,102 Oak Shore Jun 2021 Corte Madera, CA 24 — 5,529 — 5,529 5,529 — 5,529 — Prism Midrise Jan 2021 Cambridge, MA 2019 136 — 5,625 — 5,625 5,625 (410 ) 5,215 — Upton Place Dec 2020 Washington, DC — — 21,280 49,438 — 70,718 70,718 — 70,718 — Total Development and redevelopment 1,190 82,325 60,585 216,453 82,325 277,041 359,366 (2,252 ) 357,114 168,376 Other: 1001 Brickell Bay Drive High Rise Jul 2019 Miami, FL 1985 — 150,018 152,791 8,321 150,018 161,191 311,209 (41,428 ) 269,781 — Eldridge Townhome Aug 2021 Elmhurst, IL 2018 58 3,483 35,631 31 3,483 35,662 39,145 (413 ) 38,732 — Total Portfolio 7,315 $ 534,285 $ 654,416 $ 602,716 $ 534,285 $ 1,257,214 $ 1,791,499 $ (561,115 ) $ 1,230,384 $ 654,796 (1) Date we acquired the apartment community or first acquired the partnership that owns the community. (2) Includes costs capitalized since acquisition or date of initial acquisition of the community. (3) The aggregate cost of land and depreciable property for federal income tax purposes was (4) Depreciable life for buildings and improvements ranges from five to 30 years and is calculated on a straight-line basis. (5) Encumbrances are presented before reduction for debt issuance costs and the impact of assumed debt fair value adjustment. APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2021, 2020, and 2019 (In Thousands) 2021 2020 2019 Total real estate balance at beginning of year $ 1,500,269 $ 1,385,412 $ 1,053,589 Additions during the year: Acquisitions 69,178 112,820 302,213 Capital additions 222,052 24,334 37,327 Write-offs of fully depreciated assets and other — (22,297 ) (7,717 ) Total real estate balance at end of year $ 1,791,499 $ 1,500,269 $ 1,385,412 Accumulated depreciation balance at beginning of year $ 495,010 $ 449,444 $ 398,300 Depreciation 66,105 67,919 58,436 Write-offs of fully depreciated assets and other — (22,353 ) (7,292 ) Accumulated depreciation balance at end of year $ 561,115 $ 495,010 $ 449,444

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.
Principles of Consolidation	Principles of Consolidation We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Refer to Note 6 for further information.
Allocations	Allocations The 2020 consolidated statements of operations include allocations of general and administrative expenses from Aimco Predecessor, as discussed in Note 5 —Transactions with AIR. We consider the basis on which expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. However, the allocations may not include all of the actual expenses that we would have incurred and may not reflect our consolidated results of operations, financial position, and cash flows had it been a stand-alone company during the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced, and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Separation, AIR, through its subsidiaries, provides Aimco with certain property management and other services, and we perform certain functions using our own resources or purchase services from third parties.
Common Noncontrolling Interest in Aimco Operating Partnership	Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common OP Units (“OP Units”) and are reflected in Aimco’s accompanying consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For the years ended December 31, 2021, 2020, and 2019, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0%. Please refer to Note 10 for further information regarding the items comprising common noncontrolling interests in Aimco Operating Partnership. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. 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 accounts. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. If the redemption right is not currently redeemable but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table represents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnership during the year ended December 31, 2021 (in thousands): Balance at December 31, 2020 $ 4,263 Capital contributions 29,440 Net income 91 Balance at December 31, 2021 $ 33,794
Investments in Unconsolidated Real Estate Partnership	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. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within income from unconsolidated real estate partnerships in our consolidated The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. We may also originate loans for real estate acquisitions or developments where we either expect, or have the opportunity, to participate in the residual profits from such projects. When the risks and rewards of these arrangements are similar to an equity investor or joint venture partner, we account for these arrangements as real estate investments using the equity method of accounting. We recognize as income changes in our share of net assets, adjusted for any basis differential, in mezzanine investment income, net, in our consolidated statements of operations . We assess the recoverability of our equity method investments if there are indicators of potential impairment. We did not recognize any such impairments of our equity method investments during the years ended December 31, 2021, 2020, and 2019. Mezzanine Investment On November 26, 2019, Aimco Predecessor made a five-year The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk through 2024 to Aimco once required consents to transfer are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries has not yet transferred to Aimco. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts earned on the mezzanine loan by AIR on its equity investment that are due to be paid to us when collected to the extent the income is supported by the change in AIR’s claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the ongoing disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment.
Real Estate	Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or, less frequently, meets the definition of an acquisition of a business. We generally recognize the acquisition of real estate or interests in partnerships that own real estate at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of real estate acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. 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 real estate. 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, for which the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the each of the years ended December 31, 2021, 2020, and 2019, we capitalized to buildings and improvements $21.3 million, $1.0 million, and $0.2 million of interest costs, respectively. For the years ended December 31, 2021, 2020, and 2019, we capitalized to buildings and improvements $20.9 million, $2.7 million, and $4.1 million of indirect costs, respectively. Gain or Loss on Dispositions Gain or loss on dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. There were no dispositions in the years ended December 31, 2021, 2020, and 2019.
Impairment	Impairment Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the 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 community. In connection with the Separation, we entered into a sublease of office space within our corporate offices to AIR at then-current market rents. Based on an analysis of the estimated undiscounted cash flows relative to the sublease arrangement, we evaluated the recoverability of the assets associated with the subleased space, including, the right-of-use asset, tenant improvements and furniture, fixtures and equipment and concluded the subleased assets were impaired. We recorded an impairment charge of $11.0 million in our consolidated statements of operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2021, and 2019. In connection with the Separation, we entered into a software license agreement with AIR to provide for the use of certain internally developed software at then-current market rates. Based on an analysis of the estimated undiscounted cash flows relative to the carrying value of the internally developed software, we concluded the assets were impaired. Additionally, following an evaluation of the future service potential of certain other internal software that was under development, we ceased development and impaired the associated carrying value. We recorded an aggregate impairment charge of $4.9 million in our consolidated statements of operations for the year ended December 31, 2020. There were no such impairments for the years ended December 31, 2021, and 2019.
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. Supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019 is as follows: Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.
Other Assets	O ther Assets As of December 31, 2021, and 2020, other assets were comprised of the following amounts (in thousands): 2021 2020 Intangible lease assets, net $ 3,269 $ 7,264 Accounts receivable, net of allowances of $1,285 and $1,467 as of December 31, 2021 and 2020, respectively 2,469 2,660 Prepaid expenses and real estate taxes 20,516 13,342 Other investments 45,386 14,793 Corporate fixed assets 9,855 12,860 Deferred tax assets 6,388 - Deferred costs, deposits, and other 22,136 17,986 Total other assets, net $ 110,019 $ 68,905
Intangibles	Intangibles Intangible lease assets are included in other assets, net and intangible lease liabilities are included in accrued liabilities and other on the consolidated balance sheets. The following table details intangible lease assets and liabilities, net of accumulated amortization, for the years ended December 31, 2021, and 2020 (in thousands). 2021 2020 In-place leases and leasing costs $ 15,686 $ 17,203 Above-market leases 1,058 146 Less: accumulated amortization (13,475 ) (10,085 ) Intangible lease assets, net $ 3,269 $ 7,264 Below-market leases $ 4,175 $ 4,886 Less: accumulated amortization (3,093 ) (2,366 ) Intangible lease liabilities, net $ 1,082 $ 2,520 Based on the balance of intangible lease assets and liabilities as of December 31, 2021 the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands). In-place leases and leasing costs Below-market leases 2022 $ 2,504 $ 878 2023 624 174 2024 141 30 2025 — — 2026 — — Thereafter — — Total future amortization $ 3,269 $ 1,082
Accounts Receivable, net and Straight-line rent	Accounts Receivable, net and Straight-line rent We present our accounts receivable and straight-line rent receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment on whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis.
Deferred Leasing Costs	Deferred Leasing Costs In accordance with the adoption of Accounting Standard Codification (“ASC”) 842, we defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. Amortization of these costs over the lease term on the same basis as lease income, is included in depreciation and amortization.
Revenue from Leases	Revenue from Leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. In 2019, with the adoption of ASC 842, we concluded that residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. Reimbursements and the related expenses are presented on a gross basis in our consolidated statements of operations, with the reimbursements included in rental and other property revenues in our consolidated statements of operations in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease.
Debt Issuance Costs	Debt Issuance Costs We defer, as debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in our consolidated balance sheets. For debt issuance costs associated with our revolving credit facilities and construction loans that have not been drawn we record the costs in other assets, net in our consolidated balance sheets and amortize the costs to interest expense, on a straight-line basis over the term of the arrangement. Debt issuance costs associated with construction loans are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in our consolidated balance sheets and subsequently amortized to interest expense on a straight-line basis over the remaining term of the arrangement in our consolidated statements of operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in interest expense in our consolidated statements of operations.
Depreciation And Amortization	Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 years. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions . Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods.
Income Tax	Income Taxes Aimco has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “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 our 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 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 Aimco’s operations or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are our subsidiaries of Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT 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 it is more likely than not that the assets will not be realized. We assess the need for a valuation allowance against our deferred tax assets through a review of the reversals of temporary differences, available tax planning strategies, future taxable income, and considering all available positive and negative evidence. We recognize the tax consequences associated with intercompany transfers between Aimco Operating Partnership and TRS entities when such transactions occur. Please refer to Note 8 for further information about our income taxes.
Earnings Per Share And Per Unit	Earnings per Share and per Unit We and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of common stock or common OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both common OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 11 for further information regarding earnings per share and unit computations.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Accounting Pronouncements Adopted in the Current Year	Accounting Pronouncements Adopted in the Current Year On January 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-01, Investment – Equity Securities Investments – Equity Method and Joint Venture Derivatives and Hedging On August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options Derivatives and Hedging – Contracts in Entity’s Own Equity
Recent Accounting Pronouncements	Recent Accounting Pronouncements I “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” , “Reference Rate Reform (Topic 848): Scope” In July 2021, the FASB issued ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments. ASU 2021-05
Fair Value of Financial Instruments	We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in unrealized gains on interest rate options in our consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our consolidated statements of cash flows Fair Value Disclosures

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnership	The following table represents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnership during the year ended December 31, 2021 (in thousands): Balance at December 31, 2020 $ 4,263 Capital contributions 29,440 Net income 91 Balance at December 31, 2021 $ 33,794
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019 is as follows:
Summary of Other Assets	As of December 31, 2021, and 2020, other assets were comprised of the following amounts (in thousands): 2021 2020 Intangible lease assets, net $ 3,269 $ 7,264 Accounts receivable, net of allowances of $1,285 and $1,467 as of December 31, 2021 and 2020, respectively 2,469 2,660 Prepaid expenses and real estate taxes 20,516 13,342 Other investments 45,386 14,793 Corporate fixed assets 9,855 12,860 Deferred tax assets 6,388 - Deferred costs, deposits, and other 22,136 17,986 Total other assets, net $ 110,019 $ 68,905
Summary of Lease Intangible Assets and Liabilities Net of Accumulated Amortization	Intangible lease assets are included in other assets, net and intangible lease liabilities are included in accrued liabilities and other on the consolidated balance sheets. The following table details intangible lease assets and liabilities, net of accumulated amortization, for the years ended December 31, 2021, and 2020 (in thousands). 2021 2020 In-place leases and leasing costs $ 15,686 $ 17,203 Above-market leases 1,058 146 Less: accumulated amortization (13,475 ) (10,085 ) Intangible lease assets, net $ 3,269 $ 7,264 Below-market leases $ 4,175 $ 4,886 Less: accumulated amortization (3,093 ) (2,366 ) Intangible lease liabilities, net $ 1,082 $ 2,520
Schedule of Estimated Aggregate Annual Amortization Expense	Based on the balance of intangible lease assets and liabilities as of December 31, 2021 the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands). In-place leases and leasing costs Below-market leases 2022 $ 2,504 $ 878 2023 624 174 2024 141 30 2025 — — 2026 — — Thereafter — — Total future amortization $ 3,269 $ 1,082

Significant Transactions (Table

Significant Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Acquisition [Line Items]
Schedule of Consideration	During the third quarter of 2021, we acquired from AIR the Eldridge Townhomes for $40.0 million based on an independent opinion of its value. The Eldridge Townhomes are a 58-unit townhome community located on 3.6 acres of land contiguous to our Elm Creek community in Elmhurst, Illinois, a western suburb of Chicago. To fund the acquisition of Eldridge Townhomes, we used proceeds from debt placement on the unencumbered Evanston Place asset in Evanston, Illinois. The allocation of consideration paid for this asset acquisition is included in the table below. Number of townhomes 58 Purchase price $ 40,000 Consideration allocated to land $ 3,483 Consideration allocated to building and improvements 35,630 Consideration allocated to intangible assets (1) 913 Consideration allocated to below-market lease liabilities (2) (26 ) Total consideration $ 40,000 (1) Intangible assets include in-place leases and leasing costs with a weighted-average term of six months. (2) Below-market leases have a weighted-average term of six months.
Asset Acquisitions [Member]
Business Acquisition [Line Items]
Summarized Information Regarding Acquisition	Summarized information regarding these acquisitions is set forth in the table below (in thousands): Purchase price $ 115,394 Capitalized transaction costs 5,136 Total consideration 120,530 Consideration allocated to land $ 56,649 Consideration allocated to building and improvements 56,171 Right-of-use lease assets 92,787 Due from affiliate 705 Lease liabilities (86,348 ) Consideration allocated to intangible assets (1) 1,517 Consideration allocated to below-market lease liabilities (2) (951 ) Total consideration $ 120,530 (1) Intangible assets include in-place leases and leasing costs with a weighted-average term of six months. (2) Below-market leases have a weighted-average term of seven months.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Income for Operating Leases	Our total lease income was comprised of the following amounts for all operating leases (in thousands): 2021 2020 2019 Fixed lease income $ 157,842 $ 140,140 $ 133,180 Variable lease income 11,487 11,192 9,929 Total lease income $ 169,329 $ 151,332 $ 143,109
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	Future minimum annual rental payments we will receive under commercial leases, excluding such extension options, are as follows as of December 31, 2021 (in thousands): 2022 $ 11,469 2023 8,183 2024 5,577 2025 3,308 2026 1,867 Thereafter 1,908 Total $ 32,312
Minimum Annual Lease Payments Under Operating and Financing Leases	Combined minimum annual lease payments under operating and financing leases, reconciled to the lease liabilities in our consolidated balance sheets, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments 2022 $ 1,393 $ 1,891 $ 27,197 2023 1,403 1,922 27,597 2024 1,413 1,935 28,597 2025 1,423 1,930 29,208 2026 1,433 1,960 30,300 Thereafter 3,526 4,624 1,613,950 Total $ 10,591 $ 14,262 $ 1,756,849 Less: Discount (1,599 ) (1,321,756 ) Total lease liabilities $ 12,663 $ 435,093

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2021 and 2020 (in thousands, except for VIE count). December 31, 2021 December 31, 2020 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 9 6 2 6 Assets: Real estate, net $ 564,909 $ — $ 310,552 $ — Mezzanine investment — 337,797 — 307,362 Right-of-use lease assets 429,768 — 92,709 — Unconsolidated real estate partnerships — 13,005 — 12,829 Other assets 43,715 35,773 16,949 12,500 Liabilities: Deferred tax liabilities 124,747 — 7,106 — Accrued liabilities and other 30,519 — — — Construction loans, net 163,570 — — — Lease liabilities 435,093 — 86,781 —

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Non-Recourse Property Debt	The following table summarizes non-recourse property debt as of December 31, 2021 and 2020 (in thousands): Outstanding Balance as of December 31, Latest Maturity Date Interest Rate Range Weighted-Average Interest Rate 2021 2020 Fixed-rate property debt November 22, 2032 1.00% to 4.20% 3.32% $ 429,883 $ 394,510 Variable-rate property debt December 31,2023 1.28% 1.28% 55,000 55,000 Total non-recourse property debt $ 484,883 $ 449,510 Assumed debt fair value adjustment, net of accumulated amortization 1,536 1,850 Debt issuance costs, net of accumulated amortization (3,282 ) (3,393 ) Non-recourse property debt, net $ 483,137 $ 447,967
Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt	As of December 31, 2021, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands): Amortization Maturities Total 2022 $ 8,832 $ — $ 8,832 2023 9,143 55,000 64,143 2024 7,098 81,940 89,038 2025 7,360 — 7,360 2026 6,153 73,983 80,136 Thereafter 11,191 224,183 235,374 Total $ 49,777 $ 435,106 $ 484,883

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 124,733 $ 132,599 Interest Income — — Lease Liability 79,827 — Other 1,807 — Deferred tax assets: — Real Estate & Real Estate Partnership Basis Difference 145 — Lease Right of Use 80,497 — Management contracts and other 2,764 999 Net operating, capital, and other loss carryforwards 5,598 40 Valuation Allowance for Deferred Tax Assets (1,342 ) — Net deferred tax liability $ 118,705 $ 131,560
Components of Income Tax Benefit or Expense	Significant components of the income tax benefit (expense) are as follows and are classified within income tax benefit in our consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 (in thousands): 2021 2020 2019 Current: Federal $ 905 $ 857 $ 1,313 State (250 ) 660 536 Total current 655 1,517 1,849 Deferred: Federal (7,400 ) (10,470 ) (4,658 ) State (6,825 ) (1,196 ) (492 ) Total deferred (14,225 ) (11,666 ) (5,150 ) Total income tax benefit $ (13,570 ) $ (10,149 ) $ (3,301 )
Reconciliation of Income Tax Attributable to Operations	The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit for the years ended December 31, 2021 2020, and 2019 is shown below (in thousands): 2021 2020 2019 Amount Percent Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $ (6,591 ) 21.0 % $ (5,361 ) 21.0 % $ (1,582 ) 21.0 % US branch profits tax on earnings of foreign subsidiary (1,084 ) 3.5 % (4,195 ) 16.4 % (1,779 ) 23.6 % State income tax, net of federal (benefit) expense (7,075 ) 22.5 % (536 ) 2.1 % 34 (0.5 %) Effects of permanent differences 197 (0.6 %) 1 0.0 % — 0.0 % Valuation Allowance 840 (2.7 %) — 0.0 % — 0.0 % Other 143 (0.5 %) (58 ) 0.2 % 26 (0.3 %) Total income tax benefit $ (13,570 ) 43.2 % $ (10,149 ) 39.7 % $ (3,301 ) 43.8 %
Schedule of Dividends Per Share Held	For the years ended December 31, 2021 , 2020 , and 2019 , tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited) : 2021 2020 2019 Amount Percent Amount Percent Amount Percent Ordinary income $ — 0.0 % $ 3.17 6.7 % $ 0.66 20.6 % Capital gains — 0.0 % 19.43 40.9 % 1.29 40.4 % Qualified dividends — 0.0 % 0.62 1.3 % 0.66 20.7 % Unrecaptured § 1250 gain — 0.0 % 8.80 18.5 % 0.58 18.3 % Return of capital — 0.0 % 15.48 32.6 % — 0.0 % Balance at December 31 $ — 0.0 % $ 47.50 100.0 % $ 3.19 100.0 %
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in accrued liabilities and other in the consolidated balance sheets (in thousands): December 31, 2021 2020 Balance at January 1 $ 7,076 $ — Liability assumed at Separation — 6,889 (Reductions) additions based on tax positions in prior years (38 ) 187 Balance at December 31 $ 7,038 $ 7,076

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and per Unit (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands, except per share and per unit data): Aimco Year Ended December 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net loss attributable to Aimco common stockholders $ (5,910 ) 149,480 $ (0.04 ) Year Ended December 31, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net loss attributable to Aimco common stockholders $ (5,041 ) 148,569 $ (0.03 ) Year Ended December 31, 2019 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net income attributable to Aimco common stockholders $ 304 148,549 — Diluted Earnings per Share: Effect of dilutive securities — 20 — Net income attributable to Aimco common stockholders $ 304 $ 148,569 — Aimco Operating Partnership Year Ended December 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per unit: Net loss attributable to Aimco Operating Partnership's common unitholders $ (6,207 ) 157,701 $ (0.04 ) Year Ended December 31, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net loss attributable to Aimco Operating Partnership's common unitholders $ (5,310 ) 156,500 $ (0.03 ) Year Ended December 31, 2019 Income (Numerator) Shares (Denominator) Per Share Amount Basic and Diluted Earnings per Share: Net income attributable to Aimco Operating Partnership's common unitholders $ 319 156,480 — Diluted Earnings per Share: Effect of dilutive securities — 20 — Net income attributable to Aimco Operating Partnership's common unitholders $ 319 $ 156,500 —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Total Compensation Cost Recognized for Share-Based Awards	For the year ended December 31, 2021, total compensation cost recognized for share-based awards was (in thousands): 2021 2020 Share-based compensation expense (1) $ 3,377 $ 1,070 Capitalized share-based compensation (2) 340 138 Total share-based compensation (3) $ 3,717 $ 1,208 (1) Amounts are recorded in general and administrative expenses in our consolidated statements of operations. (2) Amounts are recorded in buildings and improvements on the consolidated balance sheets. (3) Amounts are recorded in additional paid-in capital and common noncontrolling interests in Aimco Operating Partnership on the Aimco consolidated balance sheets, and in general partner and special limited partner and limited partners on Aimco Operating Partnership consolidated balance sheets.
Summary Activity for Equity Compensation	The following table summarizes activity for equity compensation for the year ended December 31, 2021. TSR Stock Options Time-Based Restricted Stock Awards TSR Restricted Stock Awards LTIP I Units TSR LTIP II Units Number of Options Weighted Average Exercise Price Number of Shares Weighted Average Grant-Date Fair Value Number of Shares Weighted Average Grant-Date Fair Value Number of Units Weighted Average Grant-Date Fair Value Number of Units Weighted Average Exercise Price Outstanding at beginning of year — — 21,473 $ 43.32 (1) 16,959 $ 48.58 (1) 13,752 $ 53.46 (1) 8,334 $ 6.12 Granted 317,200 $ 6.66 1,931,997 $ 6.66 269,871 $ 7.98 — — 555,556 $ 4.62 Exercised — — — — — — — — — — Vested — — (12,345 ) $ 42.52 (1) (1,874 ) $ 41.71 (1) (1,311 ) $ 51.27 (1) — — Forfeited — — — — (1,453 ) $ 41.71 (1) — — — — Outstanding at end of year 317,200 $ 6.66 1,941,125 $ 6.87 283,503 $ 9.97 12,441 $ 53.69 563,890 $ 4.64 (1) Weighted average grant date fair value is based off pre-separation values when the awards were granted.
Summary of Compensation Cost Not Yet Recognized for Share-Based Awards	The following table summarizes the unvested or outstanding shares issued to employees of Aimco and AIR and are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2021. Unvested Shares Awards Aimco AIR Unvested Compensation Not Yet Recognized (1) Time-Based Stock Options (Outstanding shares) — 788,205 $ — TSR Stock Options (Outstanding shares) 317,200 25,563 762 Time-Based Restricted Stock Awards 1,941,125 55,534 11,348 TSR Restricted Stock Awards 283,503 108,292 1,911 LTIP I units 12,441 41,007 227 TSR LTIP II units (Outstanding shares) 563,890 1,274,476 1,273 Total awards 3,118,159 2,293,077 $ 15,521 (1) Unvested compensation not yet recognized represents Aimco’s compensation cost for Aimco employees. Compensation costs related to shares issued to AIR employees is recognized by AIR.
Summary of Assumptions Used for Valuation of TSR-Based Awards Granted	The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2021. TSR-based Award Assumptions 2021 Grant date market value of a common share $6.66-$7.10 Risk-free interest rate 0.02%-1.22% Dividend yield 0% Expected volatility 30.4%-32.29% Derived vesting period of TSR Restricted Stock 3.0 Weighted average expected term of TSR Stock Options and LTIP II units 5.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Options and Investment in Real Estate Technology Funds	The following table summarizes the fair value of our interest rate options and our investment in real estate technology funds as of December 31, 2021 and 2020 (in thousands): As of December 31, 2021 As of December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate option $ 25,449 $ — $ 25,449 $ — $ 13,315 $ — $ 13,315 $ — Investment in real estate technology funds (1) $ 9,613 $ — $ — $ — $ 2,293 $ — $ — $ — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	The following table summarizes carrying value and fair value of our non-recourse property debt and construction loans debt as of December 31, 2021 and 2020 (in thousands): 2021 2020 As of December 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 484,883 $ 498,960 $ 449,510 $ 467,010 Construction loans debt $ 168,376 $ 168,376 — —

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the revenues, proportionate property net operating income, and income before income tax benefit (expense) of our segments on a proportionate basis for the years ended December 31, 2021, 2020, and 2019 (in thousands). Prior carve out amounts have been adjusted retrospectively to reconcile the difference between non-recurring carve out accounting and current results as it relates to insurance expense, for the year ended December 31, 2021 and 2020, respectively. This adjustment ensures comparability of post-Separation results to pre-Separation segment results. Absent the adjustment, 2021 NOI would have increased 6.9%. Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Year ended December 31, 2021: Rental and other property revenues $ 12,418 $ 136,250 $ 14,317 $ 6,851 $ — $ 169,836 Property operating expenses 7,931 43,463 4,207 6,727 5,285 67,613 Other operating expenses not allocated to segments (2) — — — — 117,863 117,863 Total operating expenses 7,931 43,463 4,207 6,727 123,148 185,476 Proportionate property net operating income (loss) 4,487 92,787 10,110 124 (123,148 ) (15,640 ) Other items included in loss before income tax benefit (3) — — — — (2,910 ) (2,910 ) Income (loss) before income tax benefit $ 4,487 $ 92,787 $ 10,110 $ 124 $ (126,058 ) $ (18,550 ) Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Year ended December 31, 2020: Rental and other property revenues $ 1,515 $ 130,797 $ 12,986 $ 6,088 $ 65 $ 151,451 Property operating expenses 981 41,683 4,148 5,702 9,000 61,514 Other operating expenses not allocated to segments (2) — — — — 104,294 104,294 Total operating expenses 981 41,683 4,148 5,702 113,294 165,808 Proportionate property net operating income (loss) 534 89,114 8,838 386 (113,229 ) (14,357 ) Other items included in loss before income tax benefit (3) — — — — (1,563 ) (1,563 ) Income (loss) before income tax benefit $ 534 $ 89,114 $ 8,838 $ 386 $ (114,792 ) $ (15,920 ) Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Year ended December 31, 2019 Rental and other property revenues $ — $ 131,175 $ 6,888 $ 5,629 $ — $ 143,692 Property operating expenses — 41,090 1,931 5,202 9,318 57,541 Other operating expenses not allocated to segments (2) — — — — 71,092 71,092 Total operating expenses — 41,090 1,931 5,202 80,410 128,633 Proportionate property net operating income (loss) — 90,085 4,957 427 (80,410 ) 15,059 Other items included in loss before income tax benefit (3) — — — — (18,247 ) (18,247 ) Income (loss) before income tax benefit $ — $ 90,085 $ 4,957 $ 427 $ (98,657 ) $ (3,188 ) (1) Represents adjustments for the redeemable noncontrolling interests in consolidated real estate partnership’s share of the results of consolidated communities in our segments, 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) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit (expense) consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net.
Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment	Net real estate and non-recourse property debt, net, of our segments as of December 31, 2021 and 2020 were as follows (in thousands): Development and Redevelopment Operating Other Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 783,320 $ 196,853 $ 1,257,214 Land 82,325 298,459 153,501 534,285 Total real estate 359,366 1,081,779 350,354 1,791,499 Accumulated depreciation (2,252 ) (517,022 ) (41,841 ) (561,115 ) Net real estate $ 357,114 $ 564,757 $ 308,513 $ 1,230,384 Non-recourse property debt and construction loans, net $ 163,570 $ 483,137 $ — $ 646,707 Development and Redevelopment Operating Other Total As of December 31, 2020: Buildings and improvements $ 61,813 $ 772,786 $ 160,517 $ 995,116 Land 56,676 298,459 150,018 505,153 Total real estate 118,489 1,071,245 310,535 1,500,269 Accumulated depreciation (447 ) (469,873 ) (24,690 ) (495,010 ) Net real estate $ 118,042 $ 601,372 $ 285,845 $ 1,005,259 Non-recourse property debt, net $ — $ 447,967 $ — $ 447,967

Organization (Details Textual)

Organization (Details Textual)	12 Months Ended
	Dec. 31, 2021Propertyapartment_homeoffice_buildingCommunityHotelRoom
Organization [Line Items]
Number of units in real estate property	6,067
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties | Property	29
Number of units in real estate property	7,315
Continuing Operations [Member] | Commercial Office Building [Member]
Organization [Line Items]
Number of real estate properties | office_building	1
Continuing Operations [Member] | Residential Apartment Communities in Redevelopment [Member]
Organization [Line Items]
Number of real estate properties | Community	3
Continuing Operations [Member] | Hotel [Member]
Organization [Line Items]
Number of real estate properties | Hotel	1
Continuing Operations [Member] | Planned Apartment Homes [Member]
Organization [Line Items]
Number of units in real estate property	1,331
Continuing Operations [Member] | Planned Rooms [Member]
Organization [Line Items]
Number of units in real estate property | Room	106
Continuing Operations [Member] | Apartment Homes Redevelopment Completed [Member]
Organization [Line Items]
Number of units in real estate property	499
Continuing Operations [Member] | Consolidated Properties
Organization [Line Items]
Number of real estate properties | Property	25
Number of units in real estate property	6,125
Continuing Operations [Member] | Unconsolidated Properties [Member]
Organization [Line Items]
Number of real estate properties | Property	4
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	93.10%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	95.00%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	6.90%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	Nov. 26, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest		5.00%	5.00%	5.00%
Interest costs capitalized			$ 21,300,000	$ 1,000,000	$ 200,000
Other direct and indirect costs capitalized			20,900,000	2,700,000	$ 4,100,000
Gain (loss) on disposition of business		$ 0	0	0
Impairment			15,860,000
Estimated useful life		15 years
Percentage of income tax on income from non-arms length transactions		100.00%
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		5 years
Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		30 years
Furniture, Fixtures and Equipment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		5 years
Equipment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		5 years
Software License Agreement [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Impairment		$ 0	4,900,000	0
Sublease Office Space [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Impairment		$ 0	$ 11,000,000	$ 0
Parkmerced Investment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Equity Method Investment, Aggregate Cost	$ 275,000,000
Equity Method Investment Term	5 years
Equity Method Investment Interest Rate	10.00%
Option to acquire equity interest in partnership, percentage		30.00%

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnership (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2020	$ 4,263
Balance at December 31, 2021	33,794
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2020	4,263
Capital contributions	29,440
Net income	91
Balance at December 31, 2021	$ 33,794

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of amounts capitalized	$ 43,800	$ 22,152	$ 17,748
Cash paid for income taxes	2,941	9,216	1,773
Non-cash transactions associated with the acquisition of real estate:
Non-recourse property debt assumed in connection with the acquisition of real estate			66,779
Contributions from Aimco Predecessor		955
Contribution from noncontrolling interest in consolidated real estate partnerships	3,159	11,667
Deferred tax liability assumed in connection with the acquisition of real estate			148,809
Net liabilities assumed in connection with the acquisition of real estate	(310)
Other non-cash transactions:
Accrued capital expenditures (at end of period)	$ 24,045	1,641	$ 1,966
Issuance of notes payable to AIR in connection with the Separation		534,127
Contributions from Aimco Predecessor, net		$ 131,447

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Intangible lease assets, net	$ 3,269	$ 7,264
Accounts receivable, net of allowances of $1,285 and $1,467 as of December 31, 2021 and 2020, respectively	2,469	2,660
Prepaid expenses and real estate taxes	20,516	13,342
Other investments	45,386	14,793
Corporate fixed assets	9,855	12,860
Deferred tax assets	6,388
Deferred costs, deposits, and other	22,136	17,986
Total other assets, net	$ 110,019	$ 68,905

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 1,285	$ 1,467

Basis of Presentation and Sum_9

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (13,475)	$ (10,085)
Intangible lease assets, net	3,269	7,264
Below-market leases	4,175	4,886
Less: accumulated amortization	(3,093)	(2,366)
Intangible lease liabilities, net	1,082	2,520
In-Place Leases and Leasing Costs [Member]
Finite Lived Intangible Assets [Line Items]
In-place leases and leasing costs	15,686	17,203
Above Market Leases [Member]
Finite Lived Intangible Assets [Line Items]
In-place leases and leasing costs	$ 1,058	$ 146

Basis of Presentation and Su_10

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Net Aggregate Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Below-market leases, 2022	$ 878
Below-market leases, 2023	174
Below-market leases, 2024	30
Intangible lease liabilities, net	1,082	$ 2,520
In-Place Leases and Leasing Costs [Member]
Finite Lived Intangible Assets [Line Items]
2022	2,504
2023	624
2024	141
Total future amortization	$ 3,269

Significant Transactions (Detai

Significant Transactions (Details Textual) $ in Thousands	Dec. 04, 2020ft²apartment_home	Jul. 31, 2021USD ($)Land	Feb. 28, 2021USD ($)	Sep. 30, 2021USD ($)aNumber	Dec. 31, 2021USD ($)aft²apartment_homeLand	Dec. 31, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of units in real estate property | apartment_home					6,067
Area of retail space | a					15
Fund equity inception of joint venture					$ 105,000
Cash contribution					$ 39,200	$ 5,200
Percentage of rate of return					9.70%
Promissory note issued					$ 85,000
Non-recourse construction loan					$ 60,000
Non-recourse loans term					10 years
Weighted-Average Interest Rate					3.09%
Variable rate non-recourse construction loan					$ 40,000
IQHQ [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Investment					35,800	12,500
Commitment purchase amount					14,200
Preferred Equity Agreement
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Fund in return for accruing					52,200
Fort Lauderdale Consolidated Joint Venture
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Ownership percentage in partnership		51.00%
Number of land parcels acquired | Land		3
Fort Lauderdale Consolidated Joint Venture | Land [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset acquisition, price of acquisition, expected		$ 49,000
Land purchase closing date		Jan. 31, 2022
Land purchase		$ 40,000
Fort Lauderdale Consolidated Joint Venture | Aimco OP L.P. [Member] | Land [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset acquisition, price of acquisition, expected		25,000
Land purchase		$ 20,400
Land Parcels [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Payments to acquire business					$ 19,300
Land Parcels Adjacent | Land					8
Square Feet | ft²					1,411
Developable Land [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Payments to acquire business					$ 4,100
Number of acres of developable land acquired | Land					7
Number of construction apartment and townhome | apartment_home					119
The Eldridge Townhomes [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Payments to acquire business				$ 40,000
Number of town homes | Number				58
Area of land | a				3.6
The Benson Hotel and Faculty Club Development [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Payments to acquire business			$ 6,200
Construction liabilities outstanding			$ 900
Upton Place JV [Member] | Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Percentage of apartment units leased					95.00%
Percentage of retail space leased					90.00%
Upton Place JV [Member] | Joint Venture Transaction [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of units in real estate property | apartment_home	689
Area of retail space | ft²	100,000
Ownership percentage in partnership	90.00%
Number of properties subject to ground leases	2
Ground lease period	99 years
Upton Place JV [Member] | Developer [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Ownership percentage in partnership					10.00%
Noncontrolling interest in joint ventures					$ 11,700	11,700
Distribution liability in joint venture					11,700	$ 11,700
AIR [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash contribution					20,000
Earns annual payments on their equity					$ 1,150

Significant Transactions - Sche

Significant Transactions - Schedule of Consideration (Details) - The Eldridge Townhomes [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)Number
Business Acquisition [Line Items]
Number of town homes | Number	58
Payments to acquire business	$ 40,000
Total consideration	40,000
Land [Member]
Business Acquisition [Line Items]
Total consideration	3,483
Building Improvements [Member]
Business Acquisition [Line Items]
Total consideration	35,630
Intangible Assets [Member]
Business Acquisition [Line Items]
Total consideration	913	[1]
Below-Market Leases Liabilities [Member]
Business Acquisition [Line Items]
Total consideration	$ (26)	[2]
[1]	Intangible assets include in-place leases and leasing costs with a weighted-average term of six months.
[2]	Below-market leases have a weighted-average term of six months.

Significant Transactions - Sc_2

Significant Transactions - Schedule of Consideration (Parenthetical) (Details) - The Eldridge Townhomes [Member]	12 Months Ended
	Dec. 31, 2021
In-Place Leases and Leasing Costs [Member]
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	6 months
Below-Market Leases Liabilities [Member]
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	6 months

Significant Transactions - Summ

Significant Transactions - Summarized Information Regarding Acquisition (Details) - USD ($) $ in Thousands		Aug. 25, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Land			$ 534,285	$ 505,153
Buildings and improvements			1,257,214	995,116
Right-of-use lease assets			429,768	92,709
Consideration allocated to below-market lease liabilities			$ (1,082)	$ (2,520)
Hamilton on the Bay [Member]
Business Acquisition [Line Items]
Purchase price		$ 115,394
Capitalized transaction costs		5,136
Total consideration		120,530
Land		56,649
Buildings and improvements		56,171
Right-of-use lease assets		92,787
Due from affiliate		705
Lease liabilities		(86,348)
Consideration allocated to intangible assets	[1]	1,517
Consideration allocated to below-market lease liabilities	[2]	$ (951)
[1]	Intangible assets include in-place leases and leasing costs with a weighted-average term of six months.
[2]	Below-market leases have a weighted-average term of seven months.

Significant Transactions - Su_2

Significant Transactions - Summarized Information Regarding Acquisition (Parenthetical) (Details) - Hamilton on the Bay [Member]	12 Months Ended
	Dec. 31, 2021
In-Place Leases and Leasing Costs [Member]
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	6 months
Below-Market Leases Liabilities [Member]
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	7 months

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed lease income	$ 157,842	$ 140,140	$ 133,180
Variable lease income	11,487	11,192	9,929
Total lease income	$ 169,329	$ 151,332	$ 143,109

Leases - Future Minimum Annual

Leases - Future Minimum Annual Payments Receivable Under Residential and Commercial Leases (Details) - Commercial Real Estate [Member] $ in Thousands	Dec. 31, 2021USD ($)
Lessee Lease Description [Line Items]
2022	$ 11,469
2023	8,183
2024	5,577
2025	3,308
2026	1,867
Thereafter	1,908
Total	$ 32,312

Leases (Details Textual)

Leases (Details Textual)	Jun. 01, 2021	Dec. 31, 2021USD ($)aft²Propertyapartment_home	Dec. 31, 2020USD ($)
Lessee Lease Description [Line Items]
Weighted average remaining term		7 years 4 months 24 days
Lease term	25 years	25 years
Lease commencement date	Jun. 1, 2021	Jan. 1, 2021
Area of real estate property | a		15
Aggregate residual value of leased assets		$ 250,800,000
Operating right-of-use lease assets		$ 5,100,000	$ 5,600,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets, net	Other assets, net
Financing right-of-use lease assets		$ 429,768,000	$ 92,709,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Financing right-of-use lease assets	Financing right-of-use lease assets
Finance lease, amortization		$ 8,300,000	$ 0
Finance lease, interest expense		$ 9,200,000	0
Financing leases weighted average remaining term		38 years 6 months
Operating leases, weighted average discount rate, percent		3.10%
Financing leases, weighted average discount rate, percent		5.40%
Number of units in real estate property | apartment_home		6,067
Lease liabilities		$ 435,093,000	86,781,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Lease liabilities
99 Year Ground Lease [Member]
Lessee Lease Description [Line Items]
Area of real estate property | ft²		100,000
Financing right-of-use lease assets		$ 92,800,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Financing right-of-use lease assets
Number of units in real estate property | apartment_home		689
Lease liabilities		$ 86,300,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Lease liabilities
Prism Llc [Member]
Lessee Lease Description [Line Items]
Lease term		10 years
single family rental homes [Member]
Lessee Lease Description [Line Items]
Number of real estate properties | Property		16
Accessory dwelling [Member]
Lessee Lease Description [Line Items]
Number of real estate properties | Property		8
Commercial lease [Member]
Lessee Lease Description [Line Items]
Lease, existence of option to extend		true
Weighted average remaining term		4 years 2 months 12 days
Residential Lease [Member]
Lessee Lease Description [Line Items]
Lease, existence of option to extend		false
Weighted average remaining term		1 year
Lease, option to extend		Generally, our residential leases do not provide extension options
Under Construction or Leased Up [Member]
Lessee Lease Description [Line Items]
Number of real estate properties | Property		5
Ground Lease [Member]
Lessee Lease Description [Line Items]
Financing leases weighted average remaining term		98 years
Financing leases, weighted average discount rate, percent		6.00%
Lease cost capitalized		$ 22,700,000	$ 0
Office Lease [Member]
Lessee Lease Description [Line Items]
Weighted average remaining term		7 years 4 months 24 days
Operating leases, weighted average discount rate, percent		3.10%

Leases - Minimum Annual Lease P

Leases - Minimum Annual Lease Payments Under Operating and Financing Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sublease Lease, Liability, Payment, Due [Abstract]
2022	$ 1,393
2023	1,403
2024	1,413
2025	1,423
2026	1,433
Thereafter	3,526
Total	10,591
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	1,891
2023	1,922
2024	1,935
2025	1,930
2026	1,960
Thereafter	4,624
Total	14,262
Less: Discount	(1,599)
Total lease liabilities	$ 12,663
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities
Finance Lease, Liability, Payment, Due [Abstract]
2022	$ 27,197
2023	27,597
2024	28,597
2025	29,208
2026	30,300
Thereafter	1,613,950
Total	1,756,849
Less: Discount	(1,321,756)
Total lease liabilities	$ 435,093	$ 86,781
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total lease liabilities

Transactions with AIR (Details

Transactions with AIR (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 14, 2020
Related Party Transaction [Line Items]
Interest payment	$ 43,800,000	$ 22,152,000	$ 17,748,000
Expenses from transactions with related party		9,800,000	$ 9,500,000
Due to affiliates	15,738,000	5,897,000
Due from affiliates	4,840,000	4,333,000
Target compensation expense	1,800,000
Target compensation expense and reimbursement	6,400,000
Associated Service Fees	6,200,000
Guarantee liability	$ 16,400,000
Estimated market discount rate	4.25%
Reduction in guarantee liability	$ 17,500,000
Guarantee liability unamortized discount amount	$ 1,100,000
AIR [Member]
Related Party Transaction [Line Items]
Property management/Property accounting agreements	We entered into several Property Management Agreements with AIR, pursuant to which AIR will provide us with certain property management, property accounting and related services for the majority of our operating properties, and we will pay AIR a property management fee equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed for various other services. The initial term of each Property Management Agreement is one-year, with automatic one-year renewal periods, unless either party elects to terminate at any time upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination.
Property management/ Property accounting fee, percent	3.00%
Property management fee expenses	$ 5,200,000	200,000
Discount on payment for early termination	5.00%
Notes payable principle amount				$ 534,100,000
Collateralized by portfolio of assets	$ 242,600,000
Interest rate on related party note payable	5.20%
Debt instrument maturity date	Jan. 31, 2024
Interest expense related party	$ 27,800,000	1,300,000
Interest payment	22,100
Due to affiliates	15,700,000	5,900,000
Due from affiliates	4,800,000	3,600,000
Accounts Payable	1,000,000
Reimbursement	4,600,000
Amount due to affiliates for reimbursement of compensation	$ 4,600,000
Sub lease commencement date	Jan. 1, 2021
Sublease expiration date	May 31, 2029
AIR [Member] | Indemnification Guarantee [Member]
Related Party Transaction [Line Items]
Guarantee Obligations Maximum Exposure	$ 17,500,000
AIR [Member] | General and Administrative Expense [Member] | Master Services Agreement [Member]
Related Party Transaction [Line Items]
Administrative and support fees	$ 2,400,000	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2021USD ($)Entity	Dec. 31, 2020USD ($)Entity
Real estate, net	$ 1,230,384	$ 1,005,259
Mezzanine investment	337,797	307,362
Operating right-of-use lease assets	5,100	5,600
Unconsolidated real estate partnerships	13,025	12,829
Other assets	110,019	68,905
Deferred tax liabilities	118,705	131,560
Accrued liabilities and other	81,662	70,806
Construction loans, net	163,570	0
Total lease liabilities	$ 435,093	$ 86,781
Consolidated Entities [Member]
Count of VIEs | Entity	9	2
Real estate, net	$ 564,909	$ 310,552
Mezzanine investment	0	0
Operating right-of-use lease assets	429,768	92,709
Unconsolidated real estate partnerships	0	0
Other assets	43,715	16,949
Deferred tax liabilities	124,747	7,106
Accrued liabilities and other	30,519	0
Construction loans, net	163,570	0
Total lease liabilities	$ 435,093	$ 86,781
Unconsolidated Entities [Member]
Count of VIEs | Entity	6	6
Real estate, net	$ 0	$ 0
Mezzanine investment	337,797	307,362
Operating right-of-use lease assets	0	0
Unconsolidated real estate partnerships	13,005	12,829
Other assets	35,773	12,500
Deferred tax liabilities	0	0
Accrued liabilities and other	0	0
Construction loans, net	0	0
Total lease liabilities	$ 0	$ 0

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) $ in Thousands	Dec. 31, 2021USD ($)apartment_home	Dec. 31, 2020USD ($)
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mezzanine investment	$ 337,797	$ 307,362
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities | apartment_home	4
Mezzanine investment	$ 13,000	$ 12,800
Financial Guarantee [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Customary guarantees	$ 168,400

Debt (Details Textual)

Debt (Details Textual)	Dec. 23, 2020USD ($)	Dec. 16, 2020USD ($)	Dec. 14, 2020USD ($)	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument deemed rate		0.25%
Total debt issuance costs				$ 3,282,000	$ 3,393,000
Construction loans, net				163,570,000	0
Due to affiliates				15,738,000	5,897,000
Variable rate non-recourse construction loan				$ 40,000,000
Upton Place JV [Member]
Debt Instrument [Line Items]
Description of variable rate basis				Funds drawn upon will bear interest at a rate equal to one month LIBOR plus 450 basis points subject to a minimum all-in per annum interest rate of 4.75%.
Total debt issuance costs				$ 7,500,000
Intial term loan period	99 years
Spread on variable interest rate	4.75%
Construction loan, description				The initial term of the construction loan is fifty-four months, beginning December 23, 2020. The Upton Place joint venture has the option to extend the term for two additional periods of one year each, subject to the satisfaction of certain events and covenant metrics.
Flamingo North Tower [Member]
Debt Instrument [Line Items]
Intial term loan period				3 years
The Hamilton [Member]
Debt Instrument [Line Items]
Intial term loan period				3 years
Notes Payable to AIR [Member]
Debt Instrument [Line Items]
Notes payable principle amount			$ 534,100,000
Construction loans, net				$ 242,600
Interest rate on related party note payable			5.20%
Quarterly periodic payment interest of notes payable description			accrued interest payable quarterly on January 1, April 1, July 1 and October 1, commencing on April 1, 2021
Note payable, maturity date			Jan. 31, 2024
Due to affiliates				6,900,000	1,300,000
Notes Payable to AIR [Member] | Interest Expense [Member]
Debt Instrument [Line Items]
Interest expense recognized				$ 27,800,000	1,300,000
AIR [Member]
Debt Instrument [Line Items]
Notes payable principle amount			$ 534,100,000
Interest rate on related party note payable				5.20%
Due to affiliates				$ 15,700,000	$ 5,900,000
AIR [Member] | Flamingo North Tower [Member]
Debt Instrument [Line Items]
Spread on variable interest rate				3.85%
Description of variable rate basis				The initial term of the loan is three years and bears interest at one month LIBOR plus 360 basis points subject to a minimum all-in per annum interest rate of 3.85%.
Variable rate non-recourse construction loan				$ 150,000,000
Construction loan outstanding amount				$ 130,300,000
AIR [Member] | The Hamilton [Member]
Debt Instrument [Line Items]
Spread on variable interest rate				3.45%
Description of variable rate basis				The initial term of the loan is three years and bears interest at one month LIBOR plus 320 basis points subject to a minimum all-in per annum interest rate of 3.45%.
Variable rate non-recourse construction loan				$ 100,700,000
Construction loan outstanding amount				$ 38,100,000
Maximum [Member] | Upton Place JV [Member]
Debt Instrument [Line Items]
Construction loan availability	$ 174,200,000
London Interbank Offered Rate (LIBOR) [Member] | Upton Place JV [Member]
Debt Instrument [Line Items]
Spread on variable interest rate	4.50%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Spread on variable interest rate		0.25%
Base Rate [Member]
Debt Instrument [Line Items]
Spread on variable interest rate		0.50%
Description of variable rate basis				The base rate is defined as a fluctuating per annum rate of interest equal to the highest of (x) the overnight bank funding rate as reported by the Federal Reserve Bank of New York, plus 0.5%, (y) PNC Bank, National Association’s prime rate and (z) the daily LIBOR Rate plus 1.00%. If the LIBOR Rate determined under any referenced method would be less than 0.25%, such rate shall be deemed 0.25%
Additional spread on variable interest rate		1
Swingline Loan Sub-Facility [Member]
Debt Instrument [Line Items]
Sub-facility outstanding balance				$ 0
Fixed Rate Property Debt | Pledged as Collateral
Debt Instrument [Line Items]
Number of real estate properties securing non-recourse debt | Property				11
Fixed Rate Property Debt | Minimum [Member]
Debt Instrument [Line Items]
Spread on variable interest rate				1.00%
Fixed Rate Property Debt | Maximum [Member]
Debt Instrument [Line Items]
Spread on variable interest rate				6.79%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility outstanding balance				$ 0
Letters of credit, outstanding amount				0
Total debt issuance costs				$ 1,900,000
Fixed charge coverage ratio				1.25
Minimum tangible net worth				$ 625,000,000
Leverage maximum				60.00%
Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member]
Debt Instrument [Line Items]
Swingline loan sub-facility		$ 20,000,000
Revolving Credit Facility [Member] | Loans Payable [Member] | Swingline Loan Sub-Facility [Member] | PNC Bank [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Spread on variable interest rate		1.00%
Description of variable rate basis				base rate plus a margin of 1.00%.
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member]
Debt Instrument [Line Items]
Secured credit facility		$ 150,000,000
Line of credit facility, maximum borrowing capacity		$ 300,000,000
Line of credit facility, expiration date		Dec. 31, 2023
Line of credit facility, option to extend expiration period, description				The credit facility expires on December 2023, but can be extended, at our option, by up to two twelve-month periods, subject to the satisfaction of certain events and covenant metrics.
Line of credit facility, interest rate description				(a) LIBOR plus a margin of 2.00% or (b) a base rate plus a margin of 1.00%.
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on variable interest rate		2.00%
Revolving Credit Facility [Member] | Secured Debt [Member] | PNC Bank [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Spread on variable interest rate		1.00%
Letter of Credit [Member] | PNC Bank [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 30,000,000

Debt - Summary of Non-Recourse

Debt - Summary of Non-Recourse Property Loans Payable Related to Properties Classified as Held for Use (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Non-recourse property debt, net	$ 483,137	$ 447,967
Total non-recourse property debt	484,883	449,510
Assumed debt fair value adjustment, net of accumulated amortization	1,536	1,850
Debt issuance costs, net of accumulated amortization	$ (3,282)	(3,393)
Weighted-Average Interest Rate	3.09%
Fixed-rate property debt [Member]
Debt Instrument [Line Items]
Non-recourse property debt, net	$ 429,883	394,510
Weighted-Average Interest Rate	3.32%
Fixed-rate property debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Nov. 22, 2032
Interest Rate	6.79%
Fixed-rate property debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate	1.00%
Variable-rate property debt [Member]
Debt Instrument [Line Items]
Non-recourse property debt, net	$ 55,000	$ 55,000
Interest Rate	1.28%
Weighted-Average Interest Rate	1.28%
Variable-rate property debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Dec. 31, 2023

Debt - Scheduled Principal Amor

Debt - Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt (Details) $ in Thousands	Dec. 31, 2021USD ($)
Amortization
2022	$ 8,832
2023	9,143
2024	7,098
2025	7,360
2026	6,153
Thereafter	11,191
Total	49,777
Maturities
2023	55,000
2024	81,940
2026	73,983
Thereafter	224,183
Total	435,106
Long Term Debt Amortization and Maturities
2022	8,832
2023	64,143
2024	89,038
2025	7,360
2026	80,136
Thereafter	235,374
Total	$ 484,883

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Real estate and real estate partnership basis differences	$ 124,733	$ 132,599
Lease Liability	79,827
Other	1,807
Deferred tax assets:
Real Estate & Real Estate Partnership Basis Difference	145
Lease Right of Use	80,497
Management contracts and other	2,764	999
Net operating, capital, and other loss carryforwards	5,598	40
Valuation Allowance for Deferred Tax Assets	(1,342)
Net deferred tax liabilities	$ 118,705	$ 131,560

Income Taxes - Components of In

Income Taxes - Components of Income Tax Benefit or Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 905	$ 857	$ 1,313
State	(250)	660	536
Total current	655	1,517	1,849
Deferred:
Federal	(7,400)	(10,470)	(4,658)
State	(6,825)	(1,196)	(492)
Total deferred	(14,225)	(11,666)	(5,150)
Total income tax benefit	$ (13,570)	$ (10,149)	$ (3,301)

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Consolidated income (loss) subject to tax	$ (31,400)	$ (25,500)	$ (7,500)
Cash paid for income taxes	$ 2,941	$ 9,216	$ 1,773

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Attributable to Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax	$ (6,591)	$ (5,361)	$ (1,582)
US branch profits tax on earnings of foreign subsidiary	(1,084)	(4,195)	(1,779)
State income tax, net of federal (benefit) expense	(7,075)	(536)	34
Effects of permanent differences	197	1	0
Valuation Allowance	840	0	0
Other	143	(58)	26
Total income tax benefit	$ (13,570)	$ (10,149)	$ (3,301)
Percent
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax	21.00%	21.00%	21.00%
US branch profits tax on earnings of foreign subsidiary	3.50%	16.40%	23.60%
State income tax, net of federal (benefit) expense	22.50%	2.10%	(0.50%)
Effects of permanent differences	(0.60%)	0.00%	0.00%
Valuation Allowance	(2.70%)	0.00%	0.00%
Other	(0.50%)	0.20%	(0.30%)
Total income tax benefit	43.20%	39.70%	43.80%

Income Taxes - Schedule of Divi

Income Taxes - Schedule of Dividends Per Share Held (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends, Common Stock [Abstract]
Ordinary income		$ 3.17	$ 0.66
Capital gains		19.43	1.29
Qualified dividends		0.62	0.66
Unrecaptured § 1250 gain		8.80	0.58
Return of capital		15.48
Total		$ 47.50	$ 3.19
Dividends Common Stock Percentage [Abstract]
Ordinary income	0.00%	6.70%	20.60%
Capital gains	0.00%	40.90%	40.40%
Qualified dividends	0.00%	1.30%	20.70%
Unrecaptured § 1250 gain	0.00%	18.50%	18.30%
Return of capital	0.00%	32.60%	0.00%
Total	0.00%	100.00%	100.00%

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at January 1	$ 7,076
Liability assumed at Separation		$ 6,889
(Reductions) additions based on tax positions in prior years	(38)	187
Balance at December 31	$ 7,038	$ 7,076

Aimco Equity (Details Textual)

Aimco Equity (Details Textual) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares outstanding (in shares)	149,818,021	149,036,263
Limited Liability Company or Limited Partnership, Equity Activities and Description	On December 15, 2020, we completed the Separation which was effected by way of a pro rata distribution, in which stockholders of Aimco received one share of Class A common stock of AIR for every one share of Class A common stock of Aimco held as of the close of business on December 5, 2020. AIR Operating Partnership also completed a pro rata distribution of all of the outstanding common limited partnership units of Aimco Operating Partnership to holders of AIR Operating Partnership common limited partnership units and AIR Operating Partnership Class I High Performance partnership units as of the close of business on December 5, 2020.

Partners' Capital - Narrative (

Partners' Capital - Narrative (Details)	Dec. 15, 2020shares
AIMCO PROPERTIES, L.P. [Member]
Related Party Transaction [Line Items]
Allotment Through Pro Rata Distribution	1

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic and Diluted Earnings per Share:
Net loss attributable to Aimco common stockholders	$ (5,910)	$ (5,041)	$ 304
Diluted Earnings per Share:
Net income attributable to Aimco common stockholders	$ (5,910)	$ (5,041)	$ 304
Basic weighted-average Common Stock outstanding	149,480	148,569	148,569
Basic weighted-average Common Stock outstanding, Gross			148,549
Dilutive share equivalents outstanding			20
Basic weighted-average Common Stock outstanding	149,480	148,569	148,569
Earnings per share basic and diluted	$ (0.04)	$ (0.03)
Net (loss) income per common share basic	$ (0.04)	$ (0.03)	$ 0
Aimco OP L.P. [Member]
Basic and Diluted Earnings per Share:
Net loss attributable to Aimco common stockholders	$ (6,207)	$ (5,310)	$ 319
Diluted Earnings per Share:
Net income attributable to Aimco common stockholders	$ (6,207)	$ (5,310)	$ 319
Basic weighted-average Common Stock outstanding	157,701	156,500	156,500
Basic weighted-average Common Stock outstanding, Gross			156,480
Dilutive share equivalents outstanding			20
Basic weighted-average Common Stock outstanding	157,701	156,500	156,500
Earnings per share basic and diluted	$ (0.04)	$ (0.03)
Net (loss) income per common share basic	$ (0.04)	$ (0.03)	$ 0

Share-Based Compensation (Detai

Share-Based Compensation (Details Textual) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unvested compensation cost not yet recognized for options and restricted stock awards | $	$ 15.5
Weighted average period over which unvested compensation cost expected to be recognized	2 years 2 months 12 days
Restricted Stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest period	4 years
Restricted Stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest period	5 years
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of stock options	10 years
Employee Stock Option [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest period	4 years
Employee Stock Option [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest period	5 years
TSR Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
TSR restricted shares performance measurement period	3 years
Term of stock options	10 years
TSR LTIP Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage, TSR restricted stock	50.00%
2020 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available to be granted under plan (in shares) | shares	23.4

Share-Based Compensation - Tota

Share-Based Compensation - Total Compensation Cost Recognized for Share-based Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense	$ 3,377	$ 1,070
Capitalized share-based compensation	340	138
Total share-based compensation	$ 3,717	$ 1,208

Share-Based Compensation - Summ

Share-Based Compensation - Summary Activity for Equity Compensation (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
TSR Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Shares and Units Granted | shares	317,200
Number of Options, Shares and Units Outstanding at end of year | shares	317,200
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ / shares	$ 6.66
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ / shares	$ 6.66
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Shares and Units Outstanding at beginning of year | shares	21,473
Number of Options, Shares and Units Granted | shares	1,931,997
Number of Options, Shares and Units Vested | shares	(12,345)
Number of Options, Shares and Units Outstanding at end of year | shares	1,941,125
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ / shares	$ 43.32
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ / shares	6.66
Weighted Average Exercise Price and Grant-Date Fair Value Vested | $ / shares	42.52
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ / shares	$ 6.87
TSR Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Shares and Units Outstanding at beginning of year | shares	16,959
Number of Options, Shares and Units Granted | shares	269,871
Number of Options, Shares and Units Vested | shares	(1,874)
Number of Options, Shares and Units Forfeited | shares	(1,453)
Number of Options, Shares and Units Outstanding at end of year | shares	283,503
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ / shares	$ 48.58
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ / shares	7.98
Weighted Average Exercise Price and Grant-Date Fair Value Vested | $ / shares	41.71
Weighted Average Exercise Price and Grant-Date Fair Value Forfeited | $ / shares	41.71
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ / shares	$ 9.97
TSR LTIP I Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Shares and Units Outstanding at beginning of year | shares	13,752
Number of Options, Shares and Units Vested | shares	(1,311)
Number of Options, Shares and Units Outstanding at end of year | shares	12,441
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ / shares	$ 53.46
Weighted Average Exercise Price and Grant-Date Fair Value Vested | $ / shares	51.27
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ / shares	$ 53.69
TSR LTIP II Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Shares and Units Outstanding at beginning of year | shares	8,334
Number of Options, Shares and Units Granted | shares	555,556
Number of Options, Shares and Units Outstanding at end of year | shares	563,890
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at beginning of year | $ / shares	$ 6.12
Weighted Average Exercise Price and Grant-Date Fair Value Granted | $ / shares	4.62
Weighted Average Exercise Price and Grant-Date Fair Value Outstanding at end of year | $ / shares	$ 4.64

Share-Based Compensation - Comp

Share-Based Compensation - Compensation Cost Not Yet Recognized for Share-based Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total awards unvested shares	3,118,159
Total awards unvested compensation not yet recognized	$ 15,521
AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total awards unvested shares	2,293,077
Employee Stock Option [Member] | AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	788,205
TSR Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	317,200
Unvested compensation not yet recognized	$ 762
TSR Stock Awards [Member] | AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	25,563
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	1,941,125	21,473
Unvested compensation not yet recognized	$ 11,348
Restricted Stock [Member] | AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	55,534
TSR Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	283,503	16,959
Unvested compensation not yet recognized	$ 1,911
TSR Restricted Stock Awards [Member] | AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	108,292
TSR LTIP I Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	12,441	13,752
Unvested compensation not yet recognized	$ 227
TSR LTIP I Units [Member] | AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	41,007
TSR LTIP II Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	563,890	8,334
Unvested compensation not yet recognized	$ 1,273
TSR LTIP II Units [Member] | AIR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested shares	1,274,476

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Assumptions Used for Valuation of TSR-Based Awards Granted (Details)	12 Months Ended
	Dec. 31, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	0.02%
Risk-free interest rate, Maximum	1.22%
Dividend yield	0.00%
Expected volatility, Minimum	30.40%
Expected volatility, Maximum	32.29%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date market value of a common share	$ 6.66
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date market value of a common share	7.10
TSR Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date market value of a common share	$ 7.98
Derived vesting period of TSR Restricted Stock	3 years
TSR Stock Options and LTIP II units [member] | Weighted Average [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average expected term of TSR Stock Options and LTIP II units	5 years 4 months 24 days

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative, description of terms		. We receive a cash settlement in the future if the prevailing interest rate is higher than the 3% strike price on the five-year swap rate. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment	We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% five-year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment.
Derivative swap rate period		5 years
Impairment			$ 15,860
Fair Value, Recurring | Real Estate Technology Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment	[1]	$ 9,613	2,293
Fair Value Measurements Non-Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment		0	15,900	$ 0
Interest Rate Option [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payments for purchase of swaption		5,600	12,100
Swaption, notional amount		$ 500,000	$ 1,500,000
Derivative strike rate		3.00%	1.68%
Derivative strike rate for limited settlement			2.78%
[1]	Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options and Investment in Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option		$ 25,449	$ 13,315
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option		0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option		25,449	13,315
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option		0	0
Real Estate Technology Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment	[1]	9,613	2,293
Real Estate Technology Funds [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment	[1]	0	0
Real Estate Technology Funds [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment	[1]	0	0
Real Estate Technology Funds [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment	[1]	$ 0	$ 0
[1]	Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non Recourse Property Debt | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 484,883	$ 449,510
Non Recourse Property Debt | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	498,960	$ 467,010
Construction Loan Payable | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	168,376
Construction Loan Payable | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 168,376

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 265.5
Time Period of Long-term Purchase Commitment	24 months
Commitments related to operations [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	$ 3.2
Commitments related to operations [Member] | IQHQ [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	14.2
Commitments related to operations [Member] | Fund Contributed To IQHQ [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	23.3	$ 12.5
Commitments related to operations [Member] | RET Ventures [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	$ 0.7	$ 1.3
Commitments related to operations [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Business Segments (Details Text

Business Segments (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Propertyapartment_homeSegment	Dec. 31, 2020USD ($)
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	3
Number of units in real estate property | apartment_home	6,067
Percentage of NOI	6.90%
Right of use assets lease | $	$ 5,100	$ 5,600
Lease liability | $	12,663
Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Right of use assets lease | $	434,800	92,700
Lease liability | $	$ 447,800	$ 86,800
Wholly And Partially Owned Consolidated Properties [Member]
Business Segments (Textual) [Abstract]
Number of Real Estate Properties	24
Number of units in real estate property | apartment_home	6,067
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Investments [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of Real Estate Properties	5
Wholly And Partially Owned Consolidated Properties [Member] | Assets Leased from Others [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of Real Estate Properties	5
Wholly And Partially Owned Consolidated Properties [Member] | Under Construction [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of Real Estate Properties	2
Wholly And Partially Owned Consolidated Properties [Member] | Leased Up [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of Real Estate Properties	3

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary information for the reportable segments
Rental and other property revenues	$ 169,836	$ 151,451	$ 143,692
Property operating expenses	67,613	61,514	57,541
Other operating expenses not allocated to segments	117,863	104,294	71,092
Total operating expenses	185,476	165,808	128,633
Proportionate property net operating income (loss)	(15,640)	(14,357)	15,059
Other items included in loss before income tax benefit	(2,910)	(1,563)	(18,247)
Loss before income tax benefit	(18,550)	(15,920)	(3,188)
Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	136,250	130,797	131,175
Property operating expenses	43,463	41,683	41,090
Total operating expenses	43,463	41,683	41,090
Proportionate property net operating income (loss)	92,787	89,114	90,085
Loss before income tax benefit	92,787	89,114	90,085
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	6,851	6,088	5,629
Property operating expenses	6,727	5,702	5,202
Total operating expenses	6,727	5,702	5,202
Proportionate property net operating income (loss)	124	386	427
Loss before income tax benefit	124	386	427
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues		65
Property operating expenses	5,285	9,000	9,318
Other operating expenses not allocated to segments	117,863	104,294	71,092
Total operating expenses	123,148	113,294	80,410
Proportionate property net operating income (loss)	(123,148)	(113,229)	(80,410)
Other items included in loss before income tax benefit	(2,910)	(1,563)	(18,247)
Loss before income tax benefit	(126,058)	(114,792)	(98,657)
Development and Redevelopment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	12,418	1,515
Property operating expenses	7,931	981
Total operating expenses	7,931	981
Proportionate property net operating income (loss)	4,487	534
Loss before income tax benefit	4,487	534
Other [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	14,317	12,986	6,888
Property operating expenses	4,207	4,148	1,931
Total operating expenses	4,207	4,148	1,931
Proportionate property net operating income (loss)	10,110	8,838	4,957
Loss before income tax benefit	$ 10,110	$ 8,838	$ 4,957

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Buildings and improvements	$ 783,320
Land	534,285	$ 505,153
Total real estate	1,081,779
Accumulated depreciation	(517,022)
Net real estate	564,757
Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	1,257,214	995,116
Land	534,285	505,153
Total real estate	1,791,499	1,500,269
Accumulated depreciation	(561,115)	(495,010)
Net real estate	1,230,384	1,005,259
Non-recourse property debt and construction loans, net	646,707	447,967
Development and Redevelopment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	277,041	61,813
Land	82,325	56,676
Total real estate	359,366	118,489
Accumulated depreciation	(2,252)	(447)
Net real estate	357,114	118,042
Non-recourse property debt and construction loans, net	163,570
Operating Portfolio [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	783,320	772,786
Land	298,459	298,459
Total real estate	1,081,779	1,071,245
Accumulated depreciation	(517,022)	(469,873)
Net real estate	564,757	601,372
Non-recourse property debt and construction loans, net	483,137	447,967
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	196,853	160,517
Land	153,501	150,018
Total real estate	350,354	310,535
Accumulated depreciation	(41,841)	(24,690)
Net real estate	$ 308,513	$ 285,845

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Events [Member] $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 28, 2022USD ($)Propertyaft²	Jan. 31, 2022USD ($)Land$ / sharesshares
Subsequent Event [Line Items]
Number of acre development site | a	9
Number of square feet of mixed-use development | ft²	3,000,000
Reserved funds for the transaction by placing of cash	$ 70
Letters of credit into escrow	30
Business acquisition, redeemable non-controlling interest	$ 5.1
Number of consolidated properties | Property	2
Land [Member]
Subsequent Event [Line Items]
Asset acquisition, price of acquisition, expected	$ 100
Miami, Florida [Member] | Land [Member]
Subsequent Event [Line Items]
Asset acquisition, price of acquisition, expected		$ 1.7
Fort Lauderdale Florida Joint Venture [Member] | Land [Member]
Subsequent Event [Line Items]
Asset acquisition, price of acquisition, expected		$ 49
Number of land parcels acquired | Land		3
Asset acquisition land loan		$ 40
Class A Common Stock [Member]
Subsequent Event [Line Items]
Stock repurchased during period, shares | shares		202,400
Share repurchase weighted average price | $ / shares		$ 6.49

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)apartment_home
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of apartment homes | apartment_home	6,067
Initial Cost, Land	$ 298,459
Initial Cost, Buildings and Improvements	405,409
Costs Capitalized Subsequent to Consolidation	377,911
Land	298,459
Buildings and improvements	783,320
Total real estate	1,081,779
Accumulated Depreciation (AD)	(517,022)
Net real estate	564,757
Encumbrances	$ 486,420
Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of apartment homes | apartment_home	7,315
Initial Cost, Land	$ 534,285
Initial Cost, Buildings and Improvements	654,416
Costs Capitalized Subsequent to Consolidation	602,716
Land	534,285
Buildings and improvements	1,257,214
Total real estate	1,791,499
Accumulated Depreciation (AD)	(561,115)
Net real estate	1,230,384
Encumbrances	$ 654,796
Royal Crest Estates [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Aug. 31, 2002
Location	Marlborough, MA
Year Built	1970
Number of apartment homes | apartment_home	473
Initial Cost, Land	$ 25,178
Initial Cost, Buildings and Improvements	28,786
Costs Capitalized Subsequent to Consolidation	16,612
Land	25,178
Buildings and improvements	45,399
Total real estate	70,577
Accumulated Depreciation (AD)	(35,162)
Net real estate	35,415
Encumbrances	$ 72,627
Stabilized [Member] | Royal Crest Estates [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Aug. 31, 2002
Location	Warwick, RI
Year Built	1972
Number of apartment homes | apartment_home	492
Initial Cost, Land	$ 22,433
Initial Cost, Buildings and Improvements	24,095
Costs Capitalized Subsequent to Consolidation	6,076
Land	22,433
Buildings and improvements	30,171
Total real estate	52,604
Accumulated Depreciation (AD)	(23,326)
Net real estate	29,278
Encumbrances	$ 0
Stabilized [Member] | St. George Villas [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Jan. 31, 2006
Location	St. George, SC
Year Built	1984
Number of apartment homes | apartment_home	40
Initial Cost, Land	$ 108
Initial Cost, Buildings and Improvements	1,024
Costs Capitalized Subsequent to Consolidation	442
Land	108
Buildings and improvements	1,466
Total real estate	1,574
Accumulated Depreciation (AD)	(1,352)
Net real estate	222
Encumbrances	$ 239
Stabilized [Member] | Waterford Village [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Aug. 31, 2002
Location	Bridgewater, MA
Year Built	1971
Number of apartment homes | apartment_home	588
Initial Cost, Land	$ 29,110
Initial Cost, Buildings and Improvements	28,101
Costs Capitalized Subsequent to Consolidation	12,036
Land	29,110
Buildings and improvements	40,137
Total real estate	69,247
Accumulated Depreciation (AD)	(33,251)
Net real estate	35,996
Encumbrances	$ 0
Stabilized [Member] | Wexford Village [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Aug. 31, 2002
Location	Worcester, MA
Year Built	1974
Number of apartment homes | apartment_home	264
Initial Cost, Land	$ 6,349
Initial Cost, Buildings and Improvements	17,939
Costs Capitalized Subsequent to Consolidation	5,222
Land	6,349
Buildings and improvements	23,161
Total real estate	29,510
Accumulated Depreciation (AD)	(16,454)
Net real estate	13,056
Encumbrances	$ 0
Stabilized [Member] | Yacht Club at Brickell [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Dec. 31, 2003
Location	Miami, FL
Year Built	1998
Number of apartment homes | apartment_home	357
Initial Cost, Land	$ 31,362
Initial Cost, Buildings and Improvements	32,214
Costs Capitalized Subsequent to Consolidation	20,712
Land	31,362
Buildings and improvements	52,926
Total real estate	84,288
Accumulated Depreciation (AD)	(26,386)
Net real estate	57,902
Encumbrances	$ 84,524
Stabilized [Member] | Bluffs at Pacifica, The [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Oct. 31, 2006
Location	Pacifica, CA
Year Built	1963
Number of apartment homes | apartment_home	64
Initial Cost, Land	$ 8,108
Initial Cost, Buildings and Improvements	4,132
Costs Capitalized Subsequent to Consolidation	17,089
Land	8,108
Buildings and improvements	21,221
Total real estate	29,329
Accumulated Depreciation (AD)	(13,101)
Net real estate	16,228
Encumbrances	$ 0
Separate Portfolio [Member] | 118-122 West 23rd Street [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Jun. 30, 2012
Location	New York, NY
Year Built	1987
Number of apartment homes | apartment_home	42
Initial Cost, Land	$ 14,985
Initial Cost, Buildings and Improvements	23,459
Costs Capitalized Subsequent to Consolidation	7,556
Land	14,985
Buildings and improvements	31,015
Total real estate	46,000
Accumulated Depreciation (AD)	(12,887)
Net real estate	33,113
Encumbrances	$ 0
Separate Portfolio [Member] | Royal Crest Estates [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Aug. 31, 2002
Location	Nashua, NH
Year Built	1970
Number of apartment homes | apartment_home	902
Initial Cost, Land	$ 68,230
Initial Cost, Buildings and Improvements	45,562
Costs Capitalized Subsequent to Consolidation	17,673
Land	68,230
Buildings and improvements	63,234
Total real estate	131,464
Accumulated Depreciation (AD)	(50,820)
Net real estate	80,644
Encumbrances	$ 86,462
Separate Portfolio [Member] | 1045 on the Park Apartments Homes [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Mid Rise
Date Acquired	Jul. 31, 2013
Location	Atlanta, GA
Year Built	2012
Number of apartment homes | apartment_home	30
Initial Cost, Land	$ 2,793
Initial Cost, Buildings and Improvements	6,662
Costs Capitalized Subsequent to Consolidation	975
Land	2,793
Buildings and improvements	7,638
Total real estate	10,431
Accumulated Depreciation (AD)	(2,395)
Net real estate	8,036
Encumbrances	$ 0
Separate Portfolio [Member] | 2200 Grace [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Aug. 31, 2018
Location	Lombard, IL
Year Built	1971
Number of apartment homes | apartment_home	72
Initial Cost, Land	$ 642
Initial Cost, Buildings and Improvements	7,788
Costs Capitalized Subsequent to Consolidation	613
Land	642
Buildings and improvements	8,401
Total real estate	9,043
Accumulated Depreciation (AD)	(5,613)
Net real estate	3,430
Encumbrances	$ 7,168
Separate Portfolio [Member] | 173 E. 90th Street [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	May 31, 2004
Location	New York, NY
Year Built	1910
Number of apartment homes | apartment_home	72
Initial Cost, Land	$ 12,066
Initial Cost, Buildings and Improvements	4,535
Costs Capitalized Subsequent to Consolidation	9,031
Land	12,066
Buildings and improvements	13,565
Total real estate	25,631
Accumulated Depreciation (AD)	(6,325)
Net real estate	19,306
Encumbrances	$ 0
Separate Portfolio [Member] | 237-239 Ninth Avenue [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Mar. 31, 2005
Location	New York, NY
Year Built	1900
Number of apartment homes | apartment_home	36
Initial Cost, Land	$ 8,495
Initial Cost, Buildings and Improvements	1,866
Costs Capitalized Subsequent to Consolidation	3,057
Land	8,495
Buildings and improvements	4,923
Total real estate	13,418
Accumulated Depreciation (AD)	(3,539)
Net real estate	9,879
Encumbrances	$ 0
Separate Portfolio [Member] | 2900 on First Apartments [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Mid Rise
Date Acquired	Oct. 31, 2008
Location	Seattle, WA
Year Built	1989
Number of apartment homes | apartment_home	135
Initial Cost, Land	$ 19,070
Initial Cost, Buildings and Improvements	17,518
Costs Capitalized Subsequent to Consolidation	33,729
Land	19,070
Buildings and improvements	51,247
Total real estate	70,317
Accumulated Depreciation (AD)	(32,703)
Net real estate	37,614
Encumbrances	$ 0
Separate Portfolio [Member] | Pathfinder Village [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Jan. 31, 2006
Location	Fremont, CA
Year Built	1973
Number of apartment homes | apartment_home	246
Initial Cost, Land	$ 19,595
Initial Cost, Buildings and Improvements	14,838
Costs Capitalized Subsequent to Consolidation	21,975
Land	19,595
Buildings and improvements	36,813
Total real estate	56,408
Accumulated Depreciation (AD)	(23,685)
Net real estate	32,723
Encumbrances	$ 55,000
Separate Portfolio [Member] | Plantation Gardens [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Oct. 31, 1999
Location	Plantation ,FL
Year Built	1971
Number of apartment homes | apartment_home	372
Initial Cost, Land	$ 3,773
Initial Cost, Buildings and Improvements	19,443
Costs Capitalized Subsequent to Consolidation	22,933
Land	3,773
Buildings and improvements	42,376
Total real estate	46,149
Accumulated Depreciation (AD)	(29,361)
Net real estate	16,788
Encumbrances	$ 31,044
Separate Portfolio [Member] | Willow Bend [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	May 31, 1998
Location	Rolling Meadows, IL
Year Built	1969
Number of apartment homes | apartment_home	328
Initial Cost, Land	$ 2,717
Initial Cost, Buildings and Improvements	15,437
Costs Capitalized Subsequent to Consolidation	20,213
Land	2,717
Buildings and improvements	35,650
Total real estate	38,367
Accumulated Depreciation (AD)	(27,876)
Net real estate	10,491
Encumbrances	$ 0
Separate Portfolio [Member] | Yorktown Apartments [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Dec. 31, 1999
Location	Lombard, IL
Year Built	1971
Number of apartment homes | apartment_home	292
Initial Cost, Land	$ 2,414
Initial Cost, Buildings and Improvements	10,374
Costs Capitalized Subsequent to Consolidation	52,194
Land	2,414
Buildings and improvements	62,567
Total real estate	64,981
Accumulated Depreciation (AD)	(40,843)
Net real estate	24,138
Encumbrances	$ 29,034
Separate Portfolio [Member] | Bank Lofts [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Apr. 30, 2001
Location	Denver, CO
Year Built	1920
Number of apartment homes | apartment_home	125
Initial Cost, Land	$ 3,525
Initial Cost, Buildings and Improvements	9,045
Costs Capitalized Subsequent to Consolidation	5,828
Land	3,525
Buildings and improvements	14,873
Total real estate	18,398
Accumulated Depreciation (AD)	(9,089)
Net real estate	9,309
Encumbrances	$ 0
Separate Portfolio [Member] | Cedar Rim [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Apr. 30, 2000
Location	Newcastle, WA
Year Built	1980
Number of apartment homes | apartment_home	104
Initial Cost, Land	$ 761
Initial Cost, Buildings and Improvements	5,218
Costs Capitalized Subsequent to Consolidation	14,773
Land	761
Buildings and improvements	19,992
Total real estate	20,753
Accumulated Depreciation (AD)	(16,310)
Net real estate	4,443
Encumbrances	$ 0
Separate Portfolio [Member] | Elm Creek [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Mid Rise
Date Acquired	Dec. 31, 1997
Location	Elmhurst, IL
Year Built	1987
Number of apartment homes | apartment_home	400
Initial Cost, Land	$ 5,910
Initial Cost, Buildings and Improvements	30,830
Costs Capitalized Subsequent to Consolidation	32,314
Land	5,910
Buildings and improvements	63,144
Total real estate	69,054
Accumulated Depreciation (AD)	(40,134)
Net real estate	28,920
Encumbrances	$ 48,086
Separate Portfolio [Member] | Evanston Place [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Dec. 31, 1997
Location	Evanston, IL
Year Built	1990
Number of apartment homes | apartment_home	190
Initial Cost, Land	$ 3,232
Initial Cost, Buildings and Improvements	25,546
Costs Capitalized Subsequent to Consolidation	17,942
Land	3,232
Buildings and improvements	43,488
Total real estate	46,720
Accumulated Depreciation (AD)	(24,062)
Net real estate	22,658
Encumbrances	$ 46,670
Separate Portfolio [Member] | Hillmeade [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Nov. 30, 1994
Location	Nashville, TN
Year Built	1986
Number of apartment homes | apartment_home	288
Initial Cost, Land	$ 2,872
Initial Cost, Buildings and Improvements	16,070
Costs Capitalized Subsequent to Consolidation	22,394
Land	2,872
Buildings and improvements	38,464
Total real estate	41,336
Accumulated Depreciation (AD)	(26,730)
Net real estate	14,606
Encumbrances	$ 25,566
Separate Portfolio [Member] | Hyde Park Tower [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Oct. 31, 2004
Location	Chicago, IL
Year Built	1990
Number of apartment homes | apartment_home	155
Initial Cost, Land	$ 4,731
Initial Cost, Buildings and Improvements	14,927
Costs Capitalized Subsequent to Consolidation	16,522
Land	4,731
Buildings and improvements	31,449
Total real estate	36,180
Accumulated Depreciation (AD)	(15,618)
Net real estate	20,562
Encumbrances	$ 0
Development and Redevelopment [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of apartment homes | apartment_home	1,190
Initial Cost, Land	$ 82,325
Initial Cost, Buildings and Improvements	60,585
Costs Capitalized Subsequent to Consolidation	216,453
Land	82,325
Buildings and improvements	277,041
Total real estate	359,366
Accumulated Depreciation (AD)	(2,252)
Net real estate	357,114
Encumbrances	$ 168,376
Development and Redevelopment [Member] | 707 Leahy [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Jan. 31, 2021
Location	Redwood City, CA
Year Built	1973
Number of apartment homes | apartment_home	110
Initial Cost, Land	$ 0
Costs Capitalized Subsequent to Consolidation	211
Land	0
Buildings and improvements	211
Total real estate	211
Accumulated Depreciation (AD)	(19)
Net real estate	192
Encumbrances	$ 0
Development and Redevelopment [Member] | The Benson Hotel & faculty Club [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2021
Location	Denver, CO
Initial Cost, Land	$ 1,815
Initial Cost, Buildings and Improvements	4,414
Costs Capitalized Subsequent to Consolidation	29,328
Land	1,815
Buildings and improvements	33,743
Total real estate	35,558
Accumulated Depreciation (AD)	0
Net real estate	35,558
Encumbrances	$ 0
Development and Redevelopment [Member] | Upton Place [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date Acquired	Dec. 31, 2020
Location	Washington, DC
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements	21,280
Costs Capitalized Subsequent to Consolidation	49,438
Land	0
Buildings and improvements	70,718
Total real estate	70,718
Accumulated Depreciation (AD)	0
Net real estate	70,718
Encumbrances	$ 0
Development and Redevelopment [Member] | Edgewater Assemblage [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Garden
Date Acquired	Jul. 31, 2021
Location	Miami, FL
Year Built	1948
Number of apartment homes | apartment_home	26
Initial Cost, Land	$ 19,590
Costs Capitalized Subsequent to Consolidation	652
Land	19,590
Buildings and improvements	652
Total real estate	20,242
Accumulated Depreciation (AD)	0
Net real estate	20,242
Encumbrances	$ 0
Development and Redevelopment [Member] | Flamingo North Tower [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Highrise
Date Acquired	Jan. 31, 2021
Location	Miami, FL
Year Built	1960
Number of apartment homes | apartment_home	366
Initial Cost, Land	$ 0
Costs Capitalized Subsequent to Consolidation	68,206
Land	0
Buildings and improvements	68,206
Total real estate	68,206
Accumulated Depreciation (AD)	(352)
Net real estate	67,854
Encumbrances	$ 130,274
Development and Redevelopment [Member] | Fremont [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Midrise
Date Acquired	Jan. 31, 2021
Location	Denver, CO
Year Built	2020
Number of apartment homes | apartment_home	253
Initial Cost, Land	$ 0
Costs Capitalized Subsequent to Consolidation	628
Land	0
Buildings and improvements	628
Total real estate	628
Accumulated Depreciation (AD)	(45)
Net real estate	583
Encumbrances	$ 0
Development and Redevelopment [Member] | Flying Horse [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date Acquired	Jul. 31, 2021
Location	Colorado Springs, CO
Initial Cost, Land	$ 4,244
Costs Capitalized Subsequent to Consolidation	387
Land	4,244
Buildings and improvements	387
Total real estate	4,631
Accumulated Depreciation (AD)	0
Net real estate	4,631
Encumbrances	$ 0
Development and Redevelopment [Member] | The Hamilton [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Aug. 31, 2020
Location	Miami, FL
Year Built	1985
Number of apartment homes | apartment_home	275
Initial Cost, Land	$ 56,676
Initial Cost, Buildings and Improvements	34,891
Costs Capitalized Subsequent to Consolidation	56,451
Land	56,676
Buildings and improvements	91,342
Total real estate	148,018
Accumulated Depreciation (AD)	(1,426)
Net real estate	146,592
Encumbrances	$ 38,102
Development and Redevelopment [Member] | Oak Shore [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date Acquired	Jun. 30, 2021
Location	Corte Madera, CA
Number of apartment homes | apartment_home	24
Initial Cost, Land	$ 0
Costs Capitalized Subsequent to Consolidation	5,529
Land	0
Buildings and improvements	5,529
Total real estate	5,529
Accumulated Depreciation (AD)	0
Net real estate	5,529
Encumbrances	$ 0
Development and Redevelopment [Member] | Prism [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Midrise
Date Acquired	Jan. 31, 2021
Location	Cambridge, MA
Year Built	2019
Number of apartment homes | apartment_home	136
Initial Cost, Land	$ 0
Costs Capitalized Subsequent to Consolidation	5,625
Land	0
Buildings and improvements	5,625
Total real estate	5,625
Accumulated Depreciation (AD)	(410)
Net real estate	5,215
Encumbrances	$ 0
Other [Member] | 1001 Brickell Bay Drive [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	High Rise
Date Acquired	Jul. 31, 2019
Location	Miami, FL
Year Built	1985
Initial Cost, Land	$ 150,018
Initial Cost, Buildings and Improvements	152,791
Costs Capitalized Subsequent to Consolidation	8,321
Land	150,018
Buildings and improvements	161,191
Total real estate	311,209
Accumulated Depreciation (AD)	(41,428)
Net real estate	269,781
Encumbrances	$ 0
Other [Member] | Eldridge [Member] | Continuing Operations [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Apartment Type	Townhome
Date Acquired	Aug. 31, 2021
Location	Elmhurst, IL
Year Built	2018
Number of apartment homes | apartment_home	58
Initial Cost, Land	$ 3,483
Initial Cost, Buildings and Improvements	35,631
Costs Capitalized Subsequent to Consolidation	31
Land	3,483
Buildings and improvements	35,662
Total real estate	39,145
Accumulated Depreciation (AD)	(413)
Net real estate	38,732
Encumbrances	$ 0

Schedule III_ Real Estate and_2

Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2021USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost of land and depreciable property for federal income tax purposes	$ 1.4
Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable life for buildings and improvements	5 years
Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable life for buildings and improvements	30 years

Schedule III_ Real Estate and_3

Schedule III: Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Additions during the year:
Total portfolio balance at end of year	$ 1,081,779
Accumulated depreciation balance at end of year	517,022
Aimco Real Estate
Total portfolio
Total portfolio balance at beginning of year	1,500,269	$ 1,385,412	$ 1,053,589
Additions during the year:
Acquisitions	69,178	112,820	302,213
Capital additions	222,052	24,334	37,327
Write-offs of fully depreciated assets and other		(22,297)	(7,717)
Total portfolio balance at end of year	1,791,499	1,500,269	1,385,412
Accumulated depreciation balance at beginning of year	495,010	449,444	398,300
Depreciation	66,105	67,919	58,436
Write-offs of fully depreciated assets and other		(22,353)	(7,292)
Accumulated depreciation balance at end of year	$ 561,115	$ 495,010	$ 449,444